To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.63%*

Markets are bracing for a heavy slate of labour data next week after Treasuries ended February firm, with 10Y yields repeatedly testing, but not breaking 4%. Front‑end forwards priced far more Fed easing than post‑January FOMC (with end‑2027 implied rates well below the 3% long‑run neutral “dot”), which HSBC views as overdone given resilient macro data. HSBC argues the latest yield decline has been partly fuelled by narratives surrounding AI impact on markets.

Nevertheless, we expect CSOPUMM to continue delivering stable yields in the near-term.

* Data as of 2026/02/27. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: +0.36%

As of 27 Feb 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ was down 0.13% WTD in SGD but rose 0.36% YTD in SGD. WTD declines were predominantly due to industrial, hotel and office by subsector, and MPACT, LREIT and FLT by individual REIT. A Citi analyst pointed out that LREIT was impacted by the limited DPU accretion and the need for a second fundraising within four months to buy the remaining 30% stake in PLQ mall, which reduced the benefits of the deal.

Despite SRT’s WTD declines, on a more positive note, DBS noted that mid‑cap Singapore S‑REITs could “unlock alpha,” with scope to outperform large‑caps as EQDP‑driven sentiment and participation broaden. With mid‑cap valuations still lagging large-caps, analysts see room for an upside re‑rating.

【Fixed Income】

CYC YTD NAV: +0.56% in CNY

Funding costs remain near lows, with the 7‑day banks‑only repo averaging 1.49% month‑to‑date (vs 1.51% in Jan) even after factoring in Lunar New Year effects, while the renminbi continues a steady appreciation. HSBC notes the PBoC could consider a rate cut if it wants to temper the pace of currency gains. $ICBC CSOP CGB ETF S$(CYC.SI)$

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +14.99%

·         $CSOP LOW CARBON US$(LCU.SI)$ gained 3.03% WTD in USD and gained 14.99% YTD in USD.

·         WTD gains were led by IT, consumer discretionary, and industrials by sector, South Korea, Japan and Taiwan by region and Samsung Electronics, TSMC, and SK Hynix by individual firm.

·         Increased global investment in leading South Korean chipmakers has contributed to the growth of ETFs such as LCU. This trend is primarily due to rising worldwide demand for memory products.

US$ SQU YTD return: -2.95%

·         $CSOP SEA TECH ETF US$(SQU.SI)$ gained 3.02% WTD in USD but declined 2.95% YTD in USD.

·         SQU’s WTD gains are attributable to Delta Electronics, MD Entertainment and Astra International.

·         Delta Electronics became Thailand’s first $100 billion company during the week as the US Supreme Court ruling against tariffs boosted demand outlook for AI cooling equipment.

A-Share Equity ETFs

S$ SHD YTD return: +6.72%; S$ SCY YTD return: +4.02%; S$ CSA500 YTD return#: -0.50%

·         China markets returned after the Lunar New Year holiday and equity transaction volume improved though still far from levels in mid-January.

·         Looking ahead to China’s “Two Sessions” which will kick off in the coming week, some institutions believe this year’s growth target may be set at around 4.5%–5%. Policy priorities are expected to focus on technology localization, boosting consumption, and more, with markets watching how Two Sessions expectations affect mainland China stocks.

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

Source: CSOP, Bloomberg, JPM, HSBC, The Business Times as of 2026/02/27, except where otherwise stated.

SCY’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:

All information and data presented are based on the latest available weekly performance data at the time of preparation.

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 & 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.

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.