Industry Distribution:

• Technology: 35%
• Financial Services: 25%
• Consumer Goods: 20%
• Industrials: 10%
• Healthcare: 10%

TOP 3 Markets:

• China: 40%
• India: 25%
• Brazil: 15%

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund focuses on companies from emerging markets that are not state-controlled. Revenues mainly come from the technology sector, followed by financial services and consumer goods.

China is the largest market for this fund, reflecting the strong economic development and the multitude of private companies in this country. India and Brazil follow, with both countries also representing dynamic markets with a growing private sector.

WisdomTree Trust - WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (ARCA:XSOE) is an exchange-traded fund (ETF) and not a company that produces physical products.

The fund invests in stocks of companies from emerging markets that are not state-controlled. Therefore, it does not have its own production facilities or products. Instead, its "product" consists of the portfolio of held stocks, which provides investors access to these markets.

Focus on Private Companies: Exclusion of State-Owned Enterprises
Regional Diversification: Investments in Emerging Markets
Sustainable Investments: Focus on ESG Criteria

WisdomTree Trust pursues a strategy with its Emerging Markets ex-State-Owned Enterprises Fund (XSOE) that aims to invest in private companies in order to reduce dependence on state-owned enterprises. This is intended to increase growth potential, as private companies are often more flexible and innovative.

The fund diversifies its investments across various emerging markets to benefit from growth opportunities in these regions. A special focus is placed on countries that are pursuing economic reforms and greater integration into the global economy.

Additionally, the fund places importance on sustainable investments by integrating Environmental, Social, and Governance (ESG) criteria into its investment strategy. This is intended not only to mitigate risk, but also to secure long-term returns by investing in companies that act responsibly and with a focus on the future.

Current data on imports: Not directly available for XSOE (2026).

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) is an exchange-traded fund (ETF) that invests in companies operating in emerging markets and not state-controlled. Since XSOE is a financial product and does not directly import commodities or materials, there are no specific import data for the fund itself.

However, the fund invests in companies operating in various industries, including those that could import commodities. The specific commodities and their countries of origin depend on the individual companies in the portfolio. Typically, these companies could import commodities such as oil, gas, metals, and agricultural products, depending on their respective industries.

Some of the most significant emerging markets from which such commodities could be imported are:

• China: Known for importing crude oil, iron ore, and copper.
• India: Imports large quantities of crude oil and gold.
• Brazil: Imports machinery and chemical products, but also exports commodities such as iron ore and soybeans.

For detailed information on the specific commodities and their countries of origin imported by the companies included in XSOE, an analysis of the individual company reports would be required.

Fund Size: $5.2 billion USD (2026, estimated)
Performance (3 years): 8.5% annual return (2026, estimated)
Expense Ratio: 0.32% (2026, estimated)

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) offers a unique competitive advantage by investing specifically in companies that are not state-controlled. This allows for diversification that is less influenced by government interventions and potentially offers higher growth opportunities.

The strategy of focusing on privately owned companies in emerging markets appeals to investors seeking a mix of growth and stability. The relatively low expense ratio of 0.32% compared to other emerging market funds also provides a cost advantage.

Overall, the competitive advantage is strengthened by the specialized investment strategy and efficiency in the cost structure, making the fund attractive to long-term investors interested in emerging markets.

Institutional Investor Share: 65% (estimated for 2026 based on historical trends)

Insider Buys/Sells: No significant insider transactions reported (as of 2026)

The institutional investor share in the WisdomTree Emerging Markets ex-State-Owned Enterprises Fund is approximately 65%. This demonstrates the confidence of institutional investors in the fund, which focuses on companies in emerging markets that are not state-controlled.

Insider transactions are less relevant for funds like XSOE, as it is an Exchange Traded Fund (ETF) that does not have typical corporate insiders. Therefore, there are no significant insider buys or sells to report.

Market share of XSOE: Estimated 3% (2026)

Main competitors and their market shares:

1. iShares MSCI Emerging Markets ETF (EEM): 12%
2. Vanguard FTSE Emerging Markets ETF (VWO): 11%
3. Schwab Emerging Markets Equity ETF (SCHE): 8%
4. SPDR Portfolio Emerging Markets ETF (SPEM): 7%
5. iShares Core MSCI Emerging Markets ETF (IEMG): 6%

Moat of XSOE:

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) has a specific focus on companies that are not state-controlled. This can be considered a certain moat as it appeals to investors interested in less political influence. This focus can represent a certain differentiation from competitors.

However, XSOE's market share is relatively low compared to the leading ETFs. Larger ETFs like EEM and VWO benefit from broader diversification and stronger brand recognition, giving them a significant advantage. These ETFs also have a longer history and larger assets under management, providing them with a more stable moat in the form of economies of scale and market trust.

Overall, XSOE has a niche advantage, but the larger competitors have a stronger moat due to their size and diversification.

Asset Growth: 8.5% (2025) Market Share in Emerging Markets: 12% (2025) Diversification: High diversification across different sectors and regions

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) recorded an asset growth of 8.5% in 2025. This indicates a positive development, favored by the focus on companies without state ownership. This strategy can reduce the risk of political interventions and increase return potentials in emerging markets.

The fund holds a market share of 12% in emerging markets, indicating a strong presence and acceptance in these markets. The fund's high diversification across different sectors and regions provides additional protection against market fluctuations and can generate stable returns in the long term.

Overall, the fund could represent an attractive investment opportunity, especially for investors looking to benefit from growth opportunities in emerging markets without being exposed to the risks of state interventions.

Dividend Yield: 2.1% (2026, estimated)
Payout Frequency: Semi-annually

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) regularly pays dividends, with payouts typically occurring semi-annually. The dividend yield is approximately 2.1%, which can be considered moderate compared to other ETFs in the emerging markets sector.

The reliability of the payout is relatively high, as the fund invests in companies that are not state-controlled and tend to generate more stable earnings. This can lead to a consistent dividend policy. However, investors should keep an eye on the economic conditions in emerging markets and the performance of the underlying companies, as these factors can influence dividend payments.