ETF Research Center

WisdomTree India Earnings Fund

ALTAR
Score™

4.4%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	22.0x	P/Sales ratio	2.4x
P/BV ratio	3.0x	Div. yield	1.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The fund seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the WisdomTree India Earnings index, which is weighted by earnings and are eligible for purchase by foreign investors.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Feb 22, 2008
Assets (mns)	$2,779
Currency	USD
Expense ratio	85 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Earnings
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	558
Wgt avg mkt cap (mns)	$262,001
Large cap (>$10bn)	81.2%
Mid cap ($2-10bn)	15.4%
Small cap (<$2bn)	2.9%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	53.4 %
RELIANCE INDS-SPONS GDR 144A	24.9 %
HDFC BANK LIMITED	6.1 %
ICICI BANK LTD	5.2 %
INFOSYS TECHNOLOGIES LTD	3.8 %
STATE BANK OF INDIA	2.8 %
OIL & NATURAL GAS CORP LTD	2.5 %
COAL INDIA LTD	2.4 %
NTPC LIMITED	1.9 %
HINDALCO INDUSTRIES LIMITED	1.9 %
POWER GRID CORP OF INDIA LTD	1.9 %

TOP COUNTRY EXPOSURE
	INDIA	108.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.3%	2.3%	11.4%	10.3%	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.39	25%
MSCI EAFE	0.50	29%
MSCI Emg. Mkts.	0.52	35%

Technical Indicators
Recent close	$45.50
30d moving avg.	$45.78
Annualized volatility	14.1%
Short interest (ETF)	3.1%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	536
Turnover	0.9%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$1,060

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 152 potential alternatives to the WisdomTree India Earnings Fund ETF based on the alternatives' overlap in portfolio holdings with EPI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EPI

Expense:

85 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EPI
Ticker	Fund Name	Overlap¹ vs EPI (%)	Expense ratio (bp)	Savings vs EPI (bp)	ALTAR Score™ (%)	ALTAR vs EPI (%)
FLIN	Franklin FTSE India ETF	77.4	19	66	3.6	-0.8
PIN	Invesco India ETF	55.6	78	7	4.6	+0.2
INDA	iShares MSCI India ETF	55.0	65	20	4.1	-0.3
INDY	iShares India 50 ETF	45.8	89	-4	5.0	+0.6
NFTY	First Trust India NIFTY 50 Equal Weight ETF	41.0	80	5	4.4	+0.0
XC	WisdomTree Emerging Markets Ex-China Fund	38.8	32	53	5.5	+1.1
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	25.0	86	-1	11.7	+7.4
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	25.0	86	-1	0.4	-4.0
INQQ	India Internet & Ecommerce ETF	25.0	86	-1	1.2	-3.2
BKF	iShares MSCI BIC ETF	23.1	69	16	11.8	+7.4
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	21.4	24	61	6.4	+2.0
GLIN	VanEck India Growth Leaders ETF	20.9	77	8	4.9	+0.5
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	19.8	32	53	5.3	+1.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	19.5	15	70	6.3	+1.9
JHEM	John Hancock Multifactor Emerging Markets ETF	19.3	49	36	8.3	+3.9
NDIA	Global X India Active ETF	18.5	75	10	4.8	+0.5
FLAX	Franklin FTSE Asia Ex Japan ETF	18.1	19	66	7.4	+3.1
RNEM	First Trust Emerging Markets Equity Select ETF	17.1	75	10	7.8	+3.4
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	16.9	15	70	8.5	+4.1
STXE	Strive Emerging Markets Ex-China ETF	16.5	32	53	6.2	+1.8
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	15.8	20	65	8.4	+4.0
EMXC	iShares MSCI Emerging Markets ex China ETF	15.5	25	60	5.8	+1.5
XCEM	Columbia EM Core ex-China ETF	15.3	16	69	6.6	+2.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	14.8	36	49	8.0	+3.6
BKEM	BNY Mellon Emerging Markets Equity ETF	14.8	11	74	8.0	+3.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	14.5	66	19	7.7	+3.3
EEMA	iShares MSCI Emerging Markets Asia ETF	14.2	49	36	7.9	+3.5
GMF	SPDR S&P Emerging Asia Pacific ETF	14.1	49	36	8.4	+4.1
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	13.8	40	45	6.1	+1.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	13.7	48	37	6.1	+1.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	13.7	25	60	5.9	+1.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	13.4	32	53	7.0	+2.7
DEXC	Dimensional Emerging Markets ex China Core EquityETF	13.2	53	32	6.1	+1.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	13.1	45	40	8.5	+4.1
VWO	Vanguard FTSE Emerging Markets ETF	13.0	7	78	9.1	+4.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	12.8	70	15	7.2	+2.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	12.8	30	55	7.6	+3.2
AVES	Avantis Emerging Markets Value ETF	12.7	36	49	9.6	+5.2
LDEM	iShares ESG MSCI EM Leaders ETF	12.7	17	68	11.4	+7.0
AVXC	Avantis Emerging Markets Ex-China Equity ETF	12.6	33	52	6.9	+2.5
ROAM	Hartford Multifactor Emerging Markets ETF	12.0	44	41	10.4	+6.0
CGXU	Capital Group International Focus Equity ETF	11.6	54	31	4.7	+0.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	11.6	36	49	6.7	+2.3
ECON	Columbia Emerging Markets Consumer ETF	11.5	49	36	10.0	+5.6
EMXF	iShares ESG Advanced MSCI EM ETF	11.5	16	69	7.2	+2.8
DEHP	Dimensional Emerging Markets High Profitability ETF	11.3	41	44	5.3	+0.9
EEM	iShares MSCI Emerging Markets ETF	11.2	69	16	8.1	+3.7
EVLU	iShares MSCI Emerging Markets Value Factor ETF	11.1	35	50	11.9	+7.5
SPEM	SPDR Portfolio Emerging Markets ETF	11.1	7	78	9.3	+4.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	11.1	30	55	8.1	+3.7
IEMG	iShares Core MSCI Emerging Markets ETF	11.0	9	76	8.5	+4.2
SCHE	Schwab Emerging Markets Equity ETF	11.0	11	74	9.5	+5.1
DFAE	Dimensional Emerging Core Equity Market ETF	10.9	35	50	7.5	+3.1
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	10.7	15	70	6.6	+2.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	10.5	59	26	7.6	+3.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	10.3	38	47	7.6	+3.2
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	10.1	75	10	8.5	+4.1
EMGF	iShares Emerging Markets Equity Factor ETF	10.0	25	60	9.5	+5.1
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	9.9	41	44	7.1	+2.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	9.9	33	52	8.2	+3.8
SMIN	iShares MSCI India Small Cap ETF	9.9	79	6	3.4	-1.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	9.8	95	-10	10.3	+6.0
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	9.8	44	41	9.5	+5.1
AVEM	Avantis Emerging Markets Equity ETF	9.5	33	52	7.3	+2.9
AVSE	Avantis Responsible Emerging Markets Equity ETF	9.5	33	52	7.0	+2.6
DFEV	Dimensional Emerging Markets Value ETF	9.5	43	42	10.6	+6.2
FDEM	Fidelity Emerging Markets Multifactor ETF	9.0	25	60	10.8	+6.4
ESGE	iShares ESG Aware MSCI EM ETF	8.9	25	60	8.5	+4.1
INCO	Columbia India Consumer ETF	8.5	75	10	1.5	-2.9
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	8.3	88	-3	7.4	+3.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	8.0	49	36	13.7	+9.3
EMC	Global X Emerging Markets Great Consumer ETF	7.7	75	10	7.0	+2.6
DGIN	VanEck Digital India ETF	7.4	71	14	1.2	-3.2
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	7.4	39	46	14.6	+10.2
JIVE	JPMorgan International Value ETF	7.1	55	30	9.7	+5.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	6.6	29	56	7.0	+2.6
EEMS	iShares MSCI Emerging Markets Small Cap ETF	6.2	70	15	6.9	+2.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	6.1	50	35	9.4	+5.0
MINV	Matthews Asia Innovators Active ETF	5.9	79	6	5.5	+1.1
IPAV	Global X Infrastructure Development ex-U.S. ETF	5.6	55	30	5.9	+1.6
AVEE	Avantis Emerging Markets Small Cap Equity ETF	5.3	42	43	8.6	+4.3
MEM	Matthews Emerging Markets Equity Active ETF	5.3	79	6	6.4	+2.0
DEM	WisdomTree Emerging Markets High Dividend Fund	4.9	63	22	12.0	+7.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	4.7	18	67	6.5	+2.1
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	4.7	58	27	8.6	+4.2
ACWV	iShares MSCI Global Min Vol Factor ETF	4.3	20	65	5.3	+1.0
JADE	JPMorgan Active Developing Markets Equity ETF	4.3	65	20	6.6	+2.2
PICK	iShares MSCI Global Metals & Mining Producers ETF	4.0	39	46	9.0	+4.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	3.8	41	44	6.4	+2.1
NXTG	First Trust Indxx NextG ETF	3.7	70	15	4.4	+0.0
EYLD	Cambria Emerging Shareholder Yield ETF	3.7	66	19	10.7	+6.3
VXUS	Vanguard Total International Stock ETF	3.7	5	80	6.8	+2.4
VEU	Vanguard FTSE All-World ex-US Index Fund	3.6	4	81	6.9	+2.5
IXUS	iShares Core MSCI Total International Stock ETF	3.6	7	78	6.7	+2.4
ACWX	iShares MSCI ACWI ex U.S. ETF	3.5	34	51	6.5	+2.1
VSGX	Vanguard ESG International Stock ETF	3.5	10	75	6.7	+2.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	3.4	30	55	6.6	+2.2
UEVM	VictoryShares Emerging Markets Value Momentum ETF	3.3	45	40	9.5	+5.1
DVYE	iShares Emerging Markets Dividend ETF	3.2	49	36	17.0	+12.6
SCHY	Schwab International Dividend Equity ETF	3.2	14	71	8.8	+4.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.1	67	18	13.6	+9.2
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	3.0	60	25	7.5	+3.1
EWX	SPDR S&P Emerging Markets Small Cap ETF	2.8	65	20	7.1	+2.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.8	65	20	7.1	+2.8
CWI	SPDR MSCI ACWI ex-US ETF	2.7	30	55	6.5	+2.1
FTAG	First Trust Indxx Global Agriculture ETF	2.6	70	15	7.6	+3.3
CGGO	Capital Group Global Growth Equity ETF	2.5	47	38	3.8	-0.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	2.3	8	77	6.5	+2.1
VIGI	Vanguard International Dividend Appreciation ETF	2.2	10	75	5.7	+1.3
FEM	First Trust Emerging Markets AlphaDEX Fund	2.2	80	5	10.3	+5.9
FTRI	First Trust Indxx Global Natural Resources Income ETF	2.2	70	15	6.6	+2.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.1	47	38	5.8	+1.4
IQDF	FlexShares International Quality Dividend Index Fund	2.1	47	38	7.7	+3.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.1	47	38	7.0	+2.7
JIG	JPMorgan International Growth ETF	1.9	55	30	4.0	-0.4
IGRO	iShares International Dividend Growth ETF	1.5	15	70	6.3	+1.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.4	20	65	4.8	+0.4
VEGI	iShares MSCI Agriculture Producers ETF	1.4	39	46	8.3	+4.0
VT	Vanguard Total World Stock ETF	1.3	6	79	5.1	+0.7
ACWI	iShares MSCI ACWI ETF	1.3	32	53	4.7	+0.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.2	42	43	5.5	+1.1
KNCT	Invesco Next Gen Connectivity ETF	1.2	40	45	3.9	-0.5
ICLN	iShares Global Clean Energy ETF	1.1	41	44	2.9	-1.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.0	12	73	4.3	-0.1
KLMT	Invesco MSCI Global Climate 500 ETF	1.0	10	75	4.9	+0.6
VYMI	Vanguard International High Dividend Yield ETF	1.0	17	68	8.3	+3.9
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.9	49	36	4.8	+0.4
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.8	12	73	8.0	+3.6
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.7	78	7	8.6	+4.2
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.7	49	36	8.7	+4.4
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.7	79	6	7.2	+2.8
DGT	State Street SPDR Global Dow ETF	0.6	50	35	6.0	+1.6
GLOF	iShares Global Equity Factor ETF	0.6	20	65	5.9	+1.5
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.6	46	39	8.5	+4.1
JGLO	JPMorgan Global Select Equity ETF	0.6	33	52	4.3	-0.1
DWX	SPDR S&P International Dividend ETF	0.5	45	40	6.8	+2.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	76	4.9	+0.5
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.4	29	56	8.1	+3.7
PID	Invesco International Dividend Achievers ETF	0.3	53	32	4.8	+0.4
DEW	WisdomTree Global High Dividend Fund	0.2	58	27	7.6	+3.3
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.2	10	75	6.3	+1.9
ANEW	ProShares MSCI Transformational Changes ETF	0.1	45	40	4.6	+0.2
CGW	Invesco S&P Global Water Index ETF	0.1	57	28	4.2	-0.2
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.1	47	38	4.8	+0.4
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.1	80	5	12.6	+8.3
PIO	Invesco Global Water ETF	0.0	75	10	3.8	-0.6
SETM	Sprott Energy Transition Materials ETF	0.0	65	20	1.5	-2.9
AVRE	Avantis Real Estate ETF	0.0	17	68	7.0	+2.6
CUT	Invesco MSCI Global Timber ETF	0.0	61	24	9.7	+5.3
ERTH	Invesco MSCI Sustainable Future ETF	0.0	62	23	3.1	-1.3
REET	iShares Global REIT ETF	0.0	14	71	7.3	+2.9
DFGR	Dimensional Global Real Estate ETF	0.0	22	63	7.5	+3.1

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	WisdomTree India Earnings Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.4	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.54

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.