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OPTIMISED INDICES

STOXX China A 900 Minimum Variance Unconstrained Enhanced

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Index Description

The STOXX® Minimum Variance Indices seek to minimize risk by reducing the volatility in a portfolio. STOXX offers two versions of STOXX® Minimum Variance Indices: constrained and unconstrained. The constrained, or regular, version optimizes the benchmark index with respect to volatility, offering investors an improvement over the benchmark. During the optimization, we enforced restrictions with the aim of staying close to the underlying index. The unconstrained version provides a strategy which gives the index the freedom to truly reflect minimum variance rather than following a specific benchmark too closely. The STOXX® Minimum Variance indices are designed in cooperation with Axioma, combining Axioma´s factor model know-how with the STOXX`s index creation and calculation expertise. The STOXX® Minimum Variance Indices are available for different regions and countries worldwide

Key facts

  • Minimized volatility is suitable for risk-averse investors. At the same time, the return of the index is higher than the benchmark.
  • Suitable as a liquid underlying for ETFs and structured products. It is easy to replicate as it has fewer components than the underlying index. It also has predictable rebalancing dates and is optimized to allow tracking (low turnover, transaction costs analysis, etc.).
  • Capping constraints are applied in accordance with the Undertakings for Collective Investment in Transferable Securities (UCITS) directive to ensure that funds can easily track the index.
  • The Unconstrained index offers a first-of-its-kind index for a true minimum variance mandate.

Descriptive Statistics

Index Market Cap (CNY bn) Components (CNY bn) Component weight (%) Turnover (%)
Full Free-float Mean Median Largest Smallest Largest Smallest Last 12 monts
STOXX China A 900 Minimum Variance Unconstrained Enhanced N/A 746.8 5.0 3.2 51.5 0.2 6.9 0.0 42.7
STOXX China A 900 61,875.4 30,369.9 33.7 16.1 677.0 5.7 2.2 0.0 10.6

Supersector weighting (top 10)

Country weighting

Risk and return figures1

Index returns Return (%) Annualized return (%)
Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y
STOXX China A 900 Minimum Variance Unconstrained Enhanced -5.0 -4.3 2.0 28.1 35.5 N/A N/A 2.1 8.8 6.3
STOXX China A 900 0.1 2.2 19.5 26.2 4.2 N/A N/A 19.8 8.2 0.8
Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2
STOXX China A 900 Minimum Variance Unconstrained Enhanced N/A N/A 9.9 12.3 12.8 N/A N/A 0.0 0.5 0.3
STOXX China A 900 N/A N/A 15.2 17.0 17.0 N/A N/A 1.1 0.3 -0.1
Index to benchmark Correlation Tracking error (%)
STOXX China A 900 Minimum Variance Unconstrained Enhanced 0.7 0.8 0.8 0.8 0.8 16.6 11.6 10.1 10.7 10.0
Index to benchmark Beta Annualized information ratio
STOXX China A 900 Minimum Variance Unconstrained Enhanced 0.3 0.5 0.5 0.6 0.6 -3.9 -1.3 -1.7 -0.1 0.4

1For information on data calculation, please refer to STOXX calculation reference guide

2Based on EURIBOR1M

(CNY, Gross Return), all data as of June 30, 2026

OPTIMISED INDICES

STOXX China A 900 Minimum Variance Unconstrained Enhanced

Fundamentals

Index Price/earnings incl. negative Price/earnings excl. negative Price/book Dividend yield (%)3 Price/sales Price/cash flow
Trailing Projected Trailing Projected Trailing Trailing Trailing
STOXX China A 900 Minimum Variance Unconstrained Enhanced 12.7 11.8 12.3 11.7 1.1 3.5 1.8 16.3
STOXX China A 900 19.6 14.3 17.0 13.8 1.6 3.0 1.4 22.3

Performance and annual returns

Methodology

The STOXX China A 900 Minimum Variance Unconstrained Enhanced Index is derived from the STOXX China A 900 Index, with constituent weights determined through a minimum variance optimization process. The index is designed as a strategic overlay on the parent market‑capitalization‑weighted index, with the objective of reducing overall portfolio risk. The index construction applies an optimizer that minimizes ex‑ante risk, as measured by the Axioma China4MH risk model. As a result, constituent weights may differ materially from those of the underlying benchmark to better reflect a true minimum variance portfolio. The index has a base value of 100, with a base date of 4 May 2012, and is calculated and disseminated in price, net return and gross return variants across CNY, EUR and USD.

Versions and symbols

Index ISIN Symbol Bloomberg Reuters
Price CNY CH1546178307 SA9CUEN .SA9CUEN
Gross Return CNY CH1546178315 SA9CUEGC SA9CUEGC INDEX .SA9CUEGC
Net Return CNY CH1546178323 SA9CUEC .SA9CUEC
Net Return EUR CH1546178356 SA9CUER .SA9CUER
Gross Return EUR CH1546178331 SA9CUEGR .SA9CUEGR
Price EUR CH1546178349 SA9CUEP .SA9CUEP
Net Return USD CH1546178372 SA9CUEV .SA9CUEV
Gross Return USD CH1546178380 SA9CUEGV .SA9CUEGV
Price USD CH1546178364 SA9CUEL .SA9CUEL

Quick Facts

Weighting Price Weighted
Cap Factor 0.1
No. of components Variable
Review frequency Monthly
Calculation/distribution Realtime 15 sec
Calculation hours 00:00:00 22:30:00
Base value/base date 100 as of May. 4, 2012
History Available from May 4, 2012
Inception date April. 24, 2026
To learn more about the inception date, the currency, the calculation hours and historical values, please see our data vendor code sheet.

Top 10 Components4

Company Supersector Country Weight
BEIJING-SHANGHAI HSR 'A' Industrial Goods and Services China 6.899%
CHINA YANGTZE PWR. 'A' Utilities China 4.302%
AGRICULTURAL BANK OF CHINA 'A' Banks China 3.469%
INDSTRL & COML.BK.OF CHINA 'A' Banks China 3.113%
BANK OF CHINA 'A' Banks China 3.067%
Fuyao Glass 'A' Industrial Goods and Services China 2.466%
Daqin Railway 'A' Industrial Goods and Services China 2.391%
CHINA UTD.NET.COMMS.'A' Telecommunications China 2.381%
CHINA SHENHUA EN.'A' Energy China 2.338%
CHINA CON.BANK 'A' Banks China 1.740%

3Net dividend yield is calculated as net return index return minus price index return

4Based on the composition as of June 30, 2026

CONTACT DETAILS

  • STOXX customer support
  • P +41 43 430 7272
  • customersupport@stoxx.com
  • https://stoxx.com/support/

DISCLAIMER

STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX indices, DAX indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.

BACKTESTED PERFORMANCE

This document contains index performance data based on backtesting, i.e. calculations of how the index might have performed prior to launch if it had existed using the same index methodology and based on historical constituents. Backtested performance information is purely hypothetical and is provided in this document solely for information purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance.

CUSTOMIZATION

The index can be used as a basis for the definition of STOXX Customized Indices, which can be tailored to specific client or mandate needs. STOXX offers a wide range of customization, in terms of component selection, weighting schemes and personalized calculation methodologies.

CONTACT DETAILS

  • STOXX customer support
  • P +41 43 430 7272
  • customersupport@stoxx.com
  • https://stoxx.com/support/

DISCLAIMER

STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX indices, DAX indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.

BACKTESTED PERFORMANCE

This document contains index performance data based on backtesting, i.e. calculations of how the index might have performed prior to launch if it had existed using the same index methodology and based on historical constituents. Backtested performance information is purely hypothetical and is provided in this document solely for information purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance.

CUSTOMIZATION

The index can be used as a basis for the definition of STOXX Customized Indices, which can be tailored to specific client or mandate needs. STOXX offers a wide range of customization, in terms of component selection, weighting schemes and personalized calculation methodologies.