ETF Research Center

WisdomTree Europe SmallCap Dividend Fund seeks investment results that correspond to the performance of the WisdomTree Europe SmallCap Dividend Index. The Fund invests in small-capitalization co

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$584
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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	428
Wgt avg mkt cap (mns)	$1,252
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	34.8%
Small cap (<$2bn)	64.9%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	10.9 %
BE SEMICONDUCTOR INDUSTRIES	1.6 %
BPOST SA	1.5 %
BOVIS HOMES GROUP PLC	1.4 %
DEUTSCHE PFANDBRIEFBANK AG	1.3 %
AAREAL BANK AG	1.1 %
PEAB AB	0.9 %
TNT NV	0.8 %
M-REAL OYJ-B SHARES	0.8 %
TIETO OYJ	0.8 %
ANIMA HOLDING SPA	0.7 %

TOP COUNTRY EXPOSURE
	BRITAIN	20.7 %
	SWEDEN	8.1 %
	GERMANY	7.2 %
	ITALY	6.0 %
	FINLAND	5.9 %
	NORWAY	4.7 %
	NETHERLANDS	4.6 %
	FRANCE	3.9 %
	BELGIUM	3.7 %
	DENMARK	3.0 %

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.
27.1%	27.1%	8.6%	9.8%	5.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	49%
MSCI EAFE	1.17	84%
MSCI Emg. Mkts.	0.82	70%

Technical Indicators
Recent close	$64.48
30d moving avg.	$63.90
Annualized volatility	14.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	34
Turnover	0.4%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$782

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DFE

Expense:

58 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DFE
Ticker	Fund Name	Overlap¹ vs DFE (%)	Expense ratio (bp)	Savings vs DFE (bp)	ALTAR Score™ (%)	ALTAR vs DFE (%)
DLS	WisdomTree Int'l SmallCap Dividend	32.2	58	0	8.0	-0.6
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	30.7	43	15	8.0	-0.6
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	25.9	58	0	7.5	-1.1
IEUS	iShares MSCI Europe Small Cap	18.9	40	18	6.1	-2.5
EWUS	iShares MSCI United Kingdom Small Cap	16.5	59	-1	7.3	-1.2
ISCF	iShares FactorSelect MSCI Intl Small-Cap	14.1	40	18	7.0	-1.6
AVDV	Avantis International Small Cap Value	13.8	36	22	7.1	-1.5
GWX	SPDR International SmallCap	13.1	40	18	4.5	-4.1
SCHC	Schwab Intl Small-Cap Equity	13.0	12	46	6.3	-2.3
ISDS	Invesco Strategic Developed ex-US Small Company	11.5	35	23	5.0	-3.6
SCZ	iShares MSCI EAFE Small Cap	11.0	39	19	6.0	-2.6
FNDC	Schwab Fundamental Intl Small Cap	10.8	39	19	4.4	-4.2
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	10.5	43	15	6.2	-2.4
PDN	Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap	10.1	49	9	6.3	-2.3
VSS	Vanguard FTSE All World ex-US Small Cap	9.7	12	46	6.2	-2.4
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	8.1	39	19	8.1	-0.5
FDTS	First Trust Dev Mkts ex-US Small Cap Alpha	7.1	80	-22	8.7	+0.2
EWGS	iShares MSCI Germany Small Cap	7.1	59	-1	5.8	-2.8
FGD	First Trust DJ Global Select Dividend	5.6	58	0	9.2	+0.6
SDIV	Global X Superdividend	5.6	58	0	10.9	+2.3

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 Europe Small Cap Dividend
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	11.4	%
Divided by: Fwd. P/BV	1.2	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	1.58	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.