Singapore's ETF Market Reaches S$16.3 Billion as Gold and Reits Draw Investors

Record Growth Amid Volatility

The exchange-traded fund market on Singapore Exchange closed the third quarter at S$16.3 billion in assets under management, marking a 40 percent climb from the same period last year. The milestone reflects growing appetite across multiple asset classes as regional investors navigated global uncertainty and shifting interest-rate conditions.

Net inflows reached S$736 million during the July-September period, according to SGX. Combined with S$700 million recorded in the first half, the bourse attracted S$1.4 billion in fresh capital through the first nine months of 2025.

Trading volumes kept pace with asset growth. Average daily turnover for ETFs climbed 68 percent year-on-year to S$31 million in the third quarter. Fixed income products saw trading jump 204 percent, while gold ETFs posted a 112 percent increase. September alone delivered the highest monthly turnover in five years, surpassing levels last recorded in March 2020.

Gold Takes Center Stage

SPDR Gold Shares led inflows during the quarter, pulling in S$628 million year-to-date and pushing its total assets to S$3.2 billion by end-September. The product tracks the LBMA Gold Price PM, offering exposure to bullion prices without the logistical burden of holding physical metal.

The fund also dominated trading activity, recording S$6.3 million in average daily turnover. Demand for gold-linked products accelerated as investors sought stores of value amid currency fluctuations and geopolitical friction across Asia and the Middle East.

Reits Benefit from Rate Shifts

Real estate investment trust ETFs attracted S$197 million in the quarter, lifting the segment's total assets under management to S$1.4 billion, a 38 percent annual increase. The inflows coincided with Singapore's central bank easing monetary policy settings, a shift that lowered borrowing costs and improved the outlook for property income vehicles.

Lion Phillip S-Reit remained the largest Reit ETF listed on the exchange, holding S$680 million in assets by the end of September. The product offers exposure to a basket of Singapore-listed Reits, providing diversified access to commercial, retail, and industrial property sectors.

Local Assets in Focus

Singapore-dollar denominated products drew S$788 million in quarterly inflows, with fixed-income ETFs accounting for S$426 million of that total. Reit ETFs focused on local property added S$197 million, while equity funds tracking Singapore-incorporated companies contributed S$166 million.

The shift toward local-currency assets came as Treasury bill rates declined, prompting investors to seek alternative income sources. LionGlobal Short Duration Bond ETF, Singapore's first actively managed bond ETF, raised S$141 million during its initial offer period in the quarter.

Two additional funds debuted during the period. Amova E Fund ChiNext Index ETF became the first Singapore-dollar hedged product offering access to China A-shares traded on the ChiNext board, targeting growth companies in technology and consumer sectors. SPDR JPM Saudi Arabia Bond ETF launched to provide exposure to the kingdom's fixed-income market, including sovereign bonds and sukuk instruments.

The additions brought the total number of ETFs listed on Singapore Exchange to 50.

Performance Leaders

Among Singapore equity products, Lion-OCBC Securities Singapore Low Carbon delivered a 14.8 percent total return in the third quarter, according to SGX data. The fund tracks 40 companies incorporated or domiciled in Singapore that meet lower carbon footprint criteria, combining sustainability screens with equity exposure.

The same fund posted the strongest returns among Singapore equity ETFs over one-year and three-year periods, reflecting sustained investor interest in climate-aligned strategies within the city-state's equity market.

The growth trajectory in Singapore's ETF market mirrors broader trends across Asia, where exchange-traded products have gained traction as cost-effective vehicles for accessing equities, bonds, commodities, and property. With 50 listings now available, the local market offers regional investors a growing menu of options that span asset classes, geographies, and investment styles.

As central banks across the region continue to adjust policy in response to inflation and growth dynamics, demand for liquid, transparent investment vehicles is likely to persist. The September trading surge suggests that volatility itself may be driving participation, as investors use ETFs to rebalance portfolios and manage risk in real time.