ETF Research Center

WisdomTree International LargeCap Dividend Fund seeks investment results that correspond to the performance of the WisdomTree International LargeCap Dividend Index. The Index tracks large cap companies from Europe, Asia and Australia that pay regular dividends.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$414
Currency	USD
Expense ratio	48 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	282
Wgt avg mkt cap (mns)	$82,486
Large cap (>$10bn)	99.8%
Mid cap ($2-10bn)	0.1%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.7 %
BP PLC	1.8 %
ROYAL DUTCH SHELL PLC-A SHS	1.8 %
TOTAL SA	1.7 %
NESTLE SA-REG	1.7 %
TOYOTA MOTOR CORP	1.7 %
HSBC HOLDINGS PLC	1.7 %
CHINA MOBILE LIMITED	1.7 %
NOVARTIS AG-REG	1.6 %
ROCHE HOLDING AG-GENUSSCHEIN	1.5 %
ROYAL DUTCH SHELL PLC-B SHS	1.4 %

TOP COUNTRY EXPOSURE
	BRITAIN	19.0 %
	JAPAN	16.9 %
	FRANCE	12.2 %
	GERMANY	9.1 %
	SWITZERLAND	9.0 %
	AUSTRALIA	6.0 %
	HONG KONG	5.7 %
	SPAIN	4.5 %
	ITALY	3.3 %
	NETHERLANDS	3.2 %

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.
14.6%	8.9%	2.6%	4.5%	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	56%
MSCI EAFE	0.98	96%
MSCI Emg. Mkts.	0.67	73%

Technical Indicators
Recent close	$47.89
30d moving avg.	$47.25
Annualized volatility	11.2%
Short interest (ETF)	0.4%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	29
Turnover	0.3%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$29,070

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DOL

Expense:

48 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DOL
Ticker	Fund Name	Overlap¹ vs DOL (%)	Expense ratio (bp)	Savings vs DOL (bp)	ALTAR Score™ (%)	ALTAR vs DOL (%)
DWM	WisdomTree DEFA Fund	68.5	48	0	7.7	-0.0
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	67.0	35	13	7.8	+0.1
EFA	iShares MSCI EAFE	59.9	31	17	7.0	-0.7
DTH	WisdomTree DEFA Equity Income	59.7	58	-10	8.6	+0.9
EFV	iShares MSCI EAFE Value	59.1	38	10	9.0	+1.3
DBEF	Xtrackers MSCI EAFE Hedged	58.7	35	13	6.9	-0.8
IEV	iShares S&P Europe 350	57.3	59	-11	6.4	-1.3
PXF	Invesco FTSE-RAFI Developed ex-US	56.9	45	3	8.1	+0.4
HFXI	IQ 50 Percent Hedged FTSE Int'l	56.9	20	28	7.2	-0.5
EFAX	SPDR MSCI EAFE Fossil Fuel Free	56.5	20	28	7.1	-0.6
ESGD	iShares MSCI EAFE ESG Optimized	56.4	20	28	6.9	-0.8
DBEU	Xtrackers Europe Hedged	55.7	45	3	6.4	-1.3
BBEU	JPMorgan BetaBuilders Europe	55.4	9	39	6.9	-0.8
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	55.3	30	18	6.7	-1.0
FLEE	Franklin FTSE Europe	55.0	9	39	6.9	-0.8
PBDM	Invesco PureBeta FTSE Developed ex-North America	55.0	7	41	7.5	-0.2
FNDF	Schwab Fundamental Intl Large Cap	54.8	25	23	7.5	-0.2
FLEH	Franklin FTSE Europe Hedged	54.8	9	39	6.9	-0.8
IDY	Pacific Global International Equity Income	53.4	39	9	8.2	+0.5
IEFA	iShares Core MSCI EAFE	53.1	7	41	7.1	-0.6

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 Int'l Large Cap Dividend
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	10.6	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.