The Numbers That Matter

Let’s cut through the marketing fog. Flatex now offers 780 fee-free ETF savings plans out of 1,807 total ETFs. That’s 43% of their universe, up from 581 last year. For single purchases, the separate Premium ETF list holds 782 funds (34 new additions, 10 removed). The expansion looks generous until you notice the pattern: it’s mostly Amundi and Xtrackers products filling the gaps, while Vanguard’s most popular funds remain conspicuously absent from the savings plan side.

The real story isn’t what’s included, it’s the €1.50 execution fee that still hits the other 57% of ETFs. For someone investing €50 monthly, that’s a 3% immediate loss. Even quarterly investing only drops it to 1%. The math doesn’t lie: these "free" lists shape investor behavior more than any financial advisor ever could.

The New Kids on the Block

Some additions do matter. The Xtrackers MSCI Emerging Markets UCITS ETF (IE00BTJRMP35) joining the free list gives cost-conscious investors a 0.18% TER option without execution fees. Vanguard’s FTSE Developed Europe and FTSE Emerging Markets also slipped into the Premium ETF single-purchase list, both with rock-bottom 0.10% and 0.22% TERs respectively.

But here’s the catch: these Vanguard funds still carry the €1.50 savings plan fee. You can buy them fee-free in one €1,000+ chunk, but good luck building wealth gradually. The broker knows exactly what they’re doing, hooking the big fish while letting the small savers pay.

The A2PKXG Elephant in the Room

The controversy burning through Austrian investment forums centers on two ISINs: IE00BNG8L278 (Vanguard ESG Global All Cap) and IE00BK5BQT80 (Vanguard FTSE All-World). Both appear on Flatex’s Premium ETF list for single purchases, yet neither made the savings plan cut. Investors call this the most frustrating inconsistency in Austrian brokerage offerings.

Why exclude the most popular accumulating global ETFs from regular savings? The official line mentions "product strategy", but the unspoken truth involves payment flows and provider agreements. When brokers waive fees, they need compensation elsewhere, either through higher TERs, payment for order flow (still legal in Austria until mid-2026 with transition periods), or volume rebates from ETF issuers. Vanguard’s lean cost structure simply doesn’t leave room for these kickbacks.

How "Free" Really Works

That comment about Payment for Order Flow (PFOF) in the research hits home. While the EU technically banned it, transition periods stretch to June 30, 2026 in Germany, and Austrian brokers already deploy workarounds. Finanzen.net Zero admitted they’ll use "Vermittlungsentgelt" (brokerage fees) compensated by "Bonifizierungen" (bonuses) from partners, PFOF by another name.

Flatex won’t spell this out, but their business model requires:
– Spread markups on alternative trading venues (Tradegate, Lang & Schwarz)
– Cross-selling of other products to Premium ETF users
– Volume-based rebates from ETF issuers like Amundi and Xtrackers
– Currency conversion margins when you trade non-EUR ETFs

The Premium lists aren’t favors to investors, they’re loss leaders to capture customers who’ll eventually trade options, buy crypto, or switch to margin accounts.

The Austria-Specific Traps

For Austrian residents, the KESt (Kapitalertragsteuer) complication makes synthetic ETFs particularly painful. One commenter noted they excluded all synthetic ETFs from recommendations due to "Steuerabenteuer" (tax adventures). With Austria’s punitive tax treatment of synthetic replication, those fancy swap-based MSCI World funds cost you more at tax time than they save in TER.

Physical replication ETFs domiciled in Ireland remain the gold standard for Austrian investors. They minimize withholding tax leakage and keep the Finanzamt happy with straightforward tax reporting. Flatex’s automatic KESt handling only works smoothly with these standard structures, throw in a synthetic fund or a US-domiciled ETF, and you’re filing manual corrections.

Premium ETF vs. Premium Sparplan: The Crucial Distinction

This is where Flatex buries the lede. Premium ETFs (single purchase) require:
– Minimum €1,000 order
– Execution on specific venues (Tradegate, Lang & Schwarz, etc.)
– Manual order placement

Premium Sparplan ETFs offer:
– €25 minimum investment
– Automatic execution on 1st, 7th, 15th, or 23rd of each month
– True set-and-forget automation

The overlap between these lists is partial at best. That Vanguard FTSE All-World you want? Fee-free as a €1,000+ single trade, €1.50 fee as a €50 monthly savings plan. The choice forces investors into behavioral patterns that benefit Flatex’s bottom line.

What Actually Changed for 2026

The savings plan expansion added 241 ETFs and removed 42, with Xtrackers MSCI EM being the standout inclusion. The Premium ETF list saw 34 additions including several Vanguard developed market funds, but 10 removals, all Amundi products that presumably didn’t meet volume thresholds.

The net effect: more choice, but strategic gaps remain. The broker wants you in their ecosystem, not optimizing every basis point. Those 0.00% TER gimmick ETFs? They make money on securities lending and hope you don’t read the fine print about sampling methodology.

The Investor’s Playbook

1. For core holdings: Use the free Xtrackers MSCI World (IE00BJ0KDQ92) or Amundi Core MSCI World (IE000BI8OT95) in savings plans. Both have 0.12% TER and physical replication.

2. For satellite positions: Save up €1,000+ and make single purchases of excluded ETFs like Vanguard FTSE All-World. The €1.50 savings plan fee over 20 months costs more than one lump-sum trade.

3. Watch the TER trap: Some "free" ETFs charge 0.30%+ TER. A 0.07% Vanguard S&P 500 with a €1.50 fee works out cheaper for investments under €3,000 than a 0.30% "free" alternative.

4. Check replication: Avoid synthetic ETFs for taxable accounts. The tax headache isn’t worth the 0.02% TER savings.

5. Execution timing: Savings plans execute on fixed dates. Market volatility means you might get worse pricing than a limit order on Tradegate, but the €1.50 saved often outweighs the slippage.

The Bottom Line

Flatex’s 2026 expansion is a masterclass in appearing generous while maintaining control. They’ve opened the gates wide enough to silence most critics but kept the most popular funds behind a paywall that nudges you toward higher-margin products.

For Austrian investors, the automatic KESt handling and local regulation still make Flatex compelling. Just don’t let the "free" label dictate your strategy. That €1.50 fee on the perfect ETF often costs less than compromising with a "free" fund that doesn’t fit your allocation.

The real winner here? Xtrackers MSCI Emerging Markets joining the savings plan list. Everything else is incremental noise. Keep your core strategy, pay the fee when necessary, and remember: the broker always gets paid, just not always by you directly.