To The Moon

【SRT】

As of 31 Oct 2025 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ was slightly down at -0.62% WTD in SGD, and rose 15.14% YTD in SGD. SRT’s decline was against a backdrop of a hawkish Fed rate where, despite a 25bp rate cut at the Oct meeting, Powell had stated that a cut at the Dec meeting was not a foregone conclusion.

Nevertheless, DBS expects two more cuts and possible further easing, with S-REITs potentially facing short-term market volatility as markets reassess Fed rate trajectory, though limited downside anticipated. A steady rate-cut cycle should lower funding costs and improve refinancing into FY26. DBS foresees S-REIT sentiment improving after 3Q25 results, as low SORA rates make interest rates more favourable.

S$ SRT 2025 YTD Total Return: +15.14%

【MMF】

As expected, at the Oct FOMC meeting, Fed cut rates by 25bp (target range: 3.75%-4.00%). However, Powell’s hawkish remarks that a Dec rate cut is not a “forgone conclusion”, resulted in USD strengthening and dampened bond market dovishness.

Looking ahead, large-scale moves in Treasuries are unlikely given the lack of economic data due to the ongoing government shutdown.

FOMC also announced QT will end on Dec 1 which will see Fed halting Treasury holdings redemptions and reinvesting proceeds from MBS holdings into T-bills, which would support Treasury’s current strategy of relying on T-bill issuance to meet short-term funding needs.  

Despite this, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/10/31, the fund has a net yield at 3.92%. ^

$MMF Net 7-day Yield: +3.92%

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

【CN】

PBoC Governor announced that thee PBoC is ready to resume government bond market operations, after halting bond purchases in January 2025, which is a catalyst that could potentially trigger a material CGB rally. This move aims to provide policy stimulus amid slowing growth in 2H25.

Looking ahead, if policy rate falls another 10bp before year-end, preferred 10Y CGB range may decline to 1.65%-1.75%. HSBC’s year-end 10Y CGB forecast is 1.70%.

Looking at YTD performance as of 2025/10/31, CYC/CYB’s NAV gained +0.58% in CNY and gained +3.21% in USD*. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$

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

Global Market Outlook

【SG】Singapore’s Business Expectations Survey: Manufacturing and Services Sectors Upbeat Amid Lingering Global Caution

The Business Expectations Survey by the Department of Statistics, released on October 31, reports that outlook in the manufacturing and services sectors is generally more positive for the next six months. However, companies remain cautious due to ongoing global economic uncertainty.

【US】Large-Scale Moves in Treasuries are Unlikely Due to Ongoing Government Shutdown  

Looking ahead, large-scale moves in Treasuries are unlikely given the lack of economic data due to the ongoing government shutdown. $NASDAQ(.IXIC)$

Source: CSOP, Bloomberg, HSBC, and The Straits Times as of 2025/10/31, except where otherwise stated.

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.