Intraday NAV updated as at
2020-05-22 5:20:02 PM
INVESTMENT OBJECTIVE & FOCUS
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 Payout From||Capital||Income|
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.
The following factors will be used in the index construction process
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.
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.
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.
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.
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
ABN Amro Clearing Bank N.V.
This ETF focuses on listed companies in Singapore.
The ETF trading currency is SGD.
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.
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.
Yes, investors can apply with their stockbrokers or SRS operator to invest via SRS.
No, the Fund is currently not included under the CPFIS.
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.
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.
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.
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:
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.
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.
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
Source: Commerzbank, PCM
|SGX Trading Name||PHIL SING INC|
|SGX Stock Code||OVQ|
|Bloomberg Ticker||SINGINC SP|
|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.|
|ETF Replication Method||Physical Replication|
|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|
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.
UOB Kay Hian Pte Ltd
Phone: +65 6536 9338
With effect from 1st July 2014, this FATCA Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”) and should be read in conjunction with those Terms and Conditions, including those under our Personal Data Protection Notice.The existing terms and conditions of any contractual agreement entered into between PCM a nd you (the “Existing Terms and Conditions”) remain in full force and effect. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.
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