To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.70%*

During the week, US Treasury yields moved lower across the curve over the past week as concerns around AI-related equities outweighed the impact of higher oil prices, which led to a rise in safe-haven demand.

With the FOMC in its pre-meeting blackout period, markets saw only less than 10% probability of an October rate hike, showcasing broad expectations that Fed remain on hold in October. Looking ahead, attention turns to the 28 October FOMC meeting.

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

【REITs】

$CSOP iEdge SREIT ETF S$(SRT.SI)$ YTD total return: -9.07%

As of 23 Oct 2026, SRT gained 1.49% WTD, bringing its YTD total return to-9.07%. WTD gains were led by retail, industrial and data center by subsector, and CICT, KDCREIT, and CLAR by individual REIT.

KDCREIT has just released 3Q26 results, which are in line with expectations. Its DPU growth came primarily from acquisition of Tokyo DC3 and better portfolio performance. Occupancy inched up slightly to 93% and rental reversions was robust, +14% in 9M26.

Broadly speaking, S-REITs are beginning its reporting season amid rising interest rates, which will provide insights into how they are managing this challenging macro environment. Nevertheless, it is worth noting that S-REITs are entering this renewed rate hike from a better position that the last rate hike cycle as it is currently still unlocking cost savings from refinancing the expensive 2022-2024 vintage debt.

【Fixed Income】

$ICBC CSOP CGB ETF S$(CYC.SI)$ YTD NAV: +2.68% in CNY; +7.57% in USD^

During the week, China rates received support from expectations of a further evolution in the PBoC’s monetary-policy framework. Governor Pan Gongsheng indicated that the central bank is considering shifting its main policy benchmark from the 7-day reverse repo rate to the overnight rate. In contrast with rising global yields, this pseudo-rate cut in China is expected to lower funding rates and reduced rate volatility. Against this backdrop, coupled with ongoing RMB appreciation, China government bond stands to gain. On the FX front, RMB was trading at 6.67 on Friday.

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

【Equities】

Regional Equity ETFs

$CSOP APAC SELECT US$(LCU.SI)$ YTD return: +15.83%

LCU declined 2.47% WTD in USD, bringing its YTD return to +15.83%.

WTD losses were led by IT, communication services and consumer discretionary by sector, Japan, China and Taiwan by region, Alibaba, Tencent, and TSMC by individual firm.

Asian equities came under broad pressure during the week as concerns increasingly shifted from AI demand itself toward whether hyperscalers and neocloud operators can sustain the borrowing and capex required for AI infrastructure.

US$ SQU YTD return: -23.37%

SQU declined 1.82% WTD in USD, bringing its YTD return to -23.37%.

WTD losses were led by Sea Ltd, Delta Electronics Thailand and Grab.

A-Share Equity ETFs

$CSOP DIV ETF S$(SHD.SI)$ YTD return: +11.92%; S$ SCY YTD return: -6.52%; $CSOP CS A500 ETF S$(SUN.SI)$ YTD return#: -14.71%

Chinese equities came under pressure from the global AI selloff and worsening earnings revisions. Following market weakness and volatility, China stepped up measures to stabilize its stock market. According to Bloomberg, national team ETF buying hits 128.7bn yuan last week, the highest since April 2025 rout, helping to ease the decline.

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/10/23, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2026/06/30)

SHD’s underlying fund’s top 10 holdings (as of 2026/06/30)

CSA500’s underlying fund’s top 10 holdings (as of 2026/06/30)

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. Neither CSOP nor any of its affiliates accepts any responsibility or liability for any loss arising from the improper use of, or reliance upon, the whole or any part of the contents of this document. 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. The Index Provider is not related to the Underlying Fund Manager. An index licensing agreement was signed between CSI and the Underlying Fund Manager.