Want exposure to the S&P 500?

At first glance, choosing an ETF seems simple.

Just buy the cheapest one and move on… right?

For a Singapore investor, it is not quite that simple.

VOO, SPYL and CSPX all provide exposure to the S&P 500, but their fund domicile, income treatment and tax structure are different.

Those differences can matter over a long investment horizon.

Disclaimer: This article is for educational purposes only and does not constitute financial, tax or investment advice. Fund information and tax rules can change. Always check the latest fund documents before investing.

The Quick Take

FeatureVOOSPYLCSPX
TracksS&P 500S&P 500S&P 500
DomicileUnited StatesIrelandIreland
Expense ratio / TER0.03%0.03%0.07%
IncomeDistributingAccumulatingAccumulating
UCITSNoYesYes
US estate-tax considerationUS-domiciled securityIrish-domiciled fundIrish-domiciled fund
Main appealHuge scale + US liquidityVery low TER + Irish structureLong history + Irish structure

My way of looking at them:

VOO is excellent as a US ETF. SPYL is particularly interesting for a Singapore investor wanting a low-cost Irish-domiciled accumulating S&P 500 fund. CSPX remains a very established Irish alternative.

First: They Are Trying to Do the Same Thing

All three funds are designed to give investors exposure to the S&P 500 Index.

So the objective here is not to find a fund that magically owns better companies.

The underlying market exposure is broadly similar.

The more interesting differences are in the fund wrapper:

  • Where is it domiciled?
  • Does it distribute or accumulate dividends?
  • What is the fund fee?
  • How established is the fund?
  • What tax considerations apply to the investor?

VOO

Vanguard S&P 500 ETF (VOO) is one of the largest and most established S&P 500 ETFs in the world.

According to Vanguard, VOO currently has an expense ratio of 0.03%.

Why investors like it

  • Extremely large fund
  • Deep trading liquidity
  • Very low expense ratio
  • Long operating history
  • Simple exposure to the S&P 500

The Singapore-investor consideration

VOO is a US-domiciled ETF.

For a Singapore investor who is a nonresident alien for US tax purposes, direct US-source dividends are generally subject to 30% US withholding unless a reduced treaty rate applies.

US-domiciled securities can also be relevant when considering US estate-tax exposure.

So although VOO itself is an excellent fund, the question for a Singapore investor is not just:

“Is VOO good?”

It is:

“Is the US-domiciled ETF what I want for a long-term portfolio?”

SPYL

State Street SPDR S&P 500 UCITS ETF (Acc) (SPYL) is an Irish-domiciled UCITS ETF.

State Street lists:

  • TER: 0.03%
  • Domicile: Ireland
  • Income treatment: Accumulation
  • UCITS compliant: Yes
  • Inception: 31 October 2023

That 0.03% TER is particularly interesting because it matches VOO’s headline expense ratio while offering an Irish-domiciled accumulating structure.

What “accumulating” means

SPYL does not normally pay the fund’s net dividend income out to you as cash.

Instead, the income retained by the fund is reflected through the accumulating share class.

That makes it convenient for investors who want automatic reinvestment.

Importantly:

Accumulating does not mean dividends avoid tax.

The relevant withholding occurs before the net income is retained and reinvested by the fund.

CSPX

iShares Core S&P 500 UCITS ETF (CSPX) is another Irish-domiciled accumulating ETF.

BlackRock lists:

  • TER: 0.07%
  • Domicile: Ireland
  • Use of income: Accumulating
  • UCITS: Yes
  • Share-class launch: May 2010

Its main advantage compared with SPYL is not a lower fee.

It is its much longer history and very large asset base.

For investors who value longevity and scale, CSPX remains a strong comparison point.

Dividend Withholding: Why Domicile Matters

The IRS states that US-source dividend income paid directly to a nonresident alien is generally withheld at 30%, unless a lower treaty rate applies.

An Irish-resident fund can generally benefit from the US-Ireland tax treaty, under which qualifying portfolio dividends are generally capped at 15% US withholding at the Irish fund level.

That creates an important structural difference.

Simplified example

Assume the underlying US companies generate $100 of dividends.

This is a simplified illustration only:

StructureSimplified US withholdingAmount remaining before other fund/investor effects
Direct US-source dividend at 30%$30$70
Qualifying Irish fund at 15% fund-level withholding$15$85

That does not mean an Irish ETF automatically earns 15% more overall.

Dividend yield is only one component of total return, and fees, tracking difference, trading costs and other factors also matter.

But over long periods, tax drag is worth understanding.

Estate-Tax Considerations

This is another major distinction for Singapore investors.

VOO is US-domiciled.

SPYL and CSPX are Irish-domiciled.

For a nonresident noncitizen, the IRS generally considers stock of US corporations to be US-situated property for estate-tax purposes. This is why investors often consider fund domicile when their US-situated holdings become substantial.

If you want a deeper explanation, read:

US Estate Tax for Singapore Investors: Why the US$60,000 Figure Matters

Does 0.03% vs 0.07% Really Matter?

The difference between SPYL and CSPX is only:

0.04 percentage points per year

On $10,000:

  • 0.03% = $3 per year
  • 0.07% = $7 per year

Difference:

$4 per $10,000 per year

That is small.

As portfolios grow and compound for decades, fees matter more — but I would not choose an ETF based on TER alone.

You should also consider:

  • fund domicile
  • tracking difference
  • liquidity
  • bid-ask spreads
  • brokerage fees
  • FX costs
  • fund size
  • accumulating vs distributing structure

What About Fund Size?

This used to be a much stronger argument against SPYL because it launched only in 2023.

But State Street reported total fund assets of roughly US$43.2 billion as of 10 September 2026.

CSPX is substantially larger, with BlackRock reporting share-class net assets above US$155 billion in September 2026.

VOO is larger still.

For a typical retail investor, SPYL is no longer what I would describe as a tiny ETF.

Which One Makes Sense?

VOO

Worth considering if you prioritise:

  • US listing
  • enormous liquidity
  • options activity
  • very long-term fund scale
  • 0.03% expense ratio

SPYL

Worth considering if you prioritise:

  • Irish domicile
  • accumulating structure
  • UCITS
  • very low 0.03% TER
  • long-term passive accumulation

CSPX

Worth considering if you prioritise:

  • Irish domicile
  • accumulating structure
  • UCITS
  • a much longer operating history than SPYL
  • very large fund size

My Current View

For a Singapore investor specifically focused on long-term S&P 500 accumulation, SPYL is particularly compelling to me because it combines:

0.03% TER + Ireland domicile + UCITS + accumulation

CSPX remains a strong alternative for investors who value its longer history and larger asset base enough to accept the slightly higher TER.

VOO remains an excellent ETF, particularly where US-market liquidity and trading flexibility matter more than domicile.

The important point is that:

The lowest visible fee is not the only cost that matters.

I would choose SPYL > CSPX > VOO

Bottom Line

All three funds track essentially the same market.

The real decision is about structure.

If you prioritise…Fund worth researching
US liquidity and tradingVOO
Low-cost Irish accumulationSPYL
Established Irish accumulationCSPX

There is no requirement to switch simply because another fund has a different domicile.

But for Singapore investors building large long-term portfolios, understanding these structural differences is worth doing early.

Official Sources / Further Reading