To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.59%*

Headlines regarding US Treasury long-end buybacks had offered temporary relief last week but yield levels have risen back to levels since before the Aug 19 intervention, with 30-year yields around 5.28%. Markets reacted to concerns over persistent inflation, rising government debt, and expectations of higher interest rates, with roughly a 70% chance of a Fed rate hike priced in. Looking ahead, markets will turn to labour market data, with final jobs report prior to September’s FOMC meeting due on Sep 4.

* 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: -4.13%

As of 1 Sep 2026, $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 0.69% WTD, bringing its YTD total return to -4.13%. The fund has now fallen for a second consecutive week, following a 1.23% decline in the prior week. WTD losses were led by retail, residential and industrial by subsector, and CICT, CLAR and FCT by individual REIT.

On the macro data front, last week, MAS core inflation accelerated to 2.0% YoY in July from 1.6% in June, driven by higher electricity tariffs following the spike in global energy prices between April and mid-June 2026. Meanwhile, Singapore’s manufacturing output rose 6.8% YoY in July, driven by broad-based growth across most sectors, while biomedical manufacturing and chemicals remained the only laggards. Excluding biomedical production, output increased 8.0%.

【Fixed Income】

CYC YTD NAV: +2.25% in CNY; +6.31% in USD^

Last week saw heavy government bond issuance. Despite that, Chinese bonds remained resilient amid ample liquidity. State media acknowledged growth concerns while reinforcing confidence in China's long-term economic transition strategy, with policymakers expected to continue fine-tuning of macro policies rather than aggressive easing. $ICBC CSOP CGB ETF S$(CYC.SI)$

It is also noted that Chinese government bonds strengthened this week, with the 30-year yield falling toward 2.17%. Market focus now turns to the reopening of 30-year government bonds. The 30Y-10Y government bond spread narrowed to around 46bp in late July and mid-August and could tighten further.

In addition, capital injections into major banks are expected to strengthen their Tier 1 capital, potentially increasing their capacity to absorb long-duration government bonds. Some investors may position ahead of this trend, anticipating stronger bank demand for ultra-long bonds. Separately, RMB is currently trading at 6.72.

^ CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error.

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +23.66%

$CSOP FTSE Asia Pacific Select Index ETF USD(LCU.SI)$ declined 0.54% WTD in USD, bringing its YTD return to +23.66%.

The ETF has remained broadly resilient despite recent volatility, following a modest 0.09% gain in the prior week.

WTD losses were led by industrials, communication services and health care by sector, China, Australia and Hong Kong by region, and Advantest Corp, Tencent Holdings and Alibaba Group by individual firm.

WTD losses were against the back of a re-escalation in the US-Iran conflict, which sent oil prices higher, and global equities lower.

US$ SQU YTD return: -14.63%

SQU fell 0.59% WTD in USD, bringing its YTD return to -14.63%.

The decline was more moderate than the 1.74% loss recorded in the previous week.

WTD declines were led by Sea Ltd, Grab and Zetrix AI.

A-Share Equity ETFs

S$ SHD YTD return: +12.71%; S$ SCY YTD return: +17.20%; S$ CSA500 YTD return#: -2.10%

While China had declined amid re-escalation of geopolitical tensions in the Strait of Hormuz, which had also reignited inflationary concerns, China stocks are well-positioned for September gains, with Q2 earnings validating strong outlook for tech and innovation sectors.

The Securities Times has reported that A-share listed firms posted their fastest 1H profit growth since 2022, with tech and innovation related sectors standing out in earnings.

# Data begins from CSA500 SP Equity’s inception date of 2026/01/20.

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/09/01, except where otherwise stated.

$CSOP Star&Chinext50 S$(SCY.SI)$ ’s underlying fund’s top 10 holdings (as of 2026/06/30)

$CSOP DIV ETF S$(SHD.SI)$ ’s underlying fund’s top 10 holdings (as of 2026/06/30)

$CSOP CS A500 ETF S$(SUN.SI)$ ’s underlying fund’s top 10 holdings (as of 2026/06/30)

Disclaimers:

All information and data presented are based on the latest available weekly performance data at the time of preparation, unless stated otherwise.

The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”). This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions. 

CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information, and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.

Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.

Index provider disclaimers:

SRT & SQQ

The CSOP iEdge S-REIT Leaders Index ETF and CSOP iEdge Southeast Asia+ TECH Index ETF (collectively, the “ETFs”)  is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or iEdge Southeast Asia+ TECH Index (collectively, the “Index”) and/or the figure at which the Index stand at any particular time on any particular day or otherwise. The Index are administered, calculated and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the ETFs and the Index and shall not be under any obligation to advise any person of any error therein.

“SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the index vest in SGX.

CYC/CYB & LCU

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) and CSOP FTSE Asia Pacific Select Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Chinese Government Bond Index & FTSE Asia Pacific Select Index (collectively, the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.

SHD & CSA500 & SCY

All rights in the Index vest in China Securities Index Company (“CSI”). CSI does not make any warranties, express or implied, regarding the accuracy or completeness of any data related to the Index. CSI is not liable to any person for any error of the Index (whether due to negligence or otherwise), nor shall it be under any obligation to advise any person of any error therein. The Product based on the Index is in no way sponsored, endorsed, sold or promoted by CSI and CSI shall not have any liability with respect thereto. The Index Provider is not related to the Underlying Fund Manager. An index licensing agreement was signed between CSI and the Underlying Fund Manager.