VUAA vs Amundi Core S&P 500 Swap

The comparison in short

VUAA (Vanguard S&P 500 UCITS ETF (USD) Accumulating, IE00BFMXXD54) and Amundi Core S&P 500 Swap (Amundi Core S&P 500 Swap UCITS ETF Acc, LU1135865084) both track the S&P 500 index. Amundi Core S&P 500 Swap has the lower total expense ratio (TER): 0.05% a year against 0.07% for VUAA, 0.02 percentage points less, or about 2 a year on 10,000 invested. VUAA is the larger fund, with USD 89.0bn in assets against USD 19.4bn for Amundi Core S&P 500 Swap, about 4.6 times the size. VUAA reports 513 holdings and Amundi Core S&P 500 Swap 528. Amundi Core S&P 500 Swap replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured. In 2025, VUAA returned +17.6% and Amundi Core S&P 500 Swap +17.7%, a gap of 0.1 percentage points. Over 5 years, VUAA returned +13.5% a year and Amundi Core S&P 500 Swap +12.7% a year. VUAA and Amundi Core S&P 500 Swap both reinvest their income (accumulating share classes). VUAA holds the index securities directly (physical replication), while Amundi Core S&P 500 Swap replicates its index through a swap (synthetic). VUAA is domiciled in Ireland and Amundi Core S&P 500 Swap in Luxembourg. VUAA and Amundi Core S&P 500 Swap 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.