WisdomTree China ex-State-Owned Enterprises Fund
ALTAR
Score™
6.2% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
22.9x P/Sales
ratio
2.0x
P/BV
ratio
3.1x Div.
yield
1.2%


  • 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) $351
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) $215,995
Large cap (>$10bn) 86.3%
Mid cap ($2-10bn) 10.2%
Small cap (<$2bn) 0.1%
Developed mkts 24.1%
Emerging mkts 75.9%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 12.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 12.8 %
MEITUAN DIANPING 6.6 %
JD.COM INC-ADR 4.0 %
PING AN INSURANCE (GROUP) COMPANY 2.6 %
PING AN INSURANCE GROUP CO-H 2.5 %
NETEASE.COM INC-ADR 2.4 %
XIAOMI CORP. CLASS B 2.3 %
BAIDU INC - SPON ADR 2.2 %
PINDUODUO, INC. SPONSORED ADR CLAS 1.7 %
Total 50.1 %

TOP COUNTRY EXPOSURE
CHINA 95.4 %
HONG KONG 5.3 %
MACAU 0.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
37.6% 60.4% 22.9% -- 19.2%

Market Correlations
versus... Beta R-squared
S&P500 0.94 50%
MSCI EAFE 1.01 48%
MSCI Emg. Mkts. 0.91 61%

Technical Indicators
Recent close $108.07
30d moving avg. $111.06
Annualized volatility 23.4%
Short interest (ETF) 1.1%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 45
Turnover 1.4%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $7,051

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 6.2%


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 ETF 60.4 59 -27 8.2 +2.0
FLCH Franklin FTSE China ETF 58.3 19 13 8.7 +2.5
GXC SPDR S&P China ETF 57.9 59 -27 8.5 +2.3
CHIL Global X MSCI China Large-Cap 50 ETF 56.9 29 3 8.1 +1.9
KALL KraneShares FTSE Emerging Markets Plus ETF 55.9 49 -17 8.4 +2.2
BKF iShares MSCI BRIC ETF 49.0 69 -37 7.8 +1.7
CN Xtrackers MSCI All China Equity ETF 43.7 50 -18 8.5 +2.3
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 42.3 32 0 6.1 -0.1
KWEB KraneShares CSI China Internet ETF 42.0 76 -44 2.0 -4.1
FDNI First Trust Dow Jones International Internet ETF 38.2 65 -33 2.2 -3.9
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 36.5 86 -54 2.3 -3.9
ECON Columbia Emerging Markets Consumer ETF 34.4 59 -27 4.7 -1.5
CHIQ Global X China Consumer ETF 33.7 65 -33 7.6 +1.4
GMF SPDR S&P Emerging Asia Pacific ETF 33.5 49 -17 7.6 +1.5
EEMA iShares MSCI Emerging Markets Asia ETF 33.5 50 -18 7.9 +1.8
TTTN UP Fintech China-U.S. Internet Titans ETF 32.8 59 -27 4.3 -1.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 31.9 20 12 7.0 +0.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 31.7 68 -36 7.3 +1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 31.6 30 2 8.0 +1.9
DVEM WisdomTree Emerging Markets Dividend Fund 31.5 32 0 7.5 +1.4
SCHE Schwab Emerging Markets Equity ETF 30.6 11 21 8.2 +2.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 30.5 15 17 9.0 +2.8
FLAX Franklin FTSE Asia Ex Japan ETF 30.4 19 13 8.0 +1.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 29.3 18 14 5.6 -0.6
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 29.0 95 -63 8.5 +2.3
EEM iShares MSCI Emerging Markets ETF 28.5 68 -36 7.7 +1.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 28.3 65 -33 7.7 +1.5
ESGE iShares ESG MSCI EM ETF 28.3 25 7 8.9 +2.8
NUEM Nuveen ESG Emerging Markets Equity ETF 28.2 45 -13 7.2 +1.0
VWO Vanguard FTSE Emerging Markets ETF 27.4 10 22 8.3 +2.2
FNI First Trust Chindia ETF 27.0 60 -28 2.7 -3.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 26.7 36 -4 7.8 +1.6
PGJ Invesco Golden Dragon China ETF 26.6 70 -38 3.4 -2.8
CQQQ Invesco China Technology ETF 26.6 70 -38 4.1 -2.0
IEMG iShares Core MSCI Emerging Markets ETF 25.7 13 19 8.2 +2.0
SPEM SPDR Portfolio Emerging Markets ETF 25.7 11 21 8.2 +2.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 24.7 45 -13 7.8 +1.7
FXI iShares China Large-Cap ETF 24.6 74 -42 14.3 +8.1
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 22.3 65 -33 7.2 +1.1
AIA iShares Asia 50 ETF 22.2 50 -18 8.3 +2.1
ISEM Invesco Strategic Emerging Markets ETF 22.1 35 -3 11.2 +5.1
JHEM John Hancock Multifactor Emerging Markets ETF 21.5 49 -17 8.9 +2.8
DINT Davis Select International ETF 21.4 68 -36 6.2 +0.0
AVEM Avantis Emerging Markets Equity ETF 21.2 33 -1 9.3 +3.1
EEMO Invesco S&P Emerging Markets Momentum ETF 21.1 29 3 6.6 +0.5
BKEM BNY Mellon Emerging Markets Equity ETF 21.0 11 21 8.7 +2.5
PEK VanEck Vectors ChinaAMC CSI 300 ETF 20.8 60 -28 7.3 +1.2
GBUY Goldman Sachs Motif New Age Consumer ETF 20.5 50 -18 1.8 -4.4
CNYA iShares MSCI China A ETF 19.8 60 -28 6.8 +0.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 19.8 40 -8 7.5 +1.3
KBA KraneShares Bosera MSCI China A Share ETF 19.6 60 -28 6.9 +0.7
ASHX Xtrackers MSCI China A Inclusion Equity ETF 19.5 60 -28 6.9 +0.8
EMMF WisdomTree Emerging Markets Multifactor Fund 19.3 48 -16 9.8 +3.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 17.8 32 0 9.3 +3.2
OGIG O'Shares Global Internet Giants ETF 17.7 48 -16 0.8 -5.4
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 17.3 45 -13 9.3 +3.2
GIGE SoFi Gig Economy ETF 16.8 59 -27 -0.7 -6.8
BICK First Trust BICK Index Fund 16.5 64 -32 4.7 -1.5
CHIC Global X Nasdaq China Technology ETF 16.5 66 -34 4.3 -1.9
PNQI Invesco NASDAQ Internet ETF 16.5 60 -28 1.0 -5.1
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 16.5 60 -28 4.5 -1.6
DWLD Davis Select Worldwide ETF 16.4 63 -31 6.8 +0.6
FPXI First Trust International Equity Opportunities ETF 16.3 70 -38 3.3 -2.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 15.7 30 2 9.0 +2.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 15.2 49 -17 8.1 +2.0
PIE Invesco DWA Emerging Markets Momentum ETF 14.8 90 -58 5.1 -1.0
FDEM Fidelity Targeted Emerging Markets Factor ETF 14.7 45 -13 8.9 +2.7
SOCL Global X Social Media ETF 13.9 65 -33 1.8 -4.3
EBIZ Global X E-Commerce ETF 13.8 50 -18 2.7 -3.4
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 13.7 25 7 8.1 +2.0
PXH Invesco FTSE RAFI Emerging Markets ETF 13.6 50 -18 14.1 +7.9
BUYZ Franklin Disruptive Commerce ETF 13.5 50 -18 -0.2 -6.3
WUGI Esoterica NextG Economy ETF 12.3 75 -43 1.6 -4.6
AFTY Pacer CSOP FTSE China A50 ETF 11.7 70 -38 9.7 +3.5
GENY Principal Millennials Index ETF 11.4 45 -13 4.2 -1.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 10.9 59 -27 11.5 +5.4
ESPO VanEck Vectors Video Gaming & eSports ETF 10.5 55 -23 2.7 -3.5
AIQ Global X Future Analytics Tech ETF 10.5 68 -36 4.2 -2.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 10.4 16 16 7.0 +0.8
IPOS Renaissance International IPO ETF 10.1 80 -48 4.7 -1.4
BLCN Reality Shares Nasdaq NextGen Economy ETF 10.1 68 -36 3.8 -2.4
JOYY Infusive Compounding Global Equities ETF 10.1 50 -18 6.2 +0.0
XBUY Amplify International Online Retail ETF 10.0 69 -37 -0.5 -6.6
VSGX Vanguard ESG International Stock ETF 9.8 17 15 7.2 +1.1
IXP iShares Global Comm Services ETF 9.2 46 -14 5.9 -0.3
CHIK Global X MSCI China Information Technology ETF 9.2 66 -34 8.4 +2.3
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 9.0 65 -33 3.3 -2.8
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 8.8 25 7 2.0 -4.2
FCA First Trust China AlphaDEX Fund 8.8 80 -48 15.4 +9.2
XNTK SPDR NYSE Technology ETF 8.7 35 -3 4.1 -2.1
ACWX iShares MSCI ACWI ex U.S. ETF 8.6 32 0 7.4 +1.2
BLOK Amplify Transformational Data Sharing ETF 8.4 70 -38 4.5 -1.7
ARKF ARK Fintech Innovation ETF 8.4 75 -43 0.7 -5.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 8.3 40 -8 7.1 +1.0
ROAM Hartford Multifactor Emerging Markets ETF 8.1 44 -12 13.6 +7.4
CHIH Global X MSCI China Health Care ETF 8.1 66 -34 3.9 -2.2
KURE KraneShares MSCI All China Health Care Index ETF 8.1 65 -33 2.9 -3.2
CWI SPDR MSCI ACWI ex-US ETF 8.1 30 2 7.3 +1.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 8.0 39 -7 13.7 +7.5

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 18.5 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.23 CATEGORY
AVERAGE
1.44
 
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.