To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.71%^

Looking ahead, HSBC sees two main themes in the market, Fed independence and Supreme Court’s decision regarding the tariffs levied under the IEEPA. During the weekend (2026/01/17), Trump proposed tariffs on eight nations opposing his Greenland acquisition plans, and this reignited trade tensions. Markets saw a rise in risk-off sentiment, and haven assets rallied.

Despite the geopolitical environment, we expect CSOPUMM to continue delivering stable yields in the near-term.

^ Data as of 2026/01/16. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: +1.39%

As of 16 Jan 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ rose 0.75% WTD in SGD and rose 1.39% YTD in SGD. WTD gains were led by industrial, office and data centre by subsector and KREIT, KDCREIT and FLT by individual REIT.

Separately, according to Macquarie, Singapore’s equity market reforms, declining interest rates, and a robust SGD are creating tailwinds for small- and mid-cap stocks, which are heavily weighted toward S-REITs. Macquarie also highlights S-REITs as a preferred sector amid falling rates.

【Fixed Income】

CYC/CYB YTD NAV: +0.18% in CNY; +0.46% in USD*

HSBC sees comfortable interbank liquidity conditions. Given that the Lunar New Year is approximately 1 month away, HSBC expects PBOC to maintain stable funding rates, with 7-day repo rate around 1.50%-1.55%. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$

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

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +6.25%

– $CSOP LOW CARBON US$(LCU.SI)$ gained 3.06% WTD in USD and 6.25% YTD in USD.

– LCU’s WTD gains can be attributable to IT, financials and consumer discretionary by sector, Japan, Taiwan and South Korea by region and Alibaba Group, TSMC and MUFG by individual firm.

– Since the start of 2026, Asian equities have rallied on earnings and regional growth optimism. LCU has significantly outpaced $S&P 500(.SPX)$ , with YTD (as of 2026/01/16) total returns at 6.25% and 1.43% respectively.

– During the week, U.S. and Taiwan had also agreed on a trade deal, which slashed tariffs on Taiwanese goods to 15% and committed Taiwanese semiconductor firms to boost financing for U.S. operations. This is worth noting given LCU’s exposure to Taiwan. $

US$ SQU YTD return: +1.42%

– $CSOP SEA TECH ETF US$(SQU.SI)$ gained 0.91% WTD in USD and gained 1.42% YTD in USD.

– SQU’s WTD gains are attributable to Infosys, Venture Corp and Astra International.

A-Share Equity ETFs

S$ SHD YTD return: +0.66%; S$ SCY YTD return: +7.05%

– SCY has significantly rallied YTD.

– While CSRC pledged at its annual conference to crack down on excessive speculation and market manipulation, aiming to prevent sharp market swings, state media has emphasized that regulatory measures are intended to "squeeze bubbles" and redirect capital to high-quality assets, not suppress the market.

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/01/16, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2025/09/30)

SHD’s underlying fund’s top 10 holdings (as of 2025/09/30)

Disclaimers:

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

All rights in the SSE Dividend Index (“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.