Trade Daily Leverage Certificates (DLC) & Structured Warrants with

No Minimum Commission

From 2 March 2026

Trade Now

What is a DLC?

A Daily Leverage Certificate (DLC) is a form of structured financial instrument issued by banks and traded on the securities market. DLCs offer investors fixed leverage of 3 to 7 times the daily performance of an underlying index, be it a rising or falling market. The basic principle is simple – if the underlying index moves by 1% from its closing price of the previous trading day, the value of the 3x DLC will move by 3%.

SGX is Asia’s first venue to offer trading in DLCs, allowing investors to gain fixed leveraged exposure to developed Asian market indices and single stocks. This comes without the features impacting pricing for options such as implied volatility, time decay or margin calls.

DLCs were first introduced in Europe in 2012, where they are also called constant leverage products or factor certificates. They received wide interest from investors in Europe shortly after their launch.

Why Trade DLCs?

Leverage up to 7 times the daily performance of an underlying index
Leverage up to 7 times the daily performance of an underlying index
Flexibility to trade both rising and falling markets
Flexibility to trade both rising and falling markets
Low capital outlay and loss is limited to invested amount
Low capital outlay and loss is limited to invested amount
No margins. No implied volatility impact. No time decay impact
No margins. No implied volatility impact. No time decay impact
Transparent pricing due to tradability of the products on exchange
Transparent pricing due to tradability of the products on exchange

What is a Structured Warrant?

Similar to options, warrants give the holder the right but not the obligation to purchase securities from the issuer at a specific price within a certain time frame. Warrants are a form of derivative – that is, they derive their value from another underlying/reference instrument. These instruments are usually shares and ETFs.

Warrants as financial instruments evolved over time and expanded their ranges, making it harder to specifically define characteristics of all warrants. But one thing for sure is that warrants cover a wide spectrum of risk-return profiles and have diverse investment objectives to meet.

Why Trade Structured Warrants?

diverse icon
Diverse market access as some index and basket warrants give investors exposure to a sector or a market, eliminating the need to trade individual stocks in a market portfolio.
Low capital outlay and loss is limited to invested amount
Low capital outlay with leverage as well as limited loss
No margins. No implied volatility impact. No time decay impact
No margin call
Transparent pricing due to tradability of the products on exchange
Transparent pricing due to tradability of the products on exchange

Your Potential Savings At A Glance

Example 1: Customer invests S$3,000 in a DLC that has a price of $1.00 per share.
Cash Management Account Cash Plus Account
Before 02/03/2026* Now
SGX-listed DLC traded price S$1.00 S$1.00 S$1.00
Quantity Purchased 3,000 units 3,000 units 3,000 units
Gross Amount S$3,000 S$3,000 S$3,000
Commission S$25 (Fees calculated at 0.28% or minimum S$25, for Cash Management Account with contract value below S$50,000) S$8.40 (0.28% x $3,000) (Fees calculated at 0.28%, for Cash Management Account with contract value below S$50,000) S$2.40 (0.08% x $3,000) (Fees calculated at 0.08%, for Cash Plus Account: Starter tier)
Commission Saved S$16.60
Example 2: A customer invests S$300 in a Structured Warrant priced at S$0.10 per share.
Cash Management Account Cash Plus Account
Before 02/03/2026* Now
SGX-listed Structured Warrants traded price S$0.10 S$0.10 S$0.10
Quantity Purchased 3,000 units 3,000 units 3,000 units
Gross Amount S$300 S$300 S$300
Commission S$25 (Fees calculated at 0.28% or minimum S$25, for Cash Management Account with contract value below S$50,000) S$0.84 (0.28% x S$300) (Fees calculated at 0.28%, for Cash Management Account with contract value below S$50,000) S$0.24 (0.08% x $300) (Fees calculated at 0.08%, for Cash Plus Account: Starter tier)
Commission Saved S$24.16

*Online commission shown does not include any promotional discounts.

Note: The above examples do not include Exchange Fee and GST.

For pricing of other account types, please refer here.

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Alternatively, visit any of our Phillip Investor Centres or contact your trading representatives.

Frequently Asked Questions

As a leverage product, Daily Leverage Certificates (DLC) give investors increased exposure to an underlying asset with the potential for higher returns. The leverage of a DLC can be 3, 5 or 7 times. Based on 5x leverage, if the underlying asset, typically a single stock or index, moves 2% in favour from its previous closing price, you earn a 10% gain on the DLC (2% * 5 = 10%). However, if the underlying asset moves in the direction against your position, you could experience a -10% loss.

You can identify the Issuer by the name of the DLC. Let’s use the counter Tencent for example. One of the Tencent DLCs issued by Societe Generale is Tencent 5xLongSG270930.

PSJW Counter Code
Tencent (0700.HK)  Underlying
5x  Leverage Factor
Long  Long/Short
SG  Issuer (SG = Societe Generale)
270930  Expiry Date (YYMMDD)

As for DLCs issued by UBS AG, the name of the DLC will include ‘UB’ instead of ‘SG’. For example, a Tencent DLC issued by UBS AG is Tencent 5xLongUB270831.

8ZJW  Counter Code
Tencent (0700.HK)  Underlying
5x  Leverage Factor
Long  Long/Short
UB  Issuer (UB = UBS AG)
270831  Expiry Date (YYMMDD)

Yes, this promotion is open to new and existing Customers of Phillip Securities Pte Ltd (“PSPL”).

Terms & Conditions

1. No Minimum Commission rates for Daily Leverage Certificates (“DLCs”) and Structured Warrants are applicable for all POEMS Trading Accounts from 2 March 2026 onwards. For standard rates, please refer to the respective account pricing.

2. This promotion is open to new and existing Customers of Phillip Securities Pte Ltd (“PSPL”).

3. Eligibility Criteria for the promotion:

  • Cash & SRS Trade only
  • Online trade only
  • Only trades in Daily Leverage Certificates (DLC) and Structured Warrants are eligible
  • BUY or SELL Trades of the same counter listed on SGX, executed on the same trading day via POEMS Trading Platforms, using the same payment mode (cash/SRS) and under the same Account, are considered as one trade. This is because only one commission is charged for such trade orders. Please refer HERE for more information.

4. The following persons are not eligible to participate in those promotions unless approved by the management of Phillip Securities Pte Ltd (“PSPL”):

  • PSPL institutional Customers and corporate Customers 
  • PSPL Account holders whose Accounts have been suspended, cancelled or terminated 
  • All employees of PSPL and its associated entities; PSPL and all its subsidiaries 

5. PSPL reserves the right at any time in its absolute discretion to (i) amend, add to, and/or delete at any time of these Terms & Conditions without prior notice (including eligibility and qualifying terms and criteria), and all participants shall be bound by such amendments, additions and/or deletions when effected, or to (ii) vary, withdraw, and/or cancel any items or the promotion itself without having to disclose a reason, and without any compensation or payment whatsoever. PSPL’s decisions on all matters relating to the promotion are final and binding on all participants.

6. In the event of a dispute over the Customer’s eligibility to participate in this promotion, PSPL’s decision will be final.

7. By taking part in this promotion, the participant acknowledges that he/she has read and consented to these Terms & Conditions.

8. This advertisement has not been reviewed by the Monetary Authority of Singapore.


IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com