It seems to me Vanguards Life strategy (VLS is so popular here in the UK. I try to understand the reason for this!!!
Currency: You get it both funds in the UK priced on the same currency on many platforms e.g., GBP. So, transferring between the two how often you want to will cost you nothing in term of currency exchange fee.
Investment Charges: VLS are more expensive
Life Strategy 100% Equity Fund – Accumulation, OCF 0.22%
S&P 500 UCITS ETF Distributing (VUSA), OCF:0.07%
Since the last five years (or even more) S&P have outperformed VLS (I attach the graph for comparison). I believe this is due to Weighting on Mega caps and high growth technologies stocks on S&P 500.
VLS100% equity is a more secure as it is more geographically diversified than S&P 500.
But arguably many companies on S&P 500 is actually also global companies as they operate in many countries and their revenues come from many countries around the world.
Imo five years, (or might be ten years?) is enough to conclude which one is performing better. Of course, bear in mind that the past performance is not a good indicator for future performance.
if you want to switch from one fund to another, you will have to close your position and open a new one and/or add it to the existing fund fund, but as I understand it, there is no fees to switch fund within the Vanguards Investor Platform (?)
I have not investigated it yet, but I believe there is a spread between buy/sell when you switch from one fund to another.
Is the spread being high enough making it not worthy to switch from one fund to another, say 2-3 times a year ??
If you could add any comment and/or opinion that I might have missed, it will be very much appreciated.