So I’ve run a few tests with Google Sheets against IE00B5BMR087 iShares Core S&P 500 UCITS ETF USD (Acc) which is available in USD, GBX, and EUR. (all accumulating and with base currency USD)
Tickers in Sheets are:
Result: exchange rate counts, nothing new here.
Mezzanine currency doesn’t basically count. (say you buy SXR8(so GBP->EUR->USD… you’ll see a very minor change in the P/L over few weeks, but over months it won’t change much against CSP1)
So you are right holding VUSA or VUSD should show the same P/L in portfolio…buying an ETF in EUR, USD, GBP might have minor differences short term but long terms it’s the same.
I thought I could “hedge” myself the ETFs by buying in different currencies but if you start from GBP and go back to GBP it doesn’t really make a big difference…until we have multi-currency account