CXSE vs KBA: Grades, Fees and Holdings Compared

WisdomTree China ex-State-Owned Enterprises Fund

CXSEANasdaq

KraneShares Bosera MSCI China A 50 Connect Index ETF

KBAANYSE Arca

Overlap

21.9%by weight

Expense ratio

CXSE −0.24pt a year

CXSE0.32%KBA0.56%

Avg volume · 30D

CXSE 1.3×the volume

CXSE37.2KKBA29.2K

10Y return · a year

KBA +3.6pt

CXSE+3.1%KBA+6.7%

CXSE vs KBA Performance

Oct 29, 2021 – Oct 30, 2026

−39.0%CXSE+9.0%KBA

Expense ratio: CXSE 0.32%, better; KBA 0.56%
Fund size: CXSE $372M; KBA $105M
1Y total return: CXSE −24.9%; KBA −5.5%, better
Yield (12M): CXSE 2.22%, better; KBA 1.71%
Holdings: CXSE 241; KBA 52
Avg volume (30D): CXSE 37.2K sh, better; KBA 29.2K sh
NAV per share: CXSE $31.37; KBA $28.35
52W range

ETF.net Grade

Pillar letters and Scores for CXSE, KBA, with each pillar’s weight
Pillar	CXSE	KBA
Cost30% weight	A97Higher	A86
Mission25% weight	A100Higher	A83
Risk15% weight	C47	A76Higher
Tradability15% weight	B63Higher	C51
Holdings10% weight	A74Higher	B61
Durability5% weight	A79Higher	B60

Rank among China funds

How we build Categories ›

Same Category. CXSE and KBA are both graded against the same 28 China funds, so their Grades compare head to head.

China⁠

Category · 28 funds

See all 28 ›

CXSE ranks 1st and KBA 5th of 28 funds in the China Category.

Rank 1ACXSEWisdomTree China ex-State-Owned Enterprises FundScore 81
Rank 2AFLCHFranklin FTSE China ETFScore 80
Rank 4AGXCState Street SPDR S&P China ETFScore 76
Rank 5AKBAKraneShares Bosera MSCI China A 50 Connect Index ETFScore 74
Rank 6AASHRXtrackers Harvest CSI 300 China A-Shares ETFScore 73

Our read on each fund

ETF.net Research

CXSEAWisdomTree China ex-State-Owned Enterprises Fund

KBAAKraneShares Bosera MSCI China A 50 Connect Index ETF

In short

CXSE CXSE tracks an index that screens state-owned enterprises out of China, leaving the privately run companies. A tilt toward entrepreneurs rather than Beijing's balance sheet, at a fee well under the typical China fund.

KBA The first US-listed ETF built on an MSCI China A-share index, running since 2014. It owns mainland Shanghai and Shenzhen stocks through Stock Connect rather than Hong Kong listings or ADRs.

Stated mandate

CXSE The Fund seeks to track, before fees and expenses, the price and yield performance of the WisdomTree China ex-State-Owned Enterprises Index.

KBA The fund tracks the MSCI China A 50 Connect Index, which represents 50 large-cap Chinese A-shares listed in Shanghai and Shenzhen and accessible through Stock Connect.

Why people hold it

CXSE The whole design is one screen: state-controlled companies out, privately run ones in, about 200 of them. Not a broad China index with a tweak.
0.32% a year, well under half the 0.70% median for single-country China funds.
Trading since 2012, and one of the tighter, more faithful builds in a crowded China cohort.

KBA Most US-listed China funds hold Hong Kong shares and ADRs. This one buys the onshore market itself: 50 large A-shares in Shanghai and Shenzhen, accessed via Stock Connect.kraneshares.com
The index takes the 50 largest A-shares but keeps at least two stocks per sector and matches the parent MSCI China A Index's sector weights, curbing the usual financials pile-up.msci.com msci.com 2
0.56% net of a contractual waiver through August 1, 2028 (0.79% gross), below the median fee among the 30 China funds we grade.kraneshares.com
Live since March 2014 via a KraneShares and Bosera partnership, and it tracks its index closely. One of the stronger implementations in the China peer group.kraneshares.com

Worth knowing

CXSE Thinly traded next to China heavyweights like MCHI and GXC, so limit orders matter more here.
One country, about 200 stocks, and none of the state-backed heavyweights as ballast. Swings run bigger than a diversified global fund's.
Cheap for the group, not the cheapest: FLCH (0.19%) and JCHI (0.15%) undercut it with different mandates.

KBA Thinly traded next to the big offshore China funds, so spreads can widen. Limit orders matter, especially since US hours do not overlap mainland trading.
FLCH (0.19%) and CXSE (0.32%) charge less, but they hold offshore China shares, a different market with different companies.
Fifty mega caps only: no small or mid caps, and distributions come once or twice a year rather than quarterly.

Full CXSE profile⁠

Full KBA profile⁠

CXSE vs KBA Holdings

How CXSE and KBA differ

Overlap by weight

21.9%

Shared holdings make up 40.2% of KBA and 22.0% of CXSE.

Level by level

Holdings19 in both21.9%
Sector11 Sectors60.7%
Countryby domicile95.6%
Asset classEquity100%

Sector

Sector weights in CXSE and KBA, widest gap first
Sector	More in CXSEMore in KBA	CXSE	KBA
Consumer Discretionary	CXSE +21.8 points	26.1%	4.3%
Financials	KBA +13.5 points	7.0%	20.4%
Communication	CXSE +9.5 points	10.7%	1.2%
Materials	KBA +9.4 points	3.2%	12.6%
Health Care	CXSE +7.6 points	12.2%	4.6%
Technology	KBA +6.9 points	23.4%	30.3%
Utilities	KBA +3.2 points	0.3%	3.5%
Energy	KBA +3.2 points	0.3%	3.5%
Consumer Staples	KBA +2.0 points	4.6%	6.6%
Industrials	KBA +1.1 points	11.4%	12.5%
Real Estate	CXSE +0.4 points	0.9%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in CXSE and KBA, widest gap first
Country	More in CXSEMore in KBA	CXSE	KBA
China	KBA +4.3 points	92.8%	97.1%
United States	CXSE +2.4 points	2.4%	0.0%
Hong Kong	CXSE +1.5 points	4.4%	2.9%
Other countries (2)	CXSE +0.4 points	0.4%	0.0%

Outside the US: CXSE 5% developed, 95% emerging. KBA 3% developed, 97% emerging.

Concentration

Weight in the 10 largest Holdings

CXSE36.0%
KBA41.9%

Securities held

CXSE236
KBA50

Asset class

CXSE: Equity
KBA: Equity

Holdings

Only in CXSE217
In both19
Only in KBA31

Only in CXSE

217 securities, 77.9% of CXSE by weight

Tencent Holdings Ltd9.97%
Alibaba Group Holding Ltd8.18%
PDD Holdings Inc.2.06%
Xiaomi Corp-Class B1.97%
Meituan - Class B1.71%
Ping An Insurance Group Co of China1.60%
Netease Inc1.42%
BYD Co Ltd1.22%
Jd.Com Inc - Cl A1.16%
Beigene Ltd1.03%
Montage Technology Co Ltd-A0.95%
Trip.Com Group Ltd0.92%
Wuxi Biologics Cayman Inc0.90%
Baidu Inc-Class A0.90%
Gigadevice Semiconductor Beiji0.88%
Innovent Biologics Inc0.73%
Yum China Holdings Inc0.64%
Pop Mart International Group0.61%
Inner Mongolia Yili Industrial0.60%
Gree Electric Appliances Inc0.57%
Geely Automobile Holdings Ltd0.55%
ANTA Sports Products Ltd0.53%
Wuxi Apptec Co Ltd-H0.53%
Kuaishou Technology0.49%
Ke Holdings Inc-Cl A0.49%
Nongfu Spring Co Ltd-H0.47%
Contemporary Amperex Techn-H0.45%
Wus Printed Circuit Kunsha-A0.44%
China Hongqiao Group Ltd0.44%
Chaozhou Three-Circle Group-A0.44%
Akeso Inc0.43%
H World Group Ltd0.43%
ZTO Express Cayman Inc0.41%
SITC International Holdings Co0.40%
Genscript Biotech Corp0.38%
Full Truck Alliance -Spn Adr0.37%
Midea Group Co Ltd-H0.37%
WH Group Ltd0.37%
J&T Global Express Ltd0.37%
XPeng Inc - Class A Shares0.36%
Yuanjie Semiconductor Tech-A0.36%
Li Auto Inc-Class A0.36%
Sunny Optical Technology Group Co Ltd0.36%
Haier Smart Home Co Ltd-H0.35%
Z Ai Co Ltd0.35%
Nio Inc-Class A0.34%
Hansoh Pharmaceutical Group0.34%
Shenzhen Inovance Technology-A0.34%
Sino Biopharmaceutical Ltd0.33%
New Oriental Education & Tec0.31%

Only in KBA

31 securities, 59.1% of KBA by weight

Zijin Mining Group Co Ltd-A6.78%
Kweichow Moutai Co Ltd-A5.68%
China Merchants Bank-A3.54%
China Yangtze Power Co Ltd-A3.11%
Cmoc Group Ltd-A2.88%
Hygon Information Technolo-A2.75%
Wanhua Chemical Group Co -A2.54%
Agricultural Bank of China-A2.52%
Naura Technology Group Co-A2.25%
Ind & Comm Bk of China-A2.18%
Bank of Communications Co-A1.78%
China Cssc Holdings Ltd-A1.64%
Industrial Bank Co Ltd -A1.60%
Petrochina Co Ltd-A1.59%
Beijing-Shanghai High Spe-A1.59%
Shengyi Technology Co Ltd -A1.46%
Advanced Micro-Fabrication-A1.44%
China Shenhua Energy Co-A1.32%
Shanghai Pudong Devel Bank-A1.30%
Citic Securities Co-A1.27%
Shaanxi Coal Industry Co L-A1.23%
Nari Technology Co Ltd-A1.19%
Bank of China Ltd-A1.13%
Wuliangye Yibin Co Ltd-A1.03%
Guotai Haitong Securities Co0.95%
Bank of Ningbo Co Ltd -A0.91%
China National Nuclear Pow-A0.83%
China Pacific Insurance Gr-A0.83%
China United Network-A0.78%
China Merchants Shekou Ind-A0.53%
Zhejiang Century Huatong -A0.48%

Weight gaps

All 19 Holdings in both funds, largest gap first.

Holding weights in CXSE and KBA, widest gap first
Holding	More in CXSEMore in KBA	CXSE	KBA
Contemporary Amperex Techn-A	KBA +3.15 points	3.36%	6.51%
Cambricon Technologies-A	KBA +2.29 points	1.34%	3.63%
BYD Co Ltd	KBA +2.05 points	0.76%	2.81%
Foxconn Industrial Internet Co	KBA +1.90 points	1.05%	2.95%
Luxshare Precision Industry Co	KBA +1.22 points	0.96%	2.18%
Zhongji Innolight Co Ltd-A	KBA +1.04 points	2.94%	3.98%
Shenzhen Mindray Bio-Medic-A	KBA +0.93 points	0.27%	1.20%
Jiangsu Hengrui Medicine Co Ltd	KBA +0.92 points	0.69%	1.61%
Suzhou Tfc Optical Communi-A	KBA +0.90 points	0.39%	1.29%
Eoptolink Technology Inc L-A	KBA +0.71 points	1.39%	2.10%
Ping An Bank Co Ltd	KBA +0.62 points	0.27%	0.89%
Sungrow Power Supply Co Lt-A	KBA +0.58 points	0.32%	0.90%
Suzhou Dongshan Precision-A	KBA +0.53 points	0.62%	1.15%
Victory Giant Technology -A	KBA +0.48 points	0.50%	0.98%
Muyuan Foodstuff Co Ltd	KBA +0.31 points	0.49%	0.80%
East Money Information Co-A	KBA +0.31 points	0.88%	1.19%
Wuxi Apptec Co Ltd-A	KBA +0.31 points	1.63%	1.94%
Ping An Insurance Group Co of China	CXSE +0.09 points	2.36%	2.27%
Midea Group Co Ltd	KBA +0.09 points	1.78%	1.87%

All 205 CXSE holdings⁠All 88 KBA 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.

CXSE vs KBA Cost

Overpaying KBA vs CXSE

$4,546

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

CXSE 0.32%
$6,542
KBA 0.56%
$11,088

Amount$10,000

Years30 years

Cost over time

CXSE 0.32%
KBA 0.56%
Overpaying

Year by year

Year	CXSE	KBA	Overpaying
10	$580	$1,006	$426
20	$2,250	$3,855	$1,605
30	$6,542	$11,088	$4,546

Expense ratio

0.32%CXSE, cheaper
0.56%KBA

CXSE0.32%KBA0.56%

0.19%5.01%

Middle half of China funds
Median 0.65%

CXSE 2nd cheapest of 28 funds

KBA 4th cheapest of 28 funds

CXSE vs KBA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CXSE 2.22%, better; KBA 1.71%
Payout (12M): CXSE $0.69; KBA $0.48
Last payment: CXSE $0.26; KBA $0.48
Ex-dividend: CXSE Sep 25, 2026; KBA Dec 22, 2025
Paid on: CXSE Sep 29, 2026; KBA Dec 23, 2025
Frequency: CXSE Quarterly; KBA Annual

Distribution history

Per share, 2017 to 2026, same scale for both

CXSEQuarterly · 31 paymentsAll CXSE payments⁠

KBAAnnual · 10 paymentsAll KBA payments⁠

CXSE vs KBA Risk

Fall from peak · 5 years

CXSE
KBA

Risk facts

VolatilityStd dev, 3 years: CXSE 24.9%KBA 19.2%, better
Return per unit of riskSharpe ratio, 3 years: CXSE 0.12KBA 0.43, better
Worst fallMax drawdown, 5 years: CXSE −57.6%KBA −39.7%, better
Market sensitivityBeta, 5 years: CXSE 0.75KBA 0.68; Market = 1

Popular comparisons

CXSEAvsFLCHA
WisdomTree China ex-State-Owned Enterprises Fund · Franklin FTSE China ETF
Expense ratio
0.32% · 0.19%
Category
KBAAvsFLCHA
KraneShares Bosera MSCI China A 50 Connect Index ETF · Franklin FTSE China ETF
Expense ratio
0.56% · 0.19%
Category
CXSEAvsMCHIA
WisdomTree China ex-State-Owned Enterprises Fund · iShares MSCI China ETF
Expense ratio
0.32% · 0.59%
Category
KBAAvsMCHIA
KraneShares Bosera MSCI China A 50 Connect Index ETF · iShares MSCI China ETF
Expense ratio
0.56% · 0.59%
Category
CXSEAvsGXCA
WisdomTree China ex-State-Owned Enterprises Fund · State Street SPDR S&P China ETF
Expense ratio
0.32% · 0.59%
Category
KBAAvsGXCA
KraneShares Bosera MSCI China A 50 Connect Index ETF · State Street SPDR S&P China ETF
Expense ratio
0.56% · 0.59%
Category