Tech, Tactics, and Yield: What FSMOne Investors Bought Most in 2Q2025

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In 2Q2025, markets shifted from tariff-induced volatility to a robust rally, with the S&P 500 recovering by around 11% and global equities returning approximately 11.6%. Mega-cap tech stocks—led by the so-called “Magnificent Seven”—surged by nearly 19%, propelling global growth equities to strong quarterly gains. Meanwhile, a 7% drop in the U.S. dollar boosted emerging market performance, and global corporate bonds saw renewed interest as recession fears eased.

Against this backdrop, FSMOne investors showed continued interest in capturing both growth and income opportunities, while also navigating market volatility with tactical ETF strategies. From AI-driven funds and income-focused portfolios to high-conviction U.S. and Singapore stocks, here are the Top 10 Most Added Products across Unit Trusts, ETFs, Stocks, and Bonds on FSMOne in 2Q2025.

Most Popular Unit Trusts in 2Q2025

In 2Q2025, FSMOne investors showed a notable rotation toward technology and income-focused funds.

The BlackRock World Technology Fund A2 SGD-H took the top spot for the first time, marking a significant shift from prior quarters where income and multi-asset funds dominated. The USD-denominated class of the same fund Blackrock World Technology Fund A2 USD took the tenth spot this quarter. This reflects renewed investor enthusiasm for innovation, artificial intelligence, and semiconductor sectors—areas that have staged a strong comeback amid expectations of easing interest rates and AI-led productivity booms.

Income remained a strong theme. The JPMorgan Global Income Fund (SGD-H), a consistent favourite, continued to hold investor attention with its diversified, income-generating portfolio. Meanwhile, the ever-popular PIMCO Income Fund maintained dual representation with both its Admin and Cl E share classes making the top 10, proving that demand for consistent, diversified income across credit markets remains strong, even as yield volatility eases.

The mainstays like the Schroder Multi-Asset Revolution Fund and Allianz Income and Growth Fund suggested a balanced approach. These multi-asset solutions offer both capital appreciation and income streams, appealing to investors who prefer smoother returns in uncertain environments.

It’s worth noting that funds like Nikko AM ARK Disruptive Innovation—absent in the previous two quarters—made a comeback, signalling a more risk-on sentiment among retail investors who were possibly responding to global tech rallies and positive earnings from innovation-heavy companies.

New entries Eastspring Investments Unit Trusts - Singapore Select Bond AD SGD and United SGD Fund Cl S Dis SGD offer investors stability and regular income and allow diversification from the US-heavy PIMCO Income Funds.

Compared to 1Q2025 and 4Q2024, when income and defensiveness were the prevailing themes (with PIMCO and JPMorgan products at the top), the 2Q2025 list reflects a broader diversification of strategy, blending growth optimism with yield stability.

Table 1: Top 10 Most Popular Unit Trusts

Rank	Product Name (Unit Trusts)
1	Blackrock World Technology Fund A2 SGD-H
2	JPMorgan Investment Funds - Global Income A (icdiv) SGD-H
3	PIMCO Income Fund Admin Cl Inc SGD-H
4	Schroder Multi-Asset Revolution A Dis SGD
5	Allianz Income and Growth Cl AM DIS H2-SGD
6	Nikko AM ARK Disruptive Innovation B SGD
7	Eastspring Investments Unit Trusts - Singapore Select Bond AD SGD
8	United SGD Fund Cl S Dis SGD
9	PIMCO Income Fund Cl E Inc SGD-H
10	Blackrock World Technology Fund A2 USD

Most Popular ETFs in 2Q2025

The ETF leaderboard saw notable changes in 2Q2025. Similar to previous quarters, passive broad-market ETFs like VOO (Vanguard S&P 500) and ES3 (SPDR STI ETF) remained popular among investors.

The TSLL (Direxion Daily TSLA Bull 2X) took the top spot—an aggressive leveraged ETF betting on short-term gains in Tesla. Its rise was likely driven by Tesla’s recent AI and robotics announcements that reinvigorated speculative interest. Similarly, TQQQ (3x leveraged Nasdaq-100) and SOXL (3x leveraged semiconductor) gained traction as investors chased big tech rallies.

Interestingly, the appearance of UVXY (ProShares Ultra VIX Short-Term Futures) and SQQQ (ProShares UltraPro Short QQQ) shows that a segment of investors also hedged against volatility, likely responding to ongoing macro and geopolitical risks. This dual presence of both bullish and bearish leveraged ETFs suggests that while many investors sought to capitalize on market rallies, others were actively protecting portfolios or speculating on market pullbacks as was the case in early Apr.

In contrast, regional diversification remained evident through picks like the CFA (Nikko AM-StraitsTrading Asia ex Japan REIT ETF) and HST (Lion-OCBC Hang Seng TECH ETF), likely reflecting bargain-hunting in Asian REITs and China tech stocks.

Lastly, a new entrant GSD (SPDR® Gold Shares) shows that investors are still mindful of the persistent global economic and geopolitical uncertainties. The ETF is listed on SGX which probably explains its popularity as Singapore-based investors can invest using Singapore Dollars.

Compared to previous quarters where ETF activity was conservative and centred around low-cost passive exposure, 2Q2025 was unmistakably dominated by higher-risk, higher-reward trades—highlighting increased market engagement, short-term speculation, and a more tactical mindset among investors.

Table 2: Top 10 Most Popular ETFs

Rank	Product Name (ETFs)
1	[NASDAQ] [TSLL] Direxion Daily TSLA Bull 2X Shares
2	[BATS] [UVXY] ProShares Ultra VIX Short-Term Futures ETF
3	[NASDAQ] [TQQQ] ProShares UltraPro QQQ
4	[NYSE] [VOO] Vanguard S&P 500 ETF
5	[SGX] [CFA] NikkoAM-StraitsTrading Asia ex Japan REIT ETF
6	[NYSE] [SOXL] Direxion Daily Semiconductor Bull 3X Shares
7	[SGX] [HST] Lion-OCBC Securities Hang Seng TECH ETF
8	[SGX] [GSD] SPDR® Gold Shares
9	[SGX] [ES3] SPDR® Straits Times Index ETF
10	[NASDAQ] [SQQQ] ProShares UltraPro Short QQQ

Most Popular Stocks in 2Q2025

In a notable reshuffling, Singapore’s big three banks—DBS, OCBC, and UOB—dominated the top five in 2Q2025. This was a stark contrast to earlier quarters where U.S. tech names like Tesla and NVIDIA often led the rankings. The banks’ strong earnings, solid dividend yields, and the relative safety they provide likely made them attractive to investors seeking both growth and income in the local market.

Yangzijiang Shipbuilding, another top three entrants, surged in popularity, possibly driven by the continued resilience in global shipping demand and its healthy dividend payout—a mix of industrial growth and shareholder return that resonated with local investors.

U.S. tech still had a firm footing, though: Tesla remained a top-five pick, bolstered by developments in AI, EV leadership, and speculative enthusiasm. NVIDIA, despite slipping in rank, remained on the list, thanks to its pivotal role in the ongoing AI revolution. AppLovin Corp also maintained its position in the top 10 list. In late June 2025, the company was added to the Russell Top 200 Indexes while being removed from the Russell Midcap Growth and Midcap Indexes, thus increasing its relevance for large-cap investors.

Notably, iFAST Corp—FSMOne’s parent company—maintained its position in the top 10, potentially driven by strong platform growth, increased media visibility, or insider familiarity among retail investors.

Rounding up the list we have the mainstay CapitaLand Integrated Commercial Trust as investors keep on loading up on REITs with attractive yields in anticipation of interest rate cuts by the Fed later this year. Wilmar International Ltd entered the list this quarter, rounding out the top ten. Investors may be accumulating this blue chip because the prices are trading near decade lows.

This shift from a U.S.-centric lineup in previous quarters to a Singapore-dominated leaderboard suggests a growing appetite for local names with consistent fundamentals, as well as a tactical tilt toward industries poised to benefit from rising Asia-centric growth and infrastructure cycles.

Table 3: Top 10 Most Popular Stocks

Rank	Product Name (Stocks)
1	[SGX] [D05] DBS Group Holdings Ltd
2	[SGX] [O39] Oversea-Chinese Banking Corp Ltd
3	[SGX] [BS6] Yangzijiang Shipbuilding (Holdings) Ltd
4	[NASDAQ] [TSLA] Tesla Inc
5	[SGX] [U11] United Overseas Bank Ltd
6	[SGX] [AIY] iFAST Corp Ltd
7	[NASDAQ] [APP] AppLovin Corp
8	[SGX] [C38U] CapitaLand Integrated Commercial Trust
9	[NASDAQ] [NVDA] NVIDIA Corp
10	[SGX] [F34] Wilmar International Ltd

Most Popular Bonds in 2Q2025

The bond picks for 2Q2025 were clearly skewed toward high-yield corporate bonds, particularly SGD-denominated perpetuals. The top-ranked bond, MSFSSP 6.25% 2027, is a new entrant and quickly rose to prominence, likely due to its attractive yield and moderate duration.

Other strong entries included BACR 7.3% and 8.3% perpetuals, HSBC 5.25% perpetual, and HPLSP 4.4% 2030, all providing attractive yields in the 4%–6% range. These products likely appealed to income-focused investors amid lingering uncertainties about global interest rate paths.

U.S. dollar-denominated perpetuals like BNP 7.375% and ACAFP 6.7% also made the list, suggesting a growing appetite for FX diversification and potentially higher yields than their SGD counterparts.

For risk-adverse investors, you can consider U.S. Treasuries which are valued for their safety, yield, and liquidity. Investors can now trade U.S. Treasuries through our Bondsupermart Live platform, making it easier for retail investors to participate in the U.S. government bond market.

Below are some notable US Treasuries traded in 2Q2025:

T 2.750% 15Aug2047 Govt (USD) (Yield to Maturity:  4.937%)

T 4.750% 15Feb2041 Govt (USD) (Yield to Maturity:  4.717%)

T 4.625% 15May2044 Govt (USD) (Yield to Maturity:  4.863%)

T 4.625% 15Feb2040 Govt (USD) (Yield to Maturity:  4.639%)

T 2.000% 15Nov2026 Govt (USD) (Yield to Maturity:  4.006%)

* Yield to Maturity as of 10 July 2025

Similar to 1Q2025 and 4Q2024, investors in 2Q2025 clearly leaned into credit risk to lock in better yields. The consistent popularity of perpetual structures also indicates that investors are either more comfortable with callable, long-dated instruments or are using them tactically in a yield-enhancing sleeve of their portfolios.

Table 4: Top 10 Most Popular Bonds

Rank	Product Name (Bonds)
1	MSFSSP 6.250% 24Sep2027 Corp (SGD)
2	HPLSP 4.400% 10Jun2030 Corp (SGD)
3	BACR 7.300% Perpetual Corp (SGD)
4	HSBC 5.250% Perpetual Corp (SGD)
5	IREGLB 6.000% 22May2028 Corp (SGD)
6	BNP 7.375% Perpetual Corp (USD)
7	ACAFP 6.700% Perpetual Corp (USD)
8	ARTSP 4.200% Perpetual Corp (SGD)
9	AITSP 4.400% Perpetual Corp (SGD)
10	BACR 8.300% Perpetual Corp (SGD)

Closing Note

2Q2025 marked a pivotal quarter for FSMOne investors, blending risk-on sentiment with strategic income positioning. Across all asset classes, investors showed greater willingness to embrace volatility, allocate to tech and growth, and harvest income through high-yield bonds and multi-asset funds.

Compared to earlier quarters that were dominated by caution, defensiveness, and passive exposure, this quarter’s rankings reflected growing confidence, market participation, and selective optimism.