ETF Research Center

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund

ALTAR
Score™

7.9%

Recommen-
dation

OVERWEIGHT

2024E 2025E
P/E ratio	11.7x	P/Sales ratio	0.6x
P/BV ratio	1.1x	Div. yield	4.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The WisdomTree Dynamic Currency Hedged International SmallCap Equity ETF tracks an index of dividend-paying developed-market small-cap equities outside the US & Canada, weighted by cash dividends. The index dynamically hedges currency exposure for USD investors based on 3 equal-weighted signals.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Jan 07, 2016
Assets (mns)	$368
Currency	USD
Expense ratio	48 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Dividend
Index replication
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1016
Wgt avg mkt cap (mns)	$6,486
Large cap (>$10bn)	7.7%
Mid cap ($2-10bn)	22.1%
Small cap (<$2bn)	70.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	11.6 %
FILTRONA PLC	6.6 %
SYDBANK A/S	0.9 %
HOEGH AUTOLINERS ASA	0.8 %
SUEDZUCKER AG	0.5 %
TP ICAP GROUP PLC	0.5 %
COFACE SA	0.5 %
PLUS500 LTD.	0.5 %
COFINIMMO	0.5 %
SPAR NORD BANK A/S	0.5 %
VTECH HOLDINGS LTD	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	26.2 %
	BRITAIN	17.7 %
	AUSTRALIA	7.2 %
	ISRAEL	4.3 %
	HONG KONG	4.0 %
	NORWAY	3.8 %
	ITALY	3.7 %
	SWEDEN	3.5 %
	FRANCE	2.6 %
	SINGAPORE	2.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.7%	11.0%	6.4%	--	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	60%
MSCI EAFE	0.68	84%
MSCI Emg. Mkts.	0.56	59%

Technical Indicators
Recent close	$35.18
30d moving avg.	$34.83
Annualized volatility	12.8%
Short interest (ETF)	0.2%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	41
Turnover	0.4%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$2,163

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 2 potential alternatives to the WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund ETF based on the alternatives' overlap in portfolio holdings with DDLS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DDLS

Expense:

48 bp

ALTAR Score™:

7.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DDLS
Ticker	Fund Name	Overlap¹ vs DDLS (%)	Expense ratio (bp)	Savings vs DDLS (bp)	ALTAR Score™ (%)	ALTAR vs DDLS (%)
ISVL	iShares International Developed Small Cap Value Factor ETF	19.3	30	18	7.3	-0.6
GBLD	Invesco MSCI Green Building ETF	0.7	39	9	9.1	+1.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.1	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.60

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.