WisdomTree China ex-State Owned Enterprises
ALTAR
Score™
7.3% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
17.9x P/Sales
ratio
1.8x
P/BV
ratio
3.0x Div.
yield
1.3%


  • 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) $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
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 %
Total 46.3 %

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 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
  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 %
info 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.
 

 

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.