To The Moon

【SRT】

Last week, SRT gained amidst the revived risk sentiment, though uncertainties linger. Gains were led by industrial, office and retail by subsector and MLT, FLT and MINT by individual REITs. UBS notes Singapore’s recession risks have eased. UBS favors defensive S-REITs with stable leases and long-term rental income visibility, which buffer economic shocks.

$CSOP S-REITs INDEX ETF(SRT.SI)$ WTD Total Return: +4.94%

【MMF】

Last week, after US Treasuries stabilized after the past volatile weeks as the pace of tariff announcements slowed. Short-term risks to yields will probably be double-sided given that a few FOMC members emphasized inflation expectations as a key input to short-term policy direction. Fed Governor Christopher Waller has highlighted 2 potential tariff scenarios (1) large and long-lasting policies causing inflation to surge to 4-5% range and (2) smaller tariffs causing inflation to return to 3%.

We expect CSOPUMM $CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ to continue to deliver stable yield in the near term. As of 20250417, the fund has a net yield at 4.19%. ^

$MMF Net 7-day Yield: +4.19%

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

【CN】

Investors are assessing the timing and scale of possible rate cuts in China, with a China Securities Journal commentary suggesting the PBOC remains cautious, emphasizing strategic use of existing monetary policy space. The article notes monetary policy easing may be delivered when tariff impacts are clearer, or when bond yields rise from fiscal expansion, or when equity risks heighten, likely prolonging a flattening yield curve as growth concerns weigh.

Looking at YTD performance as of 2025/04/17, CYC/CYB’s NAV gained +0.18% in CNY and fell +0.20% in USD*.

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

Global Market Outlook

【SG】Singapore Downgraded 2025 GDP Forecast to 0%-2% due to Tariff War and MAS Cut Pace of SGD’s Trade-Weighted Appreciation

As a result of the US-China tariff war weighing on global growth, Ministry of Trade and Industry (MTI) downgraded Singapore’s 2025 GDP forecast to 0%-2%. The Monetary Authority of Singapore has also further cut the pace of SGD’s trade-weighted appreciation, in response to easing inflation and rising growth risks.

【US】Fed’s Beige Book to Release This Week

Moving into the week, key releases include the publication of the Fed’s Beige book and PMI data.

Source: CSOP, Bloomberg, JPM, and HSBC as of 2025/04/17.

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. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or 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 Disclaimer

SRT

The CSOP iEdge S-REIT Leaders 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 iEdge S-REIT Leaders Index and/or the figure at which the iEdge S-REIT Leaders Index stand at any particular time on any particular day or otherwise. The iEdge S-REIT Leaders 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 CSOP iEdge S-REIT Leaders Index ETF and the iEdge S-REIT Leaders 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 iEdge S-REIT Leaders Index vest in SGX.

CYC/CYB/CYX

The ICBC CSOP FTSE Chinese Government Bond 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 (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark 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.