ETF Research Center

WisdomTree MidCap Dividend Fund seeks investment results that correspond to the performance of the WisdomTree MidCap Dividend Index. The Fund invests mid-cap companies that pay regular dividends.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$4,053
Currency	USD
Expense ratio	38 bp
Distributions	Monthly

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	397
Wgt avg mkt cap (mns)	$8,105
Large cap (>$10bn)	27.6%
Mid cap ($2-10bn)	71.9%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	10.1 %
TARGA RESOURCES CORP	1.5 %
COTY INC-CL A	1.2 %
WISDOMTREE LARGE CAP DIVIDEND	1.1 %
CAMPBELL SOUP CO	1.0 %
WESTERN UNION CO	1.0 %
JM SMUCKER CO/THE	0.9 %
WESTROCK CO.	0.8 %
TIFFANY & CO	0.8 %
AES CORP	0.8 %
BAKER HUGHES, A GE COMPANY CLASS A	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.7 %
	PUERTO RICO	0.1 %

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.
20.4%	8.8%	8.8%	13.8%	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	84%
MSCI EAFE	0.92	58%
MSCI Emg. Mkts.	0.63	44%

Technical Indicators
Recent close	$37.06
30d moving avg.	$37.21
Annualized volatility	13.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	5.5%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	220
Turnover	0.2%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$22,113

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DON

Expense:

38 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DON
Ticker	Fund Name	Overlap¹ vs DON (%)	Expense ratio (bp)	Savings vs DON (bp)	ALTAR Score™ (%)	ALTAR vs DON (%)
RNMC	First Trust Mid Cap US Equity Select	49.3	60	-22	6.6	-0.4
SCHM	Schwab US Mid Cap	48.3	4	34	6.3	-0.7
OSIZ	Invesco Russell 1000 Size Factor ETF	45.1	19	19	6.2	-0.8
SFYX	SoFi Next 500	42.3	0	38	5.6	-1.4
FNX	First Trust Mid Cap Core Alpadex	39.9	62	-24	6.6	-0.4
ONEY	SPDR Russell 1000 Yield Focus	38.9	20	18	8.3	+1.3
EZM	WisdomTree Midcap Earnings	38.8	38	0	7.7	+0.7
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	38.5	29	9	9.4	+2.4
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index	36.9	20	18	6.9	-0.1
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	36.6	24	14	6.1	-1.0
JHMM	John Hancock Multifactor Mid Cap	35.8	44	-6	5.9	-1.1
IJH	iShares Core S&P MidCap	35.3	7	31	6.3	-0.8
MDY	S&P MidCap 400 SPDR	35.3	24	14	6.1	-1.0
IVOO	Vanguard S&P Mid-Cap 400	35.2	15	23	6.2	-0.8
ONEV	SPDR Russell 1000 Low Volatility Focus	35.0	20	18	6.9	-0.1
VBR	Vanguard Small-Cap Value ETF	33.5	7	31	7.7	+0.6
EWMC	Invesco S&P Mid Cap 400 Equal Weight	33.4	40	-2	6.6	-0.4
VB	Vanguard Smallcap ETF	33.3	5	33	5.5	-1.5
FNK	First Trust Mid Cap Value AlphaDEX	33.0	70	-32	8.9	+1.9
IWS	iShares Russell Midcap Value	32.1	24	14	7.0	-0.1

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

	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 Midcap Dividend
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	14.4	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	CATEGORY AVERAGE	1.56

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.