ETF Research Center

WisdomTree Europe Hedged Equity Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the WisdomTree Europe Hedged Equity Index. The Fund seeks to provide exposure to Eurozone stocks while neutralizing currency risk relative to the US Dollar.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree Investments Inc
Website	www.wisdomtree.com
Inception date	Dec 31, 2009
Assets (mns)	$3,465
Currency	USD
Expense ratio	58 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	127
Wgt avg mkt cap (mns)	$71,847
Large cap (>$10bn)	89.0%
Mid cap ($2-10bn)	10.3%
Small cap (<$2bn)	0.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.0 %
BANCO SANTANDER SA	5.6 %
ANHEUSER-BUSCH INBEV SA/NV	4.9 %
SANOFI-AVENTIS	4.5 %
UNILEVER NV	4.5 %
LVMH MOET HENNESSY LOUIS VUI	3.9 %
SIEMENS AG-REG	3.6 %
DAIMLER AG-REGISTERED SHARES	3.6 %
BAYER AG	3.4 %
BASF SE	3.3 %
BANCO BILBAO VIZCAYA ARGENTA	2.9 %

TOP COUNTRY EXPOSURE
	GERMANY	26.2 %
	FRANCE	26.0 %
	NETHERLANDS	19.0 %
	SPAIN	11.8 %
	BELGIUM	6.8 %
	FINLAND	2.9 %
	BRITAIN	1.9 %
	IRELAND	1.6 %
	ITALY	1.4 %
	PORTUGAL	0.9 %

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.
25.7%	18.5%	8.0%	--	7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	56%
MSCI EAFE	0.94	69%
MSCI Emg. Mkts.	0.56	39%

Technical Indicators
Recent close	$70.28
30d moving avg.	$69.63
Annualized volatility	12.4%
Short interest (ETF)	1.0%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	237
Turnover	0.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$6,988

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

HEDJ

Expense:

58 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HEDJ
Ticker	Fund Name	Overlap¹ vs HEDJ (%)	Expense ratio (bp)	Savings vs HEDJ (bp)	ALTAR Score™ (%)	ALTAR vs HEDJ (%)
FEZ	SPDR DJ Euro Stoxx 50	49.7	29	29	6.8	-0.8
EZU	iShares MSCI Euro Monetary Union	48.1	47	11	6.6	-1.0
EURZ	Xtrackers Eurozone Equity	46.2	9	49	6.8	-0.7
DBEZ	Xtrackers MSCI EMU Hedged	44.5	45	13	6.3	-1.3
EUDG	WisdomTree Europe Dividend	30.8	58	0	6.2	-1.4
FLFR	Franklin FTSE France	27.9	9	49	6.7	-0.9
EWQ	iShares MSCI France	27.5	47	11	6.1	-1.4
IEV	iShares S&P Europe 350	26.7	59	-1	6.2	-1.4
DXGE	WisdomTree Germany Hedged Equity	26.2	48	10	9.5	+1.9
DBEU	Xtrackers Europe Hedged	26.0	45	13	6.4	-1.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	25.5	30	28	6.6	-1.0
FLEH	Franklin FTSE Europe Hedged	25.1	9	49	7.2	-0.4
EWG	iShares MSCI Germany	25.0	47	11	7.5	-0.1
DBGR	Xtrackers MSCI Germany Hedged	25.0	45	13	7.6	+0.1
FLEE	Franklin FTSE Europe	24.9	9	49	6.8	-0.8
FLGR	Franklin FTSE Germany	24.9	9	49	7.9	+0.3
QDEU	SPDR MSCI Germany Quality Mix	24.7	14	44	8.0	+0.4
BBEU	JPMorgan BetaBuilders Europe	24.3	9	49	6.7	-0.9
IEUR	iShares Core MSCI Europe	23.6	9	49	6.7	-0.9
FEU	SPDR DJ Stoxx 50	23.3	9	49	6.7	-0.9

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 International 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	12.7	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	7.6	%

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.