CSPX vs VUAA vs SPYL: Which S&P 500 UCITS ETF for Irish Investors?
Three Irish-domiciled funds, one index. They hold the same 500 US companies and are taxed identically here, so the honest answer is that the choice matters far less than the headlines suggest. Here's what actually differs, and how to pick without over-thinking it.
Not financial advice. The information on etf.ie is for educational purposes only and does not constitute financial, tax, or investment advice. ETF investing involves risk, including the possible loss of capital. Tax rules may change, so always verify current Revenue guidance and consult a qualified financial adviser or tax professional before making investment decisions.
If you've searched "CSPX vs VUAA" or "SPYL Ireland", you've probably found forum threads arguing over hundredths of a percent. Here's the thing worth saying up front: all three track the S&P 500, all three are Irish-domiciled accumulating UCITSETFs, and all three are subject to the exact same Irish tax. Their underlying holdings are, for practical purposes, the same 500 companies. The differences are at the wrapper level: fee, size, track record and listing currency, and they are small.
| Feature | CSPX | VUAA | SPYL |
|---|---|---|---|
| Provider | iShares (BlackRock) | Vanguard | SPDR (State Street) |
| ISIN | IE00B5BMR087 | IE00BFMXXD54 | IE000XZSV718 |
| TER (annual fee) | 0.07% | 0.07% | 0.03% |
| Distribution | Accumulating | Accumulating | Accumulating |
| Domicile | Ireland | Ireland | Ireland |
| Size / track record | Largest, longest-established | Large, growing | Newest, smallest |
| EUR listing ticker | SXR8 (Xetra) | VUAA (Xetra) | SPYL (Xetra) |
| Irish tax | 38% exit tax + 8-yr rule | Identical | Identical |
Fund fees and ISINs verified against the issuers on 6 September 2026. Fund sizes are directional, not exact, check the provider factsheet for current AUM. Always buy by ISIN, not ticker.
The three things that actually differ
1. Fee, SPYL is the cheapest, by a little
SPYL charges 0.03% a year; CSPX and VUAA both charge 0.07%. That 0.04% gap is about €4 a year per €10,000 invested. It compounds, but slowly, see the table below. Worth knowing: theheadline fee isn't the whole cost. A fund's real-world tracking difference, how far it drifts from the index after internal trading, securities-lending income and withholding-tax handling, can be larger than a 0.04% fee gap. A longer-established fund with a proven record of tight tracking can, in practice, close much of the on-paper fee advantage.
2. Size and track record, CSPX leads
CSPX (ISIN IE00B5BMR087) is the largest and longest-running of the three and the most widely listed across Irish-accessible brokers. Large size and age mean tighter bid-offer spreads, deep liquidity, and a low practical risk of the fund ever being closed and merged. VUAA (IE00BFMXXD54) is Vanguard's equivalent, large and growing, backed by the provider many index investors trust on principle. SPYL (IE000XZSV718) is the newest and smallest; nothing wrong with it, but it has a shorter record to point to.
3. Listing currency, a non-issue, but a common worry
You can buy each of these in EUR (e.g. SXR8, VUAA and SPYL on Xetra) or in USD on other listings. The listing currency does not change your currency risk. The fund holds US companies priced in dollars regardless of which currency you trade it in, buying the EUR line just saves you a broker FX conversion at purchase. If you fund your account in euro, buying the EUR listing avoids an FX fee; that's the only practical effect.
What the fee gap is worth over time
On a €50,000 investment at an assumed 7% gross annual return, here's the difference between the 0.03% fund (SPYL) and a 0.07% fund (CSPX / VUAA):
| Year | SPYL (0.03%) | CSPX / VUAA (0.07%) | Difference |
|---|---|---|---|
| 10 years | €98,090 | €97,720 | €370 |
| 20 years | €192,400 | €190,970 | €1,430 |
| 30 years | €377,400 | €373,200 | €4,200 |
Illustrative only, gross of exit tax, assuming a fixed 7% return and no further contributions. Real returns vary, and real-world tracking difference between the funds can be larger than this fee gap. Not a forecast.
The Irish tax point: it's the same for all three
This is the part US and UK comparisons leave out, and it's the most important thing to understand: your choice between CSPX, VUAA and SPYL has no effect on your Irish tax. All three are Irish-domiciled UCITS funds, so all three are taxed under the exit tax regime, a flat 38% on gains, with no annual CGT exemption and no offsetting of losses between funds, and all three are caught by the8-year deemed disposal rule.
So don't agonise over the fund choice for tax reasons, there's nothing to gain. The tax questions that actually move the needle (how deemed disposal works, how to file it) are covered in the Irish ETF tax guide and thedeemed disposal walkthrough.
Which one is on my broker (Revolut, Trading 212, DEGIRO)?
Availability differs by platform and changes over time, so the reliable move is tosearch by ISIN, not ticker, CSPX is IE00B5BMR087, VUAA is IE00BFMXXD54, SPYL is IE000XZSV718. CSPX tends to be the most widely listed of the three; VUAA and SPYL are common on the larger platforms. If your broker doesn't carry the one you wanted, the other two track the same index and are close substitutes, you are not missing out.
For which funds specific platforms carry, see theRevolut ETF guide for Irelandand the broker comparison, which breaks down cost per buy and FX by platform.
So which should you buy?
Reasonable default if you value the deepest liquidity and the longest track record, and you're relaxed about a 0.04% higher fee.
Sensible if you prefer Vanguard as a provider. Same fee and index as CSPX, the pick comes down to brand preference.
Fair choice if you want the lowest headline fee and are comfortable with a newer, smaller fund and its shorter record.
The honest conclusion: there is no dramatic winner here. All three hold the same index and are taxed identically in Ireland, and the fee gap is small enough that real-world tracking difference can swamp it. Pick the one your broker offers on the EUR listing, buy it by ISIN, and don't churn between them, switching later means crystallising a taxable event for a rounding-error saving.
Related guides
Frequently asked questions
What is the difference between CSPX, VUAA and SPYL?
All three are Irish-domiciled, accumulating UCITS ETFs that track the S&P 500 index, so their underlying holdings are effectively identical. The differences are at the wrapper level: SPYL (SPDR) has the lowest fee at 0.03% TER; CSPX (iShares) and VUAA (Vanguard) both charge 0.07%. CSPX is the largest and longest-established of the three, with the deepest liquidity; SPYL is the newest and smallest. For an Irish investor the tax treatment is identical across all three, 38% exit tax and the 8-year deemed disposal rule apply the same way regardless of which you pick.
Is SPYL better than CSPX because it is cheaper?
SPYL is cheaper on paper, 0.03% TER versus 0.07% for CSPX, a difference of 0.04% per year, roughly €4 per €10,000 invested. On a €50,000 holding over 30 years that compounds to a few thousand euro, which is real but small next to the total. However, headline TER is not the same as real-world cost: the actual tracking difference (how closely each fund follows the index after all internal costs) can be larger than the 0.04% fee gap, and CSPX has a longer record of tight tracking and deeper liquidity. SPYL being cheapest does not automatically make it the best choice for every investor.
Do CSPX, VUAA and SPYL pay dividends?
No, all three are accumulating share classes, meaning dividends from the underlying S&P 500 companies are reinvested inside the fund rather than paid out to you. This is generally the more convenient structure for Irish investors, because it avoids handling small cash distributions, though it does not change the tax position: gains are still taxed at 38% exit tax, and the 8-year deemed disposal rule still applies to accumulating funds.
Which S&P 500 ETF is available on my broker?
Availability varies by platform and changes over time, so always search by ISIN (CSPX IE00B5BMR087, VUAA IE00BFMXXD54, SPYL IE000XZSV718) rather than by ticker. CSPX is the most widely listed of the three across Irish-accessible brokers; SPYL and VUAA are common on the larger platforms. If a specific fund is not available on your broker, one of the other two tracks the same index and is a close substitute.
Not financial advice. The information on etf.ie is for educational purposes only and does not constitute financial, tax, or investment advice. ETF investing involves risk, including the possible loss of capital. Tax rules may change, so always verify current Revenue guidance and consult a qualified financial adviser or tax professional before making investment decisions.