The trajectory is massive and silent. With 46 billion euros in net collection in 2025 on its ETFs, Amundi has just completed a historic year — a absolute record on the European market listed index funds. These products, which replicate an entire market at very low cost, have left the circle of informed investors to conquer the general public. For Damien Cadillon, head of ETF distribution in France for Amundithe movement is on an unprecedented scale.
The profile of new entrants confirms democratization. “The average age has gone from 60 to 38 in eight years”specifies the expert. The preferred entry point remains the Equity ETFs tracking major global indicessubscribed with “a few hundred euros” at start-up, then supplemented by scheduled payments. A logic adapted to young professionals who want to invest at reduced costs – provided they avoid the pitfalls that the apparent simplicity of the product masks.
Three traps that apparent simplicity makes us forget
In terms of pitfalls, the first is to confusing simplicity with absence of risk. ETFs are accessible, inexpensive, easy to use — an attractive combo that can hide the essentials. Damien Cadillon puts it bluntly: “ETFs nevertheless remain exposed to upward and downward fluctuations in the financial markets. » An ETF replicating the S&P 500 or the MSCI World mechanically undergoes market corrections. Diversification reduces specific risk, not systemic risk.
The second trap is tostack ETFs without allocation logic. This is the most common mistake among first-time investors seduced by the ease of purchase. “The risk is then to believe in sufficient diversification when certain exposures may in reality overlap”warns the Amundi expert. Concretely, holding a World ETF, an S&P 500 ETF and a Nasdaq ETF provides almost no diversification: the three largely focus on the same American megacaps (Apple, Microsoft, Nvidia, Alphabet, etc.). Define your objectives and risk profile before buying remains the prerequisite.
Finally, the third trap lies in the choice ofthe wrong tax envelope. Not all ETFs are eligible for PEA— a point often discovered after purchase. So-called “PEA-compatible” ETFs (often synthetic) allow you to invest in global markets in this advantageous envelope, exempt from income tax after five years. Conversely, certain very popular UCITS ETFs housed in ordinary securities accounts result in heavier taxation. L’life insurance and the PER now offer a relevant alternative, as Damien Cadillon points out: “ETFs offer specific advantages – transparency, low fees, simplicity of implementation – which make them particularly suitable for long-term savings. »
The ETF, a wealth allocation brick rather than a market product
Massification does not change the nature of the product. “ETFs require the same degree of vigilance as any other investment medium”recalls Damien Cadillon. The commercial arguments – ultra-low fees, transparency, simplicity of purchase – do not exempt from prior reflection on the horizon, the accepted risk and taxation. The rule remains that of all placement. It is appropriate to define an objective, measure your risk tolerance, build a strategy.
The fundamental movement, on the other hand, transforms usage. With the arrival of Lifecycle ETFs calibrated on the retirement horizon and the generalization of ETFs in life insurance and PER contracts, the status of the product is evolving. “ETFs are no longer just simple market products, but also assets allocation blocks”summarizes the Amundi expert. For individuals, this means that it becomes possible to build, from a few hundred euros, exposure to global markets in a tax-advantaged package — provided that the three previous traps have been resolved upstream.
