In its Household Savings Observatory Newsletter, the AMF presents trends in investment costs for savers in the financial markets, whether in collective investment funds or direct investments in listed equities. It highlights the continued decline in investment fund fees in 2025, as well as the stability of average fees on listed equities between 2025 and 2026
Investment fund fees: the decline continued in 2025
In the collective investment sector, the downward trend in fees for French funds continued in 2025 for equity funds and diversified funds.
From 2010 to 2025, the average annual fees for French equity funds fell from 2.3% to 1.3%, a decrease of approximately 43%. For diversified funds, they fell from 2.1% to 1.3%, a decrease of approximately 40%.
To provide a clear picture of fee trends, the annual fees tracked in the Newsletter are ongoing fees (fund management and operating fees). Investors also pay transaction costs and any performance fees. For a complete and detailed estimate of average fund fees, the AMF recommends consulting the annual report of the Observatory of Financial Savings Products (OPEF), published for the first time in July 2025.
Transaction fees for listed stocks: average fees remain stable between 2025 and 2026
Brokerage fees changed only slightly between 2025 and 2026, whether for retail banks or online investment platforms.
Brokerage fees vary depending on the type of investment service provider. In January 2026, the average fees charged for a €1,000 order placed from a securities account were 0.65% at retail banks, 0.45% at online brokers that have been in the market for many years, and 0.15% at neo-brokers that have recently begun offering their services to French investors.
Brokerage fees represent only a portion of the costs to anticipate when executing a stock market transaction. Before investing, it is therefore essential for investors to thoroughly research all fees that may be charged to them in order to assess the total amount. Fees should not be the sole criterion for choosing an investment service provider. For investors, it is also important to consider the quality of the service offered.