ETF comparison

SPXS vs IUES

Invesco S&P 500 UCITS ETF Acc
IE00B3YCGJ38Invesco
iShares S&P 500 EUR Hedged UCITS ETF (Acc)
IE00B3ZW0K18iShares
Figures as of October 1, 2026 (SPXS) · October 1, 2026 (IUES)

The comparison in short

SPXS (Invesco S&P 500 UCITS ETF Acc, IE00B3YCGJ38) and IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) both track the S&P 500 index. SPXS has the lower total expense ratio (TER): 0.05% a year against 0.20% for IUES, 0.15 percentage points less, or about 15 a year on 10,000 invested. SPXS is the larger fund, with USD 58,979m in assets against EUR 9.0bn for IUES. SPXS replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured. In 2025, SPXS returned +17.8% and IUES +15.2%, a gap of 2.6 percentage points. Over 10 years, SPXS returned +15.2% a year and IUES +12.3% a year. Returns are in each share class's currency (USD and EUR), so part of the gap reflects exchange rates. SPXS and IUES both reinvest their income (accumulating share classes). IUES holds the index securities directly (physical replication), while SPXS replicates its index through a swap (synthetic). Both are domiciled in Ireland. SPXS 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

FigureSPXSIUES
ISINIE00B3YCGJ38IE00B3ZW0K18
Exchange tickersSPXS, P500, SPXPIUES, IUSE, IBCF
Fund houseInvescoiShares
Total expense ratio (TER)0.05%0.20%
Ongoing charges (KID)0.05%0.20%
Fund sizeUSD 58,979mEUR 9.0bn
Launch dateMay 20, 2010September 30, 2010
ReplicationSynthetic (swap)Physical
DomicileIrelandIreland
Distribution policyAccumulatingAccumulating
Share class currencyUSDEUR
Number of holdings—505
Risk indicator (SRRI)4 / 74 / 7
SFDR classificationArticle 6—
BenchmarkS&P 500 IndexS&P 500 Index, 100% EURHedged Net Return

Performance

Calendar-year returns

YearSPXSIUESDifference
2025+17.8%+15.2%+2.6
2024+24.9%+22.5%+2.4
2023+26.2%+22.4%+3.8
2022−18.2%−20.9%+2.7
2021+28.6%+27.0%+1.6
2020+18.3%+15.2%+3.1

Annualised returns

PeriodSPXSIUESDifference
1 year+15.4%+12.8%+2.6
3 years+22.8%+20.1%+2.7
5 years+13.5%+10.6%+2.9
10 years+15.2%+12.3%+2.9
Returns as published by each fund house, in each share class's currency and net of the fund's charges. The difference is in percentage points. Past performance does not predict future returns.

Holdings

SPXS replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured.

Top 10 holdings of SPXS

SPXS 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.
#HoldingWeight
1
NVIDIA ORD
8.10%
2
APPLE ORD
7.00%
3
MICROSOFT ORD
5.70%
4
AMAZON COM ORD
3.80%
5
ALPHABET CL A ORD
3.00%
6
BROADCOM ORD
2.70%
7
ALPHABET CL C ORD
2.40%
8
META PLATFORMS CL A ORD
1.90%
9
MICRON TECHNOLOGY ORD
1.60%
10
TESLA ORD
1.60%

Top 10 holdings of IUES

#HoldingWeight
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%
Compare every published holding of SPXS and IUES in the overlap checker

Sectors and countries

Largest sectors of SPXS

  1. Information technology36.7%
  2. Financials12.5%
  3. Communication services9.7%
  4. Consumer discretionary9.4%
  5. Health care9.1%
  6. Industrials8.8%
+ 4 more

Largest sectors of IUES

  1. Information Technology40.4%
  2. Financials11.4%
  3. Communication9.9%
  4. Health Care9.1%
  5. Consumer Discretionary8.7%
  6. Industrials8.2%
+ 4 more

Largest countries of SPXS

  1. United States99.8%
  2. Switzerland0.1%
  3. Netherlands0.1%

Largest countries of IUES

  1. United States100.3%

Frequently asked questions

What is the difference between SPXS and IUES?

SPXS (Invesco S&P 500 UCITS ETF Acc, IE00B3YCGJ38) and IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) both track the S&P 500 index. SPXS has the lower total expense ratio (TER): 0.05% a year against 0.20% for IUES, 0.15 percentage points less, or about 15 a year on 10,000 invested. SPXS and IUES both reinvest their income (accumulating share classes). IUES holds the index securities directly (physical replication), while SPXS replicates its index through a swap (synthetic). Both are domiciled in Ireland. The share class of SPXS is in USD, that of IUES in EUR. This is a factual comparison from the fund houses' documents, not investment advice.

Which is cheaper, SPXS or IUES?

SPXS has the lower total expense ratio (TER): 0.05% a year against 0.20% for IUES, 0.15 percentage points less, or about 15 a year on 10,000 invested. Their key information documents state ongoing charges of 0.05% for SPXS and 0.20% for IUES.

Which is bigger, SPXS or IUES?

SPXS is the larger fund, with USD 58,979m in assets against EUR 9.0bn for IUES.

Do SPXS and IUES hold the same companies?

SPXS replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured.

How did SPXS and IUES perform in 2025?

In 2025, SPXS returned +17.8% and IUES +15.2%, a gap of 2.6 percentage points. Over 10 years, SPXS returned +15.2% a year and IUES +12.3% a year. Over the past year, SPXS returned +15.4% and IUES +12.8%. Returns are in each share class's currency (USD and EUR), so part of the gap reflects exchange rates. Past performance does not predict future returns.

Are SPXS and IUES accumulating or distributing?

SPXS is accumulating: it reinvests its income in the fund. IUES is accumulating: it reinvests its income in the fund.

Go further

Other comparisons

Figures are read from the documents each fund house publishes (product page, factsheet, key information document, holdings file) and refreshed weekly. Names and tickers identify the products; FundFacts API is independent of every fund house and index provider. This comparison is factual information, not investment advice or a recommendation to buy or sell either fund.