The CPSE ETF is an exchange-traded fund listed in India that tracks the Nifty CPSE index, a basket of listed Central Public Sector Enterprises, which are companies owned and controlled by the Government of India. Its holdings are the shares of the companies in that index, held in proportions set by the index methodology.<\/p>\n
This article does not print a holdings table. The list of names and the weights are published by the fund issuer in its portfolio disclosure, with the index provider's factsheet as a cross-check. A table copied into an article is out of date as soon as the index rebalances or prices move.<\/p>\n
Weights in a basket weighted by market capitalisation adjusted for free float move every trading day, so any percentage printed in an article is stale by the time it is read. Take the current names and weights from the issuer's file and record the date you read it.<\/p>\n
Retail pages often show only the largest names. A complete holdings list includes every security in the index, and a data team should treat a "top five" on a retail page as a presentation choice rather than a full record.<\/p>\n
Readers comparing this fund with the other well-known Indian government-linked ETF can read the Bharat 22 ETF holdings list<\/a>.<\/p>\n The Nifty CPSE index selects listed Central Public Sector Enterprises and weights them using market capitalisation adjusted for free float, subject to capping rules set in the index provider's methodology document. The exact eligibility screens and cap levels are not reproduced here from memory, because they are revised by the index provider and must be read from the current document.<\/p>\n The number of companies in the index is the most important structural fact about the fund, and it can change. Read the current count from the index provider's latest factsheet rather than from a secondary page.<\/p>\n A data team building a model of this index should extract the following from the methodology document and record the version date alongside each:<\/p>\n A state-owned basket concentrated in a few related sectors is not a diversified market sample. A handful of companies in related sectors can account for most of the index, so the weights respond to a small number of commodity, tariff and policy variables rather than to a wide mix of earnings drivers.<\/p>\n Free-float adjustment matters more here than in most indexes. Because the government holds a large share of each company, the free float can be a modest fraction of total market value, which means the index weights differ materially from a ranking by headline market capitalisation. Two companies of similar size can end up with quite different weights if their free-float factors differ.<\/p>\n Capping then pulls weights back from pure float-adjusted market value. The result is an index where the reported weights are the product of three steps (market value, float, cap), and reproducing them independently requires all three inputs.<\/p>\n Holdings weights change between rebalances because prices move every day while the index only resets weights on its rebalance schedule. Corporate actions and share-structure changes, such as a further public offer, can also alter weights outside the schedule.<\/p>\n The first driver is price drift. Between reset dates, the shares a fund holds stay roughly fixed, so a stock that outperforms grows as a share of the portfolio.<\/p>\n The arithmetic below is an illustration with assumed numbers, not the index's actual cap. Suppose a single stock sits at a 20% weight on the rebalance date, and the other holdings together sit at 80%. Over the following quarter the stock rises 30% while the rest of the basket is unchanged.<\/p>\n The stock's value moves from 20 to 26, and the total moves from 100 to 106. Its new weight is 26 divided by 106, which is about 24.5%. If the methodology caps single-stock weights at the starting level, the portfolio is now above the cap by roughly four and a half percentage points until the next reset trims it.<\/p>\n A team that records only a snapshot of weights from the rebalance date would report 20%. A team that records dated holdings files would see the drift, and could measure how far weights stray from the cap and how fast.<\/p>\n Further offers by the government, sell-downs and share issuance change the free-float share count, and therefore the float-adjusted weight, sometimes between scheduled resets. Splits and bonus issues change the number of shares held without changing value, which can confuse any pipeline that tracks share counts as if they were stable quantities.<\/p>\n A fund's disclosed holdings may also lag the index. The fund's real portfolio can differ slightly from the index weights because of cash holdings, creation and redemption flows, and the timing of trades around rebalance dates.<\/p>\n One snapshot answers "what does the fund hold now". A series of dated files answers different and more useful questions: how long weights stay near their cap, how much the fund trades around a reset, and whether the issuer's disclosed holdings match the index's published weights on the same day.<\/p>\n Archived files are the only way to answer those after the fact, because retail pages overwrite their data. The mechanics of holdings sources and file formats are covered in ETF constituents data: sources and formats<\/a>.<\/p>\n Treat a non-US ETF as a record with three identifier layers: the local exchange ticker, a global security identifier such as a Bloomberg FIGI, and the issuer's own naming. Store all three, and map holdings to a security master by identifier rather than by name.<\/p>\n Sources write the same Indian listing in different ways, and some add an exchange suffix to the symbol. You can see this by comparing the symbol for one security across two sources, and the convention for each should be read from that source's own documentation.<\/p>\n Two practical consequences follow. A ticker alone is not a key, because the same symbol string can exist on more than one venue and symbols can be reused or changed after corporate events. And prices and weights for this fund are in Indian rupees, so any aggregation with US-listed funds needs an explicit currency field and a dated exchange rate.<\/p>\n Indian ISINs begin with the country code A workable approach is to key every holding on a permanent global identifier, keep the ticker and exchange as time-varying attributes, and keep the issuer's name string only as a lookup aid. When the same company appears in the CPSE ETF and in another fund, the shared identifier is what lets you aggregate exposure across both.<\/p>\n Name matching fails more often than people expect. State-owned company names change, carry abbreviations such as "Ltd" in some files and not in others, and differ between the index provider, the fund issuer and a vendor.<\/p>\n There are three ways to capture the holdings, with different trade-offs.<\/p>\n The trade-off between an API and flat files is discussed in ETF holdings data API versus CSV delivery<\/a>, and ETF constituents: how to get holdings data<\/a> lays out the sourcing options more broadly.<\/p>\n AmericanETP<\/a> provides holdings files for ETFs and indexes as CSV. They include Bloomberg FIGIs, and are updated twice daily, with a primary update at 6pm EST and a secondary update at about noon EST. Archived holdings files go back to July 2009, and FTP access is available.<\/p>\n AmericanETP covers 3878 US and global indexes and US-traded ETFs. Whether the CPSE ETF is within that list is something to confirm in the coverage list, or by asking through the contact page<\/a>, before assuming it. The CPSE ETF is listed in India, and coverage of US-traded funds does not imply coverage of Indian-listed ones.<\/p>\n Whether the CPSE ETF pays out dividends or reflects income in its net asset value depends on the scheme's terms, which are stated in the fund factsheet and scheme documents. Check those directly. Neither a quote page nor a summary article is a substitute.<\/p>\n The underlying companies are listed state-owned businesses, and whether and how much each pays is set out in that company's own disclosures. To the extent they pay dividends, the fund receives them as a holder. What happens next is the fund's decision under its documents: the income can be distributed to unit holders, or it can be retained and reflected in the unit price.<\/p>\n That distinction matters for any return series. If income is paid out, price return understates total return. If it is retained, price return already includes it. Before comparing the CPSE ETF's price history with another fund, confirm which treatment each one uses, and prefer a total return series where the issuer publishes one.<\/p>\n We are not quoting an expense ratio here. The fund's total expense ratio is set out in the issuer's scheme documents and factsheet, and it can change, so a figure copied into an article ages quickly. Read it from the current factsheet and record the date you read it.<\/p>\n For a data team, NAV is a time series and the expense ratio is a dated attribute. A fundamentals file for an ETF typically carries descriptive and structural fields. AmericanETP's fundamentals file includes the ETF description, leverage, and counts of holdings, which are the fields that let you classify a fund and sanity-check a holdings file against its stated size.<\/p>\n This is an analysis of structure, not investment advice. The CPSE ETF offers low-cost passive access to a defined basket of government-controlled companies, and its main risks follow from how narrow that basket is.<\/p>\n A passive fund that tracks a published index gives a transparent, rules-based exposure. For an investor who specifically wants Indian public-sector companies in one holding, a single listed fund is simpler than buying each stock and rebalancing manually. The index rules are public, and the holdings can be checked against the issuer's disclosure.<\/p>\n The index holds a small number of companies, a count to confirm from the index provider's factsheet, so a few names can carry most of the weight. To the extent the holdings sit in related sectors, they share exposure to commodity prices, regulated tariffs and government policy. They may then be less independent of one another than the count suggests.<\/p>\n Government-controlled companies can be directed by policy priorities such as pricing, dividends and investment plans, which may differ from what a private shareholder would choose. Future share sales by the government can also change supply of shares and the free-float structure the index relies on.<\/p>\n The fund is exposed to a single country and priced in rupees, so a non-Indian investor carries currency risk on top of equity risk. Liquidity should be assessed in the listed units rather than only in the underlying shares: look at traded volumes and the gap between the unit price and the NAV on your own dates of interest.<\/p>\n Tracking difference is the gap between the fund's return and the index's return, driven by costs, cash and trading around rebalances. It is measurable from NAV history and index levels, and it is worth computing rather than assuming.<\/p>\n Trailing returns for the fund are published by the issuer and on fund quote pages. We have not reproduced figures here, because trailing returns change daily and a copied number would mislead. Read the current figures directly, and keep in mind that past returns from a concentrated basket say little about future ones.<\/p>\n Holdings sources differ in authority, schema and history. The issuer's file is the authority on what the fund holds, a fund page is the quickest to read, and a CSV delivery gives a consistent schema across many funds. Which one fits depends on whether a person or software is the consumer.<\/p>\n The table summarises the same trade-offs described above, using only properties a reader can check for themselves.<\/p>\nHow does the Nifty CPSE index choose and weight its holdings?<\/h2>\n
What the methodology document has to answer<\/h3>\n
\n
Why concentration changes how weights behave<\/h3>\n
Why do CPSE ETF holdings change between rebalances?<\/h2>\n
A worked example of cap drift<\/h3>\n
Corporate actions and further offers<\/h3>\n
What a dated history lets you measure<\/h3>\n
How should you load CPSE ETF holdings into a data pipeline?<\/h2>\n
Tickers, exchange suffixes and currency<\/h3>\n
IN<\/code>, which is a stable and checkable property of the identifier. Keep the ISIN beside the ticker in your record so you can reconcile against the issuer's disclosure.<\/p>\nMapping to a security master<\/h3>\n
Scraping, issuer files and CSV delivery<\/h3>\n
\n
What AmericanETP delivers<\/h3>\n
Does the CPSE ETF pay dividends, and what is its expense ratio?<\/h2>\n
Dividends<\/h3>\n
Expense ratio<\/h3>\n
NAV data and fundamentals fields<\/h3>\n
Is the CPSE ETF a good investment? A review by risk<\/h2>\n
What it does well<\/h3>\n
Concentration and sector risk<\/h3>\n
State ownership and policy risk<\/h3>\n
Country, currency and liquidity<\/h3>\n
Tracking and returns<\/h3>\n
How do sources of CPSE ETF holdings compare?<\/h2>\n
Fund pages, issuer files and CSV delivery<\/h3>\n