The French Treasury is considering excluding synthetic ETFs that replicate non-European indices such as the S&P 500 or Nasdaq from the PEA (Plan d’Epargne en Actions). These funds currently bypass the 75 % European equity rule through swap agreements with banks, a mechanism that Bercy now deems incompatible with the PEA’s purpose. Two scenarios are being considered for existing holdings: either a forced transfer to a standard brokerage account or a grandfather clause preserving current positions while prohibiting new purchases. The measure is expected to appear in the 2027 budget bill, with parliamentary review scheduled for autumn. The stakes are significant: in a PEA held for at least five years, capital gains are exempt from income tax, compared to a flat tax of 31.4 % on a standard brokerage account.
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