What Is the Best PEA-PME? A Guide and Comparison 2026

Definition of the PEA PME :
The PEA-PME is a tax-advantaged envelope allowing investment in shares of small and medium-sized European enterprises (SMEs and mid-caps), with tax exemption on capital gains after 5 years (excluding social contributions).

In this article, we will examine the characteristics and figures of the PEA-PME, this equity savings plan that allows you to invest on the stock market in shares of small and medium-sized enterprises and gives you access to especially favorable taxation!

Café de la Bourse also shares a comparison of the best PEA-PME 2026 to assist you in choosing this financial investment for private investors. Finally, you will discover the strengths, advantages and disadvantages of investing in a share savings plan.

The PEA PME in 30 seconds

• Ceiling: €225,000
• Taxation: exemption after 5 years
• Assets: European SMEs / mid-caps
• Risk: high (small & mid caps)
• Objective: long-term performance

How does the PEA-PME work?

Created in August 2013, the PEA-PME keeps reinventing itself to try to attract private investors. After a major reform aimed at significantly increasing the number of eligible securities with the 2016 finance law, the PEA-PME saw its ceiling revised with the Pacte law of 2019, which provides a common ceiling for the PEA and the PEA-PME.

Investing in the PEA-PME, like investing in the classic PEA, allows you to benefit from a favorable tax framework intended to promote popular shareholding, by specifically encouraging the holding of shares of small and medium-sized enterprises and mid-sized companies.

The PEA PME, like the classic PEA, can take the following forms:

• a banking PEA-PME: it consists of a cash account used to make contributions and to receive any dividends but also to store potential capital gains from the sale of securities, as well as a securities account that serves to group the shares held;
• an insurance PEA-PME: this is a capitalization contract denominated in unit-linked units and which, therefore, does not allow the management of live securities.

When was the PEA-PME launched?

The launch date of the PEA-PME is January 1, 2014. It has undergone several revisions, notably in 2016 and 2019.

What is the principle of the PEA-PME?

The PEA-PME aims to contribute to the financing of SMEs and mid-size companies. The State has established, with the PEA-PME, a particularly advantageous tax incentive to push savers to finance SMEs, whether they are listed on the stock market or part of private equity (unlisted).

What are the rules regarding contributions to the PEA-PME?

A PEA-PME has no minimum deposit and it is not mandatory to make periodic contributions.

What is the ceiling of the PEA-PME?

The ceiling of the PEA-PME is €225,000.

In the event of holding both a PEA and a PEA-PME, the combined ceiling of these two envelopes is set at €225,000. Note, however, that the ceiling of the classic PEA cannot exceed €150,000, even in the case of aggregation. An investor who primarily wants to invest with a classic PEA can still place €75,000 on their PEA-PME. Conversely, an investor who wants to favor the PEA-PME can invest the full €225,000 of cumulable ceilings in the PEA-PME alone. It is also now possible for a couple to hold two classic PEAs and two PEA-PMEs.

Can you transfer your PEA-PME?

A PEA-PME can be transferred from one establishment to another. However, this operation carries fees. When transferring a PEA-PME, its tax history is maintained. It may therefore be wise to carry out this type of operation if your stock broker charges too high fees and you wish to switch to a better stock broker offering more attractive rates and trading tools and services suited to your investor profile.

What is the best PEA-PME? PEA-PME 2026 comparison

Discover our comparison of the best PEA-PME 2026 across different stock brokers offering this envelope.

Top stockbrokers	Current offers	View offers
	Invest in 70 European stocks with no brokerage fees + 100% transfer fee refunded until 31/12/2026. Capital loss risk*
	From €0.99 per stock order + transfer fees refunded and free training. Capital loss risk*
	Transfer fees refunded 2x + from €0 per stock order with Boursomarkets. Investing carries a risk of loss*
	Brokerage fees on 100 orders offered + transfer fees refunded 100%. Investing carries a risk of loss*
	Up to €500 of brokerage fees offered + transfer fees refunded twice (until 30/04/26). Capital loss risk*

*See conditions on the site.

Best PEA-PME Saxo Bank

Saxo Bank is a Danish broker with an international scope, renowned for its wide access to financial markets and its professional trading platform. In France, it offers a PEA and PEA-PME envelope to access European stocks and ETFs with robust execution and advanced analysis tools.

Why Saxo Bank is included in our PEA-PME Comparison

Saxo Bank is included in our comparison due to the depth of its investment offering and the quality of its market infrastructure. It stands out for competitive order pricing and a very wide range of assets for a PEA-PME, making it a reference player for demanding investors seeking professional execution.

Who is Saxo Bank’s PEA-PME offer for?

Saxo Bank’s PEA-PME is targeted mainly at autonomous, experienced, or semi-professional investors who want access to an advanced platform and precise order execution. It is particularly suitable for active profiles or those aiming to optimize allocation in European SMEs/ETIs.

The plus of Saxo Bank’s PEA-PME

Its main strength lies in the quality of the SaxoTraderGO platform and in access to deep market liquidity. Investors benefit from advanced technical and fundamental analysis tools, rarely available with more consumer-oriented providers. The offer is also valued for its partnerships on certain European ETFs with no brokerage fees under specific conditions.

Best PEA-PME Bourse Direct

Bourse Direct is one of France’s historic brokers specializing in online trading. It is particularly known for its aggressive pricing policy and its positioning oriented toward autonomous and active investors.

Why Bourse Direct is included in our PEA-PME Comparison

Bourse Direct is systematically included in comparisons due to its among the lowest trading fees on the market and the absence of custody fees. This cost structure makes it a reference for investors looking to minimize the impact of fees on long-term performance.

Who is Bourse Direct’s PEA-PME offer for?

Bourse Direct’s PEA-PME offer is primarily aimed at active or regular investors who place multiple orders per month. It is particularly suitable for profiles sensitive to fees and those who practice stock-picking on small and mid-cap securities.

The plus of Bourse Direct’s PEA-PME

Its main advantage lies in very competitive brokerage fees and no custody fees. It is an optimal choice to maximize net performance, especially for frequent or capital-limited investment strategies.

Best PEA-PME BoursoBank

BoursoBank (formerly Boursorama Bank) is a leading French online bank, offering a complete range of banking and investment services, including the PEA and PEA-PME.

Why BoursoBank features in our PEA-PME Comparison

BoursoBank is selected for the solidity of its ecosystem and the ease of use of its interface. It combines a smooth user experience with an accessible investment offering and generally competitive pricing for a broad audience.

Who is BoursoBank’s PEA-PME offer for?

The PEA-PME from BoursoBank targets investors seeking a centralized solution that integrates checking account and investment in one place. It is particularly suited to long-term profiles and beginner-to-intermediate investors seeking simple management.

The plus of BoursoBank’s PEA-PME

The main strength of BoursoBank is its all-in-one experience and its intuitive interface. The bank also offers portfolio management features and smooth integration with the group’s other financial products.

Best PEA-PME Fortuneo

Fortuneo is a French online bank backed by Crédit Mutuel Arkéa. It has established itself as a major player in online investing thanks to a competitive and flexible PEA and PEA-PME offering.

Why Fortuneo features in our PEA-PME Comparison

Fortuneo is selected for its balance between attractive fees, service quality and accessibility. It is regularly cited among the best alternatives to specialized brokers due to its tariff structure suited to different investor profiles.

Who is Fortuneo’s PEA-PME offer for?

Fortuneo’s PEA-PME is aimed at private investors seeking a robust and versatile solution, from beginners to active investors. It is particularly suitable for profiles looking for a reliable online bank with optimized pricing.

The plus of Fortuneo’s PEA-PME

Fortuneo stands out for its progressive pricing offers (free orders under monthly conditions) and a clear platform. It combines simplicity of use with cost optimization, making it a balanced choice for investing in European SMEs.

Best PEA-PME EasyBourse

EasyBourse is an online brokerage platform backed by La Banque Postale. It offers a comprehensive range including PEA, PEA-PME and a securities account, with a retail-oriented approach.

Why EasyBourse features in our PEA-PME Comparison

EasyBourse is included for its hybrid positioning between traditional banking and online brokerage, as well as for its accessibility and competitive fees for certain investor profiles.

Who is EasyBourse’s PEA-PME offer for?

EasyBourse’s PEA-PME is aimed at beginner-to-intermediate investors looking to benefit from the expertise of a banking group while accessing an online platform. It is particularly suited to profiles seeking simplicity and guidance.

The plus of EasyBourse’s PEA-PME

Its main advantage lies in its integration with the La Banque Postale ecosystem and in the variety of formulas offered. The offering allows a certain modularity depending on the investor’s activity level.

Where to open a PEA-PME?

A PEA-PME opens with a bank or stockbroker offering this envelope. Note that this envelope is much less common than the standard PEA. Thus, not all stockbrokers and online banks offer it. Robo-advisors (Yomoni, Ramify, Nalo), neo-brokers (XTB, Trade Republic) and international brokers (DEGIRO, Interactive Brokers) do not offer the PEA-PME.

Therefore, before subscribing to a PEA-PME, you will need to choose the stockbroker that suits you.

Note: online brokers often charge much lower fees than network banks or traditional brokers. Thus, even if networks such as Crédit Agricole, BNP Paribas, Société Générale, Banque Populaire, Caisse d’Épargne or La Banque Postale do offer the PEA-PME, their fees are very high.

List of players offering the PEA-PME

How to open a PEA-PME?

Once you have chosen your financial intermediary, you will need to:

• fill out an opening form and provide the usual supporting documents (ID, proof of address, RIB);
• once the account is validated, make an initial deposit, with no minimum imposed in most cases; place your first stock orders to buy eligible shares or ETFs.

Clémence’s view on opening a PEA-PME:

Opening a PEA-PME as early as possible allows you to “take date” and benefit more quickly from its favorable taxation after 5 years of holding.

Which companies are eligible for the PEA-PME?

In short, eligible companies must have their headquarters in the European Union or the European Economic Area, be subject to corporate income tax, and employ fewer than 5,000 people. Their turnover must not exceed €1.5 billion (or a balance sheet of €2 billion). They can be listed or unlisted.

In detail, as with the classic PEA, to be eligible for the PEA-PME, companies must have their headquarters in France, in another EU member state, or in another EEA state. They must also be subject to corporate income tax under ordinary conditions or to an equivalent tax.

Moreover, market capitalization is decisive. Eligible are companies whose turnover does not exceed €1.5 billion (and €2 billion on the balance sheet) and employing fewer than 5,000 people. Thus SMEs (small and medium-sized enterprises) but also ETIs (intermediate-sized enterprises) are concerned.

It may be a non-listed company (private equity) or a company listed on the stock market, provided it meets the above conditions and its market capitalization is below €1 billion (it must also fall under certain accounting thresholds).

Indeed, since 2016, more companies and securities have become eligible for the PEA-PME as this envelope was extended to shares issued by listed companies with a market cap under €1 billion and whose capital is not held at more than 25% by a single legal entity. This opens up new investment possibilities in the private market of small caps and mid caps!

You can find the list of PEA-PME eligible companies on the PME finance association’s website.

What are the eligible titles for the PEA-PME?

In short, the PEA-PME allows investing in listed or unlisted shares, as well as in funds (FCP, OPCVM, SICAV, ETF) invested mainly in SMEs and ETIs. Some debt instruments via funds, convertible bonds, and supports from private equity or crowdfunding under certain conditions are also eligible.

In detail, eligible are listed and unlisted shares, directly or via collective investments such as mutual funds (FCP), UCITS (OPCVM), SICAVs or trackers (ETFs), but also debt securities issued by these same companies (only through specialized funds).

To be eligible, at least 75% of the capital of a FCP or ETF must be invested in securities issued by SMEs and ETIs, of which two-thirds in equities.

Thus eligible are:

• local investment funds (FIP) and funds of funds in innovation (FCPI);
• venture capital funds (FCPR).

Note that with synthetic trackers, you can expose your portfolio to non-European markets. The use of derivatives instead of physical investments indeed allows European ETF manufacturers to render these ETFs PEA-eligible.

Since January 1, 2016, convertible bonds and bonds redeemable in shares are eligible for the scheme. Provided you meet an investment quota, investments on a PEA-PME can also be used to purchase units or shares of FIA (Fonds d’investissement alternatifs) that have received authorization to use the designation “FEILT” (ELTIF in English).

The Pacte law, published in the Official Journal in May 2019, opens the PEA-PME to titles issued within the framework of crowdfunding. Thus, participatory securities and fixed-rate bonds are eligible if they are offered on crowdfunding platforms having the status of “investment services provider (PSI)” or “investment advisor (CIP)”, as well as minibonds. Consider this to optimize the tax treatment of your crowdfunding investments. Some club deals investments in SMEs are also eligible for the PEA-PME. Always check eligibility before subscribing to ensure the titles acquired through this channel are eligible.

PEA-PME: what to buy?

The investor can buy shares of SMEs/ETIs, specialized ETFs, funds, or even non-listed assets. The choice should be tailored to their profile and level of expertise, with diversification between stocks, bonds and unlisted assets.

The choice of eligible titles for the PEA-PME is therefore fairly broad. It will be wise before investing in titles to know the current composition of your stock portfolio to achieve a good diversification of your holdings. For example, you should aim to invest both in the small and mid-cap equity market, but also in the bond market, and in the non-listed segment.

Also pay attention to your investor profile to determine which titles to buy. If you are a beginner and have little time to devote to your investments, it may be preferable to turn to funds (FCPs or ETFs). Investing in funds, whether passively or actively managed, generally requires less ongoing work than investing in individual securities.

What PEA-PME stocks?

The stock-picking of PEA-PME stocks should be reserved for experienced investors given the risks associated with this asset class. Before investing, make sure you understand the business model of the company and check its financial strength, especially its debt ratios. It is better not to position yourself before conducting a thorough fundamental analysis of the stock.

Note that you can find ideas for PEA-PME stocks on specialized sites like Café de la Bourse, which regularly publishes stock analyses and rankings in its Top stocks section.

Looking for PEA-PME investment ideas? Check out our article What PEA-PME stocks to buy? Our Top 3 PEA-PME stocks 2026.

What are the tax advantages of the PEA-PME?

The tax treatment of the PEA-PME is identical to that of the standard PEA, i.e., this envelope allows tax exemption on capital gains and dividends from these investments after five years of holding, excluding social contributions.

More precisely, the following system applies:

• From 0 to 5 years: 31.4% flat tax (since the CSG rose to 10.6% on 1 January 2026) + automatic closing of the PEA-PME.
• More than 5 years: exemption from capital gains tax but social contributions of 18.6% are due + no closure of the PEA-PME. An exit in the form of a life annuity exempt from tax but subject to social contributions of 18.6% is also possible.

Note that, as with the standard PEA, the date used to benefit from the tax advantages is the date the PEA was opened, not the date of the first stock order placed. You have every interest in opening a PEA-PME with a small amount to establish the date and benefit as soon as possible from highly attractive taxation!

Again, as with the standard PEA, losses incurred when closing a PEA-PME can be offset against gains from disposals of securities realized elsewhere.

Also note that since 2016, PEA-PME holders have benefited from a tax deferral on gains generated by the sale of their monetary funds reinvested in a PEA-PME.

The 2018 Finance Act substantially modified the mechanism of historical rates for PEAs as well as PEA-PME. Therefore, for all PEAs opened since 1 January 2018, social contributions tax rates in effect at the time of withdrawal apply to your gains. However, PEAs opened before 2018 retain the regime of historical rates in certain situations:

• gains realized up to the end of 2017 for PEAs older than 5 years;
• gains realized in the first 5 years for PEAs opened between 1 January 2013 and 31 December 2017.

As a reminder, the historical rates mechanism means that gains are taxed at the social contributions rate in effect at the time the gains were realized.

In the event of the plan holder’s death, dividends and capital gains are exempt from income tax, regardless of the holding period. Heirs can also keep the securities.

Finally, note that in terms of PEA-PME taxation, as with the classic PEA, taxation occurs only when money leaves the PEA-PME. If you sell securities and realize a gain but keep it in your cash account, you will not be taxed. You can use this particularly advantageous provision, for example, to reinvest your dividends without any tax friction.

What are the fees of the PEA-PME?

Fees include brokerage fees, custody charges, entry fees (for funds) and management fees for the underlying instruments. They vary by establishment, with regulatory caps (e.g., 0.5% per online order). Online brokers are generally cheaper than traditional banks.

The PEA-PME, like the classic PEA, shows fees that can vary significantly depending on the stockbroker chosen. Let’s detail the four main types of fees applied:

• Entry fees: these do not concern directly held shares but funds (OPCVM). They are non-existent at most online brokers and often charged by network banks.
• Account maintenance or custody fees: again, these fees are non-existent at online brokers but can be charged by traditional banks.
• Brokerage fees: this is the cost of executing stock orders, which also vary significantly by intermediary and are much higher at traditional players like banks; online brokers typically offer lower fees. Online brokers also offer different plans depending on investor profile with a defined number of orders per month, making pricing tied to order frequency more advantageous for the investor.
• Fees for the underlying instrument: these do not apply to directly held shares but annual management fees apply for instruments such as ETFs, FCPs or SICAVs, for example.

The PEA-PME, like the PEA, benefits from caps on certain fees. Thus:

• opening and dossier fees are capped at €10;
• account maintenance fees cannot exceed 0.4% of the PEA value per year + a maximum fixed fee of €5 per line of securities;
• transaction fees for live securities are capped at 0.5% of the transaction amount for online trades and 1.2% for other trades (the same ceilings apply to transactions involving shares of investment funds, ETFs included);
• transaction fees on non-listed securities are subject to a specific cap, fixed at 1.2% of the transaction amount.

What are the drawbacks of the PEA-PME?

The PEA-PME struggles to attract. The French, who are strongly risk-averse, show considerable caution when it comes to investing in equities. The stock market, considered too risky, is not highly regarded. And when it comes to small and mid-sized enterprises, the risk is even higher since these companies are often young and with a relatively low float, which can cause large price fluctuations depending on the number of buyers or sellers; investors are particularly risk-averse.

Liquidity risk is indeed present. Due to the small number of shares outstanding, the investor may face partial or total inability to buy or sell his shares, forcing him to wait or to reduce the bid or ask. Moreover, while SME growth is often higher than that of large-cap stocks, the investment is more risky due to a higher risk of bankruptcy.

Finally, as with the classic PEA, the PEA-PME has restrictions on eligible companies, limiting itself to EU-based SMEs and mid-sized enterprises. This setup can be circumvented via ETFs, for example. Nevertheless, the offer remains relatively limited.

What are the advantages of the PEA-PME?

But for seasoned investors who want to diversify their portfolio, the PEA-PME allows investing in mid-sized and small companies, directly or via funds, easily and simply, within a very favorable tax framework.

Also recall that, although riskier than Large Caps, investing in Small and Midcaps is often more rewarding, as small companies tend to outperform larger ones.

The PEA-PME is therefore primarily aimed at experienced investors who do not want to limit themselves to big caps and want to own midcaps and small caps in their portfolios. Consequently, the PEA-PME is a envelope that complements the classic PEA, with which it is cumulable.

The PEA-PME is also recommended for ethical and engaged investors who wish to invest to support the real economy, as well as for supporters of Made in France who can invest, in a few clicks, in a French company, via a PEA-PME offered by an online broker.

Note: since the Pacte law, the PEA-PME has been opened to young adults connected to their parents’ tax household through the PEA-jeunes (youth PEA).

Quick comparison: PEA vs PEA-PME

Verdict: the PEA-PME, for whom is it?

The PEA-PME is primarily aimed at investors looking to boost their portfolio by exposing themselves to small and mid-sized enterprises (SMEs) and mid-sized companies (ETIs), which are often more volatile but also potentially higher-performing than large-cap stocks.

This arrangement is particularly suitable:

• To savvy investors : capable of analyzing less-followed companies and accepting a higher level of risk (liquidity, volatility, bankruptcy risk).
• To long-term profiles : the investment horizon should ideally exceed five years to fully benefit from the tax advantages.
• To savers already exposed to large caps : the PEA-PME enables diversifying a classic PEA by adding small and mid caps.
• To engaged investors : wishing to finance the real economy and support European companies.
• To autonomous profiles : capable of managing their own allocation or selecting suitable supports (ETFs, funds, direct securities).

On the other hand, the PEA-PME is less suitable for very cautious profiles or those seeking high liquidity, due to the specific risks associated with small capitalizations.