ETF Research Center

The fund seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the WisdomTree Dividend Index of Europe, Far East Asia and Australasia Index, a dividend-weighted version of the benchmark MSCI EAFE index.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$820
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	851
Wgt avg mkt cap (mns)	$58,891
Large cap (>$10bn)	77.6%
Mid cap ($2-10bn)	17.1%
Small cap (<$2bn)	5.3%
Developed mkts	99.7%
Emerging mkts	0.4%

TOP TEN HOLDINGS
Total	11.3 %
BP PLC	1.2 %
HSBC HOLDINGS PLC	1.2 %
NESTLE SA-REG	1.2 %
TOTAL SA	1.1 %
TOYOTA MOTOR CORP	1.1 %
ROYAL DUTCH SHELL PLC-A SHS	1.1 %
CHINA MOBILE LIMITED	1.1 %
NOVARTIS AG-REG	1.1 %
ROYAL DUTCH SHELL PLC-B SHS	1.0 %
ROCHE HOLDING AG-GENUSSCHEIN	1.0 %

TOP COUNTRY EXPOSURE
	JAPAN	20.7 %
	BRITAIN	17.5 %
	FRANCE	10.4 %
	GERMANY	8.0 %
	SWITZERLAND	7.2 %
	AUSTRALIA	6.7 %
	HONG KONG	5.1 %
	SPAIN	3.8 %
	ITALY	3.6 %
	NETHERLANDS	2.9 %

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.
13.4%	8.1%	3.2%	5.2%	3.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	58%
MSCI EAFE	1.00	97%
MSCI Emg. Mkts.	0.69	76%

Technical Indicators
Recent close	$51.73
30d moving avg.	$51.46
Annualized volatility	11.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.2%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$38,439

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DWM

Expense:

48 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DWM
Ticker	Fund Name	Overlap¹ vs DWM (%)	Expense ratio (bp)	Savings vs DWM (bp)	ALTAR Score™ (%)	ALTAR vs DWM (%)
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	84.4	35	13	7.9	+0.2
DOL	WisdomTree Int'l Large Cap Dividend	68.5	48	0	7.8	+0.1
EFA	iShares MSCI EAFE	66.1	31	17	7.0	-0.7
DBEF	Xtrackers MSCI EAFE Hedged	65.1	35	13	6.9	-0.8
PBDM	Invesco PureBeta FTSE Developed ex-North America	63.4	7	41	7.6	-0.1
HFXI	IQ 50 Percent Hedged FTSE Int'l	63.1	20	28	7.3	-0.4
PXF	Invesco FTSE-RAFI Developed ex-US	63.1	45	3	8.2	+0.5
IEFA	iShares Core MSCI EAFE	62.7	7	41	7.1	-0.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free	61.7	20	28	7.2	-0.5
FNDF	Schwab Fundamental Intl Large Cap	61.3	25	23	7.6	-0.2
SCHF	Schwab International Equity	60.2	6	42	7.5	-0.3
JHMD	John Hancock Multifactor Developed International	58.7	45	3	7.3	-0.4
IDEV	iShares Core MSCI Int'l Developed Markets	58.5	5	43	7.2	-0.6
SPDW	SPDR Portfolio World ex-US	57.2	4	44	7.2	-0.5
DTH	WisdomTree DEFA Equity Income	56.0	58	-10	8.6	+0.9
VEA	Vanguard Europe Pacific	55.8	5	43	7.4	-0.3
ESGD	iShares MSCI EAFE ESG Optimized	55.6	20	28	6.9	-0.8
IEUR	iShares Core MSCI Europe	53.6	9	39	6.9	-0.8
EFV	iShares MSCI EAFE Value	53.6	38	10	9.1	+1.4
REFA	Invesco International Revenue ETF	53.6	42	6	8.9	+1.2

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 DEFA 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	10.2	%
Divided by: Fwd. P/BV	1.2	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	1.65	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.