To The Moon

East Asia

$CSOP LOW CARBON US$(LCU.SI)$ WTD return: 3.84%

• LCU gained 3.84% WTD in USD, after tariff pause which offered some short-term relief. Trump has temporarily suspended consumer electronics tariffs (smartphones, laptops, chips) and floated delaying auto tariffs.

• Positive sentiment also drew support from S&P 500's last Friday's rally, fuelled by Fed assurances to stabilize markets if needed.

• Gains were led by Alibaba Group, Tencent and Toyota Motor Corp. Toyota Motor gained after Trump floated delaying auto tariffs.

$CSOP SEA TECH ETF US$(SQU.SI)$ $CSOP SEA TECH ETF S$(SQQ.SI)$ WTD return: 2.55%

• SQU rose 2.55% WTD in USD, and gains were led by Astra International, Sime Darby and Goto Gojek Tokopedia.

• Macquarie notes Astra's management's long-term optimism for Indonesia despite short-term macroeconomic headwinds. Astra has low direct exposure to US, and is confident of keeping autos market share dominance. It also shared that financial services have been a resilient contributor and growth to persist.

China

$CSOP DIV ETF S$(SHD.SI)$ WTD return: 1.81%

• Central bank data revealed that China’s accelerated government bond issuance drove March credit expansion beyond expectations. Last month’s net financing from central and local government bonds hit nearly ¥1.5 trillion, the highest for the period since at least 2017.

• Liquidity pressures are mounting ahead of tax deadlines, with increased local bond payments and maturing interbank certificates of deposit compared to last week, fueling market speculation about potential easing measures like a reserve requirement ratio (RRR) cut.

• The China Financial Times cited experts interpreting signals for timely RRR and interest rate adjustments, noting that further monetary easing could occur if macroeconomic conditions deteriorate, aiming to spur growth.

US

• Over the weekend, tariff exemptions on key consumer electronics eased trade tensions and resulted in improved market depth.

• Despite spread widening pressure and signs of deleveraging last week, JPM notes orderly funding markets and available liquidity.

• JPM now forecasts a September Fed cut (vs June previously) post 90-day tariff-pause reprieve.

Source: CSOP, Bloomberg, JPM, as of 2025/04/15

Disclaimer

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 material 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 material 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.

This material is not to be construed as investment advice or recommendation, 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 Disclaimer

LCU

The CSOP FTSE Asia Pacific Low Carbon 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 Asia Pacific Low Carbon Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company 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 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.

SCY

The Index Provider of the Underlying Fund is China Securities Index Co., Ltd. (“CSIC”). The Index Provider is not related to the Underlying Fund Manager. An index licensing agreement was signed between CSIC and the Underlying Fund Manager. CSIC has authorized the Underlying Fund Manager to use the CSI STAR & CHINEXT 50 Index for various purposes as stated in and subject to the conditions of the index licensing agreement entered into between CSIC and the Underlying Fund Manager, including using the CSI STAR & CHINEXT 50 Index as the performance benchmark for the Underlying Fund. The Underlying Fund is not in any way sponsored, endorsed, sold, or promoted by CSIC and CSIC makes no warranty or representation whatsoever, expressly, or impliedly, either as to the results to be obtained from the use of the CSI STAR & CHINEXT 50 Index and/or the figure at which the CSI STAR & CHINEXT 50 Index stands at any particular time on any particular day or otherwise. The CSI STAR & CHINEXT 50 Index is administered, calculated, and published by CSIC. CSIC shall not be liable (whether in negligence or otherwise) to any person for any error in the Underlying Fund and the CSI STAR & CHINEXT 50 Index and shall not be under any obligation to advise any person of any error therein.

SQQ/SQU

The CSOP iEdge Southeast Asia+ TECH Index ETF 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 Index and/or the figure at which the Index stand at any particular time on any particular day or otherwise. The Index is administered, calculated, and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the CSOP iEdge Southeast Asia+ TECH Index ETF 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 the Manager under license. All intellectual property rights in the Index vest in SGX.

SHD

All rights in the SSE Dividend Index (“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.