SPD Bank Sci-Tech Chip Design ETF (589250) tracks the STAR Market's 20% flexibility space

Unitree Robotics announced it will officially list on the STAR Market on August 19, with an issue price of 150.8 RMB/share and a market cap of approx. 60.993 billion RMB upon listing. Unitree unveiled its new robot 'Superman,' capable of jumping 2 meters high in place and reaching a top speed of 12.66 m/s, surpassing human records for vertical jump and sprint. The company stated the new integrated unit was developed in just over 3 months, with significant room for improvement in the coming months.

As the 'first humanoid robot stock' to list on the STAR Market, Unitree contributes to the expansion of the hard-tech industry chain. From chip design to terminal applications, the STAR Market is forming a complete hard-tech ecosystem closed loop.

SPDB ETF for STAR Chip Design (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162), focusing on leading chip design firms on the STAR Market. For individual investors bullish on this direction but unable to meet the 500k RMB threshold for STAR Market access, SPDB ETF for STAR Chip Design (589250) offers a low-barrier entry—starting at just 100 units.

As of 9:45 AM on Aug 18, SPDB ETF for STAR Chip Design (589250) rose 0.30%, trading at 1.34 RMB.

Among index constituents, Fudan Microelectronics +2.98%, Fengtou Technology +2.48%, Raydium +1.73%, Puya Semiconductor +1.5%, Joulwatt +1.46%; VeriSilicon -4.36%, Silan Microelectronics -4.09%, Amlogic -2.16%, Actions Semiconductor -2.02%, GigaDevice -1.87%.

As of Aug 14, the SSE STAR Market Chip Design Theme Index (950162) has delivered a 3-year annualized return of 40.2%, significantly outperforming the STAR 50's 22.67% (Source: CSI Index, as of 2026.8.14).

In terms of sector purity, the index comprises 79.31% digital chip design and 14.86% analog chip design, totaling 94.17%, making it one of the purest chip design indices in the market (Source: Wind, as of 2026.8.17). On earnings growth, the index saw YoY net profit growth of 191.96% in 2025 and 260.14% in Q1 2026, highlighting strong growth potential (Source: Wind).

As of 10:53 AM on Aug 17, SPDB ETF for STAR Chip Design (589250) rose 3.68%, trading at 1.32 RMB.

Among index constituents, Puya Semiconductor +12.65%, Xinpeng Micro +11.23%, VeriSilicon +6.7%, Biwin Storage +6.21%, Shengke Communications-U +5.62%; Joulwatt -3.89%.

SPDB ETF for STAR Chip Design (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162), launched on 2024-07-26 with a base date of 2019-12-31 and a base level of 1000 points. It selects 50 listed companies involved in chip design within the STAR Market as index samples.

(Index annual returns for 2021-2025 were 7.73%, -42.51%, 4.75%, 35.54%, 60.00%. Past performance does not guarantee future results.)

[Valuation at Historical Lows]

The current P/E ratio of the SSE STAR Market Chip Design Theme Index (950162) sits at the 14.15th percentile since inception, meaning valuation is lower than 85.85% of the period since launch. (As of Aug 14)

[A Key Feature of the SSE STAR Market Chip Design Theme Index (950162) is Sector Purity]

The index excludes Main Board and ChiNext stocks, while avoiding semiconductor materials, equipment, manufacturing, and packaging/testing segments. It anchors on chip design—the most innovative segment of the semiconductor chain—with digital chip design at 79.31% and analog at 14.86%, totaling 94.17% (Source: Wind, as of 2026.8.17).

Chip design translates system, logic, and performance requirements into physical layouts. It is a key, technology-intensive, and innovation-active link in the semiconductor chain. Crucially, the IC sector offers vast market space and bright prospects. According to WSTS data, the global IC market (including logic, analog, memory, etc.) reached ~$517.5bn in 2024, accounting for 85% of the global semiconductor market. (Source: Wind, WSTS, as of 2025.12.31)

[Explosive Earnings Growth: Q1 2026 Net Profit Surges 260.14% YoY]

From an earnings realization perspective, this index is not mere concept hype—2025 full-year revenue hit 130.296bn RMB (+37.03% YoY), with net profit at 13.109bn RMB (+191.96% YoY). Q1 2026 maintained high growth: revenue 40.018bn RMB (+58.72% YoY), net profit 6.425bn RMB (+260.14% YoY). (Source: Wind)

[High Elasticity: Linked to STAR Market, Daily Limit ±20%]

Regarding elasticity, the SSE STAR Market Chip Design Theme Index (950162) is linked to the STAR Market, containing only chip design firms. Constituents have a daily limit of ±20%, offering greater elasticity and offensive strength.

During the chip sector recovery cycle of H1 2025 and H1 2026, the STAR Chip Index led with a 208.24% gain, outperforming the CSI Chip Industry Index (185.52%) and CNI Semiconductor Chip Index (179.67%), leveraging the STAR Market's high elasticity and 20% limit. (Source: Wind, Period: 2024.12.31-2026.06.30)

[High Leader Concentration: Top 10 Weights Total 63.27%, Memory + AI Chips Cover Nearly 50%]

For top 10 weights, the SSE STAR Market Chip Design Theme Index (950162) totals 63.27%. Memory direction (Montage Tech 9.27% + Biwin Storage 7.39% + Puya Semiconductor 3.26%) accounts for nearly 20%. AI Chip direction (Hygon Information 10.99% + Cambricon 9.26% + VeriSilicon 7.76%) totals 28%. These two high-growth sectors combined represent nearly 50% (47.93%). For investors bullish on both memory and AI chips, this index provides one-click coverage. (Source: Wind, as of 2026.8.7)

Top 10 weight stocks of the index are:

Hygon Information (688041.SH) Weight 10.99%, Sub-sector: AI Chip.

Montage Technology (688008.SH) Weight 9.27%, Sub-sector: Memory.

Cambricon (688256.SH) Weight 9.26%, Sub-sector: AI Chip.

VeriSilicon (688521.SH) Weight 7.76%, Sub-sector: AI Chip.

Biwin Storage (688525.SH) Weight 7.39%, Sub-sector: Memory.

Raydium (688002.SH) Weight 5.12%, Sub-sector: Analog/Sensor.

Shengke Communications (688702.SH) Weight 3.96%, Sub-sector: Network Chip.

Actions Semiconductor (688099.SH) Weight 3.29%, Sub-sector: SoC.

Puya Semiconductor (688766.SH) Weight 3.26%, Sub-sector: Memory.

Joulwatt (688141.SH) Weight 2.97%, Sub-sector: Analog Chip.

(Source: Wind, as of 2026.8.7)

[Long-term Performance: +207% Since 2023, Sharpe 1.24 Far Exceeds STAR Broad-Based Indices]

For investors seeking high elasticity and able to withstand volatility, the long-term cost-performance of this index is noteworthy—cumulative gain of 207.14% since 2023, vs. STAR Composite 69.56% and STAR 50 73.27%. Annualized Sharpe ratio is 1.24, compared to STAR 50's 0.74 and STAR Composite's 0.73, indicating significantly higher excess returns for equivalent volatility. (Source: Wind, Period: 2023.1.1-2026.6.12)

The SSE STAR Market Chip Design Theme Index (950162) has gained 207.14% since 2023, significantly outperforming STAR broad-based indices, with an annualized Sharpe ratio of 1.24, far exceeding peers, offering a superior risk-return profile.

Comparison of cumulative returns and annualized Sharpe ratios between the SSE STAR Market Chip Design Theme Index (950162) and STAR Composite, STAR 50, STAR 100, and STAR 200 indices:

1. Cumulative Returns: The SSE STAR Market Chip Design Theme Index (950162) gained 207.14% from Jan 1, 2023, to Jun 12, 2026, significantly leading STAR Composite (+69.56%), STAR 50 (+73.27%), STAR 100 (+60.47%), and STAR 200 (+69.06%).

2. Annualized Sharpe Ratio: The SSE STAR Market Chip Design Theme Index (950162) achieved a Sharpe ratio of 1.24 during this period, vs. STAR Composite 0.73, STAR 50 0.74, STAR 100 60.47, and STAR 200 69.06. The index's Sharpe ratio significantly outperforms these benchmarks, showing clear advantages in risk-adjusted returns.

(Source: Wind, Period: 2023.1.1-2026.6.12; Index Launch Date: 2024-07-26; Base Date: 2019-12-31; Annual returns 2021-2025: 7.73%, -42.51%, 4.75%, 35.54%, 60.00%; Return since launch: 241.27%. Past performance does not guarantee future results.)

[Fund Product Info]

- Fund Short Name: SPDB ETF for STAR Chip Design

- Ticker: 589250

- Fund Manager (Sell-side Financial Engineering Background + SSE Official Award): Song Shiyi, Master of Finance from Renmin University of China, 13 years in securities. Worked at Shenwan Hongyuan Securities Research Institute Fin Eng Dept from Jul 2013 to Sep 2023, rising from Assistant Analyst to Senior Analyst; won 2020 SSE Top 10 ETF Industry Analyst. Joined SPDB Prudential Fund in Oct 2023, currently Fund Manager at Index & Quant Investment Dept. - Management Fee 0.50% p.a., Custody Fee 0.10% p.a. (Source: Fund Regular Reports, Wind, as of 2025.12.31)

- Tracking Strategy & Quality: SPDB ETF for STAR Chip Design (589250) uses full replication to track the SSE STAR Market Chip Design Theme Index (950162), combining ETF liquidity and transparency advantages. It aims to keep absolute daily tracking deviation ≤0.2% and annual tracking error ≤2%. In the first month post-listing, daily tracking deviation was controlled within ±0.03%. (Source: Fund Contract, Hu'an Securities Research Report)

[Fund Company Profile]
SPDB Prudential Fund builds a 'Core-Satellite' index product matrix. Intra-day ETFs cover hard tech and mainstream broad-based indices; OTC index-enhanced products span Beijing, Shanghai, Shenzhen, and large/mid/small/micro-cap styles. Total AUM exceeds 450bn RMB, providing one-stop multi-asset allocation tools.
1. Shareholder Background

SPDB Prudential Fund is among the first batch of bank-affiliated public funds. Shanghai Pudong Development Bank Co., Ltd. is the largest shareholder holding 51%; BNP Paribas Asset Management Holding Co. is the second largest holding 39%; Shanghai Guosheng Group Asset Co., Ltd. is the third largest holding 10%, leveraging Chinese and foreign resource advantages for multi-asset management.

2. Asset Management Scale

As of Dec 31, 2025, SPDB Prudential Fund (incl. subsidiaries) total AUM exceeded 450bn RMB. Diverse business lines cover equity, fixed income, quant, and alternative asset management, providing one-stop quality products and services. The fund family has 117 public fund products with managed scale of 357.506bn RMB.

3. Differentiated Layout of Index Fund Products

SPDB Prudential Fund forms a 'Core-Satellite' strategy combo across intra-day and OTC products. Intra-day layout includes A500 ETF SPDB (159376.SZ), ChiNext ETF SPDB (159810.SZ), PV ETF SPDB (159609.SZ), STAR Chip Design ETF SPDB (589250.SH), Securities ETF SPDB (516730.SH), Gaming/Media ETF SPDB (517770.SH), Grain ETF SPDB (159060.SZ), etc. OTC launches include CSI 300 Index Enhanced, CSI A50 Index Enhanced, CSI A500 Index Enhanced, STAR 100 Index Enhanced, STAR Composite Enhanced, and other broad-based index enhanced products, plus the SPDB Prudential BSE 50 Component Index Fund tracking the Beijing Stock Exchange. This achieves comprehensive tracking across all exchanges and major boards, covering large, mid, small, and micro-cap styles.

4. Index & Quant Investment Team

Chief Index Quant Officer Chu Tianshu has over 20 years of financial experience and rich quant investment management expertise. Department Director Sun Chenjin brings over 10 years of quant research experience, specializing in solutions for index enhancement, quant hedging, and asset allocation.

Empowered by AI, the SPDB Prudential Index Quant team develops investment strategies adapted to different market environments through deep market research and data analysis, including asset allocation, timing, sector rotation, quant stock selection, and event-driven approaches. Under a unified strategy framework, they adhere to multi-model development, e.g., sector rotation includes cross-sectional models and time-series timing models. In quant stock selection, beyond traditional multi-factor models, they maintain a large factor library of hundreds of factors, updated and evaluated in real-time. These factors are widely researched and proven to explain long-term trends and anomalies in stock returns.

[Q&A]

Q1: Who is SPDB ETF for STAR Chip Design suitable for?

A: 1. Individual investors wanting to invest in the STAR Market but not meeting conditions: The STAR Market has a high barrier, requiring avg. daily assets ≥500k RMB (excl. margin financing) over 20 trading days and ≥24 months of investment experience. The minimum investment for the STAR Chip Design ETF starts at just 100 units, allowing low-barrier participation with convenient trading.

2. Investors wanting one-click allocation of the domestic computing power industry chain: The underlying index comprehensively covers leading domestic computing chain companies, providing a convenient channel for one-click layout. Investing in a basket of constituents helps diversify risk; investors don't need to screen individual stocks, reducing reliance on professional industry knowledge.

3. Investors seeking high-risk, high-reward elastic products: The STAR Chip Design Index focuses on the STAR Market, with daily limits of ±20%, resulting in higher volatility and elasticity. Suitable for swing trading, but requires tolerance for higher NAV fluctuations.

Q2: With a 500k RMB threshold for the STAR Market, how can retail investors access STAR chips with a low barrier?
A: The STAR Market has a high barrier, requiring avg. daily assets ≥500k RMB (excl. margin financing) over 20 trading days and ≥24 months of investment experience. For those not meeting this threshold, SPDB ETF for STAR Chip Design (589250) starts at just 100 units, offering low-barrier participation and convenient trading.

Q3: Compared to STAR 50 ETF, what is the long-term return of this ETF's tracked index?
A: The SSE STAR Market Chip Design Theme Index (950162) gained 207.14% since 2023, vs. STAR 50's 73.27%—less than 40% of the former. (Source: Wind, as of 2026.6.12). The core difference is that STAR 50 covers all STAR Market industries with limited chip exposure, whereas the Chip Design Theme Index focuses specifically on STAR Market chip design firms, offering higher sector purity.

Q4: What is the difference between chip design indices and semiconductor equipment indices?
A: The SSE STAR Market Chip Design Theme Index (950162) excludes semiconductor materials, equipment, manufacturing, and packaging/testing, anchoring solely on chip design—the most innovative segment. Digital chip design is 79.6% + Analog chip design 15.4% = 95% (Source: Wind, as of 2026.5.29). If bullish on chip design, this index is one of the purest choices available.

Q5: Memory chips have surged so much; does this index still benefit?
A: In the top 10 weights of the SSE STAR Market Chip Design Theme Index (950162), the memory direction (Montage Tech 9.27% + Biwin Storage 7.39% + Puya Semiconductor 3.26%) totals nearly 20% (Source: Wind, as of 2026.8.7). The global memory chip super-cycle continues, with South Korea's 4,755 trillion KRW expansion plan pointing to doubled DRAM capacity in five years. Memory remains a significant weight component for this index.

Q6: Does this index have earnings support?
A: The index reported 2025 net profit of 13.109bn RMB (+191.96% YoY); Q1 2026 net profit was 6.425bn RMB (+260.14% YoY) (Source: Wind). High earnings growth, not pure concept hype.

Q6: What is the core difference between this fund and other semiconductor ETFs?

A: The underlying index targets the STAR Market chip design segment, excluding materials, equipment, manufacturing, and packaging. Top 10 constituent weights total 57.15%, concentrating computing power leaders.

Q7: What standard is the tracking error controlled to?

A: SPDB ETF for STAR Chip Design (589250) uses full replication to track the SSE STAR Market Chip Design Theme Index (950162), combining ETF liquidity and transparency advantages. It aims to keep absolute daily tracking deviation ≤0.2% and annual tracking error ≤2%. In the first month post-listing, daily tracking deviation was controlled within ±0.03%. (Source: Fund Contract, Hu'an Securities Research Report)

Q8: What are the advantages of investing in this fund?
A: 1. Precise focus on the core STAR Market chip design track, with digital and analog chips totaling 94.17% (Source: Wind, as of 2026.8.17, SW Level 3 classification); 2. Benefits from dual dividends of explosive global semiconductor market growth and accelerated domestic substitution; 3. Multiple positive catalysts in news flow, with industry prosperity continuing upward; 4. One-click layout of chip design leaders via ETF form, diversifying individual stock risk; 5. Starts at 100 units, providing a channel for individual investors unable to meet the 500k RMB STAR Market threshold.

Q9: What are the fees?

SPDB ETF for STAR Chip Design (589250) has a management fee of 0.50% p.a., custody fee of 0.10% p.a., and a total expense ratio of 0.6%. Transparent and controllable management costs suit long-term holders or cost-sensitive swing traders.