According to an OpinionWay study for Sax Bank published in 2025, 64% of French people have never heard of ETFs. ” SO, synthetic ETFs, they are even less known »comments Fabien Keryell, CEO France of Saxo Banque. However, many unknowingly hold them in their stock savings plan, via funds replicating MSCI World, NASDAQ or emerging markets. In May 2026, Senator Hervé Maurey questioned the government on the legitimacy of these products in the PEA, relaunching a debate that professionals in the sector are watching with concern.
To understand the issue, you must first understand the mechanism. A synthetic ETF does not directly own the stocks it tracks. It invests in a basket of securities eligible for PEA, then exchanges the performance of this basket against that of another asset via a financial contract called a “total return swap”. “We give the performance of the CAC 40 and its dividends to another bank, which gives us in return the performance of another asset, for example the MSCI World »explains Fabien Keryell. Thus, the underlying portfolio remains well invested in eligible European equities.
Synthetic ETF: why it makes sense on the PEA
The detractors’ argument is simple: house an ETF that replicates the American economy in an envelope supposed to finance the European economy, it is to divert the mind from the PEA. But the French CEO of Saxo strongly qualifies this argument: “It’s not so Manichean. With synthetic ETFs, we finance the European economy well, since we are really investing in eligible products. We are not financing a different economy, it is less negative than we say. »
He also emphasizes the educational role of the PEA. “The PEA helps raise awareness about investment. It is often a tool to take your first steps, towards a long-term objective. » Restricting synthetic ETFs reduces the diversification options available within this envelope, and risks discouraging savers who would like to invest in the stock market.
What it would change for investors
The scenario of forced ineligibility is not without precedent. When Brexit made certain British securities ineligible for the PEA, managers had to act urgently for their clients. “We, the professionals, have learned, we have experience. But for individuals, they won’t know what to do »warns Fabien Keryell. Concretely, investors holding a NASDAQ ETF with strong latent capital gains could sell it, and take the flows out to place them elsewhere.
“We risk diverting investors from the PEA to the securities account, and ultimately, exiting the PEA flows”he emphasizes. As a reminder, investments in the ordinary securities account are taxed at 31.4% via the flat tax, compared to reduced taxation after five years of holding in the PEA. “It would make a lot of noise for a benefit to be measured”adds the professional.
A legislative debate still far from being concluded
On a political level, changing the PEA eligibility rules would require a law. “This is not the concern of the current majority”observes Fabien Keryell, who judges the real short-term risk limited. It also points to a broader question: if the objective is to protect the spirit of the PEA, other practices deserve to be examined.
“We see a lot of back and forth among some investors, since the PEA allows you to sell without paying taxes as long as you do not withdraw money from the plan. Are we going to prohibit people from going back and forth several times a day? Rather than spending time on these debates, it is better recall the importance of long-term investment “, he concludes.
