How to Get Liquidity Without Selling ETFs
You need cash. The portfolio is the obvious source — but selling ETFs realises gains and crystallises tax. Here are the three ways to access liquidity without touching the underlying, ranked by what they actually cost in 2026.
Why selling is expensive
A €100K ETF position with €40K embedded gains generates €10,550 of Abgeltungsteuer if you sell — even if you re-buy the same fund the next morning. Tax-loss harvesting helps at the margin, but the default cost of "just sell" is high. Hence the appetite for borrow-against-portfolio strategies.
Option 1 · Unsecured bank credit
The simplest path. A normal Ratenkredit at a typical German bank in 2026 runs 6–9% APR. No collateral check beyond your income, no portfolio interaction, no tax interaction. Easy to set up, easy to repay early.
When it fits: you need under €50K, you'll repay in under 24 months, you don't want any complexity. The interest cost is real but the friction is zero.
Option 2 · Lombardkredit (Wertpapierkredit)
Your broker (or a bank, against pledged custody assets) extends a credit line at Euribor + 2–4%. The portfolio stays put; the cash gets paid out. Most German brokers support it: Comdirect, Consorsbank, DKB, Smartbroker, Trade Republic.
- Rate: ~4–6% in 2026.
- Setup: usually free; the line activates after a portfolio review.
- Tax: private interest, not deductible against Kapitalerträge.
- Risk: margin call if the portfolio drops below the loan-to-value threshold (typically 50%).
Critical detail: most retail Lombardkredit lines limit how much cash you can actually withdraw versus how much margin you can deploy for trading. Read the fine print.
Option 3 · Short box-spread financing
You sell a four-leg options trade on a European-style index (SPX or ESTX50) on a portfolio-margin enabled options account. The trade behaves like a fixed-term loan: cash today, fixed repayment at expiry, implied rate priced near the risk-free rate.
- Rate: ~2–3% pre-tax in 2026.
- Setup: requires IBKR (or reseller), portfolio margin, options Level 3.
- Tax (Germany): the carry is a Termingeschäft loss under §20 EStG. Post-JStG-2024, no €20K cap — fully offsettable against Kapitalerträge.
- Risk: margin call as for Lombardkredit; plus execution slippage if you leg in instead of trading the combo.
The catch: the structural complexity. You are placing a real options trade. The mechanics matter, the margin matters, and the tax treatment depends on having offsetable gains.
Cost ranking on €100K, 12 months
| Path | Pre-tax cost | After-tax cost (DE) | Setup time |
|---|---|---|---|
| Sell ETFs (€40K embedded gain) | €10,550 (one-time) | €10,550 | 1 day |
| Unsecured bank credit (7%) | €7,000 | €7,000 | 1 week |
| Lombardkredit (5.2%) | €5,200 | €5,200 | 2 weeks |
| Box spread (~2.1%) | €2,100 | €1,546 | 2–6 weeks (account setup) |
How to choose
Three quick filters:
- How fast do you need it? Same-week → Lombardkredit (if line exists) or unsecured. Can wait → box spread.
- How much? Under €25K → bank credit or Lombardkredit. Above €25K → the cost gap to box spread becomes meaningful.
- How long? Under 3 months → bank credit. 3–24 months → box spread is built for this. Above 24 months → roll a box spread, or a Lombardkredit if you don't want refinancing risk.
What never to do
Don't borrow against options you don't fully understand. Don't size a Lombardkredit line to its maximum — your margin headroom is your insurance against equity drawdowns. Don't assume the JStG-2024 tax treatment without checking with a Steuerberater for your specific situation.
See today's box-spread rates and run a number through the calculator →