ETF Research Center

The WisdomTree International Multifactor Fund is an actively managed portfolio of equities from developed economies outside of the US. Holdings are selected for exhibiting characteristics of multiple factors.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Aug 10, 2018
Assets (mns)	$33
Currency	USD
Expense ratio	38 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	200
Wgt avg mkt cap (mns)	$34,380
Large cap (>$10bn)	71.8%
Mid cap ($2-10bn)	28.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.4 %
DIRECT LINE INSURANCE GROUP PLC	1.5 %
SANOFI-AVENTIS	1.4 %
AVIVA PLC	1.4 %
BALOISE HOLDING-REG	1.3 %
SMITH & NEPHEW PLC	1.2 %
COCA-COLA ENTERPRISES	1.2 %
ROCHE HOLDING AG-GENUSSCHEIN	1.2 %
UCB SA	1.2 %
GLAXOSMITHKLINE PLC	1.1 %
SONOVA HOLDING AG-REG	1.0 %

TOP COUNTRY EXPOSURE
	JAPAN	27.3 %
	BRITAIN	12.9 %
	AUSTRALIA	11.1 %
	SWITZERLAND	7.7 %
	FRANCE	6.7 %
	SPAIN	4.9 %
	NETHERLANDS	4.6 %
	GERMANY	4.0 %
	ISRAEL	3.7 %
	DENMARK	3.5 %

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.
0.3%	10.2%	--	--	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.62	91%
MSCI EAFE	0.72	88%
MSCI Emg. Mkts.	0.49	66%

Technical Indicators
Recent close	$25.26
30d moving avg.	$26.15
Annualized volatility	10.8%
Short interest (ETF)	0.7%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.6%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$10,822

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DWMF

Expense:

38 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DWMF
Ticker	Fund Name	Overlap¹ vs DWMF (%)	Expense ratio (bp)	Savings vs DWMF (bp)	ALTAR Score™ (%)	ALTAR vs DWMF (%)
EFAV	iShares Edge MSCI Min Vol EAFE ETF	39.4	20	18	5.7	-0.7
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	36.0	80	-42	6.3	-0.1
DDEZ	WisdomTree Europe Multifactor Fund	35.1	43	-5	6.4	-0.1
RBIN	Nationwide Risk-Based International Equity ETF	33.7	42	-4	6.9	+0.5
EUMV	iShares Edge MSCI Min Vol Europe ETF	31.9	25	13	5.3	-1.1
QEFA	SPDR MSCI EAFE Quality Mix ETF	29.5	30	8	6.8	+0.3
PQIN	PGIM QMA Strategic Alpha International Equity ETF	28.1	29	9	7.6	+1.2
TPIF	Timothy Plan International ETF	28.1	62	-24	6.7	+0.2
UIVM	VictoryShares USAA MSCI International Value Momentum ETF	27.2	35	3	8.4	+2.0
FDEV	Fidelity Targeted International Factor ETF	26.2	39	-1	6.9	+0.4
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	25.7	29	9	7.9	+1.5
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility Id	25.5	32	6	6.8	+0.3
JPIN	JPMorgan Diversified Return International Equity ETF	24.9	38	0	7.8	+1.3
JHMD	John Hancock Multifactor Developed International ETF	24.9	45	-7	7.4	+1.0
GSIE	Goldman Sachs ActiveBeta International Equity ETF	24.9	25	13	6.8	+0.4
MVIN	Natixis Seeyond International Minimum Volatility ETF	24.2	55	-17	6.4	0.0
RNDM	Developed International Equity Select ETF	24.1	65	-27	6.4	-0.0
CIZ	Victory CEMP Developed Enhanced Volatility Weighted Index ET	23.9	45	-7	7.0	+0.6
CIL	Victory CEMP International Volatility Weighted Index ETF	23.9	45	-7	7.1	+0.7
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	23.6	30	8	4.7	-1.7

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 International Multifactor Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.0	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	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.