The S&P 500 is the best-known stock index in the world: 500 of the largest US companies. European investors cannot buy US-listed ETFs such as VOO or SPY, but several Irish-domiciled S&P 500 UCITS ETFs track exactly the same index at very low cost.
In short
- The three most popular S&P 500 UCITS ETFs are CSPX (iShares), VUAA (Vanguard) and SPYL (SPDR).
- They hold the same 500 companies; the main differences are cost, size and listing.
- An S&P 500 fund invests only in the US. For a globally diversified core, an all-world ETF is usually the better starting point.
The main S&P 500 UCITS ETFs
| ETF | Provider | ISIN | Yearly cost (TER) | Notes |
|---|---|---|---|---|
| CSPX (SXR8 on Xetra) | iShares | IE00B5BMR087 | 0.07% | The largest and longest-established |
| VUAA | Vanguard | IE00BFMXXD54 | 0.07% | Large and widely available |
| SPYL | SPDR | IE000XZSV718 | 0.03% | Cheapest of the three, newest and smallest |
All three reinvest dividends (accumulating), use physical replication and have their domicile in Ireland. Figures come from issuer data, as compiled in September 2026 by etf.ie; always confirm on the provider’s factsheet before buying. Each provider also offers a distributing version if you prefer to receive dividends.
How to choose between them
- Cost: SPYL is the cheapest. On €20,000, the 0.04 percentage point difference with CSPX is about €8 a year.
- Size and trading: CSPX is the largest, which usually means tighter bid-ask spreads. For monthly savers, all three trade efficiently.
- Availability: check which one your broker offers in a free savings plan and in your currency. Search by ISIN, because tickers differ between exchanges.
- Tracking: look at the tracking difference over several years, not just the TER.
In practice, any of the three is a sound choice. The difference between them will matter far less than how long you stay invested.
What about synthetic S&P 500 ETFs?
Some providers, such as Invesco, offer synthetic S&P 500 ETFs. Instead of owning the shares directly, the fund receives the index return through a swap agreement with banks. Because of how US tax rules treat these swaps, synthetic funds can avoid the 15% withholding tax on US dividends that physical Irish funds pay, which can give them a small return advantage.
The trade-off is counterparty risk: you rely on the swap providers. UCITS rules limit this exposure and require collateral, so the risk is small but not zero. Many long-term investors are comfortable with either structure.
Should the S&P 500 be your only ETF?
The S&P 500 has delivered strong returns, and US companies make up roughly two-thirds of the world stock market. But buying only the S&P 500 means:
- No exposure to the rest of the world: the fund leaves out Europe, Japan and emerging markets.
- Currency risk: the fund holds US-dollar assets, so the euro-dollar exchange rate affects your return.
- Concentration: a handful of large technology companies make up a big share of the index.
Past leadership is not a guarantee: there have been long periods, such as the 2000s, when US stocks lagged the rest of the world. For a core holding, many investors prefer an all-world ETF and add the S&P 500 only as a deliberate tilt. Compare options in the best all-world ETFs.
Tax notes
All three funds are Irish-domiciled, so they pay 15% withholding on US dividends inside the fund and do not expose non-US investors to US estate tax. See US estate tax for non-US investors. Your tax on gains depends on where you live: see how ETFs are taxed in Europe.
Sources
This article is for educational purposes only and is not financial advice. Past performance does not guarantee future results.