To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.60%*

US Treasury yields continued to climb as renewed Middle East tensions pushed oil prices higher and reinforced concerns over inflation. Despite softer June CPI and PPI readings, markets have priced in a more hawkish Fed outlook, with rates across the curve approaching multi-year highs. HSBC notes that geopolitical risks, rising energy prices and fiscal spending concerns have outweighed recent inflation relief, supporting elevated yields.

Looking ahead, market focus will be on the upcoming FOMC meeting, where a hike remains a possibility amid persistent inflation risks.

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

【REITs】

S$ SRT YTD total return: -1.85%

As of 24 Jul 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ was broadly unchanged WTD, bringing YTD return to -1.85%.

According to The Business Times, S-REITs could deliver better-than-expected 1H earnings, supported by resilient operating fundamentals, despite valuations remaining below historical levels. Analysts expect low- to mid-single-digit DPU growth, with attractive valuations and improving fundamentals suggesting potential upside for the sector.

The REIT earnings season has commenced, with several S-REITs reporting results. According to DBS, KDCREIT and Suntec REIT reported strong 1H26 results, with DPU up 11.3% and 24.8% YoY respectively, both supported by double-digit rental reversions. KDCREIT maintained a strong balance sheet, while Suntec REIT benefited from lower financing costs despite slightly higher gearing following the redemption of a perps tranche.

【Fixed Income】

CYC YTD NAV: +1.87% in CNY; +5.09% in USD^

China's bond curve flattened over the week, led by outperformance in long-duration government bonds. HSBC believes recent economic data continue to point to weak growth momentum and the need for further monetary stimulus. Given abundant interbank liquidity and stabilising bank net interest margins, HSBC views a policy rate cut as more likely than an RRR cut.

Meanwhile, the PBoC has become increasingly cautious about allowing front-end yields to fall too far, as evidenced by how it has been reducing the size of its bond buying at the front end of the curve. 1-year government bond yields are approaching the 1% level, which HSBC believes represents a resistance threshold. Against this backdrop, HSBC expects the path of least resistance to be lower long-end China government bond yields. $ICBC CSOP CGB ETF S$(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: +18.25%

·         $CSOP FTSE Asia Pacific Select Index ETF USD(LCU.SI)$ gained 2.14% WTD in USD, bringing its YTD return to +18.25%. WTD gains were led by financials, IT, and industrials by sector, Taiwan, Japan and Singapore by region, and TSMC, MediaTek and MUFG by firm.

·         TSMC rose after Nikkei reported that TSMC is set to raise prices for chips by up to 10% in 2027.

US$ SQU YTD return: -16.87%

·         $CSOP SEA TECH ETF US$(SQU.SI)$ declined 2.73% WTD in USD, bringing its YTD return to -16.87%. WTD losses were led by Grab, Sea Ltd and Infosys.

A-Share Equity ETFs

S$ SHD YTD return: +10.60%; S$ SCY YTD return: +30.68%; S$ CSA500 YTD return#: +1.30%

·         In the A-share market, investors remain focused on the anticipated CXMT IPO.

·         A-shares are viewed as being near a policy bottom, supported by ongoing market-stabilisation measures and buying activity by China’s National Team. $CSOP DIV ETF S$(SHD.SI)$

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/07/24, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2026/03/31)

SHD’s underlying fund’s top 10 holdings (as of 2026/03/31)

CSA500’s underlying fund’s top 10 holdings (as of 2026/03/31)

Disclaimers:

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

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 Select 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 & FTSE Asia Pacific 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.