【SRT】
As of 3 Oct 2025 (Fri), SRT gained 2.73% WTD in SGD, and rose 14.41% YTD in SGD. YTD gains were led by industrial, retail and office by subsector and CICT, MPACT and MLT by individual REITs.
CICT rose as it surpassed Hong Kong’s Link Reit as Asia’s largest REIT, driven by a S$600M August private placement to acquire the remaining 55% stake in CapitaSpring, amid peak rate optimism. Meanwhile, MPACT rose after CGSI increased its price target and kept its add rating on tailwinds of falling interest rate as most of the REIT’s debt is denominated in SGD.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +14.41%
【MMF】
Despite a US government shutdown which began 1 Oct 2025, the Treasury Department can still pay coupons and auction debts while the Fed’s operations remain unaffected. As such, any impact to bond market is indirect.
Looking ahead, a prolonged shutdown would cause delays in economic data releases, reducing the market’s conviction of Fed’s rate trajectory, causing greater term premium to be demanded, causing a steepening of the long end treasury curve.
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/10/03, the fund has a net yield at 4.02%. ^
$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$Net 7-day Yield: +4.02%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
China is closed for National Day holidays from 1 Oct 2025 and will reopen on 9 Oct 2025. Before the break, NDRC announced RMB500bn in new policy-backed financial instruments, raising concerns about increased bond supply. However, HSBC notes that it sees most policy bank bonds have already been issued and expects policymakers to focus on accelerating capital deployment phase.
As the Fourth Plenum, scheduled for 20-23 October 2025, approaches, markets are nearing when policy expectations are expected to moderate, which may shift the bond market's focus back to fundamental trading instead of equity market sentiment.
Looking at YTD performance as of 2025/09/30, $ICBC CSOP CGB ETF S$(CYC.SI)$ / $ICBC CSOP CGB ETF US$D(CYB.SI)$ ’s NAV fell -0.04% in CNY and gained +2.50% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s August Retail Sales Beat Forecast
Singapore’s retail sales grew 5.2% YoY in August (consensus: 4.8%), supported by CDC vouchers distributed by the government and tourism as Singapore saw tourist arrivals rising 4.5% YoY in August.
【US】September’s FOMC Meeting Minutes in Focus
September’s FOMC meeting minutes will be released in the coming day with focus on views regarding the neutral Fed funds rate. Front end rates are more dovish than the dot plot, pricing end-2026 Fed funds at about 2.96% (vs median dot of 3.38%).
Source: CSOP, Bloomberg, JPM, HSBC, and The Straits Times, as of 2025/10/03, 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
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