ETF Research Center

WisdomTree SmallCap Dividend Fund seeks investment results that correspond to the WisdomTree SmallCap Dividend Index, which tracks small-capitalization companies that pay regular cash dividends.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree Investments Inc
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$2,148
Currency	USD
Expense ratio	38 bp
Distributions	Monthly

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	695
Wgt avg mkt cap (mns)	$1,872
Large cap (>$10bn)	0.4%
Mid cap ($2-10bn)	40.1%
Small cap (<$2bn)	59.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	10.5 %
VECTOR GROUP LTD	1.7 %
TERRAFORM POWER, INC. CLASS A	1.6 %
PATTERN ENERGY GROUP INC	1.5 %
SEMGROUP CORP-CLASS A	1.0 %
COGENT COMMUNICATIONS HOLDINGS INC	0.9 %
COVANTA HOLDING CORP	0.8 %
COMPASS MINERALS INTERNATION	0.8 %
DOMTAR CORP	0.7 %
PITNEY BOWES INC	0.7 %
HRG GROUP INC	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.1 %
	CANADA	0.4 %
	PUERTO RICO	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.4%	4.2%	6.7%	12.5%	7.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	65%
MSCI EAFE	0.88	34%
MSCI Emg. Mkts.	0.46	15%

Technical Indicators
Recent close	$28.23
30d moving avg.	$27.43
Annualized volatility	16.7%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.8%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	201
Turnover	0.3%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$6,150

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DES

Expense:

38 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DES
Ticker	Fund Name	Overlap¹ vs DES (%)	Expense ratio (bp)	Savings vs DES (bp)	ALTAR Score™ (%)	ALTAR vs DES (%)
RNSC	Small Cap US Equity Select	47.6	60	-22	6.1	-1.1
DGRS	WisdomTree US Small Cap Dividend Growth	44.5	38	0	8.1	+0.9
DESC	Xtrackers Russell 2000 Comprehensive Factor	37.7	30	8	6.4	-0.8
FYX	First Trust Small Cap Core Alphadex	37.0	66	-28	5.6	-1.6
EES	WisdomTree SmallCap Earnings	36.9	38	0	9.0	+1.9
ISMD	Inspire Small/Mid Cap Impact	35.5	61	-23	4.6	-2.6
FLQS	Franklin LibertyQ U.S. Small Cap Equity	35.0	35	3	6.2	-1.0
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	34.6	29	9	4.2	-3.0
SLY	SPDR S&P 600 Small Cap	34.2	15	23	5.8	-1.4
IJR	iShares Core S&P Small-Cap	34.2	7	31	5.8	-1.4
CSF	Compass EMP US Discovery 500 Enhanced Vol.	33.8	35	3	7.1	-0.1
VIOO	Vanguard S&P Small-Cap 600	33.7	15	23	5.6	-1.5
IWN	iShares Russell 2000 Value	33.6	24	14	6.2	-0.9
VTWV	Vanguard Russell 2000 Value	33.1	20	18	6.3	-0.9
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	33.1	39	-1	4.6	-2.5
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	33.0	20	18	5.4	-1.8
IWM	iShares Russell 2000	32.8	19	19	3.7	-3.5
CSA	Victory CEMP US Small Cap Volatility Wtd	32.5	35	3	7.1	-0.1
VTWO	Vanguard Russell 2000	31.8	15	23	3.7	-3.5
EWSC	Invesco S&P Small Cap 600 Equal Weight	31.5	40	-2	3.3	-3.9

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 Smallcap Dividend
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	12.0	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.55

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.