ETF Research Center

The Fund seeks investment results that correspond to the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets High Yield Index, comprised of stocks with the highest 30% of yields in the WT Emerging Markets Dividend Index, and is weighted by the dollar value of dividends.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Jul 13, 2007
Assets (mns)	$2,443
Currency	USD
Expense ratio	63 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Dividend
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	503
Wgt avg mkt cap (mns)	$40,530
Large cap (>$10bn)	58.7%
Mid cap ($2-10bn)	31.2%
Small cap (<$2bn)	9.8%
Developed mkts	7.5%
Emerging mkts	92.4%

TOP TEN HOLDINGS
Total	28.5 %
GAZPROM OAO-SPON ADR	5.3 %
TATNEFT PJSC SPONSORED ADR	3.2 %
OIL COMPANY LUKOIL PJSC SPONSORED	3.2 %
HON HAI PRECISION INDUSTRY	3.0 %
PUBLIC JOINT STOCK COMPANY MINING	2.9 %
CHINA CONSTRUCTION BANK-H	2.7 %
SBERBANK-SPONSORED ADR	2.3 %
CHINA MOBILE LIMITED	2.2 %
CNOOC LTD	1.9 %
IND & COMM BK OF CHINA - H	1.8 %

TOP COUNTRY EXPOSURE
	TAIWAN	21.7 %
	RUSSIA	20.7 %
	CHINA	19.3 %
	HONG KONG	6.9 %
	SOUTH AFRICA	6.5 %
	BRAZIL	4.2 %
	INDIA	3.4 %
	SOUTH KOREA	3.2 %
	MEXICO	2.5 %
	MALAYSIA	1.8 %

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.
19.9%	19.9%	6.1%	3.4%	3.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	43%
MSCI EAFE	1.01	62%
MSCI Emg. Mkts.	0.90	85%

Technical Indicators
Recent close	$46.45
30d moving avg.	$45.27
Annualized volatility	14.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	274
Turnover	0.5%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$6,465

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree Emerg Mkts High Yield Equity ETF based on the alternatives' overlap in portfolio holdings with DEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DEM

Expense:

63 bp

ALTAR Score™:

11.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DEM
Ticker	Fund Name	Overlap¹ vs DEM (%)	Expense ratio (bp)	Savings vs DEM (bp)	ALTAR Score™ (%)	ALTAR vs DEM (%)
DVEM	WisdomTree Emerging Markets Dividend	50.6	32	31	10.5	-0.8
FNDE	Schwab Fundamental Emg Mkt Large Cap	31.2	39	24	10.4	-0.8
PXH	Invesco FTSE-RAFI Emerging Markets	28.8	50	13	11.5	+0.3
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	26.2	50	13	12.5	+1.2
JHEM	John Hancock Multifactor Emerging Markets	24.5	55	8	8.2	-3.1
REEM	Invesco Emerging Markets Revenue ETF	22.6	46	17	11.0	-0.3
ROAM	Hartford Multifactor Emerging Markets	22.2	44	19	10.6	-0.6
CEZ	Victory CEMP Emerging Market Volatility Weighted	21.9	50	13	8.7	-2.6
AXJL	WisdomTree Asia Pacific Ex-Japan	21.6	48	15	8.5	-2.8
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	21.3	45	18	8.4	-2.9
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity	21.3	49	14	8.5	-2.8
AVEM	Avantis Emerging Markets Equity	20.8	33	30	7.7	-3.5
RSX	VanEck Vectors Russia ETF	20.3	65	-2	10.7	-0.6
QEMM	SPDR MSCI Emerging Markets Quality Mix	20.2	30	33	8.6	-2.7
SPEM	SPDR Portfolio Emerging Markets	19.3	11	52	7.8	-3.5
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	19.1	51	12	11.9	+0.6
GMF	SPDR S&P Emerging Asia Pacific	18.7	49	14	7.4	-3.9
EWT	iShares MSCI Taiwan	18.4	59	4	6.3	-5.0
EEMA	iShares MSCI Emg Mkts Asia	18.3	50	13	7.9	-3.3
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	17.9	59	4	12.1	+0.8

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 Emerg Mkts High Yield Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	63	bp
Equals: ALTAR Score	11.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.48

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.