East Asia
LCU WTD return: +2.56%
· $CSOP LOW CARBON US$(LCU.SI)$ gained 2.56% in USD WTD and 28.24% in USD YTD.
· WTD performance was led by IT, consumer discretionary and financials by subsector, Japan, China, and Taiwan by region, and Alibaba, TSMC, and Tencent by individual firm.
· Chinese tech firms are benefitting from Beijing’s push for self-reliance in the critical sector and overseas expansion, with Goldman Sachs naming $Alibaba(BABA)$ a top pick amongst Chinese firms expanding overseas.
· TSMC reported strong Q3 earnings and raised its revenue outlook, reinforcing the strength of the global AI investment theme. TSMC and $NVIDIA(NVDA)$ achieved a milestone by producing Nvidia’s first Blackwell wafer in the US.
SQU WTD return: +3.18%
· $CSOP SEA TECH ETF US$(SQU.SI)$ gained 3.18% in USD WTD and 7.51% in USD YTD.
· WTD performance was primarily due to Astra, Infosys and Delta Electronics by individual firm.
· Delta Electronics rose on expectations that core profit may have risen to record high in Q3, supported by growing demand for AI data centres.
China
SHD WTD return: +0.84%
SCY WTD return: +6.28%
· Goldman Sachs expects Chinese equities to rise due to pro-market policies, profit growth, and strong capital flows. Additional demand-side stimulus, AI-driven profit increases, and robust domestic and foreign investor flows should support Chinese shares. $CSOP DIV ETF S$(SHD.SI)$ $CSOP Star&Chinext50 S$(SCY.SI)$
· Looking ahead, investors are monitoring the Fourth Plenum meeting and upcoming US-China talks for market signals.
· SCY’s underlying fund’s top 10 holdings (as of 2025/06/30)
· SHD’s underlying fund’s top 10 holdings (as of 2025/06/30)
US
· US equities were lifted by robust US earnings and easing US-China tensions.
· Markets are seeing strong Q3 earnings with ~85% of firms beating profit estimates thus far, which alleviated worries over US government shutdown and hopes of US-China trade talks boosted sentiment.
Source: CSOP, Bloomberg, HSBC, as of 2025/10/21, unless otherwise stated.
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Index Provider Disclaimer
LCU
The 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 Asia Pacific Low Carbon Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company 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 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.
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.
SQQ/SQU
The CSOP iEdge Southeast Asia+ TECH 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 Index and/or the figure at which the Index stand at any particular time on any particular day or otherwise. The Index is 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 Southeast Asia+ TECH Index ETF 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 the Manager under license. All intellectual property rights in the Index vest in SGX.
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.
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