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)	$903
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	339
Wgt avg mkt cap (mns)	$110,908
Large cap (>$10bn)	86.8%
Mid cap ($2-10bn)	10.7%
Small cap (<$2bn)	2.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	37.9 %
AT&T INC	5.0 %
VERIZON COMMUNICATIONS INC	4.7 %
ABBVIE INC	4.6 %
PFIZER INC	4.5 %
INTL BUSINESS MACHINES CORP	3.9 %
CHEVRON CORP	3.4 %
PHILIP MORRIS INTERNATIONAL	3.1 %
WELLS FARGO & CO	3.1 %
COCA-COLA CO/THE	3.1 %
BRISTOL-MYERS SQUIBB CO	2.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.1 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.7%	10.4%	8.0%	12.3%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	82%
MSCI EAFE	0.75	58%
MSCI Emg. Mkts.	0.50	44%

Technical Indicators
Recent close	$72.52
30d moving avg.	$76.36
Annualized volatility	10.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.7%
Relative strength (RSI)	35

Liquidity measures
Avg. volume (thou.)	28
Turnover	0.2%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$29,030

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree U.S. High Dividend Fund 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™:

8.2%

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	52.8	19	19	7.4	-0.8
FDL	First Trust Morningstar Dividend Leaders Index Fund	50.2	45	-7	9.0	+0.8
DEW	WisdomTree Global High Dividend Fund	47.5	58	-20	8.8	+0.6
HDV	iShares Core High Dividend ETF	46.8	8	30	7.4	-0.8
VYM	Vanguard High Dividend Yield Index ETF	44.4	6	32	7.6	-0.6
JKF	iShares Morningstar Large Cap Value ETF	43.9	25	13	8.1	-0.1
RNDV	US Equity Dividend Select ETF	43.2	50	-12	8.3	+0.1
DTD	WisdomTree U.S.Total Dividend Fund	41.5	28	10	7.1	-1.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	41.0	28	10	6.9	-1.3
USDY	Pacific Global US Equity Income ETF	40.2	29	9	8.0	-0.2
OUSA	O'Shares FTSE US Quality Dividend ETF	39.0	48	-10	6.3	-1.9
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	38.2	30	8	8.1	-0.1
DTN	WisdomTree U.S. Dividend ex-Financials Fund	37.3	38	0	8.3	+0.1
GBDV	Global Beta Smart Income ETF	36.3	29	9	11.8	+3.6
SCHV	Schwab U.S. Large-Cap Value ETF	35.2	4	34	7.3	-0.8
QDEF	FlexShares Quality Dividend Defensive Index Fund	35.2	37	1	6.6	-1.6
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	35.2	35	3	8.3	+0.1
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	35.2	35	3	8.3	+0.1
DURA	VanEck Vectors Morningstar Durable Dividend ETF	34.3	29	9	7.2	-1.0
SCHD	Schwab U.S. Dividend Equity ETF	34.1	6	32	7.8	-0.4

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	WisdomTree U.S. High Dividend Fund
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	17.6	%
Divided by: Fwd. P/BV	2.1	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	1.65	CATEGORY AVERAGE	1.56

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.