ETF Research Center

WisdomTree U.S SmallCap Dividend Growth Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the WisdomTree U.S. SmallCap Dividend Growth Index. The Fund invests in dividend-paying, small capitalization companies with growth characteristics that are incorporated in the United States.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree Asset Management In
Website	www.wisdomtree.com
Inception date	Jul 25, 2013
Assets (mns)	$129
Currency	USD
Expense ratio	38 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	WisdomTree Asset Management Inc
Weighting	Dividend
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	260
Wgt avg mkt cap (mns)	$2,245
Large cap (>$10bn)	2.1%
Mid cap ($2-10bn)	46.0%
Small cap (<$2bn)	51.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.1 %
ARTISAN PARTNERS ASSET MA -A	2.2 %
BROOKFIELD PROPERTY REIT INC CLASS	2.1 %
POTLATCH CORP	1.7 %
COHEN & STEERS INC	1.5 %
KRONOS WORLDWIDE INC	1.4 %
LCI INDUSTRIES	1.4 %
MDC HOLDINGS INC	1.3 %
CABOT CORP	1.2 %
SCHWEITZER-MAUDUIT INTL INC	1.2 %
PATTERSON COS INC	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.6 %
	CANADA	2.1 %
	PUERTO RICO	0.2 %

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.
18.5%	7.4%	7.2%	--	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	66%
MSCI EAFE	0.96	36%
MSCI Emg. Mkts.	0.51	17%

Technical Indicators
Recent close	$37.36
30d moving avg.	$35.78
Annualized volatility	17.9%
Short interest (ETF)	0.0%
Short interest (Underlying)	7.8%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.2%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$2,925

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DGRS

Expense:

38 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DGRS
Ticker	Fund Name	Overlap¹ vs DGRS (%)	Expense ratio (bp)	Savings vs DGRS (bp)	ALTAR Score™ (%)	ALTAR vs DGRS (%)
DES	WisdomTree Smallcap Dividend	44.5	38	0	7.3	-1.0
RNSC	Small Cap US Equity Select	34.9	60	-22	6.2	-2.1
CSF	Compass EMP US Discovery 500 Enhanced Vol.	31.4	35	3	7.2	-1.0
CSA	Victory CEMP US Small Cap Volatility Wtd	29.3	35	3	7.2	-1.0
FLQS	Franklin LibertyQ U.S. Small Cap Equity	28.3	35	3	6.3	-2.0
EES	WisdomTree SmallCap Earnings	28.2	38	0	9.2	+1.0
CSB	Victory CEMP US Small Cap High Div Volatility Wtd	28.2	35	3	7.4	-0.9
FYX	First Trust Small Cap Core Alphadex	25.9	66	-28	5.7	-2.5
FYT	First Trust Small Cap Value AlphaDEX	24.5	76	-38	7.5	-0.8
PSC	Principal U.S. Small Cap Index	24.2	38	0	6.3	-1.9
IJR	iShares Core S&P Small-Cap	23.6	7	31	6.1	-2.1
SLY	SPDR S&P 600 Small Cap	23.6	15	23	6.1	-2.1
VIOO	Vanguard S&P Small-Cap 600	23.0	15	23	5.9	-2.3
IJS	iShares S&P 600 SmallCap Value	22.9	25	13	7.3	-0.9
SLYV	SPDR S&P600 Small Cap Value	22.9	15	23	7.4	-0.8
VIOV	Vanguard S&P Small-Cap 600 Value	22.6	20	18	7.3	-0.9
ISMD	Inspire Small/Mid Cap Impact	22.4	61	-23	4.7	-3.5
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	22.0	29	9	5.0	-3.2
ROGS	Lattice Global Small Cap Strategy	21.6	39	-1	9.4	+1.2
DESC	Xtrackers Russell 2000 Comprehensive Factor	21.0	30	8	6.5	-1.7

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 US Small Cap Dividend Growth
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	15.5	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.