0.338%
Indexa management (average)
Tiered, from 0.520% on portfolios under €2,000 to 0.080% above €100 million. Charged quarterly on the daily value.
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Indexa Capital is Spain’s largest robo-advisor: it invests your money in portfolios of Vanguard, iShares and Amundi index funds according to your profile, at an average total cost of 0.527% a year, from €1,000, supervised by the CNMV. Here are its official figures, what it really costs and who it suits.
Official data checked on September 25, 2026 · Referral link: a discount for you and for us
Source: indexacapital.com/es/esp/stats and support.indexacapital.com, checked on 25 September 2026. Past performance does not guarantee future returns.
Indexa Capital is a Spanish investment firm (founded in 2015, supervised by the CNMV under number 257) that manages portfolios of index funds. You answer a profile test, it assigns you one of its model portfolios (from 0 to 10, by equity weight), and from then on it does everything: buys the funds, reinvests, rebalances when the portfolio drifts and optimises taxes through fund transfers.
Your money is not held by Indexa: it sits in your name at a custodian bank (Cecabank or Inversis), covered by the Spanish investor guarantee fund (FOGAIN) up to €100,000 per holder; cash is covered by the deposit guarantee fund. Indexa only has the power to manage it. It is the same structure as a bank fund, with one difference: here you know what you pay and how much.
Three layers, all published including VAT: Indexa’s management, the bank’s custody and the funds’ own cost. No opening, closing, contribution or withdrawal fees. Data from support.indexacapital.com (management: 7 Sep 2026; custody: 31 Jul 2026; funds: 17 Sep 2026).
0.338%
Tiered, from 0.520% on portfolios under €2,000 to 0.080% above €100 million. Charged quarterly on the daily value.
0.093%
Cecabank or Inversis: from 0.109% below €10,000 to 0.048% above one million. No minimums, no brokerage, no maintenance fee.
0.096%
The Vanguard, iShares and Amundi index funds have their own cost: between 0.07% and 0.11% in standard portfolios; 0.14% to 0.17% in the SRI ones.
Total: 0.527% a year average total cost (Indexa’s figure, 21 Aug 2026). For reference, an actively managed bank fund usually charges 1.5% to 2% for management alone. The calculator below puts it in euros.
The tier applies per account (a client’s accounts are not added together) and Indexa always applies the better of the schedule in force when you opened and the current one. It has cut the fee every January since 2020; the next cut, they say, will probably come in January 2027.
| Portfolio size | Annual management (VAT incl.) |
|---|---|
| Under €2,000 | 0,520 % |
| €2,000 to €10,000 | 0,400 % |
| €10,000 to €100,000 | 0,380 % |
| €100,000 to €500,000 | 0,350 % |
| €500,000 to €1 million | 0,300 % |
| €1 to 5 million | 0,250 % |
The same investment at three costs: Indexa’s average total (official figure), an index fund you buy yourself at a broker (the fund’s cost plus fixed fees per year: custody or purchases) and an actively managed bank fund. Everything that is not Indexa’s you edit yourself. The gross return is an assumption, not a forecast.
With no fees at all you would have €171,714 after 20 years (contributing €82,000). Each row shows what fees take away from that figure.
With €40 a year in fixed fees and a fund at 0.25 %, doing it yourself is cheaper than Indexa from €14,440 of portfolio; below that, Indexa is cheaper, because the fixed cost weighs more the less capital you have.
Monthly compounding; the percentage cost is deducted from the gross return and the fixed cost is subtracted each month. Taxes not included. The do-it-yourself values are realistic examples, not any broker’s tariff: a global index fund costs between 0.18% and 0.30% and fixed fees range from €0 (no custody, free purchases) to over €100 a year (custody and paid purchases). Enter yours.
Official figure (indexacapital.com/es/esp/stats, 25 Sep 2026): fund portfolio 8/10 for €10,000–100,000 has returned +134.0% since 31 December 2015, +8.2% a year, with annualised volatility of 9.9% and a Sharpe ratio of 0.76. In the February–March 2020 crash its portfolios lost between 15.2% and 27.7% depending on the profile.
Past performance is not a reliable indicator of future returns. Your result depends on your profile and on when you contribute.
When you log in, Indexa shows two different returns for the same account, a volatility and a Sharpe ratio. It is not a mistake: they measure different things, and the gap between the first two is what confuses people most.
Real example of an account with regular contributions: time-weighted +73.3% cumulative (+8.5% a year); money-weighted +130.2% (+13.1% a year); volatility 13.1%; Sharpe 0.54. Both are right: the first says how Indexa did; the second, how that investor did, having contributed more money before the good years.
Move the contributions and each year’s return and watch the two figures drift apart. Pick a scenario to start; the data are illustrative, not historical series.
Time-weighted
+49.8 %
+8.4 % a year
The manager’s: it depends only on the years, not on your money.
Money-weighted
+68.1 %
+10.9 % a year
Yours: the IRR of what you put in and what you have.
Annualised volatility
10.1 %
typical swing per year
Standard deviation of the annual returns.
Sharpe ratio
0.63
with a 2.0% risk-free rate
(Annual time-weighted − risk-free rate) / volatility.
Your return beats the manager’s by 2.5 points a year: you contributed more money before the good years. The credit goes to the calendar, not the manager.
You contributed €30,000 and have €42,907 after 5 years.
Simplified annual model: one contribution at the start of each year and one return per year. Indexa calculates with daily data net of fees, but the logic is the same.
Everything is published in its management model (indexacapital.com/es/esp/model): profiles, funds, rebalancing thresholds and custody. This is what sits behind the test.
The number is the equity weight in tens: 10 is all equities, 0 all money market. It is calculated from 80% of your risk tolerance and 20% of your capacity. You can change it whenever you want.
Global, US, European, emerging, Japanese and small-cap equities; government and corporate bonds, inflation-linked and hedged to euro. Accumulating, physically replicated funds with an average cost of 0.07–0.11%.
It checks every portfolio daily and readjusts when a fund drifts more than 1.5 points from its weight (1.25 above €100,000). In very volatile markets (VIX above 35) it widens the margin. Done through transfers, with no tax impact.
The funds are in your name at Cecabank or Inversis and covered by FOGAIN up to €100,000 per holder; cash, by the deposit guarantee fund. €1,000 minimum to open; contributions afterwards have no minimum. Transfers from another firm are free and take 2–3 weeks.
Robo-advisor, broker with an automatic ETF plan or on your own? The three routes, with costs and taxes, in our guide.
How to invest in index fundsIndexa also manages individual pension plans, Basque EPSV plans and employment plans with the same philosophy: indexed portfolios of Vanguard and iShares ETFs, profile by test and automatic rebalancing. The vehicle changes, and so do the taxes.
€50
Against €1,000 for the fund portfolio: it is the cheapest door into Indexa’s management.
0.491%
Management 0.355% (Indexa 0.225% + Caser 0.130%), depository 0.048% (Cecabank) and ETFs from 0.064% to 0.109%. Figure from 20 Aug 2026.
+8.4%
Published average annual return of its plans since launch (+118.4% cumulative); EPSV plans, +9.0%. Past performance does not guarantee future returns.
€1,500
Contributions reduce the income tax base by up to €1,500 a year (more in employment plans). On withdrawal they are taxed as employment income. Transfers between plans are tax-free.
Sources: indexacapital.com/es/esp/services and pensiones-comisiones, checked on 25 September 2026. The deduction is the general one under Spanish income tax law; check your case with a tax adviser.
Indexa does not time the market and neither should you: sentiment tells you when sticking to the plan is hardest, not when to change it.
Source: CNN Business Fear & Greed Index. Updated once a day at 22:30 CET, Monday to Friday, after the US market close — when the day’s reading is final.
See today’s marketIf you open your fund portfolio with our link, Indexa waives its management fee on the first €15,000 for 12 months. We receive the same discount on our account: it is all we earn from this link, there is no cash commission.
Terms (support.indexacapital.com, 28 Aug 2026): applies only to Indexa’s management fee, not to custody or fund costs; one invitation per invitee; €1,000 minimum in a fund portfolio; if you start with a pension plan, the invitation is kept until you open the fund portfolio.
Commercial relationship: a discount for both sides, no cash commission.
Indexa does one thing well: a cheap, global index portfolio that you never have to touch. If that is what you want, it is hard to do better on your own. If you want to choose funds, pay even less or invest under €1,000, there are better routes.
landingIndexa.opinion.cruceMejores
landingIndexa.opinion.cruceMejoresEnlaceHow much does your portfolio grow at 6% with monthly contributions? Check it with our compound interest calculator.
Compound interest calculatorIndexa is an investment firm supervised by the CNMV (no. 257). Your funds are in your name at a custodian bank (Cecabank or Inversis), covered by FOGAIN up to €100,000 per holder; cash, by the deposit guarantee fund. If Indexa closed, the funds would still be yours at the bank. What is not guaranteed is the return: you can lose money.
0.527% a year on average, VAT included: Indexa management (0.338% average; 0.380% between €10,000 and €100,000), bank custody (0.093%) and fund costs (0.096%). There is no opening, closing, contribution or withdrawal fee.
€1,000 to open a fund portfolio (€500 for additional accounts if you are already a client); later contributions have no minimum. Pension plans open from €50. You have six months to reach the minimum or the account is closed.
Whatever the market gives for your profile, minus the 0.527% cost. Its official figure: portfolio 8/10 for €10,000–100,000 has returned 8.2% a year since the end of 2015 (+134% cumulative), with falls of up to 27.7% in March 2020. Past performance does not guarantee future returns.
The time-weighted return measures the manager: it compounds each day’s return without looking at how much money was invested. The money-weighted return measures your result: it is the IRR of your contributions and withdrawals. If you put more money in before good years, yours is higher; before falls, lower. The simulator above shows it.
If you will use the deduction (up to €1,500 a year off your income tax base) and will not need the money until retirement, it is one of the cheapest indexed plans in Spain: 0.491% total, from €50. Remember that on withdrawal it is taxed as employment income, not as savings.
Yes, if you are a Spanish tax resident: transfers between investment funds are not taxed. Indexa handles it from the client area, free of charge, and it takes about 2–3 weeks because of the custodian banks’ timings. You can also transfer out of Indexa to another firm.
No. It is an informational review based on data published by Indexa, without knowing your situation. Smart Money Activity is not an agent of Indexa or of any firm. To decide, take its profile test and, if in doubt, consult an adviser registered with the CNMV.
Disclosure: the link on this page is Indexa Capital’s referral plan. If you open an account with it, you and Smart Money Activity each get €15,000 free of management fee for a year. We earn no cash commission and are not Indexa agents; the data are those published by Indexa on the dates stated.
Educational content. It is not financial advice or a personal recommendation. Investing carries a risk of loss.