You can use CPF Ordinary Account (OA) savings above the first $20,000 to buy ETFs, but only those on CPF Board’s approved list. That list, updated 17 September 2025, has six SGX-listed funds and no global or US share index ETF. SRS money is more flexible. In both cases, the money you invest stops earning what it would otherwise earn, and for the OA that is a guaranteed 2.5% a year.
This guide covers what is allowed, what it costs and how to think about the hurdle. Funds are named because CPF Board lists them, not as recommendations. For the full rules of the scheme, see our CPF Investment Scheme guide.
What CPFIS Allows for Index Investing
From CPF Board’s scheme options page and product list:
- OA only. ETFs can be bought with OA savings. CPF Board says no ETFs are currently available for Special Account (SA) savings.
- Above $20,000. The first $20,000 in your OA cannot be invested.
- Approved funds only. “Higher risk ETFs are not included.” CPF Board says it does not endorse any product on the list.
- Profits stay in CPF. Gains cannot be withdrawn as cash.
The CPFIS ETF List
CPF Board’s List A of ETFs, updated 17 September 2025, with expense ratios as at the end of Q4 2024:
| Fund | CPF risk class | Expense ratio |
|---|---|---|
| ABF Singapore Bond Index Fund | Low to medium, narrowly focused, Singapore | 0.25% |
| Amova SGD Investment Grade Corporate Bond Index ETF | Low to medium, narrowly focused, Singapore | 0.26% |
| Amova Singapore STI ETF (SGD Dist and SGD Acc) | Higher risk, narrowly focused, Singapore | 0.26% |
| Amova-StraitsTrading Asia ex Japan REIT Index ETF | Higher risk, narrowly focused, sector | 0.55% |
| SPDR Gold Shares | Higher risk, narrowly focused, sector | 0.40% |
| SPDR Straits Times Index ETF | Higher risk, narrowly focused, Singapore | 0.28% |
CPF Board says List A funds met criteria including low tracking error, a 0% sales charge, physical replication and an SGX listing. Gold is capped at 10% of investible savings; see buying gold with CPF or SRS.
Note what is missing: there is no global or US share index ETF. Every share ETF on the list is Singapore or Asia-focused. Our STI ETF guide shows how concentrated the STI is in three banks, and our bond index funds guide explains the two bond funds.
Some CPFIS-included unit trusts track broad indices. Some platforms offer them for CPF money; Endowus, for example, lists a flat 0.40% fee for CPF and SRS multi-fund portfolios on its pricing page as at November 2026.
The 2.5% Hurdle
CPF Board’s rate for OA savings from 1 October to 31 December 2026 is 2.5% a year, which is also the legislated minimum. Extra interest is paid on the first $60,000 of combined balances, of which up to $20,000 can come from the OA, and that first $20,000 cannot be invested anyway.
So invested OA money has to beat 2.5% a year, after every cost, to leave you better off.
Illustration only, not a guarantee. S$30,000 of OA savings over 20 years. We assume a steady return before costs, minus a 0.26% expense ratio, and ignore agent bank charges, brokerage and spreads, which would lower the invested figures.
| Scenario | Value after 20 years |
|---|---|
| Left in the OA at 2.5% | About $49,200 |
| Invested, 2% a year before costs | About $42,400 |
| Invested, 4% a year before costs | About $62,500 |
| Invested, 5% a year before costs | About $75,700 |
The OA figure is guaranteed. The others are not, and real returns arrive unevenly, with losing years along the way. Compare your own numbers with our CPF OA vs invest calculator.
The short version: CPFIS lets you index-invest OA money, but only in six SGX funds, and every dollar invested gives up a guaranteed 2.5%. Losses come out of your retirement savings.
Index Investing With SRS
SRS works differently. You contribute cash for tax relief, and MOF sets the rules on withdrawals: our SRS guide explains the caps and the 50% tax concession at retirement.
- Wider choice. SRS money can buy SGX-listed ETFs through many brokers, unit trusts, and Singapore Government Securities, which MAS says can be bought with SRS funds. What is available depends on your SRS operator and broker.
- Uninvested SRS cash earns interest at your SRS operator’s rate; check it before deciding whether to invest.
- Losses are not relieved. A fall in value reduces what you withdraw later; the tax relief was given on what you contributed.
Costs to Check
- The ETF’s expense ratio, inside the fund.
- Brokerage and agent bank or SRS operator charges on each transaction. Our CPF OA, T-bills and CPFIS break-even article lists the CPF agent bank charges.
- Platform fees, if you use a robo-adviser or fund platform.
What To Do Next
- Check your CPF Investment dashboard for how much OA you can invest, and decide how much OA you need for housing first.
- Read the prospectus and product highlights sheet of any fund you consider, and CPF Board’s latest List A.
- Check that your agent bank, broker or platform is listed in the MAS Financial Institutions Directory.
- Compare any expected return, after all costs, with 2.5%, and remember that it is not guaranteed.
- This is general information, not advice on your situation.
