L8IP vs IUES
FR0011871128AmundiIE00B3ZW0K18iSharesThe comparison in short
L8IP (Amundi PEA S&P 500 UCITS ETF Acc, FR0011871128) and IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) both track the S&P 500 index. L8IP has the lower total expense ratio (TER): 0.12% a year against 0.20% for IUES, 0.08 percentage points less, or about 8 a year on 10,000 invested. IUES is the larger fund, with EUR 9.0bn in assets against EUR 1.5bn for L8IP, about 6 times the size. L8IP reports 62 holdings and IUES 505. L8IP replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured. In 2025, L8IP returned +3.4% and IUES +15.2%, a gap of 11.8 percentage points. Over 10 years, L8IP returned +14.9% a year and IUES +12.3% a year. L8IP and IUES both reinvest their income (accumulating share classes). IUES holds the index securities directly (physical replication), while L8IP replicates its index through a swap (synthetic). L8IP is domiciled in France and IUES in Ireland. L8IP and IUES both carry a risk indicator (SRRI) of 4 on the 1–7 scale. This is a factual comparison from the fund houses' documents, not investment advice.
Side by side
| Figure | L8IP | IUES |
|---|---|---|
| ISIN | FR0011871128 | IE00B3ZW0K18 |
| Exchange tickers | L8IP, PSP5 | IUES, IUSE, IBCF |
| Fund house | Amundi | iShares |
| Total expense ratio (TER) | 0.12% | 0.20% |
| Ongoing charges (KID) | 0.12% | 0.20% |
| Fund size | EUR 1.5bn | EUR 9.0bn |
| Launch date | May 20, 2014 | September 30, 2010 |
| Replication | Synthetic (swap) | Physical |
| Domicile | France | Ireland |
| Distribution policy | Accumulating | Accumulating |
| Share class currency | EUR | EUR |
| Number of holdings | 62 | 505 |
| Risk indicator (SRRI) | 4 / 7 | 4 / 7 |
| Benchmark | S&P 500 Net Total Return Index | S&P 500 Index, 100% EURHedged Net Return |
Performance
Calendar-year returns
| Year | L8IP | IUES | Difference |
|---|---|---|---|
| 2025 | +3.4% | +15.2% | −11.8 |
| 2024 | +32.8% | +22.5% | +10.3 |
| 2023 | +21.7% | +22.4% | −0.7 |
| 2022 | −13.0% | −20.9% | +7.9 |
| 2021 | +38.2% | +27.0% | +11.2 |
| 2020 | +8.6% | +15.2% | −6.6 |
Annualised returns
| Period | L8IP | IUES | Difference |
|---|---|---|---|
| 1 year | +19.2% | +12.8% | +6.4 |
| 3 years | +19.6% | +20.1% | −0.5 |
| 5 years | +13.8% | +10.6% | +3.2 |
| 10 years | +14.9% | +12.3% | +2.6 |
Holdings
L8IP replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured.
Top 10 holdings of L8IP
L8IP replicates its index through a swap: the securities it publishes are the collateral basket behind the swap, not the index, so they are not compared.| # | Holding | Weight |
|---|---|---|
| 1 | RWE AG | 8.91% |
| 2 | SIEMENS ENERGY AG | 8.33% |
| 3 | ASML HOLDING NV | 6.30% |
| 4 | INFINEON TECHNOLOGIES AG | 4.59% |
| 5 | EURONEXT NV PARIS | 4.49% |
| 6 | BAYER AG-REG | 4.17% |
| 7 | ING GROEP NV | 3.98% |
| 8 | DEUTSCHE TELEKOM NAMEN (XETRA) | 3.88% |
| 9 | TE CONNECTIVITY PLC | 3.79% |
| 10 | ACCENTURE PLC -A | 3.55% |
Top 10 holdings of IUES
| # | Holding | Weight |
|---|---|---|
| 1 | NVIDIA | 8.47% |
| 2 | APPLE | 7.31% |
| 3 | MICROSOFT | 5.78% |
| 4 | AMAZON.COM INC | 3.70% |
| 5 | ALPHABET CLASS A | 3.01% |
| 6 | BROADCOM INC | 2.48% |
| 7 | META PLATFORMS CLASS A | 2.43% |
| 8 | ALPHABET CLASS C | 2.41% |
| 9 | MICRON TECHNOLOGY | 1.88% |
| 10 | ADVANCED MICRO DEVICES | 1.52% |
Sectors and countries
Largest sectors of L8IP
- 39.7%
- 11.4%
- 10.0%
- 9.3%
- 8.6%
- 8.1%
Largest sectors of IUES
- 40.4%
- 11.4%
- 9.9%
- 9.1%
- 8.7%
- 8.2%
Largest countries of L8IP
- 100.0%
Largest countries of IUES
- 100.3%
Frequently asked questions
What is the difference between L8IP and IUES?
L8IP (Amundi PEA S&P 500 UCITS ETF Acc, FR0011871128) and IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) both track the S&P 500 index. L8IP has the lower total expense ratio (TER): 0.12% a year against 0.20% for IUES, 0.08 percentage points less, or about 8 a year on 10,000 invested. L8IP and IUES both reinvest their income (accumulating share classes). IUES holds the index securities directly (physical replication), while L8IP replicates its index through a swap (synthetic). L8IP is domiciled in France and IUES in Ireland. This is a factual comparison from the fund houses' documents, not investment advice.Which is cheaper, L8IP or IUES?
L8IP has the lower total expense ratio (TER): 0.12% a year against 0.20% for IUES, 0.08 percentage points less, or about 8 a year on 10,000 invested. Their key information documents state ongoing charges of 0.12% for L8IP and 0.20% for IUES.Which is bigger, L8IP or IUES?
IUES is the larger fund, with EUR 9.0bn in assets against EUR 1.5bn for L8IP, about 6 times the size.Do L8IP and IUES hold the same companies?
L8IP replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured.How did L8IP and IUES perform in 2025?
In 2025, L8IP returned +3.4% and IUES +15.2%, a gap of 11.8 percentage points. Over 10 years, L8IP returned +14.9% a year and IUES +12.3% a year. Over the past year, L8IP returned +19.2% and IUES +12.8%. Past performance does not predict future returns.Are L8IP and IUES accumulating or distributing?
L8IP is accumulating: it reinvests its income in the fund. IUES is accumulating: it reinvests its income in the fund.Go further
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