XND & XUS: 4 New Irish-Domiciled UCITS ETFs Coming to SGX

Two new Irish-domiciled UCITS ETFs are coming to SGX: XND, tracking the Nasdaq-100, and XUS, tracking the S&P 500.

Both are expected to begin normal trading on 13 October 2026, giving Singapore investors another way to access these major US indices directly through SGX in SGD.

I currently plan to start buying both, with a target allocation of around 25% XND and 10% XUS. For my existing QQQ position, I may continue holding it while directing future Nasdaq investments into XND, or gradually transition part of it over time.

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

Feature	XND	XUS
Fund	Xtrackers NASDAQ 100 UCITS ETF	Xtrackers S&P 500 UCITS ETF
Tracks	Nasdaq-100	S&P 500
Domicile	Ireland	Ireland
TER	0.20%	0.03%
Income	Accumulating	Accumulating
UCITS	Yes	Yes
Replication	Physical	Physical
SGX trading currency	SGD	SGD
Expected SGX trading	13 October 2026	13 October 2026
Main role	Nasdaq / growth tilt	Broader US large-cap exposure

My way of looking at them:

XND gives me the Nasdaq-100 exposure I already want through an Irish-domiciled UCITS structure, while XUS gives me broader S&P 500 exposure alongside it.

Why Am I Interested?

For me, there are five main benefits.

1. Tax Efficiency

For Singapore investors, US-source dividends paid directly from US securities are generally subject to 30% US withholding tax.

An Irish-domiciled ETF holding US equities can generally benefit from the US-Ireland tax treaty, reducing US dividend withholding to 15% at the fund level.

This does not eliminate dividend withholding tax, but it can reduce the tax drag on dividends from the underlying US companies.

2. US Estate-Tax Structure

US-domiciled securities can create US estate-tax considerations for non-US investors.

For a nonresident who is not a US citizen, the commonly discussed US$60,000 threshold relates to relevant US-situated assets and is not a separate US$60,000 allowance for every brokerage account.

By holding an Irish-domiciled ETF, the ETF shares themselves are not US-domiciled securities in the same way that QQQ, VOO or SPY are.

For a deeper explanation, read:

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

3. Accumulating

Both XND and XUS are accumulating ETFs.

Instead of distributing the remaining dividends to me as cash, the fund retains and reinvests them automatically after applicable taxes and expenses.

I personally prefer this for long-term investing because I do not need to manually reinvest each distribution.

Importantly:

Accumulating does not mean dividends avoid withholding tax.

Applicable withholding can still occur before the remaining income is reinvested.

4. SGD Trading on SGX

Both ETFs will have SGD trading lines on SGX.

That means I can purchase them using SGD without first manually converting SGD into USD just to place the trade.

However:

Buying an ETF in SGD does not remove foreign-currency exposure.

SGD is the trading currency. The underlying companies and assets are still exposed to their respective markets and currencies.

5. Singapore Trading Hours & Easier Access

Because XND and XUS trade on SGX, Singapore investors can buy and sell them during Singapore market hours through brokers that support the listings.

This is especially convenient for investors who do not want to open another brokerage account solely to access Irish-domiciled UCITS ETFs listed on overseas exchanges.

XND — Xtrackers NASDAQ 100 UCITS ETF

XND tracks the Nasdaq-100 Index and has a 0.20% TER.

The Nasdaq-100 consists of 100 of the largest non-financial companies listed on Nasdaq and has a strong growth and technology tilt.

For me, XND is mainly an Irish-domiciled UCITS alternative to the QQQ exposure I already have, rather than a completely different investment strategy.

XND vs QQQ vs QQQM

Feature	XND	QQQ	QQQM
Index	Nasdaq-100	Nasdaq-100	Nasdaq-100
Domicile	Ireland	United States	United States
Income	Accumulating	Distributing	Distributing
Expense ratio / TER	0.20%	0.18%	0.15%
UCITS	Yes	No	No
SGD trading on SGX	Yes	No	No
US-domiciled ETF	No	Yes	Yes

All three track the Nasdaq-100, so the main difference for me is the fund wrapper rather than the underlying investment thesis.

XND gives me Nasdaq-100 exposure through an Irish-domiciled, accumulating UCITS ETF traded in SGD on SGX.

What Am I Doing With My Existing QQQ?

I do not plan to rush into selling QQQ simply because XND is becoming available.

I am considering either holding my existing QQQ and directing future Nasdaq investments into XND, or gradually transitioning part of the position over time.

Before deciding, I also want to see XND’s actual bid-ask spread and liquidity after launch.

XUS — Xtrackers S&P 500 UCITS ETF

XUS tracks the S&P 500 Index and has a 0.03% TER.

Compared with the Nasdaq-100, the S&P 500 gives me broader exposure across the US large-cap market and sectors such as financials, healthcare, industrials and energy.

I am looking at XUS as a way to broaden my US exposure alongside XND, while keeping XND as my larger growth-focused allocation.

XUS vs VOO vs SPY

Feature	XUS	VOO	SPY
Index	S&P 500	S&P 500	S&P 500
Domicile	Ireland	United States	United States
Income	Accumulating	Distributing	Distributing
Expense ratio / TER	0.03%	0.03%	0.0945%
UCITS	Yes	No	No
SGD trading on SGX	Yes	No	No
US-domiciled ETF	No	Yes	Yes

Again, the key difference is not the index. XUS, VOO and SPY all track the S&P 500.

What interests me about XUS is getting that exposure through an Irish-domiciled accumulating UCITS ETF, while its 0.03% TER matches VOO’s headline expense ratio.

VOO and SPY have the advantage of enormous established trading markets and long histories, so I still want to see XUS’s actual SGX spread and liquidity after launch.

Why Am I Allocating to XUS?

My current target is approximately 25% XND and 10% XUS.

I still want the Nasdaq-100 to be my larger passive US exposure because I deliberately want a stronger growth tilt.

The smaller XUS allocation broadens my US exposure without removing that tilt. There is still significant overlap between the two indices, particularly among mega-cap technology companies.

Why Not Just Continue Buying QQQ or VOO?

There is nothing inherently wrong with QQQ, QQQM, VOO or SPY simply because these new UCITS options exist.

The US-listed ETFs have major advantages, particularly their established liquidity and trading history.

The reason XND and XUS interest me is mainly their structure.

For a Singapore investor, they combine:

the index exposure I already want;
an Irish-domiciled UCITS wrapper;
accumulating income;
SGD trading; and
Singapore market hours.

That combination makes them worth considering for my future investments.

What About XWR?

XWR, the Xtrackers MSCI World UCITS ETF, is another new SGX listing in the same group.

Unlike XND and XUS, XWR is designed to provide exposure across developed markets globally rather than focusing specifically on the US.

I am keeping this article focused on XND and XUS, so I will cover XWR and how it compares with other global ETFs in a separate article.

Read my XWR article here → (Coming soon)

I will also be releasing a separate article on VXUA, another ETF I have been researching for international exposure.

Read my VXUA article here → (Coming soon)

What I Will Watch After 13 October

Although I like the structure of XND and XUS on paper, their TERs do not tell the whole story.

Bid-Ask Spread

The bid-ask spread is an immediate trading cost. A wider spread can matter more than a tiny difference in annual TER, particularly for investors who trade frequently.

Liquidity & Trading Volume

These are new SGX trading lines, so I want to see how actively they trade and how effectively market makers keep their prices close to NAV.

ETF liquidity is not determined solely by SGX trading volume. The liquidity of the underlying securities and the creation/redemption process also matter.

Tracking

Ultimately, I want the ETFs to track their respective indices efficiently after fees and expenses.

Total Trading Costs

SGD trading is convenient, but I still need to consider brokerage fees, SGX fees, bid-ask spreads and other transaction costs.

This is why I do not want to judge XND or XUS solely by TER.

My Current Plan

At the moment, I am planning around:

25% XND + 10% XUS

XND would remain my larger allocation because I want the stronger Nasdaq-100 and growth tilt.

XUS would complement it by giving me broader exposure to the US large-cap market.

For my existing QQQ holdings, I am leaning towards either keeping them and directing new investments into XND, or transitioning gradually rather than selling everything immediately.

Most importantly, I want to see the real trading conditions after 13 October before deciding exactly how I will execute that transition.

Final Thoughts

The arrival of XND and XUS on SGX gives Singapore investors another way to access two of the world’s most widely followed equity indices.

The underlying investments are familiar:

XND → Nasdaq-100

XUS → S&P 500

What is different is the wrapper and accessibility.

Both combine an Irish-domiciled UCITS structure, accumulating income and SGD trading on SGX.

For me, that makes them particularly interesting alternatives for future investments compared with continuing to build all of my index exposure through US-domiciled ETFs.

However, I am not treating the launch itself as a reason to immediately sell my existing holdings.

Once normal trading begins, I want to compare liquidity, spreads, tracking and total trading costs before deciding how quickly I want to build my XND and XUS positions and what I ultimately want to do with my existing QQQ.