With January almost over we’ve looked over some of the best-performing ISA eligible ETFs* so far this month.
Geopolitical tension and bold diplomatic policy gambles by the US administration grabbed the headlines, whilst under the hood of the market we saw greater dispersion across the AI trade and increased focus on memory chipmakers.
Two uranium ETFs have been the big winners as geopolitical headlines have focused attention on the quest for natural resources, while nuclear energy is increasingly critical for the surging power demands from the AI buildout.
The Sprott Junior Uranium Miners UCITS ETF (URNJ) rose by a third in January, with a strong performance in 2026 from its top holding, Energy Fuels (XASE:UUUU), driving gains. It’s other large holdings include Paladin Energy (ASX:PDN), Denison Mines (TSE:DSN, XASE:DNN) and NexGen Energy (TSE:NXE, NYSE:NXE). I highlighted at the start of the year how nuclear energy stocks were enjoying a favourable backdrop amid rising geopolitical tensions that threatened a rare earths deal between the US and China, which could force up uranium prices.
The other nuclear play that’s had a bumper start to the year is the Global X Uranium UCITS ETF (URNU, URNG), up about a quarter in 2026 so far. It’s a larger cap play with major holdings including the world’s largest uranium company, Cameco Corporation (NYSE:CCJ), as well as Uranium Energy Corp (XASE:UEC), Oklo (NYSE:OKLO), NexGen and Energy Fuels.
Another big story of 2026 so far is the rally in South Korean shares that’s driven the Kospi index to record highs, chiefly off the back of the AI memory trade. This has seen a bunch of Korean ETFs deliver ~25% gains in the month to date. These include the Xtrackers MSCI Korea (XKS2), iShares MSCI Korea (IKOR, IDKO), HSBC MSCI Korea Capped (HKOR) UCITS ETFs. It should be noted that these gains are squarely built on surging memory storage demand and prices that has driven up the two major holdings in all three – SK Hynix and Samsung Electronics – which account for almost 50% of the net asset value of these funds. As such there is considerable concentration risk associated with these ETFs
It’s been hard to ignore the rally in gold this year with fresh record highs for both and some very volatile trading conditions as demand seems increasingly driven by a speculative, emotional fear of missing out. Nevertheless, fundamental factors remain supportive – trade and economic policy risks, fiscal expansion and debasement of currencies that’s driving demand for hard assets. We also note stablecoin demand for gold rising with Tether emerging as the largest owner of gold outside of central banks and nation states, which could be a sign stablecoin providers are offering some incremental underpinning of demand.
The VanEck Junior Gold Miners UCITS ETF (GDXJ, GJGB) has been one of the best performing of our ISA-eligible funds in this space this month, rising around 20%. Holdings include the likes of junior miners Pan American Silver (TSE:PAAS, NYSE:PAAS), Coeur Mining (NYSE:CDE), Alamos Gold (TSE:AGI, NYSE:AGI) and Royal Gold (NASDAQ:RGLD). I looked at some junior gold miners here.
(Note the Global X Silver Miners UCITS ETF (SILG)has been a standout too, up about 30% this month on the parabolic ascent in silver prices, but is not classed as ISA eligible.)
Looking at the broader critical minerals, precious metals and rare earths space, the Global X Disruptive Materials UCITS ETF (DMAT) has gained around 22% this year. Its main holdings include Albemarle (NYSE:ALB), Impala Platinum (JSE:IMP), Valterra Platinum (LSE:VALT, JSE:VAL), Boliden (STO:BOL) and Southern Copper (NYSE:SCCO).
*Selected ETFs are selected on a monthly total return basis and must be eligible for inclusion in an ISA.
Read here for the best performing stocks last year.
