ETF Research Center

WisdomTree Emerging Markets SmallCap Dividend Fund seeks investment results that correspond to the WisdomTree Emerging Markets SmallCap Dividend Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	WisdomTree Investments Inc
Website	www.wisdomtree.com
Inception date	Oct 30, 2007
Assets (mns)	$1,715
Currency	USD
Expense ratio	63 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	788
Wgt avg mkt cap (mns)	$1,369
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	26.6%
Small cap (<$2bn)	71.5%
Developed mkts	6.9%
Emerging mkts	92.4%

TOP TEN HOLDINGS
Total	7.3 %
TERNA PARTICIPACOES S.A-UNIT	1.0 %
GUANGZHOU R&F PROPERTIES - H	0.9 %
INDIABULLS HOUSING FINANCE L	0.8 %
WISTRON CORP	0.7 %
HYPROP INVESTMENTS LTD-UTS	0.7 %
HIGHWEALTH CONSTRUCTION CORP	0.7 %
MONETA MONEY BANK AS	0.6 %
FOSCHINI LTD	0.6 %
WPG HOLDINGS CO LTD	0.6 %
POWERTECH TECHNOLOGY INC	0.6 %

TOP COUNTRY EXPOSURE
	TAIWAN	23.9 %
	CHINA	13.1 %
	SOUTH AFRICA	10.6 %
	SOUTH KOREA	8.3 %
	INDIA	4.3 %
	HONG KONG	4.3 %
	THAILAND	4.3 %
	BRAZIL	4.2 %
	MALAYSIA	4.1 %
	MEXICO	2.9 %

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.
12.2%	15.4%	3.5%	5.0%	2.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	43%
MSCI EAFE	1.06	63%
MSCI Emg. Mkts.	0.98	88%

Technical Indicators
Recent close	$45.50
30d moving avg.	$45.58
Annualized volatility	14.8%
Short interest (ETF)	1.2%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	217
Turnover	0.6%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$1,777

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DGS

Expense:

63 bp

ALTAR Score™:

12.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DGS
Ticker	Fund Name	Overlap¹ vs DGS (%)	Expense ratio (bp)	Savings vs DGS (bp)	ALTAR Score™ (%)	ALTAR vs DGS (%)
EEMS	iShares MSCI Emerging Market Small Cap	32.1	67	-4	6.4	-5.9
EWX	SPDR S&P Emerging Markets Small Cap	31.4	65	-2	7.9	-4.4
FEMS	First Trust Emerging Markets Small Cap	15.7	80	-17	10.6	-1.6
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	13.3	59	4	10.6	-1.7
DEM	WisdomTree Emerg Mkts High Yield Equity	13.3	63	0	12.5	+0.2
HAO	Invesco China Small Cap ETF	11.2	75	-12	9.7	-2.6
AVEM	Avantis Emerging Markets Equity	10.5	33	30	8.4	-3.9
DVEM	WisdomTree Emerging Markets Dividend	9.4	32	31	11.3	-1.0
CEZ	Victory CEMP Emerging Market Volatility Weighted	9.0	50	13	9.1	-3.1
DVYE	iShares Emerging Markets Dividend	8.6	49	14	13.9	+1.6
FLZA	Franklin FTSE South Africa	8.6	19	44	9.2	-3.1
EMGF	iShares Edge MSCI Multifactor Emerging Markets	8.3	45	18	10.1	-2.1
VSS	Vanguard FTSE All World ex-US Small Cap	7.9	12	51	6.6	-5.6
EYLD	Cambria Emerging Shareholder Yield	7.9	66	-3	10.9	-1.4
EDIV	SPDR S&P Emerging Markets Dividend	7.6	49	14	10.8	-1.5
ROAM	Hartford Multifactor Emerging Markets	7.4	44	19	11.1	-1.2
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	6.8	50	13	13.4	+1.1
DGRE	WisdomTree Emg Mkt Dividend Growth	6.6	32	31	9.1	-3.1
ECNS	iShares MSCI China Small Cap	6.5	59	4	10.0	-2.2
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	6.4	45	18	13.1	+0.8

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 Emg. Mkts. 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	12.0	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	63	bp
Equals: ALTAR Score	12.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.49

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.