To The Moon

Weekly Performance Checkpoint

【SRT】

SRT’s gains last week was led by industrial, retail and hotel by subsectors, as well as MLT, CICT and FLT by individual REITs. CICT gained amidst news that Singapore retail sales excluding vehicles gained 4.8% y/y in January, the highest growth since February 2024. This could lead to higher turnover rents and might lift 1Q revenue for mall landlords including CICT.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.42%

【MMF】

Last week, short-term US Treasury yields fell sharply while long-term rates held steady, though tariff news and frequent economic data kept long-end volatility elevated. This drove significant steepening in both Treasury and TIPS curves.

Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250307, the fund has a net yield at 4.21%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.21%

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

【CN】

The National People’s Congress policy targets aligned closely with market forecasts, yielding few surprises. China’s rates edged higher, tracking funding conditions and equity movements.

China’s 2025 GDP growth target is set around 5% and will be supported by proactive fiscal policy. China’s resolve to bolster domestic demand is also evident from their record high official fiscal deficit target of ~4.0% and higher special government bond issuance.

Looking ahead, given the lack of permanent liquidity provision from the central bank, interbank funding may stay tight as heavy bond issuance continues due to expanded fiscal stimulus.

Looking at YTD performance as of 2025/03/06, CYC/CYB’s NAV fell -0.46% in CNY and gained +0.31% in USD*.

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

Global Market Outlook

【SG】Singapore Sees 2025 Growth Slow to 1-3% with Core Inflation at 1-2% Amid Global Tensions; Southeast Asia Eyed as 2030’s No.4 Economy

Singapore Deputy PM Gan Kim Yong projects Singapore’s 2025 economic growth at 1-3% (down from 2024’s 4.4%) amid geopolitical trade tensions and competition for strategic investments among big economies. Core inflation to moderate to 1-2%. Asia’s economy is expected to expand steadily, underpinned by Southeast Asia’s expected rise to the world’s fourth-largest economy by 2030.

【US】US Jobs, CPI Data to Test Bond Market After Volatile Month

In the week ahead, key US labor and inflation data (nonfarm payrolls, CPI) will dominate focus. Last month’s deviations from forecasts sparked bond market swings; a repeat could prolong the tug-of-war between bullish and bearish forces in the bond market.

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.