To The Moon

【SRT】

As of 29 Aug 2025 (Fri), SRT rose slightly +2.42% WTD in SGD and +10.22% YTD in SGD. WTD gains were led by industrial, office and retail by subsector and Suntec REIT, MLT and FCT by individual REIT.

Morgan Stanley forecasts S-REITs to be driven by attractive spreads and sustained equity fund raising and DPU growth. Phillip Securities maintains S-REITs overweight, prioritizing those with robust sponsors, healthy financials, operational strength, high-yield, and resilient fundamentals.

$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +10.22%

【MMF】

US Treasuries rallied across the curve during the week with more tightening at the short-end and belly after healthy 2Y, 5Y and 7Y auction demand and after Trump's attempt to fire Lisa Cook raised concerns about Fed independence. Furthermore, Powell's dovish remarks at Jackson Hole bolstered rate cut bets. Upcoming jobs report will further shape rate expectations.

We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/08/29, the fund has a net yield at 4.09%. ^

$CSOP USD Money Market Fund (SGXZ96797238.MF)$ Net 7-day Yield: +4.09%

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

【CN】

Despite approaching month-end, interbank funding remains ample and is expected to stay so through most of September based on historical trends. However, bond market sentiment is cautious due to strong equity performance, and despite a minor pullback in China equities, trading volumes remain high. As long as this persists, China rates may not fully reflect liquidity or economic fundamentals.

Looking at YTD performance as of 2025/08/29, CYC/CYB’s NAV gained +0.18% in CNY and gained +2.51% in USD*.

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

Global Market Outlook

【SG】Singapore’s Core CPI Fell 0.5% YoY in July and Forecasts Remain Steady

Singapore’s core CPI fell to 0.5% YoY in July due to declining prices of retail and other good, as well as electricity and gas. Experts suggest that some businesses are making the tough decision to not raise prices due to slowing demand. MAS and MTI held their 2025 inflation forecasts at 0.5% to 1.5%, while acknowledging upside risks from geopolitical shocks and downside risks from weaker growth globally and/or domestically.

【US】Fed Rate Outlook Hinges on Labour Data and Independence Concerns

Looking ahead, payroll data will be the final significant labour market indicator before the upcoming Fed rate decision. Evidence of labour market weakness may lead markets to anticipate additional cuts, though expectations are anchored around a 25bp move. In addition to economic indicators, potential changes in perceptions of Fed independence may influence rate trajectories, with markets potentially incorporating more dovish outlooks if concerns about independence intensify, regardless of underlying data. $S&P 500(.SPX)$ $Invesco QQQ(QQQ)$ $Micro 10-Year Yield - main 2509(10Ymain)$ $Micro 2-Year Yield - main 2509(2YYmain)$

Source: CSOP, Bloomberg, JPM, HSBC, and Channel News Asia, as of 2025/08/29, except where otherwise stated.

Disclaimer

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. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or 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 Disclaimer

SRT

The CSOP iEdge S-REIT Leaders Index ETF 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 the figure at which the iEdge S-REIT Leaders Index stand at any particular time on any particular day or otherwise. The iEdge S-REIT Leaders 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 CSOP iEdge S-REIT Leaders Index ETF and the iEdge S-REIT Leaders 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 iEdge S-REIT Leaders Index vest in SGX.

CYC/CYB/CYX

The ICBC CSOP FTSE Chinese Government Bond 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 (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark 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.