To The Moon

East Asia

$CSOP LOW CARBON US$(LCU.SI)$ WTD return: +0.48%

• LCU gained WTD in USD and gains were led by financials, IT and consumer discretionary by sectors, and Tencent, TSMC and PDD by individual firms.

• Asian equities benefitted from optimism and renewed risk appetite over US-China tariff de-escalation. US cut tariffs to 30% (from 145%) and China cut tariffs to 10%.

$CSOP SEA TECH ETF US$(SQU.SI)$ WTD return: +1.35%

• SQU rose WTD in USD and gains were predominantly attributable to $Sea Ltd(SE)$ Sea Ltd, $Wipro Limited(WIT)$ Wipro and Infosys.

• Sea Ltd surged as strong earnings outperformed estimates, underscoring resilience against rivals like TikTok and Lazada. Robust Q1 results eased macro concerns, with rising ad spend signalling Shopee's value to sellers and buyers and its growth potential, prompting JPM to upgrade it from neutral to overweight.

China

$CSOP DIV ETF S$(SHD.SI)$ WTD return: +2.27%

$CSOP Star&Chinext50 S$(SCY.SI)$ WTD return: +3.00%

• US-China tariff de-escalation that boosted markets and reduced recession fears. US cut tariffs to 30% (from 145%) and China cut tariffs to 10%.

• Major banks like Goldman Sachs and JPMorgan have raised China’s economic growth forecasts for this year. Goldman Sachs raised China's 2025 GDP growth forecast to 4.6% and adjusted its monetary policy easing expectations to a single rate cut in Q4 by 10 bp.

• Looking ahead, investors are focused on upcoming earnings from Tencent and Alibaba, which could provide insights into the Chinese tech sector's resilience amid geopolitical uncertainties.

US

• US-China tariff negotiations lowered bilateral duties, which eased growth risks and Fed easing bets.

• Reduced trade tensions prompted JPM economists to lower recession risks, revising GDP growth forecast to 0.6% (4Q/4Q) for this year and predicting core PCE inflation at 3.5% (vs 4.0% previously). They also expect the first Fed rate cut in December (vs September previously), followed by three more cuts by mid-2026.

Source: CSOP, Bloomberg, JPM, as of 2025/05/13.

Disclaimer

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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.