CXSE vs PGJ: Grades, Fees and Holdings Compared

WisdomTree China ex-State-Owned Enterprises Fund

CXSEANasdaq

Invesco Golden Dragon China ETF

PGJCNasdaq

Overlap

1.3%by weight

Expense ratio

CXSE −0.38pt a year

CXSE0.32%PGJ0.70%

Avg volume · 30D

CXSE 1.7×the volume

CXSE37.2KPGJ21.8K

10Y return · a year

CXSE +5.3pt

CXSE+3.2%PGJ−2.1%

CXSE vs PGJ Performance

Nov 2, 2021 – Nov 2, 2026

−37.6%CXSE−46.0%PGJ

Expense ratio: CXSE 0.32%, better; PGJ 0.70%
Fund size: CXSE $372M; PGJ $76M
1Y total return: CXSE −24.1%, better; PGJ −31.9%
Yield (12M): CXSE 2.20%, better; PGJ 2.02%
Holdings: CXSE 241; PGJ 68
Avg volume (30D): CXSE 37.2K sh, better; PGJ 21.8K sh
NAV per share: CXSE $31.37; PGJ $20.82
52W range

ETF.net Grade

Pillar letters and Scores for CXSE, PGJ, with each pillar’s weight
Pillar	CXSE	PGJ
Cost30% weight	A97Higher	D38
Mission25% weight	A100Higher	B62
Risk15% weight	C48Higher	D25
Tradability15% weight	B63	A70Higher
Holdings10% weight	A74Higher	C40
Durability5% weight	A79Higher	A73

Rank among China funds

How we build Categories ›

Same Category. CXSE and PGJ 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 PGJ 15th of 28 funds in the China Category.

Rank 1ACXSEWisdomTree China ex-State-Owned Enterprises FundScore 81
Rank 1AFLCHFranklin FTSE China ETFScore 81
Rank 15CMCHMatthews China Active ETFScore 48
Rank 15CPGJInvesco Golden Dragon China ETFScore 48
Rank 17CMAGCRoundhill China Magnificent Seven ETFScore 47

Our read on each fund

ETF.net Research

CXSEAWisdomTree China ex-State-Owned Enterprises Fund

PGJCInvesco Golden Dragon China 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.

PGJ Most China funds route you through Hong Kong or mainland listings. PGJ takes the other door: it holds Chinese companies that list their shares in the US, tracking a Nasdaq index built around that single screen. It has done it that way since 2004.

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.

PGJ The fund is based on the NASDAQ Golden Dragon China Index and provides China-focused equity exposure.

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.

PGJ Holds Chinese businesses whose stock trades on US exchanges, largely ADRs. US-market plumbing, US settlement, no Hong Kong or mainland access required.nasdaqomx.com nasdaqomx.com 2
Launched in 2004, one of the longer-running China ETFs available, and tied to the same Nasdaq Golden Dragon China Index the entire time.invesco.com
The US-listing rule narrows the field to roughly 70 names, a different slice of China than broad-market trackers like MCHI or GXC pull in. Pays quarterly.

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.

PGJ 0.70% a year sits at the China-fund median but several times what broad index rivals like FLCH (0.19%) and JCHI (0.15%) charge.
That US-listing screen cuts both ways. The prospectus flags US government action, including delisting Chinese companies from US exchanges, as a risk to these holdings.saytechnologies.com
Trades thinly next to the giants of the China category, so spreads and order size carry more weight.

Full CXSE profile⁠

Full PGJ profile⁠

CXSE vs PGJ Holdings

How CXSE and PGJ differ

Overlap by weight

1.3%

Shared holdings make up 14.7% of PGJ and 1.3% of CXSE.

Level by level

Holdings5 in both1.3%
Sector11 Sectors61.4%
Countryby domicile94.5%
Asset classEquity100%

Sector

Sector weights in CXSE and PGJ, widest gap first
Sector	More in CXSEMore in PGJ	CXSE	PGJ
Consumer Discretionary	PGJ +18.4 points	26.1%	44.5%
Communication	PGJ +13.6 points	10.7%	24.3%
Health Care	CXSE +11.1 points	12.2%	1.1%
Technology	CXSE +10.6 points	23.4%	12.8%
Industrials	CXSE +8.8 points	11.4%	2.6%
Consumer Staples	PGJ +4.4 points	4.6%	9.0%
Financials	CXSE +4.4 points	7.0%	2.5%
Materials	CXSE +3.2 points	3.2%	0.0%
Real Estate	PGJ +2.1 points	0.9%	3.0%
Energy	CXSE +0.3 points	0.3%	0.0%
Utilities	CXSE +0.3 points	0.3%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in CXSE and PGJ, widest gap first
Country	More in CXSEMore in PGJ	CXSE	PGJ
China	PGJ +5.0 points	92.8%	97.8%
Hong Kong	CXSE +3.5 points	4.4%	0.9%
United States	CXSE +1.5 points	2.4%	0.9%
Other countries (4)	Same weight	0.4%	0.4%

Outside the US: CXSE 5% developed, 95% emerging. PGJ 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

CXSE36.0%
PGJ58.5%

Securities held

CXSE236
PGJ67

Asset class

CXSE: Equity
PGJ: Equity

Holdings

Only in CXSE231
In both5
Only in PGJ62

Only in CXSE

231 securities, 98.6% of CXSE by weight

Tencent Holdings Ltd9.97%
Alibaba Group Holding Ltd8.18%
Contemporary Amperex Techn-A3.36%
Zhongji Innolight Co Ltd-A2.94%
Ping An Insurance Group Co of China2.36%
PDD Holdings Inc.2.06%
Xiaomi Corp-Class B1.97%
Midea Group Co Ltd1.78%
Meituan - Class B1.71%
Wuxi Apptec Co Ltd-A1.63%
Ping An Insurance Group Co of China1.60%
Netease Inc1.42%
Eoptolink Technology Inc L-A1.39%
Cambricon Technologies-A1.34%
BYD Co Ltd1.22%
Jd.Com Inc - Cl A1.16%
Foxconn Industrial Internet Co1.05%
Beigene Ltd1.03%
Luxshare Precision Industry Co0.96%
Montage Technology Co Ltd-A0.95%
Trip.Com Group Ltd0.92%
Wuxi Biologics Cayman Inc0.90%
Baidu Inc-Class A0.90%
East Money Information Co-A0.88%
Gigadevice Semiconductor Beiji0.88%
BYD Co Ltd0.76%
Innovent Biologics Inc0.73%
Jiangsu Hengrui Medicine Co Ltd0.69%
Yum China Holdings Inc0.64%
Suzhou Dongshan Precision-A0.62%
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%
Victory Giant Technology -A0.50%
Kuaishou Technology0.49%
Ke Holdings Inc-Cl A0.49%
Muyuan Foodstuff Co Ltd0.49%
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%
Suzhou Tfc Optical Communi-A0.39%

Only in PGJ

62 securities, 85.3% of PGJ by weight

Yum China Holdings Inc9.22%
JD.com Inc8.17%
Alibaba Group Holding Ltd7.73%
NetEase Inc6.75%
Baidu Inc5.58%
H World Group Ltd4.53%
Kanzhun Ltd4.28%
New Oriental Education & Technology Group Inc3.79%
Tencent Music Entertainment Group3.54%
Maase Inc3.37%
NIO Inc3.31%
KE Holdings Inc3.05%
ZTO Express Cayman Inc2.52%
Li Auto Inc1.79%
GDS Holdings Ltd1.74%
XPeng Inc1.61%
Bilibili Inc1.18%
RLX Technology Inc0.89%
Chagee Holdings Ltd0.86%
Zai Lab Ltd0.77%
WeRide Inc0.77%
Daqo New Energy Corp0.63%
Hello Group Inc0.60%
Youdao Inc0.60%
Canadian Solar Inc0.50%
ATRenew Inc0.46%
FinVolution Group0.43%
Qfin Holdings Inc0.42%
Up Fintech Holding Ltd0.41%
Vnet Group Inc0.41%
Weibo Corp0.39%
MMTEC Inc0.39%
iQIYI Inc0.34%
Tuya Inc0.31%
High Templar Tech Limited0.28%
Sohu.com Ltd0.27%
Gaotu Techedu Inc0.27%
Jinko Holdings Ltd0.26%
Invesco Government & Agency Portfolio0.26%
MINISO Group Holding Ltd0.23%
Noah Holdings Ltd0.22%
DingDong Cayman Ltd0.21%
Lufax Holding Ltd0.18%
Adagene Inc0.17%
EHang Holdings Ltd0.15%
Xunlei Ltd0.15%
HUYA Inc0.15%
ZKH Group Ltd0.14%
Kingsoft Cloud Holdings Ltd0.13%
Yatsen Holding Ltd0.13%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in CXSE and PGJ, widest gap first
Holding	More in CXSEMore in PGJ	CXSE	PGJ
Vipshop Holdings LtdVIPS	PGJ +3.91 points	0.24%	4.15%
Full Truck Alliance -Spn AdrYMM	PGJ +3.92 points	0.37%	4.29%
TAL Education GroupTAL	PGJ +2.62 points	0.24%	2.86%
Atour Lifestyle Holdings-AdrATAT	PGJ +2.14 points	0.24%	2.38%
Autohome IncATHM	PGJ +0.87 points	0.19%	1.06%

All 205 CXSE holdings⁠All 66 PGJ 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 PGJ Cost

Overpaying PGJ vs CXSE

$7,064

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

CXSE 0.32%
$6,542
PGJ 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

CXSE 0.32%
PGJ 0.70%
Overpaying

Year by year

Year	CXSE	PGJ	Overpaying
10	$580	$1,250	$670
20	$2,250	$4,760	$2,510
30	$6,542	$13,606	$7,064

Expense ratio

0.32%CXSE, cheaper
0.70%PGJ

CXSE0.32%PGJ0.70%

0.19%5.01%

Middle half of China funds
Median 0.65%

CXSE 2nd cheapest of 28 funds

PGJ 19th cheapest of 28 funds

CXSE vs PGJ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CXSE 2.20%, better; PGJ 2.02%
Payout (12M): CXSE $0.69; PGJ $0.43
Last payment: CXSE $0.26; PGJ $0.15
Ex-dividend: CXSE Sep 25, 2026; PGJ Sep 21, 2026
Paid on: CXSE Sep 29, 2026; PGJ Sep 25, 2026
Frequency: CXSE Quarterly; PGJ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CXSEQuarterly · 31 paymentsAll CXSE payments⁠

PGJQuarterly · 27 paymentsAll PGJ payments⁠

CXSE vs PGJ Risk

Fall from peak · 5 years

CXSE
PGJ

Risk facts

VolatilityStd dev, 3 years: CXSE 24.9%, betterPGJ 28.4%
Return per unit of riskSharpe ratio, 3 years: CXSE 0.12, betterPGJ −0.13
Worst fallMax drawdown, 5 years: CXSE −57.6%, betterPGJ −61.2%
Market sensitivityBeta, 5 years: CXSE 0.75PGJ 0.85; Market = 1

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