ABF Pan Asia Bond Index Fund 2821 HK

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Closing NAV / Unit

USD 103.7378

as of 20 Sep 2023

INAV

Delayed by 10-15 seconds. The Estimated NAV per Unit should not be viewed as the actual NAV per Unit. The estimated NAV per Unit is provided for reference purposes only and may differ from the actual NAV per Unit calculated in accordance with the Trust Deed.

as of

Base Currency

USD

1 Day Nav Change

- USD 0.13 (-0.12%)

as of 20 Sep 2023

Total Net Assets

USD 3,305.15 M

as of 20 Sep 2023

Ongoing Charges Over a Year

The ongoing charges figure is based on expenses for the year ended 30 June 2022. This figure may vary from year to year. The ongoing charges figure is calculated by adding the applicable charges and payments deducted from the assets of the ABF Pan Asia Bond Index Fund (the "Trust") and then dividing by the Trust's average net asset value for the financial year.

0.18%

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Fund Overview

ABF Pan Asia Bond Index Fund (PAIF) is a component of Asian Bond Fund 2 (ABF2), the second phase of the EMEAP (Executives' Meeting of East-Asia and Pacific Central Banks) Group's initiative to further develop the bond markets in Asia. The EMEAP Group comprises 11 central banks and monetary authorities in East Asia and Pacific region, namely Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, and Thailand.

Fund Objective

The ABF Pan Asia Bond Index Fund (PAIF) is an exchange traded fund (ETF) that aims to track the performance of the Markit iBoxx ABF Pan-Asia Index (Index) before fees and expenses. The Manager seeks to achieve this investment objective by employing a stratified sampling approach to match the Index's characteristics and returns through investing in a well-diversified portfolio that represents the Index.

About the Index

PAIF is benchmarked to Markit iBoxx ABF Pan-Asia Index (i.e. the Underlying Index), which is constructed and published by Markit Indices GmbH.

The Markit iBoxx ABF Pan-Asia Index is an indicator of investment returns of Asian currency denominated bonds issued by both government and quasi-government organizations in China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, and Thailand.

Aside from market capitalization, Markit Indices GmbH 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.

Fund Information as of 21 Sep 2023

Benchmark	Markit iBoxx ABF Pan-Asia Index
Inception Date	29 Jun 2005
Ongoing Charges Over a Year The ongoing charges figure is based on expenses for the year ended 30 June 2022. This figure may vary from year to year. The ongoing charges figure is calculated by adding the applicable charges and payments deducted from the assets of the ABF Pan Asia Bond Index Fund (the "Trust") and then dividing by the Trust's average net asset value for the financial year.	0.18%
Board Lot Size	10 Units
Base Currency	USD
Domicile Location	Singapore
Registration Locations	Hong Kong, Japan, Singapore
Replication Method	Stratified Sampling
Fund Manager	State Street Global Advisors Singapore Limited
Trustee	HSBC Institutional Trust Services (Singapore) Limited
Custodian	HSBC Institutional Trust Services (Asia) Limited

Fund Manager

PAIF is managed by State Street Global Advisors Singapore Limited (The Manager), which is part of State Street Global Advisors, one of the largest investment managers in the world. State Street Global Advisors is the investment management arm of State Street Corporation.

For four decades, State Street Global Advisors has served the world's governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest.

State Street Global Advisors Singapore Limited was established in 2000 and holds a capital market licensed in fund management regulated by the Monetary Authority of Singapore. In addition to being the Manager of PAIF, the Manager also acts as the manager of Singapore's first domestic exchange traded fund (ETF)¹.

State Street Global Advisors's Hong Kong office has emerged to become one of the leading investment managers in Asia. Established in 1990, the office became a full-service investment centre in 1997. In addition to portfolio management, marketing and client service activities for Asian clients outside Japan, it is also the home of State Street Global Advisors's trading desk for the Asia Pacific region. As a full investment centre, the office now offers investment solutions to clients that range from defensive to aggressive strategies, utilising active, enhanced and passive styles of management. State Street Global Advisors Hong Kong is also the manager of the first ETF in Asia².

Notes

1. This fund is not authorized by the Hong Kong Securities and Futures Commission (SFC) and is not offered nor generally available to Hong Kong residents.
2. This fund is not authorized by the Monetary Authority of Singapore and is not offered nor generally available to Singapore residents.

Trustee

Listing Information as of 21 Sep 2023

Exchange	Trading Currency	Listing Date	Stock Code	SEDOL Code	Bloomberg Code	ISIN
The Stock Exchange of Hong Kong Limited	USD	07 Jul 2005	2821	B0CDYD7	2821 HK	SG9999002026

Fund Market Price as of 20 Sep 2023

Bid/Ask Prices	USD 102.00 / 104.50
Closing Price	USD 104.30
Day High	-
Day Low	-
Exchange Volume (Shares)	0.00
30 Day Average Exchange Volume (Shares)	533.53

INAV

Estimated NAV per Unit as of (Updated every 15 seconds)

As of (Updated every 15 seconds)
STOCK CODE	CURRENCY	INAV

Fund Net Asset Value as of 20 Sep 2023

Closing NAV / Unit	USD 103.7378
1 Day Nav Change * "Change" indicates the change since the previous dealing day.	- USD 0.13
Change (%) * "Change" indicates the change since the previous dealing day.	-0.12%
Number of Outstanding Units	31,860,594.00
Total Net Assets	USD 3,305.15 M

Most Recent NAV / NAV History

Fund Characteristics as of 31 Aug 2023

Number of Holdings	549
Average Credit Quality	A+/A+
Average Duration	6.73
Yield to Maturity	3.75%
Effective Convexity	0.95
Current Yield	3.62%
Average Coupon	3.54%
Effective Duration	6.73
Years to Maturity	9.09

Average Yield History

Index Characteristics as of 31 Aug 2023

Effective Convexity	0.95
Average Coupon	3.45%
Current Yield	3.58%
Effective Duration	6.73
Years to Maturity	9.07

Index Facts as of 20 Sep 2023

Index Launch Date	31 Dec 2000
Index Launch Value	100.00
Index Current Value	202.28

Fund Performance

Fund Inception Date: 29 Jun 2005
Index Inception Date: 31 Dec 2000

as of 31 Aug 2023

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception 29 Jun 2005
Fund	31 Aug 2023	2.8%	-1.9%	1.5%	1.4%	3.4%
Benchmark Markit iBoxx ABF Pan-Asia Index	31 Aug 2023	3.1%	-1.6%	1.9%	1.9%	3.9%

as of 30 Jun 2023

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception 29 Jun 2005
Fund	30 Jun 2023	2.5%	-1.3%	1.5%	1.2%	3.4%
Benchmark Markit iBoxx ABF Pan-Asia Index	30 Jun 2023	2.8%	-1.0%	1.9%	1.7%	4.0%

as of 31 Aug 2023

	As Of	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception 29 Jun 2005
Fund	31 Aug 2023	0.6%	-2.1%	-0.8%	1.0%	2.8%	-5.7%	7.8%	15.5%	83.2%
Benchmark Markit iBoxx ABF Pan-Asia Index	31 Aug 2023	0.8%	-2.1%	-0.8%	1.1%	3.1%	-4.7%	10.1%	20.8%	102.1%

as of 30 Jun 2023

	As Of	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception 29 Jun 2005
Fund	30 Jun 2023	0.6%	-0.8%	-2.3%	0.6%	2.5%	-3.9%	7.8%	12.9%	83.2%
Benchmark Markit iBoxx ABF Pan-Asia Index	30 Jun 2023	0.7%	-0.8%	-2.2%	0.7%	2.8%	-2.9%	10.0%	18.2%	102.0%

as of 31 Aug 2023

	2023 (YTD)	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Fund	0.6%	-7.6%	-3.7%	8.9%	7.9%	0.1%	9.3%	-0.5%	-3.4%	3.8%	-4.9%
Benchmark Markit iBoxx ABF Pan-Asia Index	0.8%	-7.3%	-3.3%	9.5%	8.6%	0.4%	9.9%	0.0%	-2.8%	4.2%	-4.2%

Past Performance is not a reliable indicator of future performance. Investors may not get back the full amount invested. The computation basis of the cumulative and annualized performance is based on net-of-fees returns in USD terms on NAV-to-NAV (single pricing) basis, with all dividends reinvested, taking into account all charges payable upon reinvestment.

The computation basis of the calendar-year performance is based on calendar year end, in USD terms on NAV-to-NAV (single pricing) basis, with dividends reinvested , taking into account all charges payable upon reinvestment. These figures show by how much the ABF Pan Asia Bond Index Fund increased or decreased in value during the calendar year being shown.

The benchmark of the ABF Pan Asia Bond Index Fund is Markit iBoxx ABF Pan-Asia Index. The index returns are stated on a total return basis.

Fund Inception Date: 29 June 2005

Fund History as of 31 Aug 2023

Growth of $10,000: ABF Pan Asia Bond Index Fund

Fund Inception Date: 29 Jun 2005

Currency: USD

The Hypothetical Growth of $10,000 chart reflects a hypothetical SGD $10,000 investment and assumes reinvestment of all dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Past performance is not necessarily indicative of the future performance. Investors may lose part or all of their investments.

Definitions of Tracking Difference and Tracking Error

Tracking Difference (TD)

Tracking Difference is the return difference between an ETF and its underlying benchmark / index over a certain period of time.

Tracking Error (TE)

Tracking error measures how consistently an ETF follows its benchmark / index. It is the volatility (measured by standard deviation) of that return difference.

Tracking Error as of 31 Aug 2023 - SEHK Listing Date 07 Jul 2005

Rolling 1-Year TE^ *

0.1491%

^ Annualized based on the number of dealing days in the past year when daily TD is calculated

* The Rolling 1-Year Tracking Error figures of ABF Pan Asia Bond Index Fund (PAIF) were revised for the following periods in September 2022. Below shows the 12-month period up to August 2022 only:

August 2021: from 0.2816% to 0.1109%
September 2021: from 0.2918% to 0.1060%
October 2021: from 0.1795% to 0.1032%
November 2021: from 0.1799% to 0.1021%
December 2021: from 0.1683% to 0.1011%
January 2022: from 0.1574% to 0.0995%
February 2022: from 0.1431% to 0.0980%
March 2022: from 0.1481% to 0.1062%
April 2022: from 0.1479% to 0.1058%
May 2022: from 0.1499% to 0.1144%
June 2022: from 0.3764% to 0.1180%
July 2022: from 0.3828% to 0.1216%
August 2022: from 0.3827% to 0.1237%

For further details on the impact of the Tracking Error data, please click here for further information

Tracking Difference as of 31 Aug 2023 - SEHK Listing Date 07 Jul 2005

Rolling 1-Year TD	-0.2737%
2022	-0.2556%
2021	-0.3351%
2020	-0.6722%
2019	-0.6771%
2018	-0.2762%
2017	-0.5827%
2016	-0.5027%
2015	-0.5491%
2014	-0.4404%
2013	-0.6431%
2012	-0.4591%
2011	-0.5687%
2010	-0.5841%
2009	-0.7882%
2008	-0.6907%
2007	-0.5614%
2006	-0.9038%

Tracking Difference Graph

Performance is calculated on net-of-fees returns in USD terms on NAV-to-NAV basis, with all distributions reinvested.

Top Holdings

as of 31 Aug 2023

Fund Top 10 Holdings as of 31 Aug 2023

Holding	Weight
HONG KONG MORTGAGE CORP SER EMTN (REG) (REG S) 5% 25OCT2024	1.19%
SINGAPORE (GOVT OF) 2.125% 01JUN2026	1.14%
SINGAPORE (GOVT OF) 3.5PCT 01/03/2027	0.90%
SINGAPORE GOVERNMENT 2.875% 01JUL2029	0.90%
SINGAPORE (GOVT OF) 3% 01SEP2024	0.88%
SINGAPORE(GOVT OF) 2.375% 01JUN2025	0.81%
PHILIPPINES (REP OF) SER 2017 8PCT 19/07/2031	0.76%
SINGAPORE (GOVT OF) 3.375% 01SEP2033	0.73%
SINGAPORE (GOVT OF) 2.875% 01/09/2030	0.72%
SINGAPORE GOVERNMENT 2.25% 01AUG2036	0.71%

Download All Holdings: Daily Month-End

Index Top 10 Holdings as of 31 Aug 2023

Holding	Weight
HONG KONG (Govt) 1.68% 1/21/2026	1.19%
SINGAPORE (Govt) 2.375% 6/1/2025	1.07%
SINGAPORE (Govt) 3% 9/1/2024	1.05%
SINGAPORE (Govt) 3.5% 3/1/2027	1.01%
SINGAPORE (Govt) 3.375% 9/1/2033	0.91%
SINGAPORE (Govt) 2.875% 9/1/2030	0.88%
HONG KONG (Govt) 1.25% 6/29/2027	0.87%
SINGAPORE (Govt) 2.25% 8/1/2036	0.76%
SINGAPORE (Govt) 2.125% 6/1/2026	0.76%
SINGAPORE (Govt) 2.625% 5/1/2028	0.71%

The top holdings shown are as of the date indicated above and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The holdings are taken from the accounting records of SSGA which may differ from the official books and records of the custodian.

Index Constituents and Weights

Geographical Breakdown

Dividend Information as of 14 Jul 2023

Ex Dividend Date	Record Date	Payable Date	Distribution Amount Per Unit (USD$)	Singapore Tax Vouchers*
21/07/2023	24/07/2023	03/08/2023	1.71	PDF
20/01/2023	26/01/2023	08/02/2023	1.61	PDF
21/07/2022	22/07/2022	03/08/2022	1.67	PDF
21/01/2022	24/01/2022	08/02/2022	1.48	PDF
21/07/2021	22/07/2021	03/08/2021	1.37	PDF
21/01/2021	22/01/2021	03/02/2021	1.27	PDF
21/07/2020	22/07/2020	03/08/2020	1.23	PDF
21/01/2020	22/01/2020	05/02/2020	1.42	PDF
19/07/2019	22/07/2019	01/08/2019	1.64	PDF
21/01/2019	22/01/2019	31/01/2019	1.76	PDF
20/07/2018	23/07/2018	02/08/2018	1.84	PDF
19/01/2018	22/01/2018	01/02/2018	1.74	PDF
21/07/2017	24/07/2017	03/08/2017	1.65	PDF
20/01/2017	23/01/2017	07/02/2017	1.52	PDF
21/07/2016	22/07/2016	04/08/2016	1.25	PDF
21/01/2016	22/01/2016	04/02/2016	1.64	PDF
21/07/2015	22/07/2015	04/08/2015	1.67	PDF
21/01/2015	22/01/2015	04/02/2015	1.89	PDF
21/07/2014	22/07/2014	05/08/2014	2.09	PDF
21/01/2014	22/01/2014	06/02/2014	2.04	PDF
19/07/2013	22/07/2013	05/08/2013	1.77	PDF
21/01/2013	22/01/2013	04/02/2013	1.67	PDF
20/07/2012	23/07/2012	02/08/2012	1.8	PDF
20/01/2012	26/01/2012	08/02/2012	1.88	PDF
21/07/2011	22/07/2011	04/08/2011	2.13	PDF
21/01/2011	24/01/2011	08/02/2011	1.88	PDF
21/07/2010	22/07/2010	04/08/2010	1.95	PDF
21/01/2010	22/01/2010	04/02/2010	1.95	PDF
21/07/2009	22/07/2009	04/08/2009	1.67	PDF
21/01/2009	22/01/2009	09/02/2009	2.14	PDF
21/07/2008	22/07/2008	05/08/2008	2.09	PDF
21/01/2008	22/01/2008	05/02/2008	2.16	PDF
20/07/2007	23/07/2007	06/08/2007	2.05	PDF
19/01/2007	22/01/2007	05/02/2007	2.16	PDF
21/07/2006	24/07/2006	02/08/2006	2.17	PDF
25/01/2006	26/01/2006	07/02/2006	2.06	PDF

Download All Dividends

*Singapore tax vouchers are issued pursuant to the Singapore Income Tax Act. If you are a person liable to Singapore tax, then please use the information to appropriately declare your taxable income in your tax returns. You will need to apply your pro rata holdings as at the record date to do the appropriate calculations.

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

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Purchase Information

PAIF is flexible and easy to trade. Investors buy and sell them like shares, typically through a stock broker. Investors can also employ traditional share trading techniques, including stop orders, limit orders and margin purchases (if available).

To purchase PAIF, please consult your stock broker or financial advisor.