To The Moon

Weekly Performance Checkpoint

【SRT】

Last week, SRT traded relatively flat. Losses were mainly attributable to retail, data centre and hotel by subsectors, as well as CICT, Suntec REIT and FCT by individual REITs. Despite that, according to CNBC, Singapore, while costlier than regional peers, is drawing tourists with premium attractions, conferences, and live events. Singapore tourism board backs interactive experiences to align with global experiential travel trends, projecting 17-18.5 million visitor arrivals this year, fuelled by new attractions like Minion Land, Rainforest Wild Asia and Disney’s cruise. Hotel RevPAR could rise 4% in 2025 if visits meet the state’s 3-12% growth forecast.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: +2.35%

【MMF】

Last week, FOMC held rates steady, as markets had expected, though Fed SEP forecasts were hawkish. Growth forecasts were lowered while inflation projections were raised, underscoring the dual-sided risks the Fed faces. Immediately after this announcement and Powell's subsequent press conference which had a dovish tilt, the Treasury curve bull-steepened, indicating more emphasis is placed on growth risks than sticky inflation concerns.

QT tapering was also announced to begin April 1, with JPM anticipating a reduced monthly cap on US Treasuries until end-1Q26 under a "slower for longer" approach. Powell framed inflation risks as tariff-driven and signaled policy flexibility should labor markets loosen rapidly.

Despite all of this, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250321, 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】

Bloomberg Intelligence analysts note that China’s liquidity withdrawal has temporarily stabilized bond yields and supported the yuan, but long-term sustainability remains uncertain. Last week, the PBOC shifted to net liquidity injections to address tax and quarter-end funding needs, with HSBC interpreting this as a signal that near-term required reserve ratio cuts are unlikely. This could keep interbank borrowing rates elevated until quarter-end.

Bond supply surged last week, with central and local government net issuance hitting RMB 314bn, reversing RMB 32bn net redemption the week before. Preliminary data indicates net issuance may climb further to at least RMB497 billion the coming week.

Looking at YTD performance as of 2025/03/20, $ICBC CSOP CGB ETF SGD(CYC.SI)$/ $ICBC CSOP CGB ETF US$D(CYB.SI)$’s NAV fell -1.05% in CNY and gained -0.22% in USD*.

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

Global Market Outlook

【SG】JPM Sees S-REITs Gaining Traction on Recession Fears; Rate Cuts to Boost DPU, Ease Costs

JPM forecasts an investor shift to S-REITs as recession worries rise. Falling Singapore rates and expected Fed cuts in 2025 could lift S-REITs’ appeal, with DPU potentially rising 4% per 100bps floating rate drop and borrowing costs easing.

【US】Fed Grapples with Dual Risks as Growth Forecasted to Slow, Inflation Anticipated to Rise

US growth forecasts were lowered while inflation projections were raised. This underscores the dual-sided risks the Fed faces. Fed’s SEP showed 2 cuts in 2025, aligning with expectations, though distribution shifted more hawkish. The economic calendar in the upcoming week is relatively light

Source: CSOP, Bloomberg, as of 2025/03/21

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.