SB Asia ex-Japan Equity Index Feeder Fund
A Multi-Class Equity Feeder Unit Investment Trust Fund
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Diversification
Investments (and risks) are spread across various asset baskets industry wide.
Liquidity
You can subscribe and redeem on any banking day.
Affordability
You can start investing in this UITF with just $1,000 (SB dollar account required).
Professional Fund Management
Seasoned fund managers constantly monitor markets for opportunities.
Transparency
You can check the value of your
investment daily with NAVPU.
Regulated Product
Management and regulation of UITFs are governed by the Bangko Sentral ng Pilipinas.
About the fund
The SB Asia ex-Japan Equity Index Feeder Fund is an equity Unit Investment Trust Fund that aims to achieve capital growth and investment returns that allows investors to diversify their portfolios and gain access to Asian equity issues, excluding Japan, and achieve total returns that closely track the total return of the Target Fund, the iShares Core MSCI Asia ex-Japan ETF.
You may refer to the Target Fund’s website (blackrock.com) / fact sheet for key information about the Fund.
Client Suitability
SB Asia ex Japan Equity Index Feeder Fund is suitable for investors who:
- Have an aggressive risk tolerance.
- Seek potentially higher returns through investments in Asia ex-Japan stocks and who can tolerate high price volatilities.
- Have the possibility to be exposed to capital losses given the volatile nature of the Asia ex-Japan equity market.
- Have an investment horizon of at least 3 years.
Related downloads
Note: The NAVPU shall be computed at the end of each Banking Day and shall be made available to investors the following Banking Day
Fund Details
| Target Fund | iShares Core MSCI Asia ex Japan ETF |
| Fund Type | Multi-class Equity Feeder Fund |
| Inception Date | January 16, 2018 |
| Order Date (T) | Any Business Day within the Subscription Cut-Off Time and/or Redemption Cut-Off Time. |
| Subscription Settlement Date | On Order Date |
| Redemption & Subscription Cut-Off Time | Up to 1:30pm of any Business Day |
| Trust Fee (p.a.) | Class A: 0.70% Class B: 0.50% Class C: 0.50% |
| Valuation Date | The Business Day at which the Fund’s assets are valued. In case of Subscription and/or Redemption, the Valuation Date is the Trade Date. |
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| Class | Minimum Initial Participation | Minimum Subsequent Participation | Minimum Redemption | Minimum Holding Amount |
| Class A | USD1,000.00 | USD500.00 | USD500.00 | USD1,000.00 |
| Class B | USD5,000.00 | USD1,000.00 | USD1,000.00 | USD5,000.00 |
| Class F | USD5,000.00 | USD1,000.00 | USD1,000.00 | USD5,000.00 |
Class A – This Unit Class is open to all individuals and institutions and it is recommended but not limited to those who want to invest in small amounts. This is for individuals and Institutions looking for the flexibility to be able to invest in small amounts with no commitments of additional future subscriptions.
Class B – This Unit Class is only open to institutional investors that are duly registered with Securities and Exchange Commission and existing under the laws of the Philippines, such as partnerships, corporations, government financial institutions, educational institutions, organizations, and foundations, all subscribing on their own behalf, and the structures which such Institutional investors put into place for the management of their own assets. This is for institutions who deal in very large amounts and foresee themselves making very large individual transactions.
Class F – This Unit Class is open to individual investors that meet the Minimum Initial Participation required for the F Unit Class. This is primarily intended for High Net Worth Individuals looking to invest in the amount of USD5,000 and above and foresee themselves making additional investments in the amount of USD1,000 and above.
*High Net Worth (HNI) refers to a Wealth Management customer
Target Fund Information
(as of March 31, 2026)
TARGET FUND DETAILS
| Fund Name | iShares Core MSCI Asia ex Japan ETF |
| Launch Date | 12 March 2009 |
| Management Company | BlackRock Asset Management North Asia Limited |
| Investment Manager | BlackRock Asset Management North Asia Limited |
| Asset Class | Exchange Traded Fund |
| Expense Ratio |
0.28%
|
| Bloomberg Ticker | 9010 HK Equity |
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| Â | Class A | Class B | Class F |
| SB Asia ex-Japan Equity Index Feeder Fund – Trustee Fees                               | 0.70% | 0.50% | 0.50% |
| iShares Core MSCI Asia ex Japan ETF/ Target Fund – Management Fees* | 0.28% | 0.28% | 0.28% |
| TOTAL | 0.98% | 0.78% | 0.78% |
*Expense Ratio of the Target Fund is the sum of the management fees and other fees and expenses.
TOP TEN HOLDINGS
| Taiwan Semiconductor Manufacturing | 15.24% |
| Samsung Electronics Ltd. | 5.81% |
| Tencent Holdings Ltd. | 4.43% |
| INR Cash | 3.60% |
| SK Hynix Inc. | 2.24% |
| Alibaba Group Holding Ltd. | 2.93% |
| HKD Cash | 2.88% |
| TWD Cash | 2.69% |
| KRW Cash | 2.02% |
| AIA Group Ltd. | 1.27% |
| Total | 44.11% |
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See our Latest Market Commentary
Investment Commentary
(as of April 30, 2026)
The MSCI Asia ex Japan Index rose 16.3% in April, leading the global equity recovery and outperforming both the S&P 500 (+10.5%) and major European equity markets (+7.0%). Despite the continued stalemate in US-Iran negotiations, global equities largely looked past Middle East-related uncertainties after ceasefire discussions and renewed negotiations were floated at the end of March, even as multiple rounds of talks have yielded limited tangible progress and the Strait of Hormuz remains closed. Strong first-quarter 2026 earnings results and positive guidance from the AI supply chain—supported by recent increases in capital expenditure guidance from US hyperscalers—drove substantial gains in semiconductor-heavy Asian markets, particularly Korea (+37.4%) and Taiwan (+26.6%). As a result, the technology sector now accounts for more than 41% of the MSCI Asia ex-Japan Index by weight, while Taiwan (28%) has overtaken China (26%) as the region’s largest market by MSCI weighting. In contrast, India’s IT sector continues to be perceived as vulnerable to AI-related disruption, and the market’s relatively modest recovery (+8.6%) appears to have been driven primarily by sector rotation into Financials and Real Estate. In China, despite encouraging developments such as resilient exports and a pause in producer price index (PPI) deflation, weak domestic demand remains a key concern, with market performance weighed down by platform companies. Notably, following Information Technology, Real Estate emerged as the second-best-performing sector in China during the month, likely supported by improving sentiment following positive price movements in Tier-1 cities. Meanwhile, MSCI ASEAN Index underperformed, gaining only 2.0% in what was largely a technology-driven rally, with Indonesia declining 7.4%.
 According to Bank of America’s Asia Fund Manager Survey, energy security risks remain the dominant concern among investors, with 91% of respondents indicating they are either highly or extremely worried. A net 77% of respondents now expect higher inflation, marking the highest reading in four years. Sentiment toward Asia’s growth outlook has also deteriorated sharply, shifting from net optimism of 25% previously to net pessimism of 55%. Artificial intelligence and semiconductors continue to represent the dominant investment theme in China, with a net 45% of respondents expecting a stronger semiconductor cycle over the next 12 months, up significantly from 14% month-over-month. North Asian markets—particularly Japan, Taiwan, and Korea—remain the most favored among investors, while India has shifted from a neutral positioning to the most underweight market in the region. Sector preferences also changed materially, with Energy moving from a neutral stance to become the most preferred sector, followed by Semiconductors and Technology Hardware within Asia Pacific ex-Japan.
 According to JPMorgan Chase & Co., analysts continue to raise earnings-per-share (EPS) forecasts for both Korea and Taiwan. Supported by strong earnings results and upbeat guidance, Korea’s Information Technology and Industrials sectors, as well as Taiwan’s Information Technology and Materials sectors, experienced significant upward revisions to earnings expectations. In contrast, India saw broad-based downward revisions to EPS forecasts across sectors. Despite rising housing prices in China’s Tier-1 cities, the country’s Real Estate sector has yet to regain analyst confidence and continued to see EPS forecast downgrades in April. Korea is projected to deliver the highest compounded EPS growth across Asia for 2026 and 2027, with a compounded annual growth rate (CAGR) of 96.0%. Among Asia’s outperforming markets, Korea (-2.0z) and Taiwan (+2.7z) are currently trading at markedly different valuations relative to their historical averages. Indonesia (-2.5z) also remains significantly below its historical forward twelve-month price-to-earnings average, while both China and India continue to trade within one standard deviation of their long-term historical means.
Click here to view the full report
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Disclaimer: The production of this material is to share the updates and/or views of the Fund Managers of Security Bank Corp. thru its Trust & Asset Management Group and the views expressed herein accurately and exclusively reflect his or her personal views. The Fund Managers updates and/or views are not intended to be comprehensive and do not purport to contain all the information that a prospective investor may require. The investor should not rely solely thereon without making any independent analysis or research on any topic covered by the material. The Fund Managers’ updates and/or views are not intended as a substitute for sound investment or risk management advice. No representation or warranty as to its accuracy, reasonableness, or completeness, express or implied is hereby made. In no case shall this material be taken as an offer to engage in investment or trading. Reproduction of this material, whether in whole or in part, is strictly prohibited without the prior consent of Security Bank Corporation. Security Bank Corporation denies any liability that may arise out of any loss or may result in actual, direct, or consequential damage from the use or reliance on content of this material. You acknowledge that you read and understood this Disclaimer and agree to be bound by the conditions therein.
How to invest?
1
You need to have an SB Dollar Account to invest. No peso account yet? Click here to open an account.
2
Fill up the UITF Online Application Form completely or visit any SBC branch near you to start with your investment journey.
Key Risks
Market/Price Risk – This is the possibility for the Fund to experience losses due to changes in market prices of equities or bonds. It is the exposure to the uncertain market value of these investments due to price fluctuations. It is the risk of the Fund to lose value due to a decline in securities prices, which may sometimes happen rapidly. The value of investments fluctuates over a given time period because of general market conditions, economic changes, or other events that impact large portions of the market such as political events, natural calamities, etc. As a result, the NAVPU may increase to make a profit or decrease to incur a loss.
Liquidity Risk – This is the possibility for the Fund to experience losses due to the inability to sell or convert the investments into cash immediately or in instances where conversion to cash is possible but at a loss. This may be caused by different reasons such as trading in securities with small or few outstanding issues, absence of buyers, limited buy/sell activity or an underdeveloped capital market. Liquidity risk occurs when certain investments in the Fund’s portfolio may be difficult or impossible to sell at a particular time which may prevent allowing withdrawal from the account with until its assets can be converted to cash. Even government securities which are the most liquid fixed income securities may be subjected to liquidity risk particularly when a sizeable volume is involved.
Counterparty Risk – This is the possibility for the Fund to be exposed to risks relating to the credit standing of its counterparties and to their ability to fulfill the conditions of the contracts it enters into with them. In the event of a bankruptcy or insolvency of a counterparty, the Fund could experience delays in liquidating the position and incur losses, including declines in the value of its investment during the period in which the fund seeks to enforce its rights, inability to realize gains on its investment during such period and fees and expenses incurred in enforcing its rights under the contracts. There is also a possibility that the above contracts are terminated due, for instance, to bankruptcy, supervening illegality or change in the tax or accounting laws relative to those at the time the contracts were originated.
Foreign Exchange Risk – This is the possibility for the Fund to experience losses due to fluctuations in foreign exchange rates. The exchange rates depend upon a variety of global and local factors such as interest rates, economic performance, and political developments. It is the risk of the Fund to currency fluctuations when the value of such investments denominated in currencies other than the base currency (Peso) depreciates. Conversely, it is the risk of the Fund to lose value when the base currency (Peso) appreciates. The NAVPU of a peso denominated Fund invested in foreign currency denominated securities may decrease to incur losses when the peso appreciates.
Country Risk – This is the possibility for the Fund to experience losses arising from investments in securities issued by/in foreign countries due to changes in the political, economic and social structures of such countries. There are risks in foreign investments due to the possible internal and external conflicts, currency devaluations, foreign ownership limitations and fiscal/monetary policies of the foreign country involved which are difficult to predict but must be taken into account in making such investments. Likewise, brokerage commissions and other fees may be higher in foreign securities. Government supervision and regulations of foreign stock exchanges, currency markets, trading systems and brokers may be less than those in the Philippines. The procedures and rules governing foreign transactions and custody of securities may also involve delays in payment, delivery or recovery of investments.
Equity Risk – The value of the Fund that invest in equity and equity related securities will be affected by economic, political, market, sectoral, and issuer specific changes. Such changes may adversely affect securities, regardless of the Fund’s specific performance. Additionally, different industries, financial markets, and securities can react differently to these changes. Such fluctuations of the Fund’s value are often exacerbated in the short-term as well. The risk that one or more companies in the Fund’s portfolio will fall, or fail, or rise, can adversely affect the overall portfolio performance in any given period.
Stock Market Cyclical and Concentration Risk – Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices that will affect the Fund’s performance. In addition, the Fund’s targeted actual index may, at times, become focused in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.
Index Sampling Risk – The possibility that the securities selected for the Fund, in the aggregate, will not provide investment performance matching that of the Fund’s targeted actual index and its respective composition given the margin of variance allowed for the Fund.
Emerging Markets Risk – The possibility for the Fund to invest in less developed or emerging markets. Investing in emerging markets may carry a higher risk than investing in developed markets. The securities markets of less developed or emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of developed markets. The risk of significant fluctuations in the Net Asset Value and of the suspension of redemptions in these types of funds may be higher than for funds investing in major markets.
Taxation
- Except when specifically required by law, the Trustee shall have no responsibility to withhold income or other taxes on revenues from the Fund.
- Each participant should consult its own tax advisor as to the specific tax consequences of his/her investment in and redemption of units of participation in the Fund, including the applicability and effect of local and national laws of the Philippines, as well as consequences arising under the laws of any other taxing jurisdiction.
Disclaimer
DISCLOSURES
•THE UNIT INVESTMENT TRUST FUND (UITF) IS A TRUST PRODUCT AND NOT A DEPOSIT ACCOUNT AND IS NOT INSURED OR GOVERNED BY THE PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC).
•THE UITF IS NOT AN OBLIGATION OF, NOR GUARANTEED, NOR INSURED BY THE TRUST ENTITY OR ITS AFFILIATES OR SUBSIDIARIES.
•DUE TO THE NATURE OF THE INVESTMENTS OF A UITF, THE RETURNS/YIELDS CANNOT BE GUARANTEED. HISTORICAL PERFORMANCE, WHEN PRESENTED, IS PURELY FOR REFERENCE PURPOSES AND IS NOT A GUARANTEE OF SIMILAR FUTURE PERFORMANCE.
•ANY LOSSES AND INCOME ARISING FROM MARKET FLUCTUATIONS AND PRICE VOLATILITY OF THE SECURITIES HELD BY THE UITF, EVEN IF INVESTED IN GOVERNMENT SECURITIES ARE FOR THE ACCOUNT OF THE CLIENT. AS SUCH, THE UNITS OF PARTICIPATION OF THE CLIENT INTHE UITF, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN HIS/HER INITIAL INVESTMENT/CONTRIBUTION.
•THE TRUSTEE IS NOT LIABLE FOR LOSSES UNLESS UPON WILLFUL DEFAULT, BAD FAITH OR GROSS NEGLIGENCE.
•THE INVESTOR MUST READ THE COMPLETE DETAILS OF THE FUND IN THE UITF’S PLAN, MAKE HIS/HER OWN RISK ASSESSMENT, AND WHEN NECESSARY, SEEK AN INDEPENDENT/PROFESSIONAL OPINION BEFORE MAKING AN INVESTMENT.