Against a backdrop where U.S. stocks closed higher overnight, with the Dow up 0.74%, the Nasdaq rising 1.29%, and the S&P 500 gaining 0.89%, China's A-share market exhibited a mixed performance today. The CSI 300 Index fell 0.46%, while the STAR 50 and ChiNext indices experienced deeper corrections. In contrast, the Mega Cap Index bucked the trend, recording a gain of 0.723%, standing out as a rare bright spot in today's session compared to the broader market's weakness.
At the close of trading, the Bosera Mega Cap ETF (510020) edged up 0.05%, with a turnover of 7.25 million yuan and a turnover rate of 5.07%. The fund's size is 1.43 billion yuan. Over the past five trading days, from July 16 to July 22, the ETF has accumulated a gain of 2.36%. Its average daily turnover over the past five and twenty days has remained steady at 0.04 billion yuan, indicating consistent trading activity.
According to its Q2 2026 report, the ETF has a high concentration in its top ten holdings, which collectively account for 55.62% of its portfolio. In terms of portfolio changes from the previous quarter, the fund's latest quarterly report for Q2 2026 shows new significant positions in SMIC, Cambricon Technologies, CITIC Securities, Jiangsu Hengrui Pharmaceuticals, Cmoc Group Limited (603993), and China Northern Rare Earth. Stocks that exited the top ten holdings include PetroChina, China Shenhua Energy, Zijin Mining Group, Kweichow Moutai, China Yangtze Power, and Industrial and Commercial Bank of China.
Among its constituent stocks, Cmoc Group Limited (603993) led the gains with a rise of 4.98%. It was followed by Wanhua Chemical (600309), which climbed 3.14%, Jiangsu Hengrui Pharmaceuticals (600276), up 0.84%, and China CSSC Holdings (600150), which gained 0.18%. Per the ETF's Q2 2026 report, Cmoc Group is the seventh-largest holding with a 4.98% weight, and Wanhua Chemical is the ninth-largest with a 4.71% weight; both contributed positively to the index's performance today. Conversely, the top two holdings, Hygon Information Technology and SMIC, declined 3.75% and 2.76% respectively today, weighing on the overall index performance.
On the liquidity front, the ETF saw a net inflow of 590,000 yuan from main funds on the previous trading day. Over the past five trading days, from July 15 to July 21, main funds recorded a cumulative net outflow of 460,000 yuan, with a five-day net outflow rate of 0.3%, indicating minor fluctuations in fund flows.
Regarding fees, the ETF charges a management fee of 0.50% plus a custody fee of 0.10%, resulting in a total annual expense ratio of 0.60%. Its tracking error over the past month was 0.196%, and it has achieved an annualized excess return of +2.36% over the past year, demonstrating stable tracking efficiency and outperformance. Furthermore, the ETF offers feeder funds for over-the-counter investors (Class A: 050013; Class C: 021125).
From a valuation perspective, data from Choice Financial Terminal as of July 17 shows the Mega Cap Index's latest price-to-earnings ratio is 11.31 times, sitting at the 19.2 percentile over the past year, indicating a valuation level in a historically low range. Amid today's significant market divergence and deep correction in the technology sector, the Bosera Mega Cap ETF's counter-trend rise highlights its defensive characteristics as a representative blue-chip ETF.
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