DBS STI ETF started trading yesterday.
According to the notice filed by DBS, 2,411,410 units were created at an issue price of $1.62 per unit. This works out to a total fund size of about $3.9 million.
It looks that the amount of funds raised is quite small. As the fund has a minimum trustee fee of $48k per year, this means the expense ratio would exceed 1% (at the current fund size).
Unless DBS can get more institutional interest into this fund, the small fund size will most likely mean it will be a loss making ETF for them.
As a comparison, Streettracks STI ETF has 256 million units in circulation with a fund size of almost $400 million.