XC vs XSOE: Grades, Fees and Holdings Compared

WisdomTree True Emerging Markets Fund

XCBNYSE Arca

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

XSOEANYSE Arca

Overlap

31.0%by weight

Expense ratio

XC0.32%XSOE0.32%

Avg volume · 30D

XSOE 7.5×the volume

XC12.9KXSOE97K

3Y return · a year

XSOE +9.4pt

XC+10.6%XSOE+20.0%

XC vs XSOE Performance

Oct 31, 2025 – Oct 30, 2026

−5.0%XC+10.5%XSOE

Expense ratio: XC 0.32%; XSOE 0.32%
Fund size: XC $72M; XSOE $1.91B
1Y total return: XC −5.0%; XSOE +10.5%, better
Yield (12M): XC 12.88%, better; XSOE 1.82%
Holdings: XC 549; XSOE 866
Avg volume (30D): XC 12.9K sh; XSOE 97K sh, better
NAV per share: XC $29.80; XSOE $43.15
52W range

ETF.net Grade

Pillar letters and Scores for XC, XSOE, with each pillar’s weight
Pillar	XC	XSOE
Cost30% weight	A71	A71
Mission25% weight	A73	A100Higher
Risk15% weight	C52Higher	C48
Tradability15% weight	C46	C53Higher
Holdings10% weight	A73Higher	B59
Durability5% weight	D30	A81Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. XC 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 XC 9th 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 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63
Rank 9BXCWisdomTree True Emerging Markets FundScore 63
Rank 11BEEMSiShares MSCI Emerging Markets Small-Cap ETFScore 62

Our read on each fund

ETF.net Research

XCBWisdomTree True Emerging Markets Fund

XSOEAWisdomTree Emerging Markets ex-State-Owned Enterprises Fund

In short

XC Most ex-China EM funds still lean hard on Korea and Taiwan. XC cuts all three, then screens out companies with 20% or more government ownership. Emerging markets at its most literal, roughly 800 names deep.

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

XC The Fund seeks to track, before fees and expenses, the price and yield performance of the WisdomTree True Emerging Markets Index.

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

XC Two screens stacked: China, Korea and Taiwan are out, and so is any company with 20% or more government ownership. An unusual pairing in the ex-China aisle.wisdomtree.com
Fee is 0.32% a year, below the median for the emerging-markets funds we grade, and the same sticker as WisdomTree's China-inclusive sibling XSOE.
Roughly 800 holdings spread the exposure instead of resting on a few mega-caps, part of why it lands in the upper half of its EM peer group. Pays quarterly.

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

XC The mandate widened in July 2025; before that it was the ex-China fund, so earlier results reflect a different index. The fund itself dates to 2022.wisdomtree.com
Thinly traded, so bid-ask spreads and order type matter more here than with the category's giants.
Cheaper doors into ex-China EM exist, including VEXC at 0.07% and XCEM at 0.16%, though neither applies WisdomTree's proprietary state-ownership screen.wisdomtree.com

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 XC profile⁠

Full XSOE profile⁠

XC vs XSOE Holdings

How XC and XSOE differ

Overlap by weight

31.0%

Shared holdings make up 87.5% of XC and 31.0% of XSOE.

Level by level

Countryby domicile29.4%
Holdings385 in both31.0%
Sector11 Sectors61.5%
Asset classEquity100%

Sector

Sector weights in XC and XSOE, widest gap first
Sector	More in XCMore in XSOE	XC	XSOE
Technology	XSOE +38.3 points	4.7%	43.0%
Financials	XC +15.4 points	30.1%	14.7%
Materials	XC +6.1 points	11.3%	5.2%
Consumer Staples	XC +4.9 points	8.8%	3.9%
Energy	XC +3.4 points	5.1%	1.7%
Industrials	XC +2.8 points	11.0%	8.2%
Real Estate	XC +2.3 points	3.3%	1.0%
Utilities	XC +2.0 points	3.1%	1.1%
Consumer Discretionary	XC +1.4 points	12.5%	11.1%
Health Care	XC +0.2 points	4.7%	4.5%
Communication	XSOE +0.2 points	5.3%	5.5%

Country, concentration and asset class

Country by domicile

Country weights in XC and XSOE, widest gap first
Country	More in XCMore in XSOE	XC	XSOE
Taiwan	XSOE +29.7 points	0.0%	29.7%
India	XC +24.6 points	38.8%	14.2%
South Korea	XSOE +23.6 points	0.0%	23.6%
China	XSOE +16.6 points	0.0%	16.6%
South Africa	XC +10.7 points	14.7%	4.0%
Mexico	XC +9.3 points	11.4%	2.1%
Brazil	XC +8.4 points	11.3%	2.9%
Thailand	XC +4.2 points	5.4%	1.2%
Other countries (12)	XC +12.7 points	18.4%	5.7%

Outside the US: XC 0% developed, 100% emerging. XSOE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

XC18.5%
XSOE37.1%

Securities held

XC533
XSOE842

Asset class

XC: Equity
XSOE: Equity

Holdings

Only in XC148
In both385
Only in XSOE457

Only in XC

148 securities, 13.9% of XC by weight

Reliance Industries Ltd1.97%
ICICI Bank Ltd1.76%
Vingroup Jsc1.04%
Infosys Ltd0.90%
Banco de Credito e Inversiones0.28%
Vinhomes Jsc0.22%
TMB Bank PCL - NVDR0.20%
BB Seguridade Participacoes SA0.19%
Hoa Phat Group JSC0.15%
Bangkok Bank PCL - NVDR0.15%
Bangkok Dusit Medical Services - NVDR0.13%
Promotora y Operadora de Infra0.13%
Parque Arauco SA0.13%
Plaza SA Y Filiales0.13%
Orange Polska SA0.10%
Magyar Telekom Telecommunicatiions0.10%
Fpt Corp0.10%
Sona BLW Precision Forgings0.10%
Saigon Thuong Tin Commercial0.09%
Embassy Office Parks Reit0.09%
Compartamos SAB de CV0.09%
Masan Group Corp0.09%
Ayala Corp0.09%
Navin Fluorine International Ltd0.09%
Charoen Pokphand Foods PCL - NVDR0.09%
Enel Chile SA0.09%
Qualitas Controladora SAB de CV0.08%
Manila Electric Co0.08%
Hyundai Motor India Ltd0.08%
Ambuja Cements Ltd0.08%
Gruma SAB de CV0.08%
IPCS Laboratories Ltd0.07%
Alpek SA de CV0.07%
Grupo Comercial Chedraui SA de0.07%
Concentradora Fibra Danhos SA0.07%
Banco Itau Chile Sa0.07%
Quinenco SA0.07%
Grupo Cementos de Chihuahua SAB de CV0.07%
Kiatnakin Bank PCL - NVDR0.07%
Ssi Securities Corp0.06%
Hong Leong Financial Group Bhd0.06%
Vietnam Prosperity Jsc Bank0.06%
Resilient Property Income Fund0.06%
Sai Life Sciences Ltd0.06%
IGB Real Estate Investment Tru0.06%
Aboitiz Equity Ventures Inc0.06%
Aster DM Healthcare Ltd0.06%
Adaro Energy Indonesia TBK PT0.06%
Coca-Cola Icecek AS0.06%
Thanachart Capital PCL - NVDR0.06%

Only in XSOE

457 securities, 70.0% 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%
Hon Hai Precision Industry Co0.76%
SK Square Co Ltd0.72%
Reliance Industries Ltd0.70%
Delta Electronics Inc0.69%
ICICI Bank Ltd0.62%
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%
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%
Xiaomi Corp-Class B0.34%
Midea Group Co Ltd0.32%
Meituan - Class B0.32%
Shinhan Financial Group Ltd0.32%
Cathay Financial Holding Co Ltd0.31%
Yuanta Financial Holding Co Ltd0.30%
Netease Inc0.30%
Taishin Financial Holding Co Ltd0.29%
Infosys Ltd ADR0.28%
Asia Vital Components Co Ltd0.27%
Wuxi Apptec Co Ltd-A0.27%
Hyundai Motor Co0.27%
Hana Financial Group Inc0.26%
Quanta Computer Inc0.25%
SinoPac Financial Holdings Co0.24%
E.Sun Financial Holding Co Ltd0.23%
Yageo Corp0.23%
Beigene Ltd0.22%
Ping An Insurance Group Co of China0.21%
Jd.Com Inc - Cl A0.21%
BYD Co Ltd0.20%
King Slide Works Co Ltd0.20%
Cambricon Technologies-A0.20%
Nanya Technology Corp0.20%
Chroma ATE Inc0.20%
Eoptolink Technology Inc L-A0.20%

Weight gaps

The 100 widest of 385 Holdings in both funds.

Holding weights in XC and XSOE, widest gap first
Holding	More in XCMore in XSOE	XC	XSOE
MercadoLibre IncMELI	XC +2.56 points	3.27%	0.71%
Grupo Mexico SAB de CV	XC +1.27 points	1.60%	0.33%
Hdfc Bank Limited	XC +1.23 points	1.99%	0.76%
OTP Bank PLC	XC +1.14 points	1.43%	0.29%
Al Rajhi Bank	XC +1.09 points	2.20%	1.11%
Delta Electronics Thailand PCL - NVDR	XC +1.06 points	1.38%	0.32%
FirstRand Ltd	XC +1.01 points	1.35%	0.34%
Grupo Financiero Banorte-O	XC +0.96 points	1.21%	0.25%
Bharti Airtel Ltd	XC +0.84 points	1.47%	0.63%
Kuwaiti Dinar	XC +0.81 points	1.41%	0.60%
National Bank of Kuwait	XC +0.79 points	1.19%	0.40%
America Movil Sab De Cv	XC +0.77 points	0.95%	0.18%
Credicorp LtdBAP	XC +0.76 points	0.89%	0.13%
Capitec Bank Holdings Ltd	XC +0.75 points	1.10%	0.35%
Fomento Economico Mexicano SAB	XC +0.72 points	0.92%	0.20%
Standard Bank Group Ltd	XC +0.69 points	1.02%	0.33%
MTN Group Ltd	XC +0.66 points	0.94%	0.28%
Southern Copper CorpSCCO	XC +0.64 points	0.76%	0.12%
Bank Central Asia Tbk PT	XC +0.57 points	0.80%	0.23%
Cemex SAB de CV	XC +0.54 points	0.69%	0.15%
Wal-Mart de Mexico SAB de CV	XC +0.51 points	0.59%	0.08%
Larsen & Toubro LtdLTOUF	XC +0.45 points	0.69%	0.24%
Gulf Development Pcl-Nvdr	XC +0.43 points	0.60%	0.17%
Bajaj Finance Ltd	XC +0.43 points	0.67%	0.24%
Weg SA	XC +0.43 points	0.62%	0.19%
International Container Term SerICTEF	XC +0.42 points	0.52%	0.10%
Grupo Aeroportuario del Pacific	XC +0.41 points	0.52%	0.11%
Tata Consultancy Services Ltd	XC +0.41 points	0.53%	0.12%
Embraer Sa	XC +0.41 points	0.60%	0.19%
Allegro.Eu Sa	XC +0.39 points	0.63%	0.24%
SACI Falabella	XC +0.36 points	0.42%	0.06%
Mahindra & Mahindra LtdMAHMF	XC +0.36 points	0.66%	0.30%
Axis Bank Ltd	XC +0.35 points	0.67%	0.32%
Bank Pekao SA	XC +0.35 points	0.55%	0.20%
Kotak Mahindra Bank Ltd	XC +0.33 points	0.59%	0.26%
Ambev S.A.	XC +0.32 points	0.45%	0.13%
B3 Sa-Brasil Bolsa Balcao	XC +0.32 points	0.46%	0.14%
Advanced Info Service PCL - NVDR	XC +0.31 points	0.49%	0.18%
Shoprite Holdings Ltd	XC +0.31 points	0.45%	0.14%
Banco de Chile	XC +0.30 points	0.42%	0.12%
Kasikornbank PCL - NVDR	XC +0.30 points	0.39%	0.09%
Impala Platinum Holdings Ltd	XC +0.30 points	0.42%	0.12%
ABSA Group Ltd	XC +0.30 points	0.46%	0.16%
Latam Airlines Group SA	XC +0.29 points	0.35%	0.06%
Sun Pharmaceutical Industries	XC +0.29 points	0.52%	0.23%
Abu Dhabi Islamic Bank	XC +0.29 points	0.37%	0.08%
Prio SA	XC +0.28 points	0.43%	0.15%
Industrias Penoles SAB de CV	XC +0.28 points	0.35%	0.07%
Discovery Ltd	XC +0.27 points	0.42%	0.15%
Bid Corp Ltd	XC +0.27 points	0.42%	0.15%
MOL Hungarian Oil & Gas PLC	XC +0.27 points	0.34%	0.07%
Cia de Saneamento Basico do Es	XC +0.27 points	0.39%	0.12%
Hindustan Unilever Ltd	XC +0.26 points	0.41%	0.15%
Qatar Islamic Bank	XC +0.26 points	0.45%	0.19%
Grupo Cibest Sa	XC +0.25 points	0.32%	0.07%
Harmony Gold Mining Co Ltd	XC +0.26 points	0.38%	0.12%
Santander Bank Polska SA	XC +0.25 points	0.38%	0.13%
Vista Energy Sab De CvVIST	XC +0.25 points	0.31%	0.06%
Lpp SA	XC +0.24 points	0.38%	0.14%
Nedbank Group Ltd	XC +0.24 points	0.35%	0.11%
Sanlam Ltd	XC +0.24 points	0.35%	0.11%
Titan Co Ltd	XC +0.23 points	0.45%	0.22%
Tata Steel Ltd	XC +0.23 points	0.39%	0.16%
Tata Motors Ltd /New	XC +0.23 points	0.38%	0.15%
CP All PCL-NVDR	XC +0.22 points	0.26%	0.04%
Zomato Ltd	XC +0.22 points	0.42%	0.20%
Tupras Turkiye Petrol Rafine	XC +0.23 points	0.31%	0.08%
Maruti Suzuki India Ltd	XC +0.22 points	0.40%	0.18%
Hindalco Industries Ltd	XC +0.22 points	0.35%	0.14%
Grupo Bimbo SAB de CV	XC +0.22 points	0.24%	0.02%
BIM Birlesik Magazalar AS	XC +0.21 points	0.29%	0.08%
Richter Gedeon Nyrt	XC +0.21 points	0.26%	0.05%
Adani Ports and Special Economic Zone	XC +0.21 points	0.37%	0.16%
Shriram Finance Ltd	XC +0.21 points	0.31%	0.10%
Astra International Tbk PT	XC +0.21 points	0.27%	0.06%
Arca Continental SAB de CV	XC +0.20 points	0.26%	0.06%
Remgro Ltd	XC +0.20 points	0.28%	0.08%
Suzano SA	XC +0.20 points	0.28%	0.08%
Sibanye Stillwater Ltd	XC +0.20 points	0.27%	0.07%
Alinma Bank	XC +0.19 points	0.39%	0.20%
JSW Steel Ltd	XC +0.20 points	0.34%	0.14%
UltraTech Cement Ltd	XC +0.19 points	0.35%	0.16%
HCL Technologies Ltd	XC +0.19 points	0.34%	0.15%
Coca-Cola Femsa S.A.B. de CV	XC +0.19 points	0.26%	0.07%
Divi's Laboratories Ltd	XC +0.19 points	0.35%	0.16%
True Corp Pcl/New-NVDR	XC +0.18 points	0.27%	0.09%
Nepi Rockcastle N.V.	XC +0.18 points	0.25%	0.07%
Prologis Property Mexico SA de	XC +0.18 points	0.22%	0.04%
Adani Enterprises Ltd	XC +0.18 points	0.28%	0.10%
Cia De Minas Buenaventur-AdrBVN	XC +0.17 points	0.21%	0.04%
Rede D'Or Sao Luiz Sa	XC +0.17 points	0.24%	0.07%
Grupo Carso SAB de CV	XC +0.16 points	0.20%	0.04%
Fibra Uno Administracion SA de	XC +0.16 points	0.23%	0.07%
Vodacom Group Pty Ltd	XC +0.15 points	0.21%	0.06%
Asian Paints Ltd	XC +0.15 points	0.27%	0.12%
Grupo Aeroportuario del Surest	XC +0.16 points	0.20%	0.04%
Vibra Energia Sa	XC +0.16 points	0.23%	0.07%
MBank SA	XC +0.15 points	0.25%	0.10%
Grupo Financiero Galicia-AdrGGAL	XC +0.15 points	0.19%	0.04%
Banco Santander Chile	XC +0.14 points	0.22%	0.08%

All 757 XC 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.

XC vs XSOE Cost

Same expense ratio

$6,542

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

XC 0.32%
$6,542
XSOE 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

XC 0.32%
XSOE 0.32%

Year by year

Year	XC	XSOE
10	$580	$580
20	$2,250	$2,250
30	$6,542	$6,542

Expense ratio

0.32%XC
0.32%XSOE

XC0.32%XSOE0.32%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XC 6th cheapest of 20 funds

XSOE 6th cheapest of 20 funds

XC vs XSOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): XC 12.88%, better; XSOE 1.82%
Payout (12M): XC $3.84; XSOE $0.78
Last payment: XC $0.12; XSOE $0.22
Ex-dividend: XC Sep 25, 2026; XSOE Sep 25, 2026
Paid on: XC Sep 29, 2026; XSOE Sep 29, 2026
Frequency: XC Quarterly; XSOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

XCQuarterly · 16 paymentsAll XC payments⁠

XSOEQuarterly · 33 paymentsAll XSOE payments⁠

XC vs XSOE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: XC 12.6%, betterXSOE 17.0%
Return per unit of riskSharpe ratio, 3 years: XC 0.51XSOE 0.90, better
Worst fallMax drawdown, 5 years: XC −21.2%since Sep 2022XSOE −37.2%
Market sensitivityBeta, 5 years: XC 0.81XSOE 1.18; Market = 1

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