Direct Answer
The CSI 1000 is a rule-based measurement of Chinese small-cap equity benchmark, maintained by China Securities Index Co.. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The CSI 1000 covers Chinese small-cap equity benchmark, within the China market. China Securities Index Co. defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The name states a target of 1000 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it.
How constituents are weighted
Free float adjusted market capitalisation weighted: the index is total adjusted market capitalisation (security price times free float adjusted shares) divided by a divisor, scaled to the base value. Free float share details follow CSI general calculation and maintenance methodology.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
The universe is SSE and SZSE listed securities in the CSI All Share Index. CSI 800 constituents and the 300 largest securities by average daily market capitalisation over the past year are excluded, the bottom 20% by average daily trading value are dropped, and the top 1000 by average daily market capitalisation are selected.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
When the membership is revised
Adjusted and rebalanced semi-annually, effective the next trading day after the second Friday of June and December, with no more than 10% of constituents changed per review. Buffer zone: old constituents in the top 90% by trading value go on to market cap ranking, new candidates in the top 800 get priority to join, and old constituents in the top 1200 get priority to stay.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
The index is built by exclusion: it takes the small cap securities left after removing CSI 800 constituents and the 300 largest by market capitalisation. Constituents of the related sector indices change whenever CSI 1000 constituents change.
References
- China Securities Index Co.: China Securities Index Co., Methodology of CSI 1000 Index, as published 2023. Every rule described on this page is taken from this document.
Current CSI 1000 constituents
China Securities Index Co. publishes and licenses the CSI 1000 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the CSI 1000?
China Securities Index Co. maintains the CSI 1000 and publishes the methodology document that defines its eligibility and weighting rules.
What does the CSI 1000 measure?
It measures Chinese small-cap equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current CSI 1000 constituents?
China Securities Index Co. publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.