To The Moon

【Money Market Fund】

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

While last week’s manufacturing and services indicators were weaker than consensus estimates, nonfarm payrolls surprised to the upside, rising 162k (vs 55k consensus) with unemployment holding at 4.1%.

Looking ahead, markets are focused on the upcoming US inflation data print, especially as Fed Chair Warsh had signalled that further policy action may be needed if inflation does not move clearly and sufficiently toward the 2% target.

Additionally, markets will be watching the Treasury’s larger long-end buybacks, though it is unlikely to materially change the outlook for longer-term yields given the persistent fiscal deficits and reduced Fed holding share in the Treasury market.  

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

【REITs】

$CSOP iEdge SREIT ETF S$(SRT.SI)$ YTD total return: -4.39%

As of 4 Sep 2026, SRT declined 0.97% WTD, bringing its YTD total return to -4.39%. WTD losses were led by industrial, retail and office by subsector, and CLAR, MPACT and CICT by individual REIT.

Despite the WTD declines, DBS Research has noted that S-REITs are increasingly attractive for income investors, with average yields of 6.2% versus 4% for Singapore banks. A wider yield gap, easing refinancing costs, and expected 3% DPU growth in FY2026 increase the attractiveness of S-REITs.

On the macro data front, Singapore’s manufacturing activity expanded for a 13th straight month in August, with PMI hitting a near eight-year high of 51.5, driven by AI-related demand. According to MAS latest quarterly survey of professional forecasters, strong 1H26 exports and factory output also prompted private economists to raise Singapore’s 2026 GDP growth forecast to 5% from 3.5%.

【Fixed Income】

$ICBC CSOP CGB ETF S$(CYC.SI)$ YTD NAV: +2.28% in CNY; +6.51% in USD^

China's money market conditions eased at the start of September as bond issuance dropped, with net central and local government, as well as policy bank bond issuance near zero versus RMB412bn the previous week. While issuance is expected to normalise next week as redemptions decline, HSBC remains constructive on long-duration Chinese government bonds, noting that upcoming price and loan data could signal further growth moderation and therefore support Chinese government bonds. Separately, RMB is currently trading at 6.71.

^ CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error.

【Equities】

Regional Equity ETFs

$CSOP FTSE Asia Pacific Select Index ETF USD(LCU.SI)$ YTD return: +25.18%

LCU gained 0.68% WTD in USD, bringing its YTD return to +25.18%.

WTD gains were led by financials, IT and communications services by sector, Japan, Taiwan and South Korea by region, and MediaTek, MUFG and Softbank Group by individual firm.

MediaTek rose sharply WTD after Nvidia invested $3.5bn, its biggest direct investment outside US via convertible bonds.

MUFG gained alongside major Japanese banks as markets anticipate further BOJ rate hikes that could boost net interest margins.

$CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -14.63%

SQU declined 0.59% WTD in USD, bringing its YTD return to -14.63%.

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

A-Share Equity ETFs

$CSOP DIV ETF S$(SHD.SI)$ YTD return: +11.53%; S$ SCY YTD return: +14.06%; S$ CSA500 YTD return#: -3.40%

According to SCMP, a UBS analyst expects foreign investors to keep adding to China A-share holdings, with China’s push for technological self-sufficiency as one of the main structural supports.

Furthermore, Yuan’s ongoing strength directly boosts total returns for foreign holders of Yuan-denominated assets.

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/09/04, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2026/06/30)

SHD’s underlying fund’s top 10 holdings (as of 2026/06/30)

CSA500’s underlying fund’s top 10 holdings (as of 2026/06/30)

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 & 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.