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wrote a column · Jul 25 00:00

Fund Insights | Thematic ETF Comparison (20): Four semiconductor-themed ETFs track four different indices—what are the differences?

Today, multiple major A-share indices pulled back noticeably, but the semiconductor equipment sector performed well, with several semiconductor equipment-themed ETFs rising in tandem.
We previously conducted a comparative analysis of semiconductor equipment-themed ETFs; in this installment, we turn our attention to semiconductor-themed ETFs.
According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Company,' as listed below:
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
These four products vary significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from differences in scale, each of the four ETFs tracks a different index.
The four ETFs track the following four indices respectively: the CSI All Share Semiconductor Products and Equipment Index, the CNBC Semiconductor Chip Index, the CSI Semiconductor Sector Select Index, and the CSI Semiconductor Industry Index.
The primary distinctions among these four indices are reflected in the following aspects:
1. Constituent Stocks
The CSI All Share Semiconductor Products and Equipment Index selects securities of listed companies engaged in semiconductor products and equipment from the CSI All Share Index universe. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
The CNBC Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that companies operate within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. It currently includes 30 constituent stocks, with an average market capitalization of approximately RMB 224.6 billion per stock.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
The CSI Semiconductor Sector Select Index selects 50 listed company securities from the semiconductor sector that exhibit relatively large scale, strong profitability, high R&D investment, and solid growth potential. The average market capitalization of its constituents is approximately RMB 124.6 billion.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
The CSI Semiconductor Industry Index selects up to 40 listed company securities involved in semiconductor-related fields such as materials, equipment, and applications. The average market capitalization of its constituents is approximately RMB 140.3 billion.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Further comparing the constituents of the four indices, we first observe that the CSI All Share Semiconductor Products and Equipment Index and the CNBC Semiconductor Chip Index share 27 common constituent stocks. These 27 stocks account for 67.37% of the weight in the CSI All Share Semiconductor Products and Equipment Index and 93.9% in the CNBC Semiconductor Chip Index.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Comparing the CSI All Share Semiconductor Products and Equipment Index with the CSI Semiconductor Sector Select Index reveals 45 common constituent stocks. These 45 stocks represent 67% of the weight in the CSI All Share Semiconductor Products and Equipment Index and 98.85% in the CSI Semiconductor Sector Select Index.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Continuing the comparison between the CSI All Share Semiconductor Products and Equipment Index and the CSI Semiconductor Industry Index, we find they also share 27 common constituent stocks. These 27 stocks account for 48.35% of the weight in the CSI All Share Semiconductor Products and Equipment Index and 96.99% in the CSI Semiconductor Industry Index.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
2. Historical Performance
Looking at the historical performance of the four indices, over the past one, three, and five years, the CSI Semiconductor Industry Index has delivered significantly higher annualized returns than the other three indices, while the CNBC Semiconductor Chip Index has underperformed the other three. Additionally, over the past three and five years, the annualized returns of the CSI All Share Semiconductor Products and Equipment Index and the CSI Semiconductor Sector Select Index have been relatively close.
In terms of volatility, all four indices have exhibited annualized volatility exceeding 47% over the past year; over the past three and five years, their annualized volatility has remained above 36%.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
3. Valuation Levels
Turning to current valuation levels of the four indices, Wind data shows that their current price-to-book (PB) ratios (LF) are all above the 90th percentile of their respective 10-year historical ranges, indicating elevated valuations.
From a current valuation perspective, the sector appears overvalued in the short term and carries downside risk. Coupled with persistently high industry volatility—consistently above 36% annually—the sector is better suited for investors with a higher risk tolerance.
Taking a long-term view, domestic semiconductor substitution remains a clear and enduring industrial theme. Sustained AI computing demand continues to drive demand across the entire chip design, equipment, and materials supply chain. From an operational standpoint, we recommend gradually accumulating positions on dips while closely monitoring companies’ earnings realization.
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
Multiple major A-share indices saw significant pullbacks today, but the semiconductor equipment sector performed well, with several semiconductor equipment-related thematic ETFs rising in tandem. Previously, we compared and analyzed thematic ETFs focused on semiconductor equipment. In this installment, we turn our attention to semiconductor-themed ETFs. According to Wind data, there are currently four products named using the format 'Semiconductor ETF + Fund Management Company,' as follows: These four products differ significantly in size—the largest exceeds RMB 20 billion, while the smallest is under RMB 1 billion. Aside from asset size, each of these ETFs tracks a different index. The four ETFs track the following four indices respectively: CSI All Share Semiconductor Products & Equipment Index, CNX Semiconductor Chip Index, CSI Semiconductor Sector Select Index, and CSI Semiconductor Industry Index. The main differences among these four indices are reflected in the following aspects: 1. Constituent Stocks The CSI All Share Semiconductor Products & Equipment Index selects listed companies from the CSI All Share Index whose businesses involve semiconductor products and semiconductor equipment. It currently comprises 87 constituent stocks, with an average market capitalization of approximately RMB 108.1 billion per stock. The CNX Semiconductor Chip Index primarily reflects the market performance of chip-industry-related listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges, requiring that a company’s business fall within segments of the chip industry such as materials, equipment, design, manufacturing, packaging, and testing. The index currently includes...
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