ETF Research Center

WisdomTree Equity Income Fund seeks investment results that correspond to the performance of the WisdomTree Equity Income Index. The Fund invests in the highest yielding stocks of the WisdomTree Dividend Index.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$953
Currency	USD
Expense ratio	38 bp
Distributions	Monthly

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	382
Wgt avg mkt cap (mns)	$110,495
Large cap (>$10bn)	83.7%
Mid cap ($2-10bn)	13.2%
Small cap (<$2bn)	3.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	33.0 %
AT&T INC	5.9 %
EXXON MOBIL CORP	4.1 %
VERIZON COMMUNICATIONS INC	3.7 %
WELLS FARGO & CO	3.3 %
CHEVRON CORP	3.2 %
PROCTER & GAMBLE CO/THE	3.1 %
PHILIP MORRIS INTERNATIONAL	2.6 %
COCA-COLA CO/THE	2.5 %
PFIZER INC	2.4 %
ABBVIE INC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.7 %
	CANADA	0.1 %

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.
18.4%	11.7%	7.8%	12.8%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	83%
MSCI EAFE	0.70	52%
MSCI Emg. Mkts.	0.45	34%

Technical Indicators
Recent close	$76.27
30d moving avg.	$74.93
Annualized volatility	10.8%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.7%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.2%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$34,416

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DHS

Expense:

38 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DHS
Ticker	Fund Name	Overlap¹ vs DHS (%)	Expense ratio (bp)	Savings vs DHS (bp)	ALTAR Score™ (%)	ALTAR vs DHS (%)
OYLD	Invesco Russell 1000 Yield Factor ETF	58.3	19	19	7.0	-0.2
VYM	Vanguard High Dividend Yield ETF	51.1	6	32	7.2	-0.0
JKF	iShares Morningstar Large Value	47.0	25	13	7.7	+0.5
DEW	WisdomTree Global Equity Income	46.6	58	-20	8.4	+1.1
FDL	First Trust Morningstar Dividend Leaders	46.0	45	-7	8.5	+1.3
DTD	WisdomTree Total Dividend	45.3	28	10	6.6	-0.7
DLN	WisdomTree Large Cap Dividend	45.1	28	10	6.5	-0.8
OUSA	O'Shares FTSE U.S. Quality Dividend	44.4	48	-10	5.9	-1.4
HDV	iShares High Dividend	43.9	8	30	6.6	-0.6
USDY	Pacific Global US Equity Income	42.3	29	9	7.6	+0.4
DTN	WisdomTree Dividend Ex-Financials	42.0	38	0	7.8	+0.6
SCHV	Schwab U.S. Large-Cap Value	41.0	4	34	7.0	-0.3
FDVV	Fidelity Core Dividend	38.5	29	9	7.4	+0.1
RNDV	US Equity Dividend Select	38.3	50	-12	7.7	+0.5
MGV	Vanguard Mega Cap 300 Value	38.2	7	31	7.0	-0.2
PFM	Invesco Dividend Achievers	37.9	54	-16	5.4	-1.8
SCHD	Schwab US Dividend Equity	37.6	6	32	7.3	+0.0
VTV	Vanguard Value ETF	36.6	4	34	7.2	-0.1
JDIV	JPMorgan U.S. Dividend	35.3	12	26	7.5	+0.2
IWX	iShares Russell Top 200 Value	35.3	20	18	6.9	-0.3

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 Equity Income
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.8	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	7.3	%

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.