To The Moon

Weekly Performance Checkpoint

【SRT】

Last week, SRT’s decline was attributed to industrial, office and data centre by subsectors, and MINT, MPACT and KDCREIT by individual REITs. MINT fell after JPM cut it from overweight to underweight due to expectations of rising vacancies at US and SG data centres with upcoming non-renewals as well concerns over Deepseek.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -1.16%

【MMF】

Last week, US rates were up following higher oil prices, Fed Chair Powell’s remarks and higher-than-forecasted January CPI prints. Following last Wednesday’s CPI report release, Fed fund futures suggest the next full 25bp policy rate cut in 4Q25 (vs 3Q25 previously).

As such, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250214, the fund has net yield at 4.22%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.22%

^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【CN】

Last week, CGB price was fell slightly in both CNY and USD terms and interbank funding rates continued staying high in China. As USDCNY remains at a high level, monetary easing appears to be unlikely. There could be further rise in interbank funding rates as seasonal tax payment deadline is due 20 February, Thursday. Separately, the market is seeing some optimism surrounding the Chinese market following the rise of DeepSeek, as well as the government’s possible financial support for property developer, Vanke. 

Looking at YTD performance as of 2025/02/13, $ICBC CSOP CGB ETF SGD(CYC.SI)$ / $ICBC CSOP CGB ETF US$D(CYB.SI)$ ’s NAV rose +0.28% in CNY and +0.36% in USD*.

* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error

Global Market Outlook

【SG】S-REITs sees an improved 2025 outlook with easing borrowing costs and higher yields  

Market expectations for a rate cut have shifted from June to December this year, DBS anticipates that investors will gravitate towards S-REITs for security, particularly those that can provide steady DPU growth in a high-interest rate environment and have valuations that are not as stretched compared to their historical level.

【US】FOMC minutes to be released this week

This week’s key releases include the FOMC minutes as well as jobless claims. Moving forward, investors could also be wary of near-term volatility from changes to US trade policy.

Disclaimer

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. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or 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 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.