To The Moon

【PERFORMANCE AT A GLANCE 】

【PRODUCT COMMENTARY 】

Money Market Fund 

US$ MMF net 7-day yield: 3.65%   7-day net yield is calculated using calendar days and NAVs rounded to five decimal places. 

US Treasury yields declined across the curve following the 3 November US midterm elections, with the front end leading the rally. The Democratic sweep in the US election eased political uncertainty and led to speculation of Iran war ending sooner, which resulted in oil prices plunging. The risk-off move in technology shares reinforced safe haven demand.  

OIS markets’ rate-hike pricing for 2027 had been pared back. Focus turns to US CPI on 10 November, followed by jobless claims on 12 November and PPI on 13 November. 

S-REITs 

SRT YTD total return: -7.07% 

$CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 2.21% WTD. Industrial REITs, office REITs, and data-centre REITs led returns by subsector while MPACT was the leading individual contributor, followed by KDCREIT, and CICT. 

During the week, Singapore REITs experienced a rebound as the Democratic sweep in the US midterms pushed Treasury yields and oil lower, easing inflation concerns and bets on further Fed hikes. A gauge of Singapore REITs outperformed the STI last week by the most since March 2025.  

Currently, SRT's benchmark index, SREITLSN Index's estimated dividend yield is still attractive at 6.3% with an estimated price to book of 0.87x. 

Fixed Income 

$ICBC CSOP CGB ETF S$(CYC.SI)$ YTD NAV: +2.98% in CNY | +7.88% in USD  CYC/CYB/CYX USD NAV is converted using benchmark FX and is subject to rounding.  $ICBC CSOP CGB ETF US$D(CYB.SI)$

The PBoC conducted a RMB100bn Securities, Funds and Insurance Companies Swap Facility operation with 31 institutions to help increase liquidity positions. The PBoC also lowered the relending rate for share buybacks from 1.25% to 1.00%. These are measures aimed at supporting capital-market liquidity and stabilizing the market.  

Regional Equity ETFs 

LCU YTD: +8.73% | SQU YTD: -23.88% 

$CSOP APAC SELECT US$(LCU.SI)$ declined 6.72% WTD in USD. IT was the largest sector drag, followed by industrials and financials. By country, Japan, South Korea and Taiwan drove most of the decline. By individual firms, losses were led by Samsung Electronics, TSMC and SK Hynix.  

IT sector’s declines were due to fears of tighter regulation of the data center industry following the Democratic sweep of Congress in the midterm elections. 

Meanwhile, SQU gained 0.54% WTD in USD. Grab was the dominant contributor, followed by Astra International and Infosys.  

A-Share Equity ETFs 

SHD YTD: +14.19% | SCY YTD: -17.05% | CSA500 YTD*: -13.11% 

China equity performance was mixed: SHD fell 2.66% WTD, $CSOP Star&Chinext50 S$(SCY.SI)$ gained 0.92%, and $CSOP CS A500 ETF S$(SUN.SI)$ gained 2.84%. The broader regional AI sell-off was concentrated in export-oriented technology markets, while mainland equities were cushioned by policy support. 

The PBoC announced fresh market-stabilisation measures during the week, including the RMB100bn swap-facility operation and a lower relending rate. 

SCY underlying fund: top 10 holdings

SHD underlying fund: top 10 holdings 

CSA500 underlying fund: top 10 holdings

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. Neither CSOP nor any of its affiliates accepts any responsibility or liability for any loss arising from the improper use of, or reliance upon, the whole or any part of the contents of this document. 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 and CSOP FTSE Asia Pacific Select Index ETF (collectively, 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 & SCY 

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. The Index Provider is not related to the Underlying Fund Manager. An index licensing agreement was signed between CSI and the Underlying Fund Manager.