ETF Research Center

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)	$128
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	149
Wgt avg mkt cap (mns)	$130,864
Large cap (>$10bn)	80.9%
Mid cap ($2-10bn)	18.6%
Small cap (<$2bn)	0.5%
Developed mkts	24.8%
Emerging mkts	75.2%

TOP TEN HOLDINGS
Total	46.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR	12.0 %
TENCENT HOLDINGS LTD	11.6 %
PING AN INSURANCE GROUP CO-H	4.1 %
PING AN INSURANCE (GROUP) COMPANY	4.1 %
MEITUAN DIANPING	3.5 %
BAIDU INC - SPON ADR	3.2 %
JD.COM INC-ADR	2.5 %
NETEASE.COM INC-ADR	1.9 %
GD MIDEA HOLDING CO LTD -A	1.9 %
JIANGSU HENGRUI MEDICINE CO., LTD.	1.7 %

TOP COUNTRY EXPOSURE
	CHINA	90.1 %
	HONG KONG	7.2 %
	MACAU	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.4%	20.0%	--	--	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.33	52%
MSCI EAFE	1.50	57%
MSCI Emg. Mkts.	1.31	71%

Technical Indicators
Recent close	$76.31
30d moving avg.	$74.82
Annualized volatility	22.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.5%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$12,347

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree China ex-State Owned Enterprises 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™:

7.3%

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 (%)
MCHI	iShares MSCI China	53.6	59	-27	9.5	+2.3
FLCH	Franklin FTSE China	52.1	19	13	10.1	+2.9
GXC	SPDR S&P China ETF	50.1	59	-27	9.3	+2.1
KALL	KraneShares MSCI China All Shares	47.0	49	-17	9.2	+1.9
CHIL	Global X MSCI China Large-Cap 50	45.0	29	3	10.7	+3.4
WCHN	WisdomTree ICBCCS S&P China 500	44.1	55	-23	9.2	+1.9
KWEB	KraneShares CSI China Internet	37.0	76	-44	5.1	-2.2
BKF	iShares MSCI BRIC	35.8	67	-35	8.9	+1.6
CN	Xtrackers Harvest MSCI All China	34.7	50	-18	9.7	+2.4
FDNI	First Trust Dow Jones International Internet	33.7	65	-33	4.7	-2.6
CQQQ	Invesco China Technology	32.8	70	-38	5.5	-1.8
XSOE	WisdomTree Emg Mkt ex-SOE	32.8	32	0	7.0	-0.3
TTTN	TigerShares China-U.S. Internet Titans	30.0	59	-27	4.0	-3.3
EMQQ	Emerging Markets Internet & E-Commerce	29.2	86	-54	4.4	-2.9
CHIQ	Global X MSCI China Consumer Discretionary	28.8	65	-33	5.4	-1.8
EEB	Invesco BRIC	27.9	64	-32	7.1	-0.2
FNI	First Trust ISE Chindia	26.8	59	-27	4.3	-2.9
ECON	Columbia Emerging Markets Consumer	26.8	59	-27	5.3	-2.0
GMF	SPDR S&P Emerging Asia Pacific	26.0	49	-17	8.2	+0.9
PGJ	Invesco Golden Dragon China	25.8	70	-38	4.6	-2.7

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

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	2018	2019E	2020E
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
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	20.3	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	32	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.27	CATEGORY AVERAGE	1.49

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.