Note: We’re running a promotion for the FH Course during this COVID-19 period. Good time to pick it up and learn about investing if you’re stuck at home!
A lot of you have been asking for a review on Endowus, and how it compares against StashAway and MoneyOwl. We’ve been a bit slow on this one, so apologies for that. But hey, better late than never right?
Basics: What is Endowus?
Endowus is a “Roboadvisor” / Fintech / Wealth Management platform.
The underlying concept is similar to StashAway or MoneyOwl.
When you first sign up, you fill up a bunch of questions on your age, your income, your investment risk appetite, your investment objectives etc. Based on your responses to those questions, Endowus will then recommend you an investment portfolio.
Now there are 2 main types of Roboadvisors. Let’s call them the Public Robo and the Funds Robo.
Public Robo
The Public Robo includes guys like StashAway, Smartly, Autowealth, Syfe etc, which builds an investment portfolio using publicly listed ETFs.
The exact asset allocation then depends on what the CIO decides.
A lot of people think of the Public Robo as a pure “passive” investment strategy, but I don’t really agree with that. If you buy the S&P500 you’re “passive”. If you buy 10% S&P500, mix it up with a TLT, throw in some Euro exposure, you’re actually doing active asset allocation. And when you layer on proprietary (read: Black Box) tactical reallocation strategies like what StashAway and the like do, it looks a lot like active management, at a cheaper price point.
Because of that reason, I like to think of Public Robos as a pseudo-active product. You’re using passive ETFs, to execute an active strategy.
Funds Robo
The Funds Robo on the other hand, includes guys like Endowus and MoneyOwl. The big difference is that they use funds (instead of publicly listed ETFs) to build their portfolio.
The difference is that these funds have an active fund manager, that manages the portfolio according to a predetermined set of rules. So the only decision that the Robo makes, is how much to allocate to each fund. The actual investment decisions are then made by the fund manager.
In a way, you can think of them as a fund of funds.
Cash/CPF product vs SRS
Endowus is also interesting because they offer 3 different kinds of products: Cash, CPF and SRS products. It’s probably the most complete Roboadvisor solution out there, because no other Roboadvisor allows you to invest your CPF moneys.
Asset Allocation
Endowus has a set of funds for Cash/SRS, and another for CPF (because of rules surrounding CPF). So let’s touch on each individually.
Cash / SRS Investments
The Cash / SRS funds are mostly Dimensional Equity Funds, and Pimco Bond Funds. The full list is set out below, and these are all very, very highly respected fund managers within the industry. They apply a systematic approach towards investing, instead of picking based on the manager’s “intuition”.
Long story short – The guys behind Dimensional noticed that over longer periods of time, “Value” stocks (cheap on a traditional valuations basis) tend to outperform other factors like growth or large cap. So they’ve set up their equity funds to comprise an all world stock index, but to have a tilt towards value, so that they’ll outperform in the longer term.
PIMCO on the other hand, is a highly respected bond manager, and they try to get a diversified exposure to bonds. Unlike equities, Bonds cannot be efficiently indexed, so it does require an active manager for decision making to get the best results.
Investment focus: Global equities
Expense Ratio: 0.43%
Investment focus: Global Bonds
Expense Ratio: 0.49%
Investment focus: Global Inflation-linked Bonds
Expense Ratio: 0.49%
Investment focus: Emerging Market Bonds
Expense Ratio: 0.79%
Funds in the CPF Portfolios (All Funds are on the CPF Investment Scheme (CPF-IS) included List of Unit Trusts)
The problem with investing your CPF-OA is that CPF requires the funds to be included under the CPF Investment Scheme, and not many funds are available (list here). It costs money and effort to be included as a fund manager, so the options are limited. The thinking is that by filtering the list, rather than letting Singaporeans invest their CPF in whatever they want, the chances of losing a lot of money is smaller. And this limitation is why you can’t put your CPF into any robo, fund or ETF.
The workaround that Endowus used, was to construct portfolios that are on the CPF list.
The pro is that this now allows you to get global equity exposure with your CPF Funds, the con is that this comes at the expense of much higher fees.
What Endowus does to lower fees though (which no other advisor in the market does to my knowledge), is that they will rebate 100% of the trailer fees it receives from fund manages.
The way it works is that when you buy a fund via FSMOne or a financial advisor, the fund then pays the advisor a trailer fee. So out of the total expense ratio of 1.0%, a small percentage then goes back to the financial advisor you bought it from.
And what Endowus does, is that they take this trailer fee, and they give it all back to you. So that’s the big value add coming from Endowus, which again, I don’t know any other advisor out there who does the same – let me know if you guys know of one.
As a rough gauge, the Lion Global Infinity US 500 Stock Index (which is basically the S&P500) has an expense ratio of 0.68% (before trailer fee rebate and excluding Endowus fees). After trailer fee rebates the fee is 0.40%.
Note: All funds are UCITS and accumulating, so you do get a more tax efficient structure.
Investment focus: Feeder fund into Vanguard US 500 Stock Index Fund
Fund Level Fees : 0.68%
Fund Level Fees after Trailer Fees Rebates: 0.40%
Note: Apparently, this is unique to Endowus. You can’t get access to the S&P500 via CPF via any other means (for now at least).
Investment focus: Emerging market equities
Fund Level Fees : 1.68%
Fund Level Fees after Trailer Fees Rebates:1.08%
Investment focus: Global equities
Fund Level Fees : 1.75%
Fund Level Fees after Trailer Fees Rebates:1.00%
Investment focus: Asia ex-Japan equities
Fund Level Fees : 1.71%
Fund Level Fees after Trailer Fees Rebates:1.21%
Investment focus: Global bonds in SG or G10 countries
Fund Level Fees : 0.87%
Fund Level Fees after Trailer Fees Rebates:0.57%
Investment focus: SGD denominated / Forex bonds hedged to SGD
Fund Level Fees : 0.62%
Fund Level Fees after Trailer Fees Rebates: 0.46%
Investment focus: SGD Short term bonds / Bank Deposits
Fund Level Fees : 0.67%
Fund Level Fees after Trailer Fees Rebates: 0.36%
Pricing – Endowus vs MoneyOwl vs StashAway Fees
|
|
Endowus |
|
StashAway |
|
|
Cash |
Tiered: 0.60% – Up to S$200,000 0.50% – S$200,001 to S$1,000,000 0.35% – S$1,000,001 to S$5,000,000 0.25% – S$5,000,001 and above
|
0.83% (0.65% p.a. advisory/wrap fee; 0.18% p.a. custody/ platform fee;) |
Stacked (not tiered): 0.8% – Up to $25,000 0.7% – $25,000 to $50,000 0.6% – $50,000 to $100,000 0.5% – $100,000 to $250,000 0.4% – $250,000 to $500,000 0.3% – $500,000 to $1,000,000 0.2% – Above $1,000,000 |
|
|
SRS |
0.40% |
NA |
Same as above |
|
|
CPF |
0.40% |
NA |
NA |
|
|
Fund Expense |
0.43% to 0.79% for Cash/SRS 0.62% to 1.75% for CPF (before trailer fees rebate) |
0.3% to 0.4% |
0.2% – 0.4% |
|
|
Total (Assuming a S$100,000 portfolio) |
Cash – 1.03% to 1.39% SRS – 0.83% to 1.19% CPF – 0.86% to 1.21% (after trailer fees rebate)
|
Cash – 1.13% – 1.23% SRS – NA CPF – NA |
Cash – 0.875% to 1.075% SRS – 0.875% to 1.075% CPF – NA |
|
Fee comparison of Endowus vs MoneyOwl vs StashAway is set out above, split by cash, SRS and CPF products.
Do note that these fees do not take into account the effect of withholding tax, which is in a way a “hidden” fee. StashAway uses ETFs that are subject to 30% withholding tax, while Endowus’s funds are UCITS domiciled and accumulating, which results in a far more efficient tax structure. It’s hard to quantify the impact of the withholding tax because it depends on the exact asset allocation you pick, but something to note nonetheless.
Long story short – in terms of cash products, all 3 are generally comparable, with StashAway coming in slightly lower. For SRS Endowus and StashAway are generally tied, while only Endowus has access to CPF products.
Just to compare against DIY investing, Investment Moats did up a nice comparison on fees below. His numbers assume a $20,000 portfolio, which is on the low side.
If we assume a bigger portfolio of around $100,000, we’re probably looking at a 0.4% fee for DIY (recurring is about 0.2%). So that gives you an idea of the cost savings if you decide to go the DIY route (doesn’t count the time and effort on your end though).
Backtested Returns
Backtested Returns are not a good predictor of future returns.
I cannot stress this enough. To me, looking at backtested returns to evaluate investments is like looking at weather reports from the past 2 weeks, noting that it’s sunny, and concluding that the next month will be sunny.
That’s absolute rubbish. The world doesn’t work like that.
If you really want to use backtesting for asset allocation, you need to look much further back.
To use the weather example, to be able to predict weather with any degree of certainty, you need to look at a full year’s worth of data, so that you can capture all 4 seasons.
The equivalent of all 4 seasons in financial markets? You probably need to go back 50 years to the 1970s, and to be really safe you’ll probably want to go back 100 years to the 1920s.
As humans though (myself included), we’re all vulnerable to recency bias. Which is why we crave the need to look at backtested returns for an anchoring point. I know because I have the same problem myself.
So with the understanding that backtested returns are not much use at all, I’ve set out long term backtested returns below, on the highest risk setting, from 1994 to 2017. I’ve leave you to interpret that yourself.
Do note that the numbers below excludes fees though, so after accounting for fees, it comes a lot closer to the benchmark all world index.
Do also note that the S&P500 has had an amazing performance since 2008, hence it looks really good on paper – But all this does it to illustrate the limitations of backtesting.
|
Fund |
Returns (annualised, 1994 to 2017) |
|
Endowus (Highest risk setting – 100% Equity) – Excludes Fees |
8.0% |
|
MoneyOwl (Highest risk setting – 100% Equity) – Excludes Fees |
8.0% |
|
StashAway |
The ETFs they use don’t go this far back, and they apply proprietary tactical reallocation strategies, so it’s not possible to backtest. |
|
S&P500 |
9.55% |
|
MSCI All Country World Index |
7.2% |
So Financial Horse, would you invest?
Do note my answer below is based on my own risk appetite and investment objectives, so it may not be applicable in your case.
Would I invest my cash funds?
Probably not.
Because of COVID-19, I’ve had a lot of time to think recently. And I’ve come to realise that I love investing. I love reading up on companies, looking at macroeconomic trends, and setting up my own investment portfolio. And I wouldn’t give that up for anything in the world.
Sure, maybe if I shift all my money into a StashAway or Endowus Product, in 30 years I’ll achieve the same returns (or better). I can’t rule that out.
Anyone out there with a passion will understand this. Sure, maybe you can take a superb photo with a Huawei P30 Pro. But is that going to stop the avid photographer with his new Nikon mirrorless? Sure, maybe you can buy a preassembled gaming PC at a lower cost. But is that going to stop a hobbyist from doing the research, popping down to Sim Lim, and building his own gaming rig?
The point is, I love investing. I plan to do it for the rest of my life. Even if I can get a passive product that can replicate most of my returns, it doesn’t deliver any of the joy. So I’m going to stick with managing my own money.
A lifetime is a long time.
Who knows, maybe when I’m 70 I’ll realise I outperformed the markets.
That said, I think there are 2 groups of investors where a product like Endowus makes compelling sense:
If you’re investing small amounts (eg. Less than $5000 each time)
I get many readers who write in asking about investing $2000 to $3000 every few months, because that’s all they can save. There’s nothing wrong with that because you invest based on your own personal situation.
But at that kind of amounts, DIY investing doesn’t make so much sense because of the minimum fees associated with brokerage charges.
So if you’re one of those, using a Robo like Endowus or StashAway can actually make sense, because it reduces transaction fees as a % of your investment.
The problem though, is that you don’t learn anything when you invest in Robos. What happens 10 years later when you’re now investing $20,000 each time? Are you still going to put all that money into a Robo? Or get a private banker? That’s something to think about.
The knowledge element associated with DIY investing is something that many people miss out.
If you’re not into investments
The other group, is those who are not interested in learning about investing at all. There’s no shame in this at all. I drive a car, but I have no idea how to build or repair my car, nor do I have much interest in learning. Same with investing.
If you don’t want to spend too much time fussing over your investments, then a product like Endowus could be fantastic. You just outsource it to a manager like PIMCO or Dimensional, and let them do the heavy lifting.
Would I invest my SRS funds?
Because SRS funds are locked up long term, the ideal product is technically a growth-oriented product (ideally global equities), where all dividends are automatically reinvested. And the problem with SRS now? They only allow you to buy local equities, which are mostly dividend yield plays.
The funds that Endowus provide (eg. Dimensional) are perfect as a workaround.
The problem though? Fees of 0.83% to 1.19%.
So while I really like Endowus’s products for SRS, the question here is whether their products will outperform an equivalent SRS investment by 0.83% to 1.19% a year (slightly less because other investments have transaction fees).
For now, I’ve been using SRS Funds to invest in local dividend plays/REITs, but it’s definitely imperfect. Endowus could be an interesting alternative.
Would I invest my CPF-OA funds?
CPF-OA is a tricky one, because everybody has their own view on CPF, and everyone uses CPF-OA in different ways.
Personally? I use CPF-OA as a bond. It pays me 2.5% per annum risk free, and I can take it out anytime to buy properties or pay my mortgage, and I can even invest a proportion in equities. I really like the safety net that it provides.
So no, I like my CPF-OA as it is, and I wouldn’t be investing it for now.
But for those of you who are thinking of transferring all your CPF-OA into CPF-SA (ie. You view it as a long term investment, and you’re fine with the lockup), Endowus could be an interesting alternative.
The question then is whether Endowus will have returns in excess of 5% (to match CPF’s 4% after fees).
The younger you are, the longer the investment timeframe, and the more likely the answer will be a yes.
Think about it this way – If you’re 25 years old now, that’s a 30 year investment timeframe, and if something like a Dimensional Equity fund doesn’t deliver annualized returns in excess of 5% over the next 30 years, then the world in 2050 is going to look very different from where it is now (just imagine the impact on global pension funds, and the resulting political impact).
Endowus vs StashAway
A lot of you guys have also asked me for my thoughts on Endowus vs StashAway. And which do I think will deliver better returns.
My answer: it depends.
My personal take – I think on a short term basis (eg. 1 to 2 years timeframe), StashAway may outperform because of its heavy tilt towards growth and large cap. Everybody crowds into passive market cap weighted products (read: S&P500) these days, so an asset allocation that is tilted that way, will probably perform well short term.
But longer term? Say 10 years, or 20 years?
On such longer timeframes, then investing usually tends to revert to the mean.
Large gap and growth has had an amazing 10 years, which usually means that some time in the future it will underperform. Remember the Nifty 50 back in the 1970s? Well that was the 1970s equivalent of the FAANG stocks. They had an amazing 1960s and 1970s. And then an absolutely disastrous 1980s. I think the same could happen here.
Of course, no one knows when exactly that is going to happen, and until then, large cap growth could still outperform.
But for those guys who are torn between StashAway and Endowus? A good solution could be to just split your funds equally between the two.
Promo Code / Referral Link – For Fee Waiver
On Financial Horse, the goal has always been to present the relevant information, and to throw in my personal viewpoint. Whether you agree with me or not, and whether you eventually decide to invest in Endowus or not, is entirely up to you.
Endowus has very kindly reached out to offer all Financial Horse readers a special promo code, so it’s yours below if you choose to sign up with them. If you prefer to go with something like StashAway, there’s likewise a promo code below for you. The choice is entirely up to you.
Endowus Promo Code / Referral Link
When you create your account from this promo code / referral link, you will get S$10,000 managed free for 6 months ($20 equivalent).
Referral Link: https://endowus.com/r?code=FH_XOKU9GZMTJ
StashAway Promo Code / Referral Link
Sign up with this promo code / referral link, and you will get 50% fees for the first SGD 50,000 invested for 6 months (you’re paying $187.5 on $50,000 for 6 months, so the 50% waiver works out to $93.75).
Referral Link: https://www.stashaway.sg/ref/financial-horse-BwENAQUNCQ8IBAYEBAcNCw
Closing Thoughts: Long term viability of these robos?
It’s been a really long Endowus Review article, but I just wanted to end off with a final thought – what is the long-term viability of these robo advisors?
Let’s say we assume a blended fee of 0.6%, which is probably on the aggressive side. On a $100 million AUM, that works out to $600,000 a year in fees. In Singapore, that probably covers the rent, the salary of a small team, and a small marketing budget. Doesn’t leave much for profits after.
The name of the game is scale though, which is why all the players are spending aggressively to build market share. But once the scale has been attained, what next? How do these guys deliver a profit? What is the real competitive advantage or value driver behind a robo advisor?
If I were to venture a guess, I would say there are 2 ways this industry can involve.
The first is to provide higher valued added services (read: higher fees). Some of the Robo advisors in the US like Wealthfront went down this path, by providing services like leverage and risk parity funds. That’s one way to make money.
The other, is to leverage on the customer database. I can see a lot of synergies with a big bank acquiring (or working with) a small robo advisor, simply to grow its AUM and gain exposure to a wholly different class of retail investors.
But who knows, maybe they’ll some up with a third alternative solution, one that doesn’t involve consolidation.
We live in interesting times for sure, and I can’t wait to see what the future holds.
Will you invest in Endowus? Share your comments below!
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Hi FH,
It is incorrect to say that CPF funds could only be invested in active funds. There are ETFs which could be invested using CPF, like ABF SG Bond ETF, SDPR GLD ETF, Nikko STI ETF and SDPR STI ETF.
Oh yes thanks for the correction. I’ve updated this accordingly.
Hi. You forgot to accout for Stashaway’s dividend withholding tax for at least their equities. With that endowus should be lowest fee for srs.
The issue i have with endowus is their valuey dfa fund… it might just continue to underperform for who knows how long
Great point on withholding tax. Updated this accordingly.
Agreed on the Value vs Growth/Large-Cap. I think short term it underperforms something like the S&P500, but longer term (eg. 3 to 5 years and beyond), I see a good case for value coming back. It’s genuinely hard to say though.
The term “fund of funds” caught my eye… it seems like one is just paying more middlemen, once at the fund level and another at the fund-of-fund level. It also means that Endowus isn’t dealing with cap market products and thus doesn’t need (and doesn’t have) a CMS license, which could have further implications. I don’t think most robos have a sustainable business model yet and are living off VC moolah; if things don’t work out I’d like my robot friend to have been appropriately regulated.
I think Endowus has a CMS license, their website reports: Financial Advisers license no. 100066-1 issued by MAS.
I think the US trajectory is instructive here. Over time, the robos either get scale (or consolidate), or they offer higher value products. A tie up/merger with an existing player is also a good outcome for them. I can see a lot of value in someone like Grab or PingAn acquiring a small robo to instantly add AUM.
Hi FH,
you mentioned in the above “SRS Funds to invest in local dividend plays/REITs”.
May I know what platform do you do this and what is the fees/ commission like?
I tried with OCBC and it is $25.
Is it a lower fee with DBS Vickers Cash Upfront?
As usual – thank you!
I use DBS, but unfortunately its $25 commission. No perfect solutions here. 🙂
Hi FH,
I have been waiting so long for a promo code for Endowus. Problem is, I already have an endowus account and it doesn’t seem to work for me.
I also had a stashaway account but I promptly quit before 6 months because I had free 6 months without management fees promo. After looking at their offerings, I realized I could I have done everything myself and saved the hefty 0.8%management fee. If they are actively managing a portfolio of public ETFs, what is stopping me from just copying their ETFs and creating the exact same portfolio and saving the management fees? I had a Charles Schwab brokerage account back then and it offered 0% commission fees while it lasted. Like you, I prefer to create my own portfolios.
Haha, agreed on StashAway. There’s no real value add from them, so I can just buy the ETFs myself and pocket the fee. At least with StashAway I can’t get access to these products any cheaper than they can.
I think there’s a difference between a CMS and an FA license. A check on the MAS portal shows that the licenses held by Stashaway (Asia Wealth Platform Pte Ltd) and Endowus (Endow Us Pte Ltd) are different: the former has a CMS license and is an “exempt financial advisor” (presumable of its CMS license) while the latter is only a licensed financial advisor. Even under the FA licensing, Stashaway is licensed for both securities and collective investment schemes, with Endowus only for CIS. While not determinative, I think it does show the focus of their business models and perhaps even the expertise of their team.
Here, I think consolidation is on the cards soon, especially if the world plunges into a recession and VCs think twice about throwing money at startups. Stashaway seems to be at a more advanced stage than most robos, having reached Series B funding late last year. Of course, Robos from incumbent banks like DBS are a different story. It will be interesting to see who gets the new digital bank license!
True, interesting point on the different emphasis.
Yeah, this will be an interesting space to watch for sure. Even Grab and Pingan are trying to get into these space now.
Hello Hi. Am looking for some advice.
I “invest” $500 every month using robo advisors. it’s about the max my budget allows for.
i’ve managed to accumulate about 10k.
I was thinking of swapping out some of the robos for something else like Kristal AI that does not charge fees for AUM under 50k.
my question is, how would you suggest I do the “transfer”. periodically sell a certain amount of robo and buy into another fund/share/etf or just do a big lump sum?
also, as all the robos are using funds that are traded in USD, I am concerned that my future is pegged to the USD. should I really be concerned?
I apologise if this is not the right avenue to ask such a question or if my question is unclear.
TL;DR. i’m a noob “investor” with a small budget. in order to “invest” my small amount I use Robos. i now have a tiny pot which I want to use to buy something else to save on management fees and not be so dependent on the USD. any advice is appreciated. thanks.
I can’t advise for your situation of course, it would depend on your investment objectives and risk appetite. If it were me though, this is probably my thought process:
1. Lump sum exit from Robo A into Robo B. This is so I remain exposed to the market throughout (unless I want to make a tactical reallocation) – Also the alternative is just too much work for me. In any case I think the difference between most robos is quite minute, unless it’s something like StashAway vs Endowus.
2. On the USD point, I’ll look at my net worth holistically to determine how much of my net work is tied to the US economy, and whether that’s something I’m comfortable with. It’s okay if the fund is USD denominated but underlying assets are say European, but geographical exposure is what I’m really concerned with.
Hope that this helps! 🙂
Dear FH, just want to thank you for taking the time to reply.
hi FH,
been looking for a way to use SRS funds.
which would you say is better for the usage of SRS i.e. buy STI (or major bank stocks) vs endowus?
the latter is 0.4%. while the former is just typical brokerage charge.
Probably need to look at how SRS fits into the rest of your portfolio – do you need more Sg exposure, or do you need more international exposure. SRS should just be one part of your broader investment portfolio.
Hi FH,
Excellent Article. I have invested my SRS amount through OCBC in lion global Infinity US 500 Stock index fund(linked to the vanguard fund). They also have Lion global Infinity Global Stock index fund(also sub fund of vanguard ETF).
So, we do have access to these funds today. Believe this is the same fund Endowus is giving access to for investing COF-OA. What do you think?
Is anyone familiar with this and feel the same way?
I think the main difference is that Endowus provides trailer fee rebates – so the all in fees are lower?
hi FH, after reviewing , i decided on international exposure, as i am currently heavily tilted towards Sg exposure.
WRT to SRS only. it seems i can only get “Dimensional World Equity Fund” via endowus?
what would be better form of investing till the SRS gets unlocked at 62?
“Dimensional World Equity Fund” or the SP500?
also how do we get exposure to SP500 via SRS?
Good question FC, I haven’t explored this one in detail. Might be best to get a financial advisor to advise.
Personally I just use SRS for Singapore shares, and they I invest cash with S&P500 / international stocks. This gets around the annoying SRS requirements.
Hi FH,
Would just like to clarify where you write “All funds are UCITS and accumulating”
Does this apply to Lion Global Infinity US 500 Stock Index? Could you show me where it states, thank you for helping
Actually this was from Endowus haha. If you check the fund docs you should be able to find the reference to it. 🙂
Dear Financial horse,
I was re-reading your article. Like to ask you a newbiz question again.
If i use CPF/Cash to buy lion global Infinity US 500 Stock index fund & Lion global Infinity Global Stock index fund. Does these fund pay dividend regular? OR it is a case of no dividend at all and just need to wait for the price to rise and sell it away to make some capital gain?
Thank you
Oh this will depend on the fund in question. Best to check with Endowus or the Fund Manager to see how they administer the fund. It should be disclosed in the fund docs too. 🙂
Hi FH,
Thank you so much for this informative post! I’m just starting and am one of those who’s interested in investing small amounts (like really small, $100-ish per month). Was thinking of just DCA-ing this amount into an Endowus account (still thinking of which to choose though) but would Endowus be a better option than POSB Invest Saver?
Well, it really depends on the ETF/stock you are trying to go for. But yes in most cases Endowus should be the cheaper option.
But actually these days if you just want to DCA into 1 ETF, you can open a low cost broker and do it yourself for even lower fees.
Some of the brokers like Tiger/Moomoo even pay you to open an account with them: https://financialhorse.com/best-brokerage-account-online-stock-trading-platform-for-singapore-investors-2022/
Endowus is offering S&P500 via Lion Global in SGD which is a feeder fund? What’s the difference between buying feeder fund and invest direct into similar Ireland domiciled S&P, besides the currency risk?
There could be different fees and withholding tax treatment. You need to look at the fund structure to answer this, but an easier way might be to just ask Endowus. 🙂
There are many funds tracking the S&P 500 locally and overseas. Some are costly and some are affordable.
Does the share price of an ETF matter?
Is it true the value of the ETF’s underlying index that should determine the performance of an ETF, not supply and demand for its shares?
Is it true different prices are nothing to worry about among ETFs tracking the same index because they do not contain important performance-related information?
Do lower prices enable me to invest more efficiently and to fine-tune my portfolio management?
I intend to DCA $1000 monthly or quarterly for the long term with dividends being reinvested. Pondering whether to invest in CSPX or invest in another more affordable fund. Kindly advise.