ETFs in the Altersvorsorgedepot: the heart of the new retirement provision
ETFs (exchange traded funds) are exchange-traded index funds. They automatically track an entire stock market, broadly diversified, transparent and at low cost. In the new Altersvorsorgedepot they are the central asset class.
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What is an ETF?
An exchange traded fund is a basket of securities that replicates an index. You buy an ETF share and thereby own a proportionate stake in hundreds or thousands of individual stocks. ETFs are traded on exchanges and, unlike actively managed funds, are usually passively managed, which makes them cheaper.
Which ETFs are suitable for the Altersvorsorgedepot?
| Index | Equities | Region | typ. TER |
|---|---|---|---|
| MSCI World | ~ 1,500 | 23 developed countries | 0.12–0.20% |
| FTSE All-World | ~ 4,300 | World incl. emerging markets | 0.22% |
| MSCI ACWI | ~ 2,900 | Developed + emerging markets | 0.17% |
| S&P 500 | 500 | USA | 0.07–0.15% |
| STOXX Europe 600 | 600 | Europe | 0.07–0.20% |
Which ETFs you can actually choose in your securities account depends on the provider. Premium products often offer hundreds of options, the default standard product typically a curated selection of common global ETFs.
Which ETF is best suited?
A broadly diversified global ETF is the best choice for most savers in terms of return and cost.
What do ETFs cost?
The ongoing costs of an ETF are shown as the Total Expense Ratio (TER) figure. They are typically 0.05–0.25% per year. Spread and trading costs may be added. In the Altersvorsorgedepot these ETF costs are part of the overall Reduction in yield.
How are ETFs taxed in the Altersvorsorgedepot?
During the accumulation phase there is none tax on price gains or distributions. The otherwise usual Vorabpauschale (advance lump-sum taxation) also does not apply. Only the later payout is taxed at your personal income tax rate (deferred taxation).
What to look for when choosing?
- Broad diversification: Global ETFs > thematic / country ETFs for the core investment.
- Fund size: > €500 million minimizes the risk of closure.
- Replication method: Physical (buys the actual stocks) vs. synthetic (swap-based).
- Accumulating vs. distributing: For the accumulation phase in the securities account this makes no difference for tax.
- Tracking difference: How closely does the ETF follow the index?
Practical tips for choosing ETFs
The classic for 90% of all savers: 1 ETF on the FTSE All-World or MSCI World, broad diversification, low costs, no maintenance required.
Return-oriented plus emerging markets: 70% MSCI World + 30% MSCI Emerging Markets, higher return potential, somewhat more volatility.
Frequently asked questions about ETFs
Are ETFs safe?
ETFs legally count as segregated fund assets and are protected if the provider becomes insolvent. You do, however, bear the market risk (volatility) yourself.
What is the difference between an ETF and a fund?
Actively managed funds try to beat an index and have higher fees (typically 1.5–2%). ETFs track the index passively and are considerably cheaper.
Can I also buy individual stocks in the Altersvorsorgedepot?
Yes, provided the provider allows it. For diversification reasons, though, broadly diversified ETFs are usually preferred.
Are ESG/sustainability ETFs allowed?
Yes, if the provider includes them in its universe. Some default standard products offer pure ESG variants.
What if my ETF is closed?
The provider transfers the capital into a successor ETF or pays it out; inside the securities account it stays protected.
Can I put crypto ETPs into the securities account?
As of 2026 that is not provided for. Traditional securities funds and ETFs are permitted.
What are the tax advantages?
In the AVD there is no Vorabpauschale and no tax during the accumulation phase, a clear advantage over a free-standing ETF account.
Last updated: June 2026.
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Official sources and further information
- Federal Ministry of Finance, FAQ on the reform of private retirement provision
- German federal government, private retirement provision reform
- German Bundestag, resolution on the Altersvorsorgedepot (calendar week 13/2026)
- Bundestag printed paper 21/4088 (PDF)
- Deutsche Rentenversicherung, reform announcement
- Stiftung Warentest, Altersvorsorgedepot
- Verbraucherzentrale, the new Altersvorsorgedepot: opportunity or sales trap?