CAC 40 ETF: comparison and how they work (2026)

Updated on 7 August 2026

A CAC 40 ETF is an exchange-traded fund that replicates the performance of the 40 largest companies listed on the Paris stock exchange, with very low management fees. This article compares the main CAC 40 ETFs, their eligibility for the PEA (a French tax-advantaged equity savings account) and their advantages and drawbacks.

Key takeaways

• The most widely used CAC 40 ETFs are Amundi's, with direct physical replication and a Total Expense Ratio (TER) of 0.25%.
• Most CAC 40 ETFs are eligible for the PEA, combining exposure to the French market with the tax advantages of that wrapper.
• The CAC 40 is a price index that excludes the dividends paid out, unlike the CAC 40 GR, which reinvests them.
• The main risk of CAC 40 ETFs is concentration: performance depends heavily on the largest constituents of the index.

CAC 40: general information

Sector composition

The CAC 40 index comprises the 40 largest companies listed on the Paris stock exchange, selected on their market capitalisation and their liquidity. These companies span a wide range of sectors of the French economy, from healthcare to carmaking, taking in finance, energy and telecoms, among many others. The index includes French giants such as L'Oréal, Sanofi and Renault. This sector spread gives investors balanced exposure to the various segments of the French economy, easing the diversification of their portfolios.

Historical performance

The CAC 40 is seen as a barometer of the French economy and gives an indication of the overall performance of the French stock market. Moves in the index can be driven by a variety of factors, including companies' financial results, political decisions, global economic events and market trends.

Since it was created in 1987, the index has posted an average annual return of around 5.5% to 6% excluding dividends, based on a level close to 8,700 points in early August 2026 (Euronext). Past performance is not a reliable indicator of future performance. That growth may look modest next to other international stock market indices. It is worth noting, however, that the CAC 40 does not include the dividends distributed by its constituent companies.

An index that leaves dividends out

The CAC 40 is a price index, which means it does not account for the dividends paid by its constituent companies. The performance of the index therefore does not necessarily reflect the full returns an investor could achieve by investing in those companies. An investor holding an ETF tracking the CAC 40, for instance, would earn returns from share price movements, but not necessarily from the dividends those companies pay.

To gauge its true performance, look at the CAC 40 GR, which stands for Gross Return and reinvests dividends. According to Euronext, the operator of the Paris stock exchange, the CAC 40 GR stood at 27,721 points on 14 July 2026, an annualised return of around 8.9% since the index was created in 1987. Past performance is not a reliable indicator of future performance.

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Why invest in a CAC 40 ETF?

Investing in a CAC 40 ETF gives diversified exposure to the 40 largest French companies in a single trade, simply and at low cost. The main reasons to consider one:

• Diversification: A CAC 40 ETF gives investors diversified exposure to the 40 largest listed French companies. That reduces the risk attached to holding individual shares, because the portfolio's performance is tied to the CAC 40 index as a whole.
• Simplicity: ETFs are as easy to buy and sell as shares. Unlike managing a portfolio of individual stocks, investors do not have to pick and monitor each company. The CAC 40 ETF already handles that selection for you.
• Large-cap exposure: The companies in the CAC 40 are among the largest listed capitalisations in France. A CAC 40 ETF provides exposure to their share price performance, with no guarantee of returns.

On top of these benefits, a CAC 40 ETF also offers high liquidity. Because ETFs trade on an exchange, units can be bought or sold at any time during market hours. Investors can therefore react quickly to market moves and manage their portfolio flexibly.

Good to know : In short, a CAC 40 ETF lets investors diversify their portfolio, gain exposure to the performance of large French companies and benefit from high liquidity and low fees. It is one way of gaining exposure to the French stock market. Whether a given product suits you depends on your personal situation.

Examples of CAC 40 ETFs

Here are some examples of CAC 40 ETFs available on the market:

These three ETFs are among the most widely used on the market. They all track the CAC 40 index (or its CAC 40 ESG variant), but differ in their distribution policy: some pay dividends out to investors (Dist), others reinvest them automatically in the fund (Acc).

Can you hold a CAC 40 ETF in a PEA?

Yes. You can invest in a CAC 40 ETF through a PEA (Plan d'Épargne en Actions), provided the ETF is domiciled in the European Union and tracks a European equity index. In return, the PEA offers tax advantages on investments in French and European shares.

Here is the list of eligible CAC 40 ETFs:

• Amundi CAC 40 ESG UCITS ETF Dist (ISIN: LU1681047079)
• Amundi CAC 40 ESG UCITS ETF Acc (ISIN: LU1681046931)
• Amundi CAC 40 UCITS ETF Acc (ISIN: FR0013380607)
• Amundi CAC 40 Daily (2x) Leveraged UCITS ETF Acc (ISIN: FR0010592014) - leveraged product, higher risk
• Amundi ETF Short CAC 40 Daily UCITS ETF (ISIN: FR0010717124) - inverse product, higher risk, for experienced investors only
• BNP Paribas Easy CAC 40 ESG UCITS ETF (ISIN: FR0010150458)

Good to know : These ETFs are all PEA-eligible, with management fees of 0.25% a year for the standard versions and higher (0.35% to 0.40%) for the leveraged or inverse versions. Investors can therefore combine exposure to CAC 40 companies with the tax advantages of the PEA. These products can be considered within a PEA, subject to your own analysis of your tax situation.

Advantages of CAC 40 ETFs

CAC 40 ETFs offer investors several advantages:

• Diversified exposure: CAC 40 ETFs give investors diversified exposure to the largest listed French companies.
• Liquidity: CAC 40 ETFs are generally liquid, meaning investors can buy and sell units easily on the market.

Tools such as Finary also centralise the tracking of ETF, stock and other asset positions across every broker.

• Fees: ETFs generally carry lower management fees than traditional mutual funds, which can work in investors' favour.

Drawbacks of CAC 40 ETFs

There are also a few drawbacks to bear in mind:

• Market risk: Like any stock market investment, CAC 40 ETFs are exposed to market risk. The value of units can fluctuate with the CAC 40 index.
• Concentration risk: Because the CAC 40 ETF is weighted by market capitalisation, it is heavily influenced by the performance of the largest CAC 40 companies. That creates a concentration risk if some of those companies run into financial difficulty.

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What are the alternatives to CAC 40 ETFs?

Other index-based ETFs can be considered, including:

• The S&P 500 ETFs
• The Emerging markets ETFs
• The World ETFs

They can help diversify a portfolio. Past performance is not a reliable indicator of future performance.

Good to know : In brief, CAC 40 ETFs give investors a diversified way to invest in the largest listed French companies. Several ETF options are available, each with advantages and drawbacks to weigh. It is also possible to hold a CAC 40 ETF inside a PEA, adding tax advantages.

Before investing, do your own research, consider speaking to a financial adviser and make sure you understand the risks attached to any investment. CAC 40 ETFs can be a useful tool for investors who want exposure to economic growth in France and want to diversify their portfolio.

Frequently asked questions

Which CAC 40 ETFs are most often mentioned?

The right choice depends on each investor's situation and objectives. Options frequently mentioned include: Amundi CAC 40 ESG UCITS ETF Dist, Amundi CAC 40 ESG UCITS ETF Acc, and Amundi CAC 40 UCITS ETF Acc.

Which CAC 40 ETF for a PEA?

CAC 40 ETFs eligible for a PEA include: Amundi CAC 40 ESG UCITS ETF Dist, Amundi CAC 40 ESG UCITS ETF Acc, and Amundi CAC 40 UCITS ETF Acc.

How do you buy a CAC 40 ETF?

CAC 40 ETFs can be bought through a brokerage platform or a bank offering brokerage services. Search for the ETF's ticker and place a buy order.

What is the difference between the CAC 40 and the CAC 40 GR?

The CAC 40 is a price index that does not account for the dividends paid by its constituent companies. The CAC 40 GR (Gross Return) reinvests those dividends and therefore reflects the actual return an investor obtains over the long term.

Is a CAC 40 ETF risky?

Like any equity investment, a CAC 40 ETF carries a risk of capital loss and a concentration risk, because its performance depends heavily on the largest companies in the index. It is therefore not suited to a very short investment horizon.

Sources

Euronext, CAC 40 (index)

justETF, Amundi CAC 40 ESG UCITS ETF Dist (LU1681047079)

justETF, Amundi CAC 40 ESG UCITS ETF Acc (LU1681046931)

justETF, Amundi CAC 40 UCITS ETF Acc (FR0013380607)

justETF, Amundi CAC 40 Daily (2x) Leveraged UCITS ETF Acc (FR0010592014)

justETF, Amundi ETF Short CAC 40 Daily UCITS ETF (FR0010717124)

justETF, BNP Paribas Easy CAC 40 ESG UCITS ETF (FR0010150458)

Service-public.fr, Plan d'épargne en actions (PEA)