ETF Research Center

WisdomTree Japan Total Dividend Fund seeks investment results that correspond to the WisdomTree Japan Total Dividend Index, which tracks Japanese companies 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)	$2,654
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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	470
Wgt avg mkt cap (mns)	$33,698
Large cap (>$10bn)	73.1%
Mid cap ($2-10bn)	20.2%
Small cap (<$2bn)	6.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.1 %
TOYOTA MOTOR CORP	5.1 %
MITSUBISHI UFJ FINANCIAL GRO	3.6 %
JAPAN TOBACCO INC	3.1 %
TAKEDA PHARMACEUTICAL CO LTD	2.6 %
SUMITOMO MITSUI FINANCIAL GR	2.6 %
HONDA MOTOR CO LTD	2.4 %
FANUC LTD	2.3 %
NISSAN MOTOR CO LTD	2.2 %
MIZUHO FINANCIAL GROUP INC	2.2 %
CANON INC	2.1 %

TOP COUNTRY EXPOSURE
	JAPAN	96.7 %

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.
18.5%	4.7%	4.6%	7.0%	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	67%
MSCI EAFE	1.17	68%
MSCI Emg. Mkts.	0.78	48%

Technical Indicators
Recent close	$54.61
30d moving avg.	$53.95
Annualized volatility	15.5%
Short interest (ETF)	5.3%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	1,065
Turnover	2.2%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$13,616

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DXJ

Expense:

48 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DXJ
Ticker	Fund Name	Overlap¹ vs DXJ (%)	Expense ratio (bp)	Savings vs DXJ (bp)	ALTAR Score™ (%)	ALTAR vs DXJ (%)
HFXJ	IQ 50 Percent Hedged FTSE Japan	57.5	30	18	7.7	-0.8
FLJP	Franklin FTSE Japan	57.0	9	39	7.9	-0.6
EWJ	iShares MSCI Japan	56.8	47	1	7.6	-1.0
FLJH	Franklin FTSE Japan Hedged	56.6	9	39	8.0	-0.6
BBJP	JPMorgan BetaBuilders Japan	56.3	19	29	7.8	-0.8
QJPN	SPDR MSCI Japan Quality Mix	56.0	14	34	7.9	-0.7
DBJP	Xtrackers MSCI Japan Hedged	55.8	45	3	7.6	-1.0
JPXN	iShares JPX-Nikkei 400	55.3	48	0	7.5	-1.0
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	55.2	9	39	7.9	-0.6
EWJV	iShares MSCI Japan Value	54.3	15	33	9.9	+1.4
GSJY	Goldman Sachs ActiveBeta Japan Equity	49.2	25	23	7.6	-1.0
IPAC	iShares Core MSCI Pacific	39.2	9	39	7.4	-1.2
EWJE	iShares MSCI Japan Equal Weighted	39.0	15	33	7.2	-1.4
VPL	Vanguard Pacific ETF	36.0	9	39	7.7	-0.8
JPMV	iShares MSCI Japan Min Volatility	32.9	30	18	6.6	-1.9
RFAP	First Trust Riverfront Dynamic Asia Pacific	31.6	83	-35	7.2	-1.3
SCIJ	Global X Scientific Beta Japan	30.9	39	9	6.9	-1.7
IVLU	iShares MSCI Int'l Developed Value Factor	26.4	30	18	10.2	+1.7
FJP	First Trust Japan AlphaDEX	24.6	80	-32	8.6	+0.1
REFA	Invesco International Revenue ETF	23.4	42	6	8.7	+0.1

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 Japan Hedged Equity
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	9.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.