At a glance
CXSE charges 0.32% a year, below the 0.58% average of the 8 funds most like it (the 2nd cheapest of 9). It has $498.9M in assets, the 5th largest of that group; it paid 2.19% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −25.4% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +5.6% a year. At its worst it fell 20.0% in the 2020 crash (S&P 500: 33.7%) and 39.7% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 35.5% of the fund, out of 261 in all.
The short version
WisdomTree China ex-State-Owned Enterprises Fund (CXSE) is an index ETF that holds Chinese stocks listed in Hong Kong, the US and mainland China. It leaves out any company with more than 20% government ownership. That screen tilts the fund toward privately run firms such as Tencent and Alibaba. Its 0.32% expense ratio is well below the 0.58% average for similar China funds.
Price history
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CXSE -25.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CXSE official prospectus, to Dec 31, 2025 | — | +36.39% | — | -8.00% | +6.23% | — |
| Wisdom Tree China ex-State-Owned Enterprises Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +36.91% | — | -7.71% | +6.32% | — |
| MSCI China Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +31.17% | — | -3.20% | +5.54% | — |
| CXSE price data to Oct 27, 2026 | -19.5% | -25.4% | +5.6% | -9.2% | +3.2% | +3.4% |
- Over the year to Oct 27, 2026, CXSE returned -25.4%, 7th of 9 among similar funds.
- Its 5-year annualized return was -9.2% and its 10-year +3.2%.
- In the 2020 COVID crash it fell 20% and regained its old high 2 months after the low.
- Its worst full calendar year was 2022 (-29.3%); its best was 2017 (+81.5%).
- The deepest fall in its price history was 70% (Feb 17, 2021 to Feb 2, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -19.5% | — |
| 2025 | +37.0% | +36.39% |
| 2024 | +8.6% | +9.59% |
| 2023 | -18.0% | -18.67% |
| 2022 | -29.3% | -28.89% |
| 2021 | -23.7% | -23.77% |
| 2020 | +59.4% | +60.58% |
| 2019 | +38.0% | +36.44% |
| 2018 | -28.5% | -27.93% |
| 2017 | +81.5% | +78.04% |
| 2016 | -0.2% | -1.20% |
| 2015 | -3.3% | — |
| 2014 | +1.4% | — |
| 2013 | -2.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.2% over that stretch · deepest drop along the way 20%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.2% over that stretch · deepest drop along the way 39.7%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3700 | |
| 2025 | $0.7900 | +51.9% |
| 2024 | $0.5200 | +6.1% |
| 2023 | $0.4900 | -9.3% |
| 2022 | $0.5400 | +25.6% |
| 2021 | $0.4300 | +19.4% |
| 2020 | $0.3600 | -10.0% |
| 2019 | $0.4000 | -12.1% |
| 2018 | $0.4550 | -15.0% |
| 2017 | $0.5350 | +59.7% |
| 2016 | $0.3350 | -45.5% |
| 2015 | $0.6150 | +3.4% |
| 2014 | $0.5950 | -17.9% |
| 2013 | $0.7250 |
What's inside
As of Jun 30, 2026, the fund held 261 securities; the ten largest made up 35.49% of assets.
| Holding | Weight | |
|---|---|---|
| TENCENT HOLDINGS LTD | 7.16% | |
| ALIBABA GROUP HOLDING LTD | 5.87% | |
| ZHONGJI INNOLIGHT CO LTD | 5.22% | |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD | 4.63% | |
| EOPTOLINK TECHNOLOGY INC LTD | 3.29% | |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD | 2.08% | |
| CAMBRICON TECHNOLOGIES CORP LTD | 2.04% | |
| PDD HOLDINGS INC | 1.84% | |
| GIGA DEVICE SEMICONDUCTOR INC | 1.84% | |
| XIAOMI CORP | 1.52% | |
| MEITUAN LLC | 1.51% | |
| MIDEA GROUP CO LTD | 1.50% | |
| NETEASE INC | 1.47% | |
| FOXCONN INDUSTRIAL INTERNET CO LTD | 1.43% | |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD | 1.43% |
By country
China 55.36%Cayman Islands 42.11%Switzerland 0.75%United States 0.52%Bermuda 0.45%By asset type
Stocks 99.54%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $23.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.63%, +0.25%, -2.63%.
How it works
The fund tracks the WisdomTree China ex-State-Owned Enterprises Index. WisdomTree, the parent company of the fund's adviser, designed the index. The fund is passively managed but uses representative sampling: instead of buying every stock in the index, it buys a sample whose risk and return traits resemble the whole index. It keeps at least 80% of net assets in index stocks or close equivalents. As of June 30, 2026, it had 261 holdings.
To qualify, a company must do most of its business in China and list in Hong Kong or the US. It also needs a float-adjusted market value of at least $1 billion (counting only shares available to investors), must meet minimum trading volumes, and cannot have more than 20% government ownership. The index also adds the 100 largest qualifying mainland "A-shares" bought through Stock Connect, a trading link between Hong Kong and the Shanghai and Shenzhen exchanges. A-shares are capped at 33% of the index at each annual screening.
Stocks are weighted by float-adjusted market value. At the annual screening, no single stock can be more than 10% of the index and no sector more than 30%. Weights can drift past these caps between screenings. As of June 30, 2026, the 10 largest holdings made up about 35% of assets, led by Tencent (7.2%), Alibaba (5.9%) and Zhongji Innolight (5.2%).
What it really costs
- CXSE charges 0.32% a year, versus an average of 0.58% for the similar funds below (2nd of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CXSE | $33 | $103 | $180 | $406 |
In a retirement portfolio
It is a single-country emerging-market fund. It lost 70% from peak to trough and had not recovered as of October 27, 2026, so it fits best as a small slice of a portfolio rather than a core holding.
CXSE adds exposure to Chinese private companies, which many US-focused portfolios lack, but its swings have been severe. It launched in 2012, so it has no record from 2008. It fell 20% in the 2020 COVID crash and recovered in about two months. In the 2022 bear market it fell about 40% and had not recovered as of October 27, 2026. Its worst calendar year was 2022, at -28.9%. Its deepest drop was 70%, from February 2021 to February 2024, and that loss had not been made back either. Anyone forced to sell in a slump could lock in large losses. The trailing yield was 2.19% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost $406 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want China exposure without companies more than 20% government-owned, with Tencent and Alibaba as the largest holdings.
- Cost-conscious China investors: the 0.32% expense ratio is below the 0.58% peer average, though Franklin FTSE China ETF (FLCH) charges 0.19%.
- People holding a small satellite position who can live with a 70% peak-to-trough drop that had not recovered as of October 27, 2026.
Look elsewhere if
- Investors who need steady value: three-year volatility was 28%, and the fund lost 25.4% in the year to October 27, 2026.
- Those who want broad, sector-balanced China exposure; Consumer Discretionary and Information Technology dominate, and large state-owned companies are excluded entirely.
- Income seekers: the 2.19% trailing yield, paid quarterly, is modest next to the fund's large price swings.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CXSE this fund | — | 0.32% | $498.9M | -25.4% | +5.6% |
| FLCH Franklin FTSE China ETF | 47% | 0.19% | $248.7M | -22.9% | +8.8% |
| GXC SPDR S&P China ETF | 46% | 0.59% | $434.9M | -20.8% | +8.5% |
| MCHI iShares MSCI China ETF | 44% | 0.59% | $6.33B | -23.7% | +8.1% |
| CNYA iShares MSCI China A ETF | 31% | 0.6% | $200.5M | -8.4% | +8.5% |
| KBA KraneShares Bosera MSCI China A 50 Connect … | 29% | 0.56% | $156.4M | -5.7% | +12.9% |
| FXI iShares China Large-Cap ETF | 27% | 0.74% | $4.34B | -19.4% | +11.0% |
| CQQQ Invesco China Technology ETF | 25% | 0.65% | $3.05B | -30.4% | +5.7% |
Questions investors ask
What does CXSE invest in?
CXSE holds Chinese company stocks listed in Hong Kong, the US and mainland China. It excludes any company with more than 20% government ownership. It tracks the WisdomTree China ex-State-Owned Enterprises Index, and mainland A-shares are capped at 33% at each annual screening. As of June 30, 2026, it had 261 holdings. The largest were Tencent (7.2%), Alibaba (5.9%), Zhongji Innolight (5.2%) and Contemporary Amperex Technology (4.6%). The top 10 made up about 35% of assets.
What is the CXSE expense ratio?
CXSE's expense ratio is 0.32%, according to its prospectus filed July 29, 2026. That is about half the 0.58% average for similar China funds. It ranks second-cheapest of nine, behind Franklin FTSE China ETF at 0.19%. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, total costs would be about $33 after one year, $180 after five years and $406 after 10 years.
CXSE vs FLCH: what's the difference?
Both are China stock index funds, and about 47% of their holdings overlap. CXSE's defining feature is that it excludes companies with more than 20% government ownership. FLCH, the Franklin FTSE China ETF, is cheaper at 0.19% versus CXSE's 0.32%. As of October 27, 2026, FLCH also did better over one year (-22.9% vs. -25.4%) and three years (8.8% vs. 5.6% annualized). CXSE was larger, with about $499 million in net assets versus about $249 million as of June 30, 2026.
Does CXSE pay dividends?
Yes, CXSE pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.70 per share, a trailing yield of 2.19%. Payments come from dividends paid by the Chinese companies it holds, so they can vary from quarter to quarter. The yield is modest compared with the fund's price swings. For most holders, returns will depend far more on share price changes than on income.
How has CXSE performed over the long term?
Results have been very uneven. According to the prospectus, as of December 31, 2025, CXSE returned 36.39% over one year, -8% a year over five years and 6.23% a year over 10 years. The MSCI China Index returned 31.17%, -3.2% and 5.54% over the same periods. Calendar years ranged from a 78.04% gain in 2017 to a 28.89% loss in 2022. In 2026 through October 27, the fund was down about 19.5%.