Account opening

Gibt es einen Mindestanlagebetrag?
 

Der Mindestanlagebetrag beträgt pro Portfolio 5.000 Euro. Falls Ihr Anlagevolumen einmal unter die Grenze von 5.000 Euro fallen sollte, müssen Sie kein Geld „nachschießen“.

Teilauszahlungen, die den Anlagebetrag unter 5.000 Euro verringern würden, sind jedoch nicht möglich. In diesem Fall müssten Sie Ihren Vertrag kündigen und sich Ihren gesamten Anlagebetrag auszahlen lassen.

How does Scalable Capital choose a suitable investment strategy for me?
 

As a regulated financial services institution, we are legally obliged to form a picture of your financial situation and other relevant circumstances. Only then are we allowed to recommend an investment strategy that is suitable for you.

At the beginning of the registration process, we will guide you through a questionnaire. Based on the information you provide, we assess which investment strategy best meets your investment objectives. Of course, we also check whether the risks associated with a particular investment strategy are financially viable for you and whether you understand these risks based on your knowledge and experience. From this information, we determine your risk profile, recommend an investment strategy that is suitable, and implement it for you.

Can I become a customer even though I do not live in Germany?
 

Our service is aimed at persons residing in Germany. In addition, the following requirements must be met:

  1. You are over 18 years of age.
  2. You are not subject to US taxation (not a “US person” under US tax law).
  3. You have a current account that is kept at a credit institution based in the SEPA area.
  4. You will invest the minimum investment amount.

Please also note that the custodian bank only pays taxes for customers who are taxable in Germany. If you are subject to tax abroad, you must carry out the correct taxation of all securities transactions yourself.

Why do I need to verify my identity?
 

The Money Laundering Act (MLA) requires us to identify our customers. This identification is also in your interest, as it ensures a higher level of security in the customer relationship.

An MLA-compliant identification is carried out conveniently via POSTIDENT video, online identification using your ID (eID), or in the traditional way at your post office.

Can I transfer an existing portfolio to Scalable Capital?
 

If you are interested in a custody account transfer to the wealth management of Scalable Capital, we require an overview in advance with the ISINs or WKNs, as well as the exact number of units of the securities to be transferred, in order to check their tradability for you. Please note that only whole numbers of securities can be transferred and that fractions are therefore not transferable.

The securities transferred will subsequently be sold by us and the proceeds invested for you in accordance with your investment strategy. When transferring your entire custody account, the loss offset pots can also be transferred in full.

If you are interested or have further questions, please contact our team at service@scalable.capital.

Are joint accounts also offered?
 

No. Scalable Broker is only offered as a single account.

Can I open an account for my underage children?
 

Children's accounts can be opened with Scalable Capital from a minimum investment of 20 euros per month. If you do not wish to set up a savings plan initially, the minimum investment amount is 1,000 euros. Please note that a children's account is currently only possible in the form of our wealth management at Baader Bank. Our brokerage offer is aimed exclusively at private individuals of full age.

To open a children's account, register your child for wealth management via our homepage. Please note that the account must be in your child's name. You will then receive an automated e-mail with further information.

What criteria must my clearing account fulfill?
 

The reference account that you register with us must be a current account (payment transaction account) in your name at a credit institution located in the SEPA area. The use of a overnight deposit account is not permitted. If your reference account is a joint account, you must ensure that you are registered as the beneficial owner.

Deposits and withdrawals

How can I make deposits and withdrawals?
 

Via the item "Payments" you can order a one-time payment in the customer area at any time, which will be debited from your reference account (current account) via SEPA direct debit.

Alternatively, you can also transfer the desired deposit to the clearing account (Scalable account) belonging to the respective portfolio.

You can instruct us at any time to partially or completely sell your investments and withdraw your money. Partial payouts can be ordered in the customer area via the item "Payments" up to the minimum investment Euro.
The entire payout process until the value date on your current account can take several bank business days.

For a withdrawal that would reduce the portfolio below the minimum investment, the respective portfolio must be cancelled. See "How do I cancel my Scalable Capital account?".

There are no fees for deposits or withdrawals.

When will my deposited money be invested?
 

Your deposited balance will be invested after it is credited to the settlement account, but no later than the next rebalancing of your portfolio.

I have registered as an ING customer. How do I make a deposit into my Scalable account?
 

When you registered as an ING customer, you could choose whether to contribute the initial investment amount by direct debit or bank transfer.
How to find your payment method: Log in to your personal customer area at https://de.scalable.capital/login. On the overview page, you can see whether the initial investment amount will be debited from your reference account or whether you need to make the transfer from your Extra account.

Can money be paid into my custody account from a third-party bank (not the clearing account)? Is a transfer to the clearing account created automatically?
 

Yes. Further deposits are also possible from accounts other than your reference account. Regardless of when or how a deposit is received in your clearing account at the custodian bank, the amount will be invested immediately with the next adjustment of the portfolio in accordance with your investment strategy.

Can I set up a savings plan?
 

You can create a savings plan from a monthly savings rate of 20 euros. You can set the savings plan either during the account opening or subsequently in your personal customer area.

Note: If you complete the account opening with a monthly savings plan only, then the direct debit for the first savings installment will be instructed immediately after the account opening.

When will the deposit for my monthly savings plan be debited from my reference account?
 

The direct debits for the monthly savings plans are instructed by us on the first banking day of each month. Your reference account will be debited on the second or third banking day of the month and the amount will be credited to your portfolio at Scalable Capital on the following banking day.

Note: If you open the account with a monthly savings plan only, then the direct debit for the first savings installment will be instructed immediately after the account opening.

Can I set up a monthly withdrawal plan?
 

You can easily set up a monthly withdrawal plan in your Scalable Capital account. To do so, open the "Savings Plan" section, select "Withdrawal Plan" there and then set the desired amount. The withdrawal will be initiated on the first banking day of each month. The securities sales required for the withdrawal will be ordered automatically.

What happens if my investment amount would fall below the minimum investment amount due to the execution of my withdrawal plan?
 

A withdrawal that would reduce the investment amount of your portfolio below the minimum investment amount is not possible. Instead, your monthly withdrawal plan will be deactivated.

As a customer, do I have an overview of the individual transactions?
 

You can view every single transaction and every securities event (such as distributions) both in the login area on our website and on your smartphone using our app. In addition, the custodian bank will provide you with a monthly account statement where you can view a summary of all transactions and key figures that have taken place.

Additional portfolios

Is it possible to open multiple portfolios?
 

You can hold multiple portfolios with different investment strategies at Scalable Capital. You can add additional portfolios in the customer area under "Home". Please note that a new clearing account and securities account must be opened for each new portfolio and the minimum investment must be deposited.

Can I transfer investments between my portfolios?
 

You can make deposits and withdrawals in your portfolios at any time. Thus, you can also transfer investments between portfolios. To do this, make a withdrawal from one of your portfolios. As soon as the money has been credited to your current account, you can order a deposit into another portfolio. This is possible via the Scalable Capital client area.

Personal Data

How secure is my personal data?
 

Data protection is very important to us. We use modern IT infrastructure to ensure the security of your data. Your personal data (e.g. address, account data, financial circumstances) is transmitted in the course of registration as well as contract conclusion, and your data is always encrypted and stored in a data center in Germany.

Please refer to our privacy policy in this context.

How can I change my personal data?
 

In order to change your password, click on "Forgot password?" under the entry mask on the login page of our homepage. In the Scalable App, this change can be made under "Profile" in the section "Password" by clicking on "Request link to change". After entering your e-mail address, you will receive a link via e-mail from us to change your password.

To change your personal data, please log in to your personal customer area via our website or app. You can change your data under "Profile". Please activate two-factor authentication in the Scalable Capital app before making any changes.

As an ING customer, please contact our customer service via e-mail at service@scalable.capital.

How can I cancel with Scalable Capital?
 

You can cancel or change your existing products online or via the Scalable Capital app under "Profile" and "Products".

After your cancellation, you can still log into your personal area and retrieve documents in your mailbox. There you will receive important documents, such as your annual tax certificate. You can access these documents in your mailbox until the applicable retention periods expire. However, if necessary, access to your personal area can also be deactivated. To do so, please send us an e-mail.

How can I download a copy of my personal data?
 

In accordance with Art. 15 GDPR, you can request a copy of the personal data processed about you. To do so, please log into your personal customer area on our website and go to "Profile". Under the "Personal Information" section, you can request your data at any time. Confirm your request via two-factor authentication (2FA) in the Scalable Capital app. Please note that access is only available via the web browser. It is not possible to make a request via iOS or Android app.

The scope as well as the manner of processing your personal data depends on which of our offers you use. For example, if you have only subscribed to a newsletter from us, the processing of your personal data is different than if you are a customer of our wealth management or brokerage offering. For more information, please also refer to our privacy policy.

Investment Strategy

Is Scalable Capital an active wealth manager?
 

Scalable Capital is not an active asset manager in the conventional sense. We offer passive investment with active risk management. Within the various asset classes (e.g. equities or bonds), we invest exclusively in passive ETFs and, where applicable, ETCs that track a specific market at the lowest possible cost. The weighting of the various asset classes is carried out dynamically on the basis of our investment and risk management technology on the one hand - and strategically on the basis of the management of the equity quota in our sustainable strategies on the other - and is thus active in the strictest sense.

We thus only make adjustments to your portfolio if your risk of loss is forecast to exceed or fall below a higher probability (dynamic risk management strategies) or if your portfolio weights deviate from the target weights (sustainable strategies). In this way, your investment risk is always controlled.

Unlike an active asset manager, we do not make portfolio reallocations based on opinions about the price performance of specific asset classes. An active asset manager selects individual stocks based on expected value growth (so-called stock picking). However, countless empirical studies show that this is not effective.

What is Wealth Select?
 
What types of investment strategies are there?
 
How does Scalable Capital select sustainable ETFs?
 

Our sustainable investment strategies adhere to the strictest sustainability criteria. This means that only equity ETFs are used that take the highest sustainability standard into account (SRI: Socially Responsible Investing). Furthermore, a so-called best-in-class filter is used in the ETF selection: companies are compared with each other within their sector and only the most sustainable are subsequently selected.

How often is my portfolio adjusted?
 

Your portfolio is constantly monitored and if the weighting of the asset classes and ETFs no longer matches the target weighting of your chosen investment strategy, your portfolio is automatically adjusted. For example, if you choose an investment strategy with a 60% equity allocation, 60% of your investment amount will be invested in equities. If share prices rise sharply due to market movements, shares are sold and bonds are bought so that the target weighting of shares of 60% is restored.

Depending on the investment strategy, risk is managed differently and accordingly your portfolio is adjusted differently depending on the investment strategy.

For the "dynamic risk management" investment strategy, we continuously calculate the risk of your portfolio with the help of simulations. If your previously defined risk of loss (measured by VaR) deviates from the current risk of loss, your portfolio will also be adjusted.

Can I change the investment strategy after registration?
 
How about distributions?
 
Lassen sich Risiken vorhersagen?
 
Who makes the investment decisions at Scalable Capital?
 
Is there a benchmark for investment strategies?
 

There is a defined benchmark for each investment strategy. A Morningstar® fund category corresponding to the respective risk exposure is definied as the benchmark.
The benchmarks for the individual risk categories are included in the customer documents. You can also read through our contract documents.

Investment universe & ETF selection

What exactly does Scalable Capital invest my money in?
 
What are ETFs?
 

Exchange-traded funds (ETFs) are investment funds that replicate the performance of a stock market index, such as the DAX, without a fund manager making active investment decisions. They are therefore also known as passive index funds. Like an investment fund, an ETF gives you access to a broader set of securities. such as stocks. Unlike actively managed investment funds, however, they are much more cost-effective, because they do not require expensive management fees or premiums that eat up your return. Since ETFs are traded on stock exchanges, they also offer daily liquidity.

In short: ETFs enable broadly diversified and cost-effective investments.

How does Scalable Capital select the ETFs used in portfolios?
 

ETFs are selected through an extensive, multi-stage process. The most important quantitative and qualitative selection criteria are:

  • Low costs
  • High liquidity
  • Low tracking error
  • Appropriate diversification
  • Safe replication method
  • Sustainability.
Why are individual ETFs in my portfolio marked as "phase-out"?
 

If Scalable Capital identifies a more suitable ETF in an asset class, the exchange for existing customers is carried out gradually. In contrast to a one-time sale of all old shares, an additional tax expense can be reduced in this way, if necessary.

Additional purchases in the event of further deposits or a higher target weighting of these asset classes are made exclusively in the new ETF, while sales always first reduce the holdings of the old product. The old fund is indicated to the customer by the marking "Phase-Out".

Is there a minimum investment period for my account or a minimum term for my contract?
 

There is no minimum holding period or minimum term. Our service can be cancelled at any time. We invest exclusively in ETFs with exchange day tradability to provide you with the best possible liquidity.

However, a longer investment horizon can be advantageous for the investment and reduce investment risks. Especially in the case of negative performance, a longer holding period increases the likelihood that the portfolio can recover.

How much money should I invest?
 

Investing in the capital market comes with risks. We therefore advise our clients to keep an immediately available emergency reserve for unforeseen events which should cover all of your current expenses and obligations for at least six months.

Does Scalable Capital also consider tax criteria when selecting ETFs?
 

Tax criteria are also taken into account when selecting ETFs. As we also explain here, the tax treatment of ETFs for private investors has been significantly simplified by the Investment Tax Act (InvStG) 2018. Domestic and foreign funds are now taxed according to the same system, so since the beginning of 2018, unlike under the old tax regime, foreign accumulating funds are now also used.

The tax burden is paid directly by the custodian bank. This means that there is no additional expense for the private investor in the tax return.

Do you also invest in Short ETFs?
 

We currently invest exclusively in long-only ETFs. An overview of all ETFs used can be found in our current investment universe.

Are you tied to specific ETFs when investing due to commission agreements?
 

We do not receive kickbacks (reimbursements) or commissions, as we believe that only a truly independent asset management company can act in the best interest of the client. If we receive such benefits, we undertake to pay these benefits to our clients as part of the asset management agreement. We only accept non-financial inducements if they improve the quality of asset management and do not conflict with the client's interests. These can be financial analyses, information material, training or technical services.

What happens if an ETF provider declares becomes insolvent?
 

Should an ETF provider become insolvent, the assets managed by the ETF are protected from insolvency by their status as special assets. In the course of the insolvency proceedings, the insolvency estate as well as the claims of the creditors against this insolvency estate are determined and the creditors are served according to their claim. The assets managed by ETFs do not become part of the insolvency estate and are thus protected from access by the creditors of the investment company. Only the holders of the unit certificates of the ETFs are entitled to their pro rata share of the assets managed by the ETF.

Costs

What are the total costs of using Scalable Capital?
 

The costs of the investment services consist of the remuneration of the asset manager Scalable Capital and the transaction fee for the securities trading of the custodian bank and add up to 0.75% p.a.. The calculation is made on a daily basis on the basis of the average client assets under management, and the asset manager and the custodian bank are invoiced separately on a monthly basis. The debit is made from your clearing account at the custodian bank. There are no further costs, e.g. for account and custody account management. There are also no hidden costs, front-end loads or other commissions. For details, please refer to our list of prices and services.

The costs of the financial instruments (ETFs) add up to 0.15% p.a. on average. Due to changes in the weighting, fees and costs of the financial instruments as well as the exchange of financial instruments, the product costs are subject to fluctuations. The costs for the Megatrends and Crypto investment strategies for clients with custody accounts at Baader Bank are shown separately.

The costs mentioned are already included in the market prices and would therefore also be borne by investors who trade in securities themselves.

Where can I see the fees I have paid?
 

In your respective portfolio you can view your paid fees and taxes under the menu item "Performance". For a display of the absolute values you first have to toggle the switch in the upper right corner from "%" to "Euro".

Does Scalable Capital receive refunds, commissions or other financial benefits from other companies?
 

We believe that only a truly independent asset management company can act in the best interests of the customer. That is why we do not accept any hidden costs or issue surcharges. If we receive such inducements, we undertake under the asset management agreement to pay you these inducements.

We only accept non-monetary benefits if they improve the quality of asset management and do not conflict with our clients' interests. These are, for example, financial analyses, information material, training or technical services. We will, of course, disclose the acceptance of these types of inducements to you.

Are the fees for investment services (a total of 0.75% p.a.) calculated according to the capital invested or according to performance?
 

The calculation is made on a daily basis on the basis of the average client assets under management, and the asset manager and the custodian bank are invoiced separately on a monthly basis. The debit is made from your clearing account at the custodian bank.

Reporting & Taxes

Wie kann ich meinen Freistellungsauftrag einrichten oder ändern?
 

Als ING Kunde können Sie einen Freistellungsauftrag im Internetbanking der ING unter Service > Steuern > Freistellungsauftrag einrichten.

Will I receive reporting on my portfolio in addition to my login?
 

You will receive a quarterly report on the performance of your portfolio via PDF to your mailbox at Scalable Capital. The report contains an overview of performance, benchmark, trades executed, distributions and other key figures related to your portfolio.

How is the percentage return calculated in the account summary?
 

To calculate the percentage return in your personal area at https://de.scalable.capital/login, we use the time-weighted method. The time-weighted return is adjusted for inflows and outflows and thus allows a direct comparison with a benchmark or another portfolio.

To calculate the time-weighted return, the entire investment period is broken down into different time periods. Whenever a deposit or withdrawal occurs, the return up to that point is calculated and a new period begins. To obtain the time-weighted return for the entire investment period, the returns for each period are multiplicatively linked.

How is the percentage return calculated in the account summary?
 

To calculate the percentage return in your personal area at https://de.scalable.capital/login, we use the time-weighted method. The time-weighted return is adjusted for inflows and outflows and thus allows a direct comparison with a benchmark or another portfolio.

To calculate the time-weighted return, the entire investment period is broken down into different time periods. Whenever a deposit or withdrawal occurs, the return up to that point is calculated and a new period begins. To obtain the time-weighted return for the entire investment period, the returns for each period are multiplicatively linked.

What information does the annual account statement contain?
 

Security and Data Protection

Is Scalable Capital an independent and regulated company?
 

Scalable Capital is an independent wealth manager, acting in the best interest of its clients. We are a investment services institution with the regulatory permission of the German Federal Financial Supervisory Authority (BaFin) for financial portfolio management (also called "wealth management") according to § 15 German Securities Institutions Act (WpIG). We are subject to the supervision of the German Federal Financial Supervisory Authority and the Deutsche Bundesbank.

BlackRock, Inc. is (indirectly) a minority shareholder of the wealth manager's parent company. The wealth manager makes the selection of ETFs for the investment universe as an operational decision solely on the basis of objective criteria aligned with client interests. Thus, there are no economic incentives to favor certain ETFs, whether from BlackRock, Inc. or any other provider.

How secure are my money and my investments? What happens in the event that Scalable Capital or your partner bank becomes insolvent?
 

As a financial services institution, we are not authorized to obtain possession or ownership of the customer's assets. The customer's assets are held in the custody of our partner bank(s). In case of insolvency of Scalable Capital GmbH, the customer's assets contained in the custody account will therefore not fall into the insolvency estate of Scalable Capital GmbH.

In the event of the insolvency of the partner bank, your clearing account is protected by the statutory deposit protection of the Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken) up to a deposit amount of 100,000 euros (see details on this at www.edb-banken.de/en) and beyond that up to a certain amount by the deposit protection fund of the Association of German Banks (Bundesverband deutscher Banken). In addition, there is a claim to surrender of your securities in the portfolio in the event of insolvency of the custodian bank. This last aspect is particularly important for your investment with Scalable Capital GmbH, because your money is predominantly invested in securities with us and thus predominantly does not fall under the topic of deposit protection (like the cash on the clearing account).

As a regulated financial services institution, Scalable Capital GmbH is assigned to the Compensatory Fund of Securities Trading Companies (Entschädigungseinrichtung der Wertpapierhandelsunternehmen; EdW). The EdW provides compensation if an institution is no longer able to fulfill its "liabilities from securities transactions" to its customers for reasons directly related to its financial situation (and BaFin has determined the compensation case). For this compensation, the protection is limited to 90 %, up to a maximum of 20,000 euros per investor. Such a compensation case can only arise in special constellations for a financial services institution without permission to accept possession or ownership of assets of the customer (such as Scalable Capital GmbH); for example, the acceptance of customer funds despite the lack of the corresponding regulatory permission could be considered. Secondary claims (such as damages due to faulty investment) are generally not compensable.

How can I change my password?
 

In order to change your password, click on "Forgot password?" under the entry mask on the login page of our homepage.

In the Scalable App, this change can be made under "Profile" in the section "Password" by clicking on "Request link to change". After entering your e-mail address, you will receive a link via e-mail from us to change your password.

Why can’t I log in?
 

If you have made sure that the combination of your e-mail address and password is correct, but you are still unable to log in, please check if you are using the correct login form for your custodian bank. For technical reasons, we use separate entry forms for customers with clearing accounts at Baader Bank and ING Bank.

To switch between the login forms, click either "To ING login?" or "Not an ING customer?" on the login page. In the app, you have the option to enable or disable the ING login before opening the login page.

If your account does not hold any active portfolios, we will block it after a few months of inactivity for security reasons. A blocked account can be manually unlocked by our customer service. In this case or in case of technical problems, please contact our customer service at service@scalable.capital.

Why does a browser window open when logging in via the app?
 

For security reasons, we conduct the login process to your personal customer area via web browser. This guarantees a higher security standard when logging in and reduces the risk of falling victim to a phishing or fraud attempt.

The login to your Scalable client area is always done via a secure subdomain. Customers with a custody account at Baader Bank use secure.scalable.capital/login, customers with a custody account at ING can log in via ing-secure.scalable.capital/login.

How can I switch between my Baader Bank and ING portfolios?
 

Due to security reasons, we offer separate login forms for each custodian bank. This means you have to select the custodian bank for your account in the login process in order to successfully login. For customers with accounts at both Baader Bank and ING Bank, it is therefore necessary to log out and log in again using the login form of the other bank.

The function of switching between your Baader Bank and ING accounts within your personal customer area can therefore no longer be offered.

Why are deposits and withdrawals not protected with two-factor authentication?
 

Deposits and withdrawals are made exclusively via the reference account you have specified. Therefore, changing the reference account is a particularly sensitive process. This is only possible with two-factor authentication.

Can I access to my account at any time?
 

Yes, absolutely. You have full access to your account at all times. We don’t believe in just sending a monthly or quarterly report. We allow all of our clients to view their investments and how they are performing at any given time either online or in our app. You can sign in to see your portfolio breakdown, your past performance, and your recent transactions as well as all costs incurred.

Referral Program

Can I recommend the broker and/or the wealth management as part of a referral program?
 

Yes. As a broker and/or wealth management customer you can recommend both products to your friend(s) and receive a reward.

For a successful recommendation of our wealth management product you will receive 50 Euro, and for a successful recommendation of the broker you will receive 25 Euro as a thank you.

What is the Scalable Capital referral program?
 

If you are satisfied with our products, you have the opportunity to recommend to your friends via our app or website. As a thank you, you will receive a bonus of up to 50 Euro per successful recommendation.

For a successful recommendation of our wealth management product, you will receive 50 Euro. For the successful recommendation of the broker, you will receive 25 Euro.

How can I invite my friends?
 

Click on "Invite" in our app or online by logging in to your Scalable Capital account. There you will see your individual invitation link that you can share with your friends via email, SMS, WhatsApp, or other messenger services.

How and when will I receive my reward?
 

First, share the invitation link with your friends. After a friend has successfully opened a wealth management portfolio or brokerage account based on your link, you will receive your bonus. The bonus will be paid out in the following month after your friend's new wealth management portfolio or brokerage account has been successfully created.

The bonus will be paid to your clearing account.

Can I receive multiple rewards?
 

Yes. You will be credited with 50 euros or 25 euros for each friend who successfully opens an account based on your link.

For a successful recommendation of our wealth management product, you will receive 50 euros. For the successful recommendation of the broker, you will receive 25 euros.

Kündigung

Is the cancellation free of charge?
 

Cancellation is free of charge and possible at any time.

How can I cancel my Scalable Capital account?
 

Please log into your customer area and click on "Profile" in the menu bar. Under the item "Portfolios" you will find a list of your portfolios and the option to cancel it. If you are using our mobile app for Android or iOS, you will need to open the products in the "Profile" section.

Once we receive the cancellation request, we will instruct the sale of the securities in your portfolio within a reasonable time. Pending trades will be brought to settlement before then. Please note that even on trading days, same-day execution cannot be guaranteed.

As a client with a custody account at ING, you also have the option to terminate asset management only (keep securities). If you choose this option, ING will convert your Scalable account into a Direct account and your Scalable account into an Extra account. The securities will not be sold and will remain in the direct custody account. Your cash balance remains in the Extra account (after deduction of outstanding compensation claims).

In the event of termination, can I continue to hold my securities account with the custodian bank or have the ETFs transferred to a securities account at another bank?
 

In case of a termination of the wealth management with Scalable Capital and the managed securities account will be closed. However, a transfer of the securities / ETFs held at the time of termination to another custody account is possible.