Singapore’s ETF market gained meaningful momentum in 2025 as rising investor participation, steady inflows and a wave of innovative product launches deepened the breadth of the ecosystem. The year marked clear progress not just in market activity, but also in structural development, with new listings, growing thematic breadth and the introduction of a new domestic equity benchmark reshaping the landscape for issuers and investors alike.
As of 30 September 2025, the number of SGX-listed ETFs reached a milestone of 50, while combined ETF assets under management climbed to a record SGD 16.3 billion. Quarterly inflows remained robust, with SGD 736 million entering ETFs in Q3 alone. This brings year-to-date (YTD) inflows to about SGD 1.4 billion. Trading activity also strengthened, reflecting growing adoption of ETFs for diversification, income generation and strategic asset allocation by both retail and institutional investors.
This expansion has been reinforced by policy support under the Monetary Authority of Singapore’s Equity Market Development Programme (EQDP) and the enhanced GEMS scheme, both of which aim to deepen Singapore’s capital markets and catalyse new index-linked products. The launch of the iEdge Singapore Next 50 Index this year ties these threads together, offering a timely benchmark that broadens Singapore’s equity universe beyond the blue-chip STI and creates a fresh platform for future ETF development.
Against this backdrop, 2025 stands out as a pivotal year. One where strong investor demand, product innovation and supportive policy direction converged to establish the foundations of a more diverse, liquid and resilient ETF market on SGX.
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SGX welcomes new ETFs this year, bringing its total to 50
The market’s growth has been supported by a healthy pipeline of new ETF listings that broaden both asset-class reach and strategy differentiation. The LionGlobal Short Duration Bond Fund (SGX: SBO), launched as Singapore’s first actively managed bond ETF, marks a significant step in bringing active fixed-income management to a listed vehicle. Its focus on high-quality and short-term bonds offers income with reduced volatility.
SGX also welcomed new international and thematic exposures. The Amova E Fund ChiNext Index ETF (SGX: CXT) introduced the market’s first SGD-hedged share class tracking China’s high-growth ChiNext market, giving Singaporean investors currency-hedged access to Chinese innovation leaders. Meanwhile, the Lion–China Merchants CSI Dividend Index ETF (SGX: INC) added an income-focused China equity option, tapping into the relative resilience and attractive valuations of Chinese high-dividend companies at a time when broader sentiment toward China remains cautious.
Beyond China, the Amova MSCI AC Asia ex Japan ex China Index ETF – SGD Class (SGX: A93) broadened core exposure to Asia’s structural growth markets while intentionally excluding China, an increasingly relevant allocation approach for investors seeking Asia diversification without China-related volatility.
Meanwhile, the SPDR JPM Saudi Arabia Aggregate Bond UCITS ETF (SGX: KSB) brought new geographic diversification to the fixed-income shelf, offering exposure to Saudi Arabia's sovereign, quasi-sovereign bonds and sukuk.
With SGX’s total ETF count now reaching 50, the exchange continues to demonstrate strong alignment with investor demand and the initiatives such as the Equity Market Development Programme (EQDP) and the enhanced GEMS scheme, to strengthen market vibrancy and attract new listings.
Related article: ETF Insights: SGX welcomes the first SGD short-duration bond ETF (September 2025)
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SGX launched the iEdge Singapore Next 50 Index, targeting mid-caps
One of the most meaningful developments this year is the launch of the iEdge Singapore Next 50 Index, a new benchmark that tracks the 50 largest SGX-listed companies outside the STI. The new index delivered an 18.2% total return since 30 June (as of 3 December), based on indicative levels prior to its official launch, slightly ahead of the STI’s 17.6% return over the same period (Figure 1). The results reflect steady performance among Singapore’s mid-cap stocks, supported by growing investor interest and increased trading turnover across several mid-cap names.
Figure 1: The new index outperformed the STI slightly between 30 June 2025 to 3 December 2025
Beyond providing a new benchmark, the index plays a strategic role in the broader development of Singapore’s capital markets. It directly aligns with the goals of the Monetary Authority of Singapore’s Equity Market Development Programme (EQDP), which aims to deepen the equity ecosystem through the creation of new indices, greater index-linked innovation, and improved liquidity across the market.
By formally defining and spotlighting the next tier of investable Singapore corporates, the Next 50 index widens the universe available to ETF issuers, paving the way for future ETF products that track Singapore’s mid-cap segment.
Top-performing ETFs on the SGX
ETF performance on SGX this year has been broad-based this year, with strong gains across emerging Asia, thematic China exposures, Singapore dividend plays, and low-carbon equity strategies. As of 3 December 2025, the top ten ETFs by YTD total returns reflect a diverse mix of regional and thematic drivers (Table 1).
Table 1: Top ten ETFs on the SGX in terms of YTD total returns (as of 3 December 2025) (in SGD terms)
|
Rank |
SGX Ticker |
Name |
Total Returns (%) |
|
1 |
SCY |
45.6% |
|
|
2 |
VND |
45.1% |
|
|
3 |
EVS |
Amova-StraitsTrading MSCI China Electric Vehicles & Future Mobility Index ETF |
31.1% |
|
4 |
CXS |
30.0% |
|
|
5 |
OVQ |
29.7% |
|
|
6 |
JJJ |
29.3% |
|
|
7 |
ES3 |
25.7% |
|
|
8 |
G3B |
25.3% |
|
|
9 |
ESG |
24.9% |
|
|
10 |
LCS |
20.1% |
|
|
Source: Bloomberg Finance L.P. Data as of 3 December 2025. The table above excludes leveraged ETFs. |
|||
China-related ETFs accounted for three of the top ten performers. The CSOP CSI STAR & ChiNext 50 Index ETF (SGX: SCY) is the top gainer with YTD total return of 45.6%, reflecting a rebound in China’s innovation-driven sectors across the STAR Market and ChiNext board. Some of the stocks that contributed to its strong performance are the likes of Zhongji Innolight, Cambricon Technologies, Montage Technology and SMIC. The Amova-StraitsTrading MSCI China Electric Vehicles & Future Mobility ETF (SGX: EVS) gained 31.1%, lifted by renewable energy or rare earth mining stocks such as Sungrow Power Supply, China Molybdenum and Eve Energy. Similarly, the UOBAM Ping An ChiNext ETF (SGX: CXS) advanced 30.0%, offering direct exposure to 100 of the largest and most liquid ChiNext stocks, China’s equivalent to a high-growth Nasdaq-like cohort. Its performance was supported by stocks like Sungrow Power Supply, Eve Energy and Zhongji Innolight.
Coming in second is the CGS Fullgoal Vietnam 30 Sector Cap ETF (SGX: VND), which delivered a remarkable 45.1% YTD gain. Designed to track the 30 largest and most liquid companies listed on the Ho Chi Minh City Stock Exchange, the ETF benefited from Vietnam’s robust economic expansion, strong manufacturing activity, and persistent foreign investor interest.
Singapore-focused products were also well represented among the top gainers. The Phillip Sing Income ETF (SGX: OVQ) returned 29.7%, supported by sustained investor demand for high-dividend, high-quality local equities. Tracking the Morningstar Singapore Yield Focus Index, the ETF offers exposure to Singapore-listed companies with strong and sustainable dividend profiles. Similarly, Singapore’s two STI-linked ETFs also performed strongly, with the SPDR Straits Times Index ETF (SGX: ES3) rising 25.7% and the Amova STI ETF (SGX: G3B) up 25.3%, reflecting continued resilience in Singapore’s blue-chip segment. Some of the stocks that drove these three ETFs’ strong performance were ST Engineering and Singtel, which both rallied more than 40% YTD. Meanwhile, the Lion-OCBC Singapore Low Carbon ETF (SGX: ESG) registered a 24.9% return, supported by strong YTD performance seen in Sea Limited and ST Engineering.
Beyond Southeast Asia, Singapore, and China, strong performances were also recorded in Japan and regional sustainability strategies. The Lion-Nomura Japan Active ETF (SGX: JJJ) rose 29.3%, driven by its AI-enhanced active investment process, thereby outperforming other passive Japan ETFs. Meanwhile, the CSOP FTSE Asia Pacific Low Carbon Index ETF (SGX: LCS) gained 20.1%, driven by its holdings in TSMC, Samsung Electronics and SK Hynix.
A more complete ETF Ecosystem for 2026 and beyond
With stronger product diversity, rising trading activity, and supportive policy initiatives, SGX’s ETF landscape is entering a new phase of momentum. The arrival of Singapore’s Next 50 index opens the door for new ETF innovation, especially as policymakers continue to promote the development of a deeper, more liquid equity market under EQDP and GEMS.
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