Accumulating (thesaurierend)
A fund or ETF that does not pay out dividends but reinvests them automatically.
In short
As of 5 October 2026An accumulating fund or ETF does not pay out dividends but reinvests them automatically. You receive no cash, but the value of your units rises instead. If the companies in the ETF pay 2 euros of dividends on a 100 euro unit, the unit is then worth about 102 euros. For tax, the advance lump sum applies each year.
An accumulating ETF (German: thesaurierend) keeps the dividends of the companies it holds and reinvests them straight away. You receive no payout; instead the value of your units rises accordingly.
This is convenient and uses compounding without any effort from you. For tax purposes, the Vorabpauschale is calculated every year. You only pay tax on it once your saver's allowance is used up.
Example: your ETF unit is worth 100 euros and the companies in the ETF pay the equivalent of 2 euros in dividends. In an accumulating ETF the 2 euros flow into the fund, and the unit is then worth about 102 euros. Fund names often contain 'Acc'.
Related terms
Sources
- Investmentsteuergesetz (InvStG), § 18 Vorabpauschale
- Verbraucherzentrale: ETF-Kauf, Kriterien für die Auswahl
As of 5 October 2026 · Educational content, not investment or tax advice.