CXSE
WisdomTree China ex-State-Owned Enterprises Fund
WisdomTree China ex-State-Owned Enterprises Fund seeks to track the investment results of Chinese companies that are not state-owned enterprises, which is defined as government ownership of greater than 20%.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
32 bp
EXPENSES
$337.9 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | WisdomTree Asset Management In |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 19, 2012 |
| Assets (mns) | $338 |
| Expense ratio | 32 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TENCENT HOLDINGS LTD | 13.0 % |
| ALIBABA GROUP HOLDING LTD. | 8.6 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 6.5 % |
| MEITUAN DIANPING | 3.5 % |
| NETEASE, INC | 2.9 % |
| CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD | 2.5 % |
| PING AN INSURANCE GROUP CO-H | 2.5 % |
| BAIDU, INC. CLASS A | 2.4 % |
| PING AN INSURANCE (GROUP) COMPANY OF CHI | 2.2 % |
| JD.COM, INC. CLASS A | 2.0 % |
Constituent Breakdown
| Number of holdings | 190 |
| Herfindahl-Hirschman Index | 362 |
| Wgt avg mkt cap (mns) | $112,825 |
| Large cap (>$10bn) | 79.6% |
| Mid cap ($2-10bn) | 20.1% |
| Small cap (<$2bn) | 0.2% |
| Developed mkts. | 16.0% |
| Emerging mkts. | 84.0% |
Country Exposure
 |
CHINA | 94.2 % |
 |
HONG KONG | 3.3 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -5.5% | -12.6% | -20.2% | -25.8% | -5.5% | -- | 1.9% | Volatility | 26.6% | 26.4% | 30.2% | 33.8% | 31.6% | 29.3% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.36 | 4% |
| MSCI EAFE | 0.80 | 18% |
| MSCI Emg Mkts | 1.45 | 60% |
Liquidity Measures
| Avg. volume (000) | 21 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $14,269 |
Technical Indicators
| Recent close | $25.94 |
| 30d moving avg. | $26.92 |
| Annualized volatility | 33.1% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.7% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. CXSE |
Expenses vs. CXSE |
ALTAR Score™ vs. CXSE |
|---|---|---|---|---|
| MCHI | iShares MSCI China ETF | 54.5% | +27 bp | +2.3% |
| FLCH | Franklin FTSE China ETF | 53.7% | -13 bp | +3.0% |
| MCH | Matthews China Active ETF | 45.7% | +47 bp | -0.4% |
| KALL | KraneShares MSCI All China Index ETF | 44.1% | +17 bp | +2.9% |
| GXC | SPDR S&P China ETF | 43.9% | +27 bp | +2.3% |
| KWEB | KraneShares CSI China Internet ETF | 43.5% | +37 bp | -7.6% |
| FXI | iShares China Large-Cap ETF | 39.7% | +42 bp | +2.9% |
| FDNI | First Trust Dow Jones International Internet ETF | 39.3% | +33 bp | -3.8% |
| EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 39.2% | +54 bp | -4.7% |
| TCHI | iShares MSCI China Multisector Tech ETF | 37.6% | +27 bp | -4.6% |
Risk and Returns: CXSE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
CXSE
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
CXSE
6.8%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.8% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. CXSE's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places CXSE in the 42nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
CXSE
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| CXSE (32 bp) Percentile rank | 13 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CXSE | 32.0 | 18.4 | 50.4 |
| Peer Avg. | 66.6 | 48.3 | 114.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .