WisdomTree China ex-State-Owned Enterprises Fund
ALTAR
Score™		 6.0% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 23.1x P/Sales
ratio		 2.1x
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) $290
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) $186,553
Large cap (>$10bn) 86.8%
Mid cap ($2-10bn) 12.8%
Small cap (<$2bn) 0.2%
Developed mkts 24.3%
Emerging mkts 75.7%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 14.6 %
ALIBABA GROUP HOLDING LTD. SPONSOR 11.5 %
MEITUAN DIANPING 5.6 %
JD.COM INC-ADR 3.6 %
PING AN INSURANCE GROUP CO-H 2.7 %
PING AN INSURANCE (GROUP) COMPANY 2.7 %
NETEASE.COM INC-ADR 2.4 %
BAIDU INC - SPON ADR 2.4 %
PINDUODUO, INC. SPONSORED ADR CLAS 2.3 %
TAL EDUCATION GROUP UNSPONSORED AD 1.8 %
Total 49.7 %

TOP COUNTRY EXPOSURE
CHINA 91.9 %
HONG KONG 5.6 %
MACAU 0.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
16.0% 31.0% -- -- 15.8%

Market Correlations
versus... Beta R-squared
S&P500 0.92 45%
MSCI EAFE 1.00 47%
MSCI Emg. Mkts. 0.91 61%

Technical Indicators
Recent close $105.36
30d moving avg. $92.29
Annualized volatility 23.2%
Short interest (ETF) 1.9%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 53
Turnover 1.9%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $27,257

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™: 6.0%


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 59.2 59 -27 7.5 +1.5
FLCH Franklin FTSE China ETF 57.5 19 13 7.9 +2.0
GXC SPDR S&P China ETF 57.2 59 -27 7.7 +1.8
WCHN WisdomTree ICBCCS S&P China 500 Fund 56.7 55 -23 8.7 +2.7
CHIL Global X MSCI China Large-Cap 50 ETF 54.5 29 3 7.9 +2.0
KALL KraneShares FTSE Emerging Markets Plus ETF 53.1 49 -17 7.8 +1.8
BKF iShares MSCI BRIC ETF 47.3 69 -37 7.3 +1.3
CN Xtrackers MSCI All China Equity ETF 42.8 50 -18 7.7 +1.7
KWEB KraneShares CSI China Internet ETF 41.0 76 -44 1.7 -4.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 40.9 32 0 6.1 +0.2
FDNI First Trust Dow Jones International Internet ETF 37.6 65 -33 2.2 -3.8
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 36.1 86 -54 2.1 -3.8
ECON Columbia Emerging Markets Consumer ETF 32.9 59 -27 4.4 -1.5
EEMA iShares MSCI Emerging Markets Asia ETF 32.6 50 -18 7.5 +1.5
GMF SPDR S&P Emerging Asia Pacific ETF 32.5 49 -17 7.2 +1.2
TTTN UP Fintech China-U.S. Internet Titans ETF 31.5 59 -27 4.1 -1.8
JOYY Infusive Compounding Global Equities ETF 31.0 50 -18 3.7 -2.2
CHIQ Global X China Consumer ETF 30.9 65 -33 7.2 +1.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 30.6 20 12 6.8 +0.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 30.4 68 -36 7.0 +1.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 30.2 30 2 7.8 +1.9
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 29.3 18 14 5.6 -0.3
FLAX Franklin FTSE Asia Ex Japan ETF 29.0 19 13 7.7 +1.7
PBEE Invesco PureBeta FTSE Emerging Markets ETF 28.7 15 17 8.6 +2.7
SCHE Schwab Emerging Markets Equity ETF 28.6 11 21 7.8 +1.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 28.6 95 -63 9.1 +3.2
DVEM WisdomTree Emerging Markets Dividend Fund 28.1 32 0 8.2 +2.2
CQQQ Invesco China Technology ETF 27.5 70 -38 3.7 -2.3
ESGE iShares ESG MSCI EM ETF 27.2 25 7 8.6 +2.7
PGJ Invesco Golden Dragon China ETF 27.1 70 -38 3.1 -2.9
BKEM BNY Mellon Emerging Markets Equity ETF 27.0 11 21 8.4 +2.4
FNI First Trust Chindia ETF 27.0 60 -28 2.7 -3.2
EEM iShares MSCI Emerging Markets ETF 26.9 68 -36 7.4 +1.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 26.7 65 -33 7.4 +1.5
NUEM Nuveen ESG Emerging Markets Equity ETF 25.5 45 -13 7.2 +1.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 25.5 36 -4 8.1 +2.2
VWO Vanguard FTSE Emerging Markets ETF 25.1 10 22 8.0 +2.1
IEMG iShares Core MSCI Emerging Markets ETF 24.3 13 19 7.9 +1.9
SPEM SPDR Portfolio Emerging Markets ETF 24.1 11 21 7.8 +1.8
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 23.5 45 -13 7.9 +1.9
FXI iShares China Large-Cap ETF 23.5 74 -42 11.8 +5.8
EMCG WisdomTree Emerging Markets Consumer Growth Fund 23.2 32 0 7.5 +1.6
AIA iShares Asia 50 ETF 22.7 50 -18 7.9 +2.0
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 21.7 65 -33 6.8 +0.9
GBUY Goldman Sachs Motif New Age Consumer ETF 21.0 50 -18 1.9 -4.1
JHEM John Hancock Multifactor Emerging Markets ETF 20.9 49 -17 8.3 +2.4
EEMO Invesco S&P Emerging Markets Momentum ETF 20.7 29 3 6.6 +0.7
PEK VanEck Vectors ChinaAMC CSI 300 ETF 20.3 60 -28 7.0 +1.0
ISEM Invesco Strategic Emerging Markets ETF 19.9 35 -3 10.0 +4.1
DINT Davis Select International ETF 19.3 68 -36 5.7 -0.3
KBA KraneShares Bosera MSCI China A Share ETF 19.2 60 -28 6.5 +0.6
ASHX Xtrackers MSCI China A Inclusion Equity ETF 19.1 60 -28 6.6 +0.6
AVEM Avantis Emerging Markets Equity ETF 19.1 33 -1 8.9 +2.9
CNYA iShares MSCI China A ETF 19.0 60 -28 6.5 +0.6
OGIG O'Shares Global Internet Giants ETF 18.9 48 -16 0.7 -5.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 17.7 32 0 8.8 +2.9
CHIC Global X Nasdaq China Technology ETF 17.5 66 -34 3.6 -2.4
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 17.5 80 -48 3.8 -2.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 17.2 45 -13 9.1 +3.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 16.7 40 -8 7.1 +1.2
BICK First Trust BICK Index Fund 16.5 64 -32 4.7 -1.3
PNQI Invesco NASDAQ Internet ETF 16.3 62 -30 1.1 -4.9
FPXI First Trust International Equity Opportunities ETF 16.0 70 -38 3.2 -2.7
GIGE SoFi Gig Economy ETF 16.0 59 -27 -0.5 -6.5
ONLN ProShares Online Retail ETF 15.8 58 -26 1.3 -4.6
EMMF WisdomTree Emerging Markets Multifactor Fund 15.7 48 -16 9.3 +3.4
SOCL Global X Social Media ETF 15.3 65 -33 1.9 -4.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 14.8 30 2 8.6 +2.7
PIE Invesco DWA Emerging Markets Momentum ETF 14.4 90 -58 5.1 -0.8
DWLD Davis Select Worldwide ETF 14.4 63 -31 6.4 +0.4
AIQ Global X Future Analytics Tech ETF 12.8 68 -36 3.8 -2.1
BUYZ Franklin Disruptive Commerce ETF 12.8 50 -18 -0.2 -6.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 12.6 25 7 7.6 +1.6
PXH Invesco FTSE RAFI Emerging Markets ETF 12.3 50 -18 12.8 +6.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 12.3 49 -17 8.6 +2.7
ESPO VanEck Vectors Video Gaming & eSports ETF 11.8 55 -23 2.7 -3.3
AFTY Pacer CSOP FTSE China A50 ETF 11.7 70 -38 8.8 +2.8
GENY Principal Millennials Index ETF 11.6 45 -13 3.7 -2.2
EBIZ Global X E-Commerce ETF 11.1 50 -18 2.7 -3.3
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 10.8 64 -32 4.7 -1.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 10.6 59 -27 10.9 +5.0
BLCN Reality Shares Nasdaq NextGen Economy ETF 10.0 68 -36 4.0 -2.0
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 9.8 25 7 1.9 -4.1
IXP iShares Global Comm Services ETF 9.5 46 -14 5.6 -0.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 9.5 16 16 6.9 +1.0
FCA First Trust China AlphaDEX Fund 9.4 80 -48 13.3 +7.4
XBUY Amplify International Online Retail ETF 9.3 69 -37 -1.0 -7.0
FDEM Fidelity Targeted Emerging Markets Factor ETF 9.2 45 -13 9.4 +3.4
ARKF ARK Fintech Innovation ETF 9.0 75 -43 0.5 -5.5
CHIK Global X MSCI China Information Technology ETF 8.6 66 -34 7.6 +1.6
BLOK Amplify Transformational Data Sharing ETF 8.6 70 -38 4.6 -1.3
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 8.5 65 -33 3.3 -2.7
IPOS Renaissance International IPO ETF 8.4 80 -48 4.9 -1.0
CHIH Global X MSCI China Health Care ETF 8.4 66 -34 3.4 -2.6
KURE KraneShares MSCI All China Health Care Index ETF 8.4 65 -33 2.7 -3.2
XNTK SPDR NYSE Technology ETF 8.3 35 -3 3.6 -2.4
ACWX iShares MSCI ACWI ex U.S. ETF 8.0 32 0 7.2 +1.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 7.8 40 -8 7.0 +1.0
VSGX Vanguard ESG International Stock ETF 7.6 17 15 7.2 +1.2
CWI SPDR MSCI ACWI ex-US ETF 7.6 30 2 7.1 +1.2

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 18.2 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.22 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.