CSCI Dividend, CSCI Dividend Low Volatility, SZSE Free Cash Flow, SZSE Value 100 Four "Dividend+" Indices Selection Logic Differs

The “Dividend+” index, characterized by high dividends, low volatility, and strong cash flow quality, attracts net capital inflows. This index mainly covers the CSI Dividend, CSI Low Volatility Dividend, China Securities Free Cash Flow, and China Securities Value 100, with significant differences in industry distribution and stock selection logic among the various indices.

In terms of industry distribution, the CSI Dividend Index focuses on financial and cyclical industries, with the top three sectors being banks (20.6%), coal (17.1%), and transportation (13.2%). The component stocks are relatively dispersed, with the top 5 stocks accounting for only 10.1% of the weight. Overall, it mainly consists of cyclical and financial high-dividend companies, highlighting its fundamental high-yield nature.

The CSI Low Volatility Dividend Index has a high proportion of banks, accounting for 48.9%; the top three sectors together make up 62.1%, with the top 5 stocks accounting for 13.4%. The industry concentration is relatively high, emphasizing low volatility and high dividends to further strengthen the portfolio’s resilience.

The China Securities Free Cash Flow Index focuses on high cash flow companies in the real economy, with the top three sectors being automobiles (17.0%), petroleum and petrochemicals (11.0%), and non-ferrous metals (9.7%). Its industry distribution aligns more closely with the development of the real economy. The top 5 stocks account for 33.8%, with a relatively balanced distribution of weights among component stocks.

The China Securities Value 100 Index balances value in both consumer and financial sectors, with the top three industries being household appliances (17.2%), banks (16.9%), and automobiles (11.5%). It covers two major directions: consumption upgrading and financial value. The top 5 stocks account for 33.4%, incorporating value factors and cash flow indicators on top of high dividends, offering stronger growth potential.

For these four indices, E Fund has established a comprehensive ETF and index fund system. The E Fund Dividend ETF (515180), tracking the CSI Dividend Index, had a latest scale of 11.98 billion yuan as of March 20, 2026. Since listing, it has achieved an index return of 78.46%, with management and custody fees totaling only 0.2% per year and tracking error of 0.07%. The E Fund Low Volatility Dividend ETF (563020), tracking the CSI Low Volatility Dividend Index, has a scale of 7.45 billion yuan, with an index return of 34.16% since listing, fees of 0.2% per year, and tracking error of 0.07%. The E Fund Free Cash Flow ETF (159222), tracking the China Securities Free Cash Flow Index, has a scale of 1.93 billion yuan, with an index return of 38.33%, fees of 0.2% per year, and tracking error of 0.06%. The E Fund Value ETF (159263), tracking the China Securities Value 100 Index, has a scale of 2.54 billion yuan, with an index return of 19.76%, management and custody fees totaling 0.6% per year, and tracking error of 0.04%.

Risk warning: Funds are subject to risks; investments should be made cautiously.