Managed by State Street Global Advisors

The Manager

For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.

State Street Global Advisors is the investment management arm of State Street Corporation.

*Assets under management were $2.47 trillion as of December 31, 2016. AUM reflects approx. $30.62 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.

The Trustee

State Street Bank and Trust Company

State Street Bank and Trust Company is a wholly-owned subsidiary of State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $29 trillion in assets under custody and administration and $2.47 trillion* in assets under management as of December 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com

*AUM reflects approx. $30.62 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.

Important Risk Disclosure for PAIF

  • ABF Pan Asia Bond Index Fund ("PAIF") is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iBoxx ABF Pan-Asia Index ("Index"), before fees and expenses, and its return may deviate from that of the Index.
  • PAIF primarily invests in local currency government and quasi-government bonds in eight Asian markets, comprising of China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand.
  • Investment involves risks, including risks of exposure to bonds in both developed and emerging Asia markets. Investors may lose part or all of their investments.
  • PAIF is not "actively managed" and will not try to "beat" the market it tracks.
  • The Executives' Meeting of East Asia and Pacific Central Banks group (the "EMEAP") member central banks and monetary authorities are like any other investors in PAIF and each of them may dispose of their respective interest in the Units they hold. There are no guarantees that the EMEAP member central banks and monetary authorities will continue to be investors in PAIF.
  • The trading price of PAIF may differ from the underlying net asset value per share.
  • PAIF may not be suitable for all investors. Investors should not invest based on this marketing material only. Investors should read the PAIF's prospectus, including the risk factors, take into consideration of the product features, their own investment objectives, risk tolerance level etc and seek independent financial and professional advices as appropriate prior to making any investment.

FAQ

General Questions
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  • What is PAIF ?

    PAIF, the abbreviation of ABF Pan Asia Bond Index Fund, is a collective investment fund domiciled in Singapore and listed on the Stock Exchange of Hong Kong Limited (Stock Exchange). PAIF holds a portfolio of Asian government and quasi-government local currency bonds designed to provide investment results that closely correspond to, or track, the performance of the Markit iBoxx ABF Pan-Asia Index. With only a single transaction in PAIF, investors can gain cost-effective exposure to eight bond markets in Asia, namely China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand.

    Notes: PAIF is not guaranteed or endorsed by the governments of the eight investment markets. PAIF's units are traded on the stock exchange at market price, which may be different from the net asset value per unit of the fund, and the fund may be delisted from the stock exchange.

  • What is the Markit iBoxx ABF Pan-Asia Index?

    The Markit iBoxx ABF Pan-Asia Index is determined and composed by Markit Indices Limited.

    Markit iBoxx ABF Pan-Asia Index includes Asian currency denominated bonds issued by governments and quasi-government organizations in Asia. Currently, the index includes eight Asian markets, namely, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, and Thailand. Aside from market capitalization, IIC also considers liquidity of the market, the country's sovereign rating, and the openness of the market, which takes into consideration the regulatory, legal and fiscal environment, and the trading and clearing infrastructure of each local market.

  • How can I get more information about the bonds included in the Markit iBoxx ABF Pan-Asia Index?

    Please refer to the Markit iBoxx ABF Pan-Asia Index section of this website for the details of the index.

  • What is the credit rating requirement for the bonds held by PAIF?

    Average credit rating is A+ / A

  • What is the duration requirement for the bonds held by PAIF?

    PAIF will track the Markit iBoxx ABF Pan-Asia Index and will therefore have characteristics similar to this index. Currently, the average duration of the index is around 5.0.

    Notes: The average duration is weighted with market capitalization. The index average duration does not necessarily equal to PAIF's average duration.

  • What is a Prospectus?

    A Prospectus is an important document providing a fund's details, including its investment objective, policies for achieving the objectives, fees, and other important information that investors may need to make investment decisions. Investors should read the prospectus (including the Risk Factor section) before making their investment decisions.

  • Where can I obtain a copy of PAIF's prospectus?

    PAIF's prospectus can be accessed and downloaded at the Prospectus section of this website. Hardcopies of the prospectus can be obtained from the manager, State Street Global Advisors in Singapore or at its Hong Kong branch, during normal business hours.

    Singapore Office 168 Robinson Road #33-01 Capital Tower,
    Singapore 068912
    HK Office 68th Floor, Two International Finance Centre
    8 Finance Street
    Central, Hong Kong

  • Will investors receive unit certificates of PAIF?

    PAIF units will be deposited, cleared and settled in book-entry format in the Central Clearing and Settlement System (CCASS) in Hong Kong. All units will be registered in the name of HKSCC Nominees Limited (HKSCC Nominees), which is the registered owner of all outstanding units of PAIF. Investors will not receive any unit certificates. Investors owning PAIF units are beneficial owners as shown on the records of CCASS or its participants, such as brokers and dealers, banks, other institutions etc.

  • Will investors receive income?

    Unitholders would potentially receive income semi-annually.

    Notes: The semi-annual distributions are dependent on PAIF's performance and are not guaranteed.

  • Is there reinvestment plan?

    There is currently no income reinvestment plan.

  • How will investors receive income?

    Distributions payable to investors will be paid through Central Clearing and Settlement System (CCASS).

  • What are the risks of investing in PAIF?

    Investment involves risks; when investing in funds, investors should refer to the funds' prospectus for the details before making investment decisions. PAIF's prospectus sets out a number of risk factors that investors should be aware of. A copy of PAIF's prospectus can be accessed and downloaded at the Prospectus section of this website.

  • What is the EMEAP Group?

    The EMEAP (Executives' Meeting of East-Asia and Pacific Central Banks) Group refers to the group of 11 central banks or monetary authorities in the East Asia and Pacific region, namely Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore and Thailand. PAIF is one of the Group's initiatives to further develop the Asian bond market.

    Notes: The fund is not promoted, sponsored, recommended, issued or guaranteed by any member of the EMEAP member central banks and monetary authorities. The fund is not guaranteed or endorsed by the governments of the eight investment markets.

  • Does the EMEAP Group guarantee a minimum investment return?

    No, the EMEAP Group does not guarantee the performance of PAIF. The EMEAP Group members are like any other investors in PAIF and they are entitled to dispose units they hold. There is also no guarantee that the members will continue to be investors in PAIF. Please refer to the Risk Factors listed in PAIF's Prospectus, which can be accessed and downloaded from the Prospectus section of this website, for further details.

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  • What is a Unit Trust?

    A unit trust is a form of collective investment vehicle structured as a trust where investors' contributions to the trust are pooled to enable those investors to participate in all the investments of the trust.

  • How does PAIF differ from a typical unit trust?

    Unlike many conventional unit trusts, which are only bought and sold at closing net asset values (NAV), PAIF's units are designed to trade on the Stock Exchange of Hong Kong Limited like an ordinary share, and to be created and redeemed principally in a Creation Unit size of 20,000 Units or multiples thereof at the NAV.

  • What is an index fund?

    An index fund is a fund that seeks to provide returns that closely match the performance of an index such as the Markit iBoxx ABF Pan-Asia Index.

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  • Who is the Manager of PAIF?

    The Manager of PAIF is State Street Global Advisors Singapore Limited.

  • Who is the Trustee of PAIF?

    The Trustee of PAIF is HSBC Institutional Trust Services (Singapore) Limited.

  • How does the Manager manage PAIF?

    With passive management, the Manager will rebalance PAIF's portfolio of investments from time to time to reflect any changes to the composition of the Markit iBoxx ABF Pan-Asia Index with a view to minimizing tracking error of PAIF's overall returns relative to the performance of the index.

  • How does PAIF track the Markit iBoxx ABF Pan-Asia Index?

    PAIF will track the returns of Markit iBoxx ABF Pan-Asia Index by investing primarily in the Index Securities, ie, the constituents of Markit iBoxx ABF Pan-Asia Index. PAIF may also invest in certain non-Index Securities in order to minimize the tracking error. Please refer to the 'Investment Policies and Strategies' in PAIF's Prospectus for more details.

  • What is the management fee for PAIF?

    Currently, the Manager's fee will not exceed 0.16% per annum of the total net asset value of PAIF. Investors should refer to PAIF's Prospectus for details on the fund's fees and expenses.

  • What is the trustee fee for PAIF?

    Currently, the Trustee Fees is 0.05% per annum of PAIF's total net asset value. Investors should refer to PAIF's Prospectus for details on the fund's fees and expenses.

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  • When and how can I buy/sell PAIF's units?

    PAIF trades like any other shares listed on the Stock Exchange of Hong Kong Limited. Individual investors may place orders to buy or sell PAIF's units at market prices through their brokers during trading days.

    In addition, market professionals may create and redeem in cash through Authorized Participants.

    Notes: PAIF's market price on stock exchange may be different from the net asset value per unit of PAIF, and PAIF may be delisted from the stock exchange.

  • What is PAIF's base currency?

    The base currency of PAIF is US Dollars. This means that the market price and Net Asset Value (NAV) per unit will be reported in US Dollars.

  • What is an Authorized Participant (AP)?

    An Authorized Participant refers to brokers or dealers who have entered into a Participation Agreement with the Receiving Agent, the Manager and the Trustee with respect to cash creations and redemptions.

    Please refer to the list of Authorized Participant for more details. This list is provided for information purpose only and is subject to change from time to time.

  • How can I find out PAIF's price?

    PAIF trades like any other shares listed on the Stock Exchange of Hong Kong Limited (the Stock Exchange). Investors may refer to financial data providers (such as Bloomberg) or the Stock Exchange for PAIF's current market price during trading days, and business sections of newspapers for previous trading day's closing price. Investors should be aware of that the trading price of PAIF may differ from its Net Asset Value (NAV) per unit.

  • What is Net Asset Value (NAV)?

    The Net Asset Value (NAV) reflects the market value of PAIF's portfolio of investments less expenses and liabilities and NAV per unit is calculated by dividing PAIF's total NAV by the number of outstanding units. PAIF's NAV will be calculated after the close of trading on the Stock Exchange of Hong Kong Limited (Stock Exchange) at the end of each Dealing Day*. Investors should be aware of that PAIF's NAV per unit may differ from its trading price on the Stock Exchange.

    * Dealing day refers to any day on which commercial banks are open for business in Singapore and Hong Kong, the Stock Exchange of Hong Kong is open for trading and the Markit iBoxx ABF Pan-Asia Index is compiled and published.

  • How can I find out PAIF's NAV per unit?

    PAIF's NAV per unit will be published through the facilities of the Stock Exchange and on PAIF's dedicated website on the following Dealing Day*. Estimated mid-day NAV per unit and estimated closing NAV per unit will be published on the PAIF's website by no later than 1.00 p.m. and 6.00 p.m. respectively on each Dealing Day*.

    Notes: The values of estimated mid-day NAV per unit and estimated closing NAV per unit should not be viewed as "real time" updates. The estimated NAV per unit and the actual nAV per unit calculated in accordance with the terms of the Trust Deed and published on the following Dealing Day* may differ.

    * Dealing day refers to any day on which commercial banks are open for business in Singapore and Hong Kong, the Stock Exchange of Hong Kong is open for trading and the Markit iBoxx ABF Pan-Asia Index is compiled and published.

  • Do I need to pay stamp duty when I sell PAIF's units?

    Stamp duty is exempted on trading PAIF's units on the Stock Exchange of Hong Kong Limited.

You are leaving PAIF website. The website you are accessing is created and maintained by another entity. The contents of the website located at this link were not created by SSGA. SSGA does not provide any information directly to the linked website, nor do we endorse or affirm any of the information provided by it. We make no representation or warranty with respect to the information contained on the site or that it is appropriate in all jurisdictions or countries, or for use by all investors or counterparties. SSGA takes no responsibility for supplementing, updating or correcting any information on the website. By providing this link, we are not providing you with investment advice or offering securities for sale to you. All persons and entities that access this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

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You are leaving PAIF website. The website you are accessing is created and maintained by another entity. The contents of the website located at this link were not created by SSGA. SSGA does not provide any information directly to the linked website, nor do we endorse or affirm any of the information provided by it. We make no representation or warranty with respect to the information contained on the site or that it is appropriate in all jurisdictions or countries, or for use by all investors or counterparties. SSGA takes no responsibility for supplementing, updating or correcting any information on the website. By providing this link, we are not providing you with investment advice or offering securities for sale to you. All persons and entities that access this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

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You are leaving PAIF website. The website you are accessing is created and maintained by another entity. The contents of the website located at this link were not created by SSGA. SSGA does not provide any information directly to the linked website, nor do we endorse or affirm any of the information provided by it. We make no representation or warranty with respect to the information contained on the site or that it is appropriate in all jurisdictions or countries, or for use by all investors or counterparties. SSGA takes no responsibility for supplementing, updating or correcting any information on the website. By providing this link, we are not providing you with investment advice or offering securities for sale to you. All persons and entities that access this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

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Markit Trademark

The Markit iBoxx ABF Pan-Asia Index (the "Index") referenced herein is the property of Markit Indices Limited ("Index Sponsor") and has been licensed for use in connection with the ABF Pan Asia Bond Index Fund ("PAIF"). Each party acknowledges and agrees that the PAIF is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor make no representation whatsoever, whether express or implied, and hereby expressly disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaim any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and the Index Sponsor is under no obligation to advise the parties or any person of any error therein.

The Index Sponsor makes no representation whatsoever, whether express or implied, as to the advisability of purchasing of selling the PAIF, the ability of the Index to track relevant markets' performances, or otherwise relating to the Index or any transaction or product with respect thereto, or of assuming any risks in connection therewith. The Index Sponsor has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. No party purchasing or selling the PAIF, nor the Index Sponsor, shall have any liability to any party for any act or failure to act by the Index Sponsor in connection with the determination, adjustment, calculation or maintenance of the Index.

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