ETF Research Center

The WisdomTree Europe Hedged SmallCap Equity ETF tracks an index of dividend-paying, eurozone small-cap equities that hedges out euro/USD FX moves for US investors.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Mar 04, 2015
Assets (mns)	$88
Currency	USD
Expense ratio	58 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Dividend
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	280
Wgt avg mkt cap (mns)	$3,179
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	77.7%
Small cap (<$2bn)	22.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.7 %
MEDIOLANUM SPA	2.0 %
EUTELSAT COMMUNICATIONS	1.4 %
BPOST SA	1.3 %
A2A SPA	1.2 %
FREENET AG	1.2 %
PROSIEBEN SAT.1 MEDIA AG-PFD	1.2 %
AZIMUT HOLDING SPA	1.1 %
VOESTALPINE AG	1.1 %
METRO AG	1.1 %
FAURECIA	1.1 %

TOP COUNTRY EXPOSURE
	ITALY	20.0 %
	GERMANY	17.3 %
	FRANCE	13.9 %
	FINLAND	9.3 %
	SPAIN	7.6 %
	NETHERLANDS	7.5 %
	AUSTRIA	5.6 %
	BELGIUM	5.0 %
	PORTUGAL	3.3 %
	IRELAND	0.7 %

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.
21.9%	14.4%	--	--	7.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	56%
MSCI EAFE	1.03	83%
MSCI Emg. Mkts.	0.64	53%

Technical Indicators
Recent close	$32.14
30d moving avg.	$31.55
Annualized volatility	12.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.3%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$1,473

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EUSC

Expense:

58 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EUSC
Ticker	Fund Name	Overlap¹ vs EUSC (%)	Expense ratio (bp)	Savings vs EUSC (bp)	ALTAR Score™ (%)	ALTAR vs EUSC (%)
SMEZ	SPDR Euro Stoxx Small Cap	26.2	46	12	5.4	-2.1
DFE	WisdomTree Europe Small Cap Dividend	25.9	58	0	9.2	+1.7
IEUS	iShares MSCI Europe Small Cap	23.6	40	18	6.2	-1.3
DLS	WisdomTree Int'l SmallCap Dividend	20.2	58	0	8.4	+0.9
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	19.8	43	15	8.6	+1.1
FEUZ	First Trust Eurozone AlphaDex	19.2	80	-22	7.1	-0.4
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	15.9	43	15	6.8	-0.7
SCZ	iShares MSCI EAFE Small Cap	13.5	39	19	6.2	-1.3
FEP	First Trust Europe AlphaDEX	13.2	80	-22	7.3	-0.2
EWGS	iShares MSCI Germany Small Cap	12.7	59	-1	6.1	-1.4
SCHC	Schwab Intl Small-Cap Equity	11.4	12	46	6.6	-0.9
PDN	Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap	10.8	49	9	6.7	-0.8
AVDV	Avantis International Small Cap Value	10.7	36	22	7.2	-0.3
SCID	Global X Scientific Beta Europe	10.4	38	20	6.5	-1.0
FNDC	Schwab Fundamental Intl Small Cap	9.8	39	19	4.7	-2.9
ISDS	Invesco Strategic Developed ex-US Small Company	9.5	35	23	5.2	-2.3
ISCF	iShares FactorSelect MSCI Intl Small-Cap	8.9	40	18	7.0	-0.5
EFNL	iShares MSCI Finland Capped	8.9	53	5	6.6	-0.9
IDV	iShares DJ Int'l Select Dividend	8.7	49	9	8.6	+1.1
VSS	Vanguard FTSE All World ex-US Small Cap	8.4	12	46	6.7	-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 Europe Hedged SmallCap Equity 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	11.5	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.