CSPX ETF factsheet 2026: iShares Core S&P 500 explained

By Kestutis Balciunas·Published July 2026

This CSPX ETF factsheet 2026 covers the iShares Core S&P 500 UCITS ETF USD (Acc) — the heavyweight of the European S&P 500 market and one of the largest UCITS funds of any kind. CSPX is the London-listed USD line of the fund; SXR8 is the Xetra EUR line of the very same fund, and I will spell out that relationship properly below because it confuses more readers than almost anything else I write about.

If VUAA is the Vanguard loyalist’s S&P 500 fund and SPYL is the cost leader, CSPX is the incumbent. It launched back in 2010, it has gathered a fund size well north of €100 billion, and its liquidity is about as deep as UCITS equity funds get. That scale is genuinely useful. It is not, however, a reason to switch your brain off, so this guide also covers the honest drawbacks: newer rivals are cheaper, the London listing trades in dollars, and the S&P 500 remains a bet on one country.

CSPX ETF at a glance

Figures are approximate and move over time — verify current details on the official iShares factsheet or justETF before you buy.

Comparing the whole family? Start with our VWCE vs X: the all-world comparison hub.

What the CSPX ETF tracks

CSPX tracks the S&P 500, a market-capitalisation-weighted index of roughly 500 of the largest US-listed companies. Constituents are selected by a committee at S&P Dow Jones Indices, with size, liquidity and profitability hurdles — it is not a mechanical “biggest 500” list. iShares replicates the index physically and in full, meaning the fund actually holds all of the underlying shares rather than gaining exposure through a swap.

Because the index is cap-weighted, a handful of mega-cap technology names dominate it. At the time of writing, the largest positions are NVIDIA, Apple and Microsoft, and the technology sector alone accounts for well over a third of the fund. That concentration has powered the past decade of returns. It is also the single biggest risk in the fund, and it is exactly the same risk whether you buy CSPX, VUAA or SPYL — the holdings are essentially identical across all S&P 500 trackers.

One structural point worth knowing: the fund does engage in securities lending, as most iShares funds do. The revenue modestly offsets costs and helps tracking, at the price of a small, collateralised counterparty exposure. Reasonable people weigh that trade-off differently; I consider it a minor factor at this scale.

CSPX vs SXR8: same fund, two listings

Let me put this as plainly as I can, because the question fills my inbox. CSPX and SXR8 are not two funds. They are two exchange listings of one fund — the iShares Core S&P 500 UCITS ETF (Acc), ISIN IE00B5BMR087. CSPX is the London Stock Exchange line, quoted in US dollars. SXR8 is the Xetra line, quoted in euros. Buy either and you own units of exactly the same Irish-domiciled vehicle, with the same holdings, the same TER and the same accumulating structure.

The trading currency is a label, not an exposure. Whether your broker shows the position in dollars or euros, the underlying assets are US equities priced in USD, so your currency risk is identical either way. What does differ is practical: which exchange your broker offers cheaply, the spread on each line, and whether your broker charges currency-conversion fees to deal in USD. For a EUR-based investor whose broker converts expensively, the Xetra line often works out more convenient — I cover that angle, along with the near-identical performance of the two lines, in the separate SXR8 vs CSPX tracking comparison.

So when this page says “CSPX”, read it as shorthand for the fund itself. Everything here applies equally to SXR8 holders.

Costs, tax and tracking

The headline TER is around 0.07% a year — always confirm the live figure, as providers do reprice. That was aggressive when iShares cut it years ago; today it is merely competitive. On €100,000 invested, 0.07% is €70 a year, and the gap to the cheapest rival is roughly €40 a year at that size. Run your own numbers with the ETF fee calculator — I find people consistently overestimate what these basis points mean in cash.

The Irish domicile matters more than the TER. Ireland’s tax treaty with the United States cuts the withholding tax on US dividends flowing into the fund from 30% to 15%. For a portfolio that is 100% US equities, that saving compounds year after year, and it is the quiet reason Irish-domiciled S&P 500 ETFs dominate the European market. In practice, the withholding saving plus securities-lending revenue has historically allowed the fund to track its index very tightly — the realised tracking difference has often been smaller than the headline TER suggests.

The accumulating structure completes the picture. Dividends are reinvested inside the fund automatically, which in most European jurisdictions defers dividend tax until you sell and removes any reinvestment friction. Check your own country’s rules, though — a few tax notional accumulated income annually.

CSPX vs VUAA vs SPYL

The three physical S&P 500 UCITS funds most Europeans shortlist:

• CSPX (iShares): ~0.07%, the largest and most liquid, with a track record back to 2010. The incumbent.
• VUAA (Vanguard): ~0.07%, the Vanguard-brand equivalent, popular with investors who already hold VWCE or VHYL.
• SPYL (SPDR): ~0.03%, the cost leader, launched far more recently and still building scale. See the SPYL factsheet.

Here is the honest assessment. On cost alone, CSPX loses: SPYL undercuts it by roughly four basis points, and newer funds generally launch cheaper than the incumbents they chase. What CSPX offers in return is scale and liquidity — enormous fund size, tight spreads on multiple exchanges, and fifteen years of demonstrated tracking. For a large lump sum, or for anyone who values the deepest possible market in their core holding, that is worth something real. For a monthly savings plan measured in hundreds of euros, it is worth rather less, and the cheaper fund is a perfectly rational choice.

Between CSPX and VUAA there is even less daylight: same index, same domicile, near-identical fees. The decision usually comes down to issuer preference and which line your broker offers commission-free. The VUSA vs CSPX vs VUAA comparison works through that choice, and the best S&P 500 ETFs for European investors guide ranks the full shortlist, including the synthetic options.

Who the CSPX ETF suits

• Investors who prioritise scale and liquidity — the deepest S&P 500 UCITS market, useful for larger positions.
• Long-term accumulators — the accumulating structure defers dividend tax in most jurisdictions and compounds without friction.
• iShares-ecosystem investors — those already holding SWDA, EIMI or other Core-range funds who want one issuer.
• Deliberate US-tilt investors — people who have consciously decided the US should be their core equity exposure.

Who it suits less: pure cost-minimisers, who should look hard at SPYL, and anyone who assumed an S&P 500 tracker is “the diversified default”. It is not — it is one country, however dominant.

My take

I hold S&P 500 exposure myself and have done for the best part of a decade, so none of what follows is scepticism about the index. The CSPX ETF is, in my view, the safest pair of hands in the category: the fund is enormous, the tracking record is long and clean, and the Irish structure does its quiet tax work in the background. If someone told me they had bought it as their US core, I would have no notes on the instrument.

I would have notes on the allocation. A European buying CSPX takes on equity risk, single-country risk and dollar risk simultaneously, and the past decade’s US outperformance has trained people to treat that triple bet as the neutral choice. It is not neutral. My honest advice remains what it always is: hold an S&P 500 fund as a deliberate building block alongside broader exposure, not as the whole house — or choose an all-world fund and never have to be right about which country wins the next decade.

Common mistakes

• Thinking CSPX and SXR8 are different funds. They are two listings of one fund, ISIN IE00B5BMR087. Do not hold both expecting diversification.
• Believing the EUR line removes currency risk. The underlying is USD either way. The trading currency only changes conversion fees and convenience.
• Treating CSPX as “the diversified option.” It is 100% United States, heavily concentrated in mega-cap tech.
• Paying expensive USD conversion to buy the London line. If your broker charges heavily for currency conversion, the Xetra EUR line of the same fund may be cheaper to deal in.
• Switching funds over four basis points. Selling CSPX to buy SPYL can trigger taxes and dealing costs that dwarf years of the fee saving. The gap matters at purchase; it rarely justifies a taxable switch.

Key takeaways

• CSPX is the iShares Core S&P 500 UCITS ETF (Acc): ~500 US large-caps, physical, accumulating, Irish-domiciled, ~0.07% TER — confirm live figures before buying.
• CSPX (LSE, USD) and SXR8 (Xetra, EUR) are the same fund; pick the listing your broker trades most cheaply.
• The Irish domicile cuts US dividend withholding tax to 15%, and lending revenue has helped the fund track very tightly.
• SPYL is cheaper and VUAA is the Vanguard twin; CSPX’s edge is unmatched scale, liquidity and track record.
• It is a US building block, not a finished portfolio — hold it deliberately.

FAQ

Q: Is CSPX accumulating or distributing?
A: Accumulating. Dividends are reinvested inside the fund automatically. iShares’ distributing S&P 500 equivalent is a separate fund (IUSA); CSPX itself never pays cash dividends out.

Q: Are CSPX and SXR8 the same fund?
A: Yes — identical fund, ISIN IE00B5BMR087. CSPX is the London USD listing; SXR8 is the Xetra EUR listing. Holdings, TER and performance in like-for-like currency are the same.

Q: What is CSPX’s TER?
A: Around 0.07% a year. Providers adjust pricing, so confirm the current figure on the iShares factsheet or justETF before buying.

Q: Is CSPX physical or synthetic?
A: Physical, with full replication — the fund holds all ~500 index constituents directly. It does lend a portion of its securities, which modestly offsets costs.

Q: CSPX or SPYL?
A: SPYL is cheaper (~0.03% vs ~0.07%); CSPX is far larger, more liquid and longer-established. For new money in a savings plan, SPYL’s case is strong; for large positions where liquidity matters, CSPX’s case is strong. Both are excellent.

Q: CSPX or VUAA?
A: Near-identical: same index, same Irish domicile, similar ~0.07% TER, both physical and accumulating. Choose on issuer preference and whichever your broker offers cheaply.

Q: Should a EUR investor worry about CSPX trading in USD?
A: The listing currency does not change your underlying dollar exposure. It does change dealing costs — if your broker charges for USD conversion, consider the SXR8 EUR line of the same fund instead.

Q: Is CSPX currency-hedged?
A: No. Both CSPX and SXR8 are unhedged; you carry US-dollar exposure regardless of the line you buy. iShares offers separate hedged share classes under different tickers.

Q: Why is CSPX so large?
A: First-mover advantage and the iShares Core brand. It launched in 2010, cut fees early, and became the default institutional and retail S&P 500 vehicle in Europe — scale that now feeds on itself through liquidity.

Q: Should CSPX be my only fund?
A: Only if you deliberately want a 100% US large-cap portfolio. Most investors are better served pairing it with ex-US exposure or choosing an all-world fund as the core.

The bottom line

For a European investor in 2026: CSPX is the incumbent S&P 500 UCITS fund — physically replicated, accumulating, Irish-domiciled, roughly 0.07% a year, and one of the largest ETFs in Europe. Its scale, liquidity and long tracking record are the reasons to choose it; SPYL’s lower fee is the honest reason to look elsewhere. Remember that CSPX and SXR8 are one fund with two listings, buy whichever line your broker deals most cheaply, and treat the whole position as a deliberate US building block rather than a finished portfolio.

Cited sources: justETF and Morningstar. Check current TER, AUM and holdings on the issuer factsheet — figures change.

How much does domicile actually cost? Model the US dividend withholding drag of an Irish versus a Luxembourg fund with the free withholding tax and domicile calculator.

Kestutis Balciunas
European UCITS/ETF investor with 11+ years building a global dividend and index portfolio, and founder of Financial Expert Class. I write every guide here from first-hand experience investing across EU brokers and tax regimes — not theory. More about me →