ETF Research Center

WisdomTree SmallCap Earnings Fund seeks investment results that correspond to the price and yield performance, before fees and expenses, of the fundamentally-weighted WisdomTree SmallCap Earnings Index.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Feb 23, 2007
Assets (mns)	$800
Currency	USD
Expense ratio	38 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Earnings
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	853
Wgt avg mkt cap (mns)	$1,441
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	20.8%
Small cap (<$2bn)	79.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	8.0 %
WARRIOR MET COAL, INC.	1.1 %
AMC NETWORKS INC-A	1.0 %
CLEVELAND-CLIFFS INC	0.9 %
LEVI STRAUSS & CO. CLASS A	0.8 %
OWENS-ILLINOIS INC	0.8 %
CHANGE HEALTHCARE, INC.	0.8 %
PETROLEUM DEVELOPMENT CORP	0.7 %
MICHAELS COMPANIES INC	0.7 %
RANGE RESOURCES CORP	0.6 %
PROPETRO HOLDING CORP.	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.7%	21.7%	8.3%	12.2%	8.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.21	70%
MSCI EAFE	1.12	49%
MSCI Emg. Mkts.	0.65	29%

Technical Indicators
Recent close	$37.67
30d moving avg.	$38.13
Annualized volatility	17.5%
Short interest (ETF)	0.1%
Short interest (Underlying)	7.6%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	76
Turnover	0.4%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$7,183

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EES

Expense:

38 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EES
Ticker	Fund Name	Overlap¹ vs EES (%)	Expense ratio (bp)	Savings vs EES (bp)	ALTAR Score™ (%)	ALTAR vs EES (%)
FYX	First Trust Small Cap Core Alphadex	44.0	66	-28	5.3	-2.9
TPSC	Timothy Plan US Small Cap Core	42.8	52	-14	6.6	-1.6
CSF	Compass EMP US Discovery 500 Enhanced Vol.	41.1	35	3	7.0	-1.2
CSA	Victory CEMP US Small Cap Volatility Wtd	41.0	35	3	7.0	-1.2
DES	WisdomTree Smallcap Dividend	37.8	38	0	6.9	-1.3
FYT	First Trust Small Cap Value AlphaDEX	37.7	76	-38	7.0	-1.2
EWSC	Invesco S&P Small Cap 600 Equal Weight	37.1	40	-2	5.5	-2.7
IWN	iShares Russell 2000 Value	36.4	24	14	6.1	-2.0
VTWV	Vanguard Russell 2000 Value	36.1	20	18	6.2	-2.0
SLY	SPDR S&P 600 Small Cap	36.0	15	23	6.0	-2.2
IJR	iShares Core S&P Small-Cap	36.0	7	31	6.0	-2.2
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	35.6	20	18	5.5	-2.6
VIOO	Vanguard S&P Small-Cap 600	35.0	15	23	5.7	-2.5
RNSC	Small Cap US Equity Select	34.4	60	-22	5.8	-2.4
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	33.3	39	-1	4.6	-3.6
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	33.2	29	9	6.0	-2.2
AVUV	Avantis U.S. Small Cap Value	33.2	25	13	7.3	-0.8
RWJ	Invesco S&P SmallCap 600 Revenue ETF	32.3	39	-1	6.1	-2.0
SLYV	SPDR S&P600 Small Cap Value	31.4	15	23	7.6	-0.6
IJS	iShares S&P 600 SmallCap Value	31.1	25	13	7.4	-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 SmallCap Earnings
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.0	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.55

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.