We have analyzed the X-ray spectra of all known Ultra Compact X-ray Binaries (UCXBs), with the purpose of constraining the chemical composition of their accretion disk and donor star. Our investigation was focused on the presence (or absence) of the Fe Kα emission line, which was used as the probe of chemical composition of the disk, based on previously established theoretical predictions for the reflection of X-ray radiation off the surface of C/O-rich or He-rich accretion disks in UCXBs. We have contrasted the results of our spectral analysis to the history of type I X-ray bursts from these systems, which can also indicate donor star composition. We found that UCXBs with prominent and persistent iron Kα emission also featured repeat bursting activity. On the other hand, the UCXBs for which no iron line was detected, appear to have few or no type I X-ray bursts detected over more than a decade of monitoring. Based on Monte Carlo simulations, demonstrating a strong correlation between the Fe Kα line strength and the abundance of C and O in the accretion disk material and given the expected correlation between the H/He abundance and the recurrence rate of type I X-ray bursts, we propose that there is a considerable likelihood that UCXBs with persistent iron emission have He-rich donors, while those that do not, likely have C/O or O/Ne/Mg-rich donors. Our results strongly advocate for the development of more sophisticated simulations of X-ray reflection from hydrogen-poor accretion disks.