Implementation · from Europe
Investing from Europe
Setting up the portfolio from France or Europe: the UCITS equivalents of US ETFs to hold, and where to buy them.
European equivalents
The strategy is measured on US-listed ETFs; here, asset by asset, are the European (UCITS) funds to hold in their place — why measuring on US tickers stays valid for a euro investor is explained just below.
Since 2018, European regulation (PRIIPs / MiFID II) bars retail investors from buying US-listed ETFs. You can replicate the strategy with European-format funds (UCITS) listed on Euronext, Xetra or the London Stock Exchange. The list below gives the closest equivalent for each asset in the real portfolio.
| Real asset (US) | UCITS equivalent to hold | Code | ISIN |
|---|---|---|---|
| US equity by style — 70% | |||
| IWF iShares Russell 1000 Growth | iShares Russell 1000 Growth UCITS ETF — same index, same issuer (BlackRock), same TER (0.18%). | R1GR | IE000NITTFF2 |
| IWD iShares Russell 1000 Value | iShares Russell 1000 Value UCITS ETF — same index, same issuer. | R1VL | IE0002EKOXU6 |
| IWB iShares Russell 1000 (blend) | No direct UCITS equivalent — closest large-cap US approximation: iShares Core S&P 500 UCITS ETF (different index, similar exposure). Alt.: iShares MSCI USA UCITS ETF · CSUS · IE00B52SFT06 | CSPX | IE00B5BMR087 |
| Commodities — 30% | |||
| GLD SPDR Gold Shares | iShares Physical Gold ETC — physically-backed, collateralised (gold cannot be a strict UCITS fund). Alt.: Xtrackers Physical Gold ETC · XGLD · DE000A1E0HR8 | IGLN | IE00B4ND3602 |
| DBE Invesco DB Energy | WisdomTree Energy ETC — UCITS-eligible, Bloomberg Commodity Energy Subindex. | AIGE | GB00B15KYB02 |
| DBA Invesco DB Agriculture | WisdomTree Agriculture ETC — UCITS-eligible, Bloomberg Commodity Agriculture Subindex. | AIGA | GB00B15KYH63 |
| DBB Invesco DB Base Metals | WisdomTree Industrial Metals ETC — UCITS-eligible, Bloomberg Commodity Industrial Metals Subindex. | AIGI | GB00B15KYG56 |
| Out-of-market — parachute | |||
| BIL SPDR Bloomberg 1-3 Month T-Bill | iShares $ Treasury Bond 0-1yr UCITS ETF — USD-denominated. EUR alt.: Amundi Smart Overnight Return (ex-Lyxor) · CSH2 · LU1190417599 | IB01 | IE00BGSF1X88 |
| US bonds — bond + gold rotation strategy (gold listed above; sourced June 2026) | |||
| TLT iShares 20+ Year Treasury Bond | iShares $ Treasury Bond 20+yr UCITS ETF — same exposure (ICE US Treasury 20+yr), same issuer (BlackRock), USD (acc), TER 0.07%. | DTLA | IE00BFM6TC58 |
| LQD iShares iBoxx Investment Grade Corporate Bond | iShares $ Corp Bond UCITS ETF — iBoxx USD Liquid Investment Grade, same issuer, USD (dist), TER 0.20%. | LQDE | IE0032895942 |
| EMB iShares JPMorgan USD Emerging Markets Bond | iShares J.P. Morgan $ EM Bond UCITS ETF — JPM EMBI Global Core, same issuer, USD (dist), TER 0.45%. | IEMB | IE00B2NPKV68 |
Availability varies by broker and country. The WisdomTree ETCs (AIGE, AIGA, AIGI) are legally debt securities, not fund shares — check that your broker accepts them. They trade less actively than their US counterparts: use limit orders (a maximum price you set yourself). These equivalents have not been backtested on this platform.
Where to buy these funds: three European brokers
Once you have identified the UCITS funds and their ISINs (see the table above), the remaining step is to buy them at a broker that gives access to the venues where they are listed — Euronext, Xetra (Frankfurt), the London Stock Exchange. Three pan-European brokers cover this need. The table compares what matters for a long-term investor: access to the funds, the fee model, and the guarantee in case of failure.
A word on the guarantee, to avoid a common misconception: the compensation scheme does not protect market value, only the broker's failure — and its cap is, in practice, the European minimum of €20,000 at every pan-European broker (Ireland, Germany, Cyprus). Only a broker licensed in France reaches €70,000 on securities (and €100,000 on cash). But the essential point is elsewhere: when you hold real securities, they are registered in your name and segregated — they stay yours even if the broker fails, regardless of the cap. That is the fundamental difference with a CFD, where you hold only a claim on the platform.
| Broker | Regulation & guarantee | Access to the strategy's funds | Fees (indicative, June 2026) | Inactivity fee |
|---|---|---|---|---|
| Interactive Brokers (Irish entity, IBIE) | Central Bank of Ireland; Irish scheme (ICS) up to €20,000; daily segregation | All 11 — Euronext, Xetra, London Stock Exchange, Borsa Italiana | Fixed pricing ≈ 0.05%, min ~€1.25 (Euronext) to ~€3 (other venues); FX ~0.03% | None |
| DEGIRO (flatexDEGIRO group, German banking entity) | BaFin; securities segregated via a separate custody entity; German scheme ~€20,000 | All 11, verified — incl. 10 in the "Core Selection" (€0 commission); only R1VL (Russell 1000 Value) outside the selection, at standard fees | "Core Selection": €0 commission (1st trade/month) + €1 handling; ~€3.90 outside the selection / other venues; FX 0.25% | None |
| Lynx | Introducing broker of Interactive Brokers Ireland (orders executed by IBKR); same Irish €20,000 guarantee | All 11 — identical universe to IBKR | ≈ 0.09% on Euronext (IBKR execution), thus pricier than IBKR direct | ~€100/year |
Lynx ≈ IBKR, pricier. Lynx routes your orders to Interactive Brokers; same fund universe, same guarantee, but higher fees and an inactivity fee. For this strategy it brings no advantage over IBKR direct.
DEGIRO — one fund outside the commission-free selection. All 11 instruments are available; 10 are in the "Core Selection" (€0 commission, excluding the €1 handling fee). The Russell 1000 Value (R1VL) is excluded and stays at standard commission. Depending on the venue, DEGIRO may list the same fund under a different code (e.g. the iShares Core S&P 500 is CSPX on London / Euronext and SXR8 on Xetra/Tradegate — same ISIN, same fund).
The fee model matters for a strategy that rotates. A fixed-commission broker (€1–3 per order, or €0 on a selection) is, on a rebalancing portfolio, in a different league from a broker charging a percentage of the amount on every move (see the CFD page: at 3 rotations a year, 0.2% per round-trip ≈ 0.6%/year of return given up).
~€20,000 guarantee everywhere. This is not the discriminating criterion. What protects you is holding real, segregated securities.
Last checked: June 2026. DEGIRO availability verified by product search; fee grids and entity structures may change (IBKR consolidated its EU clients onto the Irish entity in 2024). Check the current grid before acting.
On return, Europe gives up nothing. The same indices, and the signal — computed on the dollar price series (see Why the backtest runs on US tickers) — is currency-invariant; only a few basis points of fees remain (the Russell 1000 Growth, for instance, carries the same 0.18% TER in its US and UCITS versions). Better still: in a taxable brokerage account, an accumulating UCITS can even beat a distributing US ETF after tax — its dividends are not paid out, so not taxed each year, and compound in deferral; the magnitude depends on your own tax situation. In short, the US account is not held for performance.
Its value lies elsewhere: security, not return — a second jurisdiction, stronger broker protection, operational robustness. See Securing across two jurisdictions.