ASEA vs XSOE: Grades, Fees and Holdings Compared

Global X FTSE Southeast Asia ETF

ASEACNYSE Arca

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

XSOEANYSE Arca

Overlap

1.1%by weight

Expense ratio

XSOE −0.33pt a year

ASEA0.65%XSOE0.32%

Avg volume · 30D

XSOE 4.0×the volume

ASEA24.2KXSOE97K

10Y return · a year

XSOE +0.6pt

ASEA+7.3%XSOE+7.9%

ASEA vs XSOE Performance

Oct 29, 2021 – Oct 30, 2026

+58.8%ASEA+22.0%XSOE

Expense ratio: ASEA 0.65%; XSOE 0.32%, better
Fund size: ASEA $93M; XSOE $1.91B
1Y total return: ASEA +16.6%, better; XSOE +10.5%
Yield (12M): ASEA 3.91%, better; XSOE 1.82%
Holdings: ASEA 43; XSOE 866
Avg volume (30D): ASEA 24.2K sh; XSOE 97K sh, better
NAV per share: ASEA $19.93; XSOE $43.15
52W range

ETF.net Grade

Pillar letters and Scores for ASEA, XSOE, with each pillar’s weight
Pillar	ASEA	XSOE
Cost30% weight	D33	A71Higher
Mission25% weight	C41	A100Higher
Risk15% weight	A76Higher	C48
Tradability15% weight	B56Higher	C53
Holdings10% weight	Not scored	B59
Durability5% weight	B60	A81Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. ASEA and XSOE are both graded against the same 20 Emerging Markets Stocks funds, so their Grades compare head to head.

Emerging Markets Stocks⁠

Category · 20 funds

See all 20 ›

XSOE ranks 4th and ASEA 16th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 78
Rank 3ABKEMBNY Mellon Emerging Markets Equity ETFScore 76
Rank 4AXSOEWisdomTree Emerging Markets ex-State-Owned Enterprises FundScore 71
Rank 5BEEMAiShares MSCI Emerging Markets Asia ETFScore 68
Rank 15BILFiShares Latin America 40 ETFScore 55
Rank 16CASEAGlobal X FTSE Southeast Asia ETFScore 47
Rank 17DAFKVanEck Africa Index ETFScore 39

Our read on each fund

ETF.net Research

ASEACGlobal X FTSE Southeast Asia ETF

XSOEAWisdomTree Emerging Markets ex-State-Owned Enterprises Fund

In short

ASEA Southeast Asia in one ticket. ASEA tracks the FTSE/ASEAN 40, a basket of roughly 40 of the region's largest listed companies, and has run that same mandate since 2011. A narrow regional slice, not a broad emerging-markets fund.

XSOE One screen, applied hard: if a government owns more than 20% of a company, XSOE leaves it out. What is left is emerging markets minus the state champions, with country weights pushed back toward the standard EM mix.

Stated mandate

ASEA The fund seeks to track generally the price and yield performance of the FTSE/ASEAN 40 Index, before fees and expenses.

XSOE The fund seeks to track the investment results of emerging-market companies that are not state-owned enterprises, defined as companies with no more than 20% government ownership.

Why people hold it

ASEA One trade buys roughly 40 large ASEAN-listed companies, weighted by a published FTSE index rather than a manager's calls.globalxetfs.com
Running since 2011 on the same index and the same regional mandate. What the name says is what the fund has always done.globalxetfs.com
Plain-vanilla plumbing: a registered 1940 Act fund tracking a named, rules-based benchmark (ASEA40WN), so the roster turns over when the index does.globalxetfs.com

XSOE The 20% government-ownership cutoff is an index rule, not a manager's judgment call, and the fund has run on it since its 2014 launch.wisdomtree.com
0.32% a year, under the typical fund in its emerging-markets peer group, for a screen most broad EM funds never apply.
After the state-owned names come out, the index pushes country weights back toward where they started, so it stays a filtered EM portfolio rather than a country bet.wisdomtree.com
A multi-billion-dollar fund spread across roughly 800 stocks, and it has tracked its index closely.

Worth knowing

ASEA 0.65% a year is specialist pricing, above what broad, plain-index ETFs typically charge. That gap is the toll for the regional focus.
Thinly traded next to mainstream index funds, so the bid-ask spread is part of your real cost, not just the expense ratio.
About 40 stocks in one region: single-name concentration, local market swings and foreign-currency moves all land directly in the return.

XSOE Cheaper broad EM shelf-mates exist (BKEM at 0.11%, XCEM at 0.16%). The screen is what you are paying the difference for.
Government stakes cluster in banks and energy in EM, so removing them shifts the sector mix toward private-sector names. Expect it to behave differently from a plain EM index.wisdomtree.com
No country is excluded, so China stays in the mix, unlike ex-China peers VEXC and XCEM. It also sits among the more volatile funds in its peer group.

Full ASEA profile⁠

Full XSOE profile⁠

ASEA vs XSOE Holdings

As of Oct 13, 2026

How ASEA and XSOE differ

Overlap by weight

1.1%

Shared holdings make up 12.8% of ASEA and 1.1% of XSOE.

Level by level

Holdings8 in both1.1%
Countryby domicile3.3%
Sector11 Sectors37.5%
Asset classEquity100%

Sector

Sector weights in ASEA and XSOE, widest gap first
Sector	More in ASEAMore in XSOE	ASEA	XSOE
Financials	ASEA +49.6 points	64.3%	14.7%
Technology	XSOE +43.0 points	0.0%	43.0%
Consumer Discretionary	XSOE +11.1 points	0.0%	11.1%
Industrials	ASEA +5.4 points	13.6%	8.2%
Materials	XSOE +3.8 points	1.4%	5.2%
Health Care	XSOE +2.5 points	2.0%	4.5%
Utilities	ASEA +2.6 points	3.7%	1.1%
Consumer Staples	XSOE +2.0 points	1.9%	3.9%
Communication	ASEA +1.7 points	7.2%	5.5%
Real Estate	ASEA +1.6 points	2.6%	1.0%
Energy	ASEA +1.6 points	3.3%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in ASEA and XSOE, widest gap first
Country	More in ASEAMore in XSOE	ASEA	XSOE
Singapore	ASEA +55.4 points	55.4%	0.0%
Taiwan	XSOE +29.7 points	0.0%	29.7%
South Korea	XSOE +23.6 points	0.0%	23.6%
Thailand	ASEA +17.6 points	18.8%	1.2%
China	XSOE +16.6 points	0.0%	16.6%
India	XSOE +14.2 points	0.0%	14.2%
Malaysia	ASEA +13.1 points	14.2%	1.1%
Indonesia	ASEA +7.2 points	7.9%	0.7%
Other countries (11)	XSOE +9.1 points	3.7%	12.8%

Outside the US: ASEA 55% developed, 45% emerging. XSOE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

ASEA61.3%
XSOE37.1%

Securities held

ASEA41
XSOE842

Asset class

ASEA: Equity
XSOE: Equity

Holdings

Only in ASEA33
In both8
Only in XSOE834

Only in ASEA

33 securities, 87.1% of ASEA by weight

Dbs Group Holdings Ltd20.10%
Oversea-Chinese Banking Corp12.59%
United Overseas Bank Ltd6.55%
Singapore Telecommunications4.15%
Malayan Banking Bhd3.18%
Public Bank Berhad2.88%
Intl Container Term Svcs Inc2.64%
Cimb Group Holdings Bhd2.59%
Tenaga Nasional Bhd2.58%
Ptt Pcl-Nvdr2.50%
Singapore Exchange Ltd2.33%
Singapore Tech Engineering2.08%
Keppel Ltd1.97%
Bank Rakyat Indonesia Perser1.97%
Capitaland Integrated Commer1.89%
Bank Mandiri Persero Tbk Pt1.64%
Advanced Info Service-Nvdr1.53%
Singapore Airlines Ltd1.36%
Scb X Pcl-Nvdr1.26%
Krung Thai Bank - Nvdr1.19%
Airports of Thailand Pc-Nvdr1.14%
Press Metal Aluminium Holdin1.13%
Ihh Healthcare Bhd1.03%
Bangkok Dusit Med Servi-Nvdr1.00%
Ptt Explor & Prod Pcl-Nvdr0.95%
Telkom Indonesia Persero Tbk0.95%
Wilmar International Ltd0.81%
Capitaland Investment Ltd/Si0.75%
Bdo Unibank Inc0.70%
Hong Leong Bank Berhad0.56%
Bank of The Philippine Islan0.48%
Bank Negara Indonesia Perser0.39%
Other Payable & Receivables0.25%

Only in XSOE

834 securities, 99.9% of XSOE by weight

Taiwan Semiconductor Manufacturing Co Ltd14.18%
Samsung Electronics Co Ltd7.31%
SK Hynix Inc6.50%
Tencent Holdings Ltd2.27%
MediaTek Inc1.75%
Alibaba Group Holding Ltd1.72%
Al Rajhi Bank1.11%
Hon Hai Precision Industry Co0.76%
Hdfc Bank Limited0.76%
SK Square Co Ltd0.72%
MercadoLibre Inc0.71%
Reliance Industries Ltd0.70%
Delta Electronics Inc0.69%
Bharti Airtel Ltd0.63%
ICICI Bank Ltd0.62%
Kuwaiti Dinar0.60%
ASE Technology Holding Co Ltd0.60%
Contemporary Amperex Techn-A0.50%
Samsung Electro-Mechanics Co L0.47%
Kookmin Bank0.41%
PDD Holdings Inc.0.40%
Zhongji Innolight Co Ltd-A0.40%
National Bank of Kuwait0.40%
CTBC Financial Holding Co Ltd0.40%
Ping An Insurance Group Co of China0.39%
Fubon Financial Holding Co Ltd0.38%
United Microelectronics Corp0.38%
Nan Ya Plastics Corp0.38%
Unimicron Technology Corp0.37%
Elite Material Co Ltd0.36%
Capitec Bank Holdings Ltd0.35%
Xiaomi Corp-Class B0.34%
FirstRand Ltd0.34%
Standard Bank Group Ltd0.33%
Grupo Mexico SAB de CV0.33%
Midea Group Co Ltd0.32%
Meituan - Class B0.32%
Axis Bank Ltd0.32%
Shinhan Financial Group Ltd0.32%
Cathay Financial Holding Co Ltd0.31%
Yuanta Financial Holding Co Ltd0.30%
Netease Inc0.30%
Mahindra & Mahindra Ltd0.30%
Taishin Financial Holding Co Ltd0.29%
OTP Bank PLC0.29%
MTN Group Ltd0.28%
Infosys Ltd ADR0.28%
Asia Vital Components Co Ltd0.27%
Wuxi Apptec Co Ltd-A0.27%
Hyundai Motor Co0.27%

Weight gaps

All 8 Holdings in both funds, largest gap first.

Holding weights in ASEA and XSOE, widest gap first
Holding	More in ASEAMore in XSOE	ASEA	XSOE
Delta Electronics Thai-Nvdr	ASEA +3.49 points	3.81%	0.32%
Bank Central Asia Tbk Pt	ASEA +2.57 points	2.80%	0.23%
Kasikornbank Pcl-Nvdr	ASEA +1.98 points	2.07%	0.09%
Gulf Development Pcl-Nvdr	ASEA +1.11 points	1.28%	0.17%
Cp All Pcl-Nvdr	ASEA +1.06 points	1.10%	0.04%
Astra International Tbk Pt	ASEA +0.70 points	0.76%	0.06%
True Corp Pcl/New-Nvdr	ASEA +0.63 points	0.72%	0.09%
Amman Mineral Internasional	ASEA +0.24 points	0.30%	0.06%

All 40 ASEA holdings⁠All 770 XSOE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ASEA vs XSOE Cost

Overpaying ASEA vs XSOE

$6,175

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ASEA 0.65%
$12,717
XSOE 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

ASEA 0.65%
XSOE 0.32%
Overpaying

Year by year

Year	ASEA	XSOE	Overpaying
10	$1,163	$580	$583
20	$4,440	$2,250	$2,190
30	$12,717	$6,542	$6,175

Expense ratio

0.65%ASEA
0.32%XSOE, cheaper

XSOE0.32%ASEA0.65%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XSOE 6th cheapest of 20 funds

ASEA 14th cheapest of 20 funds

ASEA vs XSOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ASEA 3.91%, better; XSOE 1.82%
Payout (12M): ASEA $0.78; XSOE $0.78
Last payment: ASEA $0.41; XSOE $0.22
Ex-dividend: ASEA Jun 29, 2026; XSOE Sep 25, 2026
Paid on: ASEA Jul 7, 2026; XSOE Sep 29, 2026
Frequency: ASEA Twice a year; XSOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ASEATwice a year · 17 paymentsAll ASEA payments⁠

XSOEQuarterly · 33 paymentsAll XSOE payments⁠

ASEA vs XSOE Risk

Fall from peak · 5 years

ASEA
XSOE

Risk facts

VolatilityStd dev, 3 years: ASEA 12.1%, betterXSOE 17.0%
Return per unit of riskSharpe ratio, 3 years: ASEA 0.98, betterXSOE 0.90
Worst fallMax drawdown, 5 years: ASEA −22.2%, betterXSOE −37.2%
Market sensitivityBeta, 5 years: ASEA 0.62XSOE 1.18; Market = 1

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