XUS and CSPX both track the S&P 500, both are Ireland-domiciled UCITS funds, and both accumulate dividends instead of paying them out. This post compares the Xtrackers S&P 500 UCITS ETF, which trades in Singapore dollars on SGX as XUS, with the iShares Core S&P 500 UCITS ETF, which trades in US dollars on the London Stock Exchange as CSPX.
The main difference: XUS charges less and trades in SGD on SGX, while CSPX is far larger and has traded since 2010.
Quick Verdict
Both funds hold the same 504 US shares and follow the same net total return index, so their holdings and tax treatment match. XUS has the lower all-in fee (0.03% against 0.07%, or $3 against $7 a year on $10,000) and a Singapore-dollar line on SGX. CSPX manages about $157.6 billion against about $4.2 billion for XUS, and its London line trades roughly 50 times more value a day than XUS has so far. XUS has only traded on SGX since 13 Oct 2026, so it has no spread or drawdown history of its own yet.
What Each Fund Does
XUS is the SGX line of the Xtrackers S&P 500 UCITS ETF, Class 4C, run by DWS. It is an accumulating share class with a US dollar base currency. It buys the index shares directly and trades in SGD in Singapore hours. The same class also trades in London as XDPU. DWS launched the fund on 27 Feb 2015 and this share class on 8 Jun 2022 (DWS fund page, 23 Oct 2026).
CSPX is the iShares Core S&P 500 UCITS ETF USD (Acc), run by BlackRock. It buys the index shares directly, trades in USD on the London Stock Exchange and has been available since 19 May 2010. I have bought CSPX since Aug 2024 (iShares CSPX page, 23 Oct 2026).
An Overview of XUS vs CSPX
| Feature | XUS | CSPX |
|---|---|---|
| Full name | Xtrackers S&P 500 UCITS ETF (Class 4C) | iShares Core S&P 500 UCITS ETF USD (Acc) |
| Issuer | DWS (Xtrackers (IE) plc) | BlackRock (iShares) |
| ISIN | IE000Z9SJA06 | IE00B5BMR087 |
| Domicile | Ireland | Ireland |
| Listing and trading currency | SGX in SGD, from 13 Oct 2026 | LSE in USD |
| Income treatment | Accumulating | Accumulating |
| Expense ratio | 0.03% all-in fee | 0.07% |
| Index | S&P 500 net total return | S&P 500 net total return |
| Replication | Physical | Physical |
| Holdings | 504 | 504 |
| Share class launch | 8 Jun 2022 | 19 May 2010 |
| Fund size | $4.15 B (31 Aug 2026) | $157.64 B (23 Oct 2026) |
| Board lot | 1 unit | Not published by iShares |
On fees, XUS charges 0.03% a year and CSPX 0.07%, a gap of $4 a year for every $10,000 invested (DWS fund page, 23 Oct 2026).
Withholding Tax and US Estate Tax
Both funds own US shares, so US dividends are taxed before they reach the fund. Under the US–Ireland tax treaty, an Irish-domiciled fund pays a 15% withholding rate on US dividends (US–Ireland treaty, Article 10). A US-domiciled fund generally faces 30% for a Singapore investor. Because XUS and CSPX are both Irish, they get the same 15% rate at fund level. The tax comes out inside the fund, so you never see a withholding line on a statement.
Estate tax follows the same domicile logic. A non-US person who dies owning more than $60,000 of US-situs assets, such as US-listed ETFs, can have to file a US estate tax return (IRS guidance for nonresidents). Shares of an Irish UCITS fund are generally not treated as US-situs, so this exposure does not apply to either fund in the same way. Both funds are already Ireland-domiciled, so neither needs an Irish alternative. For more on the domicile choice, see the US vs Ireland-domiciled S&P 500 ETF guide. Source for the 15% rate and $60,000 threshold on XUS: Beansprout, 24 Sep 2026.
Trading, Liquidity and Spreads
| Feature | XUS | CSPX |
|---|---|---|
| Trading currency | SGD | USD |
| Closing price, 23 Oct 2026 | S$19.05 (about $14.92) | $826.43 |
| Average daily traded value | About $2.13 M (S$2.72 M, 9 sessions) | About $107 M (60 sessions, LSE line) |
| Designated market maker | Flow Traders Asia | Not published by iShares |
XUS has only 9 completed sessions of history on SGX, so its daily average is an early reading. Its London sibling, XDPU, traded about $1.2 million a day over the last 60 sessions (Yahoo Finance, 23 Oct 2026). Neither issuer publishes a bid-ask spread, so check the live spread at your broker before you place an order. A CSPX share costs about $826, so the smallest purchase is about $826 plus the USD conversion, while one XUS unit costs about S$19.
How to Buy From Singapore
- XUS: buy it through any broker with SGX access, in SGD. SGX lists it as eligible under the Supplementary Retirement Scheme (SRS) (SGX, 13 Oct 2026). Moomoo Singapore was the exclusive distributor during the pre-listing subscription (Beansprout, 24 Sep 2026).
- CSPX: buy it through a broker that offers London-listed ETFs. Interactive Brokers Singapore lists United Kingdom ETF trading (IBKR Singapore, 27 Oct 2026), and Saxo Singapore lists CSPX in its AutoInvest ETF list (Saxo, 27 Oct 2026). You need USD, so SGD cash is converted first at your broker’s rate.
XUS vs CSPX – Performance and Tracking
XUS is a new SGX listing of an existing share class: Class 4C of the Xtrackers S&P 500 UCITS ETF, ISIN IE000Z9SJA06, which launched on 8 Jun 2022 and also trades in London as XDPU. The XUS figures below are for that share class, measured against the S&P 500 net total return index.
| Period to 23 Oct 2026 | Class 4C (launched 8 Jun 2022) | Index | Difference |
|---|---|---|---|
| 12 months | 14.21% | 14.06% | +0.15% |
| Since 8 Jun 2022 | 94.81% | 93.43% | +1.38% |
| Since 8 Jun 2022, per year | 16.46% | 16.28% | +0.18% |
| Calendar year | XUS Class 4C (launched 8 Jun 2022) return | Class 4C difference | CSPX (launched 19 May 2010) return | CSPX difference |
|---|---|---|---|---|
| 2023 | 25.91% | +0.24% | 25.9% | +0.2% |
| 2024 | 24.69% | +0.19% | 24.7% | +0.2% |
| 2025 | 17.60% | +0.17% | 17.6% | +0.2% |
Both funds finished ahead of the index in each of the last three calendar years, by under 0.3 percentage points.
What $10,000 Paid You
Neither fund pays cash, so $10,000 in either one paid you nothing in dividends. The table shows what withholding tax took from the dividends that the fund reinvested instead, assuming the S&P 500’s 1.06% dividend yield (Multpl, 26 Oct 2026).
| Per year on $10,000 | XUS | CSPX |
|---|---|---|
| Cash paid to you | $0 | $0 |
| Dividends from the shares (1.06%) | $106.00 | $106.00 |
| Kept after 30% withholding | $74.20 | $74.20 |
| Kept after 15% withholding | $90.10 | $90.10 |
| Saved by the 15% rate | $15.90 | $15.90 |
| Annual fee | $3 | $7 |
| Fee plus 15% withholding | $18.90 | $22.90 |
The withholding cost is the same for both funds, so the fee is the only cost that separates them.
In Bad Times: Drawdowns and Payouts
| Feature | XUS (XDPU line) | CSPX |
|---|---|---|
| Largest fall since 8 Jun 2022 | −18.2% | −18.5% |
| Peak | 19 Feb 2025 | 19 Feb 2025 |
| Trough | 7 Apr 2025 | 7 Apr 2025 |
| Back above the old peak | 26 Jun 2025 | 26 Jun 2025 |
| Payouts cut during the fall | None, as it pays none | None, as it pays none |
XUS’s own SGX line has no drawdown history, so the XUS column uses the same share class on the London Stock Exchange, which started on 8 Jun 2022. The two funds fell and recovered almost in step. With no payouts, a drop cannot cut an income stream, but it does cut the value of your holding.
Conclusion – Which S&P 500 UCITS ETF Is Better?
| Feature | XUS | CSPX |
|---|---|---|
| Cost | Lower (0.03%) | 0.07% |
| Currency | SGD on SGX | USD on LSE |
| Size and history | New SGX line, class since 2022 | Very large, since 2010 |
| Tax treatment | Irish, 15% fund level | Irish, 15% fund level |
Both funds follow the same index and carry the same Irish tax treatment, so the choice comes down to fee, currency, size and track record. XUS costs less and trades in Singapore dollars, while CSPX has a far longer history and much heavier trading. Check the live spread at your broker before you buy either.
Related
- US vs Ireland-Domiciled S&P 500 ETFs: A Singapore Investor’s Guide (2026 Update)
- CSPX vs IWDA vs VWRA: Which Index ETF Fits Your Portfolio? (2026 Update)
- Guide to choosing which SP500 ETF to buy
As always, remember that Past Performance is No Guarantee of Future Results. And none of the content that I write on this site should be taken as financial advice.
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