ETF Research Center

The WisdomTree Dynamic Currency Hedged International Equity ETF tracks an index of dividend-paying developed-market 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)	$268
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Dividend
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	834
Wgt avg mkt cap (mns)	$62,558
Large cap (>$10bn)	79.0%
Mid cap ($2-10bn)	17.8%
Small cap (<$2bn)	3.3%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	11.3 %
NESTLE SA-REG	1.2 %
CHINA MOBILE LIMITED	1.2 %
HSBC HOLDINGS PLC	1.2 %
BP PLC	1.2 %
NOVARTIS AG-REG	1.1 %
BRITISH AMERICAN TOBACCO PLC	1.1 %
TOTAL SA	1.1 %
ROYAL DUTCH SHELL PLC-A SHS	1.1 %
ROCHE HOLDING AG-GENUSSCHEIN	1.1 %
TOYOTA MOTOR CORP	1.0 %

TOP COUNTRY EXPOSURE
	JAPAN	19.3 %
	BRITAIN	17.9 %
	FRANCE	10.3 %
	GERMANY	7.7 %
	SWITZERLAND	7.4 %
	AUSTRALIA	6.6 %
	HONG KONG	5.4 %
	SPAIN	3.7 %
	ITALY	3.4 %
	NETHERLANDS	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.4%	21.4%	--	--	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.70	71%
MSCI EAFE	0.89	93%
MSCI Emg. Mkts.	0.57	65%

Technical Indicators
Recent close	$30.58
30d moving avg.	$30.40
Annualized volatility	10.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	26
Turnover	0.3%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$33,319

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the WisdomTree Dynamic Currency Hedged Int'l Equity ETF based on the alternatives' overlap in portfolio holdings with DDWM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DDWM

Expense:

35 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DDWM
Ticker	Fund Name	Overlap¹ vs DDWM (%)	Expense ratio (bp)	Savings vs DDWM (bp)	ALTAR Score™ (%)	ALTAR vs DDWM (%)
DWM	WisdomTree DEFA Fund	84.4	48	-13	7.4	-0.2
DOL	WisdomTree Int'l Large Cap Dividend	67.3	48	-13	7.5	-0.1
EFA	iShares MSCI EAFE	65.5	31	4	6.7	-0.9
DBEF	Xtrackers MSCI EAFE Hedged	64.0	35	0	6.6	-1.0
PXF	Invesco FTSE-RAFI Developed ex-US	63.1	45	-10	7.9	+0.3
HFXI	IQ 50 Percent Hedged FTSE Int'l	62.6	20	15	7.0	-0.6
PBDM	Invesco PureBeta FTSE Developed ex-North America	62.4	7	28	7.3	-0.3
IEFA	iShares Core MSCI EAFE	61.2	7	28	6.8	-0.8
FNDF	Schwab Fundamental Intl Large Cap	60.9	25	10	7.4	-0.2
EFAX	SPDR MSCI EAFE Fossil Fuel Free	60.6	20	15	6.8	-0.8
SCHF	Schwab International Equity	59.0	6	29	7.1	-0.5
JHMD	John Hancock Multifactor Developed International	58.9	45	-10	7.0	-0.6
IDEV	iShares Core MSCI Int'l Developed Markets	57.0	5	30	6.9	-0.7
DTH	WisdomTree DEFA Equity Income	56.4	58	-23	8.3	+0.7
SPDW	SPDR Portfolio World ex-US	56.1	4	31	6.9	-0.7
ESGD	iShares MSCI EAFE ESG Optimized	55.8	20	15	6.7	-0.9
EFV	iShares MSCI EAFE Value	55.3	38	-3	8.8	+1.3
REFA	Invesco International Revenue ETF	55.3	42	-7	8.5	+0.9
VEA	Vanguard Europe Pacific	54.8	5	30	7.1	-0.5

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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 Int'l Equity
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	10.3	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.63

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.