EU Investor Cost Toolkit
The spreadsheet European investors wish they’d had from the start.
Choosing a broker, buying an ETF, and holding long-term sounds simple. But European investors face a web of costs that US-focused content never covers: FX drag on every transaction, UCITS vs US ETF cost differences, accumulating vs distributing tax drag, and broker fee structures that are surprisingly hard to compare. This toolkit does the maths for you.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.
Questions this toolkit answers
Every European investor investing in ETFs eventually hits the same wall of unanswered questions. Most content is written for US audiences — and the numbers simply don’t transfer.
Depends on your portfolio size, trade frequency, and whether you hold US or UCITS ETFs. The broker fee comparison tab models it exactly for your inputs.
0.15% per trade sounds small. On monthly contributions over 20 years it compounds into meaningful drag. The FX drag tab shows the real number.
It depends on your local dividend tax rate and whether you pay tax on unrealised gains. The acc vs dist tab models both scenarios with your actual tax rate.
The TER difference between CSPX (0.07%) and US SPY (0.09%) looks small. But withholding tax drag on dividends for non-US holders changes the picture significantly.
TER + broker fee + FX drag + tax drag — added up and expressed as a single number, per year, in euros. The summary tab does this automatically.
Different TERs, different tracking differences, different dividend treatments. The ETF comparison tab puts them side by side on a like-for-like basis.
Three tabs worth highlighting
Every tab is built around a specific decision European investors face. Here are the three users find most valuable.
Input your portfolio size, monthly contribution, and trade frequency. The tab calculates the true annual cost of each major European broker — IBKR, DEGIRO, Trading 212, Trade Republic — including custody fees, inactivity fees, FX conversion, and per-trade commissions.
Output: a ranked cost table in euros per year, and a 10-year cumulative cost projection.
Related: IBKR review · DEGIRO review
Input your monthly contribution, the FX conversion fee your broker charges, and your investment horizon. The tab compounds the FX drag across your full contribution timeline and shows the cumulative portfolio value lost to currency conversion — in euros, over time.
Output: annual FX cost (€) · total drag over 10/20/30yr · break-even broker fee to justify switching
The right choice between an accumulating and distributing ETF depends entirely on your local tax rules. Input your country’s dividend withholding rate, income tax rate, and whether you face a deemed-distribution or wealth tax regime. The tab models both paths over your horizon and shows the net outcome in after-tax portfolio value.
Output: after-tax terminal value · annual tax drag (bps) · recommended ETF type for your country
All 11 tabs at a glance
Every tab is a standalone tool built around a specific decision. Use them independently or work through in sequence for a complete picture of your portfolio costs.
Is this toolkit for you?
Investing in UCITS ETFs through DEGIRO, IBKR, Trading 212, Trade Republic, or Scalable Capital. Wants to know the true annual cost of their setup.
Considering moving from one broker to another and wants to model whether the switch saves money — factoring in transfer costs and fee structure differences.
Wants to understand every cost layer in their portfolio — not just TER — and build a spreadsheet they can update as their situation changes.
Living outside the US and navigating the UCITS-only world. Needs tools that account for withholding tax, FX exposure, and brokers that accept non-US clients.
If you invest through a US broker (Fidelity, Schwab, Vanguard US) in US-domiciled funds, this toolkit is not designed for your situation. It is built specifically for UCITS and EU broker structures.
Get the toolkit
Instant download · Excel (.xlsx) · Own it permanently
Also need a broker?
The Broker Fee Comparison tab models costs for the main European brokers. Open an account and the numbers in the toolkit become real for your situation.
The studies behind the toolkit
Every tab in the toolkit is grounded in original QuantRoutine research. Read the studies to understand the methodology — then use the toolkit to apply it to your own numbers.
Frequently asked questions
What is the EU Investor Cost Toolkit?
An 11-tab Excel workbook with 739 formulas built for European and non-US investors. It covers broker fee comparison, FX drag modelling, accumulating vs distributing ETF tax drag, UCITS vs US ETF cost analysis, and total portfolio cost summaries. One-time purchase at €49, delivered as an instant download via Gumroad.
Does it work in Google Sheets?
The toolkit is optimised for Microsoft Excel (desktop or Office 365). Most tabs will open and function in Google Sheets, but some advanced formula features — dynamic arrays and certain named ranges — may behave differently. For the full experience, Excel is recommended.
Is this a one-time purchase or a subscription?
One-time purchase at €49. You receive the Excel file as an instant download and own it permanently. Future updates are delivered at no extra cost to existing buyers via Gumroad.
Does it cover my country’s specific tax rules?
The toolkit is built around inputs — you enter your local dividend withholding rate, income tax rate, and any wealth tax parameters. It does not hardcode country-specific rules, which means it works across European jurisdictions: Netherlands, Germany, Belgium, Italy, Spain, Portugal, and others. You are responsible for inputting the correct tax rates for your situation.
What is the refund policy?
Purchases are handled via Gumroad. As a digital download, if you have a technical issue with the file or it does not function as described, contact QuantRoutine directly and it will be resolved. No complicated returns process — just get in touch.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.