Bharat 22 ETF Constituents: Holdings List 2026

What are the Bharat 22 ETF constituents?

The Bharat 22 ETF is an exchange-traded fund that tracks the BSE Bharat 22 Index, a basket of 22 Indian companies drawn from central public sector enterprises (CPSEs), public sector banks, and the strategic holdings of the Specified Undertaking of the Unit Trust of India (SUUTI). The 22 holdings are the names the index contains on a given date. They are not fixed.

The list is a snapshot. Membership and weights move with index reviews, corporate actions, and daily price changes, so any list printed in an article, including this one, goes stale. The authoritative current list is the portfolio the fund's issuer discloses for the ETF, read alongside the index provider's own factsheet and methodology for the index.

A dated list with weights is not printed here, because it would be out of date at the next review or the next trading day. The sections below explain how the list is built, how to measure concentration yourself, how to retrieve the current names, and how to store each list so that changes are visible.

How do you get the current 22 names today?

The current names come from two primary documents and a short, repeatable check. The steps below take a few minutes and produce a dated file you can keep.

1. Open the fund issuer's current portfolio disclosure for the ETF and note its as-of date.
2. Open the index provider's factsheet for the BSE Bharat 22 Index and note its as-of date.
3. Compare the two name lists, allowing for small differences caused by cash and tracking effects.
4. Save the result as a file keyed on a stable identifier, with the as-of date in the file name and as a column.

Which sectors does the index cover?

The index draws on three source groups, so its sector mix depends on which names the groups contribute at any date. State-owned companies and banks tend to cluster in sectors such as energy, utilities, and financials, and the SUUTI group can add exposure outside those. Sector proportions are not stated here because they shift with prices and reviews. The index provider's factsheet is the place to read them.

How is the Bharat 22 Index built and why does the holdings list change?

The index is built from government-linked companies, so its holdings list changes when eligibility, corporate structure, or review decisions change. Each part of the methodology produces a different kind of change.

The parts are worth separating, because each one affects the list in its own way:

What do eligibility and weighting look like?

Eligibility is defined by ownership. A company qualifies through government ownership as a CPSE or public sector bank, or because SUUTI holds a strategic stake in it. If ownership moves, so can eligibility.

The weighting method and any caps are set in the index methodology document. Market capitalisation weighting is a common design in equity indexes, but whether and how this index applies single-stock or sector caps should be read from the current methodology rather than assumed. Do that before you model with any cap.

How often does the index rebalance?

The review cadence is set in the index methodology. Check the current methodology document for the review schedule and the rules for ad hoc changes. Do not assume an annual cycle, a semiannual cycle, or any specific month.

What causes holdings to change outside a scheduled review?

Mergers between public sector entities, delistings, and changes in government ownership can all alter membership between reviews. Corporate actions such as splits or bonus issues change share counts without necessarily changing economic exposure, but they still change the rows in a holdings file. A data process that only watches names will miss share-count changes, so it should watch quantities and identifiers as well.

What do the top holdings look like, and how concentrated is the ETF?

Concentration depends on the weights, not on the count of 22 holdings. A count of 22 suggests diversification, but a few large names can carry most of the weight, and the issuer's published portfolio shows which. Current top weights are not stated here because they change daily. What follows is the arithmetic for judging concentration from whatever weights you download.

Worked example: what does 22 holdings imply?

A portfolio of 22 equally weighted names gives each holding 1 divided by 22, or about 4.55%. That figure is the benchmark. The question for any real weight set is how far the actual weights sit from 4.55%.

Let c be the single-stock cap in the index methodology, if it has one. The largest permitted name could then hold c divided by 4.545%, which is 22 × c, times its equal-weight share. As a purely hypothetical illustration, not a statement of the methodology, a 10% cap would allow 2.2 times the equal-weight share.

The same logic applies to sectors. A sector with k of the 22 names has an equal-weight share of k/22, and a sector cap s allows 22 × s / k times that share. Again hypothetically, a 25% cap against a four-name sector, whose equal-weight share is about 18.2%, would allow about 1.4 times that share. Substitute the caps from the current methodology and the result follows.

Which concentration measures should an institutional user compute?

Four measures are enough for most single-name monitoring, and all of them can be computed from a dated holdings file:

• Top-1 and top-5 weight: the share held by the largest name and by the five largest names.
• Herfindahl-Hirschman index (HHI): the sum of squared weights. For 22 equal weights, HHI is 1/22, about 0.0455.
• Effective number of holdings: 1 divided by HHI. An equal-weight 22-name portfolio has an effective number of 22, and any concentration pushes it lower.
• Sector weight versus cap: the weight of each sector against any limit the methodology states, which shows how close the index is to forced redistribution at the next review.

A fall in the effective number between two dated snapshots tells you the portfolio concentrated, even if the names did not change. That is the kind of signal a static web page cannot give you.

What does concentration mean for single-name exposure?

For a quant fund or a bank desk, the relevant question is how much of a given issuer's risk you hold through the ETF, alongside any direct position. State-owned energy and banking names may move together on policy news, so the 22 names need not behave like 22 independent bets. Government-ownership concentration is a factor of its own, separate from single-stock weight.

Bharat 22 ETF vs CPSE ETF: which holds what?

The two funds differ in how their universes are defined, and the CPSE ETF's exact rules should be confirmed on its own factsheet. Bharat 22 draws on three groups: CPSEs, public sector banks, and SUUTI strategic holdings. A fund named for CPSEs would be expected to draw on the first group alone, but that expectation is a reading of the name, not a verified description of its index.

No issuer, index, or sector weighting is stated here for the CPSE ETF. The comparison below is structural and does not rely on performance, fees, or fund size. Fill in the CPSE column from its current factsheet.

What does each structure do better for exposure design?

Bharat 22's three-group universe allows a broader sector spread, including financials, which can give a different risk profile from a pure CPSE basket. The cost of that breadth is that part of the weight may sit in non-CPSE names, so the ETF is not a clean expression of public sector ownership.

If the CPSE ETF's index is restricted to central government enterprises, as its name suggests, it is the cleaner expression of a single idea. If your mandate or risk model needs exposure limited to that group, a narrower universe is easier to explain and to map to a policy factor. It would likely carry more concentration in fewer sectors as a result, which its factsheet will confirm or correct.

How do you measure the overlap between the two?

Overlap is a computation, not an opinion. Download the holdings of both funds on the same date, key them on a common identifier, and sum the minimum of the two weights for each shared name. The result is the portfolio overlap percentage on that date, and it will move as weights drift. A name-only comparison hides the fact that the same company can be a large position in one fund and a small one in the other.

Is Bharat 22 ETF a good investment?

This article does not give investment advice, and the answer depends on a mandate, a benchmark, and a risk budget that only the reader has. For institutional users the more useful question is what to evaluate and which of those questions holdings data can answer.

The evaluation breaks down as follows:

• Index methodology: eligibility, capping, and review rules, read from the index provider's methodology document.
• Government-ownership concentration: the extent to which holdings share a policy and ownership driver.
• Sector tilts: weights against any caps and against the broad Indian equity market.
• Liquidity: both the ETF's trading liquidity and the liquidity of the underlying names, which the ETF's primary-market creation and redemption process depends on.
• Tracking: the gap between fund and index return, taken from the issuer's disclosures.

What can holdings data answer?

Holdings data can answer what the fund holds, in what proportion, and how that changed between two dates. It supports concentration measurement, overlap with other funds or your own book, sector exposure, and the detection of review-driven changes.

It cannot answer whether the fund will earn a return, what the fund costs, or how closely it tracked its index. Those questions need price, expense, and tracking-difference data from the issuer and from independent sources.

How do you track Bharat 22 holdings over time as data?

You track them by saving each dated holdings list as a file keyed on a stable identifier, and comparing consecutive files. A web page shows one day, and it overwrites itself, so it cannot tell you what changed or when.

An ETF holdings database built from CSV files is the simplest structure that works. Each file represents one fund on one date, each row represents one holding, and the database accumulates files so that any date can be reconstructed. The ETF constituent lists data guide describes the file layouts, and ETF constituents data: sources and formats covers where such data comes from.

Why do identifiers and dates matter?

Names are unreliable keys. Companies rename, merge, and appear under different spellings across sources. A persistent identifier such as a Bloomberg FIGI lets you join this week's file to last year's file without hand-matching names.

Dates matter for the same reason. A holdings file without an as-of date cannot be reconciled to a rebalance, a corporate action, or a price. Store the as-of date in the file name and as a column.

What does a daily holdings workflow look like?

A daily ETF holdings download usually has four steps: fetch the file, validate it, load it against its as-of date, and diff it against the previous file. The diff reports added names, removed names, and changed weights or quantities. The daily ETF holdings download guide walks through the workflow, and the comparison in ETF holdings data API vs CSV explains why many teams choose files over an API for archive-building. The broader picture is in ETF constituents: how to get holdings data.

For a US-listed example of the same logic applied to a single fund, see the ARKK ETF holdings list.

What does AmericanETP provide?

AmericanETP delivers ETF and index holdings as CSV files by subscription. The stated features are:

• Twice-daily updates, with the primary at 6pm EST and a secondary at about noon EST.
• Coverage of 3878 US and global indexes and US-traded ETFs.
• Bloomberg FIGIs included in the holdings files.
• A fundamentals file with ETF description, leverage, and holdings counts.
• Archived holdings datafiles back to July 2009.
• FTP access.

The service was originally called MasterDATA and dates from the 1990s. Files are listed on the Downloads page, and the Constituent Change Report page covers changes between dates.

Does AmericanETP cover Bharat 22?

Confirm this before you rely on it. The stated coverage is US and global indexes and US-traded ETFs, and the Bharat 22 ETF is an India-listed fund. Whether the Bharat 22 ETF or the BSE Bharat 22 Index is included depends on the current coverage list, which you can check through the Contact page or the Downloads page. If it is not covered, the same storage and diff method applies to files you collect from the issuer yourself.

Where to verify the current Bharat 22 holdings list

Verify against primary sources first: the issuer's portfolio disclosure for the fund's holdings, and the index provider's factsheet for the index's holdings. Secondary pages are useful for cross-checks and are not authoritative.

How do you reconcile mismatches in dates and weights?

Start with the as-of date on each source, since most mismatches are date mismatches. A page dated at month end will not match one dated yesterday.

Next, separate fund from index. The fund holds cash and has small deviations from the index, so its weights will not equal the index weights exactly. Then check for corporate actions between the dates, and for review-driven changes. If a gap remains after those steps, trust the issuer's disclosure for the fund and the index provider's file for the index, and record the discrepancy with both dates.

To keep that record as dated, identifier-keyed CSV data with a deep archive, see what AmericanETP provides and confirm its coverage of the funds you need.

FAQ

What are BHARAT 22 ETF companies?

They are the 22 companies in the BSE Bharat 22 Index: central public sector enterprises, public sector banks, and strategic holdings of the Specified Undertaking of the Unit Trust of India. The exact list changes with index reviews, so check the issuer's portfolio disclosure for the current names.

What are the listed stocks in the Bharat 22 index?

The current list is in the index provider's factsheet and in the fund issuer's portfolio disclosure. This article does not reproduce it, because membership and weights change and a static list goes out of date.

Which ETF is better, BHARAT 22 ETF or CPSE ETF?

Neither is better in general. Bharat 22 draws on CPSEs, public sector banks, and SUUTI holdings, while the CPSE ETF is, by its name, focused on central public sector enterprises, which you should confirm on its factsheet. The right choice depends on whether your exposure design needs breadth or a single-theme basket, and on liquidity, tracking, and cost data you should take from current issuer disclosures.

Is BHARAT 22 ETF a good investment?

This article does not provide investment advice. Evaluate the index methodology, government-ownership concentration, sector tilts, liquidity, and tracking against your own mandate, using issuer and index provider documents.

How often do Bharat 22 ETF constituents change?

Weights change daily with prices, and membership changes at index reviews or after events such as mergers, delistings, or ownership changes. The review schedule is set in the index methodology, so check the current document for it.

Where can I download ETF holdings data as a CSV file?

Issuers publish portfolio disclosures on their own sites, and data providers deliver them as files. AmericanETP provides CSV holdings files by subscription, listed on its Downloads page. Confirm that the fund you need is on its coverage list.

Does an ETF database include index-level holdings and identifiers such as FIGIs?

It depends on the provider. AmericanETP states that it covers 3878 US and global indexes and US-traded ETFs, and that Bloomberg FIGIs are included in its holdings files. See also the guide to ETF holdings by sector for how holdings can be grouped once stored.