CSPX vs VUAA vs SPY5 for UAE residents
All three are Ireland-domiciled UCITS ETFs that track the S&P 500, the 500 largest US companies, so their returns move almost together. For an investor living in the UAE the differences that matter are the yearly cost and whether dividends are reinvested or paid out.
In short
- Same index: all 3 track the S&P 500, so their returns move almost together.
- Cost: lowest SPY5 at 0.03% a year, highest CSPX and VUAA at 0.07% a year.
- Domicile: all 3 are Irish UCITS funds, generally not treated as US assets for US estate tax; each pays 15% on its US dividends under the US and Ireland treaty.
- Dividends: SPY5 pays them out; CSPX and VUAA reinvest them inside the fund.
Facts, not a recommendation. Tax depends on your nationality, residence and facts; costs as of 8 Oct 2026.
The funds side by side
CSPX · iShares Core S&P 500 UCITS ETF (Acc)
Ireland (UCITS), S&P 500
Dividends Reinvested (accumulating)Listing London, US dollarsLaunched 2010
0.07%
Cost a year
VUAA · Vanguard S&P 500 UCITS ETF (Acc)
Ireland (UCITS), S&P 500
Dividends Reinvested (accumulating)Listing London, US dollarsLaunched 2019
0.07%
Cost a year
SPY5 · SPDR S&P 500 UCITS ETF (Dist)
Ireland (UCITS), S&P 500
Dividends Paid out quarterlyListing London, US dollarsLaunched 2012
0.03%
Cost a year
| ETF | Domicile | Index | Dividends | Expense ratio | Listing | Launched |
|---|---|---|---|---|---|---|
| CSPX iShares Core S&P 500 UCITS ETF (Acc) | Ireland (UCITS) | S&P 500 | Reinvested (accumulating) | 0.07% a year | London, US dollars | 2010 |
| VUAA Vanguard S&P 500 UCITS ETF (Acc) | Ireland (UCITS) | S&P 500 | Reinvested (accumulating) | 0.07% a year | London, US dollars | 2019 |
| SPY5 SPDR S&P 500 UCITS ETF (Dist) | Ireland (UCITS) | S&P 500 | Paid out quarterly | 0.03% a year | London, US dollars | 2012 |
Expense ratios as reported by our market data, 8 Oct 2026. Figures for CSPX, VUAA, SPY5 come from the Xetra listing of the same fund (same ISIN), which trades in euros.
Returns in US dollars
| ETF | 1 year | 3 years (annualised) | 5 years (annualised) | 10 years (annualised) | Volatility 3Y |
|---|
Total returns with dividends reinvested, to 8 Oct 2026. Returns over 3 years and longer are compounded annual returns. CSPX, VUAA, SPY5 are left out of this table because our data for them is in euros, and a euro return would differ from the US dollar return by the currency move alone. The London US dollar listing tracks the same index, so its return differs mainly by cost and by the lower tax on US dividends inside the fund. Past performance does not indicate future returns.
What differs for an investor living in the UAE
- Tax on US dividends. The UAE has no income tax treaty with the United States, so US dividends paid to a UAE resident usually have 30% withheld. An Irish UCITS fund pays 15% on the US dividends it receives, under the US and Ireland treaty, and accumulating funds reinvest the rest.
- Cost. Compare the expense ratios above; on funds tracking the same index, a lower yearly cost is the most certain difference in what you keep.
- Where you buy. These UCITS funds trade in London in US dollars. Check which your broker offers and what it charges for each market.
The outcome depends on your nationality, residence and facts, so confirm your own position with a tax adviser. Sources: IRS, estate tax for nonresidents and US income tax treaties, checked October 2026.
Questions
Do CSPX, VUAA, SPY5 track the same thing?
Yes. All of them track the S&P 500, so their returns move almost together. The differences are cost, domicile, how dividends are handled and how tax treats them.
Why does domicile matter for someone living in the UAE?
A US-domiciled ETF counts as a US asset. For a person who is not a US citizen or resident, US estate tax can apply to US assets above US$60,000, at rates that rise to 40%, and US dividends paid to a UAE resident usually have 30% withheld because the UAE has no income tax treaty with the United States. Ireland-domiciled UCITS ETFs are generally not treated as US assets for estate tax, and the fund pays 15% on its US dividends under the US and Ireland treaty. The outcome depends on your nationality, residence and facts, so confirm your position with a tax adviser.
What does accumulating mean?
An accumulating fund reinvests its dividends inside the fund instead of paying them out, so no dividend reaches your account. A distributing fund pays dividends out, usually every quarter.