【Money Market Fund】
US$ MMF Net 7-day Yield: +3.72%^
As of 2026/01/02, OIS markets priced in ~2 more rate cuts by end of 2026. Meanwhile, JPM expects one last Fed rate cut in January before going on hold, but stresses it is a close call. Nevertheless, in the near-term, we expect CSOPUMM to continue to deliver stable yield.
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
Source: CSOP, Bloomberg, JPM, and HSBC, as of 2026/01/02, except where otherwise stated.
【REITs】
S$ SRT WTD total return: +1.28%
Beyond equities, Singapore REITs (S-REITs) also delivered solid returns, supported by favourable interest rate trends. As of 2 Jan 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ rose 1.28% WTD in SGD. For the full year 2025, SRT gained 14.41% in SGD.
Looking ahead to 2026 and 2027, DBS forecasts a two-year earnings upgrade cycle Singapore REITs, supported by 3M SORA rates anchored near 1.2-1.3% (near 3-year lows), which could boost distributions per unit (DPUs) by ~2.5% through lower financing costs. DBS thinks this earnings recovery has not been fully priced in. Meanwhile, with ~20% of S-REITs now in the SGX Next 50, this should position mid-cap S-REITs for catch-up opportunities.
【Fixed Income】
CYC/CYB Full Year 2025 NAV: +0.26% in CNY; +4.73% in USD*
In December, lower daily USD-CNY fixings strengthened confidence in RMB. Looking ahead to 2026, long-end bond yields are expected to remain under downward pressure. HSBC expects USD-RMB to continue its downward trajectory in the near-term, with gradually lower daily USD-CNY fixings. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
【Equities】
Regional Equity ETFs
US$ LCU 2025 return: +29.18%
· For the full year 2025, $CSOP LOW CARBON US$(LCU.SI)$ gained 29.18% in USD.
· LCU’s 2025 gains can be attributable to IT, financials and communication services by sector, Japan, Taiwan and South Korea by region and TSMC, Samsung Electronics and Tencent Holdings by individual firm.
· In 2025, Asian tech names have largely benefited from the AI-led rally, which saw the IT sector outperforming in LCU.
US$ SQU 2025 return: +8.61%
· For the full year 2025, $CSOP SEA TECH ETF US$(SQU.SI)$ gained 8.61% in USD.
· 2025 gains were led by Delta Electronics, MD Entertainment and Astra International.
A-Share Equity ETFs
S$ SHD 2025 return: -5.29%
S$ SCY 2025 return: +53.13%
· On 31 December, China PMI was reported to be stronger than forecasted at 50.1.
· In Chinese President Xi Jinping’s New Year speech, he highlighted China’s advancements in AI and semiconductors, and expressed confidence in achieving the 2025 economic growth target of around 5%.
· HSBC sees that China is on track to reaching the government’s ~5% growth target for 2025, and forecasts 4.6% GDP growth in 2026 and 4.7% in 2027.
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)
Disclaimers:
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.
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 disclaimers:
SRT & SQQ
The CSOP iEdge S-REIT Leaders Index ETF and CSOP iEdge Southeast Asia+ TECH Index ETF (collectively, the “ETFs”) 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 iEdge Southeast Asia+ TECH Index (collectively, the “Index”) and/or the figure at which the Index stand at any particular time on any particular day or otherwise. The 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 ETFs 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 CSOP under license. All intellectual property rights in the index vest in SGX.
CYC/CYB & LCU
The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) and 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 Chinese Government Bond Index & FTSE Asia Pacific Low Carbon Select Index (collectively, the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark 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.
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.
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.
Comments