CSPX and VUAA both charge 0.07% a year, both are Irish-domiciled, accumulating, physically replicated S&P 500 UCITS ETFs, and their returns differ by a basis point or two. Buy whichever your broker sells commission-free in your account currency. The only material gap is scale: CSPX (iShares Core S&P 500 UCITS ETF) held €132.6bn at the last justETF reading against VUAA’s €30.5bn, and it has run since 19 May 2010 against VUAA’s 14 May 2019 launch. That extra depth buys tighter spreads on six-figure orders and nothing at all on a €500 monthly savings plan. Below: fund size, securities lending, listings, tracking and the broker costs that actually decide it.
CSPX vs VUAA: the quick verdict
If you want the short version, here it is. CSPX is the incumbent: launched 19 May 2010, €132.6bn in assets, and about as liquid as UCITS equity funds get. VUAA is the challenger with a beloved brand: launched 14 May 2019 and €30.5bn today, roughly a quarter of CSPX’s size, but run by Vanguard, whose investor-owned structure and conservative lending policy many Europeans trust deeply. Both fund sizes are the justETF readings for IE00B5BMR087 and IE00BFMXXD54.
Pick CSPX if you value maximum scale, the longest track record and the tightest spreads for large orders. Pick VUAA if you already hold Vanguard funds, prefer its securities-lending approach, or simply get it cheaper at your broker. Long term, your returns will be nearly indistinguishable. Where both sit against the wider field is covered in my ranking of the best S&P 500 ETFs for European investors.
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Before the differences, it is worth being clear about how much is identical. Both funds track the S&P 500, a committee-selected, cap-weighted basket of roughly 500 large US companies. Both replicate it physically, holding the actual shares rather than a swap. Both are domiciled in Ireland, which cuts the withholding tax on US dividends from 30% to 15% under the US–Ireland treaty. Both accumulate, reinvesting dividends inside the fund automatically. And both charge a TER of around 0.07% — always confirm the live figure, as providers do reprice.
In other words, your market risk, your currency risk and your tax treatment are the same whichever you buy. A EUR-based investor holds a dollar-priced portfolio of US equities either way.
| Attribute | CSPX (iShares) | VUAA (Vanguard) |
|---|---|---|
| Full name | iShares Core S&P 500 UCITS ETF USD (Acc) | Vanguard S&P 500 UCITS ETF (Acc) |
| ISIN | IE00B5BMR087 | IE00BFMXXD54 |
| TER | ~0.07% | ~0.07% |
| Launched | May 2010 | 2019 |
| Fund size | Well over €100 billion | Much smaller, though still very large |
| Main listings | CSPX (LSE, USD); SXR8 (Xetra, EUR) | VUAA (LSE, USD); EUR lines on Xetra and Borsa Italiana; VUAG (LSE, GBP) |
| Securities lending | Yes — standard iShares programme | Yes — conservative, net revenue returned to the fund |
| Replication / distribution | Physical, accumulating | Physical, accumulating |
Figures are approximate and move over time. For the full single-fund breakdowns, see my CSPX factsheet and VUAA factsheet.
Rates referenced here follow our EU ETF tax dataset (2026), checked against official sources.
What is the difference between VUAA and CSPX?
Four things, and only four: fund size (€132.6bn against €30.5bn), securities-lending policy, which exchanges and currencies each is listed on, and a basis point or two of tracking difference. Index, domicile, replication method, accumulating structure and the 0.07% TER are identical. Nothing else about the two funds differs in a way that will change your outcome.
Fund size and age
This is the clearest gap. CSPX has been running since 19 May 2010 and has grown into one of Europe’s largest ETFs of any kind, at €132.6bn. VUAA launched on 14 May 2019 and, while it has gathered assets quickly, at €30.5bn it is about a quarter of CSPX’s size. Does that matter? For fund safety, barely — both are far beyond any plausible closure risk. Where scale earns its keep is liquidity: more assets and more daily volume generally mean tighter spreads, especially for large orders. For a €500 monthly purchase, the difference is pennies. For a six-figure lump sum, CSPX’s depth is a genuine, if modest, advantage.
Securities lending
Both funds lend out a portion of their holdings, but the philosophy differs. iShares runs a standard, well-collateralised lending programme across its range, and the revenue helps CSPX track its index tightly; BlackRock retains a share of that revenue as the lending agent. Vanguard lends more conservatively and has long stated that the net revenue goes back to the fund itself, reflecting its investor-owned structure. In practice, both approaches are collateralised and low-risk, and the performance impact is measured in fractions of a basis point. If lending genuinely bothers you, though, Vanguard’s policy is the more restrained of the two — check the current lending disclosures in each fund’s annual report, as policies evolve.
Listings and currencies
CSPX is the London Stock Exchange line, quoted in US dollars; the same fund trades on Xetra in euros under the ticker SXR8. VUAA also trades in USD on the LSE, with EUR lines on Xetra and Borsa Italiana and a GBP line (VUAG) in London. The trading currency changes nothing about your exposure — the underlying assets are dollar-priced US shares either way. What it does change is cost: if your broker charges currency-conversion fees for USD dealing, the EUR line on a German or Italian exchange is often the cheaper way in. Check which exchanges your broker covers and what each trade actually costs before deciding.
Tracking difference
Here the honest answer is: both are excellent. Thanks to the Irish withholding-tax advantage and lending revenue, both funds have historically tracked the S&P 500 more tightly than their headline TERs suggest — sometimes lagging the index by less than 0.07% a year. CSPX has fifteen years of demonstrated tracking; VUAA’s shorter history has been similarly tight. Year-to-year differences between them amount to a couple of basis points at most, and neither wins consistently. I would not choose between them on tracking alone, and I say that as someone who checks these numbers annually on justETF.
Is CSPX or VUAA cheaper to actually own?
Neither. At fund level it is a dead heat at 0.07%, so the entire cost difference is created by your broker. One 0.5% currency conversion on a EUR account buying the USD line costs more than seven years of TER, which is why the answer is simply “whichever one your broker sells commission-free in the currency your cash is already in”.
Since the TERs match, your real cost difference lives at the broker level. Three things dominate. First, dealing commissions: many European brokers include one of these funds in a commission-free list or savings plan but not the other, and that alone can outweigh every fund-level difference. Second, currency conversion: buying the USD line with a EUR account can cost 0.25–0.50% per trade at some brokers, dwarfing years of TER. Third, spreads: CSPX’s are usually a touch tighter, but on liquid exchanges both trade within a few basis points of fair value during normal hours.
My advice is to run your actual numbers — contribution size, frequency, commission, spread — through the ETF fee calculator. People consistently overestimate what one basis point of TER means and underestimate what a 0.5% conversion fee does to a monthly savings plan.
Who should pick CSPX
CSPX makes the most sense for investors deploying larger sums, where its deeper liquidity and tighter spreads shave real money off execution. It also suits anyone who values the longest possible track record — fifteen years of tight tracking through several market regimes is evidence, not marketing. German and Austrian investors who prefer the EUR-quoted Xetra line get the same fund as SXR8, often within their broker’s savings-plan universe. And if your broker offers CSPX or SXR8 commission-free but charges for VUAA, the decision is effectively made for you.
Who should pick VUAA
VUAA is the natural choice if you already hold Vanguard funds such as VWCE and want one issuer, one style of documentation and one philosophy across your portfolio. It suits investors who specifically prefer Vanguard’s conservative securities-lending stance and its investor-owned ownership model. It is also frequently the cheaper option in practice: several popular EU brokers include VUAA in commission-free savings plans. If that is true where you invest, the broker saving beats any fund-level nuance. Nothing about VUAA’s smaller size should worry a long-term holder — it is still a very large fund by any sensible standard.
My take
After eleven years of investing in UCITS ETFs, my view on CSPX vs VUAA is that this is a decision people agonise over far too long. I have run the comparison every way I know — tracking difference, spreads, lending revenue, total cost of ownership — and the realistic long-term gap is a rounding error next to the decisions that actually matter: how much you invest, how consistently, and whether you hold through the bad years. Choose whichever your broker offers cheapest, in the currency line that avoids conversion fees, and then stop thinking about it. I mean that sincerely. Both funds do exactly what they promise. The bigger question — whether a single-country US fund should be your core holding at all — deserves far more of your attention than the badge on the wrapper.
Common mistakes
The first mistake is buying the USD line through a broker that charges heavy conversion fees when a EUR line of the same fund sits one exchange away. The second is treating CSPX and SXR8 as different funds — they are one fund with two listings. The third is switching from one fund to the other to chase a basis point of TER or last year’s tracking difference; the switch costs (spread, commission, possibly capital gains tax) usually exceed a decade of the supposed saving. The fourth is assuming an S&P 500 tracker is a diversified global portfolio. It is a deliberate, concentrated bet on one country, and you should hold it knowingly.
Worth reading next: ucits etf taxation.
Key takeaways
- CSPX and VUAA track the same index, with the same Irish domicile, physical replication, accumulating structure and ~0.07% TER.
- CSPX is far larger and older, with the deepest liquidity in the UCITS S&P 500 market — an edge for big orders.
- VUAA offers the Vanguard brand and a conservative lending policy that returns net revenue to the fund.
- Both have historically tracked the index tighter than the headline TER; neither wins consistently.
- Broker costs — commissions, savings-plan availability and currency conversion — matter more than any fund-level difference.
- Buy the currency line that avoids conversion fees; CSPX’s EUR line on Xetra is SXR8.
CSPX vs VUAA: FAQ
Q: Is CSPX or VUAA better for long-term investors?
A: Neither, meaningfully. Same index, same domicile, near-identical fees and tracking. Pick the one your broker offers cheapest and hold it.
Q: Do CSPX and VUAA charge the same fee?
A: Both charge roughly 0.07% a year at the time of writing. Providers reprice occasionally, so confirm the live TER on the issuer factsheet before buying.
Q: Is VUAA too small compared with CSPX?
A: No. VUAA is much smaller than CSPX but still a very large fund with no plausible closure risk. CSPX’s extra scale mainly means tighter spreads on big trades.
Q: What is the difference between CSPX and SXR8?
A: They are the same iShares fund. CSPX is the LSE line quoted in USD; SXR8 is the Xetra line quoted in EUR. Your underlying exposure is identical.
Q: Does buying the EUR line remove currency risk?
A: No. The trading currency is only a label. Both funds hold dollar-priced US shares, so your USD exposure is the same whichever line you buy.
Q: Do CSPX and VUAA lend out their shares?
A: Yes, both engage in collateralised securities lending. iShares runs a standard programme; Vanguard lends conservatively and returns net revenue to the fund. The risk is small in both cases.
Q: Which has the better tracking difference?
A: Historically both have tracked the S&P 500 tighter than their TERs suggest, and the gap between them varies year to year by a basis point or two. There is no consistent winner.
Q: How do VUSA and these two funds relate?
A: VUSA is the distributing version of the same Vanguard fund that VUAA accumulates. My VUSA vs CSPX vs VUAA comparison works through all three side by side.
Q: Should I switch from one to the other?
A: Almost never. Switching costs — spreads, commissions and possibly capital gains tax — usually exceed decades of any fund-level saving. Switch only if your broker pricing changes materially.
Q: Are these funds enough on their own?
A: They are excellent US building blocks, but a pure S&P 500 fund is a single-country bet. Many investors pair one with global or ex-US exposure rather than holding it alone.
Q: What is the difference between VOO and CSPX?
A: VOO is US-domiciled. It publishes no PRIIPs KID, so EU brokers cannot sell it to retail clients at all, and US-situs holdings above $60,000 sit inside US estate tax for non-resident aliens. CSPX is the Irish-domiciled equivalent: same index, same 500 companies, and Ireland’s US tax treaty cuts the fund’s dividend withholding to 15% instead of 30%.
Q: Is VUAA the same as VOO?
A: No. Both track the S&P 500, but VOO is a US-domiciled Vanguard fund that pays its dividends out and is not available to EU retail investors. VUAA is the Irish-domiciled UCITS version that accumulates those dividends inside the fund.
Q: How does CSPX compare with SPYL?
A: SPYL, the State Street SPDR S&P 500 UCITS ETF (Acc), charges 0.03% against CSPX’s 0.07%, making it the cheapest S&P 500 UCITS ETF on the market. It only launched on 31 October 2023 and holds €16.1bn, so its spreads are wider; on a small monthly purchase the 4 basis points saved can be handed straight back on the spread.
Sources: the issuer product pages for CSPX and VUAA, and the justETF profiles for IE00B5BMR087 and IE00BFMXXD54, read 26 August 2026. TER and fund size change — check the factsheet before you buy.
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 →