Good question. Frank from New Jersey asks: “Why doesn’t the WisdomTree International Equity Fund have any investments in the U.S.”? Mutual funds, including indexes that are tracked by exchange traded funds, such as DWM, that invest in foreign assets are divided into two groups: Global Funds and International Funds. Global funds include not only foreign securities, but also securities based in the issuer’s home country – in this case the U.S. Thus, global funds may include a large percentage of their holdings (e.g. 20% -30%) in U.S. companies as well as those based abroad. International funds, however, take a more restrictive approach and invest exclusively in companies domiciled outside of the home country and are a pure-play portfolio of foreign stocks. The WisdomTree International index, therefore, consists solely of companies that are headquartered outside of the United States. In addition, and at the discretion of the index administrator, DWM also has decided to exclude neighboring Canadian-based companies, hence: Ex-North America. However, some cash holdings may be held in instruments of the U.S., which is the case of WisdomTree International, with about 5.5% of assets in domestic short-term fixed income.