Lion-Phillip S-REIT ETF (CLR) Singapore: Complete Guide 2026
The only SGX-listed ETF tracking Singapore REITs — fees, yield, and how to buy with CPF or SRS.
The Lion-Phillip S-REIT ETF (SGX: CLR) is Singapore’s only CPFIS-approved, SGX-listed ETF dedicated to Singapore REITs. It tracks the Morningstar Singapore REIT Yield Focus Index, holds around 30 S-REITs, and pays a quarterly distribution. With a TER of 0.60% per annum and a trailing yield of approximately 5.5%, CLR lets Singapore investors gain diversified S-REIT exposure in a single, low-cost fund — eligible for CPF OA and SRS investing.
Not financial advice. All figures are for educational reference only. Data as at Q1 2026 unless noted.
Table of Contents
Contents — Click to expand
- What Is the Lion-Phillip S-REIT ETF?
- Key Facts at a Glance
- Index Methodology: Morningstar Singapore REIT Yield Focus
- Top Holdings and Sector Breakdown
- Dividend Yield and Distribution History
- Total Cost of Ownership
- How to Buy CLR in Singapore (Step-by-Step)
- Buying CLR with CPF OA or SRS
- CLR vs Other S-REIT ETFs: Which to Choose?
- Who Should Buy the Lion-Phillip S-REIT ETF?
- Frequently Asked Questions
What Is the Lion-Phillip S-REIT ETF?
The Lion-Phillip S-REIT ETF (SGX ticker: CLR) is a Singapore-domiciled, SGX Mainboard-listed exchange-traded fund jointly managed by Lion Global Investors and Phillip Capital Management. Launched in October 2017, it was one of the first ETFs to give retail investors a single-ticker route to a diversified basket of Singapore REITs (S-REITs).
The fund tracks the Morningstar Singapore REIT Yield Focus Index — a rules-based index that selects and weights S-REITs with attractive and sustainable dividend yields. Unlike market-cap-weighted indices, the Morningstar Yield Focus methodology tilts toward higher-yielding names while applying quality screens (gearing ratio, interest coverage, and distribution sustainability) to avoid yield traps.
As at Q1 2026, CLR holds approximately 30 S-REITs across all major property sub-sectors: industrial, retail, commercial, healthcare, hospitality, and diversified. Units trade in Singapore dollars on the SGX, making it accessible to any investor with a CDP-linked brokerage account — including CPF OA and SRS investors. The ETF pays quarterly cash distributions, making it a straightforward income tool for retirement planning.
Key Facts at a Glance
| Metric | Detail |
|---|---|
| Full Name | Lion-Phillip S-REIT ETF |
| SGX Ticker | CLR (SGD counter) / BYI (USD counter) |
| Index Tracked | Morningstar Singapore REIT Yield Focus Index |
| Domicile | Singapore |
| Structure | Distributing (quarterly distributions) |
| TER (Expense Ratio) | 0.60% p.a. |
| AUM | ~SGD 200-250 million (as at Q1 2026) |
| Number of Holdings | ~30 S-REITs |
| Currency | SGD (CLR) / USD (BYI) |
| Exchange | SGX Mainboard |
| Distribution Frequency | Quarterly |
| Launch Date | October 2017 |
| CPFIS / SRS Eligible | Yes (CPF OA and SRS) |
Source: Lion Global Investors CLR fund factsheet, Q1 2026
Index Methodology: Morningstar Singapore REIT Yield Focus
Most broad market ETFs weight holdings by market capitalisation, which means the largest REITs dominate the fund regardless of yield. CLR takes a different approach. The Morningstar Singapore REIT Yield Focus Index selects S-REITs based on a combination of dividend yield attractiveness and financial quality screens.
The index construction process works as follows: Step 1 — Universe: All S-REITs listed on the SGX that meet minimum liquidity and market cap thresholds are included in the starting universe (typically 40-45 REITs). Step 2 — Quality screen: REITs with excessive gearing (above 50% leverage ratio), deteriorating interest coverage, or inconsistent distribution records are removed. This screen aims to exclude yield traps — REITs with high yields driven by falling unit prices rather than sustainable income. Step 3 — Yield ranking: Remaining REITs are ranked by trailing 12-month distribution yield. The top ~30 names by adjusted yield score are selected. Step 4 — Weighting: Holdings are weighted using a modified yield-tilted approach, with individual REIT caps at 10% to prevent concentration. This means CLR typically overweights mid-cap, high-yielding REITs like AIMS APAC REIT, Sabana REIT, and Sasseur REIT relative to what you would find in a market-cap ETF.
The index rebalances semi-annually (March and September). For investors who find tracking 30+ individual REITs overwhelming, this rules-based methodology does the stock selection and rebalancing automatically.
Top Holdings and Sector Breakdown
As at Q1 2026, CLR’s top 10 holdings account for approximately 78% of the fund’s NAV. The portfolio is tilted toward industrial and commercial REITs, reflecting the high-yield, quality-screen methodology of the underlying index.
| Holding | Sector | Approx. Weight | FY2025 Yield |
|---|---|---|---|
| CapitaLand Integrated (CICT) | Retail/Commercial | 13.2% | ~5.4% |
| Mapletree Industrial Trust (MIT) | Industrial | 10.8% | ~6.5% |
| Mapletree Logistics Trust (MLT) | Industrial/Logistics | 9.4% | ~6.2% |
| CapitaLand Ascendas REIT (CLAR) | Industrial/Business Park | 9.1% | ~6.1% |
| Keppel DC REIT | Data Centre | 7.6% | ~4.8% |
| Frasers Centrepoint Trust (FCT) | Suburban Retail | 6.9% | ~5.9% |
| Mapletree Pan Asia CT (MPACT) | Commercial/Retail | 6.5% | ~5.9% |
| Keppel REIT | Office | 5.4% | ~5.4% |
| Suntec REIT | Office/Retail | 4.8% | ~6.0% |
| ParkwayLife REIT | Healthcare | 4.2% | ~3.2% |
Source: Lion Global Investors CLR factsheet, Q1 2026. Holdings and weights are approximate and subject to semi-annual rebalancing.
By sector, industrial REITs dominate at roughly 42% of NAV (MIT, MLT, CLAR, data centres), followed by retail at 26% (CICT, FCT, MPACT), office at 11% (Keppel REIT, Suntec), healthcare at 6% (ParkwayLife), and hospitality/others at 15%. This diversification means CLR’s income is not overly dependent on any single sub-sector’s fortunes.
Dividend Yield and Distribution History
CLR pays quarterly cash distributions. The trailing 12-month distribution yield as at Q1 2026 is approximately 5.5% per annum based on the prevailing unit price. This is in line with the broader S-REIT market yield, as the fund’s yield-focus methodology ensures it leans toward the higher-yielding portion of the S-REIT universe.
| Financial Year | Distribution Per Unit (DPU) | YoY Change |
|---|---|---|
| FY2021 | 4.15 cents | – |
| FY2022 | 4.62 cents | +11.3% |
| FY2023 | 4.91 cents | +6.3% |
| FY2024 | 4.78 cents | -2.6% |
| FY2025 (est.) | ~4.85 cents | +1.5% (est.) |
Source: SGX CLR distribution announcements, Lion Global Investors. FY2025 is an estimate. Past distributions do not guarantee future returns.
One important nuance: because CLR invests in S-REITs (Singapore-domiciled property trusts), there is no withholding tax on distributions for Singapore residents. The REITs themselves pay distributions from rental income, and these are tax-exempt in the hands of individual Singapore unitholders. This is a key advantage over investing in overseas-listed REIT ETFs, where dividend withholding tax can reduce net returns by 15-30%.
For a Singapore investor holding SGD 50,000 in CLR, a 5.5% yield translates to approximately SGD 2,750 per year in quarterly distributions — with no tax leakage at the investor level.
Total Cost of Ownership
CLR’s stated TER (Total Expense Ratio) is 0.60% per annum. This covers the management fee, trustee fee, and other fund expenses — but not brokerage commissions or the bid-ask spread when you buy or sell on the SGX.
| Cost Component | Rate | SGD 10,000 Portfolio | SGD 50,000 Portfolio |
|---|---|---|---|
| Annual TER | 0.60% p.a. | SGD 60/yr | SGD 300/yr |
| Brokerage (FSMOne, one trade) | 0.08% min SGD 10 | SGD 10 (min) | SGD 40 |
| Bid-Ask Spread (est.) | ~0.05-0.10% | ~SGD 5-10 | ~SGD 25-50 |
| Total Year 1 Cost | ~0.75-0.80% | ~SGD 75-80 | ~SGD 365-390 |
Estimates based on FSMOne CDP brokerage rates (0.08%, min SGD 10) and CLR typical bid-ask spread as at April 2026.
How to Buy CLR in Singapore (Step-by-Step)
CLR trades on the SGX Mainboard, so you need a CDP-linked brokerage account to buy it. Unlike London Stock Exchange ETFs such as CSPX or VWRA, CLR is traded in Singapore dollars and settles in your CDP account — no currency conversion or overseas broker required.
1. FSMOne (most cost-effective for buy-and-hold): Commission: 0.08%, minimum SGD 10 per trade. FSMOne is CDP-linked, meaning your CLR units are held in your own CDP account. Use our FSMOne referral code for a cash rebate on your first trade. Steps: Log in to FSMOne > Search “CLR” > Select SGX Mainboard > Enter quantity > Place order.
2. Syfe Brokerage (best for beginners): Syfe offers commission-free SGX ETF trading. Units are held in custodian (not CDP), but it is the simplest interface for first-time investors. Use our Syfe referral code for a sign-up bonus. Note: CPF investing is not available via Syfe brokerage — use FSMOne or DBS/OCBC for CPF trades.
3. DBS Vickers / OCBC Securities (for CPF investing): If you want to invest CPF OA funds in CLR, you must use a CPFIS-approved broker. Commission rates are higher (~0.18-0.25%) but this is the only route to CPF-funded CLR purchases.
4. IBKR Singapore (lowest commission for large trades): Interactive Brokers charges as low as SGD 2.50 per trade for SGX-listed ETFs, making it cost-effective for trades above SGD 20,000. Not CPFIS-eligible. Uses custodian.
Minimum investment: CLR trades in board lots of 100 units. At approximately SGD 0.88 per unit (Q1 2026), a minimum investment is around SGD 88 per board lot.
Buying CLR with CPF OA or SRS
CLR is approved under the CPF Investment Scheme (CPFIS-OA), making it uniquely attractive for Singapore investors wanting to put CPF Ordinary Account savings to work. The CPF OA earns 2.50% p.a. guaranteed; CLR’s trailing yield of ~5.5% offers a yield pickup of approximately 3.0 percentage points. On a SGD 50,000 CPF OA investment, this represents SGD 1,500 in additional annual income — subject to capital risk.
For SRS investors, CLR is also eligible. SRS contributions earn a tax deduction of up to SGD 15,300 per year, and investments grow tax-deferred until withdrawal after the statutory retirement age. This makes CLR + SRS one of the most tax-efficient income strategies for Singapore residents. Use the Singapore retirement calculator to model how CLR distributions contribute to your retirement goals.
For a deeper dive into CPF optimisation, see our guide on CPF investment strategy Singapore.
CLR vs Other S-REIT ETFs: Which to Choose?
There are three main SGX-listed ETFs focused on Singapore or Asia-Pacific REITs. CLR is not the cheapest, but its Singapore-only focus and CPFIS eligibility make it distinct.
| Feature | CLR (Lion-Phillip) | CFA (NikkoAM-STC) | BYI (Phillip APAC) |
|---|---|---|---|
| Focus | Singapore REITs only | Asia-Pacific REITs | Asia-Pacific dividend REITs |
| TER | 0.60% | 0.55% | 0.50% |
| Trailing Yield (Q1 2026) | ~5.5% | ~6.1% | ~6.8% |
| Holdings | ~30 S-REITs | ~40 Asia-Pacific REITs | ~30 Asia-Pacific REITs |
| CPFIS-OA Eligible | Yes | No | No |
| SRS Eligible | Yes | Yes | Yes |
| FX Risk | Minimal (SGD assets) | Moderate (AUD, JPY, HKD) | Moderate (AUD, JPY, HKD) |
| Best For | CPF investors, SG-focused income | APAC diversification | Highest yield, APAC tilt |
Source: Fund factsheets and SGX data, Q1 2026. Yields are trailing 12-month and may vary.
Our take: CLR is the clear choice for CPF OA investing — it is the only CPFIS-eligible option in this group. For pure yield maximisation without CPF constraints, BYI offers higher trailing yield at a lower TER. For APAC-wide diversification including Japan, Australia, and Hong Kong REITs, CFA makes sense. For context on individual high-yield picks, see our guide on best S-REITs in Singapore 2026. For the full S-REIT ETF landscape including the Singapore REIT ETF guide.
Who Should Buy the Lion-Phillip S-REIT ETF?
CLR is ideal if you: want to invest CPF OA funds in REITs (the only CPFIS-OA eligible REIT ETF on SGX); are a beginner investor who wants diversified S-REIT exposure without analysing 30 individual REITs; prefer quarterly income distributions with no withholding tax; want to build a passive income stream within your SRS account; or are comfortable with a SGD-denominated investment with no FX currency risk.
Consider alternatives if you: are investing outside CPF/SRS and want a lower-cost option (BYI at 0.50% TER); want APAC-wide REIT diversification beyond Singapore (CFA includes Australia, Japan, Hong Kong, India); prefer to handpick individual S-REITs for potentially higher yield — Sasseur REIT (~9.5%), AIMS APAC REIT (~6.9%), or Sabana REIT (~7.5%) offer higher individual yields than CLR’s blended 5.5%; or are focused on capital growth rather than income.
For building a complete income portfolio, combining CLR with direct REIT holdings and platforms like Syfe REIT+ provides layered exposure. Compare against fixed income alternatives such as Singapore T-bills 2026 and Singapore Savings Bonds to determine the right income mix for your risk profile. For broader passive income strategies, see our guide on passive income Singapore 2026.
Disclaimer: The Lion-Phillip S-REIT ETF carries market risk including the possibility of capital loss. S-REIT distributions can decrease if property income falls or interest costs rise. This article is for educational purposes only and does not constitute financial advice. Consult a licensed financial adviser before making investment decisions.
Frequently Asked Questions
What is the Lion-Phillip S-REIT ETF and why do Singapore investors buy it?
The Lion-Phillip S-REIT ETF (SGX: CLR) is a Singapore-domiciled ETF tracking the Morningstar Singapore REIT Yield Focus Index, holding approximately 30 S-REITs. Singapore investors buy it for diversified REIT exposure in a single trade, quarterly income distributions, and — uniquely — the ability to invest using CPF OA funds via the CPFIS scheme. It is one of very few SGX ETFs approved for CPF Ordinary Account investment as at 2026.
Can I buy the Lion-Phillip S-REIT ETF with my CPF savings?
Yes. CLR is approved under the CPF Investment Scheme (CPFIS-OA), meaning you can use your CPF Ordinary Account surplus funds to buy it through a CPFIS-linked broker such as DBS Vickers or OCBC Securities. Note that CPF investing carries capital risk — if CLR’s unit price falls, your CPF OA balance could be reduced. CLR is also eligible for SRS investment through most SRS-linked brokerages.
What is the dividend yield of the Lion-Phillip S-REIT ETF in 2026?
CLR’s trailing 12-month distribution yield is approximately 5.5% per annum as at Q1 2026, based on a unit price of around SGD 0.88. Distributions are paid quarterly. FY2024 full-year DPU was approximately 4.78 cents. Past distributions do not guarantee future income.
What is the difference between CLR and BYI for the Lion-Phillip S-REIT ETF?
CLR and BYI are two counters of the same Lion-Phillip S-REIT ETF with identical underlying holdings. CLR is traded in Singapore dollars (SGD) on the SGX, while BYI is traded in US dollars (USD). For most Singapore retail investors, CLR is the natural choice as it avoids currency conversion costs. BYI may suit investors who hold USD balances and want to avoid SGD conversion.
Is there withholding tax on CLR distributions for Singapore investors?
No. Because CLR invests in Singapore REITs and Singapore does not levy withholding tax on REIT distributions paid to individual Singapore tax residents, CLR’s quarterly distributions are received without any withholding tax deduction. This is a key advantage over investing in overseas REIT ETFs (US, Hong Kong), where dividend withholding tax of 15-30% can significantly reduce net returns.
How does the Lion-Phillip S-REIT ETF compare to buying individual S-REITs?
CLR offers instant diversification across 30 S-REITs with a single trade, automatic semi-annual rebalancing, and no need to monitor individual REIT results. The trade-off is a 0.60% annual TER and a blended yield of ~5.5% — lower than many individual high-yield S-REITs like Sasseur REIT (~9.5%) or AIMS APAC REIT (~6.9%). Active investors willing to do stock selection may achieve higher yields, but take on more concentration and management risk. CLR suits passive investors preferring a set-and-forget approach.
What is the minimum investment to buy CLR on SGX?
CLR trades in board lots of 100 units. At approximately SGD 0.88 per unit (Q1 2026), the minimum purchase is around SGD 88 per board lot plus brokerage commission. You can also use Regular Savings Plans (RSPs) offered by some brokers, with monthly investments starting from SGD 100.
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