An STI ETF is a fund listed on SGX that holds the 30 companies in the Straits Times Index, so one purchase gives you Singapore’s largest listed firms in their index weights. Two funds do this: the SPDR Straits Times Index ETF (ES3) and the Amova Singapore STI ETF (G3B). On their own pages as at November 2026, the two differ by a few hundredths of a percentage point in yearly cost, and both hold about 57% in three banks.
This guide explains what is in the index, compares the two funds on stated measures and sets out the risks. It is not a recommendation to buy either fund. For the basics of index funds, see what index investing is.
What the Straits Times Index Holds
State Street describes the STI as tracking “the top 30 largest and most liquid companies listed on the Singapore Exchange”, using FTSE Russell’s methodology. It dates back to 1966.
The top holdings of the SPDR STI ETF, from its fund page on 12 November 2026:
| Company | Sector (as classified by the fund) | Weight |
|---|---|---|
| DBS Group Holdings | Financials | 29.21% |
| OCBC | Financials | 18.79% |
| UOB | Financials | 9.25% |
| Singtel | Telecommunications | 6.21% |
| Singapore Exchange | Financials | 3.43% |
| CapitaLand Integrated Commercial Trust | Real Estate | 3.03% |
| Jardine Matheson | Industrials | 2.97% |
| ST Engineering | Industrials | 2.97% |
| Keppel | Utilities | 2.83% |
| Singapore Airlines | Consumer Discretionary | 2.28% |
The Amova fund’s page, on 31 October 2026, shows the same top three in the same order: 29.7%, 19.0% and 10.0%.
The Bank Concentration
The three banks were 57.25% of the SPDR STI ETF on 12 November 2026. Financials as a whole were 60.68% of the fund and 60.88% of the index.
That shapes everything about an STI ETF:
- Returns follow the banks. Bank earnings move with interest rates, loan growth and credit losses. A bad year for banks is a bad year for the STI.
- The yield follows the banks too. Bank dividends are a large part of what the fund pays out.
- It overlaps with what many Singaporeans already own. If your salary, CPF-funded flat and bank shares all depend on Singapore’s economy, an STI fund adds to that tilt.
The short version: an STI ETF is a cheap way to own Singapore’s 30 largest companies, but more than half of it is three banks. It is a Singapore bet, not a global spread.
STI ETF Comparison: How the Two Funds Differ
How we compared. Both SGX-listed funds that track the STI, on facts from each manager’s own page as at November 2026: total expense ratio (TER), management fee, fund size, distribution policy and yield where stated, tracking error where stated, and inclusion under CPFIS. We left out past returns, which are close by design and say nothing about the future.
| SPDR Straits Times Index ETF | Amova Singapore STI ETF (SGD Dist) | |
|---|---|---|
| SGX code | ES3 | G3B |
| Manager | State Street Global Advisors Singapore | Amova Asset Management (formerly Nikko AM) |
| Listed | 11 April 2002 (inception) | 24 February 2009 |
| TER | 0.28% a year (financial year to 30 June 2026) | 0.24% a year (audited, period to 30 June 2025) |
| Management fee | See fund prospectus | 0.09% a year from 1 October 2025 (was 0.20%) |
| Fund size | About S$3.87 billion (November 2026) | About S$1.84 billion (November 2026) |
| Distributions | Semi-annual | Semi-annual, at the manager’s discretion |
| Distribution yield | 3.33% (12 Nov 2026) | Not stated on the fund page |
| 3-year tracking error | Not stated on the fund page | 0.12% (30 Jun 2026) |
| Replication | Full replication | Aims to replicate the index |
| On CPFIS-OA List A | Yes | Yes (Dist and Acc classes) |
Two notes on reading this table:
- The TERs cover different periods. Amova’s 0.24% is from before its management fee cut on 1 October 2025, so its next audited TER may be lower. Check the latest annual report.
- Amova also offers an accumulating class (SGD Acc), which reinvests dividends instead of paying them out. CPF Board lists both classes.
Costs Beyond the TER
The TER is charged inside the fund. You also pay:
- Brokerage on each trade. Our ETF broker comparison shows minimum fees for an S$1,000 SGX order.
- The bid-ask spread. MoneySense puts it at often 0.01% to 0.05% for very liquid ETFs and 0.5% or more for thinly traded ones. Check the live quote before you buy.
Both funds are SGD-denominated and hold Singapore-listed shares, so there is no foreign withholding tax layer of the kind US funds carry. IRAS treats one-tier dividends from Singapore companies as tax-exempt for individuals; check how the fund’s distributions are classed in its annual report.
Risks to Weigh
- Market risk. If the STI falls 20%, the fund falls about 20%. ETFs are not covered by SDIC deposit insurance.
- Concentration. Over half in three banks, and 30 companies in total.
- Home bias. One small country. Our article on index investing mistakes covers why that matters.
- Distributions can fall. They depend on company dividends and are not guaranteed.
What To Do Next
- Decide what role a Singapore-only fund would play next to your CPF, property and salary. Our guide to building a simple index portfolio explains core and satellite holdings.
- Read each fund’s prospectus and product highlights sheet, and the latest factsheet for current holdings and TER.
- If you are considering CPF savings, read index investing with CPF and SRS for the 2.5% hurdle.
- Check that your broker is listed in the MAS Financial Institutions Directory.
- This is general information, not advice on your situation.
