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US Bias

Betting on the United States

IntermediateLong termTOB 0.12%

Concentrated exposure to the 500 largest US companies via the S&P 500. One of the best performing indices historically, with a very low TER. High geographical concentration.

Key facts

TOB0.12%on purchase and sale
Weighted average TER0.07%annual management fees
Securities (~)~500companies worldwide
Historical return~11.5% / yr2005–2025
Reynders taxNot applicable
DividendsAuto-reinvested

Includes a favourable USD/EUR currency effect over this period. Past performance is not indicative of future results

Portfolio composition

CSPX100%Acc.

iShares Core S&P 500 UCITS ETF (Acc)

ISIN: IE00B5BMR087

TER 0.07%View on justETF↗

Average yearly return

Index · EUR · gross · past performance
1 yr
+7.9%
3 yrs
+15.7%
5 yrs
+14.0%
10 yrs
+13.9%

Source: S&P 500 Index (EUR, total return). Annualized returns to end-2025, EUR, gross of Belgian taxes (TOB, précompte mobilier, CGT) and ETF fees (TER). Past performance does not guarantee future results.

Why this strategy?

  • 1TER among the lowest on the market: at 0.07%/year, CSPX (iShares Core S&P 500) is one of the cheapest ETFs available in Europe — that is €7 annual fees per €10,000 invested.
  • 20.12% TOB and accumulating fund: dividends automatically reinvested, reduced TOB on purchase and sale.
  • 3The S&P 500: 500 of the largest companies listed in the US, representing about 80% of total US market capitalisation. The index delivered ~11.5%/year between 2005 and 2025.
  • 4Deliberate concentration: this strategy is an explicit bet on the dominance of US companies — technology, finance, healthcare. It carries a USD/EUR currency risk and geographical concentration risk.

Alternatives & comparisons

VUAA

Vanguard S&P 500 UCITS ETF (USD) Accumulating

TER 0.07%TOB 0.12%Acc.
IE00BFMXXD54↗

Advantages

  • +Identical TER (0.07%)
  • +Reputable Vanguard brand known for stability
  • +Same S&P 500 index
  • +Good liquidity

Disadvantages

  • −Lower AUM than CSPX (~€31bn vs ~€135bn)
Verdict : Equivalent alternative to CSPX — the choice between the two depends on your broker and transaction fees.
SXR8

iShares Core S&P 500 UCITS ETF EUR (Acc)

TER 0.07%TOB 0.12%Acc.
IE00B5BMR087↗

Advantages

  • +Same fund as CSPX, denominated in EUR
  • +Same TER (0.07%)
  • +Very liquid on Xetra

Disadvantages

  • −EUR listing — value still reflects USD/EUR fluctuations
  • −Slightly less liquid than CSPX on some brokers
Verdict : Identical to CSPX in practice — choose based on your broker's preferred listing (USD on LSE vs EUR on Xetra).
IWDA

iShares Core MSCI World UCITS ETF Acc

TER 0.20%TOB 0.12%Acc.
IE00B4L5Y983↗

Advantages

  • +Global diversification (23 countries)
  • +Reduces US concentration to ~70%

Disadvantages

  • −Higher TER (0.20%)
  • −Historical return lower than S&P 500 over 20 years (but more stable)
Verdict : If you want to reduce US geographical concentration risk while maintaining global exposure to developed markets.

Tax disclaimer

0.12% TOB on purchase and sale. 10% capital gains tax on annual net gains exceeding the €10,000 exemption — only the excess above this threshold is taxed at 10%. The unused portion of the exemption can be carried forward (maximum €1,000 per year over 5 years), allowing to reach an exemption ceiling of €15,000 in a given year. Accumulating funds: no annual withholding tax on automatically reinvested dividends. Rates used are indicative — past performance does not guarantee future results.
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