ETF Research Center

WisdomTree International Hedged Dividend Growth Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to provide exposure to developed market companies while at the same time neutralizing exposure to fluctuations between the value of foreign currencies and the U.S. dollar.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree Asset Management In
Website	www.wisdomtree.com
Inception date	May 07, 2014
Assets (mns)	$697
Currency	USD
Expense ratio	58 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	State Street Bank & Trust Co
Weighting	Dividend
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	282
Wgt avg mkt cap (mns)	$59,497
Large cap (>$10bn)	81.5%
Mid cap ($2-10bn)	15.6%
Small cap (<$2bn)	2.8%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	30.5 %
INDITEX	4.4 %
BRITISH AMERICAN TOBACCO PLC	4.0 %
UNILEVER NV	3.8 %
NOVO NORDISK A/S-B	3.7 %
RIO TINTO PLC	3.0 %
SAP AG	2.9 %
TOKYO ELECTRON LTD	2.6 %
PPR	2.2 %
ASML HOLDING NV	2.1 %
DIAGEO PLC	1.9 %

TOP COUNTRY EXPOSURE
	JAPAN	18.1 %
	BRITAIN	17.4 %
	GERMANY	7.7 %
	NETHERLANDS	7.5 %
	SWITZERLAND	6.9 %
	DENMARK	6.7 %
	SPAIN	5.8 %
	FRANCE	5.7 %
	AUSTRALIA	3.8 %
	HONG KONG	3.7 %

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.
-1.2%	22.1%	9.2%	--	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	74%
MSCI EAFE	0.83	70%
MSCI Emg. Mkts.	0.51	46%

Technical Indicators
Recent close	$37.45
30d moving avg.	$36.99
Annualized volatility	11.0%
Short interest (ETF)	0.2%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	145
Turnover	0.8%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$8,438

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IHDG

Expense:

58 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IHDG
Ticker	Fund Name	Overlap¹ vs IHDG (%)	Expense ratio (bp)	Savings vs IHDG (bp)	ALTAR Score™ (%)	ALTAR vs IHDG (%)
IQDG	WisdomTree International Quality Dividend Growth	92.5	38	20	6.1	+0.4
EUDG	WisdomTree Europe Dividend	56.2	58	0	6.0	+0.3
DNL	WisdomTree Global Ex-U.S. Growth	41.3	58	0	6.9	+1.1
IDHQ	Invesco Int'l Developed High Quality Portfolio	31.8	29	29	5.1	-0.6
IQLT	iShares MSCI Int'l Developed Quality	31.4	30	28	5.9	+0.2
EFG	iShares MSCI EAFE Growth	30.7	40	18	4.5	-1.2
QEFA	SPDR MSCI EAFE Quality Mix	22.3	30	28	6.5	+0.8
EASG	Xtrackers MSCI EAFE ESG Leaders Equity	21.5	14	44	6.5	+0.7
IMTM	iShares MSCI Int'l Developed Momentum	21.5	30	28	4.5	-1.2
QINT	American Century Quality Diversified International	21.3	39	19	5.9	+0.2
PIZ	Invesco DWA Dev. Mkts. Technical Leaders	19.8	80	-22	3.6	-2.1
OEUR	O'Shares FTSE Europe Quality Dividend	19.6	48	10	6.3	+0.6
HEDJ	Wisdomtree International Hedged Equity	19.5	58	0	7.2	+1.5
IEV	iShares S&P Europe 350	19.2	59	-1	6.2	+0.5
GSEU	Goldman Sachs ActiveBeta Europe Equity	19.2	25	33	6.3	+0.5
EFAX	SPDR MSCI EAFE Fossil Fuel Free	18.9	20	38	6.7	+1.0
FLEE	Franklin FTSE Europe	18.9	9	49	6.7	+0.9
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	18.8	30	28	6.4	+0.6
IEUR	iShares Core MSCI Europe	18.5	9	49	6.7	+1.0
FLEH	Franklin FTSE Europe Hedged	18.5	9	49	6.5	+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

	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 Hedged Quality Dividend Growth 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	20.9	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.