ETF Research Center

WisdomTree Total Dividend Fund seeks investment results that correspond to the performance of the Wisdom Tree Dividend Index. The Fund invests in U.S. companies that pay regular cash dividends.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$794
Currency	USD
Expense ratio	28 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	874
Wgt avg mkt cap (mns)	$209,929
Large cap (>$10bn)	87.0%
Mid cap ($2-10bn)	10.6%
Small cap (<$2bn)	2.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.2 %
APPLE INC	3.7 %
MICROSOFT CORP	3.4 %
AT&T INC	2.9 %
JPMORGAN CHASE & CO	2.3 %
EXXON MOBIL CORP	2.1 %
VERIZON COMMUNICATIONS INC	1.7 %
JOHNSON & JOHNSON	1.6 %
WELLS FARGO & CO	1.5 %
CHEVRON CORP	1.5 %
PROCTER & GAMBLE CO/THE	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.5 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.8%	14.1%	9.5%	12.8%	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	95%
MSCI EAFE	0.83	66%
MSCI Emg. Mkts.	0.56	47%

Technical Indicators
Recent close	$102.51
30d moving avg.	$102.12
Annualized volatility	11.3%
Short interest (ETF)	0.9%
Short interest (Underlying)	2.6%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	45
Turnover	0.6%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$119,848

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DTD

Expense:

28 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DTD
Ticker	Fund Name	Overlap¹ vs DTD (%)	Expense ratio (bp)	Savings vs DTD (bp)	ALTAR Score™ (%)	ALTAR vs DTD (%)
DLN	WisdomTree Large Cap Dividend	83.8	28	0	6.5	-0.1
PRF	Invesco FTSE-RAFI U.S. 1000	71.7	39	-11	6.5	-0.1
FNDX	Schwab Fundamental Large Cap	69.1	25	3	5.9	-0.7
FNDB	Schwab Fundamental Broad Mkt	68.7	25	3	6.0	-0.6
SPLG	SPDR Portfolio Large Cap	67.3	3	25	5.8	-0.8
PBP	Invesco S&P 500 Buy/Write	66.0	49	-21	5.5	-1.1
SCHV	Schwab U.S. Large-Cap Value	65.8	4	24	7.0	+0.4
SPTM	SPDR Portfolio Total Stock Market	65.7	3	25	5.7	-1.0
SPY	S&P 500 SPDR	65.4	9	19	5.9	-0.7
VOO	Vanguard S&P 500 ETF	65.4	3	25	6.0	-0.6
IVV	iShares Core S&P 500	65.3	4	24	5.9	-0.7
HSPX	Global X S&P 500 Covered Call	65.3	65	-37	5.3	-1.3
DIVB	iShares U.S. Dividend & Buyback	65.1	25	3	6.7	+0.1
EPS	WisdomTree Earnings 500	64.9	8	20	6.9	+0.3
PBUS	Invesco PureBeta MSCI USA	64.9	4	24	6.0	-0.7
SCHK	Schwab 1000 Index	64.7	5	23	5.8	-0.8
SCHX	Schwab U.S. Large-Cap	64.6	3	25	5.8	-0.8
IWB	iShares Russell 1000	64.5	15	13	5.7	-0.9
IYY	iShares DJ US Total Market	64.4	20	8	5.7	-0.9
VONE	Vanguard Russell 1000	64.3	12	16	5.8	-0.8

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 Total 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	16.1	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	28	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.