Which UK-listed accumulating ETF has the lowest ongoing charge in each part of a portfolio? This cheat sheet shows the cheapest options we track across nine categories, from global equities to gilts and gold.
What does accumulating mean?
An accumulating ETF reinvests any income, such as dividends or interest, back into the fund instead of paying it out to you. The value of your holding grows by that amount rather than arriving as cash. An income (distributing) ETF pays it out. This sheet covers accumulating funds only.
How we built the sheet
- Only plain GBP-denominated ETFs listed in London, with no currency-hedged share classes.
- Within each category, funds are ranked by ongoing charge, lowest first, and the cheapest three are shown (commodities show one pick each for broad, gold, silver and oil).
- Data is from PensionCraft’s cheapest fund list and was last updated on 21 September 2026. Fees change, so check the fund provider’s own page before you act on anything here.
The lowest-fee fund in each category
As of 21 September 2026.
| Category | Ticker | Fund | Ongoing charge |
|---|---|---|---|
| Global Equity | ALLG | Xtrackers FTSE All-World | 0.07% |
| Developed Market Equity | MXWS | Invesco MSCI World | 0.05% |
| Emerging Market Equity | MXFP | Invesco MSCI Emerging Markets | 0.09% |
| European Equity | MEUD | Amundi Core Stoxx Europe 600 | 0.07% |
| US Stocks | CU1 | iShares MSCI USA | 0.03% |
| Small Cap Equity | BBCS | JPMorgan BetaBuilders US Small Cap Equity | 0.14% |
| Gilts | VGVA | Vanguard UK Gilt | 0.05% |
| Money Market (Cash) | GBPO | UBS GBP Overnight Rate SF | 0.05% |
| Commodities (broad) | SCMD | State Street SPDR Commodity | 0.12% |
In US Stocks, three funds tie at 0.03% (CU1, SPXL and XDPP). The full graphic above shows the next two cheapest funds in each category as well, plus a gold, silver and oil pick for commodities.
Cheapest is not the same as best
A low ongoing charge is one thing to compare, not the only thing. Two funds tracking the same index can still differ in how closely they follow it, how large they are, how they are built (physical or swap-based) and which index they track in the first place. Read each fund’s key investor document before you decide anything.
Educational content only. This is not financial advice or a recommendation to buy, sell, or hold any investment.
Want more?
Subscribe to the PensionCraft newsletter for new research and updates, or watch our videos on YouTube. PensionCraft Premium members get access to the full updated cheapest fund list behind this sheet at pensioncraft.com/membership.