ETF

Phillip SGD Money Market ETF

As of 14 October 2021

S$ 100.2540

NAV

As of  14 October 2021

S$ 115,743,626

Total Assets SGD

As of 08 October 2021

0.3126%

Fund Return
(7-day average)
Annualised (p.a)

As of 08 October 2021

0.1914%

Benchmark Return
(7-day average)
Annualised (p.a)

FTSE SGD
3 Month SOR Index

NAV

Tracking Error/ Difference

0.000% / 0.015%

1-Year Rolling
(as of 30 September 2021)

INVESTMENT OBJECTIVE

The investment objective of this Sub-Fund is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE SGD 3-month SOR Index or any replacement index which references the SORA and provides for the same or substantially similar exposure as the FTSE SGD 3-month SOR Index.

The FTSE SGD 3-month SOR Index is expected to be discontinued as a result of the expected discontinuation of USD LIBOR, following the announcement by the UK regulatory authorities that the benchmark will not be sustained by regulatory powers after the end of 2021. The Singapore Swap Offer Rate (“SOR”) relies on the USD LIBOR in its computation methodology and the likely discontinuation of LIBOR after the end of 2021 directly impacts the future sustainability of the SOR and the FTSE SGD 3-month SOR Index. The Singapore Overnight Rate Average (“SORA”) has been identified by the Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee as the alternative interest rate benchmark for the SOR.

In the event that the SOR is discontinued as mentioned above, the Manager will identify or agree with the Index provider or any other index provider terms for the use of a replacement index which references the SORA and provides for the same or substantially similar exposure as the FTSE SGD 3-month SOR Index. Any such replacement index which may be identified will be notified to Holders via an announcement on SGXNET.

INVESTMENT APPROACH

Phillip SGD Money Market ETF will invest all or substantially all of its assets in high quality debt and money market instruments, and deposits with eligible financial institutions. This may include government and corporate bonds, commercial bills and deposits with financial institutions. This ETF’s approach to enhancing returns is to diversify across deposits of varying tenure. The Manager believes that the use of other high quality debt and money market instruments, which are normally available to large investors will also help to enhance returns for the investor.

KEY FACTS

Fund Name
Phillip SGD Money Market ETF
Benchmark Index
FTSE SGD 3-month SOR index
Manager
Phillip Capital Management (S) Ltd
Trustee
HSBC Institutional Trust Services (Singapore) Limited
EIP / SIP Classification
EIP (Excluded Investment Product)
Management Fee
0.10% p.a. with quarterly reset; cap at 0.30%
Valuation
Historical pricing (available T-1 day 9 pm)
Replication Method
N.A.
External Legal Counsel to the Manager
Simmons & Simmons JWS Pte. Ltd.

Currently N.A.

TRADING INFORMATION

Trading Board Lot Size
5
Trading Name
Phillip MM S$/ Phillip MM US$D
Bloomberg Ticker
SGDPMMS/SGDPMMU
Stock Code
MMS/MMT
ISIN
SGXC85914460
Trading Currency
SGD, USD
Designated Market Makers
Phillip Securities Pte Ltd
Participating Dealers
Phillip Securities Pte Ltd
Creation / Redemption Size (only Participating Dealers)
500 Units (or such higher number of units in multiples of 10 Units). Daily cut-off time 10 a.m.
Listing
Singapore Exchange Securities Trading Limited (“SGX-ST”)

INDEX INFORMATION

Index Provider
FTSE Fixed Income LLC.
Number of Index Securities
N.A.
Rebalancing Frequency
N.A.
Single Security Maximum Weight
N.A.

DOCUMENTS

Factsheet

Product Highlight Sheets

Prospectus

Supplementary Prospectus

Annual Report

Semi-Annual Report

FAQ

What is FTSE SGD 3-Month SOR Index?

The FTSE SGD 3-Month SOR index measures the performance of the three-month Swap Offered Rate (SOR), offering investors a measure of short-term SGD money markets.

SOR is defined as the synthetic rate for deposits in Singapore dollar (SGD), which represents the effective cost of borrowing the SGD synthetically by borrowing US Dollar (USD) for the same maturity and swap out the USD in return for the SGD. SOR is owned and administered by ABS Benchmarks Administration Co Pte Ltd (ABS Co.), which is fully owned subsidiary of The Association of Banks in Singapore (ABS).

How does the Index rebalances?

Yes it does. To explain simply: At any time there will be three 3-month SOR, one that matures end of this month, one that matures end of next month, and another one that matures end of next two-month. At this month end, the one matures at end of this month will be replaced with a new one that will mature at end of next 3-month.

What is the difference between ETFs and Unit Trusts?

While both are collective investment schemes (CIS), ETFs seek to replicate the performance of an index by buying underlying securities according to their index weights. Comparatively, unit trusts are actively managed, where the fund manager seeks to outperform the index instead of just replicating its performance. Because of its passive nature, ETFs charge lower management fees thus lowering cost for investors.

As an exchange traded fund, Phillip SGD Money Market ETF allows investors to quickly re-directing investments toward other allocations such as stocks.

What are the trading currencies of this ETF?

The ETF trading currency are SGD and USD.

What makes up the total expense for the ETF?

Phillip SGD Money Market ETF has a low management fee of 0.10% p.a., subject to a quarterly reset (capped at 0.30% p.a.). There are other fees such as index licensing, trustee and auditor fees, etc.

Investors should note that they are subject to their own brokerage fees; and clearing and access fees when dealing in Units on SGX-ST.

What are SGX's access and clearing fees for this ETF?

The clearing fee and SGX access fee for trading Units of  ETFs on the SGX-ST are  typically 0.0325% and 0.0075% of the transaction value respectively and subject to the prevailing goods and services tax (“GST”).

Currently the clearing fee and SGX access fee for trading Units of the Phillip SGD Money Market ETF on the SGX-ST are 0.0001% and 0.0001% of the transaction value respectively and subject to GST.

*Subject to change at SGX-ST’s discretion.

Is this ETF an EIP or SIP?

This ETF is classified as an Excluded Investment Product (EIP).  There is no requisite that investors have to go through Customer Account Review (CAR) to invest in this ETF.

Does this ETF has a distribution policy?

No, the Fund Manager will not be declaring any distribution with respect of this ETF. Instead,  returns are accrued to the ETF’s NAV.

What are the trading name and stock identifiers of the ETF ?

SGX Trading Name PHILLIP MM S$/

PHILLIP MM US$D

SGX Stock Code MMS/ MMT
Bloomberg Ticker SGDPMMS/SGDPMMU
ISIN Code SGXC85914460

Product Summary

Investment Objective To provide investment results that closely correspond to the performance of FTSE SGD 3-Month SOR index or any replacement index referencing the SORA.
Benchmark Index FTSE SGD 3-Month SOR Index
Eligible Countries Singapore
Exchange Listing SGX
Board Lot size 5 Units; Initial NAV $100 per Unit
Dividend Distribution No; returns are accrued to NAV.
Management Fee Management Fee 0.10% p.a.; subject to quarterly review. Maximum cap at 0.30% p.a.
Manager Phillip Capital Management (S) Ltd
Designated Market Makers Phillip Securities Pte Ltd
Participating Dealer Phillip Securities
Fund Administrator HSBC Institutional Trust Services (Singapore) Limited
Custodian The Hongkong and Shanghai Banking Corporation Limited

How to Subsribe?

As this is an Exchange Traded Fund, existing units can be traded easily like normal stock at Singapore Exchange over lots of 100 units. Normal stock trading procedure can be followed to buy and sell units. No sales charges apply. However, respective brokerage charges may apply.

To subscribe to new units, the following participating dealers can be contacted:

 

Phillip Securities Pte Ltd

Phone: +65 65311555

Website: https://www.poems.com.sg/phillip-sgd-moneymarket-etf/