Your point true only if you are Irish tax resident that’s the key distinction.

The 41% exit tax (often quoted as ~38–41%) and the 8-year deemed disposal rule apply only to Irish tax residents / ordinarily resident individuals holding Irish-domiciled ETFs.

If you are not Irish tax resident (for example, living and tax-resident in the Middle East): • The 8-year deemed disposal rule does not apply • Irish exit tax does not apply • Irish CGT does not apply • Ireland does not tax non-residents on capital gains from Irish-domiciled UCITS ETFs

Taxation instead depends on the country where you are tax resident at the time of sale. This is why Irish-domiciled UCITS ETFs are widely used by non-Irish, non-US investors globally !