WisdomTree China ex-State-Owned Enterprises Fund
ALTAR
Score™		 8.1% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 15.6x P/Sales
ratio		 1.5x
P/BV
ratio		 2.3x Div.
yield		 1.7%


  • 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) $187
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) $159,114
Large cap (>$10bn) 82.2%
Mid cap ($2-10bn) 17.1%
Small cap (<$2bn) 0.7%
Developed mkts 22.6%
Emerging mkts 77.5%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 13.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 13.1 %
MEITUAN DIANPING 3.6 %
PING AN INSURANCE GROUP CO-H 3.4 %
PING AN INSURANCE (GROUP) COMPANY 3.1 %
JD.COM INC-ADR 3.1 %
BAIDU INC - SPON ADR 2.6 %
NETEASE.COM INC-ADR 2.1 %
JIANGSU HENGRUI MEDICINE CO., LTD. 1.7 %
TAL EDUCATION GROUP UNSPONSORED AD 1.7 %
Total 48.2 %

TOP COUNTRY EXPOSURE
CHINA 90.9 %
HONG KONG 6.1 %
MACAU 0.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.0% -0.9% -- -- 11.1%

Market Correlations
versus... Beta R-squared
S&P500 1.00 46%
MSCI EAFE 1.01 46%
MSCI Emg. Mkts. 0.96 60%

Technical Indicators
Recent close $76.43
30d moving avg. $80.11
Annualized volatility 22.5%
Short interest (ETF) 0.2%
Relative strength (RSI) 41

Liquidity measures
Avg. volume (thou.) 45
Turnover 1.8%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $25,292

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 8.1%


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 54.7 59 -27 10.1 +2.0
FLCH Franklin FTSE China ETF 54.1 19 13 10.3 +2.2
GXC SPDR S&P China ETF 53.6 59 -27 10.0 +1.9
KALL KraneShares FTSE Emerging Markets Plus ETF 50.3 49 -17 10.0 +1.9
WCHN WisdomTree ICBCCS S&P China 500 Fund 47.3 55 -23 9.8 +1.7
CHIL Global X MSCI China Large-Cap 50 ETF 47.3 29 3 10.5 +2.4
BKF iShares MSCI BRIC ETF 43.6 69 -37 9.9 +1.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 39.7 32 0 8.3 +0.2
KWEB KraneShares CSI China Internet ETF 38.7 76 -44 4.4 -3.7
CN Xtrackers MSCI All China Equity ETF 38.7 50 -18 10.3 +2.2
FDNI First Trust Dow Jones International Internet ETF 35.9 65 -33 4.0 -4.1
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 34.3 86 -54 3.4 -4.7
TTTN UP Fintech China-U.S. Internet Titans ETF 31.2 59 -27 6.2 -2.0
GMF SPDR S&P Emerging Asia Pacific ETF 30.3 49 -17 9.3 +1.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 29.9 20 12 9.1 +1.0
EEMA iShares MSCI Emerging Markets Asia ETF 29.4 50 -18 9.9 +1.8
DVEM WisdomTree Emerging Markets Dividend Fund 28.5 32 0 10.8 +2.7
CHIQ Global X China Consumer ETF 28.5 65 -33 11.5 +3.4
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 28.1 18 14 7.3 -0.8
FNI First Trust Chindia ETF 27.9 59 -27 4.5 -3.6
ECON Columbia Emerging Markets Consumer ETF 26.9 59 -27 5.7 -2.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 26.7 68 -36 9.3 +1.2
SCHE Schwab Emerging Markets Equity ETF 26.6 13 19 10.3 +2.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 26.6 30 2 10.2 +2.1
FLAX Franklin FTSE Asia Ex Japan ETF 26.5 19 13 9.9 +1.8
PGJ Invesco Golden Dragon China ETF 26.1 70 -38 4.4 -3.7
PBEE Invesco PureBeta FTSE Emerging Markets ETF 26.1 14 18 11.2 +3.1
CQQQ Invesco China Technology ETF 25.0 70 -38 5.2 -2.9
EEM iShares MSCI Emerging Markets ETF 23.9 68 -36 9.9 +1.8
VWO Vanguard FTSE Emerging Markets ETF 23.7 10 22 10.4 +2.3
ESGE iShares ESG MSCI EM ETF 23.7 25 7 11.4 +3.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 23.7 95 -63 12.2 +4.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 23.0 65 -33 10.0 +1.9
SPEM SPDR Portfolio Emerging Markets ETF 22.8 11 21 10.1 +2.0
ISEM Invesco Strategic Emerging Markets ETF 22.4 35 -3 11.8 +3.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 22.0 45 -13 10.2 +2.1
EMCG WisdomTree Emerging Markets Consumer Growth Fund 21.9 32 0 9.1 +1.0
IEMG iShares Core MSCI Emerging Markets ETF 21.8 14 18 10.4 +2.3
FXI iShares China Large-Cap ETF 21.7 74 -42 14.4 +6.3
NUEM Nuveen ESG Emerging Markets Equity ETF 21.4 45 -13 9.2 +1.1
PEK VanEck Vectors ChinaAMC CSI 300 ETF 21.4 60 -28 9.4 +1.3
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 21.4 65 -33 9.4 +1.3
GBUY Goldman Sachs Motif New Age Consumer ETF 20.9 50 -18 3.6 -4.5
BICK First Trust BICK Index Fund 20.8 64 -32 6.2 -2.0
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 20.5 80 -48 2.2 -5.9
AIA iShares Asia 50 ETF 20.5 50 -18 10.0 +1.9
JOYY Infusive Compounding Global Equities ETF 20.3 50 -18 5.0 -3.1
JHEM John Hancock Multifactor Emerging Markets ETF 19.8 55 -23 10.6 +2.5
DINT Davis Select International ETF 19.5 75 -43 7.7 -0.4
PNQI Invesco NASDAQ Internet ETF 19.1 62 -30 3.0 -5.1
SOCL Global X Social Media ETF 18.5 65 -33 3.5 -4.6
ONLN ProShares Online Retail ETF 17.7 58 -26 2.8 -5.3
OGIG O'Shares Global Internet Giants ETF 17.7 48 -16 1.1 -7.1
AVEM Avantis Emerging Markets Equity ETF 17.5 33 -1 11.6 +3.5
CHIC Global X Nasdaq China Technology ETF 17.4 65 -33 4.9 -3.2
ASHX Xtrackers MSCI China A Inclusion Equity ETF 17.4 60 -28 8.8 +0.7
CNYA iShares MSCI China A ETF 17.3 65 -33 8.8 +0.7
KBA KraneShares Bosera MSCI China A Share ETF 17.2 60 -28 8.8 +0.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 17.1 32 0 11.3 +3.2
BUYZ Franklin Disruptive Commerce ETF 15.4 50 -18 0.3 -7.8
GIGE SoFi Gig Economy ETF 15.3 59 -27 -0.7 -8.8
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 15.2 45 -13 11.7 +3.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 14.5 40 -8 8.9 +0.8
DWLD Davis Select Worldwide ETF 13.8 64 -32 8.5 +0.4
BLCN Reality Shares Nasdaq NextGen Economy ETF 13.3 68 -36 6.0 -2.1
FPXI First Trust International Equity Opportunities ETF 13.2 70 -38 4.1 -4.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 13.0 30 2 10.7 +2.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 12.8 59 -27 13.0 +4.9
EMMF WisdomTree Emerging Markets Multifactor Fund 12.0 48 -16 11.9 +3.8
PIE Invesco DWA Emerging Markets Momentum ETF 12.0 90 -58 6.8 -1.3
PXH Invesco FTSE RAFI Emerging Markets ETF 11.7 50 -18 15.9 +7.8
AFTY Pacer CSOP FTSE China A50 ETF 11.7 70 -38 11.4 +3.3
EBIZ Global X E-Commerce ETF 11.7 50 -18 4.8 -3.3
XBUY Amplify International Online Retail ETF 11.7 69 -37 -0.5 -8.6
AIQ Global X Future Analytics Tech ETF 11.6 68 -36 5.7 -2.4
ESPO VanEck Vectors Video Gaming & eSports ETF 10.4 55 -23 3.6 -4.5
FDEM Fidelity Targeted Emerging Markets Factor ETF 9.4 45 -13 11.6 +3.5
ARKF ARK Fintech Innovation ETF 8.8 75 -43 1.8 -6.3
GENY Principal Millennials Index ETF 8.6 45 -13 6.0 -2.1
XNTK SPDR Morgan Stanley Technology ETF 8.6 35 -3 5.2 -2.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 8.3 16 16 8.5 +0.4
FCA First Trust China AlphaDEX Fund 8.1 80 -48 16.5 +8.4
BLOK Amplify Transformational Data Sharing ETF 8.1 70 -38 4.8 -3.3
KFYP KraneShares CICC China Leaders 100 Index ETF 7.4 70 -38 13.5 +5.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 7.4 39 -7 15.2 +7.1
CHIK Global X MSCI China Information Technology ETF 7.3 65 -33 12.5 +4.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 7.3 49 -17 11.3 +3.2
ROAM Hartford Multifactor Emerging Markets ETF 7.3 44 -12 17.8 +9.7
VSGX Vanguard ESG International Stock ETF 7.0 17 15 8.9 +0.8
GDAT Goldman Sachs Motif Data-Driven World Etf 7.0 50 -18 6.7 -1.4
CHIH Global X MSCI China Health Care ETF 6.9 65 -33 4.8 -3.3
KURE KraneShares MSCI All China Health Care Index ETF 6.9 65 -33 3.9 -4.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 6.8 45 -13 16.1 +8.0
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 6.8 65 -33 4.8 -3.3
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 6.8 64 -32 7.7 -0.4
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 6.8 25 7 9.7 +1.6
ACWX iShares MSCI ACWI ex U.S. ETF 6.8 32 0 9.1 +1.0
EEMO Invesco S&P Emerging Markets Momentum ETF 6.7 30 2 12.2 +4.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 6.6 40 -8 9.0 +0.8
IBUY Amplify Online Retail ETF 6.5 65 -33 -1.2 -9.3

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 18.4 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 8.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.23 CATEGORY
AVERAGE		 1.45
 
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.