UOBAM Ping An FTSE ASEAN Dividend Index ETF IPO: ASEAN Dividend Play Debuts on SGX-ST

IPO Snapshot: Key Details of the UOBAM Ping An FTSE ASEAN Dividend Index ETF Offering

UOBAM Ping An FTSE ASEAN Dividend Index ETF (SGX counter names: UOBAM PA FT ASEAN DV S\$ — symbol: UPD for SGD, UOBAM PA FT ASEAN DV US\$ — symbol: UPU for USD) launches as a Singapore-domiciled Exchange-Traded Fund (ETF) targeting dividend-paying, liquid stocks across ASEAN’s major markets (Singapore, Malaysia, Indonesia, Thailand, Philippines), excluding REITs. The ETF is listed under the umbrella of United ETF Series 2.

• Offer Price: S\$1.0000 per Unit (SGD Class, initial offer)
• IPO Symbol: UPD (SGD), UPU (USD)
• Offer Size: Minimum S\$20 million (or equivalent in foreign currency) for listing to proceed
• Number of Units Offered: Minimum 20,000,000 Units (implied at S\$1.00 per Unit, subject to final acceptance)
• Initial Offer Period: 7 January 2026, 9:00 a.m. to 26 January 2026, 12:00 p.m. (Singapore time)
• Listing Date: Expected 29 January 2026
• Application Unit Size: 1,000 Units (minimum application: 50,000 Units via Participating Dealers)
• Base Currency: Singapore Dollar (SGD); secondary trading in USD

Dividend Policy: Semi-Annual Payouts for Yield-Focused Investors

The ETF targets semi-annual distributions around March and September each year. Distributions are at the sole discretion of the manager and may be paid out of income, capital gains, and/or capital. There is no guaranteed distribution or fixed payout ratio; the actual amount and timing are subject to change by management. Amounts are rounded down to the nearest S\$0.01 per Unit.

Investors should be aware that distributions may include capital, potentially resulting in a return of part of the original investment and reduced future returns.

Use of Proceeds: Passive Index-Tracking Strategy

All proceeds are allocated to creating a portfolio that closely tracks the FTSE ASEAN ex REITs Target Dividend Index. The fund invests primarily in constituent securities of the Index (“Index Securities”) and may invest in non-index stocks to minimize tracking error. There is no indication of proceeds being used for capital expenditure, debt repayment, or other corporate purposes.

Placement and Issuance: Institutional and Retail Access

Units are available for subscription via Participating Dealers (minimum 50,000 Units) and for trading on SGX-ST in board lots of 1 Unit for retail investors. No cornerstone, anchor, or employee allocation tranches are disclosed. No breakdown between public and private placement is specified.

In-kind subscriptions/redemptions are not permitted at launch but may be allowed at manager discretion in the future.

Investor Participation: Market Maker and Institutional Involvement

Phillip Securities Pte Ltd is appointed as Designated Market Maker. This ensures secondary market liquidity and price efficiency on SGX-ST. No anchor or institutional investor allocations are disclosed. Oversubscription metrics and tranche-level demand figures are not provided.

No pre-listing disposals or sales by early shareholders are stated.

Deal Structure and Key Parties Supporting the ETF Launch

• Manager: UOB Asset Management Ltd (UOBAM)
• Trustee & Custodian: State Street Trust (SG) Limited
• Designated Market Maker: Phillip Securities Pte Ltd
• Registrar and Administrator: State Street Trust (SG) Limited
• Index Provider: FTSE International Limited (“FTSE”)

No information on underwriters, sponsors, or global coordinators is disclosed. There is no mention of stabilization or over-allotment options.

Given the appointment of a leading market maker and established parties, listing-day liquidity and price support are expected to be robust.

Company Overview: ASEAN Dividend ETF Focused on Sustainable Yield

The ETF aims to provide investment results that closely correspond (before fees and expenses) to the performance of the FTSE ASEAN ex REITs Target Dividend Index. The Index comprises liquid, dividend-paying stocks from Singapore, Malaysia, Indonesia, Thailand, and the Philippines, excluding REITs. The ETF may hold part of its assets in cash and other liquid investments for liquidity management.

• Business Model: Passive index-tracking ETF.
• Revenue Streams: Not applicable (as a fund, returns are based on capital appreciation and dividend income from portfolio holdings).
• Monetization: Through fund management fees, which are paid by investors.
• Key Products/Services: ETF units tracking the FTSE ASEAN ex REITs Target Dividend Index.
• Customer Segments: Retail and institutional investors seeking ASEAN dividend exposure.
• Geographies: ASEAN equity markets, with primary exposure to Singapore, Malaysia, Indonesia, Thailand, and the Philippines.

The ETF is solely managed by UOBAM. Ping An’s name in the fund title reflects a collaboration, but Ping An is not a sub-manager or adviser.

Industry and Sector Focus: High-Yield ASEAN Equities

The Index is constructed to deliver a 100% dividend yield uplift over the standard FTSE ASEAN Index. There is no sector or country cap, but financials are a major component. The Index is reviewed semi-annually in March and September.

Sector and country exposures are dynamic, reflecting the composition and weighting methodology of the Index.

Financial Health and Key Metrics

As an ETF, financial metrics such as revenue, profit, and margin do not apply in the traditional sense. The fund’s performance will mirror the total and net returns of the underlying Index, less fees and expenses. Management fee is currently 0.45% p.a. of NAV (capped at 2%). Trustee fee is up to 0.05% p.a. of NAV (minimum S\$5,000 p.a.).

No past performance, expense ratio, or turnover data is available as the fund is newly launched.

Market Position and Competitive Edge

The fund’s value proposition lies in its unique focus on dividend yield uplift and diversified ASEAN exposure, excluding REITs. The Index is new (launched 3 October 2025), and the ETF is the first Sub-Fund under United ETF Series 2.

No direct market share or ranking data is disclosed.

Management Team and Key Parties

• Manager: UOB Asset Management Ltd — a leading Singapore-based asset manager with extensive ETF experience.
• Trustee & Custodian: State Street Trust (SG) Limited
• Index Provider: FTSE International Limited

Full list of directors and their directorships is available for inspection at the manager’s office.

Industry Trends, Timing, and Market Environment

The ETF launches amid investor demand for high-yielding, liquid ASEAN equities and increased interest in passive products on SGX-ST. The Index methodology targets a 100% dividend yield uplift over the FTSE ASEAN Index, favoring financials and large, established companies.

• Historical Drivers: ASEAN’s growth, dividend focus, and market reforms in Indonesia, Thailand, and the Philippines.
• Seasonality: Index is rebalanced semi-annually in March and September, which may affect distribution timing and portfolio composition.

Macro Environment: The ETF is constituted as an “Excluded Investment Product” under Singapore regulations, making it accessible to retail investors. The ETF is not open to U.S. Persons.

The timing coincides with steady demand for dividend-oriented ETFs and a supportive regulatory environment for new listings in Singapore.

Recent Developments

The Index was launched on 3 October 2025. The ETF is expected to benefit from collaboration with Ping An, as a Ping An feeder ETF in China is expected to feed into this fund in the future (Ping An is not a sub-manager or adviser).

Prospectus Deep Dive: Risks and Growth Strategy

Risk Factors

Investors should note a comprehensive set of risks:

• Emerging Markets Risk: Investments in Indonesia, Malaysia, Thailand, and the Philippines may be subject to currency, liquidity, legal, and regulatory risks.
• Financial Sector Concentration: Heavy weighting in financials increases exposure to sector-specific shocks.
• Market and Liquidity Risk: No guarantee of a liquid secondary market; market making is designed to support liquidity but not guaranteed.
• Political, Foreign Security, and Regulatory Risks: ASEAN markets may be subject to changes in regulations, capital controls, or political instability.
• Tracking Error: The fund may not perfectly track the Index due to cash drag, fees, or market disruptions.
• FX Risk: Exposure to non-SGD currencies; dual-currency trading risk exists for SGD and USD listings.
• Tax Risk: Changes in ASEAN tax regimes may affect dividend income and capital gains.
• Distribution Risk: Distributions are not guaranteed and may be paid out of capital.
• Operational and Counterparty Risk: Dependence on market makers, custodians, and third parties for fund operations.
• Index Risk: The Index is newly launched, subject to changes in methodology, and may be discontinued or replaced.
• Seed Money Risk: Large redemptions by initial investors may affect fund performance and stability.

Growth Strategy

The fund’s growth strategy is to deliver a high dividend yield profile by tracking the FTSE ASEAN ex REITs Target Dividend Index and optimizing portfolio holdings to minimize tracking error. The ETF may use derivatives for hedging and efficient portfolio management but will not engage in leverage or securities lending at launch.

• Expansion plans include: Allowing in-kind subscriptions/redemptions at manager discretion, and potential future feeder fund flows from Ping An in China.
• No stated plans for M&A, capacity additions, or non-index product launches.

Ownership and Lock-Ups

• Pre-IPO Ownership: Not applicable for an open-ended ETF; no major shareholder or promoter lock-ups are disclosed.
• Post-IPO Structure: Open-ended; units created and redeemed through Participating Dealers and traded on SGX-ST.
• No ESOPs or employee allocations are described.

Valuation and Peer Comparison

No P/E, P/B, EV/EBITDA, or direct peer ETF comparisons are disclosed. The ETF’s performance will be measured against the FTSE ASEAN ex REITs Target Dividend Index (Bloomberg tickers: AWASXRTP, AWASXRTT, AWASXRTN). No sector 10-day performance tables or figures for other IPOs are provided.

Research and Analyst Opinions

No analyst coverage or price targets are disclosed in the document.

IPO Allotment Results

No final subscription outcomes or allocation by tranche are provided as of the date of the prospectus.

Listing Outlook: Analyst Inference Based on Disclosed Data

The ETF benefits from:

• Strong regional dividend focus and institutional collaboration (Ping An)
• Low management fee (0.45% p.a. of NAV)
• Liquidity support by a leading Designated Market Maker
• Clear, rules-based index and transparent methodology

Risks include: volatility in emerging ASEAN markets, new index risk, sector concentration, and possible tracking error.

Given the minimum offer size of S\$20 million, robust institutional and retail participation is needed for successful listing and liquidity. The absence of cornerstone investors or oversubscription data leaves open the question of first-day demand. However, the ETF structure and market maker support should mitigate extreme volatility.

Listing day performance is likely to be stable and closely aligned to NAV, with limited upside or downside barring unexpected market moves. Investors focused on yield and regional diversification may find this ETF attractive for long-term portfolios.

Prospectus Access

The official website for obtaining the prospectus and related fund updates is: uobam.com.sg

How to Apply

Investors can subscribe for Units during the Initial Offer Period (7 January 2026 – 26 January 2026) via:

• Participating Dealers (minimum 50,000 Units; or higher in multiples of 1,000 Units)
• ATMs or internet banking channels (if applicable)

SGX-ST trading is available in board lots of 1 Unit post-listing.

For queries, contact UOBAM at 1800 22 22 228 (8 a.m. to 8 p.m. daily, Singapore time) or email [email protected].