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)	$92
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	752
Wgt avg mkt cap (mns)	$88,312
Large cap (>$10bn)	84.7%
Mid cap ($2-10bn)	15.0%
Small cap (<$2bn)	0.3%
Developed mkts	91.1%
Emerging mkts	8.9%

TOP TEN HOLDINGS
Total	21.0 %
AT&T INC	3.4 %
EXXON MOBIL CORP	3.3 %
VERIZON COMMUNICATIONS INC	2.3 %
CHEVRON CORP	2.1 %
PFIZER INC	1.9 %
PHILIP MORRIS INTERNATIONAL	1.7 %
ABBVIE INC	1.7 %
ALTRIA GROUP INC	1.6 %
WELLS FARGO & CO	1.6 %
COCA-COLA CO/THE	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	56.3 %
	BRITAIN	7.0 %
	JAPAN	4.4 %
	GERMANY	3.1 %
	CANADA	3.1 %
	AUSTRALIA	2.8 %
	FRANCE	2.8 %
	HONG KONG	2.3 %
	CHINA	2.0 %
	TAIWAN	1.9 %

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.
17.0%	8.8%	4.4%	5.5%	3.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	82%
MSCI EAFE	0.84	82%
MSCI Emg. Mkts.	0.59	63%

Technical Indicators
Recent close	$47.23
30d moving avg.	$47.42
Annualized volatility	10.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.3%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$57,343

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree Global Equity Income 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™:

8.4%

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	49.2	19	39	7.1	-1.3
DHS	WisdomTree Equity Income	46.5	38	20	7.2	-1.2
VYM	Vanguard High Dividend Yield ETF	44.1	6	52	7.2	-1.2
DTD	WisdomTree Total Dividend	40.3	28	30	6.6	-1.8
DLN	WisdomTree Large Cap Dividend	40.0	28	30	6.5	-1.9
SCHV	Schwab U.S. Large-Cap Value	38.5	4	54	7.0	-1.4
USDY	Pacific Global US Equity Income	37.3	29	29	7.5	-0.9
VYMI	Vanguard Int'l High Dividend Yield	35.5	32	26	9.3	+0.9
VTV	Vanguard Value ETF	35.3	4	54	7.2	-1.2
MGV	Vanguard Mega Cap 300 Value	34.5	7	51	7.1	-1.3
OUSA	O'Shares FTSE U.S. Quality Dividend	32.3	48	10	6.0	-2.4
FDRR	Fidelity Dividend for Rising Rates	31.9	29	29	7.8	-0.6
RNDV	US Equity Dividend Select	31.3	50	8	7.7	-0.7
IWD	iShares Russell 1000 Value	31.1	19	39	7.0	-1.4
VONV	Vanguard Russell 1000 Value	31.1	12	46	7.0	-1.4
JKF	iShares Morningstar Large Value	31.1	25	33	7.7	-0.7
PRF	Invesco FTSE-RAFI U.S. 1000	30.8	39	19	6.5	-1.9
OVLU	Invesco Russell 1000 Value Factor ETF	30.5	19	39	7.9	-0.5
FDL	First Trust Morningstar Dividend Leaders	30.1	45	13	8.6	+0.2
FNDX	Schwab Fundamental Large Cap	29.6	25	33	5.9	-2.4

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 Global Equity Income
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	1.5	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	8.4	%

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.