ETF Research Center

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund

ALTAR
Score™

8.0%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	13.7x	P/Sales ratio	0.8x
P/BV ratio	1.3x	Div. yield	3.7%

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)	$433
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	1049
Wgt avg mkt cap (mns)	$4,486
Large cap (>$10bn)	6.4%
Mid cap ($2-10bn)	27.4%
Small cap (<$2bn)	66.1%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	13.5 %
FILTRONA PLC	6.8 %
SYDBANK A/S	1.1 %
HAREL INSURANCE INVESTMENTS	1.1 %
HOEGH AUTOLINERS ASA	0.8 %
MENORAH MIVTACHIM HOLDINGS L	0.7 %
COFINIMMO	0.7 %
PLUS500 LTD.	0.6 %
FIRST PACIFIC CO	0.6 %
COFACE SA	0.6 %
TP ICAP GROUP PLC	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	30.5 %
	BRITAIN	18.5 %
	AUSTRALIA	8.0 %
	ISRAEL	6.1 %
	HONG KONG	5.4 %
	NORWAY	4.1 %
	ITALY	3.7 %
	SWEDEN	3.7 %
	FRANCE	3.2 %
	GERMANY	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.7%	23.0%	11.5%	--	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	57%
MSCI EAFE	0.80	78%
MSCI Emg. Mkts.	0.61	52%

Technical Indicators
Recent close	$43.07
30d moving avg.	$41.94
Annualized volatility	10.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.2%
Bid/Ask (% of price)	0.18%
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™:

8.0%

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	20.8	30	18	8.4	+0.5
GBLD	Invesco MSCI Green Building ETF	1.3	39	9	9.4	+1.5

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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	10.6	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.64

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.