【SRT】
As of 26 Sep 2025 (Fri), while $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined slightly by -0.39% WTD in SGD, it rose 11.38% YTD in SGD.
Aside from tailwinds arising from expectations of further Fed rate cuts, the launch of the new iEdge Singapore Next 50 Indices, tracking SGX’s largest non-blue-chip stocks, may boost investor focus on mid-caps like some of the REITs in the CSOP SRT ETF (e.g. CLAS, KREIT, Suntec REIT)
S$ SRT 2025 YTD Total Return: +11.38%
【MMF】
Over the week, US treasuries largely traded rangebound as markets digest Fed’s September FOMC meeting. The week also saw robust economic data release (Q2 GDP revised upwards to 3.8%), resilient labour metrics (decline in initial claims to 218k), and PCE inflation measure aligning with expectations.
Looking ahead, markets will be focused on employment data to assess labour market risks. Should labour market see relative resilience, markets could reprice hawkishly.
We expect CSOP USD Money Market Fund to continue to deliver stable yield in the near term. As of 2025/09/26, the fund has a net yield at 3.98%. ^
$MMF Net 7-day Yield: +3.98%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
Chinese equity market saw strong performance, with Alibaba announcing larger capex to develop AI infrastructure. Meanwhile, Chinese bond market weakened during the week. Chinese interbank funding rate had stopped declining, likely due to cautious policymaker action amid the equity market rally. As quarter-end approaches, a liquidity squeeze could occur. Furthermore, the upcoming Fourth Plenum could fuel further equity gains. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$
Looking at YTD performance as of 2025/09/26, CYC/CYB’ss NAV fell -0.05% in CNY and gained +2.26% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore Core Inflation Cooled to 0.3% YoY in August
Following economic uncertainty and government subsidies, Singapore’s core CPI slowed to 0.3% YoY in August, primarily due to slower services inflation arising from lower holiday expenses and airfares and lower electricity/gas costs. Meanwhile, Singapore’s factory output fell -7.8% YoY in August, missing expectations.
【US】Looming US Government Shutdown as Officials Work to Pass Funding Bill, Markets Eye Labor Metrics
In the coming week, there is a possibility that a US government shutdown could delay the release of critical economic data like Friday's payrolls report, pivotal for Fed rate-cut decisions, as leaders work to pass a funding bill. Markets will be focused on labour market data this week. $S&P 500(.SPX)$ $NASDAQ(.IXIC)$
Source: CSOP, Bloomberg, JPM, HSBC, and The Straits Times as of 2025/09/26, except where otherwise stated.
Disclaimer
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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.
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