To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.58%*

During the week, the hawkish FOMC held rates amid oil-driven inflation risks. The committee was divided with Governor Miran voting for a cut while three officials (Hammack, Kashkari, and Logan) pushing to drop easing bias in the statement. Powell noted that rate cuts will require clearer signals, like energy prices stabilising and tariff progress being made. As a result, money markets priced in chances of a hike early next year (vs nearly a full ease by late-2027 prior).

Looking ahead, the focus turns to key labour data and the Treasury’s quarterly refunding outlook. HSBC expects coupon auction sizes to remain unchanged at the May refunding announcement, though sustained fiscal deficits continue to add upward pressure on Treasury supply, reinforcing structural curve steepening. Any signs of labour market softening could tilt pricing modestly dovish, with limited upside risk to front‑end rates.

Despite all the market headlines, we broadly expect CSOPUMM to continue delivering stable yields in the near-term.

* Data as of 2026/04/30. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: ‑3.02%

As of 30 April 2026 (Thu), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 1.58% WTD in SGD, bringing its YTD total return to ‑3.02%. WTD losses were led by industrial, office and retail by subsector and MPACT, CICT and MLT by individual REIT.

On a more positive note, UBS notes that while Q3 regulated electricity tariffs may rise sharply as higher April-June LNG prices feed in, REIT managers shared that they are largely hedged against full 2026 impacts. Industrial REITs are most insulated while retail faces growing exposure as hedges roll off.

On the data front, Singapore’s March industrial production rebounded 10.1% after a February dip linked to Chinese New Year temporary shutdowns.

【Fixed Income】

CYC YTD NAV: +1.12% in CNY; +3.41% in USD^

According to HSBC, Reuters reported on Wednesday that PBOC guided some banks to boost lending, suggesting softer‑than‑expected loan growth. Money market funds remain flush, with overnight funding rates well below the policy rate. Continued accommodative policy signals from the Politburo to support expansionary fiscal policy stance are favourable for CGB. $ICBC CSOP CGB ETF S$(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: +12.23%

– $CSOP LOW CARBON US$(LCU.SI)$ was relatively flat during the week, declining only 0.05% WTD in USD, bringing YTD returns to +12.23%.

– WTD losses were led by communication services, health care and consumer staples by sector, China, Taiwan and Malaysia by region, and TSMC, Tencent and Alibaba by individual firm.

– During the week, while Asian stocks were affected by ongoing geopolitical volatility, Asian tech stocks (e.g. Keyence Corp, SK Hynix), benefited from AI-fuelled rally.

– On a more positive note, SCMP reported that Samsung Electronics and SK Hynix cautioned of an extended global supply crunch. In their respective earnings call, Samsung reported its fulfilment rate dropped to “record low” while SK Hynix noted rising demand from major customers.

US$ SQU YTD return: ‑12.20%

– $CSOP SEA TECH ETF US$(SQU.SI)$ gained 0.47% WTD in USD, narrowing YTD losses to ‑12.20%.

– WTD gains were led by Delta Electronics, Goto Gojek Tokopedia and Inari Amertron.

A-Share Equity ETFs

S$ SHD YTD return: +11.54%; S$ SCY YTD return: +21.21%; S$ CSA500 YTD return#: +0.30%

– China chip stocks rose on support from positive 1Q earnings.

– Cambricon shares had surged after revenue and net profit surpassed estimates following strong AI chip demand. Its 1Q sales more than doubled, driven in part by Beijing’s push for self-sufficiency in key technologies, including semiconductors. $CSOP DIV ETF S$(SHD.SI)$

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/04/30, 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 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.