Overview
Singapore equity dominated by DBS, OCBC, and UOB banking giants — over 60% of the fund. Highest dividend yield of any developed Asian market. SGD managed appreciation provides additional long-term return potential.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| D05 | DBS Group Holdings | 28.4% |
| U11 | United Overseas Bank | 18.4% |
| O39 | OCBC Bank | 16.8% |
| Z74 | Singapore Telecom | 8.4% |
| C6L | Singapore Airlines | 5.8% |
| F34 | Wilmar Intl. | 4.8% |
| BN4 | Keppel Corp. | 4.4% |
| U96 | Sembcorp Industries | 3.8% |
| BS6 | Yangzijiang Shipping | 3.4% |
| A17U | Ascendas REIT | 2.9% |
Fund Details
Investment Thesis
Singapore's three dominant banks — DBS, OCBC, and UOB — together represent over 60% of EWS, making it effectively a leveraged bet on Singapore banking earnings and dividend growth. Singapore banks are among the most profitable in Asia, benefiting from their position as ASEAN's financial hub and preferred offshore wealth management center for Southeast Asian high-net-worth individuals. The SGD's track record of managed appreciation against the USD provides additional return potential for long-term holders. High dividend yield from Singapore banking and REITs makes EWS one of the most income-generative developed market country ETFs.
Who It's For
Income investors seeking high-yield developed market equity exposure and those with a thesis on Singapore banking dominance in ASEAN financial services. EWS suits investors who want to access Asian wealth management growth and ASEAN economic development through Singapore's world-class financial infrastructure. The high banking concentration makes EWS essentially a Singapore banking sector bet rather than a diversified country fund — appropriate for those comfortable with this sector focus.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $20.42 | -- |
| 2017 | $23.82 | +16.7% |
| 2018 | $20.82 | -12.6% |
| 2019 | $24.42 | +17.3% |
| 2020 | $21.42 | -12.3% |
| 2021 | $24.42 | +14.0% |
| 2022 | $22.42 | -8.2% |
| 2023 | $26.42 | +17.8% |
| 2024 | $25.82 | -2.3% |
| 2025 | $29.80 | +15.4% |
| Year | Yield |
|---|---|
| 2016 | 4.82% |
| 2017 | 4.42% |
| 2018 | 4.92% |
| 2019 | 4.62% |
| 2020 | 4.22% |
| 2021 | 3.82% |
| 2022 | 4.42% |
| 2023 | 4.12% |
| 2024 | 4.52% |
| 2025 | 4.82% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.5B | -- |
| 2017 | $0.6B | +20.0% |
| 2018 | $0.5B | -16.7% |
| 2019 | $0.6B | +20.0% |
| 2020 | $0.5B | -16.7% |
| 2021 | $0.6B | +20.0% |
| 2022 | $0.5B | -16.7% |
| 2023 | $0.5B | 0.0% |
| 2024 | $0.5B | 0.0% |
| 2025 | $0.44B | -12.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
Related Country ETFs ETFs
Markets. Intelligence. Daily.
Full briefs on 251 ETFs, curated daily ETF news, and a free weekly deep-dive newsletter — all on ETFHub.
Get the Free Weekly Brief Explore the ETF Portal Official Fund Page →