Best CAC 40 ETF : live TER comparison, accumulating or distributing
How to pick a CAC 40 ETF ? Live comparison of available funds (CACC, CAC, C40, DX2G, E40), physical replication, PEA eligibility, CAC 40 standard vs CAC 40 ESG, FAQ.
The CAC 40 index in brief
The CAC 40 tracks the 40 largest capitalizations listed on Euronext Paris among the 100 most liquid. Launched in 1987, it is the benchmark index of the French equity market and one of the primary components of the Eurostoxx 50.
Weighting is by adjusted free-float capitalization, with a 15% individual cap to prevent any single stock from dominating. The top 10 (LVMH, Total, Sanofi, L'Oreal, Schneider Electric, Airbus, Hermes, Air Liquide, BNP Paribas, Vinci depending on the period) accounts for about 60% of the index.
Beyond their national index status, CAC 40 constituents generate on average 70% of their revenues outside France : a CAC 40 ETF is effectively an exposure to a selection of globalized French companies, more than to the French economy in the strict sense.
Comparison of available CAC 40 ETFs
Data from our live database. The displayed TER is the annual management cost ; AUM represents assets under management.
| Ticker | Issuer | TER | Distribution | PEA |
|---|---|---|---|---|
| DX2G Xtrackers CAC 40 UCITS ETF 1D | DWS | 0.20 % | Distributing | PEA |
| E40 BNP Paribas Easy CAC 40 ESG UCITS ETF | BNP Paribas | 0.25 % | Distributing | PEA |
| CACC Amundi CAC 40 UCITS ETF Acc | Amundi | 0.25 % | Accumulating | PEA |
| C40 Amundi CAC 40 ESG UCITS ETF DR - EUR (C) | Amundi | 0.25 % | Accumulating | PEA |
| CAC Amundi CAC 40 UCITS ETF Dist | Amundi | 0.25 % | Distributing | PEA |
CAC 40 ETF rankings
Descriptive rankings computed on live data : fund size (assets under management) and listed fees (TER). Each criterion tells a different story : the largest is not always the cheapest.
Largest by AUM
Ranked by assets under management
- 13.2 B€
- 21.1 B€
- 3619 M€
- 4205 M€
- 5112 M€
CAC 40 versus CAC 40 ESG : what gap in practice
The CAC 40 ESG (launched in 2021) selects the 40 SBF 120 companies with the best extra-financial scores, excluding those involved in coal, tobacco, controversial weapons and unconventional oil. Its composition differs notably from the standard CAC 40 : TotalEnergies is excluded, Stellantis often absent.
Overlap between a CAC 40 ETF and a CAC 40 ESG ETF exceeds 70% since most French large caps are in both universes. The difference plays out mostly on sector exclusions and their impact during commodity price swings.
Overlap between ETFs tracking the CAC 40
When several ETFs track the same index, their overlap is mechanically very high. The matrix below computes the real overlap from current holdings (with physical proxy resolution for PEA-eligible synthetic ETFs).
Criteria to differentiate them
When overlap between two ETFs tracking the same index exceeds 95%, the following criteria become the actual differentiators.
Listed TER and compounded cost
Total Expense Ratio is deducted yearly from the fund's assets. Over 20 years, the gap between a 0.07% and 0.38% TER represents several thousand euros on a €50,000 investment, all else being equal.
Replication method
Physical replication directly holds the index securities. Synthetic replication uses a swap : a counterparty commits to deliver the index performance. Synthetics are required to make non-EU equity ETFs eligible for the French PEA.
PEA eligibility and proxy mechanism
A PEA-eligible synthetic ETF holds European equities (to satisfy the PEA quota) and receives the target index performance via swap. To compute real overlap, our tool resolves each synthetic to its reference physical ETF tracking the same index.
AUM and liquidity
High AUM (above €500M) typically ensures tight bid/ask spreads and a low fund closure probability. Very small ETFs (below €50M) carry a liquidation risk.
Listing currency and distribution policy
An ETF listed in USD with an EUR/USD hedge has an implicit hedging cost. A distributing (D) ETF pays dividends to the cash account ; an accumulating (C) ETF reinvests them automatically. Within the French PEA the taxation is unaffected ; in a standard brokerage account distribution triggers withholding tax.
Per tax wrapper
In PEA (French tax wrapper)
All CAC 40 ETFs are PEA-eligible since the index only contains French companies, i.e. 100% European equities. No swap mechanism is needed : replication is direct physical.
The same logic applies to Eurostoxx 50, MSCI Europe and Stoxx Europe 600 ETFs. For a PEA investor, these European indices are the simplest and historically cheapest to replicate.
In a standard brokerage account
In a standard brokerage account, the same ETFs are accessible with identical physical replication. The difference is purely tax-related : distributed dividends (distributing version) are subject to capital income tax, whereas they are tax-deferred inside the PEA until withdrawal.
For long-term CAC 40 exposure in a CTO, the accumulating version (CACC) is preferred since it avoids annual tax friction on dividends (around 3% gross annually on the index).
Our CAC 40 podium
Multi-criteria global ranking on 7 weighted criteria : TER, AUM, share price, 1Y performance vs peers, replication vs index, accumulating vs distributing, track record. Methodology detailed at the bottom of the block.
Amundi CAC 40 ESG UCITS ETF DR - EUR (C)
Amundi CAC 40 UCITS ETF Dist
Xtrackers CAC 40 UCITS ETF 1D
Ranking methodology
Global score out of 100 computed from 7 weighted criteria, aggregated from the ETF Overlap live database. Synthetic and physical ETFs are scored on the same grid.
- TER (30%) : lower is better, normalized on the range observed for this index.
- AUM (25%) : assets under management, log scale to avoid crushing mid-sized ETFs.
- Track record (10%) : number of years since launch, normalized.
- Share price (10%) : lower is better. A low unit price (e.g. €5 for WPEA vs €640 for CW8) makes regular investments (DCA) easier and reduces order rounding friction.
- 1Y performance vs peers (10%) : 12-month gross performance ranked across all ETFs tracking the same index. Top performer scores 100, lowest scores 0. Computed from closing prices in our base.
- Replication vs index (10%) : distance to the pool median performance, used as a proxy for the index return. An ETF whose return drifts significantly above or below the median reflects looser replication (hedging, aggressive sampling, hidden costs). 100 = on median, 0 = maximum observed deviation.
- Accumulating vs distributing (5%) : 100 for accumulating ETFs (acc), 0 for distributing (dist). Accumulating reinvests dividends automatically and avoids annual dividend taxation in standard brokerage accounts.
This ranking is a multi-criteria synthesis, not a personalized recommendation. It depends on the freshness of AUM, TER, price and performance data in our base.
Frequently asked questions
Are all CAC 40 ETFs PEA-eligible ?
Yes. The CAC 40 only contains French stocks, therefore 100% PEA-eligible equities. No synthetic replication constraint is needed : issuers (Amundi, BNP Paribas, Xtrackers) replicate the index physically, making these ETFs transparent and inexpensive.
CACC or CAC : what is the difference ?
CACC is the accumulating version of the Amundi CAC 40 UCITS ETF (dividends reinvested). CAC is the distributing version (dividends paid to the account). The underlying ETF is strictly identical : their overlap is 100%, their gross performance is identical. The choice depends solely on your need for current income.
Why does the CAC 40 historically underperform the S&P 500 ?
Several structural factors : (1) the European sector composition (luxury, energy, banks, industry) benefits less from US tech rents, (2) the weight of dividends paid in France mechanically reduces price return, (3) the Paris market remains less liquid than US markets, limiting arbitrage. The CAC 40 nevertheless shows decent performance in total return (with dividends reinvested).
Should you prefer the CAC 40 or a broader index like the Stoxx Europe 600 ?
The CAC 40 is concentrated on 40 large French caps. The Stoxx Europe 600 covers 600 companies across 17 European countries. For diversification, the latter is broader. But their overlap remains high : CAC 40 constituents are almost all in the Stoxx 600. Our simulator measures this overlap precisely.
How much does a CAC 40 ETF return over 10 years ?
Over the 2014-2024 decade, the CAC 40 Net Return (dividends reinvested) showed an average annual performance of roughly 8% to 9%. This average masks high variability : 2017 and 2021 were very positive, 2018 and 2022 negative. Past performance does not predict future returns.
Does the CAC 40 include small caps or only large caps ?
The CAC 40 contains only the 40 largest capitalizations among the 100 most liquid Paris-listed stocks. French small and mid caps (CAC Mid 60, CAC Small) are not included. For exposure to the entire French equity market, the CAC All Tradable (formerly SBF 250) is broader but rarely replicated by ETFs.
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