SGX welcomes CSOP iEdge S-REIT Leaders Index ETF

The ETF will be focused on liquidity and S-REITs.

SGX announced the listing of the CSOP iEdge S-REIT Leaders Index ETF focused on liquidity and S-REITs.

Initial Assets Under Management (AUM) of the listing is close to $120m, bringing the combined AUM of the four SGX-listed REIT ETFs tracking the local and regional REIT Sector to close to $700m. Overall, a total AUM of all 32 ETFs listed come to around $12b.

Currently, the index is composed of 28 of the most liquid REITs, Stapled Trusts and Business Trusts. This liquidity filtering and adjustments at each semi-annual rebalance is what distinguishes it from other S-REIT indices.

To be a constituent of the index, a free-float market capitalisation must be maintained, which is at least 20% of its total market capitalisation, along with a six-month media free-float market capitalisation of at least $500m.

Two of the key liquidity provisions of the iEdge S-REIT Leaders index include a liquidity filter which at the semi-annual rebalancing mandates constituents are selected that trade at least average $678,850 (US$500,000) in daily turnover and a 0.10% daily trading velocity of the free-float market capitalisation. To maintain their spot in the index, members must maintain a $543,808 (US400,00) in daily turnover and a 0.08% daily trading velocity.

A liquidity adjustment will also be applied to constituents at the semi-annual rebalancing.

Effectively, this weights the index to the most traded trusts of the S-REIT Sector at six-month intervals.

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