East Asia
LCU YTD return: +24.45%
– While $CSOP LOW CARBON US$(LCU.SI)$ declined 2.51% in USD WTD, it gained 24.45% in USD YTD.
– WTD declines are primarily attributable to a broad global risk-off sentiment. Tech selloff happened amid rising concerns surrounding the profit viability of AI as AI might not have produced sufficient revenue or profits to justify huge infrastructure spending.
SQU YTD return: +6.29%
– While $CSOP SEA TECH ETF US$(SQU.SI)$ fell slightly 0.93% in USD WTD, it gained 6.29% in USD YTD.
– WTD declines were primarily led by Goto Gojek Tokopedia, Grab and Delta Electronics Thai.
China
SHD YTD return: -2.42%
SCY YTD return: +46.52%
– According to HSBC, China A-shares saw strong 3Q25 earnings, despite a backdrop of a weak economy. This could continue driving the market rally alongside liquidity and policy support.
– The disconnect between earnings and the economy is partly due to differences in sector weightings. For example, real estate is underrepresented in the A-share market, while info tech and financials are overrepresented. $CSOP Star&Chinext50 S$(SCY.SI)$ $CSOP DIV ETF S$(SHD.SI)$
SCY’s underlying fund’s top 10 holdings (as of 2025/09/30)
SHD’s underlying fund’s top 10 holdings (as of 2025/09/30)
US
– US equities dropped sharply as tech stocks fell on concerns about AI’s near-term profit viability, revealing the market's heavy reliance on major growth firms.
– With the US government shutdown over, economic data releases are resuming and will offer guidance on rates and overall economic health.
– The upcoming NFP report will clarify labour market conditions. JPM anticipates a weak print, supporting expectations for a December rate cut. $Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$ $Tesla Motors(TSLA)$
Source: CSOP, Bloomberg, JPM, HSBC, as of 2025/11/18, unless otherwise stated.
Disclaimer
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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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