To The Moon

【SRT】

SRT’s gains during the week were led by industrial, retail and hotel by subsector and FLT, MLT, and CLAR by individual REIT. CLAR gained on its 4.1x subscribed private placement which will fund acquisitions of 2 Singapore prime assets to expand its tech portfolio. The deals aim to capitalize on global tech and digitalization trends and diversify its client base.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 WTD Total Return: +1.29%

【MMF】

No surprise from FOMC May meeting minutes as it reinforced a wait-and-see approach, citing policy uncertainty and risks to both sides of Fed's dual mandate. Market priced in ~45bp rate cuts for 2025, in line with Fed’s March dot plot. Initial jobless claims rose 14k to 240k (consensus: 230k), increasing the risk of unemployment rate hitting 4.3% when May employment data is released next Friday.

US trade policy continues to remain uncertain. A US court blocked Trump-era global tariffs but a federal appeals court later granted a temporary reinstatement of tariffs, thereby clouding the policy outlook.

Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/05/30, the fund has a net yield at 4.08%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$Net 7-day Yield: +4.08%

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

【CN】

After RRR came into effect on 15 May, fixing averaged 1.64%, above HSBC’s expectations of 1.55-1.60%. This could be attributable to the larger-than-forecasted maturity of outright reverse repos, and significant government bond issuance in the last few weeks.

It remains challenging to predict June’s liquidity conditions given the seasonal surge in banks’ liquidity demand. As such, 7-day fixing could average 1.65%-1.75% in June. Furthermore, given no positive US-China trade relations developments, China’s rates are postulated to see declining trend.

Looking at YTD performance as of 2025/05/30, $ICBC CSOP CGB ETF SGD(CYC.SI)$ / $ICBC CSOP CGB ETF US$D(CYB.SI)$’s NAV gained +0.19% in CNY and gained +1.63% in USD*.

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

Global Market Outlook

【SG】Singapore Firms Show Cautious Business Expansion Optimism Amid Economic Concerns

According to the Singapore Business Federation (SBF) survey, 40% of respondents anticipate a weaker economy in the next 12 months. Despite the overall cautious sentiments, the business expansion outlook stayed moderate at 61.6, suggesting optimism for growth.

【US】Upcoming May Jobs Data Critical for Front-End Pricing Though Broader Market Impact Likely Muted

Upcoming May unemployment and nonfarm payrolls data will be important data points. Downturn could result in some front-end repricing but overall impact to be minimal unless a string of such releases is observed.

Source: CSOP, Bloomberg, JPM, HSBC, The Business Times as of 2025/05/30, except where otherwise stated.

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.