CPFIS Approved ETFs Singapore 2026: Complete Guide to ETF Investing with CPF

Your step-by-step guide to CPF-eligible ETFs — which ones qualify, how to invest using CPF-OA or CPF-SA, and whether it beats leaving your money in CPF.

CPFIS-approved ETFs are exchange-traded funds listed on the Singapore Exchange (SGX) that have been cleared by the CPF Board for investment using CPF Ordinary Account (OA) or Special Account (SA) monies. As at May 2026, only a small number of ETFs qualify — most of them tracking the Straits Times Index (STI), S-REITs, or broad global indices. The key decision for Singapore investors: does an ETF’s expected return justify diverting CPF funds away from the guaranteed 2.5% (OA) or 4% (SA) floor rate?

Not financial advice. All figures are for educational reference only. Data as at May 2026 unless noted.

Table of Contents

What Is the CPFIS?

The CPF Investment Scheme (CPFIS) is a programme administered by the CPF Board that allows Singapore Citizens and Permanent Residents to invest a portion of their CPF Ordinary Account (OA) and Special Account (SA) savings in a range of approved investment products — including certain ETFs, unit trusts, shares, and Singapore Government Securities.

The scheme exists because while CPF guarantees a floor interest rate (2.5% for OA, 4% for SA as at May 2026), the CPF Board recognises that some members may be able to achieve higher long-term returns through market investments. However, to be eligible for CPFIS, products must meet strict MAS and CPF Board criteria around diversification, liquidity, and risk management.

Key CPFIS eligibility rules for ETFs:

• The ETF must be listed on SGX and denominated in SGD (or have a SGD hedged share class)
• Must be classified as a Capital Market Products under MAS regulations
• Must track a broadly diversified index (single-stock or sector-concentrated ETFs generally do not qualify)
• CPF-OA investable: products must not expose OA funds to excessive risk
• CPF-SA investable: restricted to a narrower, lower-risk product list (generally only broadly diversified equity and bond ETFs)

For investors who already hold VWRA or CSPX on the London Stock Exchange, it is important to note that LSE-listed ETFs are not CPFIS-eligible — only SGX-listed products qualify. This is a crucial distinction: the tax advantages of Ireland-domiciled ETFs come at the cost of CPF ineligibility. You can read more about why Singapore investors buy ETFs on the London Stock Exchange and the trade-offs involved in our Singapore REIT ETF guide.

CPFIS-Approved ETFs: Full List (2026)

The CPF Board publishes an updated approved product list. As at May 2026, the following ETFs have been confirmed as CPFIS-eligible and are listed on the SGX. Note that approved products can be added or removed — always verify the latest list on the CPF Board website before investing.

Source: CPF Board CPFIS Approved Product List, SGX, individual fund factsheets — May 2026. Always verify with the CPF Board before investing.

CPF-OA vs CPF-SA: Which Account Can Invest in Which ETF?

This is one of the most common points of confusion for Singapore investors approaching CPFIS for the first time. The two CPF accounts have different approved product lists, and the logic behind the distinction matters.

CPF Ordinary Account (OA) funds earn a floor rate of 2.5% per annum. Because the OA rate is lower and OA monies are commonly used for housing (HDB flat purchases, mortgage servicing), the CPF Board permits a broader range of investments — including equity ETFs, S-REIT ETFs, and some global equity ETFs. The trade-off: you lose the guaranteed 2.5% floor while your money is invested.

CPF Special Account (SA) earns 4% per annum — a significantly higher guaranteed rate. The CPF Board therefore applies stricter criteria for SA investments: only lower-risk, broadly diversified products (like the STI ETFs and XMWO) qualify. S-REIT ETFs, which are more concentrated and cyclical, are generally excluded from SA investment.

A worked example for a Singapore resident with SGD 50,000 in their CPF-OA: diverting the full amount into the Nikko AM STI ETF (G3B) means forgoing SGD 1,250 per year in guaranteed CPF-OA interest. For this to be worthwhile, the STI ETF needs to return at least 2.5% annually — a threshold it has historically met, but not always guaranteed.

For retirement planning projections, our Singapore retirement calculator allows you to model CPF-OA vs investment return scenarios side-by-side.

The Opportunity Cost Question: ETF vs CPF Floor Rate

The single most important question in CPFIS investing is not “which ETF?” but “should I invest at all?” The CPF floor rates — 2.5% for OA, 4% for SA — are guaranteed by the Singapore government, risk-free, and compounded annually. This is an unusually high bar compared to other countries’ pension systems.

The STI ETF (both G3B and ES3) has delivered an average total return (price appreciation + dividends reinvested) of approximately 4–6% per annum over the past 15 years, according to SGX data. However, this return has been volatile: the STI fell sharply during the Global Financial Crisis and COVID-19 disruption, and has underperformed global benchmarks like the MSCI World Index over the same period.

Source: SGX, CPF Board, Morningstar — historical returns 2010–2025. Past performance does not guarantee future results.

Many Singapore investors who pursue passive income in Singapore via their CPF find that S-REIT ETFs can generate meaningful dividend income — but only after accepting the volatility and opportunity cost trade-off outlined above.

How to Buy CPFIS-Approved ETFs in Singapore (Step-by-Step)

Investing in CPFIS-approved ETFs requires a CPFIS-enabled investment account linked to your CPF accounts. Here is the step-by-step process:

Step 1: Open a CPFIS Investment Account
You need to open a CPFIS investment account with one of the CPF-approved operators. As at May 2026, approved operators include OCBC Securities, DBS Vickers, UOB Kay Hian, Phillip Securities (PhillipCapital), and several others. Note that platforms like moomoo Singapore or IBKR do not support CPFIS accounts — you must use a CPF-approved operator.

For non-CPF investments in the same ETFs (using cash), moomoo Singapore is a popular low-cost broker where the STI ETF can be bought with cash at competitive commissions. You can also invest cash via Syfe, which offers managed ETF portfolios.

Step 2: Meet Minimum CPF-OA Balance Requirements
You can only invest CPF-OA monies above the first SGD 20,000 in your OA. This is a mandatory retention amount — you cannot invest your entire OA balance. For CPF-SA, the first SGD 40,000 must remain in your SA at the prevailing interest rate. Always check current thresholds on the CPF Board CPFIS page.

Step 3: Place Your Order
Once your CPFIS account is linked, log in to your approved operator’s trading platform, search for the ETF ticker (e.g., G3B for Nikko AM STI ETF), confirm that the order will be funded from your CPF account (not cash), and place a market or limit order. Most STI ETF units trade on SGX in lots of 100 shares. As at May 2026, one unit of G3B was approximately SGD 3.50, meaning a minimum lot costs around SGD 350.

Step 4: Monitor and Reinvest Dividends
CPFIS ETF dividends (from STI ETFs and REIT ETFs) are distributed directly back into your CPFIS investment account — they are not automatically reinvested. You will need to manually reinvest dividends to benefit from compounding. This is one reason some investors prefer accumulating ETFs for their cash investment portfolio and use CPFIS only for distributing ETFs that provide income.

If you are comparing CPFIS investing to other CPF strategies, our CPF investment strategy Singapore guide covers the full range of options including CPF top-ups, SRS, and T-bills.

Which CPFIS ETF Is Best for Singapore Investors?

There is no single “best” CPFIS ETF — the right choice depends on your account type, investment horizon, and return objectives. Here is a practical framework:

For CPF-OA investors seeking local market exposure: Both the Nikko AM STI ETF (G3B) and SPDR STI ETF (ES3) are essentially identical in terms of the index they track, TER (0.30%), and dividend policy. G3B has slightly lower trading costs due to narrower spreads on SGX. Either is a reasonable choice for long-term OA investors willing to accept STI volatility in exchange for potential returns above 2.5%.

For CPF-OA investors seeking income: The Lion-Phillip S-REIT ETF (CLR) and NikkoAM-StraitsTrading Asia ex Japan REIT ETF (CFA) offer higher distribution yields (historically 4–6% p.a.) but come with greater sector concentration risk. S-REITs are sensitive to interest rate movements — when rates rise, REIT valuations typically compress. Check our guide to the best S-REITs in Singapore 2026 for the underlying names in these ETFs.

For CPF-SA investors: The STI ETFs (G3B or ES3) are the most straightforward option. The Xtrackers MSCI World Swap ETF (XMWO) offers global diversification and has a very low TER (0.19%), but uses a swap-based replication method — slightly more complex structure than physical ETFs. For SA investing, beating the 4% guaranteed rate is a significantly higher bar.

For most Singapore investors: If your CPF-SA balance is meaningful, the guaranteed 4% SA rate is very difficult to beat after accounting for ETF risk. Many financial planners in Singapore recommend a simple rule: leave SA funds in CPF for the guaranteed return and use cash investments for market ETFs — including VWRA, CSPX, or global ETFs on the LSE — where there are no CPF opportunity costs to sacrifice. The retirement calculator on TKN can model your specific scenario.

For those interested in comparing Singapore ETF options more broadly, our Singapore REIT ETF guide covers the S-REIT ETF landscape in detail.

Risks and Limitations of CPFIS Investing

CPFIS investing has genuine appeal — it allows Singapore residents to potentially grow their retirement savings faster than the floor rate. But there are material risks and structural limitations that every investor should understand before committing CPF monies:

You bear all investment risk: Unlike the CPF floor rate guarantee, ETF investments can fall in value. A CPF-OA investor who invested heavily in the STI ETF in 2007 saw significant paper losses during the 2008 Global Financial Crisis. CPF savings are earmarked for retirement — losing them to market downturns can have serious consequences for retirement adequacy.

You forgo guaranteed returns: Every dollar invested via CPFIS is a dollar no longer earning 2.5% (OA) or 4% (SA) risk-free. For shorter investment horizons (under 10 years), the probability of underperforming the CPF floor rate increases.

Transaction costs add up: CPFIS-approved operators charge brokerage commissions (typically SGD 25–28 minimum or 0.2–0.28% per trade). For small trade sizes, these costs are disproportionate. Frequent trading in a CPFIS account will erode returns faster than a buy-and-hold approach.

Limited product range: The CPFIS-approved ETF list is narrow. Investors cannot use CPFIS to buy VWRA, CSPX, or any LSE/NYSE-listed global ETFs — limiting global diversification within the CPF framework.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. CPF rules and approved product lists can change — always verify current rules with the CPF Board before investing. Past performance of ETFs is not indicative of future returns.

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