To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.66%*

This week saw renewed tariff concerns as Trump threatened to impose tariffs on European allies that opposed his plans to acquire Greenland, though Trump has since backed off from the threats.

Looking to the coming week, FOMC meets for the first policy meeting of 2026. After cutting 75bps last year, policymakers have hinted at a possible pause. Markets are not pricing a full 25bp rate cut till July.

With a light data calendar ahead, market focus will likely shift to geopolitical risks. Despite the geopolitical risks, we expect CSOPUMM to continue delivering stable yields in the near-term.

* Data as of 2026/01/23. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ $CSOP iEdge SREIT ETF S$(SRT.SI)$ YTD total return: +1.40%

As of 23 Jan 2026 (Fri), $ rose 0.01% WTD in SGD and rose 1.40% YTD in SGD. WTD gains were led by industrial and office by subsector and Suntec, LREIT and CLAR by individual REIT.  

According to S&P Global Ratings, Singapore’s major REITs are expected to see resilient occupancy and rents in 2026 amid scarce new office and retail supply. Further ahead, focus shifts to 2028 demand-supply dynamics as pipeline surges.

【Fixed Income】

CYC/CYB YTD NAV: +0.37% in CNY; +0.72% in USD^

As a result of the tax payment deadline, the week saw tighter interbank liquidity, though conditions remained stable as 7-day repo rate fixing stayed under 1.60%. Since April 2025’s trade tensions, China’s monetary policy stance focused on stable funding rates, and HSBC sees no strong reason for it to change. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$

Looking ahead, PBoC’s renewed bond purchases and expectations that it aims to cap the 10Y CGB yield at 1.90% have helped steady the market. These factors suggest Chinese government bonds could continue to outperform even if global bond yields rise.

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

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +5.58%

·         $CSOP LOW CARBON US$(LCU.SI)$ slightly fell 0.64% WTD in USD but gained 5.58% YTD in USD.

·         Global equities softened during the week amid geopolitical tensions surrounding Trump’s tariff threats over Greenland.  

·         Despite LCU’s WTD declines, within the portfolio, TSMC and Samsung Electronics led gains.

·         TSMC gained after reporting strong earnings and reaffirming a commitment to high capex as it reflected management’s confidence in the ongoing semiconductor upcycle. Markets increased their 2026 earnings forecast for TSMC by ~10%.

US$ SQU YTD return: +0.61%

·         $CSOP SEA TECH ETF US$(SQU.SI)$ slightly fell 0.80% WTD in USD but gained 0.61% YTD in USD.

·         SQU’s WTD declines are attributable to Goto Gojek Tokopedia, Wipro and Astra International.

·         Goto Gojek Tokopedia shares fell after Grab’s planned acquisition stalled because Telkomsel, owning ~2% of Goto, is unwilling to sell at current valuations as it had invested at a much higher price.

A-Share Equity ETFs

S$ SHD YTD return: +1.23%; S$ SCY YTD return: +6.06%; S$ CSA500 YTD return#: -0.70%

·         During the week, CSOP launched the CSOP CSAM CSI A500 Index ETF (CSA500 SP Equity) which seeks to track the performance of CSI A500 Index.

·         The CSI A500 Index has become the new mainstream benchmark to measure the overall performance of A-share market in China Mainland. Similar to the S&P 500 index in US market, the index selects 500 securities with large market capitalization and good liquidity from each sector.

·         Separately, the week also saw the release of China’s 4Q25 GDP which slowed to 4.5% YoY, affected partly by a high base. However, it still met the growth target of ~5% for the full year.

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/01/23, except where otherwise stated.

Disclaimers:

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 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 Chinese Government Bond Index & FTSE Asia Pacific Low Carbon 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

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.

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.

CSA500

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.