The main reason is taxes. All ETFs are subject to the transaction tax ("taxe sur les opérations boursières" or "beurstaks" or TOB). This tax must be paid at every purchase and sale. Depending on the type of the ETF and its country of registration, the rate varies between 0.12% and 1.32% of the transaction value.

In contrast with ETFs, certain funds are exempt from the transaction tax. For this reason, Curvo portfolios are made up of index funds for which no transaction tax needs to be paid.
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