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.

FAQ

General Questions
  • 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.

  • 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.

  • 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.

  • 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.

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.

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.

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS WEBSITE AND ANY PAGES THEREOF (THE "SITE"), YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS LISTED BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE, OR ANY PAGES THEREOF

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore (the "MAS"). The ABF Pan Asia Bond Index Fund (the 'PAIF') is an authorized unit trust in Hong Kong and Singapore only. Authorization does not imply official recommendation. Nothing contained here constitutes investment advice or should be relied on as such. Past performance of PAIF is not necessarily indicative of its future performance. The prospectus for PAIF is available and may be obtained from State Street Global Advisors Singapore Limited (the "Manager") (Singapore Company Registration number: 200002719D, regulated by the MAS). Investors should read the prospectus before deciding whether to acquire units in PAIF. The value of units in PAIF and accruing to such Shares, if any, may fall or rise. The semi-annual distributions are dependent on PAIF’s performance and are not guaranteed. Redemption of PAIF’s units could only be executed in substantial size through designated dealers and the listing of PAIF on the Stock Exchange of Hong Kong Limited and the Tokyo Stock Exchange (the 'Stock Exchanges') do not guarantee a liquid market for the units, and PAIF may be delisted from the Stock Exchanges. The Fund's Prospectus is available from State Street Global Advisors or can be downloaded from www.abf-paif.com*.

All the information contained in this website is from SSGA and as of date indicated unless otherwise noted.

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The Site is owned and operated by State Street Global Advisors Singapore Limited, Company No. 200002719D. State Street Global Advisors Singapore is a part of State Street Global Advisors, the investment management arm of State Street Corporation. This website has not been reviewed by the MAS. It may not be reproduced, distributed or transmitted to any person without express prior permission. This website and the information contained herein may not be distributed and published in jurisdictions in which such distribution and publication is not permitted.

No Offer/Local Restrictions

Nothing contained in or on the Site should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. State Street Global Advisors offers a number of products and services designed specifically for various categories of investors. Not all products will be available to or suitable for all investors. The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. All persons and entities accessing the Site do so on their own initiative and are responsible for compliance with applicable local laws and regulations. The Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited, by reason of that person's nationality, residence or otherwise. Persons under these restrictions must not access the Site.

Investing involves risk including the risk of loss of principal. The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent.

Securities lending programs and the subsequent reinvestment of the posted collateral are subject to a number of risks, including the risk that the value of the investments held in the collateral may decline in value and may at any point be worth less than the original cost of that investment.

Information for Non-Singapore Persons

This Site, and the products and services described on this Site, are intended to be made available only to residents in Singapore, and the information on this Site is only for such persons. Nothing on this Site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

No Reliance

Information contained in the Site is checked and updated by State Street Global Advisors Singapore with due diligence on a regular basis. However, data on the Site may become outdated. In addition, due to the risk that the Internet may be subject to interruption, transmission blackout, delayed transmission due to internet traffic, or incorrect data transmission due to public nature of the internet, the information contained in the Site may be incomplete, altered or tampered with, and may not present complete and accurate information. Therefore, neither State Street Global Advisors Singapore nor any of its affiliates assume any liability or guarantee for the timeliness, accuracy and completeness of the information provided. SSGA Singapore uses reasonable efforts to obtain information from sources which it believes to be reliable; however, SSGA Singapore and its affiliates make no representation that the information or opinions contained on the Site is accurate, reliable or complete. In particular, any information sourced from third parties is not provided or endorsed by State Street Global Advisors Singapore and State Street Global Advisors Singapore has not checked the accuracy or completeness of, and accepts no liability for, such third party information.

The information on the Site is provided for informational purposes only and is subject to change without notice. The investments and strategies discussed in the contents may not be suitable for all investors and are not obligations of, or guaranteed by, State Street Global Advisors Singapore or its affiliates. Nothing contained on the Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. In particular, the information on this Site does not take into account your investment objectives, financial situation or particular needs. Before making an investment decision you should consider with the assistance of your professional securities adviser whether the information on this Site is appropriate in light of your particular investment needs, objectives and financial circumstances.

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THE INFORMATION ON THE SITE IS PROVIDED "AS IS". NEITHER STATE STREET GLOBAL ADVISORS SINGAPORE NOR ITS AFFILIATES WARRANTS THE ACCURACY OF THE MATERIALS PROVIDED HEREIN, EITHER EXPRESSLY OR IMPLIEDLY, FOR ANY PARTICULAR PURPOSE AND EACH EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

Important Risk Disclosure

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Diversification does not ensure a profit or guarantee against loss.

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETFs may be bought and sold on the exchange through any brokerage account, ETFs are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only, please see the prospectus for more details.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.abf-paif.com* for most recent month-end performance.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Frequent trading of ETF's could significantly increase commissions and other costs such that they may offset any savings from low fees or costs

The Markit iBoxx ABF Pan-Asia Index referenced herein is the property of Markit Indices Limited and is used under license. The PAIF is not sponsored, endorsed, or promoted by Markit Indices Limited or any of its members

Historical performance is not necessarily indicative of future performance of an investment. The value of Units/Shares (as defined below) and the income from them may fall as well as rise and investors may not get back the amount invested.

Applications to create or redeem interests in any exchange traded fund referred to on this Site ("Units/Shares") may only be effected through participating dealers, and are generally only issued or redeemed in large blocks. Investors may request participating dealers to apply on their behalf for the creation and/or redemption of Units/Shares. Once listed, investors can also acquire or dispose of Units/Shares on the exchange on which such Units/Shares are listed like other publicly traded shares. However, listing does not guarantee a liquid market for Units/Shares. Units/Shares are traded on the relevant exchange at market price, which may be different from the net asset value per Unit/Share, and may be delisted.

The prospectus in respect of the offer of the Units in the relevant fund referred to on this Site is available and may be obtained upon request, subject to availability, from State Street Global Advisors Singapore. Investors should read the relevant prospectus before deciding whether to acquire Units in the relevant fund. Units in the relevant fund are not obligations of, deposits in, or guaranteed by, State Street Global Advisors Singapore or any of its affiliates. Investors who are not participating dealers or approved applicants have no right to request State Street Global Advisors Singapore to redeem their Units while the Units are listed (see the relevant prospectus for details). Listing the Units on the Singapore Exchange Securities Trading Limited does not guarantee a liquid market for the Units.

Please read carefully the risk disclosures in the relevant prospectus or other offering document before making any investment decision.

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State Street Global Advisors Singapore Limited:
Singapore address: 168 Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). Telephone: +65 6826-7555. Facsimile: +65 6826-7501.

Web: www.abf-paif.com*

*This advertisement or publication has not been reviewed by the Monetary Authority of Singapore