WisdomTree is trying to follow up on the success of WisdomTree Dividend ex-Financials Fund (NYSEArca: DTN) with a new China ETF that focuses on dividend stocks but uses a similar approach that carves out the banks.

WisdomTree China Dividend ex-Financials Fund (NasdaqGM: CHXF) launched last month and charges an expense ratio of 0.63%.

“We have found that removing financials is an attractive tool for investors focusing on risk management in particular equity markets,” said Luciano Sircusano, WisdomTree’s chief investment strategist. [WisdomTree Creates New China Dividend ETF]

The firm manages DTN, which holds $1.3 billion in assets, as well as WisdomTree International Dividend ex-Financials Fund (NYSEArca: DOO), which holds $336.8 million.

Clearly, there is demand for dividend-themed ETFs that exclude the unloved financial sector, and CHXF gives exposure to China, which is the largest contributor to global economic growth.

Financial stocks were hit hard in the credit crisis and many investors remain nervous about the sector’s risks.

“The reasons are obvious, nobody wants to have exposure to banks when they know the books are being cooked with complicit government regulators looking on,” writes Josh Brown at the Reformed Broker blog.

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