To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.62%*

During the week, the Fed raised rates by 25bp to 3.75%-4.00%, its first hike since July 2023, in line with market expectations. Policymakers signaled a hawkish outlook, with the median dot forecast pointing to one more hike this year and rates holding steady in 2027. Following the Fed’s rate hike, MMF balances may see modest support, though a significant jump in AUM is unlikely. Looking ahead, data calendar is relatively light, with market’s focus likely on geopolitical developments, oil prices, and further Fed commentary.

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

【REITs】

S$ SRT YTD total return: -7.07%

As of 18 Sep 2026, $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 0.57% WTD, bringing its YTD total return to -7.07%. WTD losses were led by industrial, residential and office by subsector, and MLT, CAREIT and Suntec REIT by individual REIT. Despite the WTD declines, S-REITs remain attractive for yield-driven investors with index yields at 6.3% and an enticing P/B valuation of 0.88x.

Separately, UOB  Kay Hian remains overweight on S-REITs, favoring Singapore-focused REITs for defensive qualities amid rising global bond yields. This is due to Singapore's fiscal discipline and persistent budget surpluses, which reinforces its safe-haven status, thereby leading to relatively more stable government bond yields when compared to many developed nations like the US and UK. Despite calls for slower AI development, data center REITs are viewed as resilient, supported by long weighted-average lease expiries.

On the macro data front, Singapore’s NODX surged 46.2% YoY in August, accelerating from 24.1% in July and beating forecasts, driven by continued AI-led strength in electronics exports. Electronics shipments jumped 131.8%, while non-electronics exports rose 12%.

【Fixed Income】

CYC YTD NAV: +2.34% in CNY; +6.79% in USD^

The RMB strengthened further and is trading below 6.7, boosting total returns for foreign holders of Yuan-denominated assets including China government bonds. $ICBC CSOP CGB ETF S$(CYC.SI)$

Separately, total social financing growth accelerated to 9.3% YoY in August (vs 8.7% in July), but TSF ex-bond issuance slowed for a sixth straight month to 5.5% YoY. Based on HSBC's model, this implies a fair value of 1.96% for the 30-year CGB yield.

Interbank liquidity remains well-contained amid calibrated PBOC operations, and additional overnight reverse repos are likely announced heading into quarter-end to keep funding rates stable.

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

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +24.23%

$CSOP FTSE Asia Pacific Select Index ETF USD(LCU.SI)$ declined 0.27% WTD in USD, bringing its YTD return to +24.23%.

WTD declines were led by financials, communication services and consumer discretionary by sector, South Korea, Japan and Australia by region, Samsung Electronics, Softbank Group and MUFG by individual firm.

Earlier in the week (ending 18 Sep 2026), AI-related stocks including Samsung Electronics were under pressure amid calls for slower and safer AI development. However, the stock jumped on 21 Sep 2026 (Mon), as markets focused on the upcoming dividends. Markets seem to anticipate an upside surprise.

As shared previously, LCU remains well-positioned to gain from a sustained AI-driven memory and hardware cycle as well as opportunities in Japan including BOJ policy normalisation. As such, any dips are opportunities for long-term investors.

US$ SQU YTD return: -19.72%

$CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 2.95% WTD in USD, bringing its YTD return to -19.72%.

WTD declines were led by Delta Electronics, Grab and Sea Ltd.

A-Share Equity ETFs

S$ SHD YTD return: +12.20%; S$ SCY YTD return: +20.76%; S$ CSA500 YTD return#: -2.80%

Investors will be watching developments in US-China White House Meeting and the impact on market sentiment. In the meantime, there are reports suggesting that the US will delay announcing overcapacity tariffs until after President Xi Jinping’s visit to the US. The two leaders may also unveil measures aimed at strengthening military-to-military relations during their meeting.

Crucially, to reiterate, RMB has strengthened and is trading below 6.7, boosting total returns for foreign holders of Yuan-denominated assets.  $CSOP DIV ETF S$(SHD.SI)$

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/09/18, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2026/06/30)

SHD’s underlying fund’s top 10 holdings (as of 2026/06/30)

CSA500’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.