To The Moon

【Money Market Fund】

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

Amid the ongoing Middle East conflict, US rates have risen as markets factor in higher inflation expectations driven by increased energy prices. The Fed will be meeting in the coming week and should markets perceive a hawkish narrative, HSBC expects rates to reprice higher.

More importantly, USD has appreciated since the conflict began amid a flight to safety, and CSOP’s USD MMF has been seeing inflows.

* Data as of 2026/03/13. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: -4.58%

As of 13 Mar 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ was down 2.26% WTD in SGD and 4.58% YTD in SGD. WTD decline was led by industrial, office and retail by subsector, and MPACT, MLT and FLT by individual REIT. This declined happened amid the ongoing risk-off sentiment arising from the Middle East conflict.

Despite that, on a more positive note, DBS notes that the sector’s interest cost stands to benefit from lower 3-month SORA rates. In fact, as of 13 Mar 2026, 3M SORA rates are at lows of 1.1%. furthermore, RHB notes that “flight-to-safety” capital and supply chain shifts could bolster Singapore’s defensive real estate sector.

【Fixed Income】

CYC YTD NAV: +0.57% in CNY; +1.81% in USD^

While Chinese government bonds were not spared from a correction arising from the current geopolitical situation, they continue to outperform global peers. Given that is it currently in a deflationary environment, a rise in inflation expectation due to rising energy prices is more likely to be welcomed by policymakers. $ICBC CSOP CGB ETF S$(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: +4.00%

·         $CSOP LOW CARBON US$(LCU.SI)$ declined 3.25% WTD in USD but gained 4.00% YTD in USD.

·         WTD declines were led by IT, financials and consumer discretionary by sector, Japan, South Korea and Taiwan by geography, and TSMC, Samsung Electronics, and Tokyo Electron by individual firm.

·         Despite the WTD declines in LCU, this presents a dip-buying opportunity. Over 75% of LCU’s constituents are in markets that have seen upwards earnings revisions in the past month.

·         Additionally, the fundamental drivers largely remain intact. In Taiwan, Morgan Stanley stays bullish on the semiconductor cycle and TSMC (largest individual constituent in LCU) is poised to benefit. In Japan, JPM noted that equities are oversold due to higher crude oil prices, but is unjustified given that firms have increasingly been able to pass on costs via prices since 2023. 

US$ SQU YTD return: -14.84%

·         $CSOP SEA TECH ETF US$(SQU.SI)$ declined 3.90% WTD in USD and 14.84% YTD in USD.

·         WTD declines were led by Infosys, Grab, and Sea Ltd.

A-Share Equity ETFs

S$ SHD YTD return: +12.49%; S$ SCY YTD return: +0.00%; S$ CSA500 YTD return#: -2.20%

·         Since the Middle East conflict began, A-share equity ETFs have shown resilience, and outperformed the MSCI ACWI index.

·         In fact, UBS sees Chinese equities as a possible diversification option given 1) China’s low oil exposure (~20% of total energy use); 2) sufficient oil inventory reserves at 4 months; 3) higher input costs could help to push up PPI in the current deflationary environment; and 4) government policy support.

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

Source: CSOP, Bloomberg, JPM, HSBC, UBS, JPM, Morgan Stanley, as of 2026/03/13, 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:

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 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.