I am a permanent resident in Italy and I'm starting to make a long term investment of monthly fixed purchases (10+ years) in Vanguard S&P 500 UCITS ETF USD Acc (IE00BFMXXD54).

I am using a broker and bank in the Netherlands.

When I search on their platform I get the following results, which I'm assuming is the same fund/index on different exchanges:


There are others in different currencies, but I'm also assuming its best to invest in the EUR listings.

Is there any real difference or consideration I should make between these? My initial reaction is that I'm based in Italy so it would make sense to use MIL.

Any insights would be helpful.

1 Answer 1


According to the factsheet of Vanguard S&P 500 UCITS ETF (Accumulating), there are four official listings of the ETF:

Stock exchange Currency Ticker
London Stock Exchange USD VUAG
London Stock Exchange EUR VUAA
Deutsche Börse EUR VUAA
Borsa Italiana S.p.A. EUR VUAA

Which one you choose will depend on the following considerations:

  • Which stock exchange does your stock broker support?
  • Which currency is most convenient for you? If you have EUR or have income in EUR, then you may choose to buy in EUR, so that you would not have to convert your money into USD. This will save you the currency conversion fees.
  • Which one would result in the lowest stock brokerage commissions? This varies by stock brokerage, and by stock exchange.

There may be other country-specific considerations (e.g. tax), but the ones above are reasonably universal.

Another possible consideration is your familiarity with the jurisdiction's tax and securities regulations, and your ability to keep track of changes (e.g. through news articles, or through conversations with other people). For example, I am more familiar with UK regulations, and I can read English better than other European languages. Therefore, I often choose London Stock Exchange listings.

I have previously answered a similar question about the purchase of Vanguard S&P 500 ETF (NYSE Arca: VOO, US9229083632) by a US non-resident alien: From which Stock Exchange should I buy ETFs?

  • thanks so much for the detailed answer. The first 2 points are fairly evident to my case so answer themselves. So a follow up query would be how would I find the commissions for those EUR exchanges? Commented Nov 3, 2022 at 8:05
  • 1
    @alexmcfarlane You should ask your stock broker about that, since they are the one collecting the fees.
    – Flux
    Commented Nov 3, 2022 at 8:09

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