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)	$86
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)	$43,842
Large cap (>$10bn)	71.9%
Mid cap ($2-10bn)	26.3%
Small cap (<$2bn)	1.6%
Developed mkts	79.7%
Emerging mkts	20.3%

TOP TEN HOLDINGS
Total	33.2 %
NOVO NORDISK A/S-B	5.9 %
BRITISH AMERICAN TOBACCO PLC	5.9 %
CHINA OVERSEAS LAND & INVEST	3.1 %
TELENOR ASA	3.0 %
TATNEFT PJSC SPONSORED ADR	2.9 %
CANADIAN NATL RAILWAY CO	2.9 %
REED ELSEVIER PLC	2.6 %
ASML HOLDING NV	2.5 %
CSL LIMITED	2.2 %
FORTESCUE METALS GROUP LTD	2.2 %

TOP COUNTRY EXPOSURE
	BRITAIN	16.1 %
	JAPAN	10.9 %
	DENMARK	9.6 %
	AUSTRALIA	6.5 %
	CANADA	5.4 %
	SWITZERLAND	5.2 %
	HONG KONG	4.7 %
	INDIA	4.3 %
	RUSSIA	3.9 %
	NORWAY	3.6 %

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.
24.9%	18.1%	5.6%	5.4%	3.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	60%
MSCI EAFE	0.99	81%
MSCI Emg. Mkts.	0.77	80%

Technical Indicators
Recent close	$61.51
30d moving avg.	$60.88
Annualized volatility	12.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	17
Turnover	1.2%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$7,994

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree Global Ex-U.S. Growth 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™:

7.8%

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	40.0	38	20	6.7	-1.2
IHDG	Wisdomtree International Hed	39.7	58	0	6.4	-1.4
EUDG	WisdomTree Europe Dividend	23.9	58	0	6.5	-1.3
IDHQ	Invesco Int'l Developed High Quality Portfolio	22.2	29	29	5.6	-2.2
IQLT	iShares MSCI Int'l Developed Quality	18.0	30	28	6.2	-1.6
QINT	American Century Quality Diversified International	16.5	39	19	6.3	-1.5
PIZ	Invesco DWA Dev. Mkts. Technical Leaders	16.0	80	-22	4.2	-3.6
TTAI	TrimTabs All Cap International Free-Cash-Flow	15.5	59	-1	5.2	-2.6
GXF	Global X FTSE Nordic 30	13.6	58	0	5.2	-2.6
VIGI	Vanguard Int'l Dividend Appreciation	13.6	25	33	6.1	-1.8
EFG	iShares MSCI EAFE Growth	12.7	40	18	5.1	-2.7
DGRE	WisdomTree Emg Mkt Dividend Growth	12.4	32	26	9.2	+1.3
IMTM	iShares MSCI Int'l Developed Momentum	12.1	30	28	5.3	-2.5
QEMM	SPDR MSCI Emerging Markets Quality Mix	11.7	30	28	9.3	+1.5
PDEV	Principal International Multi-Factor Core Index	11.4	25	33	6.9	-0.9
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity	10.9	16	42	7.1	-0.7
JHEM	John Hancock Multifactor Emerging Markets	10.7	55	3	8.9	+1.1
DVEM	WisdomTree Emerging Markets Dividend	10.6	32	26	11.3	+3.5
QEFA	SPDR MSCI EAFE Quality Mix	10.4	30	28	6.6	-1.2
VSGX	Vanguard ESG International Stock	10.1	15	43	7.4	-0.5

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

	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 Global Ex-U.S. Growth
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	20.8	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.63

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.