ETF Portfolio with European ETFs for 2024
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While Swiss investors can invest in US ETFs, some people are forced to use the inferior European ETFs. For instance, users of DEGIRO and several other brokers cannot use US ETFs. Therefore, they must know how to build a portfolio with European ETFs.
You can also use mutual funds. It is almost identical to an Exchange Traded Fund (ETF). However, an ETF is much more flexible to invest in Europe. The main problem is that European ETFs are inferior to U.S. ETFs in many ways, as we will see in detail. Unfortunately, we may not have the choice to use them. The alternative of not investing at all would be much worse!
In this article, we go through the multiple steps of designing a new portfolio. First, you must decide the allocation of the different parts of the portfolio. Then, you need to choose between different stock market indices. Finally, you need to select the best ETF for each index. I believe it is an excellent exercise. However, it is not trivial and should not be taken lightly.
European ETFs
European ETFs only have disadvantages compared to U.S. ETFs.
First, European ETFs often have higher fees. The TER of European funds is almost always higher than U.S. funds. It is quite sad. For instance, Vanguard Total World ETF (VT) in the U.S. has a TER of 0.09%. Their European equivalent Vanguard FTSE All-World ETF, has a TER of 0.25%. This TER is almost three times more expensive. In some cases, you will find European ETFs with reasonable fees. But this will not be possible most of the time.
Not only are their fees higher, but trading European ETFs is more costly than trading U.S. ETFs. With all the brokers I know, trading European ETFs is more expensive than trading U.S. ETFs. On Interactive Brokers, I can trade a U.S. ETF for less than 50 cents. But it cost me at least ten times more to trade a Swiss ETF. That is pretty terrible!
Another problem is that European ETFs are much smaller than their U.S. equivalent. A smaller fund means a larger bid/ask spread. It also means lower liquidity due to the lower trading volume. There is also a small risk that a fund that is too small gets closed. And finally, a fund that is too small cannot replicate the index as well as a bigger fund.
One big problem many people do not consider is the difference in dividend taxes for many European investors. I did not research all the European countries. But this is true for Swiss investors. You should check if the same applies to you in your country. If you invest in U.S. funds, 30% of the dividends will be taxed.
However, you can reclaim 15% of the taxes via a W-8BEN form. And some brokers, such as Interactive Brokers, will do that for you directly. And you can also account for the remaining 15% in your tax declaration. If you use Swiss funds, you will be taxed at 35% of the dividends. And there will not be a way to get it back! It is more important than the TER of the fund!
If you only have access to European ETFs, the best is to use funds based in Ireland. In that case, you can reclaim 15% of the dividends. But you cannot reclaim the 15% withheld by the U.S. taxes.
If you want more details, I have an entire article about U.S. ETFs.
An example of an ETF Portfolio
For reference, here is a simple ETF portfolio I used in the past:
- 20% Swiss Stocks: iShares Core SPI ETF (CHSPI): A TER of 0.10%.
- 10% U.S. Stocks: Vanguard S&P 500 ETF (VOO): A TER of 0.04%. This fund has about 103 billion CHF.
- 70% World Stocks: Vanguard Total World ETF (VT): A TER of 0.09%. This fund has about 12.71 billion CHF of Assets Under Management (AUM).
The average TER of this portfolio is 0.087%. It may not be perfect, but I like this portfolio.
If we did not have access to U.S. funds, we would need to find two new funds for the U.S. stocks and the World Stocks. For this exercise, we will keep the same portfolio. There is no need to choose different stock market indexes. However, for each index, we need to choose a fund that follows it.
S&P 500 ETF
We should start by replacing the S&P 500 ETF with a European ETF. There are quite a few options available to us (you can search on justETF, for instance). There are three options that I would consider for this ETF:
- Invesco S&P 500 UCITS ETF: A TER of 0.05% and AUM of 4.5B
- iShares Core S&P 500 UCITS ETF: A TER of 0.07% and AUM of 8B.
- Vanguard S&P 500 UCITS ETF: A TER of 0.07% and AUM of 22B.
Given these choices, I would take the Vanguard fund. On the one hand, it has a slightly higher TER than Invesco. But it is five times bigger. And I like Vanguard Philosophy.
European ETF Portfolio with Total World ETF
For the world ETF, there are two indices that we can consider: The MSCI World Index and the FTSE All-World Index. Here are some interesting European ETFs following these two indexes:
- HSBC MSCI World UCITS ETF: A TER of 0.15% and 1.6B of assets.
- Invesco MSCI World UCITS ETF: A TER of 0.19% and 711M of assets.
- Vanguard FTSE All-World UCITS ETF: A TER of 0.22% and AUM of 3.5B.
- iShares MSCI World UCITS ETF (Dist): A TER of 0.50% and 5B of assets.
Honestly, I do not like any of these options. The first two funds are too small, and the last two are too expensive. European options for World ETF are pretty weak. But that is the way it is. If I had to choose, I would take the HSBC fund. But to be honest, the Vanguard is also interesting, although a little expensive.
I try to only invest in distributing funds. It has several advantages when you are retiring. However, considering investing in accumulating funds, you can consider the iShares MSCI World UCITS ETF (Acc). It has a TER of 0.20% and a considerable AUM of 17B dollars. This iShares ETF is a good fund if you want to invest in accumulating funds. It is still more expensive than the HSBC fund. But it is much larger.
That would give an updated portfolio with 0.129% TER. The difference is not so bad, but it is still a significant increase of about 30% in fees. And the quality of the ETFs is quite inferior. And, of course, we would lose 15% of the U.S. dividends.
Breaking down the world ETF
Since the European ETFs for world indices are not great, we can try to replicate the performance of the World index by using several ETFs. Here is the composition of the Vanguard World ETF (VT):
- North America: 58.40%
- Europe: 18.60%
- Pacific: 13.30%
- Emerging Markets: 9.40%
- Middle East: 0.20%
- Other: 0.10%
We can safely ignore the last two regions and still have a good representation of the entire market. If I were to replicate the performance of the world ETF, I would use the following percentages:
- United States: 60%
- Europe: 15%
- Pacific: 15%
- Emerging Markets: 10%
But the World ETF is only 70% of my portfolio. If we take this into account, I think I would go with:
- Swiss Stocks: 20%
- U.S. Stocks: 50%
- Pacific Stocks: 10%
- Europe Stocks: 10%
- Emerging Markets Stocks: 10%
You could also go 5% of Emerging Markets or even nothing. But that would probably be too much optimization already.
Now that we have our new allocation, we must find European ETFs for these regions. We already have an ETF for the first two regions. We need one for the three remaining regions: the Pacific, Europe, and Emerging Markets.
Note that this is meant as an exercise. I do not recommend going with a complicated portfolio. Having fewer funds makes it simple to invest.
Pacific ETF
We can start with stocks from the Pacific region.
A few indices cover the Pacific. What is interesting is that Japan is out of these indices. Since the big collapse of the Japanese market around 1986, it has been excluded from many indices. I can live without the Japanese stock market in my portfolio. If you cannot, you can use a Japan index as well as a Pacific index. Therefore, we can go with the MSCI Pacific ex-Japan index.
There are a few European ETFs option for this index:
- iShares Core MSCI Pacific ex-Japan UCITS ETF (Acc): A TER of 0.20% and 1.6B of managed assets.
- UBS ETF (LU) MSCI Pacific (ex-Japan) UCITS ETF (USD) A-dis: A TER of 0.30% and 175 million CHF managed.
- HSBC MSCI Pacific ex Japan UCITS ETF USD: A TER of 0.40% and 36 million AUM.
Once again, the choice is not great. Usually, I would take a fund that distributes dividends instead of accumulating them. But here, I would not pay the premium. Moreover, the last two funds are too small. And the last one is too expensive. So, I would personally go with the iShares fund for my 10% Pacific stocks.
Europe ETF
Now, we need a European ETF for the European region.
Quite a few indices cover this region. The first index we can look at is the FTSE Developed Europe index. Another one is the MSCI Europe index. Both these indexes only cover large-cap and mid-cap companies. A very popular index is the STOXX Europe 600 (or Euro Stoxx 600). It is a bit special since it contains 200 large-cap companies, 200 mid-cap companies, and 200 small-cap companies. I think it is an interesting index as well.
There are other indexes, for instance, the MSCI EMU. But in my opinion, the indices mentioned before are the best representatives of European companies’ performance. Here are the best European ETFs we can find with these indexes:
- iShares Core MSCI Europe UCITS ETF: 5.1B of AUM and a TER of 0.12%.
- Vanguard FTSE Developed Europe UCITS ETF: 1.8B of AUM and a TER of 0.12%
- Xtrackers MSCI EMU Index UCITS ETF 1D: 2.4B of AUM and a TER of 0.12%.
- Amundi STOXX Europe 600 UCITS ETF: 435M of AUM and a TER of 0.18%.
- Invesco MSCI Europe UCITS ETF: 529M of assets and a TER of 0.19%
- Invesco STOXX Europe 600 UCITS ETF: 279M of assets and a TER of 0.19%.
Given these choices, I would go with the iShares Core ETF. It is large enough, and the TER is quite good. Moreover, I prefer the MSCI Europe index to the FTSE Developed Europe index. But again, these are personal reasons. You can choose another ETF or another index!
Emerging Markets ETF
The last ETF we must choose is an ETF for the Emerging Markets.
There are two leading indices for these markets: The MSCI Emerging Markets and the FTSE Emerging Markets. I do not have a preference for one or the other.
Here are the best European ETFs for these two indices:
- iShares MSCI Emerging Markets UCITS ETF (Dist): 2.3B CHF of AUM and a TER of 0.18%
- Amundi MSCI Emerging Markets UCITS ETF (Acc): 3.8B CHF of AUM and a TER of 0.20%.
- Xtrackers MSCI Emerging Markets UCITS ETF 1C (Acc): 1B of assets and a TER of 0.20%.
- UBS ETF (LU) MSCI Emerging Markets UCITS ETF (Dist): 1.3B and a TER of 0.23%.
- Vanguard FTSE Emerging Markets UCITS ETF (Dist): 1.8B CHF of AUM and a TER of 0.25%.
- HSBC MSCI Emerging Markets UCITS ETF USD: 2.5B CHF of assets and a TER of 0.40%.
In this case, I would go with the iShares MSCI Emerging Markets UCITS ETF. It is a distributing ETF with a large size and a low TER.
European ETF Portfolio with multiple ETFs
Finally, we are done! We have chosen a portfolio, chosen the stock market indices, and chosen the ETFs. Here is the final portfolio:
- Swiss Stocks: 20%: iShares Core SPI ETF (CHSPI): TER of 0.10%.
- U.S. Stocks: 50%: Vanguard S&P 500 UCITS ETF: TER of 0.07%.
- Pacific Stocks: 10%: iShares Core MSCI Pacific ex-Japan UCITS ETF (Acc): TER of 0.20%.
- Europe Stocks: 10%: iShares Core MSCI Europe UCITS ETF: TER of 0.12%.
- Emerging Markets Stocks: 10%: iShares Emerging Markets UCITS ETF (Dist): TER of 0.18%.
This portfolio gives us a global TER of 0.105% for the entire portfolio. This portfolio is only slightly better than the version with the world ETF. It only has 0.024% fewer fees. And instead of merely having three funds, you have five funds.
This portfolio is not better than the portfolio with the world ETF. But if you want to minimize fees, this is the way to go. And I believe that these funds are a bit better together than the HSBC world fund. But it is up to you to decide if you prefer lower fees or a simpler portfolio.
Conclusion
As you can see, it is not an easy thing to design an entire ETF portfolio from scratch. First, you must decide the allocation of the different regions or even investing instruments (bonds and stocks, for instance). Then, you need to find the stock market index for each asset you want to invest in. Finally, you will need to find the best ETF for each index.
And this exercise gets more complicated when you are limited to using European ETFs. As we saw before, these European ETFs are inferior to U.S. ETFs.
Ultimately, we end up with a portfolio with inferior funds with a 30% fee increase. And this is not counting the significantly higher trading fees. Finally, we will pay much more taxes on the dividends since we cannot reclaim the U.S. dividends anymore. Overall, we are probably looking at twice the fees of the original portfolio.
If you still have access to US ETFs, I am not recommending you use European ETFs. This article is meant for people that do not have access to US ETFs.
If we lose access to US ETFs, should we stop investing? No! Investing with European ETFs is much better than not investing at all. And it is not that bad. Even in Switzerland, some people prefer investing with European ETFs. It is not optimal, but it works!
What would your portfolio look like without U.S. funds? Would you do it differently?
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„If you use European funds, you will be taxed at 35% of the dividends. And there will not be a way to get it back!“
Could you elaborate on this claim? Can’t quite follow. I thought that…
1. Some countries do not levy withholding on companies (dividend) distributions to shareholders (among them ETFs), some don‘t. The United Kingdom, for instance, does not levy withholding tax on such distributions. Other countries, but (notably) the U.S.-Irish double taxation treaty should provide for a reduced rate of 15% on dividends.
2. The biggest share of European ETFs funds is held by funds domiciled in Ireland – a country that should not levy no withholding tax on ETF distributions to non-resident personal investors (persons living in Switzerland). Same should be true for Luxembourg, being another important ETF domicile.
Other countries might apply withholding tax on distributions – but you can claim these back for many countries with form DA-1 – same as for U.S. funds.
3. Finally, for Swiss securities and funds, distributions might be subject 35% Swiss withholding tax (Verrechnungssteuer) – which you can claim back with your Swiss return.
Now, everything above is just from my knowledge and understanding. There might indeed be some withholding tax that you can’t (at all or not efficiently) claim back, especially on the level of distributing stock to fund. But I can‘t see in which case it would be 35%. Should be much less, in most cases (notably, the Irish ETF would receive U.S. dividends less 15% withholding tax, which U.S. based funds might not be subject to).
But it‘s not like the U.S. based fund (ETF) would be free from those taxes in every case. Depending on a country‘s withholding tax regime, and agreements with the U.S., the U.S. based ETF might just as well be subject on distributions from its stock investments in third-party countries that it (or the holder of ETF shares) cannot claim back.
Hi San Francisco,
Yes, I will elaborate. It was pretty clear in my head when I wrote this but I have to admit that what I wrote is not clear :S I will improve this section of the article once I get some time. Thanks for pointing that out.
I was talking only about dividends that are issued by U.S. securities. As you mentioned, other countries are also doing it. However, the U.S. is more than half of the world stock market. So even if you invest in all the world, half of your dividends are going to come from U.S. securities and 15% are going to get taken out these dividends. It’s pretty big!
The withholding is done at the assets level and therefore is withheld regardless of the fund domicile. If the fund is in Europe, the U.S. government will still take 15% of the dividends before it arrives at the fund.
The big difference is that you only reclaim these U.S. withholding if the fund is in the U.S. If the fund is in Ireland, you cannot reclaim it.
Of course, this only applies to U.S. securities. If you have a U.S. fund with European securities, it’s a whole another story.
The 35% is if you use Swiss Funds, which is actually the worst case! I should have mentioned other cases. You will 0% irrecoverable withholding in the U.S. but 15% irrecoverable in Ireland.
Does that make more sense now?
Thank you for this article. Since DeGiro has changed their Vanguard offerings this helped me a lot to recreate a worldwide and balanced portfolio.
Hi Kawagoepanda,
You are welcome! I am really glad this is helpful!
Let me know if you have extra questions!
Thanks for stopping by :)
I was hoping the comparison would include a summary or real returns (not nominal) of some of the popular funds described. I think taxes and fees are very important and impact return but so does performance.
I am not into shares at all, but I am planning to diversify in the future and i like your analytical comparisons and writing very much.
I found the understanding tax impact of gains and dividends is not easy and depending on your circumstances it gets messy real quick. Your comments and detail she’d some light on potential impact and what to rewatch out for before making a decision.
Keep up the great work!
Financial Gladiator
Hi Financial Gladiator (Cool name!),
That’s a good point. Normally, the returns of the funds should only be tied to the index performance and the fees. However, the size of the fund can also play a role since not all funds will have all the shares of the index. I will try to add more information once I revise this blog post.
Yes, the tax impact of gains and dividends is very complicated. There are so many details that are important. I think it should really be simplified. But in the meantime, we have to do everything we can to optimize that.
Thanks for stopping by :)
Hi Mr. Poor Swiss,
What do you think about Lyxor Core STOXX Europe 600 (DR)?
It has a TER of 0.07%, almost 1B assets under management and I think that it is also distributed.
Nice post and thanks for sharing your journey through the complex world of investment, it has helped mine as well.
Hi Pedro,
You’re welcome! I am glad this is useful!
It is a good ETF for Europe coverage. It has a good size and a very good price. However, it seems it is only available in accumulating ETF (here). Its name ends with Acc which is short for Accumulating.
If you find the Distributing version then it’s great!
Thanks for stopping by :)
NIce article about the ETC choices.
Regarding the tax system in Germany – you may have heard the saying , that 75% of all the tax literature in the world is coming from Germany :)
But for dividends it is not that complicated (at least on first sight).
We pay the 25% tax (Quellensteuer) on dividends as well as on capital gains. On top of that a liitle bit Soli (Solidaritätszuschlag – the Berlin Wall fell 1989, but come on there´s still work to do, so why kill such a nice tax :)
And depending on, if you are a registered believer, there comes the tax for church (Kirchensteuer)
So bottom line we are somewhere in the region of ~27% tax.
For many countries like the US there are anti-double tax treaties in place, so that taxes already paid there will be more or less subtracted from the tax burden in your home country.
Where it is getting really complicated is the new ” preemptive strike” taxation on investment funds. Brussels idea was to “simplify” the different taxation on acc & dist funds and as a sidekick kill some of their most unwanted constructions ( “tax evasion millionaires funds). What they came up with is the so called MIFIDII monster. I heard the regulation is worth 40.000 pages :)
Bottom line for the small investor: Not much will change, but the bureaucrats may come up with more crap to fill out and they may force owners of investment funds to pay ahead (yes AHEAD) for possible and typical yields that are simulated via a complicated formula. for different classes of investment funds.
In the end it is not much to worry about , since the typical amounts can be considered “peanuts”, but it is just another nonsense they come up with.
By the way ” peanuts”, to quote a famous banker form Deutsche Bank. Isn´t there a DB XTracker for the MSCI World, which has low cost (maybe swapped though) ?
Hi Senior Crow,
I never heard the saying no :P
Yeah, 1989 is still so close ;) 27% tax does not seem so bad, but it seems the overall system is very complicated indeed.
Yes, there is an XTrackers ETF for MSCI World. In fact, there are two (one acc, one dist) with 0.19% TER. I didn’t include the distributing one because it is a sampling one. But I should have included it for better comparison! Or at least mention it! I will do that in the next update of the article. Thanks for pointing that out!
Thanks a lot for sharing all these details! It’s very interesting!
The foreign withholding tax ratio is not presented in the fact sheet or KID. This tax is like a hidden fee and unpleasantly high.
I tried to find how large the foreign withholding tax ratio is for VT and the numbers are from the annual report. Dividend after the withholding tax is taken is 379.901 million, foreign withholding tax is 22.221M, withholding ratio is 5.52%. Annual reports are at https://personal.vanguard.com/us/litfulfillment/ELFReports?categoryCd=PRRP&subcategoryCd=ETRP&view=default
The European cousin is Vanguard FTSE All-World UCITS ETF VWRL or VRRD. The indexes are not the same and this is perhaps comparing apples and oranges. On annual report page 59 the dividend income before withholding is 43,044,701 and foreign withholding tax is 5,268,891. Their ratio is 12.2%. Annual report from: https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-all-world-ucits-etf-usd-distributing
Hi Finn,
Yeah, they do not talk about this very openly.
I never saw these reports, this is very interesting! 12.2% sure is a large number!
Thanks for sharing that!
Nice post, I agree with you.
I am in a similar situation, and I have chosen similar ETFs that distribute dividends (for simplicity, because I am tax resident in Germany).
One comment: I have chosen Vanguard Developed Asia Pacific ex Japan. It is small (about 350 million EUR), but it distributes dividends. It is available in EUR, GBP, and I am sure CHF as well.
Thank you for the analysis.
Hi willy,
How is the tax system for ETF in Germany? Do you also have tax withholding on the dividends?
Yeah, Vanguard Dev Asia Pacific ex-Japan is also an excellent choice! I tried to focus on a few simple ETFs, but there are many more valid combinations available.
Thanks for stopping by :)
I’m also curious about taxes in Germany. I prefer acc ETFs over dist but never did research from tax perspective.
Hi Mr. The Poor Swiss,
Thank you for sharing your ideas.
You mentioned “I personally try to only invest in distributing funds. This is more efficient for tax reasons.”
Could you please explain the reasons behind that?
Hi Aleksei,
I should have explained that better :P
There are three reasons for preferring distributing over accumulating funds:
For all these reasons, I try to only invest in distributing ETFs, especially for my big allocation.
I hope this clarifies :)
Hi Mr. The Poor Swiss,
Thanks a lot for your clarification.
I am now thinking about the two distributing ETFs for the Europe region you mentioned:
1) iShares Core MSCI Europe UCITS ETF: 5.1B of AUM and a TER of 0.12%. (https://www.justetf.com/ch-en/etf-profile.html?isin=IE00B1YZSC51)
2) Vanguard FTSE Developed Europe UCITS ETF: 1.8B of AUM and a TER of 0.12% (https://www.justetf.com/ch-en/etf-profile.html?isin=IE00B945VV12)
I agree that iShares is the largest fund in this area, but while comparing the two I’ve found another difference – replication. The first has Physical (Optimized sampling), but the second has Physical (Full replication). Does it make a big difference? I also noticed that currency of both funds is EUR, not USD. I guess it is worth noting because you are looking for replacement of Vanguard Total World Stock ETF which is in USD.
Hi Aleksei,
These are two good funds!
For the EUR currency, I think it’s good. It’s an ETF about Europe and the currency in Europe is EUR. So it makes sense to trade it in EUR.
For the replication, thanks for pointing that out! I didn’t notice it myself. It makes a small difference. The Vanguard funds has 606 shares while the ishares one has only 439 shares. If we compare the performance, the Vanguard performed slightly better over time than the ishares one, but it is a very little difference. And the Vanguard fund has 3.6% dividend yield while the ishares ETF only has 3%.
Given the full replication, I would go with Vanguard fund here!
Thanks for pointing that out!
Hi Mr. The Poor Swiss,
I am thinking now about Vanguard FTSE Developed Europe UCITS ETF.
In IB WebTrader if you search for isin=IE00B945VV12 you will get several results:
1) VANG FTSE EUR EURD (ETF), VEUR, AEB, 30.37, EUR
2) VANG FTSE EUR EURD (ETF), VEUR, EBS, 34.50, CHF
3) VANG FTSE EUR EURD (ETF), VEUD, LSE, 34.08, USD
4) VANG FTSE EUR EURD (ETF), VEUR, LSE, 26.19, GBP
5) VANG FTSE EUR EURD (ETF), VEUDN, MEXI, 0.0000, MXN
The last column shows currency, but what does this currency mean in all these cases?
According to this page https://www.justetf.com/ch-en/etf-profile.html?isin=IE00B945VV12 the fund currency is EUR, but looking at these results I see CHF, USD, GBP.
Maybe they are all about the same fund – just allow investors to buy the same ETF for different currencies? In this case why are there 3 different symbols: VEUR, VEUD and VEUDN?
And what is the best way to buy this ETF: convert CHF to EUR and buy the first ETF in the result or buy the second ETF without any exchange?
Any idea?
Hi Aleksei,
If you look on your justetf link under the Listing Tab, you will also find some of these listings. The same fund can be listed on different exchanges and with different currencies. If it is listed twice on the same exchange with a different currency, it needs a different ticker for each currency.
As you said, this fund is held in EUR by Vanguard. However, you can trade it in other currencies. All these listings are exactly the same fund indeed! This only means that the money will be directly converted into the target when you buy the fund. Although, I do not know if there are fees and I do not know if the currency exchange will be done at a good rate. I expect fees at least. And the fees will also occur when you sell your shares.
I believe that the best way to do it is to convert CHF to EUR and buy the first ETF. IB has good currency exchanges fees and I would trust it more to do the conversion myself and then buy the fund in the correct currency. I think this will save you some money on fees. That’s what I am doing with my funds at least.
Does that help?
You are right.
I have misses some parts of your post.
Please accept my apologies.
You have skipped the cheapest ETFs and most important ETFs for Europe imvestors, and it is clear that your preparation was bad.
For MSCI World ETF you have skipped most popular and biggest ETF IWDA TER:0.2%
iShares Core MSCI World UCITS ETF
There is also new listed SPDR MSCI World UCITS ETF,TER:0.12%
For Emerging Markets you have skipped
most popular ETF EIMI
iShares Core MSCI EM IMI UCITS ETF TER:0.18%
For Europe you have done same thing, you have skipped cheapest ETFs
This has nothing to do with bad preparation.
The iShares ETFs you mentioned are accumulating and as I mentioned, I prefer distributing funds.
And all my research is based on justetf and on availability in my two brokers. As of this time, the SPDR fund is still not available on either of them.
So next time you comment, you can take a little more time to consider what you are commenting on.