Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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In July-September 2020, the total turnover of ETFs listed on SGX more than doubled to S$1.2 billion from the year-ago quarter. Following increased bouts of market volatility, quarterly turnover of ETFs on SGX have crossed the S$1 billion mark for three consecutive quarters this year. 
	 </li>
	<li>
In 3Q 2020, the three most active ETFs were SPDR® Gold Shares ETF, SPDR® STI ETF and NikkoAM Singapore STI ETF. These three most active ETFs have clocked a quarterly turnover of between S$55 million and S$467 million. 
	 </li>
	<li>Amongst the top 10 most actively traded ETFs, the three with the highest 12M yields are iShares Barclays USD Asia High Yield Bond Index ETF (6.1%), NikkoAM-StraitsTrading Asia ex Japan REIT ETF (5.3%), and Nikko AM Singapore STI ETF (4.8%).</li>
</ul>
 

 In July-September 2020, the total turnover of ETFs listed on SGX more than doubled to S$1.2 billion from the year-ago quarter. Following increased bouts of market volatility, quarterly turnover of ETFs on SGX have crossed the S$1 billion mark for three consecutive quarters this year.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture_8.PNG' alt='Quarterly Turnover of ETFs on SGX' />
 </figure>
 <div class='content-caption'>Quarterly Turnover of ETFs on SGX</div>
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In 3Q 2020, the three most active ETFs were SPDR® Gold Shares ETF, SPDR® STI ETF and NikkoAM Singapore STI ETF. These three most active ETFs have clocked a quarterly turnover of between S$55 million and S$467 million.

<table class="table table-striped"><tbody>
<tr>
<td>
			ETFs
			</td>
			<td>
			Stock Code
			</td>
			<td>
			Quarterly 
			Turnover (S$M)
			</td>
			<td>
			Global Fund 
			Size (S$M)
			</td>
			<td>
			YTD 
			Inflows (S$M)
			</td>
			<td>
			Base 
			Currency
			</td>
			<td>
			12M Div Yld (%)
			</td>
			<td>
			Asset Class
			</td>
		</tr>
<tr>
<td>
			SPDR® Gold Shares
			</td>
			<td>
			O87
			</td>
			<td>
			467.2
			</td>
			<td>
			105,056
			</td>
			<td>
			28,889.7
			</td>
			<td>
			USD
			</td>
			<td>
			0.0
			</td>
			<td>
			Gold
			</td>
		</tr>
<tr>
<td>
			SPDR® Straits Times Index ETF
			</td>
			<td>
			ES3
			</td>
			<td>
			341.8
			</td>
			<td>
			1,268
			</td>
			<td>
			665.0
			</td>
			<td>
			SGD
			</td>
			<td>
			4.5
			</td>
			<td>
			Equities
			</td>
		</tr>
<tr>
<td>
			Nikko AM Singapore STI ETF
			</td>
			<td>
			G3B
			</td>
			<td>
			54.6
			</td>
			<td>
			383
			</td>
			<td>
			142.0
			</td>
			<td>
			SGD
			</td>
			<td>
			4.8
			</td>
			<td>
			Equities
			</td>
		</tr>
<tr>
<td>
			NikkoAM-StraitsTrading Asia ex Japan REIT ETF#
			</td>
			<td>
			CFA/COI
			</td>
			<td>
			52.7
			</td>
			<td>
			255
			</td>
			<td>
			75.0
			</td>
			<td>
			SGD
			</td>
			<td>
			5.3
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			iShares Barclays USD Asia High Yield Bond Index ETF#
			</td>
			<td>
			O9P/QL3
			</td>
			<td>
			28.3
			</td>
			<td>
			185
			</td>
			<td>
			30.0
			</td>
			<td>
			USD
			</td>
			<td>
			6.1
			</td>
			<td>
			Bonds
			</td>
		</tr>
<tr>
<td>
			Lion-Phillip S-REIT ETF
			</td>
			<td>
			CLR
			</td>
			<td>
			28.1
			</td>
			<td>
			177
			</td>
			<td>
			28.0
			</td>
			<td>
			SGD
			</td>
			<td>
			4.6
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ABF Singapore Bond Index Fund
			</td>
			<td>
			A35
			</td>
			<td>
			25.9
			</td>
			<td>
			1,033
			</td>
			<td>
			70.0
			</td>
			<td>
			SGD
			</td>
			<td>
			2.0
			</td>
			<td>
			Bonds
			</td>
		</tr>
<tr>
<td>
			Nikko AM SGD Investment Grade Corporate Bond ETF
			</td>
			<td>
			MBH
			</td>
			<td>
			25.5
			</td>
			<td>
			582
			</td>
			<td>
			58.0
			</td>
			<td>
			SGD
			</td>
			<td>
			2.0
			</td>
			<td>
			Bonds
			</td>
		</tr>
<tr>
<td>
			iShares MSCI India Index ETF1#
			</td>
			<td>
			I98/ QK9
			</td>
			<td>
			24.2
			</td>
			<td>
			105
			</td>
			<td>
			-21.8
			</td>
			<td>
			USD
			</td>
			<td>
			0.0
			</td>
			<td>
			Equities
			</td>
		</tr>
<tr>
<td>
			Xtrackers MSCI China UCITS ETF1#
			</td>
			<td>
			LG9/TID
			</td>
			<td>
			19.4
			</td>
			<td>
			2,139
			</td>
			<td>
			-9.6
			</td>
			<td>
			USD
			</td>
			<td>
			0.0
			</td>
			<td>
			Equities
			</td>
		</tr>
</tbody></table>
<table class="table table-striped"><tbody>
<tr>
<td>
			ETFs
			</td>
			<td>
			Stock Code
			</td>
			<td>
			Expense Ratio
			</td>
			<td>
			YTD Total Return (%) 
			</td>
			<td>
			1Y Total Return (%)
			</td>
			<td>
			3Y Total Return (%)
			</td>
			<td>
			Benchmark
			</td>
		</tr>
<tr>
<td>
			SPDR® Gold Shares
			</td>
			<td>
			O87
			</td>
			<td>
			0.40
			</td>
			<td>
			25.3
			</td>
			<td>
			26.7
			</td>
			<td>
			13.8
			</td>
			<td>
			LBMA Gold Price PM
			</td>
		</tr>
<tr>
<td>
			SPDR® Straits Times Index ETF
			</td>
			<td>
			ES3
			</td>
			<td>
			0.30
			</td>
			<td>
			-18.7
			</td>
			<td>
			-14.9
			</td>
			<td>
			-5.0
			</td>
			<td>
			Straits Times Index
			</td>
		</tr>
<tr>
<td>
			Nikko AM Singapore STI ETF
			</td>
			<td>
			G3B
			</td>
			<td>
			0.30
			</td>
			<td>
			-18.9
			</td>
			<td>
			-15.1
			</td>
			<td>
			-5.3
			</td>
			<td>
			Straits Times Index
			</td>
		</tr>
<tr>
<td>
			NikkoAM-StraitsTrading Asia ex Japan REIT ETF#
			</td>
			<td>
			CFA/COI
			</td>
			<td>
			0.60
			</td>
			<td>
			-8.7
			</td>
			<td>
			-11.7
			</td>
			<td>
			NA
			</td>
			<td>
			FTSE EPRA/NAREIT Asia ex Japan Net Total Return REIT Index
			</td>
		</tr>
<tr>
<td>
			iShares Barclays USD Asia High Yield Bond Index ETF#
			</td>
			<td>
			O9P/QL3
			</td>
			<td>
			0.52
			</td>
			<td>
			1.1
			</td>
			<td>
			3.7
			</td>
			<td>
			3.7
			</td>
			<td>
			Bloomberg Barclays Asia USD High Yield Diversified Credit Index
			</td>
		</tr>
<tr>
<td>
			Lion-Phillip S-REIT ETF
			</td>
			<td>
			CLR
			</td>
			<td>
			0.60
			</td>
			<td>
			-3.6
			</td>
			<td>
			-3.4
			</td>
			<td>
			NA
			</td>
			<td>
			Morningstar® Singapore REIT Yield Focus Index SM
			</td>
		</tr>
<tr>
<td>
			ABF Singapore Bond Index Fund
			</td>
			<td>
			A35
			</td>
			<td>
			0.25
			</td>
			<td>
			7.5
			</td>
			<td>
			7.4
			</td>
			<td>
			4.9
			</td>
			<td>
			iBoxx ABF Singapore Bond Index
			</td>
		</tr>
<tr>
<td>
			Nikko AM SGD Investment Grade Corporate Bond ETF
			</td>
			<td>
			MBH
			</td>
			<td>
			0.30
			</td>
			<td>
			4.0
			</td>
			<td>
			4.7
			</td>
			<td>
			NA
			</td>
			<td>
			iBoxx SGD NonSovereigns Large Cap Investment Grade Index
			</td>
		</tr>
<tr>
<td>
			iShares MSCI India Index ETF1#
			</td>
			<td>
			I98/ QK9
			</td>
			<td>
			1.00
			</td>
			<td>
			-1.2
			</td>
			<td>
			7.6
			</td>
			<td>
			1.9
			</td>
			<td>
			MSCI India Index
			</td>
		</tr>
<tr>
<td>
			Xtrackers MSCI China UCITS ETF1#
			</td>
			<td>
			LG9/TID
			</td>
			<td>
			0.65
			</td>
			<td>
			18.6
			</td>
			<td>
			38.1
			</td>
			<td>
			6.9
			</td>
			<td>
			MSCI China TR Net Daily USD Index
			</td>
		</tr>
</tbody></table>
 1 Dividend Reinvestment # Dual Trading Currency. Click <a href="https://www.sgx.com/securities/trading#Dual%20Currency%20Trading">here</a> for more information 
Source: SGX, Bloomberg (data as of 9 Oct 2020)

 

Amongst the top 10 most actively traded ETFs, seven are dividend-paying ETFs with an average 12-month yield of 4.2%. The three with highest 12M yields are iShares Barclays USD Asia High Yield Bond Index ETF (6.1%), NikkoAM-StraitsTrading Asia ex Japan REIT ETF (5.3%), and Nikko AM Singapore STI ETF (4.8%).
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture%201_2.PNG' alt='Most Active ETFs with HIghest 12M Yield' />
 </figure>
 <div class='content-caption'>Most Active ETFs with HIghest 12M Yield</div>
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<html><body>In 3Q 2020, SPDR® Gold Shares ETF generated the highest average monthly turnover of S$467.2 million amongst the ETFs listed on SGX. The ETF also generated a YTD total return of 25.3%. <a href="http://www.spdrgoldshares.com/singapore/">SPDR® Gold Shares ETF</a> provides investors with an innovative, relatively cost-efficient and secure way to access the gold market. The fund aims to lower many barriers that prevent some investors from investing in bullion, including the logistics of buying, storing and insuring the commodity. In addition, certain pension funds and mutual funds do not or cannot hold physical commodities or the derivatives. The ETF is set up to reflect the performance of bullion, less the fund’s expenses. It tracks the London Bullion Market Association (LBMA) PM Gold Price, and the physical bullion is kept in the form of London Good Delivery bars. 
As consistently flagged by the <a href="https://www.gold.org/">World Gold Council</a>, gold has always been viewed as a haven asset, particularly in times of increased market volatility. The precious metal also plays an important role in portfolio diversification. Widespread negative real rates and quantitative easing are also expected to continue boosting bullion’s role as an investment haven. 
Gold prices have jumped 17% over 1H 2020, surging past the US$2,000/oz mark in early August, according to WGC data.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture%202_2.PNG' alt='Spot Gold' />
 </figure>
 <div class='content-caption'>Spot Gold</div>
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<html><body>With increased market volatility, more investors are using STI-tracking ETFs as a vehicle to gain instant exposure to Singapore’s top 30 blue chips. In 3Q 2020 2020, the SPDR® STI ETF and Nikko AM Singapore STI ETF generated the second-highest and third-highest quarterly turnover of S$341.8 million and S$54.6 million respectively among ETFs listed on SGX. 
The <a href="https://www.spdrs.com.sg/etf/fund/spdr-straits-times-index-etf-ES3.html">SPDR® STI ETF</a>, unveiled in 2002, is managed by State Street Global Advisors, while the <a href="https://www.nikkoam.com.sg/etf/sti">Nikko AM Singapore STI ETF</a>, launched in 2009, is managed by Nikko Asset Management. Benefits of investing in STI ETFs include gaining exposure to the 30 constituents of the benchmark index through a single purchase and at a very low cost. Over the longer term, the returns can be sizeable. 
As of 9 Oct 2020, the SPDR® STI ETF recorded a fund size of S$1.3 billion with YTD net inflows of S$665.0 million, while Nikko AM Singapore STI ETF had a fund size of S$383 million with YTD net inflows of S$142.0 million.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture%203.PNG' alt='Straits times index' />
 </figure>
 <div class='content-caption'>Straits times index</div>
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Investing in ETFs

ETFs are investment funds listed and traded intraday on a stock exchange. The majority aim to track the performance of an index and provide access to a wide variety of markets and asset classes, including local stocks, international securities, bonds, commodities or money markets.

Each ETF gives investors access to the performance of the asset that comprises the underlying index. Investing in the ETF is also less costly if one was to build a similar portfolio by buying the individual stocks. It also provides exposure to international markets and asset classes that may be inaccessible to individual investors.

To find out more about ETFs, click <a href="https://www.sgxacademy.com/home/infographics/what-you-need-to-know-about-investing-in-etfs/?utm_source=Research&amp;utm_medium=MU&amp;utm_campaign=ETFs&amp;utm_term=%2708062020&amp;utm_content=Market%20Update">here</a>. 
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In July-September 2020, the total turnover of ETFs listed on SGX more than doubled to S$1.2 billion from the year-ago quarter. Following increased bouts of market volatility, quarterly turnover of ETFs on SGX have crossed the S$1 billion mark for three consecutive quarters this year. 
	 
	
In 3Q 2020, the three most active ETFs were SPDR® Gold Shares ETF, SPDR® STI ETF and NikkoAM Singapore STI ETF. These three most active ETFs have clocked a quarterly turnover of between S$55 million and S$467 million.  
	 
	Amongst the top 10 most actively traded ETFs, the three with the highest 12M yields are iShares Barclays USD Asia High Yield Bond Index ETF (6.1%), NikkoAM-StraitsTrading Asia ex Japan REIT ETF (5.3%), and Nikko AM Singapore STI ETF (4.8%).

 

 In July-September 2020, the total turnover of ETFs listed on SGX more than doubled to S$1.2 billion from the year-ago quarter. Following increased bouts of market volatility, quarterly turnover of ETFs on SGX have crossed the S$1 billion mark for three consecutive quarters this year.



      
    
    Quarterly Turnover of ETFs on SGX


In 3Q 2020, the three most active ETFs were SPDR® Gold Shares ETF, SPDR® STI ETF and NikkoAM Singapore STI ETF. These three most active ETFs have clocked a quarterly turnover of between S$55 million and S$467 million.




			ETFs
			
			
			Stock Code
			
			
			Quarterly 
			Turnover (S$M)
			
			
			Global Fund 
			Size (S$M)
			
			
			YTD 
			Inflows (S$M)
			
			
			Base 
			Currency
			
			
			12M Div Yld (%)
			
			
			Asset Class
			
		


			SPDR® Gold Shares
			
			
			O87
			
			
			467.2
			
			
			105,056
			
			
			28,889.7
			
			
			USD
			
			
			0.0
			
			
			Gold
			
		


			SPDR® Straits Times Index ETF
			
			
			ES3
			
			
			341.8
			
			
			1,268
			
			
			665.0
			
			
			SGD
			
			
			4.5
			
			
			Equities
			
		


			Nikko AM Singapore STI ETF
			
			
			G3B
			
			
			54.6
			
			
			383
			
			
			142.0
			
			
			SGD
			
			
			4.8
			
			
			Equities
			
		


			NikkoAM-StraitsTrading Asia ex Japan REIT ETF#
			
			
			CFA/COI
			
			
			52.7
			
			
			255
			
			
			75.0
			
			
			SGD
			
			
			5.3
			
			
			REITs
			
		


			iShares Barclays USD Asia High Yield Bond Index ETF#
			
			
			O9P/QL3
			
			
			28.3
			
			
			185
			
			
			30.0
			
			
			USD
			
			
			6.1
			
			
			Bonds
			
		


			Lion-Phillip S-REIT ETF
			
			
			CLR
			
			
			28.1
			
			
			177
			
			
			28.0
			
			
			SGD
			
			
			4.6
			
			
			REITs
			
		


			ABF Singapore Bond Index Fund
			
			
			A35
			
			
			25.9
			
			
			1,033
			
			
			70.0
			
			
			SGD
			
			
			2.0
			
			
			Bonds
			
		


			Nikko AM SGD Investment Grade Corporate Bond ETF
			
			
			MBH
			
			
			25.5
			
			
			582
			
			
			58.0
			
			
			SGD
			
			
			2.0
			
			
			Bonds
			
		


			iShares MSCI India Index ETF1#
			
			
			I98/ QK9
			
			
			24.2
			
			
			105
			
			
			-21.8
			
			
			USD
			
			
			0.0
			
			
			Equities
			
		


			Xtrackers MSCI China UCITS ETF1#
			
			
			LG9/TID
			
			
			19.4
			
			
			2,139
			
			
			-9.6
			
			
			USD
			
			
			0.0
			
			
			Equities
			
		




			ETFs
			
			
			Stock Code
			
			
			Expense Ratio
			
			
			YTD Total Return (%) 
			
			
			1Y Total Return (%)
			
			
			3Y Total Return (%)
			
			
			Benchmark
			
		


			SPDR® Gold Shares
			
			
			O87
			
			
			0.40
			
			
			25.3
			
			
			26.7
			
			
			13.8
			
			
			LBMA Gold Price PM
			
		


			SPDR® Straits Times Index ETF
			
			
			ES3
			
			
			0.30
			
			
			-18.7
			
			
			-14.9
			
			
			-5.0
			
			
			Straits Times Index
			
		


			Nikko AM Singapore STI ETF
			
			
			G3B
			
			
			0.30
			
			
			-18.9
			
			
			-15.1
			
			
			-5.3
			
			
			Straits Times Index
			
		


			NikkoAM-StraitsTrading Asia ex Japan REIT ETF#
			
			
			CFA/COI
			
			
			0.60
			
			
			-8.7
			
			
			-11.7
			
			
			NA
			
			
			FTSE EPRA/NAREIT Asia ex Japan Net Total Return REIT Index
			
		


			iShares Barclays USD Asia High Yield Bond Index ETF#
			
			
			O9P/QL3
			
			
			0.52
			
			
			1.1
			
			
			3.7
			
			
			3.7
			
			
			Bloomberg Barclays Asia USD High Yield Diversified Credit Index
			
		


			Lion-Phillip S-REIT ETF
			
			
			CLR
			
			
			0.60
			
			
			-3.6
			
			
			-3.4
			
			
			NA
			
			
			Morningstar® Singapore REIT Yield Focus Index SM
			
		


			ABF Singapore Bond Index Fund
			
			
			A35
			
			
			0.25
			
			
			7.5
			
			
			7.4
			
			
			4.9
			
			
			iBoxx ABF Singapore Bond Index
			
		


			Nikko AM SGD Investment Grade Corporate Bond ETF
			
			
			MBH
			
			
			0.30
			
			
			4.0
			
			
			4.7
			
			
			NA
			
			
			iBoxx SGD NonSovereigns Large Cap Investment Grade Index
			
		


			iShares MSCI India Index ETF1#
			
			
			I98/ QK9
			
			
			1.00
			
			
			-1.2
			
			
			7.6
			
			
			1.9
			
			
			MSCI India Index
			
		


			Xtrackers MSCI China UCITS ETF1#
			
			
			LG9/TID
			
			
			0.65
			
			
			18.6
			
			
			38.1
			
			
			6.9
			
			
			MSCI China TR Net Daily USD Index
			
		

 1 Dividend Reinvestment # Dual Trading Currency. Click here for more information 
Source: SGX, Bloomberg (data as of 9 Oct 2020)

 

Amongst the top 10 most actively traded ETFs, seven are dividend-paying ETFs with an average 12-month yield of 4.2%. The three with highest 12M yields are iShares Barclays USD Asia High Yield Bond Index ETF (6.1%), NikkoAM-StraitsTrading Asia ex Japan REIT ETF (5.3%), and Nikko AM Singapore STI ETF (4.8%).



      
    
    Most Active ETFs with HIghest 12M Yield

In 3Q 2020, SPDR® Gold Shares ETF generated the highest average monthly turnover of S$467.2 million amongst the ETFs listed on SGX. The ETF also generated a YTD total return of 25.3%.  SPDR® Gold Shares ETF provides investors with an innovative, relatively cost-efficient and secure way to access the gold market. The fund aims to lower many barriers that prevent some investors from investing in bullion, including the logistics of buying, storing and insuring the commodity. In addition, certain pension funds and mutual funds do not or cannot hold physical commodities or the derivatives. The ETF is set up to reflect the performance of bullion, less the fund’s expenses. It tracks the London Bullion Market Association (LBMA) PM Gold Price, and the physical bullion is kept in the form of London Good Delivery bars.  
As consistently flagged by the World Gold Council, gold has always been viewed as a haven asset, particularly in times of increased market volatility. The precious metal also plays an important role in portfolio diversification. Widespread negative real rates and quantitative easing are also expected to continue boosting bullion’s role as an investment haven.  
Gold prices have jumped 17% over 1H 2020, surging past the US$2,000/oz mark in early August, according to WGC data.


      
    
    Spot Gold

With increased market volatility, more investors are using STI-tracking ETFs as a vehicle to gain instant exposure to Singapore’s top 30 blue chips. In 3Q 2020 2020, the SPDR® STI ETF and Nikko AM Singapore STI ETF generated the second-highest and third-highest quarterly turnover of S$341.8 million and S$54.6 million respectively among ETFs listed on SGX.  
The SPDR® STI ETF, unveiled in 2002, is managed by State Street Global Advisors, while the Nikko AM Singapore STI ETF, launched in 2009, is managed by Nikko Asset Management. Benefits of investing in STI ETFs include gaining exposure to the 30 constituents of the benchmark index through a single purchase and at a very low cost. Over the longer term, the returns can be sizeable.  
As of 9 Oct 2020, the SPDR® STI ETF recorded a fund size of S$1.3 billion with YTD net inflows of S$665.0 million, while Nikko AM Singapore STI ETF had a fund size of S$383 million with YTD net inflows of S$142.0 million.


      
    
    Straits times index


Investing in ETFs

ETFs are investment funds listed and traded intraday on a stock exchange. The majority aim to track the performance of an index and provide access to a wide variety of markets and asset classes, including local stocks, international securities, bonds, commodities or money markets.

Each ETF gives investors access to the performance of the asset that comprises the underlying index. Investing in the ETF is also less costly if one was to build a similar portfolio by buying the individual stocks. It also provides exposure to international markets and asset classes that may be inaccessible to individual investors.

To find out more about ETFs, click here. 



State Street

SGX’s 10 Most Traded ETFs in 3Q 2020