0.000% / 0.015%
Phillip SGD Money Market ETF
As of 14 October 2021
As of 14 October 2021
Total Assets SGD
As of 08 October 2021
As of 08 October 2021
3 Month SOR Index
(as of 30 September 2021)
- ►Key Facts
- ►Initial Portfolio Constituents (Top 10)
- ►Trading Information
- ►Index Information
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.
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.
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).
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.
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.
The ETF trading currency are SGD and USD.
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.
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.
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.
No, the Fund Manager will not be declaring any distribution with respect of this ETF. Instead, returns are accrued to the ETF’s NAV.
|SGX Trading Name||PHILLIP MM S$/
PHILLIP MM US$D
|SGX Stock Code||MMS/ MMT|
|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|
|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|
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