WisdomTree China ex-State-Owned Enterprises Fund
ALTAR
Score™
5.4% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
28.4x P/Sales
ratio
2.8x
P/BV
ratio
3.7x Div.
yield
0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
Category Emerging Market Equities
Fund Sponsor WisdomTree Asset Management In
Website www.wisdomtree.com
Inception date Sep 19, 2012
Assets (mns) $822
Currency USD
Expense ratio 32 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 177
Wgt avg mkt cap (mns) $180,590
Large cap (>$10bn) 84.1%
Mid cap ($2-10bn) 7.8%
Small cap (<$2bn) 0.2%
Developed mkts 24.4%
Emerging mkts 75.6%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 12.2 %
ALIBABA GROUP HOLDING LTD. 7.9 %
MEITUAN DIANPING 6.1 %
PING AN INSURANCE GROUP CO-H 3.4 %
JD.COM INC-ADR 3.2 %
BAIDU INC - SPON ADR 3.1 %
PING AN INSURANCE (GROUP) COMPANY 2.9 %
NIO INC. SPONSORED ADR CLASS A 2.4 %
NETEASE.COM INC-ADR 2.2 %
PINDUODUO, INC. SPONSORED ADR CLAS 2.1 %
Total 45.5 %

TOP COUNTRY EXPOSURE
CHINA 95.0 %
HONG KONG 4.6 %
MACAU 0.0 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
59.4% 59.4% 23.1% -- 21.1%

Market Correlations
versus... Beta R-squared
S&P500 0.84 44%
MSCI EAFE 0.77 37%
MSCI Emg. Mkts. 0.88 61%

Technical Indicators
Recent close $74.23
30d moving avg. $66.13
Annualized volatility 23.7%
Short interest (ETF) 0.2%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 175
Turnover 1.6%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $46,871

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the WisdomTree China ex-State-Owned Enterprises Fund ETF based on the alternatives' overlap in portfolio holdings with CXSE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CXSE Expense: 32 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CXSE
Ticker Fund
Name
Overlap1
vs CXSE
(%)
Expense
ratio
(bp)
Savings
vs CXSE
(bp)
ALTAR
Score™
(%)
ALTAR
vs CXSE
(%)
DFAE Dimensional Emerging Core Equity Market ETF 71.8 35 -3 6.9 +1.5
MCHI iShares MSCI China ETF 54.1 59 -27 6.4 +1.0
FLCH Franklin FTSE China ETF 52.0 19 13 6.9 +1.6
GXC SPDR S&P China ETF 51.6 59 -27 6.5 +1.1
CHIL Global X MSCI China Large-Cap 50 ETF 49.5 29 3 6.1 +0.8
KALL KraneShares MSCI All China Index ETF 47.7 49 -17 6.8 +1.5
BKF iShares MSCI BRIC ETF 40.6 70 -38 6.1 +0.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 38.2 32 0 5.0 -0.4
CN Xtrackers MSCI All China Equity ETF 36.0 50 -18 6.9 +1.5
EEMO Invesco S&P Emerging Markets Momentum ETF 34.9 29 3 3.3 -2.1
FXI iShares China Large-Cap ETF 34.8 74 -42 10.4 +5.0
KWEB KraneShares CSI China Internet ETF 33.1 76 -44 2.2 -3.2
KESG KraneShares MSCI China ESG Leaders Index ETF 31.9 59 -27 8.1 +2.8
EWEB Global X Emerging Markets Internet & E-commerce ETF 30.6 65 -33 2.5 -2.9
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 30.1 86 -54 2.1 -3.3
GMF SPDR S&P Emerging Asia Pacific ETF 29.3 49 -17 5.9 +0.5
BKEM BNY Mellon Emerging Markets Equity ETF 28.7 11 21 6.6 +1.2
FDNI First Trust Dow Jones International Internet ETF 28.3 65 -33 1.9 -3.5
ECON Columbia Emerging Markets Consumer ETF 27.2 59 -27 4.7 -0.7
EEMA iShares MSCI Emerging Markets Asia ETF 26.5 50 -18 6.3 +0.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 25.8 68 -36 5.6 +0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 25.4 30 2 6.3 +0.9
PBEE Invesco PureBeta FTSE Emerging Markets ETF 25.3 15 17 7.2 +1.9
CQQQ Invesco China Technology ETF 25.0 70 -38 4.4 -1.0
CHIQ Global X MSCI China Consumer ETF 24.9 65 -33 4.6 -0.8
SCHE Schwab Emerging Markets Equity ETF 24.8 11 21 6.7 +1.3
AIA iShares Asia 50 ETF 24.5 50 -18 5.9 +0.5
FLAX Franklin FTSE Asia Ex Japan ETF 24.3 19 13 6.2 +0.8
EEM iShares MSCI Emerging Markets ETF 22.9 70 -38 5.9 +0.5
ESGE iShares ESG Aware MSCI EM ETF 22.7 25 7 6.9 +1.6
SPEM SPDR Portfolio Emerging Markets ETF 22.7 11 21 6.5 +1.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 22.3 20 12 5.4 +0.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 22.3 65 -33 5.9 +0.6
FNI First Trust Chindia ETF 22.2 60 -28 2.4 -3.0
RESE WisdomTree Emerging Markets ESG Fund 22.1 32 0 6.6 +1.3
VWO Vanguard FTSE Emerging Markets ETF 21.7 10 22 6.9 +1.5
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 21.5 65 -33 5.8 +0.5
JHEM John Hancock Multifactor Emerging Markets ETF 21.3 49 -17 7.3 +1.9
KBA KraneShares Bosera MSCI China A Share ETF 21.2 60 -28 5.6 +0.3
GLCN VanEck Vectors Ftse China A50 ETF 21.1 60 -28 4.1 -1.3
AVEM Avantis Emerging Markets Equity ETF 21.0 33 -1 7.2 +1.8
ASHX Xtrackers MSCI China A Inclusion Equity ETF 21.0 60 -28 5.6 +0.2
CNYA iShares MSCI China A ETF 20.9 60 -28 5.6 +0.2
NUEM Nuveen ESG Emerging Markets Equity ETF 20.6 45 -13 5.4 -0.0
IEMG iShares Core MSCI Emerging Markets ETF 20.6 11 21 6.5 +1.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 20.5 36 -4 6.7 +1.3
EMXF iShares ESG Advanced MSCI EM ETF 20.2 16 16 7.1 +1.7
LDEM iShares ESG MSCI EM Leaders ETF 19.9 16 16 6.3 +1.0
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 19.4 30 2 4.0 -1.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 18.9 95 -63 7.0 +1.7
CHIC Global X MSCI China Communication Services ETF 18.5 66 -34 4.5 -0.9
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 18.5 60 -28 2.3 -3.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 18.2 45 -13 6.3 +0.9
BICK First Trust BICK Index Fund 18.2 64 -32 3.2 -2.2
PGJ Invesco Golden Dragon China ETF 18.1 70 -38 3.7 -1.7
ISEM Invesco RAFI Strategic Emerging Markets ETF 17.3 35 -3 8.7 +3.3
SOCL Global X Social Media ETF 16.5 65 -33 2.2 -3.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 16.1 32 0 7.4 +2.0
OGIG O'Shares Global Internet Giants ETF 15.3 48 -16 0.6 -4.8
AFTY Pacer CSOP FTSE China A50 ETF 14.9 70 -38 7.2 +1.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 14.3 30 2 7.5 +2.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 14.0 49 -17 7.5 +2.2
GIGE SoFi Gig Economy ETF 14.0 59 -27 -0.2 -5.6
FPXI First Trust International Equity Opportunities ETF 13.7 70 -38 3.7 -1.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 13.6 59 -27 10.4 +5.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 13.5 25 7 6.6 +1.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 13.3 40 -8 6.0 +0.6
DINT Davis Select International ETF 12.4 68 -36 5.3 -0.1
EMMF WisdomTree Emerging Markets Multifactor Fund 12.0 48 -16 8.0 +2.6
ESPO VanEck Vectors Video Gaming & eSports ETF 11.8 55 -23 3.1 -2.3
PIE Invesco DWA Emerging Markets Momentum ETF 11.6 90 -58 1.8 -3.6
PXH Invesco FTSE RAFI Emerging Markets ETF 11.4 50 -18 11.4 +6.0
EMGF iShares MSCI Emerging Markets Multifactor ETF 10.8 45 -13 8.5 +3.1
BLCN Reality Shares Nasdaq NextGen Economy ETF 10.5 68 -36 4.9 -0.5
FDEM Fidelity Emerging Markets Multifactor ETF 10.5 45 -13 7.7 +2.3
GENY Principal Millennials Index ETF 10.4 45 -13 3.4 -2.0
CHIH Global X MSCI China Health Care ETF 10.3 66 -34 2.5 -2.9
KURE KraneShares MSCI All China Health Care Index ETF 10.3 65 -33 2.0 -3.3
BUYZ Franklin Disruptive Commerce ETF 10.0 50 -18 -0.3 -5.7
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 10.0 65 -33 2.6 -2.7
IXP iShares Global Comm Services ETF 9.8 46 -14 5.2 -0.2
FCA First Trust China AlphaDEX Fund 9.5 80 -48 12.6 +7.2
JIG JPMorgan International Growth ETF 9.5 55 -23 2.5 -2.9
AIQ Global X Future Analytics Tech ETF 9.3 68 -36 3.4 -2.0
DWLD Davis Select Worldwide ETF 9.2 63 -31 5.6 +0.2
VSGX Vanguard ESG International Stock ETF 9.2 17 15 6.3 +0.9
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 8.9 25 7 3.1 -2.3
WUGI Esoterica NextG Economy ETF 8.9 75 -43 1.0 -4.4
EBIZ Global X E-Commerce ETF 8.6 50 -18 2.5 -2.9
CHIK Global X MSCI China Information Technology ETF 8.6 66 -34 5.4 +0.1
PNQI Invesco NASDAQ Internet ETF 8.6 60 -28 1.0 -4.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 8.6 45 -13 11.9 +6.5
ROAM Hartford Multifactor Emerging Markets ETF 8.4 44 -12 11.4 +6.0
KMED KraneShares Emerging Markets Healthcare Index ETF 8.1 79 -47 2.1 -3.3
VIGI Vanguard International Dividend Appreciation ETF 8.1 20 12 5.0 -0.3
ANEW ProShares MSCI Transformational Changes ETF 8.1 45 -13 2.4 -3.0
FEM First Trust Emerging Markets AlphaDEX Fund 7.6 80 -48 10.3 +5.0
KGRN KraneShares MSCI China Environment Index ETF 7.6 80 -48 5.9 +0.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
WisdomTree China ex-State-Owned Enterprises Fund
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 18.9 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.22 CATEGORY
AVERAGE
1.39
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.