DLCs on US equity indices

Gain exposure to US Equity Indices such as the world-renowned S&P 500® Index and Nasdaq-100 Stock Index with our DLC offerings.

Similar to other DLCs, the DLCs on US equity indices provide investors with an opportunity to obtain ‘long’ or ‘short’ leverage exposure in both bull and bear markets.

Investors can capitalize on US market movements by trading the DLCs on US Equity Indices. The DLCs are listed on SGX and are traded in the Singapore Dollar.

Societe Generale as the Designated Market Maker contribute live tradable prices and intra-day liquidity during SGX market hours for investors to enter or exit their trades with ease.

S&P 500 Index E-mini futures

  • 4,049.50 -6.25 (-0.15%)
  • High 4,059.50
  • Low 4,041.25
  • Previous Close 4,055.75
  • Volume 33K
Last Update: 27/05/2022 10:50
Minimum 15 minutes delayed
Last at 5PM (3,970.50)

Nasdaq-100 Stock Index E-mini futures

  • 12,254.20 -25 (-0.20%)
  • High 12,300.00
  • Low 12,222.00
  • Previous Close 12,279.20
  • Volume 22K
Last Update: 27/05/2022 10:50
Minimum 15 minutes delayed
Last at 5PM (11,886.00)
The market data (“Information”) contained herein: (i) includes the proprietary information of Chicago Mercantile Exchange Inc. or it’s licensors, as applicable ; (ii) may not be copied, sold or further disseminated except as specifically authorized; (iii) does not constitute investment advice; (iv) is provided solely for informational purposes; and (v) is not warranted to be complete, accurate or timely. You may not develop or create any derivative work or other product that uses, is based on, or is developed in connection with any of the Information (including, without limitation, proprietary data, settlement data or indices) available on this site.

Quick facts about the US equity indices

Index Introduction
S&P 500® Index
  • The S&P 500® Index tracks the 500 leading US companies and covers approximately 80% of available market capitalization.
  • It is a float-adjusted, market cap weighted index, and is widely recognized as a broader measure of the US economy.
Source: S&P Dow Jones Indices, as of 11 March 2022
Nasdaq-100 Stock Index
  • The Nasdaq-100 Stock Index tracks the 100 largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
  • It is a modified capitalization-weighted index, with a high concentration of high growth technology stocks.
Source: NASDAQ Global Indices Research, as of 11 March 2022

Historical Performance of the US Equity Indices

Cumulative Performance
  • S&P 500® Index
  • Nasdaq-100 Stock Index
Last Updated: (Eastern Standard Time)
Source: Refinitiv. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data.
Performance Analysis
  S&P 500® Index Nasdaq-100
Stock Index
  Change (%) Change (%)
1 Day +1.99% +2.79%
1 Week +4.01% +3.73%
1 Month -2.81% -5.63%
3 Month -7.45% -13.48%
6 Month -11.68% -23.39%
1 Year -3.29% -10.41%
Since Year 2018 +51.77% +91.93%
Last Updated: 2022-05-26 (Eastern Standard Time)
Source: Refinitiv. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data.
Daily Return
  • S&P 500® Index
  • Nasdaq-100 Stock Index
Last Updated: (Eastern Standard Time)
Source: Refinitiv. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data.
Distribution of Daily Returns
  S&P 500® Index Nasdaq-100
Stock Index
Daily Return /
Number of occurrence
YTD 2018-2021 YTD 2018-2021
10% to 15% - - - 1
5% to 10% - 5 - 6
0% to 5% 44 565 45 576
-5% to 0% 56 433 53 420
-10% to -5% - 4 2 4
-15% to -10% - 1 - 1
Last Updated: (Eastern Standard Time)
Source: Refinitiv. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data.

FAQ for the Product mechanism

Daily performance
How is the Daily Performance calculated with US equity index underlyings?
  • Investors should note that the constituents for the US equity index are listed on an exchange with different trading hours from that of the SGX.
  • In assessing the performance of the DLCs you should be aware that daily leverage performance of the DLC is always referenced to the previous closing level of the US equity index, which is usually 4pm Eastern Time for regular trading days.

For instance, a DLC with a 5 times daily leveraged exposure to the US equity index is based on a Leveraged Strategy referencing closing level of the US equity index as of the Relevant Stock Exchange market close.

During Singapore time zone, the market price of the DLC may be affected by the price of the relevant futures contracts over the US equity index which are trading during the SGX trading hours. Consequentially the market price of the DLC during Singapore Exchange trading hours may deviate from the published levels of the US equity index and/or the Air Bag Trigger Levels during the US trading hours on the same day.

  • The Designated Market Maker may not provide a quotation if there is suspension/limitation imposed on trading, including but not limited to unforeseen circumstances such as by reason of movements in price exceeding limits permitted by the SGX, the Relevant Stock Exchange for the US equity index, or any Related Exchange on options or futures relating to the US equity index or the price return version of the US equity index.
Air Bag Mechanism
Underlying Type Product Airbag Trigger
Equity Index 5x Daily Long -10%
Equity Index 5x Daily Short +10%
How is it triggered for DLCs with US equity index underlyings?
  • The Air Bag Mechanism refers to the mechanism built in the Leverage Strategy or Leverage Inverse Strategy (if applicable) and which is designed to reduce the Leverage Strategy or Leverage Inverse Strategy (if applicable) exposure to the US equity index during extreme market conditions.
  • Investors should note that Air Bag mechanism can only be triggered by the US equity index, but not the futures.
  • In other words, for DLCs over US equity index, given there is no overlap between US trading hours and SGX trading hours, this means the Air Bag Mechanism cannot be triggered during SGX trading hours. Even if the price of the DLCs were to move significantly (e.g. more than 10%) during SGX trading hours, the airbag mechanism will never be triggered during SGX trading hours.
  • If the US equity index reaches the corresponding Air Bag Trigger Level overnight (during US trading hours), and the Air Bag Mechanism is triggered, then the exposure of the Leverage Strategy or Leverage Inverse Strategy (if applicable) will be reduced intra-day during US trading hours before a normal daily reset at US market close. In the event of an airbag triggered during US trading hours, announcement will be made on SGXNet before SGX opens for trading the next day.
  • Please refer to the table above Air Bag trigger levels for different product structures.

Investors should note that for DLCs related to US equity index, the Air Bag mechanism may be triggered during the calculation hours of the US equity index when the US exchanges are open for trading i.e. the Air Bag mechanism can be triggered overnight when the SGX is closed. The trigger of an Air Bag mechanism, when the DLCs are not open for trading, will lead to a different Leverage Strategy Closing Level or Leverage Inverse Strategy Closing Level (as applicable), i.e. the value of the DLCs subsequently during the Singapore Exchange trading hours will be based on a different closing level reference for the purpose of the Leveraged Return calculation compared to a case where no Air Bag mechanism would have been triggered. This means that there is a specific risk that overnight, investors incur a significant or even entire loss of the amounts invested, and will not be able to exit their investments in the DLC at that time.

If there is residual value in the DLC after the Air Bag is triggered, then investors will be able to buy/sell the DLC when the SGX opens the next trading day and provided the Designated Market Maker starts providing quotes.

What does it mean for the DLC when an Air Bag is triggered overnight?
Taking 5x DLC as an example:

If Air Bag happens overnight when the US equity index goes down (for Long) or up (for Short) by more than 10%, but less than 20% within the Observation Period, then the DLC theoretical value and exposure will be reset when the Air Bag is triggered, and then reset again when the US exchanges close. In this case, DLC theoretical closing value will be different from if there was no Air Bag mechanism in place (which is the same effect as an Air Bag on DLCs with a Singapore or Hong Kong underlying asset, except that investors cannot trade the DLC when this is about to happen). On the next SGX trading day, DLC performance will be based on the reference value determined at US exchange close.

If Air Bag happens overnight when the US equity index goes down (for Long) or up (for Short) by more than 20% within the observation period, the DLC will be permanently suspended on the next SGX trading day and will be delisted subsequently. Investors will lose the entire value of their investment.

Reminder for investors

Terms not defined herein shall have the meanings ascribed thereto in the SLD of the relevant Certificate. Investors should ensure that they understand the nature of the Certificates and carefully study the risk factors set out in the BLD and the relevant SLD


Full disclaimer here.