ROE vs ROI: A Critical Concept Many Property Investors Miss

ROE article on Property investing by Stuart Chng, Executive Group District Director at Huttons, is a renowned leader and personality in the real estate industry. https://www.stuartchng.com/post/roe-vs-roi-an-important-factor-that-property-investors-overlook

Streamline Arm + Body

https://www.youtube.com/shorts/cKt2yP7BFW0

 

Warren Buffett Farewell Letter

 https://www.berkshirehathaway.com/news/nov1025.pdf

CFP at a glance by Etiqa Insurance (as of Aug 2025)

 

100% stocks maximize long-term wealth, while a 60/40 stock-bond mix reduces volatility but greatly limits returns ($33,033 vs. $4,200).

From Adam Khoo post 
https://www.facebook.com/share/p/1ZiixkqAo2/ 

100% invested in Equity (stocks) will maximise your returns/wealth accumulation over the long run. A mix of stocks and bonds (60%/40%) will lower volatility during recessions but you sacrifice a large part of your potential gains. $4,200 versus $33,033. There is no right or wrong way to invest. Would you rather get lower returns with lower volatility or higher returns with higher volatility?

Top 8 ETFs to buy for Singapore Investors in 2025

Top 8 ETFs to buy for Singapore Investors in 2025 (by Financial Horse)

ETF comparison

 

https://indexes.nasdaqomx.com/docs/fs_ndx.pdf

https://www.youtube.com/watch?v=R80FtG2kX9o

  US-Domiciled : 30% dividend tax
Irish-Domiciled : 15% dividend tax

U.S.-domiciled vs Ireland-domiciled ETF estate tax comparison:

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Criteria	U.S.-Domiciled ETF	Ireland-Domiciled ETF (UCITS)
Estate Tax Exposure	Yes – considered U.S.-situs property; subject to U.S. estate tax.	No – Irish-domiciled, not U.S.-situs; not subject to U.S. estate tax.
Exemption Threshold	Only US$60,000 exemption; above this, U.S. estate tax up to 40% applies.	Not applicable; no U.S. estate tax filing required.
Dividend Withholding Tax	30% on U.S. dividends for Singapore investors (non-treaty country).	15% effective rate via U.S.–Ireland tax treaty inside the fund.
Singapore Context	Singapore has no estate duty – U.S. estate tax is the main risk.	Same – but Ireland domicile avoids the U.S. estate tax risk entirely.
Community / Expert View	Generally discouraged by global investors due to estate tax trap and higher dividend tax.	Widely recommended for non-U.S. investors (e.g. CSPX, VWRA, VUAA) to avoid U.S. estate tax.

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Quick notes (context you may find useful):

• Singapore currently has no estate duty, so the key exposure here is the U.S. estate tax if you hold U.S.-situs assets directly (including U.S.-domiciled ETFs). (IRS)

• Irish-domiciled UCITS ETFs also tend to be dividend-efficient for U.S. stocks (15% treaty rate inside the fund vs 30% if you hold U.S.-domiciled ETFs directly as a Singapore tax resident), but that’s a dividend withholding point, not estate tax. (No Money Lah)

	S&P 500 ETF (e.g., SPY, VOO)	NASDAQ ETF (e.g., QQQ, QQQM)
Index Tracked	S&P 500 (500 large US companies)	NASDAQ-100 (100 largest non-financial companies on NASDAQ)
Sector Exposure	Broad: Tech, Healthcare, Financials, Industrials, etc.	Tech-heavy: Apple, Microsoft, NVIDIA, Amazon, etc.
Diversification	More diversified	More concentrated (especially in tech)
Volatility	Lower	Higher
Dividend Yield	Typically higher (~1.3–1.6%)	Lower (~0.5–0.8%)
Growth Potential	Slower, more stable	Faster, more aggressive growth

Historical Performance (approximate annualized 10-year return)

• S&P 500 ETF (VOO, SPY): ~11–12%

• NASDAQ ETF (QQQ): ~14–16%

Suggested Strategy

• Balanced approach: Some investors split 60% S&P 500 and 40% NASDAQ to balance stability with growth.

• Dollar-cost averaging: Invest over time to reduce timing risk.

Index / ETF	Annualized Return (20-Year)	Notes
S&P 500 (e.g., VOO, SPY)	~9.5% – 10.0%	Includes broad US market exposure
NASDAQ-100 (e.g., QQQ)	~12.5% – 13.5%	Strong tech-driven performance

 

Comparing S&P500 ETF (Irish-domiciled), SPYL vs CSPX

Feature	SPYL	CSPX
Full Name	SPDR S&P 500 UCITS ETF (Acc)	iShares Core S&P 500 UCITS ETF (Acc)
Ticker Symbol	SPYL	CSPX
Domicile	Ireland (UCITS)	Ireland (UCITS)
Index Tracked	S&P 500 Index	S&P 500 Index
Structure	Accumulating (dividends reinvested)	Accumulating (dividends reinvested)
Launch Date	31 Oct 2023 (newer fund)	19 May 2010 (long track record)
Assets Under Management (AUM)	~€9.9 bn	~€106 bn
Expense Ratio (TER)	0.03% p.a. (cheapest UCITS S&P 500)	0.07% p.a.
Replication Method	Physical (optimised sampling)	Physical (optimised sampling)
Liquidity / Trading Volume	Growing, but lower than CSPX	Very high, extremely liquid
Popularity	Gaining traction, attractive due to low fees	Most popular UCITS S&P 500 ETF, widely used in SG/EU
Best For	Cost-sensitive investors who want the cheapest fee	Investors wanting liquidity, proven history, tight spreads

• SPYL = lowest fee, but newer and smaller.

• CSPX = more expensive, but highly liquid with a 15-year proven track record.

https://www.youtube.com/watch?v=DmGSbLgLpJ0

Both CSPX (iShares Core S&P 500 UCITS ETF) and CNDX (iShares NASDAQ 100 UCITS ETF) are popular, Ireland-domiciled, accumulating ETFs managed by BlackRock. While they share the same structure and tax advantages for international investors, they track fundamentally different segments of the U.S. market.

Comparison Table: CSPX vs. CNDX

Feature	CSPX (iShares S&P 500)	CNDX (iShares NASDAQ 100)
Benchmark Index	S&P 500 Index	NASDAQ 100 Index
Exposure	500 largest U.S. companies across all sectors.	100 largest non-financial companies on the Nasdaq.
Expense Ratio (TER)	0.07%	0.30%
Dividend Policy	Accumulating (Auto-reinvested)	Accumulating (Auto-reinvested)
Domicile	Ireland (15% Withholding Tax)	Ireland (15% Withholding Tax)
Sector Focus	Broadly diversified (Tech, Finance, Health, etc.)	Heavy Tech & Communication focus (approx. 50%+).
Top Holdings	Apple, Microsoft, NVIDIA, Amazon, Meta.	NVIDIA, Apple, Microsoft, Amazon, Tesla.
Risk Profile	Moderate (Market beta)	Higher (Growth-oriented, higher volatility)
Fund Size (AUM)	Very Large (~$130B+ USD)	Large (~$24B+ USD)

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Key Differences to Consider

• Cost Efficiency: CSPX is significantly cheaper to hold, with an expense ratio of 0.07% compared to CNDX’s 0.30%. Over a long-term horizon (10–20 years), this difference in fees can noticeably impact total compounding.

• Sector Concentration: * CNDX excludes financial companies (banks, insurance) and is heavily tilted toward "Growth" stocks, specifically in software, semiconductors, and internet services.

  • CSPX provides a more balanced "Blend" of the entire U.S. economy, including energy, financials, and industrials, which may provide better protection during tech-specific downturns.

• Volatility: CNDX historically offers higher potential returns during bull markets but comes with much steeper drawdowns. CSPX is generally considered the "core" of a portfolio, while CNDX is often used as a "satellite" to increase growth exposure.

• Tax Advantage: Since both are UCITS ETFs domiciled in Ireland, they both benefit from the U.S.–Ireland tax treaty. This reduces the dividend withholding tax to 15% (compared to 30% for U.S.-domiciled ETFs like VOO or QQQ) and ensures they are not subject to U.S. Federal Estate Tax.