Phillip SING Income ETF


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Total Assets updated as at 2/8/2021

Total Assets SGD

Indicative Holdings

Morningstar RatingTM

— / —

Morningstar® Essentials Sustainability Rating

Out of 736 Asia ex-Japan Equity Funds as of 29-07-21.
Based on 91% of AUM. Data is based on long positions only.

View FAQ section for important disclosures for Morningstar-related ratings*



The investment objective of the Fund is to seek to provide a high level of income and moderate long-term capital
appreciation by replicating as closely as possible, before fees and expenses, the performance of the Morningstar® Singapore Yield Focus IndexSM  (“the Index”).

By replicating the Index which is ranked and weighted by Dividend Yield, Business Quality and Financial Health, the Fund seeks to invest all or substantially all of this sub-fund’s assets in Index Securities in substantially the same weightings as reflected in the Index and aims to deliver an investment performance which closely corresponds to the performance of the Index.

In managing the Fund, the Manager may adopt a Replication Strategy or Representative Sampling Strategy at its discretion.

The Fund is classified as an EIP (Excluded Investment Product) and Prescribed Capital Markets Products.


Dividend Distribution
Phillip Capital Management (S) Ltd
No. of Holdings
ETF Replication Method
Physical Replication
HSBC Institutional Trust Services (Singapore) Limited
Management Fee
0.40% p.a., Maximum cap at 0.70%
Benchmark Index
Morningstar® Singapore Yield Focus Index
Listing Date
29 October 2018


  • Morningstar® Singapore Yield Focus IndexSM aims to track the performance of top 30 companies based on a quality income strategy using the proprietary factors that underpin the successful Morningstar DYF family of Indices.

Key Benefits

  • Low cost, easy access to a diversified and liquid basket across Singapore market
  • Offers investors significant dividend income paid semi-annually


Ex Dividend Date
9 July 2021
Record Date
12 July 2021
Distribution Payment Date
30 July 2021
Dividend Per Unit
Dividend Payout From Capital Income
0% 100%


Bloomberg Ticker
Bloomberg INAV Ticker
Trading Currency
Trading Board lot size
Exchange Listing
Subscription Mode
Cash/ SRS (SR1349) SRS only available in primary currency)
Trading Name
Designated Market Makers
Phillip Securities Pte Ltd
Participating Dealers
Phillip Securities Pte Ltd, UOB Kay Hian Pte Ltd, Societe Generale, ABN Amro Clearing Bank N.V.



Product Highlight Sheets


Annual Report

Semi-Annual Report


What is Morningstar® Singapore Yield Focus IndexSM ?

The Morningstar® Singapore Yield Focus IndexSM is designed to track high-yielding companies screened for superior quality and financial health. Morningstar® Singapore Yield Focus IndexSM aims to track the performance of top 30 SGX listed companies based on a quality income strategy using the proprietary factors that underpin the successful Morningstar DYF family of indexes.

What is the index methodology?

 The following factors will be used in the index construction process

  1. Business Quality: The index screens for companies with sustainable competitive advantage, or Economic Moats in the parlance of Morningstar’s global equity analyst team. Moats protect income stream for erosion.

  2. Financial Health: By incorporating the market-driven Distance to Default measure, the index methodology avoids companies with deteriorating balance sheets at risk of financial distress.

  3. Dividend Yield: The index weighting scheme maximises yield and anchors the portfolio in the most liquid and stable companies, while capping security weight as a risk control.

Security weights are capped at 10% to avoid excessive security concentration.

Disclosures for Morningstar Rating and Morningstar® Essentials Sustainability Rating

© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar® Essentials Quantitative (Star Rating)

For more detailed information about the Morningstar Rating, including its methodology, please go to:

Morningstar® Essentials Sustainability

Sustainability Score as of 30 April 2021. Sustainability Rating as of 30 April 2021.

Sustainalytics provides company-level analysis used in the calculation of Morningstar’s Sustainability Score.

For more detailed information about Morningstar’s Sustainability, including its methodology, please go to:

What is the difference between Exchange Traded Funds 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 investor, how do I buy or sell units of this ETF ?

There are two main methods to which ETF units can be transact;

1) apply for creation or redemption of units from the primary market through an approved Participating Dealer, or

2) buy or sell the units from the secondary market through the Singapore Exchange (SGX-ST) when the units are listed.

The Initial Offer Period will open at 9.00 a.m. on 1st October 2018 and close at 11:00 a.m. on 19th October 2018. The Issue Price of each Unit during the Initial Offer Period is S$1.000. During the Initial Offer Period, investors may only purchase units through the Participating Dealers in application unit size of 50,000 units or such higher number of units in multiples of 1,000 units. All purchases or sales of units through the Participating Dealers are subject to such terms and conditions as may be imposed by the relevant Participating Dealer. The Participating Dealers may set a lower minimum amount for retail investors.

Participating Dealer for this ETF:

  • Phillip Securities Pte Ltd

  • UOB Kay Hian Pte Ltd

  • Societe Generale

  • ABN Amro Clearing Bank N.V.

Which regions does this ETF focus ?

This ETF focuses on listed companies in Singapore.

What are the trading currencies of this ETF ?

The ETF trading currency is SGD.

What makes up total expenses for the ETF ?

Apart from management fees (0.40% p.a.), there are other fees such as index licensing, trustee and auditor fees, etc. The manager (PCM) intends to cap the Total expense ratio (TER) of the ETF at 0.70% of AUM p.a.

Is this ETF classified as an Excluded Investment Product (EIP) ?

Yes. It is classified as an EIP and investor can invest like the ordinary stocks without having the need to complete a Customer Account Review (CAR) or SGX online Education Programme.

Can investors invest into this ETF via the Supplementary Retirement Scheme (“SRS”) ?

Yes, investors can apply with their stockbrokers or SRS operator to invest via SRS.

Is the Fund included under the CPF Investment Scheme (“CPFIS”) ?

No, the Fund is currently not included under the CPFIS.

What is the distribution policy of the ETF ?

The Manager will endeavour to make a semi-annual distribution in respect of the Fund. Distributions, if any, will be payable within two months after the end of each semi-annual period of each year. However, investors should note that such distribution is not guaranteed and is subject to all times to the discretion of the Manager. There is currently no dividend reinvestment service.

What are the tax implications for investing in this ETF ?

As the ETF is domiciled in Singapore, there will be no capital gains tax or dividend withholding tax charged to Singapore individuals.

For the underlying constituents in the index, taxable income from REITs are currently subject to dividend withholding tax of 17 per cent at the ETF level. Distributions made by the ETF to all investors will not attract Singapore withholding tax.

If any of the ETF’s underlying stocks get suspended, how will this affect the ETF’s performance and what would be the manager’s response ?

Certain actions or corporate events (e.g. mergers and acquisitions, voluntary administration) may cause a stock to be suspended for a period while residing within an equity index. The Index Provider will keep suspended stocks within the Index for up to one calendar month from the date of suspension. Typically, stocks are removed from the Index if they do not resume trading within one calendar month from the suspension of trade. The impact of stock suspensions on the index performance may vary, depending on circumstances. The Fund Manager will still seek to track the investment results of the Index, and will not seek temporary aggressive or defensive positions that are reflective of market appearance.

How does the ETF Manager handle corporate actions such as rights issues ?

The Manager takes into account some factors to make informed decisions about the most efficient way to manage corporate actions (such as mergers and acquisitions, rights issues, spin-offs, stock splits or the receipt of interest/dividends). Corporate actions may generate trading costs or other implicit costs related to the corporate activity in the underlying investment.

To give a couple of examples:

  1. Dividends paid by the underlying stocks of the ETF are reinvested by the Manager, as keeping them in the portfolio would create a cash drag on the fund performance.

  2. A rights issue is an offer to existing holders of securities where they are given the right to subscribe for additional new securities at a given subscription price. Where the subscription price is lower than the prevailing market price, the Manager will accept the rights in full and may have to sell existing shares in the portfolio to do so, depending on the capacity of the ETF. The Manager will base its decisions on a range of factors such as fund costs and the risk-return profile of the portfolio (so that it remains within reasonable limits compared to the underlying Index).

Regarding the Index, the treatment of all corporate actions, corporate events, and general events are fully described in the Morningstar Indexes Corporate Actions Methodology. The document acts as a reference point for index stakeholders that are required to make adjustments as a result of corporate activity that could affect the underlying composition of an equity index.

We have seen on screen where the trading volume of some ETFs tend to be low, does it mean not active ?

ETFs have three levels of liquidity across the primary and secondary markets. On-screen volume (Average Daily Trading Volume) reflects only the volume of trades executed in the secondary market exchanges on which the ETFs trade. Large sum transactions mostly traded off exchanges i.e. over-the –counter (OTC). Most of the liquidity from the underlying securities does reflect the ETF’s liquidity as well


  • Visible liquidity on the stock exchange e.g. on-screen Average Daily Trading Volume (ADV) and bid/offer data
  • Most effective and low cost execution opportunity
  • Inventory held by market makers provide additional liquidity
  • A Huge determinant of ETF liquidity
  • Traded through authorised participants (Aps) via the creation/redemption process

Source: Commerzbank, PCM

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

SGX Stock Code OVQ
Bloomberg Ticker SINGINC SP
ISIN Code SGXC25065050

Product Summary

Investment Objective To replicate as closely as possible, before fees and expenses, the performance of the Morningstar® Singapore Yield Focus IndexSM
Benchmark Index Morningstar® Singapore Yield Focus IndexSM
Index Methodology Morningstar® Singapore Yield Focus IndexSM aims to track the performance of top 30 companies based on a quality income strategy using the proprietary factors that underpin the successful Morningstar Global Dividend Yield Focus family of Indices.
Eligible Countries Singapore
Exchange Listing SGX
ETF Replication Method Physical Replication
Dividend Distribution Semi-Annual
Management Fee Management Fee 0.40% p.a. Maximum cap at 0.70% p.a.
Manager Phillip Capital Management (S) Ltd
Designated Market Makers Phillip Securities Pte Ltd and Societe Generale
Participating Dealer Societe Generale, Phillip Securities, ABN Amro Clearing Bank N.V. UOB Kay Hian Pte Ltd
Fund Administrator HSBC Institutional Trust Services (Singapore) Limited
Custodian The Hongkong and Shanghai Banking Corporation Limited

How to Subscribe

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



ABN AMRO Clearing Bank N.V.



Societe Generale



UOB Kay Hian Pte Ltd 

Phone: +65 6536 9338