S&P 500 ETFs: the full comparison
53 UCITS share classes tracking the S&P 500 in our census, €749.1 bn in combined assets. For each: TER and KID-declared transaction costs, 12-month tracking difference, replication, income policy and Italian taxation — all from official issuer documents, re-read monthly. No rankings: the numbers, fund by fund.
The S&P 500 gathers about 500 large US-listed companies, weighted by float-adjusted capitalisation. UCITS ETFs benchmark the Net Total Return version (dividends reinvested net of withholding): the correct yardstick — and below you’ll see why the TER alone doesn’t tell the story.
Physical or swap: what the numbers say
On the S&P 500 issuers fight over hundredths of TER (from 0.03% up), but the cost that matters is the gap to the index. Much of the difference between the two replication methods comes from US dividends: Irish physical funds face a 15% treaty withholding, swap structures can receive the gross index return. Tracking difference — positive = above the index — puts everything on the same yardstick: it’s on every fund page, year by year. Past performance is not indicative of future results.
| Fund | Replication | Income | TER | KID costs | 12-month TD | Assets |
|---|---|---|---|---|---|---|
| iShares Core S&P 500 UCITS ETF CSPX · IE00B5BMR087 | Physical | Acc. | 0.07% | 0.00% | +0.14% | 133.4 bn |
| Vanguard S&P 500 UCITS ETF (USD) Distributing VUSA · IE00B3XXRP09 | Physical | Dist. | 0.07% | 0.00% | +0.14% | 74.8 bn |
| Vanguard S&P 500 UCITS ETF (USD) Accumulating VUAA · IE00BFMXXD54 | Physical | Acc. | 0.07% | 0.00% | +0.14% | 74.8 bn |
| Invesco S&P 500 UCITS ETF Acc SPXS · IE00B3YCGJ38 | Swap | Acc. | 0.05% | 0.07% | +0.29% | 50.7 bn |
| Invesco S&P 500 UCITS ETF Dist SPXD · IE00BYML9W36 | Swap | Dist. | 0.05% | 0.07% | +0.27% | 50.7 bn |
| Invesco S&P 500 UCITS ETF EUR Hdg Acc E500 · IE00BRKWGL70 · hedged EUR | Swap | Acc. | 0.05% | 0.40% | -0.10% | 43.6 bn |
| State Street® SPDR® S&P® 500 UCITS ETF (Acc) SPYL · IE000XZSV718 | Physical | Acc. | 0.03% | 0.00% | +0.17% | 37.6 bn |
| State Street® SPDR® S&P® 500 UCITS ETF (Dist) SPY5 · IE00B6YX5C33 | Physical | Dist. | 0.03% | 0.00% | +0.17% | 37.6 bn |
| State Street® SPDR® S&P® 500 GBP Hdg UCITS ETF (Dist) SPPG · IE00BYYW2S15 · hedged GBP | Physical | Dist. | 0.05% | 0.01% | — | 37.6 bn |
| State Street® SPDR® S&P® 500 EUR Hdg UCITS ETF (Acc) SPXE · IE00BYYW2V44 · hedged EUR | Physical | Acc. | 0.05% | 0.00% | +0.11% | 37.6 bn |
| Invesco S&P 500 UCITS ETF GBP Hdg Acc SML2 · IE00BKX8G916 · hedged GBP | Swap | Acc. | 0.05% | 0.30% | +0.01% | 37.4 bn |
| iShares Core S&P 500 UCITS ETF USD (Dist) IUSA · IE0031442068 | Physical | Dist. | 0.07% | 0.00% | +0.14% | 19.8 bn |
| Amundi Core S&P 500 Swap UCITS ETF Acc SP5C · LU1135865084 | Swap | Acc. | 0.05% | 0.00% | — | 15.9 bn |
| iShares S&P 500 Swap UCITS ETF I500 · IE00BMTX1Y45 | Swap | Acc. | 0.05% | 0.00% | +0.31% | 13.1 bn |
| iShares S&P 500 EUR Hedged UCITS ETF (Acc) IUSE · IE00B3ZW0K18 · hedged EUR | Physical | Acc. | 0.20% | 0.01% | +0.03% | 8.9 bn |
| Xtrackers S P 500 Swap UCITS ETF 1c LU0490618542 | Swap | Acc. | 0.15% | 0.00% | +0.18% | 8.3 bn |
| Xtrackers S P 500 Swap UCITS ETF 1d LU2009147757 | Swap | Dist. | 0.07% | 0.00% | +0.27% | 8.3 bn |
| Xtrackers S P 500 Swap UCITS ETF 5c Eur Hedged LU2196472984 · hedged EUR | Swap | Acc. | 0.20% | 0.00% | — | 8.3 bn |
| Xtrackers S P 500 Swap Ii UCITS ETF 1d IE000FO05UG4 | Swap | Dist. | 0.04% | 0.00% | +0.30% | 5 bn |
| Xtrackers S P 500 Swap Ii UCITS ETF 1c IE000HY30YW6 | Swap | Acc. | 0.04% | 0.00% | +0.30% | 5 bn |
| Amundi Core S&P 500 Swap UCITS ETF USD Dist 6TVM · LU0496786657 | Swap | Dist. | 0.05% | 0.00% | +0.30% | 4.6 bn |
| Xtrackers S P 500 UCITS ETF 4c IE000Z9SJA06 | Physical | Acc. | 0.03% | 0.10% | +0.15% | 3.5 bn |
| Xtrackers S P 500 UCITS ETF 3c Chf Hedged IE00B8KMSQ34 · hedged CHF | Physical | Acc. | 0.05% | 0.10% | — | 3.5 bn |
| Xtrackers S P 500 UCITS ETF 1c Eur Hedged IE00BM67HW99 · hedged EUR | Physical | Acc. | 0.05% | 0.10% | — | 3.5 bn |
| Amundi S&P 500 Swap UCITS ETF USD Acc 10AP · LU1681049018 | Swap | Acc. | 0.15% | 0.00% | +0.18% | 3.3 bn |
Want all 53 S&P 500 classes?
The ETF Screener lists them all — including EUR-hedged and distributing classes — with filters for total cost, KID risk, securities lending, listing exchange and a 12-month chart. Every row links to the fund page with year-by-year tracking difference.
Open the Screener on the S&P 500 →Frequently asked questions
Accumulating or distributing?
Accumulating classes reinvest dividends in the fund; distributing classes pay them out periodically. In Italy distributed dividends are taxed at 26% when received, while accumulation defers taxation to the sale: for the same fund, the share class determines when you pay taxes, not what the index returns.
Physical or synthetic replication: what actually changes?
Physical replication buys the 500 stocks; synthetic gets the return through a swap. On US dividends the difference is measurable: Irish-domiciled physical funds face a 15% withholding tax on US dividends, while swap structures can receive the gross index return. That is why tracking difference — not the TER — is the number to watch: you find it year by year on every fund page.
What does “NTR” next to the index name mean?
S&P 500 Net Total Return: the index with dividends reinvested net of treaty withholding. It is the correct benchmark for a UCITS fund; comparing an ETF against the Price Index (no dividends) or Gross Total Return (gross dividends) produces gaps that have nothing to do with the manager.
Is the currency-hedged class (EUR Hedged) worth it?
Hedged classes neutralise EUR/USD at the cost of the hedge (the rate differential plus fees, visible in the tracking difference). We record facts, not recommendations: the choice depends on the role currency plays in your portfolio. The data to compare both variants is on the fund pages.
How are they taxed in Italy?
For Italian tax residents they are equity funds: capital gains and dividends at 26%, with no white-list share (they cannot hold government bonds). Taxed elsewhere? Check the rules of your country of tax residence. Details on each fund’s taxation page.
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