One ETF or several in the Altersvorsorgedepot?

Tilman Freyenhagen

Published on 15 June 2026 · Updated on 15 July 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

The core question of portfolio structure: simplicity vs complexity in the Altersvorsorgedepot

When setting up your Altersvorsorgedepot (the new state-subsidised retirement investment account), you face a basic decision: is one ETF enough, or should you combine several products? The answer is simple: for most self-directed investors, a single, broadly diversified world ETF is entirely sufficient as a one-product solution for building solid wealth over the long term^[1]. This kind of simplicity saves time, minimises transaction costs and protects you from emotion-driven mistakes when saving regularly. Several ETFs are only worthwhile if you deliberately want to weight certain regions or sectors differently, which considerably increases the effort involved in so-called rebalancing.

Why simplicity is often the more profitable strategy

A one-ETF portfolio tracking a comprehensive world index such as the MSCI All Country World (ACWI) or the FTSE All-World already covers thousands of companies in developed and emerging countries^[1]. For you as a self-directed investor, this means maximum risk diversification with minimal effort. If you instead build a more complex account with several building blocks - for example the classic combination of MSCI World and MSCI Emerging Markets in a 70-to-30 ratio - you need to review the weighting regularly^[1]. If market values shift, manual rebalancing is needed to restore the original risk profile. Without this discipline, unwanted concentration risk quickly builds up.

If you're unsure which portfolio best fits your personal goals, our knowledge section offers well-founded guides to various ETF concepts. Our subsidy calculator also helps you simulate exactly how state allowances affect the investment strategy you've chosen. In the end, the rule for self-directed investors is: start with a simple, low-cost structure rather than postponing your entry because of excessive complexity.

The one-ETF solution: maximum diversification with minimal effort

For long-term retirement provision in the new Altersvorsorgedepot, the basic question is what the optimal portfolio complexity looks like. For most private savers, a one-ETF solution tracking a broadly diversified world index proves the most efficient route. A world ETF like this covers thousands of listed companies worldwide with a single transaction, and takes away the worry of having to build a complicated portfolio yourself. Because the index automatically weights by market capitalisation, there's no need for any manual rebalancing.

How a single world index already covers the entire global economy

If you choose a single ETF tracking an All-World index, you invest simultaneously in the established developed countries and the fast-growing emerging markets. An index such as the FTSE All-World, for example, covers more than 4,200 companies across various sectors and regions^[2]. With this high degree of diversification, you reduce single-stock risk to a minimum. Because all dividend payments and share weightings are managed within the ETF, this investment strategy runs completely maintenance-free for decades, and also saves you the unnecessary transaction fees that multiple holdings would incur.

The common assumption that a simple portfolio generates weaker returns cannot be backed up scientifically. Beginners and self-directed investors benefit from this minimalist approach above all through avoiding mistakes. In our knowledge section, we show you, neutrally and with sources, how to build your Altersvorsorgedepot optimally. Use our subsidy calculator alongside it, to calculate exactly the tax benefits and the long-term effect of low account fees for your personal retirement provision.

The anatomy of world indices: what's really inside a single world ETF?

A single world ETF already contains a highly diversified portfolio of thousands of global companies, which makes further splitting unnecessary for most savers in the Altersvorsorgedepot. Depending on the index you choose, a single holding covers the world's strongest economic regions. The classic MSCI World focuses on around 1,400 companies from 23 developed countries^[3]. Anyone who wants to integrate emerging markets directly can turn to the MSCI ACWI, with around 2,500 holdings^[4], or the FTSE All-World, which offers an even finer-grained global spread with over 4,300 companies^[2].

For self-directed investors who want to keep their retirement provision simple, a one-ETF solution like this is ideal, since the index provider automatically adjusts the weighting of the underlying companies by market capitalisation. Manual rebalancing between different regions is entirely unnecessary, which saves a great deal of time over a long investment horizon and minimises transaction costs. Through our knowledge section, you can see how this simple structure lowers the annual cost ratio in the new Altersvorsorgedepot and reduces the risk of emotion-driven mistakes during volatile market phases.

When is a second ETF worth it in the Altersvorsorgedepot?

A multi-ETF portfolio - for example the classic combination of MSCI World and a separate emerging-markets ETF such as MSCI Emerging Markets - is only worth considering in practice if you deliberately want to over- or underweight certain regions. While the broad all-in-one world indices typically assign emerging markets a market-weighted share of around 10 to 12 percent, splitting into two building blocks lets you control this individually. This, however, significantly increases the administrative effort within the Altersvorsorgedepot, since as part of so-called rebalancing you have to regularly reallocate holdings to maintain your desired strategic weighting.

Without this disciplined rebalancing, your portfolio's weighting automatically shifts over the years towards whichever markets are performing best, which can lead to unwanted concentration risk. Scientific studies show that a more complex multi-ETF structure does not necessarily achieve a higher return than a simple world ETF over the long run, but it does increase the risk of user error. For long-term private retirement provision, most investors are therefore best served by the tried-and-tested principle: the simpler the account's structure, the easier it is to stick consistently to your personal investment strategy over decades.

The classic multi-ETF portfolio: the appeal of fine-grained weighting

For many self-directed investors who want to shape their retirement provision actively, the so-called 70/30 portfolio is the embodiment of the classic world portfolio. With this approach, you don't invest in a single product but usually combine two separate building blocks: one ETF tracks the established developed countries at a 70 percent weighting, while a second ETF, weighted at 30 percent, covers global emerging markets^[5]. This way, the regional split in the account is oriented more towards global economic output than towards pure market capitalisation. It offers broad diversification across thousands of companies worldwide.

The advantages of individual control

The biggest advantage of this multi-ETF approach lies in the precise control it gives you over your assets in the Altersvorsorgedepot. You're not tied to the fixed weighting of an All-World index, but can set targeted accents instead. If, for example, you see greater growth potential in emerging markets such as India or Brazil, you can easily raise or lower their share of the portfolio. This flexibility is especially valuable for experienced investors who want to tailor their portfolio to their own market convictions. Through our knowledge section, you can find detailed information about the various regional indices and their composition.

Keeping an eye on the administrative effort

This increased control, however, comes with greater complexity, which matters above all for long-term retirement provision. Because the different ETFs perform differently, the original weighting shifts over time. To maintain your target allocation - say, 70 to 30 - you need to carry out regular rebalancing. That means taking profits on the better-performing ETF and topping up the weaker one. This manual effort requires discipline, continuous market monitoring and a certain amount of basic financial know-how. Depending on the provider, additional transaction fees may also apply, which eat into overall returns.

For the practical implementation of your portfolio in the new Altersvorsorgedepot, our provider comparison is worth using, helping you find the right neobrokers with favourable savings-plan terms for your chosen ETF strategy.

The underestimated effort: why more ETFs also mean more work

Many investors who manage their Altersvorsorgedepot themselves tend to build their portfolio out of various ETFs for different regions, sectors or specific factors. What looks like optimal diversification at first glance, however, quickly turns into considerable administrative effort in practice. Every additional holding in the account complicates the savings plan and calls for regular monitoring, since the weightings of the individual ETFs shift over the years as their performance diverges^[6]. Without targeted manual intervention, the risk profile of the whole account changes unintentionally, meaning investors unknowingly take on higher risk or give up return potential. This process demands ongoing attention.

Anyone who opts for multiple ETFs can't avoid so-called rebalancing. To restore the original risk split, you need to sell units of the better-performing ETF and buy more of the weaker one. This process not only costs valuable time but, depending on the provider, can also trigger additional transaction fees. Consumer advocates point out that, because of these costs, manual rebalancing often only really pays off from a larger investment volume of, say, 20,000 euros^[6]. For self-directed investors who want to keep their retirement provision simple, a one-ETF solution is therefore usually the most economical and least stressful choice. If you're looking for well-founded comparisons, our knowledge section has further details on suitable strategies to help you decide with confidence.

The cost and tax perspective: rebalancing in the Altersvorsorgedepot

If you opt for a multi-ETF portfolio, you need to adjust it regularly. So-called rebalancing restores the original weighting of your asset classes by selling winners and buying more of the losers. Within the state-subsidised Altersvorsorgedepot, this reallocation has a decisive advantage: it is completely tax-free^[7]. Whereas in a conventional account you'd have to pay Abgeltungsteuer (the flat-rate withholding tax) on realised gains immediately when selling fund units, this tax disadvantage disappears entirely during the subsidised accumulation phase. When calculating net returns compared with a conventional account, our subsidy calculator takes all the tax parameters into account holistically, including the Teilfreistellung (partial tax exemption) and the Abgeltungsteuer.

Even so, a multi-ETF portfolio doesn't mean rebalancing is entirely free. Depending on the provider and neobroker, order fees or trading-venue charges can apply to every transaction. Even tiny amounts add up over the decades and eat into overall returns. A one-ETF solution avoids this potential friction from the outset: because you hold just a single, globally diversified product, there's no manual reallocation effort and you save on possible transaction costs. In the knowledge section at Vorsorgedepot-Lotse, we analyse these cost aspects in detail, to make the decision easier for you.

For self-directed investors who want to build their retirement provision without administrative hassle, simplicity is often the best protection against costly mistakes. If you nonetheless prefer a finer-grained weighting (say, between developed and emerging countries), you should pay close attention to transaction costs when choosing a provider at Vorsorgedepot-Lotse, so as not to erode the return benefits of tax-free rebalancing.

Decision guide: when is one ETF enough, and when do several make sense?

For most self-directed investors in the Altersvorsorgedepot, a single, broadly diversified world ETF is the most rational and easiest-to-manage solution. A one-ETF portfolio like this already covers thousands of companies worldwide and requires no rebalancing effort at all over time. Only once you want to make targeted strategic adjustments, or weight certain regions differently from their market capitalisation, does a multi-ETF portfolio offer measurable advantages. In our knowledge section, we show you that simplicity often secures the best return. Anyone who opts for a classic world fund already covers the bulk of the global market and spares themselves unnecessary complexity as well as potential cost drawbacks^[8].

If you opt for a one-ETF solution, you'll typically choose an index such as the MSCI All Country World or the FTSE All-World, which covers both developed and emerging countries. If, on the other hand, you want to weight emerging markets, or specifically European companies, more heavily than their pure market value would suggest, splitting into two or more ETFs makes sense. This does require discipline, though: you need to check the ratio between the ETFs regularly and bring it back into the desired balance through targeted purchases, which takes extra time.

For the concrete planning of your state-subsidised Altersvorsorgedepot, a structured look at the numbers is worthwhile. Use our subsidy calculator for a transparent preview, to calculate the impact of costs and state allowances on your future final capital. Whichever you end up choosing - a simple or a more complex ETF structure - what matters is keeping costs low and sticking with the chosen strategy for the long term. (Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.)

Conclusion and next steps: your path to the optimal Altersvorsorgedepot

Whether you structure your future Altersvorsorgedepot with a straightforward one-ETF solution or a more complex multi-ETF portfolio depends primarily on two key factors: your personal appetite for risk and the amount of ongoing attention you want to give it. While a one-ETF strategy offers maximum simplicity and takes almost all the day-to-day financial burden off your shoulders, a portfolio of several building blocks allows more targeted weighting of regions or sectors. This extra flexibility, however, also requires regular, manual intervention to maintain the desired structure over time.

Academic financial-market research shows clearly that holding more positions in an account by no means automatically goes hand in hand with better performance. Quite the opposite: through unnoticed overlap - for example, when several thematic or regional ETFs hold the same global heavyweights - cluster risk in your private retirement provision can quietly build up^[9]. A single, globally diversified world ETF is therefore the most rational choice for the vast majority of savers, since it combines maximum risk diversification with minimal ongoing costs. (Important note: all comparisons and mathematical scenarios are for general illustration only and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.)

On our independent knowledge section, we help you find the path best suited to your retirement provision. If, as a decisive self-directed investor, you want to hold the reins yourself, our provider comparison helps you identify the most cost-effective neobrokers for the state-subsidised account from 2027. If instead you value comprehensive, personal guidance, our independent advice service puts you in touch with licensed advisers, working on a fee or commission basis, who will analyse your individual circumstances precisely.