To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.56%*

During the week, U.S. Treasury market fluctuated alongside Middle East conflict headlines. Notably, UST 30Y yields briefly reached 5.0% (highest since July) as the conflict re-escalated and drove oil prices higher.

On the data front, labor market remains resilient with continuing claims declining to 1.766mn (consensus: 1.800mn), the lowest since early-2024. Additionally, Friday's data release showed U.S. job growth remained strong, with April payrolls rising 115k, marking the fastest two-month gain since 2024.

Meanwhile, as expected, Treasury kept auction sizes unchanged, but it did not remove “at least” from the long-standing guidance that it “anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters.” Looking ahead, Fed speakers could shed more light on the matter and views on the upcoming leadership transition.

Despite the headlines and geopolitical volatility, we broadly expect CSOPUMM to continue delivering stable yields in the near term.

* Data as of 2026/05/08. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: ‑3.15%

As of 8 May 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 0.13% WTD in SGD, bringing its YTD total return to ‑3.15%. WTD losses were led by retail, office and data centre subsector, and CICT, KDCREIT and MLT by individual REIT.

Despite SRT’s WTD decline, on a more constructive note, Citi notes that Singapore REIT rental reversions remain healthy and are expected to stay in the low- to mid-single-digit range, particularly across industrial, office, and retail subsectors.

On the data front, Singapore’s retail sales grew 4.8% YoY in March, stronger than the 3.8% expected.

【Fixed Income】

CYC YTD NAV: +1.09% in CNY; +3.86% in USD^

PBoC net withdrew liquidity post‑Labour Day holiday, though funding rates remain below policy levels. With limited near-term reverse repo maturities, inflows or FX strength could further ease interbank liquidity, posing downside risk to money market rates. $ICBC CSOP CGB ETF S$(CYC.SI)$

Focus this coming week is on the Xi–Trump meeting. A positive outcome may temporarily pressure bonds before fundamentals reassert. Meanwhile, April inflation surprised to the upside, with PPI at +2.8% YoY and CPI at +1.2% YoY, both above expectations.

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

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +19.94%

– $CSOP APAC SELECT US$(LCU.SI)$ gained 6.88% WTD in USD, bringing YTD returns to +19.94%.

– WTD gains were led by IT, consumer discretionary and financials by sector, South Korea, Taiwan and Japan by region, and Samsung Electronics, TSMC and SK Hynix by individual firm.

– During the week, as markets refocused on the AI theme, Samsung Electronics’ market capped soared past the USD 1tn mark, becoming the second Asian firm after TSMC to achieve this milestone.

– In other news, effective as of 8 May 2026, LCU has changed its name from CSOP FTSE Asia Pacific Low Carbon Index ETF to CSOP FTSE Asia Pacific Select Index ETF following the renaming of the benchmark index.

US$ SQU YTD return: ‑10.87%

– $CSOP SEA TECH ETF US$(SQU.SI)$ gained 1.50% WTD in USD, narrowing YTD losses to ‑10.87%.

– WTD gains were led by Venture Corp, Infosys and Sime Darby Berhad.

– Venture Corp advanced after posting 1.9% YoY revenue growth and steady 9% net margins, supported by strong tech demand. DBS later upgraded the stock from Hold to Buy, highlighting that it is an indirect beneficiary of AI infrastructure buildout via exposure to networking cards, GPU-related infrastructure, wafer-fab equipment, and semiconductor systems.

A-Share Equity ETFs

S$ SHD YTD return: +8.61%; S$ SCY YTD return: +24.62%; S$ CSA500 YTD return#: +2.60%

– Goldman raised its A-share target, citing solid earnings growth, mid-range valuations, and ample liquidity. $CSOP DIV ETF S$(SHD.SI)$

– Separately, Bloomberg has noted that ChiNext and STAR offer exposure to China’s AI push; SCY provides investors access to Chinese chipmakers and the longer-term domestic semiconductor buildout.

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/05/08, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2026/03/31)

SHD’s underlying fund’s top 10 holdings (as of 2026/03/31)

CSA500’s underlying fund’s top 10 holdings (as of 2026/03/31)

Disclaimers:

All information and data presented are based on the latest available weekly performance data at the time of preparation, unless stated otherwise.

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 Select 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 & FTSE Asia Pacific 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 & CSA500 & SCY

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.