Best ETFs to Buy with SRS in Singapore: SGX vs US-Listed vs UCITS ETFs

At the end of 2025, SRS members held 24% of their SRS portfolios in shares, REITs and ETFs, and 21% in cash. For investors looking for the best ETFs to put that idle cash to work, the answer depends less on a single fund and more on which ETFs your SRS money can actually reach.

An SRS-eligible ETF is any exchange-traded fund that your SRS route lets you buy with SRS funds. There is no single official list. At POEMS, for example, only securities listed on the SGX market are eligible for CPF/SRS investments, with settlement in SGD, while other providers open up US-listed and London-listed funds.

That split creates three families of ETF for SRS investors: funds listed on SGX, funds listed in the US, and Ireland-domiciled UCITS ETFs listed in London. Each comes with different costs, tax treatment on dividends and access rules. A fund that suits your portfolio is only useful if your SRS route can buy it.

The example funds cover six portfolio roles: a Singapore equity core, US large caps, a global equity core, a growth satellite, bonds and Singapore REITs. Each one is shown with its index, expense ratio, fund size and how it handles distributions.

This guide explains what makes an ETF suitable for SRS, how SGX-listed, US-listed and UCITS ETFs differ, example funds for each portfolio role, what they cost once withholding tax is added, how allocations can shift with your time horizon, and which routes let you buy them with SRS money.

Best ETFs for SRS at a glance

Each example ETF sits under the job it does in a portfolio and the route it trades on. Which of them you can buy with SRS depends on your provider.

Source: SSGA, Amova, Lion Global Investors, etfdb, Vanguard, iShares and justETF (as of 18 October 2026)

ETFs grouped by portfolio role and listing route for SRS investors

What makes an ETF suitable for SRS

SRS money is long-term money. Withdrawals before your prescribed retirement age are fully taxable and carry a 5% penalty, and investment returns stay untaxed until withdrawal. Those two rules shape what a good SRS holding looks like: broad, cheap, and easy to keep for years. Five criteria help narrow the choice.

Exposure

Start with what the fund owns. A Straits Times Index (STI) fund holds 30 Singapore companies, while an all-world fund such as VWRA holds 3,759 companies across developed and emerging markets. The narrower the index, the more your SRS outcome depends on one market, sector or currency.

Total cost, including withholding

The expense ratio is only the visible part of the cost. For US shares, dividend withholding is often larger. The US applies a 30% statutory rate on US-source dividends paid to nonresident aliens, while an Irish fund holding US equities typically pays 15% at the fund level. Order fees, FX spreads and tracking difference add to the total.

SRS availability by route

SGX-focused SRS brokerages are limited to SGX-listed securities, and operator banks offer their own menus of unit trusts, bonds, Singapore Savings Bonds, fixed deposits, shares and insurance. US-listed and London-listed ETFs need a provider with a dedicated SRS route for them.

Liquidity and fund size

Larger funds tend to trade with tighter spreads and carry less risk of closure. The funds covered here range from about S$726 million for MBH to roughly US$1.06 trillion for VOO. Size matters most for niche exposures, where a small fund may trade thinly on SGX.

Accumulating or distributing inside SRS

Inside SRS, the tax argument for one share class over another largely disappears, so the practical question is what happens to dividends. A distributing fund pays cash back into your SRS account, where uninvested cash at DBS earns 0.05% a year. An accumulating fund reinvests inside the fund automatically, which keeps the whole amount compounding without any action from you.

SGX-listed vs US-listed vs UCITS: the three routes

The three families differ in where they trade, where they are legally based and how US dividends are taxed. Those differences matter more for an SRS investor than for a cash investor, because SRS access is narrower.

Source: POEMS SRS products, IRS dividend withholding, IRS Form 706-NA instructions, StashAway UCITS (as of 18 October 2026)

Three ETF routes for SRS investors and how SRS money reaches each

Listing and domicile are separate

Listing shows where a fund trades, while domicile is where it is legally based. The SPDR S&P 500 ETF Trust trades on SGX under the code S27, but its ISIN is US78462F1030 and its expense ratio 0.0945%, and the "US" prefix marks it as a US fund. Bought in SGD on SGX, it still faces US dividend withholding and counts as US-situated property.

The ISIN is the reliable check. Singapore-domiciled funds start with "SG", Irish funds with "IE" and US funds with "US". Look it up on the issuer's page before you buy, wherever the fund is listed.

SGX-listed ETFs for SRS

SGX-listed ETFs are the most widely available option for SRS money, because almost every SRS route can buy them. These five Singapore-domiciled funds cover Singapore equities, SGD bonds and S-REITs.

Source: SSGA, Amova, Lion Global Investors (as of 18 October 2026). Fund sizes for ES3, G3B, A35 and MBH as of 16 October 2026. Expense ratios are the latest audited figures: ES3 for the year ended 30 June 2026; G3B, A35 and MBH for the period ended 30 June 2025; CLR for the year ended 31 December 2025.

ES3 and G3B track the same 30-stock index. G3B was formerly the Nikko AM Singapore STI ETF, and its management fee was cut from 0.20% to 0.09% a year from 1 October 2025, so its next audited expense ratio may be lower than the 0.24% shown. ES3 is the larger of the two by fund size.

A35 tracks the iBoxx ABF Singapore Index of SGD bonds and has been listed since 31 August 2005. MBH tracks SGD bonds from non-sovereign issuers, which adds corporate credit risk in exchange for a different income profile.

CLR gives one-trade exposure to a basket of Singapore REITs selected for yield. Its expense ratio is the highest of the funds covered here, and REIT prices are sensitive to interest rates and the property cycle.

US-listed ETFs for SRS

US-listed ETFs are the largest and often the cheapest by expense ratio. For a Singapore-based investor, they also carry the full US dividend withholding and count as US-situated assets for estate tax.

Source: etfdb VOO, etfdb QQQ, etfdb BND and Vanguard VT fact sheet (as of 18 October 2026). VT figures as of 30 June 2026.

VOO offers S&P 500 exposure at one of the lowest expense ratios available. VT covers more than 10,000 stocks worldwide and pays dividends quarterly. QQQ tracks the Nasdaq-100 through 102 holdings of large Nasdaq-listed companies, which makes it a concentrated growth holding.

BND covers the broad US investment-grade bond market. Its annual dividend yield was 4.15%, far higher than VOO's 1.04%, so the way distributions are taxed and reinvested matters more for a bond fund than for an equity fund.

Estate tax is the second reason to think twice about US-domiciled funds. Form 706-NA must be filed when a nonresident non-citizen's US-situated assets exceed US$60,000, a level a long-term SRS portfolio can pass.

UCITS ETFs for SRS

UCITS ETFs domiciled in Ireland hold the same kinds of assets as US funds but sit outside the US. That changes the withholding on US dividends and the estate-tax position, at the cost of a slightly higher expense ratio in most cases.

Source: iShares CSPX, iShares AGGU and justETF (as of 18 October 2026). CSPX fund size as of 12 October 2026; AGGU share-class net assets as of 16 October 2026; VUAA, IWDA and VWRA as of 15 October 2026.

CSPX and VUAA track the S&P 500 at the same 0.07% TER. IWDA covers developed markets only, while VWRA adds emerging markets for a lower TER than IWDA. AGGU had 19,975 holdings as of 15 October 2026 from governments and companies worldwide, hedged back to USD, which makes it a single-fund global bond sleeve.

All five are accumulating classes, so dividends and coupons are reinvested inside the fund. Inside SRS, that avoids distributions landing as low-yielding cash.

Best ETFs for SRS by portfolio role

The useful question is which fund fits each role you want your portfolio to fill, and which of those your SRS route can reach.

Expense ratios of 15 SGX-listed, US-listed and UCITS ETFs for SRS investors

Singapore equity core

Best for: investors who want SGD-denominated exposure to Singapore's largest listed companies and access through any SRS route. ES3 and G3B both track the STI, so the choice usually comes down to cost, spread and the broker you use. The trade-off is concentration in one market of 30 stocks.

US large caps

Best for: investors who want the S&P 500 as an equity anchor. CSPX and VUAA give the same index with lower US dividend withholding and no US-situated assets. VOO and S27 carry the full 30% withholding, though S27 can be bought in SGD on SGX.

Global equity core

Best for: investors who want one fund to hold for decades. VWRA covers developed and emerging markets in a single accumulating fund; IWDA covers developed markets only. VT gives similar all-world coverage with a lower expense ratio but US domicile.

Bonds

Best for: investors who want to reduce volatility, particularly in the decade before their planned withdrawals. A35 and MBH keep the bond sleeve in SGD, which avoids currency risk against Singapore-dollar spending. AGGU spreads bond risk globally; BND is limited to the US.

Singapore REITs

Best for: investors who want property income exposure without picking individual REITs. CLR holds a basket of S-REITs, pays out semi-annually and suits a satellite role, given its sensitivity to interest rates.

A growth satellite such as QQQ can sit alongside these roles for investors who accept higher concentration and volatility, but it overlaps heavily with any S&P 500 or global holding.

The real annual cost: expense ratio plus withholding

Comparing ETFs on expense ratio alone can point to the wrong answer for US equities. VOO's 0.03% expense ratio is lower than CSPX's 0.07%, but adding dividend withholding at VOO's 1.04% yield reverses the result for a Singapore-based investor.

Example only, based on etfdb, iShares, justETF, IRS and IRAS SRS contribution cap (as of 18 October 2026). Withholding drag equals dividend yield multiplied by the withholding rate; actual yields vary.

On a full year's citizen or PR contribution of S$15,300, the gap is about S$17.75 a year, and it repeats on a growing balance every year. The same logic applies to S27, which is US-domiciled and faces the same 30% rate as VOO.

For Singapore equity and SGD bond funds such as ES3, G3B, A35 and MBH, there is no US dividend withholding, because the funds hold no US shares. Their expense ratio is a closer guide to their total fund cost, before brokerage and spreads.

Example SRS allocations by time horizon

The mix that suits SRS money depends mostly on how many years remain before your planned withdrawals. Your prescribed retirement age is fixed by your first contribution: 62, 63 or 64 depending on when that was. The examples show the direction the mix can take as withdrawal approaches.

Twenty years or more to withdrawal. A global equity core such as VWRA or IWDA does most of the work, with room for a US large-cap fund or a small growth satellite. Short-term falls matter less because there is time to recover, and accumulating funds keep dividends compounding.

Ten to twenty years. The equity core stays, and a bond sleeve starts to grow. A35, MBH or AGGU can take a steadily larger share, and a Singapore equity or REIT fund can add SGD income exposure if you want it.

Under ten years. Bonds and SGD assets become more important, because a large fall just before withdrawal leaves little time to recover. Penalty-free withdrawals can be spread over 10 years from the first one, so part of the portfolio can stay invested for growth even after you start drawing.

Rebalancing inside SRS counts as a switch between investments: selling one SRS investment to buy another triggers no SRS tax, as long as the proceeds stay in the account.

Risks to check before buying

ETFs make diversification simpler, and five risks still apply whichever route you use.

Market risk. Equity ETFs can fall sharply, and a fall just before withdrawal leaves little time to recover.

Currency risk. US-listed and UCITS funds hold USD-priced assets, so a stronger Singapore dollar reduces returns in SGD.

Concentration. STI funds, QQQ and S-REIT funds each depend on a narrow slice of the market.

Interest-rate risk. Bond and REIT prices tend to fall when rates rise, more so for longer-duration holdings.

Index overlap. Holding VOO, CSPX and a global fund together adds cost without adding much diversification.

Where to buy ETFs in Singapore

For investors buying ETFs with cash, the main choice is between local bank brokerages, fintech and global brokers, and simplified investing platforms. The fee columns show what each charges on SGX, US and London-listed ETFs.

Source: Platform pricing pages (as of 23 August 2026)

Most of these platforms accept cash only for overseas-listed ETFs. SRS money follows narrower rules, covered in the next section.

Can you use SRS to buy these ETFs?

SGX-listed ETFs are the easy part. Traditional SRS brokerages mainly support SGX-listed products. At POEMS, for example, only securities listed on SGX are eligible for SRS investments, with settlement in SGD. That route covers ES3, G3B, A35, MBH, CLR and S27. VOO, VT, QQQ, BND and the London-listed UCITS ETFs need a different provider.

StashAway gives investors two ways to put SRS funds into ETFs. General Investing powered by StashAway builds managed, globally diversified ETF portfolios, with 1-year returns of 6.4% to 26.6% across risk levels. ETF Explorer lets you pick individual asset classes across 90+ options for US$1 per order, excluding GST, and was the first platform to let investors use SRS to buy US- and UCITS-listed ETFs, not only SGX-listed ones. The UCITS range covers 20+ ETFs across US equities, global equities, global bonds and US bonds. SRS contributions take 3 to 4 business days to reach StashAway.

Source: IRAS SRS contributions and tax relief (as of 18 October 2026)

SRS contributions can earn tax relief within the overall personal income tax relief cap of S$80,000, and must be completed by 31 December or your operator's earlier cut-off to count for the following Year of Assessment. Investment values can fall as well as rise, and SRS withdrawal rules apply whichever ETF you choose.

Frequently asked questions

These are the questions SRS investors most often ask when choosing ETFs.

Can I buy VOO, VWRA or CSPX with SRS?

Not through an SGX-only SRS brokerage, because those routes accept only SGX-listed securities. You need a provider with an SRS route for US-listed or UCITS ETFs. Your SRS account stays with DBS/POSB, OCBC or UOB, and the provider draws on it for each investment.

Which SRS ETF has the lowest fee?

By expense ratio, VOO and BND are the cheapest of the funds covered at 0.03% a year. Once US dividend withholding is added, an Irish S&P 500 fund such as CSPX costs less in total for a Singapore-based investor. Order fees and FX spreads also differ by platform.

Is S27 tax-equivalent to CSPX?

No. S27 trades on SGX in SGD, but it is a US-domiciled fund with a "US" ISIN, so US dividends face the 30% statutory rate and the units count as US-situated property. CSPX is Irish, typically suffers 15% withholding on US dividends at the fund level, and sits outside the US for estate tax.

Do accumulating UCITS ETFs avoid withholding tax?

No. The fund still pays withholding of typically 15% on US-source dividends before reinvesting what remains. Accumulating only means what remains is reinvested inside the fund instead of being paid out to your SRS account.

Should my SRS portfolio differ from my cash portfolio?

Often it should. SRS money is locked until your prescribed retirement age, returns are tax-free while invested, and distributions land as cash inside the account, which favours broad, accumulating funds. Money you may need within a few years belongs outside SRS.

Are SGX-listed ETFs always Singapore-domiciled?

Many are, including ES3, G3B, A35, MBH and CLR, but S27 is a US fund listed on SGX. Check the ISIN prefix on the issuer's page to confirm domicile before buying.

How ETFs can fit into an SRS portfolio

For long-term SRS money, the most useful ETFs are broad, low-cost funds that your SRS route can actually buy. SGX-listed funds cover a Singapore equity core, SGD bonds and S-REITs through almost any route. Irish UCITS funds add global and US exposure with lower US dividend withholding and no US-situated assets, while US-listed funds offer the lowest headline fees. Match the mix to the years left before your planned withdrawals, check each fund's ISIN and share class, and rebalance inside SRS as the horizon shortens.