I am searching for physical replication ETFs that do not pay out dividends at all. I am interest in ETFs that tracks major indices for example , S&P 500, DJIA, REIT, banking, Emerging market, or Africa.

I will appreciate any info about this.

  • 3
    What are you wanting done with the dividends? There may exist variable annuity forms that exist but this could get rather expensive to my mind.
    – JB King
    Commented Jul 2, 2014 at 3:01

3 Answers 3


The term you're looking for is "total return" or "dividend reinvestment".

Fortunately, these are becoming more popular because of rising dividend tax rates and the awakening to their convenience.

They are still young without much assets under management, so only the largest markets will be offered such the S&P, Dow, and the entire emerging market.

With time, the subsectors such as individual emerging markets, reits, and US industries will be offered.

Vanguard, iShares, and all of the other major institutions have some limited offering.


To expand on the answer of @user11865 , you can also look these ETFs with the keyword "accumulation", as opposed to "distribution". i.e. Instead of distributing the dividends, these are reinvested, thus accumulating.

Two examples are AMS:IWRD (Distribution) and AMS:IWDA (Accumulation).

You can see the difference in the picture. IWRD distributes its dividends on a certain date, so it goes lower than the accumulating IWDA.

enter image description here


All of Vanguard's CRSP based indexes are total return indexes, with substantial total assets under management. I believe most ETFs that track MSCI US Equity indexes are also total return indexes. Index providers will usually provide methodology documents for the underlying index of an ETF.

Disclaimer: I work for CRSP.

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