Semiconductor index fund tuyeres get 杭州夜网论坛 together: Which one to choose with the highest half-year income of 55%?
Reporter Huang Huiling Since December, the semiconductor sector has led the market.
Catering to the wind of the semiconductor, Cathay Pacific CES Semiconductor ETF (512760, referred to as semiconductor 50 in the field) ran towards the 30 trillion mark.
Guolian An also has a CSI Semiconductor ETF (512480, referred to as semiconductor in the field), with the latest scale of nearly 700 million yuan.
A few days ago, Huaxia Guozheng Semiconductor Chip ETF (159995) is being issued.
With so many semiconductor funds, how do you choose?
The interface news evaluation is as follows: As can be seen from the above table, none of the three funds have chosen to fight the price war, and the management fees are all zero.
Well, the biggest focus of these three funds is the difference between tracking targets.
The establishment time of Cathay Pacific and Guolian An Fund is close, and they will be listed on the same day. Cathay ‘s semiconductor ETF has taken the lead, leaving Guolian An on several streets.
From the performance, we can see that the return of the two funds has been a little different since the establishment of the fund: Cathay Pacific rose 55%, Guolian An rose 43%.
The main reason behind this is the difference in tracking index.
If buying stocks is like buying your own food and cooking, index funds are like buffets.
Different index funds on the same theme are like buffets from different restaurants.
Which buffet is more suitable?
Let’s take a look at the specific situation of the targets tracked by these three funds: Cathay CES Semiconductor ETF, which tracks the China Trading Services Semiconductor Industry Index (referred to as “China Semiconductor”, index code: CESCSC).
Guolian An CSI Semiconductor ETF tracks the CSI Semiconductor Index (referred to as “CSI Semi-conductive”, index code: 931081).
Huaxia Guozheng Semiconductor Chip ETF tracks the Guozheng Semiconductor Index (referred to as the “China Securities Chip”, index code, 980017).
The following are the ideas for compiling the three indexes: First, the sample space of Chunghwa Semiconductor: stocks must be listed for more than three months on the scheduled date for review;There were no major issues in the financial report.
Selection of the semiconductor industry: The main business income of the sample stocks should come from semiconductor materials, equipment, design, manufacturing, packaging or testing; market value: the remaining sample stocks are ranked according to the average daily market value, and the top 50 are selected as index samples.
The sample equity does not exceed 10%.
Second, CSI Semiconductor (1) Within the CSI All Index sample space, rank according to the average daily turnover in the past year from high to low, excluding stocks that rank 20% after the liquidity ranking; (2) will involve semiconductor design and manufacturing, Stocks of listed companies produced by applications and equipment supplement the semiconductor theme; (3) According to the average daily market value of the past year from high to low, select no more than 100 listed company stocks as sample stocks.
Third, the National Securities Semiconductor first determines the sampling space.
Listed on the Shanghai and Shenzhen stock exchanges, and meets the following conditions: non-ST, * ST; listing time more than six months; the company has no major violations in the last year, no major financial report issues; the company has no abnormal operations in the last year, no major significant; Examine the possible abnormal fluctuations; the company’s business scope belongs to materials, equipment, design, manufacturing, packaging, testing, etc. in the chip industry.
Then 25 stocks were selected based on the turnover and market value, using the Pai’s restriction method.
We can see several points from the preparation of the plan: First, risk prevention.
Both the China Securities Index and the China Securities Index have certain requirements on the company’s fundamentals, and the China Securities Index is more detailed.
The CSI Semiconductor Index has no requirements at all.
The second is the number of constituent stocks.
China selects 50, China Securities selects 100, and China Securities selects 25.
In fact, judging from the number of existing components, Chunghwa Semiconductor also has the most, with 50.
CSI Semiconductors followed with 44 constituent stocks.
State Securities Semiconductor has the fewest, only 25.
In comparison, the China Securities Index has been selected to mean that the composition is more concentrated, which also means that several stocks with a breakthrough in weight have an impact on the interaction of the index.
The third is coverage.
The expressions of the three are slightly different, and Chunghwa Semiconductor is “the main business income of the sample stocks should come from semiconductor materials, equipment, design, manufacturing, packaging or testing.
“CSI’s” is related to semiconductor design, manufacturing, application and equipment production. ”
State Securities Semiconductor is “the company’s business scale belongs to the materials, equipment, design, manufacturing, packaging, testing, etc. in the chip industry.
“Don’t underestimate the small differences in the above statement, this directly affects the differences in the choice of middle stocks of the three indexes.The interface news combing found that the three indexes are different for the covered targets of the semiconductor-related industries, and even for the covered targets of the semiconductor itself.
According to the industry classification of wind, the fuses of the CSI, China Securities and China Indexes are mainly distributed in the semiconductor and semiconductor production equipment, materials, technical hardware and equipment, capital goods and other industries.
The semiconductor and semiconductor production equipment industries accounted for 78%, 83%, and 86%, respectively.
Chunghwa Semiconductor highlights “the main business income needs to come from semiconductors,” etc., and its semiconductor content is also the highest.
For the companies with the largest semiconductor business, the opinions of the three indexes exist.
Such as BOE A (000725.
SZ), in the shares of CSI Semiconductor, there is a remarkable overlap of 8.
8%, while the other two indexes are not included in the stock; Sanan Optoelectronics (600703.
SH), only the China Semiconductor Index is not divided.
The different perceptions of the constituents have made the three indexes show more obvious differences in their trends: intercepting the performance of each stage, we can see that this year, the past 3 years, 5 years, and 8 years, the best performing are the National Securities chipIndex (white curve).
To sum up, the historical performance of the China Securities Chip Index is better than 天津夜网 that of the China Securities and China Indexes. The selection of Chinese stocks is relatively strict, and the weighted stocks have the greatest impact on the trend of the index.
The “semiconductor” content of the China Semiconductor Index is relatively higher.
It is worth mentioning that in addition to the China Securities Fund is issuing the National Securities Chip Index ETF, GF Fund and Penghua Fund have also declared the National Securities Chip ETF, which has not yet been issued.
However, Cathay ‘s Semiconductor Index Fund already covers significant size and first-mover advantages.
For ETF investors, intra-market liquidity and tracking accuracy of the index are also important considerations.
Huaxia, GF and Penghua Fund want to be postponed, I am afraid it is more difficult.