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Vanguard S&P 500 UCITS ETF (USD) AccumulatingIndex, costs, backtest, listings and taxation

ISIN: IE00BFMXXD54Ticker: VUAAIssuer: Vanguard
Issuer-declared data
Declared index
TER
0.07%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
74.8 bn EUR
Domicile
Ireland
Inception date
14 May 2019
Data as declared by Vanguard in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Vanguard S&P 500 UCITS ETF (USD) Accumulating tracks the issuer-declared index: S&P 500 Index. The declared annual cost (TER) is 0.07%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is sampled physical replication (the KID declares buying a representative sample of constituents); income is accumulated and reinvested in the fund. The fund has assets of about 74.8 billion euro, was launched on 14 May 2019 and is domiciled in Ireland. In our registry 5 other ETFs declare the same index.

The fund’s objective — in the issuer’s words

The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the Standard and Poor's 500 Index (the “Index”). The Index is comprised of large-sized company stocks in the US. The Fund attempts to: 1. Track the performance of the Index by investing through physical acquisition in all, or substantially all, of the constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses. The Fund invests in securities which are denominated in currencies other than the base currency. Movements in currency exchange rates can affect the return of investments. The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly, due to various factors such as expenses to be paid by the Fund and regulatory constraints. Details of these factors and the anticipated tracking error of the Fund are set out in the Prospectus. Information on the Fund's portfolio can be found at https://www.ie.vanguard/products. The Indicative Net Asset Value for the Fund is calculated throughout the trading day and is published on Bloomberg or Reuters. The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. ETF Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in the Prospectus). ETF Shares are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants may only buy or sell ETF Shares through a company that is a member of a relevant stock exchange at any time when that stock exchange is open for business. A list of the days on which shares in the Fund cannot be bought or sold is available on: https://fund-docs.vanguard.com/holiday-calendar-vanguard-funds-plcETFs.pdf Income from the ETF Shares will be reinvested and reflected in the price of shares in the ETF. VF is an umbrella Fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately under Irish law from holdings of other sub-funds of VF and your investment in the Fund will not be affected by any claims against any other sub-fund of VF.

Keep reading the KID section ▾

Intended retail investor:The Fund is available to a wide range of investors seeking access to a portfolio managed in accordance with a specific investment objective and policy. The VF depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. You can obtain copies of the Prospectus and the latest annual and semiannual report and accounts for Vanguard Funds plc (“VF”) along with the latest published prices of shares and other practical information, from VF c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at https://global.vanguard.com. Information on the Fund's portfolio disclosure policy and publication of the iNAV can be obtained at https://global.vanguard.com/portal/site/portal/ucits-documentation. The documents are available in English and are free of charge.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.07%: below the median of equity ETFs we track (0.22%).
  • Assets larger than 99% of equity ETFs we track.
  • Average tracking difference over the last 3 years: +0.19% p.a., against a declared TER of 0.07%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from May 2019 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+196.4%
Annualised
+16.0%
Volatility (ann.)
19.7%
Max drawdown
-33.80%
-22%+36%+94%+152%+210%May 2019Mar 2021Jan 2023Nov 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+196%May 2019Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-10%-20%-30%-40%-50%2019202120232025−33.80% · 23 Mar 2020
Max drawdown
-33.80%
peak → trough
Trough
23 Mar 2020
from the 19 Feb 2020 peak
Recovery time
140 days
recovery only: trough to break-even · ≈ 5 months
Underwater
173 days
decline + recovery: peak to break-even · ≈ 6 months · → recovered on 10 Aug 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202023 Mar 2020-33.80%10 Aug 2020173
04 Jan 202212 Oct 2022-24.62%13 Dec 2023708
19 Feb 202508 Apr 2025-18.78%26 Jun 2025127
02 Sept 202023 Sept 2020-9.54%11 Nov 202070
27 Jan 202630 Mar 2026-8.93%14 Apr 202677

Calendar-year returns

2019
15.2%
2020
18.0%
2021
28.4%
2022
-18.3%
2023
25.9%
2024
24.7%
2025
17.6%
2026
12.7%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.4-0.8-5.010.55.2-1.0-0.12.7-0.212.7
20252.8-1.3-5.7-0.76.35.12.22.03.62.30.20.017.6
20241.75.33.2-4.14.93.61.22.42.1-0.95.8-2.424.7
20236.3-2.53.61.50.46.63.2-1.6-4.8-2.19.14.525.9
2022-5.2-3.03.7-8.70.2-8.39.2-4.1-9.28.15.6-5.8-18.3
2021-1.02.74.45.30.72.32.43.0-4.77.0-0.74.528.4
2020-0.1-8.3-12.412.84.72.05.67.2-3.8-2.710.93.818.0
20197.01.4-1.61.82.13.63.015.2
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: Vanguard. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 5 of the last 5 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.19% /anno
Declared TER
0.07%
YearFundIndexDifference
2025+17.58%+17.43%+0.15%
2024+24.68%+24.50%+0.18%
2023+25.91%+25.67%+0.24%
2022-18.35%-18.51%+0.17%
2021+28.36%+28.16%+0.20%
Monthly index series (issuer-declared): the yearly TD compounds the 12 months. Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)12.59%15.76%17.77%20.30%
Max drawdown-7.49%-22.75%-22.75%-33.70%
Sharpe1.390.890.620.71
Sortino2.041.280.881.01
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
515
Top-10 weight
37.6%

Top 10 holdings

NVIDIA Corp · NVDA
7.54%
Apple Inc · AAPL
7.04%
Microsoft Corp · MSFT
5.35%
Amazon.com Inc · AMZN
4.12%
Alphabet Inc · GOOGL
3.24%
Broadcom Inc · AVGO
2.86%
Alphabet Inc · GOOG
2.61%
Meta Platforms Inc · META
1.90%
JPMorgan Chase & Co · JPM
1.46%
Berkshire Hathaway Inc · BRK/B
1.45%

Sectors

Information Technology
36.6%
Financials
12.5%
Communication Services
9.9%
Consumer Discretionary
9.4%
Health Care
9.1%
Industrials
8.7%
Consumer Staples
4.7%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 100%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States100%
Download the full portfolio — Excel, 515 rows
Full portfolio declared by Vanguard, as of 31 July 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Index tracked

S&P 500 Index
This fund belongs to the S&P 500 family: compare all census ETFs in this family →

ETFs declaring the same index

FundTERIncomeFund size
I500 · iShares · 5 classes
0.05%Acc. · Dist.13.1 mld EUR
CSPX · iShares · 4 classes
0.07%Dist. · Acc.133.4 mld EUR
VUSA · Vanguard
0.07%Dist.74.8 mld EUR
IUSA · iShares
0.07%Dist.19.8 mld EUR
INCI · iShares · 3 classesactive
0.35%Dist. · Acc.6 mln EUR
6 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
not applicable
Equity fund per the issuer-declared asset class: it cannot hold «white list» government bonds, so capital gains are taxed at the full 26% Italian rate. That is why the issuer publishes no semi-annual certificate.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00BFMXXD54
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)VUAA14 Jan 2020
Börse DüsseldorfVUAA13 Feb 2020
Börse FrankfurtVUAA4 Feb 2020
Börse HamburgVUAA19 Feb 2020
Börse HannoverVUAA9 Dec 2024
Börse München / gettexVUAA20 Feb 2020
Börse StuttgartVUAA12 Feb 2021
Tradegate ExchangeVUAA1 Apr 2020
Xetra (Deutsche Börse)VUAA4 Feb 2020
+ 18 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Vanguard S&P 500 UCITS ETF (USD) Accumulating track?
The issuer Vanguard declares the benchmark: S&P 500 Index.
How much does VUAA cost?
The issuer-declared TER is 0.07% per year; the transaction costs estimated in the KID are 0.00%.
What is the fund size of VUAA?
The fund size declared by Vanguard is about 74.8 billion euro.
When was VUAA launched?
The fund was launched on 14 May 2019: it has 7 years of history.
How does VUAA replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Fisica - campionamento (dal KID)”).
Does VUAA pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating Income”).
Where does VUAA trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (VUAA), Börse Düsseldorf (VUAA), Börse Frankfurt (VUAA), Börse Hamburg (VUAA), Börse Hannover (VUAA), Börse München / gettex (VUAA).
What was VUAA's worst fall?
Over the available history (since 2019), the maximum drawdown was -33.80%, reached in March 2020. Past performance is not indicative of future results.
What is VUAA's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.19% per year versus its index (from issuer-declared series).
How many securities does VUAA hold?
The declared portfolio holds 515 securities; the top 10 positions weigh 37.6%.
Transparency note
The data in this sheet is declared by Vanguard in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.