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ENDOWUS

Information About Your Right to Cancel

Updated: 1 November 2024

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This Notice on Right to Cancel (“Notice”) is issued pursuant to the “SFA 04/13-N01 – Notice On Cancellation Period For Units In Authorised Collective Investment Schemes” by the Monetary Authority of Singapore (“MAS”). You are advised to read this Notice carefully when investing in Funds.

  • The Right to Cancel and The Cancellation Period
    ‍    You shall have the right to cancel an agreement to purchase units in respect of any Authorised CIS (“Purchase Agreement”) within 7 calendar days from the date you sign the Purchase Agreement (“Cancellation Period”). In this Notice, “Authorised CIS” means a collective investment scheme under which the property is held on trust for the participants as defined under section 2 of the Securities and Futures Act of Singapore (SFA), and is authorised under section 286 of the SFA. 

    Where the last day of the Cancellation Period falls on a Sunday or a public holiday, the Cancellation Period shall be extended to the next calendar day, not being a Sunday or a public holiday.
  • When the Right to Cancel Does Not Arise
    Notwithstanding this Notice, you do not have the right to cancel in the following circumstances:

    (a)  You are not an individual;

    (b)  Where you are an existing investor in the Authorised CIS, and the Purchase Agreement is your second or any subsequent Purchase Agreement (other than one which results from a switch of units in the Authorised CIS), unless such Purchase Agreement was entered into by you within the Cancellation Period of your first Purchase Agreement in respect of the Authorised CIS;

    (c)  Where you switch units under paragraph 6 below.
  • How to Exercise Your Right to Cancel
    You may exercise your right to cancel by submitting your cancellation request with the subject title “Exercising Right to Cancel Trade” to us at support@endowus.com using your Endowus registered email address providing the following details:

    (a)  Account Number:
    (b)  Full Name of Account Holder(s):
    (c)  Authorised CIS Name (including Share Class)
    (d)  Currency of Authorised CIS
    (e)  Investment Amount (Please note that cancellation is limited to Full Redemption Only)
    (f)  Date of Subscription

    (the “Cancellation Form”).
  • Calculation of Amount To Be Repaid
    ‍    In the calculation of the amount to be refunded, the relevant price for calculating the said amount will be the dealing price of the Authorised CIS following the receipt of the Cancellation Form. Endowus shall refund you in compliance with the requirements under the prevailing Code of Collective Investment Schemes (issued by MAS) in respect of payment of redemption proceeds, subject to any modification by an exemption granted to the relevant Fund, as if the cancellation was a redemption. In the case where the subscription is made using CPF/SRS funds, if the process to withdraw funds from your CPF/SRS account(s) has been initiated, the refund can only be completed upon receipt by Endowus / UOB Kay Hian of the subscription proceeds. For CPF and SRS investments, please note that third party charges (e.g. CPF Agent Bank) may apply and will not be refunded.
  • Effect of Cancellation
    ‍    Where the market value of the units held by you is greater than the original amount paid by you, Endowus and/or the Fund Manager are not obliged to pay the excess amount to you. Where the market value of the units held by you is lower than the original amount of investment, you will only receive the market value of the units and will not be entitled to recover the original amount of investment. 

    Endowus and/or the Fund Manager shall be entitled to recover any administrative expenses it has incurred by reducing the amount to be repaid to you. However, any sales charge, front-end load fee or realisation charge will not be chargeable to you. The amount refunded is subject to the Fund Manager’s confirmation.
  • Implications of Redemption / Switching Instead of Cancelling
    During the Cancellation Period, you may choose to redeem your units instead of exercising your right to cancel. You acknowledge:-

    (a)  that you will not be able to enjoy the benefits of cancellation in the event that you choose to redeem your units and that the redemption proceeds that you will receive may be lower than the amount being refunded had you exercised your cancellation right if the appreciation in the value of units in the Authorised CIS is less than the initial sales charge (if any);
    ‍
    (b)  the published prices are indicative and can change between the submission and processing of the redemption request.

    Switching is subject to the terms and conditions and trust deed of the relevant Authorised CIS. In the event where switching is permitted under the terms and conditions and the trust deed, and where you decide to switch, you acknowledge:
    ‍
    (c)  that you shall not receive any refund of initial sales charge in relation to the Purchase Agreement
    ‍
    (d)  that it is not certain whether you would be in a better or worse position if you switch Authorised CISs (as compared to cancelling);
    ‍
    (e)  you may incur switching related fees (which may vary depending on the Fund Manager); and
    ‍
    (f)  you will not have the right to cancel in respect of any Authorised CIS that you switch into.