ETF Research Center

WisdomTree Global ex-US Growth Fund seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the WisdomTree World ex-U.S. Growth Index.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$115
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	278
Wgt avg mkt cap (mns)	$51,318
Large cap (>$10bn)	74.5%
Mid cap ($2-10bn)	23.9%
Small cap (<$2bn)	1.4%
Developed mkts	81.0%
Emerging mkts	19.0%

TOP TEN HOLDINGS
Total	34.0 %
BRITISH AMERICAN TOBACCO PLC	6.5 %
NOVO NORDISK A/S-B	6.1 %
CHINA OVERSEAS LAND & INVEST	3.1 %
TATNEFT PJSC SPONSORED ADR	2.7 %
REED ELSEVIER PLC	2.7 %
CANADIAN NATL RAILWAY CO	2.7 %
ASML HOLDING NV	2.6 %
TELENOR ASA	2.6 %
FORTESCUE METALS GROUP LTD	2.5 %
CSL LIMITED	2.5 %

TOP COUNTRY EXPOSURE
	BRITAIN	17.0 %
	JAPAN	10.9 %
	DENMARK	10.1 %
	AUSTRALIA	7.2 %
	SWITZERLAND	5.6 %
	CANADA	5.2 %
	HONG KONG	4.5 %
	INDIA	4.2 %
	RUSSIA	3.5 %
	NORWAY	3.3 %

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.
-1.5%	23.4%	7.7%	5.9%	4.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	70%
MSCI EAFE	1.00	82%
MSCI Emg. Mkts.	0.74	78%

Technical Indicators
Recent close	$63.61
30d moving avg.	$66.67
Annualized volatility	12.2%
Short interest (ETF)	0.9%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	22
Turnover	1.2%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$8,258

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DNL

Expense:

58 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DNL
Ticker	Fund Name	Overlap¹ vs DNL (%)	Expense ratio (bp)	Savings vs DNL (bp)	ALTAR Score™ (%)	ALTAR vs DNL (%)
IQDG	WisdomTree International Quality Dividend Growth Fund	42.0	38	20	6.4	-0.8
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	41.3	58	0	6.1	-1.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	25.3	58	0	6.3	-0.9
IDHQ	Invesco S&P International Developed High Quality ETF	22.6	29	29	5.3	-1.9
IQLT	iShares Edge MSCI Intl Quality Factor ETF	20.7	30	28	6.2	-1.0
QINT	American Century Quality Diversified International ETF	20.5	39	19	6.2	-1.0
TTAI	TrimTabs All Cap International Free-Cash-Flow ETF	17.5	61	-3	5.0	-2.2
PIZ	Invesco DWA Developed Markets Momentum ETF	16.4	80	-22	3.8	-3.4
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	15.1	30	28	4.7	-2.5
EFG	iShares MSCI EAFE Growth ETF	14.4	40	18	4.7	-2.5
VIGI	Vanguard International Dividend Appreciation ETF	14.4	25	33	5.9	-1.3
GXF	Global X FTSE Nordic Region ETF	14.0	58	0	5.5	-1.8
TPIF	Timothy Plan International ETF	12.4	62	-4	6.7	-0.6
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	12.2	32	26	9.4	+2.2
PDEV	Principal International Multi-Factor Core Index ETF	12.1	25	33	6.8	-0.4
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	11.6	16	42	6.9	-0.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	11.5	30	28	8.9	+1.7
QEFA	SPDR MSCI EAFE Quality Mix ETF	11.4	30	28	6.8	-0.5
DVEM	WisdomTree Emerging Markets Dividend Fund	10.9	32	26	11.5	+4.3
JHEM	John Hancock Multifactor Emerging Markets ETF	10.7	55	3	8.8	+1.5

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 Global ex-US Dividend Growth Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	20.2	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.64

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.