Passive investing
Invest methodically
Tools for Italian passive investors: PAC, ETFs, lazy portfolios and broker comparison.
Before investing
Basics before tools, inspired by the ItalyPersonalFinance approach.
- Emergency fund3-6 months of essential expenses in immediately available cash, separate from investments.
- Time horizonShort (< 3 years): cash. Medium (3-7): balanced. Long (7+): equities.
- Costs and tax setupDo you understand your ETF TER? Do you know whether the broker uses administered or declarative tax reporting?
- Simple allocationA portfolio you cannot explain in 10 seconds is probably too complicated.
AI ETF screener
Filters for asset class, region, TER and accumulating/distributing policy.
Lazy portfolios
All World, Permanent Portfolio, Golden Butterfly and Boglehead 3-fund.
PAC simulator
Monthly amount, duration, risk profile and indicative allocation.
Italian brokers
Practical comparison on ETF costs, stamp duty, IVAFE and automatic PAC plans.
Quick PAC simulator
Orientato all'azionario. Adatto a orizzonti lunghi (8+ anni) con buona tolleranza ai ribassi.
Totale versato
24.000 €
Scenario indicativo
33.681 €
Rendimento stimato
9681 €
Ipotesi: 80% azionario / 20% obbligazionario, rendimento annuo 6.5% lordo costante. Stima puramente educativa: i rendimenti reali variano e non sono garantiti. Non è un consiglio di investimento.
ETF shortlist
Accumulating UCITS instruments widely used by the IPF community. Not investment advice: check TER, liquidity and availability with your broker.
| Ticker | Role | TER | Policy | Note |
|---|---|---|---|---|
| VWCE.DEVanguard FTSE All-World Acc | Global equities | 0,22% | Accumulating | Global core in one position: covers developed and emerging markets. A common starting point for simple portfolios. |
| SWDA.MIiShares Core MSCI World Acc | Developed equities | 0,20% | Accumulating | Developed markets only (US, Europe, Japan). Pair with EIMI if you want full global exposure including emerging markets. |
| EIMI.MIiShares Core MSCI EM IMI Acc | Emerging equities | 0,18% | Accumulating | Satellite to complete SWDA: adds China, India, Brazil and others. Typical weight: 10-20% of the equity portfolio. |
| AGGH.MIiShares Core Global Aggregate Bond EUR Hdg Acc | Global bonds | 0,10% | Accumulating | Defensive part of the portfolio. EUR hedging reduces currency risk and can smooth equity volatility. |
| XEON.DEXtrackers EUR Overnight Rate Swap | EUR cash-like | 0,10% | Accumulating | Tracks the EUR overnight rate (ESTR). Liquid alternative to a deposit account for the cash sleeve. Low volatility. |
Lazy portfolios
Educational examples inspired by Boglehead and IPF traditions. They are not personal recommendations.
All World
Maximum simplicity: one ETF, complete global exposure.
100% VWCE.DE
80/20 Globale
Growth with a small bond cushion. For investors who want more calm during drawdowns.
80% VWCE.DE · 20% AGGH.MI
60/40 Classico
Balanced between growth and stability. Historically smoother than 100% equities in bear markets.
60% VWCE.DE · 40% AGGH.MI
Golden Butterfly
Broad diversification across five asset classes, designed for different macro regimes.
20% VWCE · 20% small cap · 20% short bonds · 20% long bonds · 20% gold
Italian brokers: quick comparison
Informational comparison. Always verify updated terms on the broker website before opening an account.
| Broker | Tax regime | PAC | Strength | âš Watch out |
|---|---|---|---|---|
| Directa SIM | Administered | Available | Simple taxation, solid platform, good ETF choice on Borsa Italiana and Xetra | Dated interface; minimum commissions can weigh on small orders |
| Fineco | Administered | Replay (ETF PAC) | Integrated bank and broker, Italian support, good mobile app | Check Replay plan costs: conditions change by profile and number of trades |
| Trade Republic | Declarative | Automatic from EUR 1 | Very simple UX, recurring automatic plans, interest on cash | Declarative tax regime: you must report capital gains yourself. Consult a tax professional |
| DEGIRO | Declarative | Not available | Wide choice of markets and instruments, low commissions on foreign markets | No automatic PAC. Declarative regime required. Essential interface |
| Scalable Capital | Declarative | Automatic | PAC automation, good UX, Prime subscription with zero commissions | Declarative regime. Check that the desired ETFs are available on the platform |