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, bid-ask spread costs, UCITS vs US ETF cost differences, investing cadence tradeoffs, and broker fee structures that are surprisingly hard to compare. Fill in your details once — every tab updates automatically.
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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 currency workflow. The Broker Comparison tab models all 9 major EU brokers side by side based on your exact 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, year by year.
Trading less often reduces commissions but increases cash drag. The Cadence Breakeven tab shows the optimal interval for your specific broker fees and portfolio size.
The TER difference looks small, but withholding tax drag on dividends for non-US holders changes the picture. The UCITS vs US tab decomposes every cost layer and shows the treaty vs no-treaty outcome.
Commission + FX drag + spread + custody fee + TER + withholding tax — added up and expressed as a single number on the Dashboard. One page, everything in one view.
The Scenarios tab lets you save up to 4 setups side by side — current broker vs alternative, monthly vs quarterly cadence, UCITS vs US ETF. Compare the numbers before you act.
Three tabs worth highlighting
Every tab is built around a specific decision European investors face. Here are three users find most valuable in v3.0.
All 9 major EU-relevant brokers in one view: IBKR, DEGIRO, Trading 212, Trade Republic, Scalable Capital, XTB, Lightyear, Saxo Bank, and eToro. The tab calculates total annual execution cost for each — commission, FX drag, bid-ask spread, and custody fee — based on your inputs, then ranks them cheapest to most expensive.
Output: annual cost per broker in euros · total cost over your holding period · cheapest broker and annual savings vs the most expensive.
Related: IBKR review · DEGIRO review · Lightyear review
Everything in one view. The Dashboard pulls from all other tabs and shows your total annual execution cost broken down by driver (FX, spread, commission, cash drag, custody), identifies your biggest cost leak, and compares UCITS vs US ETF final portfolio value over your full holding period.
Output: annual execution cost (€) · biggest cost driver · UCITS vs US ETF final portfolio comparison · total savings from switching to the lower-drag option
Change your inputs, note the Dashboard results, paste into a scenario column. Save up to 4 setups side by side — “current broker” vs “switch to IBKR”, “monthly investing” vs “quarterly batching”, “UCITS ETF” vs “US ETF”. The comparison makes the right decision obvious before you commit to it.
Output: side-by-side annual cost · total cost over holding period · final portfolio value · biggest cost driver per scenario
All 11 tabs at a glance
Fill in the central Inputs tab once — every other tab updates automatically. Blue cells are inputs; calculated cells are locked.
Is this toolkit for you?
Investing in UCITS ETFs through DEGIRO, IBKR, Trading 212, Trade Republic, Scalable Capital, XTB, or Lightyear. Wants to know the true annual cost of their setup — not just the TER headline.
Considering moving from one broker to another and wants to model whether the switch saves money — using the Scenarios tab to compare setups before committing.
Wants to understand every cost layer in their portfolio — commission, FX drag, spread, custody, TER, withholding tax — and 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 Comparison tab models costs for all 9 major EU 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 built for European and non-US investors. You fill in your details once in the central Inputs tab — portfolio size, monthly contribution, broker fees, fund details — and every other tab updates automatically. It covers broker fee comparison across 9 EU-relevant brokers, FX drag, spread cost, investing cadence optimisation, UCITS vs US ETF total drag analysis, multi-year portfolio projection, a one-page Dashboard, and a Scenarios tab to compare different setups. 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.
Which brokers are included in the comparison?
The Broker Comparison tab covers all 9 major EU-relevant brokers: IBKR, DEGIRO, Trading 212, Trade Republic, Scalable Capital, XTB, Lightyear, Saxo Bank, and eToro. Each broker’s commission, FX markup, bid-ask spread, and custody fee is pre-filled based on current published rates — you can also adjust any value to reflect your specific account type or plan.
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.