Our selection of the best PEA-eligible ETFs

Updated 16 July 2026

An ETF is PEA-eligible (the PEA is a French tax-advantaged equity savings account) if it invests mainly in European equities, or if it tracks a global index (S&P 500, Nasdaq, MSCI World) through synthetic replication. That constraint rules out US or global trackers using physical replication. Here is how the ETF-PEA pairing works, and our selection of the best eligible trackers in 2026.

Key takeaways

• Three categories of ETF are PEA-eligible: European indices, indices made up of at least 75% European companies, and synthetic replication trackers for indices outside the euro area.
• The most widely held PEA trackers cover the CAC 40, the MSCI World and the S&P 500, notably from Amundi and BNP Paribas.
• After 5 years of holding, the PEA exempts gains from income tax; only social levies of 18.6% remain due since 1 January 2026.
• Management fees on PEA ETFs generally sit between 0.10% and 0.40% per year, well below those of actively managed funds.

What is a PEA-eligible ETF?

An ETF (Exchange Traded Fund), or tracker, is PEA-eligible if it meets one of the European exposure or synthetic replication criteria set out below. It is an index fund that reproduces the performance of a benchmark index, the CAC 40 for example. It lets you invest in every company in the index at once, saving you considerable time, and therefore money over the long run.

Not all trackers are PEA-eligible, however. This tax wrapper requires investment in the euro area, possibly extended to the European Union. That limit can nonetheless be worked around thanks to the structure of certain ETFs.

Three types of ETF are therefore PEA-eligible:

• those investing in European indices
• those investing in an index made up of at least 75% of companies headquartered in Europe
• those using synthetic replication, a specific method

The last one is what lets you invest in the stock market outside Europe and track indices such as the S&P 500 or the Nikkei. How? Simply by using a synthetic reproduction mechanism. These PEA-eligible trackers invest in European equities, then exchange them for the performance of a foreign basket of shares through a performance "swap".

Example: a synthetic replication ETF is invested in the CAC 40 and enters a performance swap with a Chinese fund, the SSE 50. The CAC 40 returns +1% while the SSE 50 returns +3%. The Chinese fund pays the difference, +2%. The tracker therefore does replicate the Chinese index, while remaining 100% invested in Europe. The same logic can be applied to gain exposure to emerging markets or the United States.

Why invest in ETFs through a PEA?

Combining ETFs and a PEA brings together low-cost passive management and favourable taxation after 5 years of holding. Here is what to know before committing to this long-term investment.

Favourable taxation

The PEA is mainly used for its favourable taxation. After 5 years of holding, gains are exempt from income tax: only social levies remain due, at 18.6% since 1 January 2026 (up from 17.2% previously). Compared with a securities account, subject to the flat tax of 31.4% (12.8% income tax and 18.6% social levies), the tax saving comes to around 41% on gains.

It is also a capitalising wrapper. You can therefore make all the switches your portfolio needs while deferring tax on your ETF dividends until the PEA is closed. You benefit from compound interest.

If you want to estimate your potential performance, our wealth simulator can help.

In return, the PEA, like the Livret A, is limited to one per adult. It is capped at €150,000 and can only hold certain securities: shares, UCITS funds and ETFs, based in Europe.

A passive market product

The ETF is defined above all by its passive management. It is a market product that does not seek to beat an index, but simply to replicate it. There are therefore no switches beyond the initial buy or sell order. And few switches to make means few management fees. ETF fees are generally below 0.5%, so they barely dent the return on your investment. Bear in mind that brokerage fees apply when buying funds.

Spot your hidden fees

Finary users save an average of €44,077 on their hidden fees

Discover Finary

Easy to access, ETF units are also available at an affordable price given the number of companies they cover. They are therefore an excellent way to diversify your portfolio at low cost. By choosing your PEA-eligible trackers carefully, you spread your risk in the event of a market shock on one or more markets.

Good to know : The ETF/PEA pairing is used by some investors for its specific tax framework. Although the choice of eligible trackers is limited, they diversify your portfolio effectively and without much effort. Note that the PEA-PME (a variant reserved for small and mid-cap companies) also exists. It has proved unpopular with investors, particularly since 2022 and the closure of the Lyxor PEA-PME ETF, and to date no ETF is available within it.

An instrument that beats fund managers

Over the long run, most actively managed funds struggle to beat their benchmark once fees are deducted. The reason is mechanical: an active fund charges far higher fees than an ETF (often around 1.5% to 2% per year, against less than 0.5% for a tracker). To stay competitive it must therefore not only match the index but beat it by enough to absorb those fees, something few managers achieve consistently.

According to the SPIVA Europe study (S&P Dow Jones Indices), over 10 years 93% of actively managed equity funds underperformed their benchmark. By capturing that index at lower cost, an ETF gives the investor a performance the vast majority of active funds fail to match.

An ETF adjusts itself

ETFs have a mechanism for periodically reviewing their composition according to the rules of the index they track. This follows from their structure, based on replicating an index that is itself revised regularly. Without any manual intervention, ETFs therefore adapt to market changes, which can help contain management costs, with no guarantee of performance. More than half the shares in today's S&P 500 were not in it 20 years ago.

What are some examples of PEA-eligible ETFs?

PEA-eligible ETFs include Amundi PEA S&P 500, iShares MSCI World Swap PEA and Amundi CAC 40, grouped by broad geographic area. What counts as the "best" ETF of course depends on your objectives and your investor profile. Some stand out for their fees, their liquidity or their level of diversification.

Here are some of the most widely held PEA-eligible ETFs, grouped by broad geographic area (a non-exhaustive, illustrative list):

What are the main PEA-eligible ETFs?

Many ETFs are PEA-eligible. Euronext lists more than 150. Whether they are 100% European trackers or trackers following foreign indices, they are not always easy to identify and of course do not all deliver the same performance. Here is a tour of the main sector, world and CAC 40 ETFs available within a PEA. Note that every fund can be identified by its ISIN code, the international identifier for financial instruments.

Sector PEA ETFs

Sector ETFs, as the name suggests, are trackers dedicated to one industry. They are often conviction investments, as with real-estate ETFs. PEA-eligible sector ETFs include, by way of example:

• real estate: Amundi PEA Immobilier Europe (FTSE EPRA/NAREIT)
• environment: Amundi MSCI EMU Climate Paris Aligned (ISIN LU2182388582)
• technology: Amundi PEA Nasdaq-100
• industry: Amundi PEA Dow Jones Industrial Average (ISIN LU2572256662)
• ESG: Amundi MSCI EMU ESG Selection (ISIN LU1602144575)

CAC 40 ETFs

The CAC 40 is the flagship index of the Paris stock exchange, so every CAC 40 tracker is PEA-eligible. They generally carry lower management fees, around 0.2%, and sometimes a higher return since dividends are taxed in France only. Brokerage fees on these instruments depend on the trading platform you use. PEA-eligible CAC 40 trackers include, by way of illustration:

• Amundi CAC 40
• BNP Paribas Easy CAC 40 ESG (ISIN FR0010150458)

Good to know : The CAC 40 is only a small index on a global scale, concentrated on a small area, so diversifying beyond it may be worth considering depending on your profile. Ideally it should be complemented with broader trackers, notably synthetic replication funds, to improve your long-term diversification.

World PEA ETFs

Handy for diversifying a portfolio in one move, world ETFs let you invest in a large international index and capture the performance of the global economy. The MSCI World is the most widely held world index within a PEA:

• iShares MSCI World Swap PEA
• Amundi PEA Monde (MSCI World)

Good to know : To make the most of the tax treatment and of ETF performance, it is worth mixing different types of PEA-eligible tracker. Real-estate ETFs, for instance, let you invest in SIICs (French listed real-estate investment companies, comparable to REITs). That is the most liquid way to invest in property today, though listed real estate remains exposed to market swings and to a risk of capital loss.
World ETFs, for their part, offer very broad diversification, ideal for spreading risk when markets move sharply. Combining the two lets you take full advantage of the PEA by deferring dividend taxation as long as possible. You therefore hold a potentially attractive long-term investment, with no guaranteed return.

Bring your whole net worth together

PEA, savings accounts, cryptocurrencies, shares, property, bank accounts.

Discover Finary

Frequently asked questions

Why invest in ETFs within a PEA?

Investing in ETFs through a PEA combines a passively managed, diversified product with the tax framework of the equity savings plan. The risk of capital loss remains.

Should you hold ETFs in a PEA or in a life insurance policy?

Trackers are available in both PEAs and life insurance policies, and each wrapper has its own tax advantages. The choice of ETFs is far more limited in life insurance, however. Management and brokerage fees are also generally much higher. Choosing between a PEA and life insurance depends on your objectives, your time horizon and your personal situation; it may be worth consulting an adviser.

What is the contribution cap on a PEA?

The standard PEA is capped at €150,000 of contributions (€300,000 for a couple holding two plans). The cap applies to contributions, not to the value of the portfolio, which can exceed that amount through capital gains. The PEA-PME provides an additional €75,000 of headroom.

What fees apply to ETFs within a PEA?

Two layers of fees coexist: the ETF's management fees, often between 0.15% and 0.40% per year, and the brokerage fees charged by your intermediary on each order. Depending on the platform, account-keeping fees may also apply.

Can you lose money with an ETF in a PEA?

Yes. An ETF replicates its index on the way down as well as up: capital is not guaranteed and a loss remains possible, particularly when markets fall. Diversification and a long time horizon limit that risk without eliminating it.

Sources

Service-Public, Plan d'épargne en actions (PEA)

Service-Public, PEA taxation (withdrawal or redemption)

AMF, investor information area

S&P Dow Jones Indices, SPIVA Europe Year-End 2024 study

JustETF, ETF performance and fee data