Investment tips for this issue:
Boshi Central Enterprise structure Adjustment ETF (Fund Code: 512960) is a theme ETF of Boshi Fund, which is now managed by Mr. Zhao Yunyang. Boshi Central Enterprise restructuring ETF was established on October 19, 2018 and listed on January 18, 2019. The fund closely tracks the structural adjustment index of China Securities Central Enterprises and pursues tracking deviation and tracking error minimization. The fund management fee is 0.15% and the escrow fee is 0.05%.
The CSRC Central Enterprise structural Adjustment Index (Index Code: 000860.CSI, Index abbreviation: structural Adjustment) takes the listed companies of the central enterprises under the SASAC as the waiting sample, evaluates and scores the sample stocks according to the market capitalization scale, the return on shareholders' equity, the dividend payment level, the investment in scientific and technological innovation, and the international business development, and selects the representative enterprise stock composition index. In order to reflect the overall trend of the structural adjustment plate of central enterprises in the A stock market. The index is based on 2004-12-31, with a base point of 1000. As of 2021-6-23, the total market capitalization of index constituent stocks is 10.22 trillion yuan, the average total market value is 102.194 billion yuan, and the median total market capitalization is 39.755 billion yuan. The stock with the largest weight in the structural adjustment index is Haikangwei, with a weight ratio of 4.92%, with a total market capitalization of 559.671 billion yuan, ranking fourth among constituent stocks. The sum of the equity weights of the top ten components of the index is 34.98%.
According to the classification of industries at the application level, the distribution of stocks in the CSI structural adjustment index is balanced, involving a total of 22 industries. Among them, the five industries with the largest number are national defense and military industry, chemical industry, computer, public utilities and architectural decoration, with 10, 9, 9, 8 and 8 stocks respectively. The five industries with the highest market capitalization are extractive, banking, public utilities, electronics and chemical industry, accounting for 15%, 14%, 10%, 8%, 8%, respectively.
Over the past year (2020-6-23-2021-6-23), the structural adjustment index has risen by 27.83%, which is higher than the rise and fall of the mainstream wide-base index of the market in the same period. In addition, the Sharp ratio of the structural adjustment index over the past year was 1.45, with a maximum pullback of 10.20%, outperforming the mainstream wide-base index.
As of 2021Q1, the average proportion of institutional shares held by institutions in the structural adjustment index to outstanding shares is 60.30%, with a median of 63.36%, which is higher than that of CSI 300 and CSI 500. Since the release of 2018, the proportion of mainland shares in its constituent stocks has increased steadily, with the average proportion of mainland shares rising from 1.45 per cent at the end of 2018 to 2.38 per cent in the 2021 quarter.
Boshi central enterprise restructuring ETF fund cumulative return of 30.26% in the past year, the fund relative to the underlying index excess return of 2.43%. At present, there are three ETF for structural adjustment of central enterprises in the market, of which Boshi ETF has the smallest daily tracking deviation since its inception, indicating that it can better track the underlying index.
Risk tips and statements: the research and analysis of fund products and indices in this report is based on historical public information, which may be biased by the changes of index sample stocks; in addition, the historical performance and performance of fund managers do not represent the future; the future performance of the index is affected by multiple factors such as macro environment, market volatility, style transformation and so on. This report does not involve the evaluation business of securities investment funds, does not involve the recommendation of fund products, nor does it involve the recommendation of any index sample stocks, please read the risk tips and statements section of the report.
