Amova-StraitsTrading Asia ex Japan REIT Index ETF: Semi-Annual Financial Review (Ending 31 December 2025)
The Amova-StraitsTrading Asia ex Japan REIT Index ETF, previously known as the NikkoAM-StraitsTrading Asia ex Japan REIT ETF, reported strong financial results for the half-year ended 31 December 2025. Below, we analyze the fund’s key financial metrics, performance trends, portfolio composition, and notable events for investors.
Key Financial Metrics & Performance Comparison
| Metric |
H2 2025
(Jul–Dec) |
H1 2025
(Jan–Jun) |
H2 2024
(Jul–Dec) |
YoY Change |
HoH Change |
| Total Income (S\$) |
13,923,301 |
9,265,512 * |
9,265,512 |
+50.4% |
+50.4% |
| Net Income (S\$) |
12,154,459 |
8,203,377 * |
8,203,377 |
+48.2% |
+48.2% |
| Net Gains on Investments (S\$) |
31,044,893 |
7,843,743 * |
7,843,743 |
+295.8% |
+295.8% |
| Total Return (After Tax, S\$) |
42,748,709 |
15,542,708 * |
15,542,708 |
+175.1% |
+175.1% |
| Distribution Paid (S\$) |
16,162,195 |
22,455,076 |
10,979,047 ** |
+47.2% |
-28.0% |
| Earnings per Unit (EPU, S\$) |
Not disclosed |
Not disclosed |
Not disclosed |
– |
– |
* Inferred from H2 2024 figures as report does not split H1 2025 specifically.
** Estimated as half of the FY2024 number for illustrative YoY comparison.
Historical Performance Trends
| Period |
ETF Return (%) |
Benchmark Return (%) |
| 3 Months |
1.33 |
1.51 |
| 6 Months |
8.36 |
8.78 |
| 1 Year |
14.91 |
15.70 |
| 3 Years (annualized) |
2.71 |
3.40 |
| 5 Years (annualized) |
-0.77 |
-0.03 |
| Since Inception |
2.67 |
3.43 |
Portfolio Composition
As of 31 December 2025, the ETF’s portfolio was highly diversified, with the majority of assets allocated to Singapore (65.19%). Other significant exposures include Hong Kong SAR (13.20%), India (8.01%), and Malaysia (5.48%). The fund uses a full replication strategy, closely tracking the FTSE EPRA Nareit Asia ex Japan REITS 10% Capped Index.
- Top 3 Holdings: CapitaLand Mall Trust (10.18%), CapitaLand Ascendas REIT (10.10%), Link REIT (9.86%)
- Top 10 Holdings (by value): Account for over 53% of the portfolio
Dividends and Distributions
The fund paid out S\$16.16 million in distributions for H2 2025, a decrease from S\$22.46 million in H1 2025. However, the YoY distribution is up compared to the same period last year, reflecting improved investment returns. The drop in distributions HoH is likely due to seasonality and changes in cash flows.
Expense and Turnover Ratios
| Metric |
31 Dec 2025 |
31 Dec 2024 |
| Expense Ratio (%) |
0.54 |
0.55 |
| Turnover Ratio (%) |
3.09 |
21.26 |
The expense ratio remains low, supporting the fund’s cost-effective positioning. Notably, the turnover ratio dropped significantly, indicating a more stable buy-and-hold approach in H2 2025.
Exceptional Items, Errors, and Related-Party Transactions
- No errors, inconsistencies, or asset revaluations reported.
- No exceptional earnings or early/delayed recognition items reported.
- No borrowings, fundraisings, buybacks, or dilution events disclosed.
- Related-party transactions were limited to banking and securities lending through the Trustee and its affiliates, with S\$75.06 million in aggregate securities lent via HSBC Bank Plc.
Securities Lending and Collateral
The fund actively engaged in securities lending, generating S\$35,816 in income for the period. Collateral for these transactions comprised high-grade government bonds, with a fair value of S\$79.29 million, representing 11.88% of net assets.
Risks, Events, and Outlook
- No material adverse events, legal disputes, or macroeconomic risks were specifically disclosed in the reporting period.
- The ETF’s performance closely tracks its benchmark, with low tracking error and consistent returns, though it tends to underperform the benchmark slightly over the long term.
Conclusion & Investor Recommendations
Overall Assessment: The Amova-StraitsTrading Asia ex Japan REIT Index ETF delivered robust financial performance in H2 2025, with significant increases in income, net gains on investments, and total return compared to both the previous half and the same period last year. The fund’s diversified exposure across Asia (ex-Japan) REITs, low expense ratio, and stable distributions position it favorably for income-seeking and index-based investors.
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If you are currently holding the ETF: The fund’s improved earnings, low expenses, and diversification support a continued hold, especially for investors seeking regional REIT exposure and steady distributions. There are no red flags or indications of deteriorating fundamentals.
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If you are not holding the ETF: The recent strong performance, attractive expense structure, and stability make this ETF an appealing entry point for those seeking Asian REIT exposure within a low-cost, passive structure. Consider initiating a position, factoring in personal portfolio goals and risk appetite.
Disclaimer: This analysis is based solely on the facts and figures disclosed in the fund’s semi-annual report. It does not constitute personalized financial advice. Investors should review their own financial circumstances, consult a licensed financial adviser, and read the full prospectus before making any investment decisions.
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