ETF Research Center

WisdomTree Global Equity Income Fund seeks investment results that correspond to the performance of the WisdomTree Global Equity Income Index. The Fund invests in high dividendyielding companies

FUND BASICS
Category	Global Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$90
Currency	USD
Expense ratio	58 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	746
Wgt avg mkt cap (mns)	$86,026
Large cap (>$10bn)	85.0%
Mid cap ($2-10bn)	14.5%
Small cap (<$2bn)	0.5%
Developed mkts	91.1%
Emerging mkts	9.0%

TOP TEN HOLDINGS
Total	20.5 %
AT&T INC	3.4 %
EXXON MOBIL CORP	2.8 %
VERIZON COMMUNICATIONS INC	2.2 %
CHEVRON CORP	1.9 %
PHILIP MORRIS INTERNATIONAL	1.9 %
ABBVIE INC	1.9 %
PFIZER INC	1.8 %
COCA-COLA CO/THE	1.7 %
ALTRIA GROUP INC	1.5 %
WELLS FARGO & CO	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	56.5 %
	BRITAIN	7.0 %
	JAPAN	4.2 %
	CANADA	3.2 %
	GERMANY	3.0 %
	AUSTRALIA	2.9 %
	FRANCE	2.7 %
	HONG KONG	2.4 %
	CHINA	2.1 %
	RUSSIA	2.0 %

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.
-4.1%	7.3%	5.1%	6.0%	3.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	80%
MSCI EAFE	0.87	82%
MSCI Emg. Mkts.	0.60	68%

Technical Indicators
Recent close	$45.90
30d moving avg.	$47.81
Annualized volatility	10.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.2%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$51,545

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DEW

Expense:

58 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DEW
Ticker	Fund Name	Overlap¹ vs DEW (%)	Expense ratio (bp)	Savings vs DEW (bp)	ALTAR Score™ (%)	ALTAR vs DEW (%)
OYLD	Invesco Russell 1000 Yield Factor ETF	49.8	19	39	7.4	-1.2
DHS	WisdomTree U.S. High Dividend Fund	47.5	38	20	7.9	-0.7
VYM	Vanguard High Dividend Yield Index ETF	43.6	6	52	7.4	-1.2
DTD	WisdomTree U.S.Total Dividend Fund	43.0	28	30	6.8	-1.8
DLN	WisdomTree U.S. LargeCap Dividend Fund	42.3	28	30	6.7	-1.9
USDY	Pacific Global US Equity Income ETF	38.9	29	29	7.7	-0.9
SCHV	Schwab U.S. Large-Cap Value ETF	37.8	4	54	7.1	-1.5
VYMI	Vanguard International High Dividend Yield ETF	35.6	32	26	9.6	+1.0
VTV	Vanguard Value Index Fund	35.0	4	54	7.3	-1.3
VOOV	Vanguard S&P 500 Value ETF	34.6	15	43	7.2	-1.4
IVE	iShares S&P 500 Value ETF	34.6	18	40	7.2	-1.4
SPYV	SPDR Portfolio S&P 500 Value ETF	34.6	4	54	7.3	-1.3
IUSV	iShares Core S&P U.S. Value ETF	34.5	4	54	7.3	-1.3
JKF	iShares Morningstar Large Cap Value ETF	34.4	25	33	7.9	-0.7
MGV	Vanguard Mega Cap Value ETF	34.0	7	51	7.2	-1.4
OUSA	O'Shares FTSE US Quality Dividend ETF	32.1	48	10	6.1	-2.5
FDRR	Fidelity Dividend ETF for Rising Rates	31.4	29	29	7.6	-1.0
DTN	WisdomTree U.S. Dividend ex-Financials Fund	31.1	38	20	8.0	-0.6
RNDV	US Equity Dividend Select ETF	30.8	50	8	8.0	-0.6
VONV	Vanguard Russell 1000 Value Index Fund	30.5	8	50	7.0	-1.6

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	WisdomTree Global High Dividend Fund
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	13.0	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.