If you invest in Singapore, you’ve almost certainly heard of the Straits Times Index (STI)—the headline FTSE Straits Times Index that tracks 30 of the largest and most liquid companies on SGX. Think of it as Singapore’s market barometer: when the STI rises or falls, it reflects how the local blue-chip market is doing overall.
In this guide, you’ll learn what the STI is, how it’s constructed, which stocks it holds, and how to buy the STI via ETFs (ES3, G3B, GAB)—plus what returns, risks, and costs to expect. Whether you’re planning your first SGX investment or adding local exposure alongside global holdings, this is your clear, fact-checked walkthrough.
Table of Content
- What Is the Straits Times Index (STI)?
- How the STI Is Built
- What’s Inside the STI Today
- The Three STI ETFs: ES3 vs G3B vs GAB
- STI Performance & Dividend Profile
- How to Buy the Straits Times Index in Singapore (Step-by-Step)
- Who Should Consider STI Exposure?
- Risks & Considerations
- Costs, Fees & Taxes
- Quick Takeaways
- Conclusion
- Frequently Asked Questions (FAQs)
What Is the Straits Times Index (STI)?
The FTSE Straits Times Index is Singapore’s primary stock market benchmark. It tracks the performance of 30 large, liquid SGX-listed companies across banks, telco, industrials, transport, consumer and real estate. The STI is part of the FTSE ST Index Series, a family of indices created for the Singapore market. For retail investors, the STI offers an instant “snapshot” of the blue-chip market—useful for gauging sentiment and anchoring the local slice of a diversified portfolio.
The STI is free-float adjusted, which means it counts mainly the shares that are actually tradeable by the public. It also uses ICB (Industry Classification Benchmark) sector labels like Banks, Telecoms, and REITs so companies are compared with others in the same line of business—making the index easier to read and more representative of what investors can buy.
Why investors pay attention: Singapore’s market tends to feature steady dividends and defensive characteristics relative to higher-growth regional markets. Banks carry a meaningful weight in the STI, while names like Singtel, ST Engineering, and utilities/REITs add to the index’s income profile. This blend can make the STI appealing for those seeking stability and yield from a home-market allocation. Recent sell-side and media coverage have highlighted dividend strength and valuation support for Singapore equities, underlining why the STI often appears in income-oriented strategies.
How the STI Is Built
- Weighting: Free-float market-capitalisation—bigger, more tradable companies move the index more.
- Rules & transparency: The STI is governed by published Ground Rules covering eligibility (free float, liquidity, size), calculation (price & total return), and reviews.
- Review schedule: The FTSE ST Index Series (including STI) is reviewed semi-annually in March and September; If a company no longer meets liquidity or size thresholds—or if a newcomer exceeds them—memberships change to keep the index representative and investable.
Why this matters: Reviews and price moves shift index weights, which in turn affect ETF holdings, distributions, and tracking for investors.
What’s Inside the STI Today
The STI holds 30 blue-chip stocks; you can always see the current constituents and tickers on SGX’s STI page. Expect significant bank exposure (DBS, OCBC, UOB), plus large caps across real estate, telecommunications, industrials and utilities.
How to keep this current: Membership and weights can change at reviews or after corporate actions. Check SGX (live constituents) and FTSE Russell (methodology, data sheets) when you’re making allocation decisions.
Top 10 STI constituents by weight
| Rank | Company | ICB Sector | Market Cap (S$B) | Indicative Weight % |
| 1 | DBS Group Holdings (D05) | Banks | 156.0 | 26.59 |
| 2 | Oversea-Chinese Banking Corp – OCBC (O39) | Banks | 80.0 | 13.54 |
| 3 | United Overseas Bank – UOB (U11) | Banks | 56.2 | 10.48 |
| 4 | Singapore Telecommunications – Singtel (Z74) | Telecommunications Service Providers | 76.8 | 7.45 |
| 5 | Keppel Ltd. (BN4) | Gas, Water & Multi-utilities | 18.3 | 3.51 |
| 6 | Jardine Matheson (J36) | General Industrials | 58.5 | 3.42 |
| 7 | Singapore Exchange – SGX (S68) | Investment Banking & Brokerage Services | 18.0 | 3.36 |
| 8 | CapitaLand Integrated Commercial Trust – CICT (C38U) | REITs | 17.5 | 3.30 |
| 9 | ST Engineering (S63) | Aerospace & Defence | 26.1 | 3.10 |
| 10 | CapitaLand Ascendas REIT (A17U) | REITs | 13.0 | 2.57 |
The Three STI ETFs on SGX: ES3 vs G3B vs GAB
You can track the FTSE Straits Times Index via three SGX tickers:
- ES3 — SPDR Straits Times Index ETF (distributing)
- G3B — Amova Singapore STI ETF (S$D) (distributing)
- GAB — Amova Singapore STI ETF (S$A) (accumulating, no cash payouts)
Side-by-side comparison (latest issuer data)
| Feature | ES3 — SPDR® Straits Times Index ETF | G3B — Amova STI ETF (S$D, Distributing) | GAB — Amova STI ETF (S$A, Accumulating) |
| Manager | State Street Global Advisors Singapore Ltd | Amova Asset Management Asia Ltd | Amova Asset Management Asia Ltd |
| Benchmark | FTSE Straits Times Index | FTSE Straits Times Index | FTSE Straits Times Index |
| Replication | Full replication | Physical index tracking | Physical index tracking |
| Expense Ratio (latest) | 0.28% (FY ended 30 Jun 2025) | 0.26% (audited FY ended 30 Jun 2024) | Follows fund-level TER cap intention of 0.25% p.a. (no separate ratio until audited) |
| Distribution policy | Semi-annual (not guaranteed) | Semi-annual (not guaranteed) | No distributions; retained in Net Asset Value (NAV) |
| Board lot / currency / domicile | 1 unit / SGD / Singapore | 1 unit / SGD / Singapore | 1 unit / SGD / Singapore |
| Inception / Listing | Inception 11 Apr 2002; SGX listing 17 Apr 2002 | Fund listed 24 Feb 2009 (Dist class) | Listed Sep 2025 (Acc class launch) |
Which to choose?
At a high level, both funds aim to replicate the same index. Many investors pick based on (i) fees (latest TER), (ii) liquidity/spreads, (iii) tracking difference, and (iv) convenience on their broker platform.
- If you want the lowest ongoing cost: Pick G3B (S$D). Its stated total expense ratio (TER) is a touch lower than ES3. The difference is small, but over many years (especially if you DCA), lower fees can add up.
- If you value a long track record and size: Pick ES3. It’s the older, larger STI ETF run by State Street (SPDR), which many investors find reassuring for depth and liquidity.
- If you prefer automatic reinvestment (no cash payouts): Pick GAB (S$A). This accumulating share class rolls any distributions back into the fund, so you don’t have to manually reinvest.
STI Performance & Dividend Profile
Price vs Total Return
The STI is published in two versions: a price index (only reflects share-price moves) and a total-return index (assumes all dividends are reinvested). In Singapore—where many blue-chips and REITs pay steady dividends—the total-return view gives a truer picture of long-term performance. Most ETF pages let you see index vs. fund returns side-by-side so you can tell how closely the ETF tracks the benchmark.
How dividends work with the three STI ETFs
The ES3 (SPDR) and G3B (Amova S$D) ETFs are both distributing and typically pay twice a year. However, the payouts aren’t guaranteed and can vary.
The GAB (Amova S$A) ETF is accumulating, and it doesn’t pay out cash. Instead dividends are kept in the fund and reflected in the NAV, which helps compounding without you doing anything.
How to Buy the Straits Times Index in Singapore (Step-by-Step)
- Open a brokerage account (CDP-linked or custodian). Compare commissions/platform fees and recurring-buy features.
- Search the tickers: ES3, G3B (S$D), GAB (S$A). Use the issuer pages to confirm details before you trade.
- Place an order: Limit order if you want a specific price (especially for larger tickets).
- DCA if appropriate: Set a recurring buy (weekly/monthly) to smooth entry prices.
- Dividends & reinvestment: ES3/G3B distribute (amounts not guaranteed). GABdoes not distribute (dividends are retained in NAV automatically).
Looking to buy STI ETFs (ES3, G3B, GAB) or individual STI stocks?
Syfe Brokerage gives you easy access to SGX-listed dividend stocks and ETFs, all in one intuitive app.
Why consider Syfe Brokerage
- Low fees — commissions start from S$1.98 or 0.04% of traded value (whichever is higher), helping you keep more of your returns.
- Odd-lot trading — buy from just 1 share (not 100), so you can build positions in higher-priced blue-chips at your own pace.
- Flexible SGX access — invest directly in STI component stocks or get instant market exposure via STI ETFs (ES3 distributing, G3B distributing, GAB accumulating).
- Clean, simple experience — fast account opening, clear order tickets (market/limit), and a streamlined mobile interface.
Get started in minutes
- Download the Syfe app on iOS or Android.
- Open a Syfe Brokerage account in-app with digital onboarding.
- Search SGX counters — e.g. ES3, G3B, GAB, or any STI stock (DBS D05, OCBC O39, UOB U11, etc.).
- Place your order (use a limit order for price control), then track holdings and dividends right from the app.
Open Syfe Brokerage and begin building your Singapore dividend portfolio today.
Who Should Consider STI Exposure?
- Income-oriented investors who value SGD dividends from established Singapore names (banks, telco, REITs).
- Home-market allocators wanting a Singapore core for familiarity and SGD-denominated exposure.
- Diversifiers adding a lower-volatility, dividend-tilted sleeve alongside higher-beta global equities.
Unique insight: Because the STI leans into financials and defensives, it can help stabilise a portfolio dominated by tech-heavy US indices, especially when yield and cash flows are in favour.
Risks & Considerations
- Sector concentration. The index has meaningful bank weight, so moves in net-interest margins, loan growth, and credit costs can heavily influence returns. Telecoms, industrials, and utilities add defensiveness but also cap upside vs. high-growth markets. (Media and research coverage through 2025 highlighted both the income appeal and shifting sector leadership.)
- Local macro sensitivity. Singapore’s open economy means global trade cycles, regional tourism, and policy shifts can ripple through earnings.
- Tracking & costs. Even with low TERs, ETFs can exhibit tracking difference due to withholding taxes on non-SG components (minimal here), cash drag, and expenses. Compare TER, spreads, and historic tracking on issuer pages.
- STI vs Global Equity Exposure: The STI provides home-bias, SGD income and a defensive tilt, while global indices (e.g., MSCI ACWI) capture broader growth and sectors—especially US technology. A pragmatic approach is core-satellite: hold global equities as the core, and add an STI ETF as a satellite for income and local exposure. Rebalance periodically to keep risk aligned.
Costs, Fees & Taxes
- Fund-level TERs: ES3 0.28% (FY to 30 Jun 2025); G3B 0.26% (audited FY to 30 Jun 2024). Amova states a 0.25% TER cap intention at the fund level. Over long horizons, even 0.03–0.05% differences add up—especially if you plan to DCA for years. Always verify current TERs on the issuer/factsheet before buying.
- Brokerage/platform fees: Commissions, platform fees, and custody charges vary—compare across brokers you already use.
- Taxes: Singapore does not levy a dividend withholding tax on SG-listed company dividends received by individuals; ETF dividends reflect distributions from underlying SG stocks. (Confirm personal tax circumstances if you’re a non-resident.)
Quick Takeaways
- The Straits Times Index (STI) tracks 30 large, liquid SGX companies and is Singapore’s headline equity benchmark.
- The STI is free-float adjusted and reviewed semi-annually (Mar/Sep) under FTSE rules.
- You can buy the index via three tickers: ES3 (SPDR, distributing), G3B (Amova S$D, distributing), GAB (Amova S$A, accumulating).
- Dividends matter: ES3/G3B typically pay twice a year (not guaranteed); GAB reinvests.
- Always refresh constituents, weights, TER and distributions before you buy.
Conclusion
The FTSE Straits Times Index remains the clearest lens into Singapore’s blue-chip market. For everyday investors, three SGX-listed ETFs make access simple: ES3 and G3B if you prefer cash payouts, or GAB if you want automatic compounding. The decision then comes down to fees (TER), distribution preference, and execution details (spread, liquidity).
The case for the STI is straightforward: steady dividends, policy stability, and defensive sector exposure that can complement tech-heavy global allocations. The trade-offs are equally clear: bank concentration and potential underperformance versus global growth rallies. That’s why many portfolios blend STI for income with global equities for growth, rebalanced periodically.
If you’re starting out, set a realistic DCA plan (e.g., S$200–S$500/month), compare fees and spreads, and keep an eye on index reviews for changes under the hood. With a disciplined process and a long-term view, the STI can play a valuable role in a Singapore-anchored investment strategy.
Frequently Asked Questions (FAQs)
1) Is the STI an index or an ETF?
The STI is an index. You invest in it via ETFs—ES3 (SPDR), G3B (Amova S$D, distributing), or GAB (Amova S$A, accumulating).
2) What’s the difference between G3B and GAB?
Same fund and benchmark; G3B is the distributing class (pays cash dividends), while GAB is the accumulating class (retains dividends in NAV).
3) How often does the STI change components?
The FTSE ST Index Series is reviewed semi-annually (March & September); SGX publishes review notices and reserve lists.
4) How frequently do STI ETFs pay dividends?
ES3/G3B have historically paid semi-annually (not guaranteed). GAB does not distribute. Check each issuer’s page before buying.
5) Where do I see the latest constituents & weights?
The SGX STI page shows the live constituents; FTSE Russell’s ST Index Series fact sheet lists the Top 10 and weights.
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