To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.59%*

Fed officials remain divided on further rate hikes, but softer payrolls, in-line inflation, and signs of weaker consumer spending have reduced tightening expectations. HSBC continues to expect rates to remain unchanged at 3.50%-3.75% through 2027.

During the week, long-end Treasuries found support after the US Treasury announced it will at least double long-end buybacks, though the move is viewed mainly as a signal of support rather than a solution to fiscal pressures driving higher term premiums.

Looking to the week ahead, markets will focus on Fed Chair Warsh’s Jackson Hole speech, with investors watching for greater clarity on the Fed’s policy reaction function and rate outlook.

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

【REITs】

S$ SRT YTD total return: -2.25%

As of 21 Aug 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 0.27% WTD, improving its YTD total return to -2.25%. WTD performance was positive, reversing the prior week's decline. WTD gains were led by office, data centre and residential by subsector, and KDCREIT, Suntec REIT and CAREIT, by individual REIT. Digital Realty and Keppel Data Centres are among the four data centres operators that were each awarded 50MW of new capacity in Singapore.

Separately, according to The Business Times, pure-play data centre (DC) S-REITs continued to deliver strong performance in the latest business update, supported by AI and cloud-driven demand, with high occupancy, double-digit rental reversions, and flat to higher distributions. The outlook remains positive, backed by rapid AI adoption, digitalisation and significant global DC capacity expansion through 2030.

【Fixed Income】

CYC YTD NAV: +2.22% in CNY; +6.29% in USD^

PBoC has kept its 7-day reverse repo operations suspended as money-market rates remain below the 1.40% policy rate. Liquidity conditions stayed ample, supporting a continued bond rally after weak July economic data. $ICBC CSOP CGB ETF S$(CYC.SI)$

The rally persisted despite heavy bond issuance, suggesting supply pressures are not as important. With further liquidity support likely ahead of month-end and limited near-term data catalysts, this is supportive of Chinese government bonds.

Additionally, Chinese bond performance has stood out amidst rising global yields, reviving interest in the asset class as it continues to provide enticing diversification benefits.

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

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +24.23%

$CSOP FTSE Asia Pacific Select Index ETF USD(LCU.SI)$ was broadly flat, edging down slightly by 0.45% WTD in USD, bringing its YTD return to +24.23%.

WTD losses were led by industrials, financials and IT by sector, Japan, Taiwan and Australia by region, and MediaTek, Tokyo Electron and Hitachi by individual firm. Meanwhile, LCU’s WTD positive contributors included Samsung Electronics, SK Hynix and TSMC.

MediaTek was affected after competitor Marvell announced an expanded chip-development partnership with Google. Despite that, some viewed the move as Google broadening its supplier base to gain pricing leverage.

Samsung and SK Hynix gained WTD after announcing shareholder return plans. SK Hynix announced plans to buy back and cancel 40 trillion won worth of shares.

US$ SQU YTD return: -12.60%

$CSOP SEA TECH ETF US$(SQU.SI)$ fell 1.15% WTD in USD, bringing its YTD return to -12.60%. WTD declines were led by Sea Ltd, Grab and Delta Electronics.

A-Share Equity ETFs

$CSOP DIV ETF S$(SHD.SI)$ YTD return: +10.22%; S$ SCY YTD return: +21.64%; S$ CSA500 YTD return#: -1.40%

China’s Unitree Robotics rose 460% on its first trading day in Shanghai. The firm’s founder also shared expectations that humanoid robots will hit “mass market” popularity within a decade.

Separately, Yangtze Memory Holding Co. (YMTC Holdings)’ STAR Market IPO application has been accepted by the Shanghai Stock Exchange, with plans to raise RMB 33 billion to upgrade production lines and strengthen R&D.

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

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/08/21, 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.