This annual report covers the financial operations and investment strategy of the Amova Singapore STI ETF for the period ending 30 June 2025. The report confirms the significant organizational change, detailing the fund's official renaming from its former designation. The core mission remains the replication of the Straits Times Index performance, primarily by investing in Singapore-listed equity securities.

• Uncover details about the substantial transition and rebranding of the Fund and its management team

• Examine the Fund’s primary investment objective: replicating a leading Singapore equity benchmark using a dedicated replication approach

• Review the portfolio allocation, highlighting the heavy weighting toward the Banks and Finance sector, while also noting exposures in other regions such as Hong Kong SAR and Thailand

The annual report details the performance and financial position of the ABF Singapore Bond Index Fund, Singapore’s first exchange traded bond fund. The Fund's objective is to achieve investment results that closely correspond to the total return of the iBoxx ABF Singapore Index before fees and expenses. The portfolio is concentrated in high quality, Singapore government and quasi-government bonds, typically denominated in Singapore dollars. The review period shows the Fund achieved significant net gains on the value of its investments and a resulting increase in total return over the previous financial year. The document also outlines the Fund's governance and risk mitigation framework.

• The Fund’s portfolio maintained a dominant focus on sovereign fixed income securities issued by the government

• Management successfully mitigated the primary financial risks faced by the investment vehicle, focusing particularly on interest rate movements

• The entity responsible for managing the Fund underwent a name change effective shortly after the financial year concluded

Sunright Limited experienced a challenging financial year as softer market conditions impacted key segments like computing and automotive. The Group’s performance was weighed down by a decline in legacy product volumes, coinciding with the industry shift towards advanced technologies, such as integrated System-on-Chip (SoC) designs. The acceleration of AI-related product rollouts created rapid shifts in product cycles. Although the Group reported a full year loss, management responded by implementing tighter cost controls and strengthening its operational focus. The company is strategically focused on addressing emerging opportunities from next-generation technologies, including expected demand for AI-driven devices and data centre expansion.

• The company wrestled with an industry shift toward more integrated System-on-Chip designs while managing a decline in legacy volumes

• Despite implementing cost reductions and adjusting labour resources, the financial results reflect a full year loss due to uneven recovery in customer orders

• Management is positioning the Group to capture future growth driven by advanced automotive electronics and the rising demand for next-generation, AI-driven applications

Vicplas International Ltd achieved overall revenue growth, primarily driven by the medical devices segment, although it reported a consolidated loss after tax. The medical devices segment is focused on expanding its global footprint, notably with a new manufacturing facility starting commercial production to enhance manufacturing flexibility. The pipes and pipe fittings segment continues to benefit from robust activity in Singapore’s built environment but faces intensified competition and cost pressures.

• Discover how global expansion and the start of commercial production at a crucial new facility in North America is attracting fresh projects and customers

• The medical devices segment experienced a significant uplift in orders following major post-pandemic inventory adjustments made by certain customers

• Learn about the pipes segment’s move to diversify its portfolio, introducing new uPVC door products which are currently in the initial stages of market commercialisation

Southern Alliance Mining LTD faced a challenging year with lower iron ore prices impacting profitability. However, the company showed operational resilience, increasing sales volumes across all products and introducing a new revenue stream from bauxite sales. Strategic investments in underground mining are progressing, and a major diversification into the rare earth elements sector has been completed, positioning the group for future growth.

• Despite market headwinds and softer iron ore prices, the Group achieved a significant surge in sales volumes for all its products

• A major strategic shift to exclusively underground mining is underway, aimed at improving long-term efficiency and production stability

• The company has completed a significant acquisition, marking its strategic entry into the fast-growing rare earth elements (REEs) sector

Uni-Asia Group Limited returned to profitability in the first half of 2025, navigating dynamic conditions and strategic shifts. The period saw a transformation in progress, with the Group renewing its shipping fleet and diversifying its Japan property portfolio. Despite operational challenges, including a vessel collision and a cyber incident, the Group demonstrated resilience and maintained a strong financial position, declaring an interim dividend consistent with the previous year.

• A significant turnaround sees the Group swing from a loss to a profit

• The shipping business faced an unexpected vessel collision and elevated off-hire days, yet operational efficiency remains a key focus

• Expansion in the Japan property portfolio continues with new projects, while the Hong Kong market remains challenging

This annual report details the performance of the Amova SGD Investment Grade Corporate Bond Index ETF, formerly known as the Nikko AM ETF, for the financial year ended 30 June 2025. It covers the fund's investment objective to track a Singapore dollar-denominated investment grade bond index and outlines its financial results, portfolio composition, and operational details. The report also includes statements from the Manager, Trustee, and an independent auditor's opinion on the financial statements.

• Discover the fund's total return for the financial year and see how it compares to the previous year

• Explore a detailed breakdown of the portfolio's diverse holdings across key industries like banking, finance, and government

• Understand the key financial risks the fund manages, including market, liquidity, and credit risks

Based on its latest unaudited full-year results, A-Smart Holdings Ltd experienced a challenging period marked by a decrease in revenue and a widening net loss compared to the previous year. The decline was primarily driven by reduced activity in its print and media segment. Despite this, the company is moving forward with its property development projects in Timor-Leste and is taking steps to manage rising operational costs across its businesses. The company did not declare a dividend for the financial year.

• The company's traditional print and media business saw a significant drop in revenue due to fewer organised events

• Despite overall losses, the company's investment in an associated supermarket venture in China showed a positive turnaround

• Major construction projects in Timor-Leste are progressing, with the company preparing for a new fundraising effort to support these developments

This annual report details the performance of the Amova-StraitsTrading Asia ex Japan REIT Index ETF for the financial year ending 30 June 2025. It covers the fund's investment objective to replicate the FTSE EPRA Nareit Asia ex Japan REITS 10% Capped Index and outlines its financial performance, including income from dividends and gains on investments. The report also confirms a name change for both the fund and its manager, effective September 2025.

• Performance Reversal: Discover how the fund turned a significant deficit from the previous year into a substantial total return

• Geographic Shifts: See how the fund's investment focus across Asia has changed, with notable shifts in allocations to key markets like Singapore and Malaysia

• A New Identity: Learn about the fund's recent rebranding, reflecting a new chapter for the manager and the ETF itself

This annual report reviews the performance of the UOB APAC Green REIT ETF for the financial year ended 30 June 2025. It details the fund's growth, which closely tracked its benchmark, the iEdge-UOB APAC Yield Focus Green REIT Index. The report covers the economic and market conditions across Asia, noting resilient performance despite geopolitical tensions and uneven macroeconomic indicators. It also outlines the fund's strategy, ESG characteristics, and portfolio changes.

• Discover which Asia-Pacific markets were standout performers and which faced headwinds

• See how the fund's holdings have been rebalanced to track its green benchmark

• Explore how the fund's focus on environmental attributes creates a positive sustainability impact