Institution: Non-ferrous metals shine as dollar weakens; Maxwealth CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF (517520) up 0.67% in early trade, aiming for third straight gain

NewTimeSpace News, as of 10:09 on 27 January 2026, the Gold Equities ETF (517520) has added 0.67% to 2.85 yuan, attempting a third consecutive daily advance. Over the past week ended 26 January 2026 the fund has surged 19.18%. (The stocks cited are index constituents only and do not constitute any recommendation.)

Liquidity: intraday turnover is 2.57% with 505 million yuan traded; the average daily turnover over the past week is 908 million yuan, the highest in the peer group.

Size: the ETF's asset base stands at 19.287 billion yuan, a one-year high, ranking first among six comparable funds. (Source: Wind)

Shares: outstanding units have reached 6.892 billion, a one-month high, also first among six peer funds. (Source: Wind)

Net inflows: the fund has recorded seven consecutive days of inflows, the largest single-day amount being 574 million yuan, totalling 2.039 billion yuan or an average 291 million yuan per day. (Source: Wind)

Margin: month-to-date net margin purchases are 2.49 million yuan, bringing the outstanding margin balance to 317 million yuan. (Source: Wind)

Performance: net value has risen 144.01% over the past year, ranking first among comparable funds and third among 3,491 index stock funds (top 0.09%). Since inception the best monthly return is 21.81%, the longest winning streak is four consecutive months with a cumulative 40.27% gain, the up-/down-month ratio is 14/12, the average return in up months is 9.41%, the calendar-year win rate is 100% and the two-year holding-profit probability is also 100%. Annualised out-performance versus the benchmark over the past year is 2.45%, ranking first among six peer funds.

Risk metrics: one-year Sharpe ratio is 2.82 as of 23 January 2026; year-to-date maximum draw-down is 1.78% versus 0.12% for the benchmark, the smallest among comparable funds, with a one-day recovery period, the fastest in the peer group.

Fees: management fee 0.50%, custody fee 0.10%, both among the lowest in the category.

Tracking: year-to-date tracking error is 0.028%, the smallest among peer funds. The ETF replicates the CSI Hong Kong-Shanghai-Shenzhen Gold Industry Equity Index, which comprises 50 large-cap listed companies engaged in gold mining, smelting and sales across the mainland and Hong Kong markets.

Tebon Securities notes that international commodities are seeing "precious metals leading, silver surging, and strong gains in tin, gold and nickel." The escalation in Greenland has triggered a US-Europe divergence, dollar weakness and precious-metals strength. Overall, the non-ferrous metals complex—led by precious metals and select base metals—is performing robustly against the backdrop of a softer dollar.

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