To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.61%*

US’ partial government shutdown caused delay in data releases. As such, the coming week will see the release of several key economic data, including January payrolls and inflation figures. The data will be used to gauge the Fed’s timeline for rate-cut resumption after January’s hold. JPM forecasts 75k increase in nonfarm payrolls and 0.39% gain in January core CPI. Traders currently price in under 20% odds of a March cut. Nevertheless, we expect CSOPUMM to continue delivering stable yields in the near-term.

* Data as of 2026/02/06. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: +0.23%

As of 6 Feb 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 0.52% WTD in SGD but rose 0.23% YTD in SGD. WTD losses were led by industrial, office and data centre by subsector, and MINT, CLAR and MLT by individual REIT.

Despite the WTD pullback, Singapore REITs’ outlook remains constructive. After prolonged high-rate pressures in the preceding years, The Business Times projects a stronger 2026 as easing financing costs, resilient fundamentals, and reasonable valuations boost the sector’s risk-reward appeal. Singapore REITs are also in the midst of reporting their earnings.

【Fixed Income】

CYC YTD NAV: +0.54% in CNY; +1.23% in USD^

Funding conditions in China are broadly stable. The PBOC announced it increased government bond purchases to RMB100 billion in January (vs. RMB50 billion in December), aligning with expectations of stronger intervention amid rising yields in early-January. HSBC projects a 20bp reverse repo cut this year, and forecasts the 10-year CGB yield to drop to 1.70%. Ahead of the Lunar New Year holiday, funding conditions are stable as PBOC restarted the 14-day reverse repo, which should contain rate pressures. $ICBC CSOP CGB ETF S$(CYC.SI)$

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

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +7.27%

– $CSOP LOW CARBON US$(LCU.SI)$ declined 0.78% WTD in USD but gained 7.27% YTD in USD.

– WTD losses were led by communication services, IT and consumer discretionary by sector, China, South Korea and Taiwan by region, and Tencent Holdings, Alibaba Group and SK Hynix by individual firm.

– Despite the WTD pullback amid concerns over elevated tech valuations, LCU continues to post strong YTD gains, outperforming the S&P 500. LCU has also seen sizeable inflows, supported by investors seeking diversification outside the US.

– Since Japan represents a significant portion of LCU, it's notable that Japanese equities rose sharply when markets opened on Monday, 9 Feb 2026, after Japan’s PM Takaichi's election victory paved the way for further fiscal stimulus.

US$ SQU YTD return: -8.13%

– $CSOP SEA TECH ETF US$(SQU.SI)$ fell 7.00% WTD in USD and declined 8.13% YTD in USD.

– SQU’s WTD declines are attributable to MD Entertainment, Sea Ltd and Infosys.

– MD Entertainment was affected by Moody’s downgrade of Indonesia’s credit rating outlook to negative from stable, causing Indonesian stocks to slip. Moody’s cited lower predictability in policymaking days after MSCI warned of transparency issues which had caused a market rout.

A-Share Equity ETFs

S$ SHD YTD return: +2.93%; S$ SCY YTD return: -0.68%; S$ CSA500 YTD return#: -3.30%

– Chinese equity market’s WTD decline was led by technology sector, alongside global tech equities.

– In more positive news, China and U.S. leaders held a call on economic, trade, and geopolitical issues, which Trump described as terrific.

# Data begins from CSA500 SP Equity’s inception date of 2026/01/20.

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/02/06, except where otherwise stated.

$CSOP Star&Chinext50 S$(SCY.SI)$ ’s underlying fund’s top 10 holdings (as of 2025/12/31)

$CSOP DIV ETF S$(SHD.SI)$ ’s underlying fund’s top 10 holdings (as of 2025/12/31)

CSA500’s underlying fund’s top 10 holdings (as of 2025/12/31)

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.

CSA500

All rights in the 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.