【Money Market Fund】
US$ MMF Net 7-day Yield: +3.59%*
According to HSBC, U.S. Treasuries have stabilised in April with volatility easing from March, and while Middle East headlines may still trigger short‑term moves, markets are now less sensitive to such narratives.
Attention is shifting to Kevin Warsh’s Fed Chair hearing on 21 April, with focus on Fed funds rate outlook and Fed balance sheet policy, though no near‑term policy changes are expected. Market rate expectations suggest confidence in Fed independence and that policy path depends on economic outlook.
Meanwhile, we expect CSOPUMM to continue delivering stable yields in the near-term.
* Data as of 2026/04/17. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【REITs】
S$ SRT YTD total return: ‑1.33%
As of 17 April 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 2.29% WTD in SGD, reversing earlier weakness and narrowing its YTD total return loss to ‑1.33%. WTD’s gains were led by industrial, retail and data centre by subsector, and MLT, FLT and MINT by individual REIT.
On a more positive note, according to The Business Times, analysts favour defensive S-REITs amid macroeconomic uncertainty.
Separately, in KDCREIT’s latest quarterly update, Q1 DPU rose 13.2% YoY to 2.833 Scts. KDCREIT also saw robust +51% rental reversions and a 20bp QoQ debt cost drop to 2.6%, reinforcing its position as a high-quality data center REIT with visible income streams and manageable risks, per DBS.
【Fixed Income】
CYC YTD NAV: +1.08% in CNY; +3.47% in USD^
According to HSBC, interbank funding rates remain at lows amid weakening credit growth, with new lending and total social financing continuing to slow in March. HSBC also noted that funding conditions are expected to normalise after the upcoming tax payment deadline and greater bond issuance in the coming weeks. $ICBC CSOP CGB ETF S$(CYC.SI)$
^ CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error.
【Equities】
Regional Equity ETFs
US$ LCU YTD return: +12.11%
· $CSOP LOW CARBON US$(LCU.SI)$ rose 2.79% WTD in USD, lifting YTD returns to +12.11%.
· WTD gains were led by IT, consumer discretionary and communication services by sector, Japan, South Korea and Taiwan by region, and Samsung Electronics, TSMC, and SK Hynix by individual firm.
· During the week, markets were trading broadly on ceasefire optimism and spillover positive sentiment derived from strong U.S. corporate earnings (e.g. Bank of America, Morgan Stanley). Markets had gained on hopes that easing Middle East tensions could stabilise energy cost and inflation and support growth recovery.
· However, it is worth noting a pullback in Asian equities on Friday as investors trimmed positions ahead of the weekend whilst waiting for progress on the US-Iran ceasefire extension.
US$ SQU YTD return: ‑9.25%
· $CSOP SEA TECH ETF US$(SQU.SI)$ gained 0.79% WTD in USD, trimming losses but leaving YTD returns at ‑9.25%.
· WTD gains were led by Grab, Infosys and Sea Ltd.
A-Share Equity ETFs
S$ SHD YTD return: +7.57%; S$ SCY YTD return: +15.23%; S$ CSA500 YTD return#: ‑0.70%
· During the week, China equities market gained alongside Asian markets on ceasefire optimism. Subsequent to period end (20 April 2026), sentiment turned more cautious over renewed clashes. The U.S. said it seized an Iranian vessel in the Gulf of Oman.
· The week ended 2026/04/17 saw some key economic data releases. China’s GDP grew 5.0% YoY in Q1 2026, topping forecasts (4.8%), and it was driven by industrial activity and infrastructure spending, though consumption and property sectors lagged.
· In March, it is also noted that deflationary pressure eased as PPI turned positive (+0.5% YoY) for the first time in over three years, primarily due to energy and commodities price gains.
· Heading into year-end, Morgan Stanley stated that it maintains a preference for A-shares, projecting moderate upside driven by easing e-commerce competition, more balanced index composition, and growing advantages in upstream/green tech sectors.
# Data begins from CSA500 SP Equity’s inception date of 2026/01/20.
Source: CSOP, Bloomberg, JPM, HSBC, Morgan Stanley, and The Business Times, as of 2026/04/17, except where otherwise stated.
$CSOP Star&Chinext50 S$(SCY.SI)$ ’s underlying fund’s top 10 holdings (as of 2025/12/31)
$CSOP DIV ETF S$(SHD.SI)$ ’s underlying fund’s top 10 holdings (as of 2025/12/31)
CSA500’s underlying fund’s top 10 holdings (as of 2025/12/31)
Disclaimers:
All information and data presented are based on the latest available weekly performance data at the time of preparation, unless stated otherwise.
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 & CSA500
All rights in the 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