【SRT】
As of 21 Nov 2025 (Fri), SRT was slightly down at -0.77% WTD in SGD, and rose 12.39% YTD in SGD.
Despite the decline, on a more positive note, Macquarie has highlighted that MAS’s rollout of the next round of equity market reforms, including a second tranche of EQDP funds that are likely allocated within 1-2 quarters. Other initiatives include enhancing the market making ecosystem, upgrading post-trade custody model, and lowering minimum board lot sizes. These will reduce costs and improve investor access and trading activity.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +12.39%
【MMF】
As previously shared, labour market data is in focus. Last week, September nonfarm payrolls data release showed that it rose more than expected. The October FOMC minutes showed many members favour keeping rates unchanged for the rest of the year.
However, on Friday (2025/11/21), US Treasuries gained after New York Fed President John Williams, a key ally of Fed Chair Powell, suggested possible near-term rate cuts due to employment risks and reduced inflation pressures. Traders increased bets on a December rate cut, but policymakers remain divided.
Looking ahead, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/11/21, the fund has a net yield at 3.87%. ^
$MMF Net 7-day Yield: +3.87%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
Long-end bond yields have remained range-bound this month amid muted policy signals, with rate cuts seemingly delayed and central bank’s bond-buying details pending, while weak economic data and ample liquidity curb sell-offs. Focus shifts to December’s Central Economic Work Conference for potential monetary easing cues to drive a rally. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$
Looking at YTD performance as of 2025/11/21, CYC/CYB’s NAV gained +0.58% in CNY and gained +3.26% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore Raises 2025 GDP Forecast to 4% on Strong Q3
According to The Straits Times, the Ministry of Trade and Industry (MTI) raised Singapore’s 2025 GDP growth forecast to ~4% from 1.5% to 2.5% range projected in August. This large increment was after 3Q25 saw better-than-expected performance. However, this expansion is likely to ease in 2026 on US tariff effects. $NASDAQ(.IXIC)$
Source: CSOP, Bloomberg, JPM, HSBC, and The Straits Times, as of 2025/11/21, 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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