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%.
Fund Basics
| Fund sponsor | WisdomTree Asset Management In |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 19, 2012 |
| Assets (mns) | $594 |
| 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
| ALIBABA GROUP HOLDING LTD. | 10.6 % |
| NETEASE, INC | 4.9 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 4.5 % |
| PING AN INSURANCE GROUP CO-H | 4.5 % |
| MEITUAN DIANPING | 4.4 % |
| WUXI BIOLOGICS (CAYMAN) INC. | 2.7 % |
| KUAISHOU TECHNOLOGY CLASS B | 2.6 % |
| CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD | 2.4 % |
| JD.COM, INC. CLASS A | 2.4 % |
| PING AN INSURANCE (GROUP) COMPANY OF CHI | 2.2 % |
Constituent Breakdown
| Number of holdings | 194 |
| Herfindahl-Hirschman Index | 258 |
| Wgt avg mkt cap (mns) | $59,320 |
| Large cap (>$10bn) | 74.0% |
| Mid cap ($2-10bn) | 25.2% |
| Small cap (<$2bn) | 0.7% |
| Developed mkts. | 20.1% |
| Emerging mkts. | 79.9% |
Country Exposure
 |
CHINA | 92.1 % |
 |
HONG KONG | 4.1 % |
Historical Performance
Standardized Annual Returns (as of 09/30/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -13.8% | -5.1% | -24.6% | -18.4% | -2.7% | 3.0% | 3.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.35 | 4% |
| MSCI EAFE | 0.68 | 15% |
| MSCI Emg Mkts | 1.44 | 63% |
Liquidity Measures
| Avg. volume (000) | 58 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $9,004 |
Technical Indicators
| Recent close | $29.43 |
| 30d moving avg. | $30.32 |
| Annualized volatility | 32.5% |
| Relative strength (RSI) | 45 |
| 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 | 42.1% | +26 bp | +2.9% |
| FLCH | Franklin FTSE China ETF | 41.4% | -13 bp | +3.4% |
| TCHI | iShares MSCI China Multisector Tech ETF | 37.0% | +27 bp | -2.9% |
| KESG | KraneShares MSCI China ESG Leaders Index ETF | 36.8% | +27 bp | +2.7% |
| KALL | KraneShares MSCI All China Index ETF | 34.9% | +17 bp | +3.6% |
| FXI | iShares China Large-Cap ETF | 34.9% | +42 bp | +3.0% |
| KWEB | KraneShares CSI China Internet ETF | 34.3% | +37 bp | -6.2% |
| MCH | Matthews China Active ETF | 33.6% | +47 bp | +1.5% |
| GXC | SPDR S&P China ETF | 32.1% | +27 bp | +2.9% |
| CHIQ | Global X MSCI China Consumer ETF | 30.6% | +33 bp | -1.0% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 10/2/2023
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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
5.4%
Cat. Avg
7.0%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.4% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 188 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.0% and a standard deviation of
4.5%. CXSE's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places CXSE in the 36th 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
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CXSE | 32.0 | 18.3 | 50.3 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .