UBL Pakistan Enterprise ETF
Price
Rs39.88
YTD
+18.50%
Expense
1.50%
Yield
2.43%
CXSE
CXSE NYSE
WisdomTree China ex-State-Owned Enterprises Fund · by WisdomTree
Price
¥38.10
YTD return
+15.20%
1Y return
22.80%
Expense ratio
0.32%
Dividend yield
0.80%
AUM
$900M
CXSE invests in Chinese companies that are NOT majority-owned by the Chinese government. By excluding state-owned enterprises, the fund focuses on the more entrepreneurial and shareholder-friendly private sector of China's economy.
CXSE: China's Private Sector Champions
The WisdomTree China ex-State-Owned Enterprises Fund offers a differentiated approach to China investing by specifically excluding companies where the Chinese government owns more than 20% of shares. This focuses the portfolio on China's dynamic private sector, which has driven most of the country's innovation and economic growth.
Why Exclude State-Owned Enterprises?
Chinese state-owned enterprises (SOEs) often prioritize government policy objectives over shareholder returns. They may engage in capital-intensive projects with low returns, hire excess workers, or maintain unprofitable operations for social stability. By excluding SOEs, CXSE concentrates on companies that are more aligned with shareholder interests and operate in competitive markets.
Technology and Consumer Focus
The exclusion of SOEs naturally tilts the portfolio toward technology, consumer, and healthcare sectors where private companies dominate. Holdings include companies like Alibaba, Tencent, PDD Holdings, and BYD - the companies that have transformed China's digital economy and consumer landscape.
Geopolitical Risk Management
While all China investments carry geopolitical risk, private sector companies may face different regulatory dynamics than SOEs. CXSE investors should monitor US-China relations, Chinese regulatory actions, and potential delisting risks that affect Chinese companies listed in the US.
Top holdings
Every holding links to its own page with a live price and the full list of funds that own it.
| # | Holding | Ticker | Sector | Weight | Price |
|---|---|---|---|---|---|
| 1 | Tencent Holdings | TCEHY | Communication Services | 8.50% | $56.89 0.76% |
| 2 | Alibaba Group | BABA | Consumer Discretionary | 7.20% | $116.31 -2.94% |
| 3 | PDD Holdings | PDD | Consumer Discretionary | 5.80% | $84.69 -2.36% |
| 4 | BYD Company | BYDDY | Consumer Discretionary | 4.10% | $11.51 -1.20% |
| 5 | Meituan | MPNGY | Consumer Discretionary | 3.50% | $19.61 -1.16% |
Frequently asked questions
What is a state-owned enterprise?
A state-owned enterprise (SOE) is a company where the Chinese government owns more than 20% of the outstanding shares. These companies often prioritize government policy over shareholder returns.
Why would I choose CXSE over FXI?
FXI includes many large state-owned banks and energy companies. CXSE focuses on private sector companies that are generally more innovative and shareholder-friendly, with higher growth potential.
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Community
CXSE discussion
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