UOB APAC Green REIT ETF: 2025 Semi-Annual Financial Analysis and Insights
The UOB APAC Green REIT ETF, part of the United ESG Advanced ETF Series, has released its semi-annual report for the half-year ended 31 December 2025. This article provides a structured, data-driven analysis of the fund’s performance, key financial metrics, and strategic outlook, tailored for investors and market watchers.
Key Financial Metrics and Performance Comparison
| Metric |
H2 2025 |
H1 2025 |
H2 2024 |
YoY Change |
HoH Change |
| Net Asset Value (NAV) |
\$29.3M |
\$28.0M |
\$56.4M |
-48.1% |
+4.8% |
| Total Return |
\$2.64M |
\$5.64M |
\$1.75M |
+51.0% |
-53.2% |
| Dividend Income |
\$706,181 |
\$1,590,760 |
\$1,590,760 |
-55.6% |
-55.6% |
| Expense Ratio |
1.14% |
0.83% |
0.83% |
+0.31pts |
+0.31pts |
| Portfolio Turnover Ratio |
8.96% |
15.39% |
15.39% |
-6.43pts |
-6.43pts |
| Distributions Paid |
\$617,277 |
\$2,264,415 |
N/A |
N/A |
-72.7% |
Historical Performance Trends
- Fund Performance (NAV-based, SGD, with dividends reinvested):
- 6 months: +9.48%
- 1 year: +19.66%
- Since inception (Nov 2021, annualized): -2.49%
- The ETF underperformed its benchmark (iEdge-UOB APAC Yield Focus Green REIT Index), lagging due to lack of exposure to Australia in the last review period.
- Expense ratio increased from 0.83% in 2024 to 1.14% in 2025, indicating slightly higher costs relative to assets.
- Portfolio turnover dropped, reflecting less trading activity and potential portfolio stability.
Dividend and Distribution Summary
The ETF aims to provide a 4% annual dividend yield, distributed semi-annually. The most recent ex-date for distributions was 19 September 2025, with \$617,277 paid in H2 2025, down from \$2.26M in the previous period. This suggests lower distributable income, possibly due to lower dividend receipts or changes in portfolio composition.
Top Holdings and Portfolio Allocation
The ETF’s portfolio remains well-diversified across Asia-Pacific, with the largest country exposures in Australia (38.9%), Japan (30.2%), and Singapore (21.8%). All holdings are in real estate equities, with a strong ESG focus (98.3% of assets aligned with ESG benchmarks).
| Top Holdings (31 Dec 2025) |
Country |
% of NAV |
| CapitaLand Integrated Commercial Trust |
Singapore |
7.28% |
| Scentre Group REIT |
Australia |
7.03% |
| Stockland REIT |
Australia |
6.38% |
| GPT Group REIT |
Australia |
5.71% |
| Vicinity Centres REIT |
Australia |
5.55% |
Macroeconomic and Sectoral Review
Asia-Pacific economic conditions were resilient in H2 2025, with growth led by India and Northeast Asia’s tech sectors. Inflation cooled, allowing selective monetary policy easing. However, APAC REITs underperformed broader equity indices due to higher US Treasury volatility and ongoing property sector weakness in Mainland China. AI and data centre-related REITs outperformed, while the sector overall saw positive but modest returns.
ESG Focus and Index Methodology
The ETF is highly aligned with ESG criteria, with 98.3% of investments meeting environmental and governance standards. Portfolio selection emphasizes higher-yielding, liquid REITs that meet minimum ESG disclosure, with index weights tilted based on GRESB environmental performance scores.
Related-Party Transactions and Fund Flows
- The ETF had \$246,437 in cash balances maintained with its custodian, State Street Bank and Trust Company, Singapore Branch.
- Subscriptions for the period were low at \$77,170, while redemptions were \$762,824, indicating mild net outflows.
Outlook and Strategy
The manager is constructive on the REIT sector, expecting declining/stable bond yields and a supportive macro backdrop in Asia. The ETF aims for a 4% dividend yield and sees potential upside in Japan, Australia, Singapore, and Hong Kong real estate segments. The strategic focus remains on yield and ESG leadership.
Conclusion & Investor Recommendations
Overall Assessment: The ETF’s financial performance in H2 2025 appears moderate, with a rebound in total return versus the prior year but a significant YoY drop in NAV and distributions. The fund remains structurally sound, with prudent expense management and a strong ESG focus, but faces sectoral headwinds and modest capital flows.
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If you hold the ETF: Consider maintaining your position if your investment thesis is medium- to long-term exposure to ESG-aligned APAC real estate with a focus on steady yield. The fund is well-diversified and managed, but near-term returns may remain volatile given macro and sector challenges. Monitor distribution trends and expense ratios closely.
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If you do not hold the ETF: Investors seeking stable, ESG-aligned income exposure to APAC REITs may find entry attractive, especially if sector valuations remain below historical averages. However, caution is warranted on account of sector underperformance and declining distributions. Consider sizing your position appropriately and monitor for further evidence of sector recovery, especially in Australian and Japanese REITs.
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should consider their own circumstances and seek professional advice before acting on any information in this report.
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