ETF Research Center

The WisdomTree Emerging Markets Multifactor Fund is an actively managed fund that invests in emerging-market firms that score highly on multiple factors. It may hedge foreign currency exposure. The fund seeks capital appreciation.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Aug 10, 2018
Assets (mns)	$22
Currency	USD
Expense ratio	48 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	223
Wgt avg mkt cap (mns)	$17,554
Large cap (>$10bn)	35.2%
Mid cap ($2-10bn)	60.4%
Small cap (<$2bn)	4.1%
Developed mkts	8.1%
Emerging mkts	91.3%

TOP TEN HOLDINGS
Total	10.1 %
CHINA COAL ENERGY CO - H	1.2 %
CHINA SHENHUA ENERGY CO - H	1.1 %
CHINA CONSTRUCTION BANK-H	1.1 %
OIL COMPANY LUKOIL PJSC SPONSORED	1.0 %
BANK OF COMMUNICATIONS CO-H	1.0 %
CHINA MOBILE LIMITED	1.0 %
ROSNEFT OJSC-REG S GDR	1.0 %
CHONGQING RURAL COMMERCIAL-H	0.9 %
CHINA TELECOM CORP. LTD. CLASS H	0.9 %
LI NING CO LTD	0.9 %

TOP COUNTRY EXPOSURE
	CHINA	20.2 %
	TAIWAN	12.9 %
	INDIA	9.7 %
	BRAZIL	9.4 %
	THAILAND	7.8 %
	HONG KONG	7.2 %
	SOUTH KOREA	6.5 %
	RUSSIA	5.9 %
	MEXICO	4.1 %
	MALAYSIA	3.6 %

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.
-1.9%	-5.1%	--	--	-7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.53	65%
MSCI EAFE	0.68	77%
MSCI Emg. Mkts.	0.63	89%

Technical Indicators
Recent close	$21.87
30d moving avg.	$22.12
Annualized volatility	11.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.4%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$4,568

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EMMF

Expense:

48 bp

ALTAR Score™:

10.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EMMF
Ticker	Fund Name	Overlap¹ vs EMMF (%)	Expense ratio (bp)	Savings vs EMMF (bp)	ALTAR Score™ (%)	ALTAR vs EMMF (%)
DGRE	WisdomTree Emg Mkt Dividend Growth	29.7	32	16	9.1	-0.9
EMCG	WisdomTree Emg Mkts Consumer Growth	29.2	32	16	6.7	-3.3
ROAM	Hartford Multifactor Emerging Markets	27.9	44	4	11.2	+1.2
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	25.2	45	3	9.1	-1.0
EELV	Invesco S&P Emg Mkts Low Volatility	24.9	29	19	10.2	+0.2
EEMV	iShares MSCI Emerg Mkt Minimum Volatility	24.4	25	23	9.0	-1.1
QLVE	FlexShares Emerging Markets Quality Low Volatility	23.2	40	8	8.4	-1.6
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	23.0	45	3	13.4	+3.4
QEMM	SPDR MSCI Emerging Markets Quality Mix	22.7	30	18	9.1	-1.0
DVEM	WisdomTree Emerging Markets Dividend	22.4	32	16	11.4	+1.3
JHEM	John Hancock Multifactor Emerging Markets	22.1	55	-7	8.8	-1.2
CEZ	Victory CEMP Emerging Market Volatility Weighted	22.0	50	-2	9.2	-0.8
EMGF	iShares Edge MSCI Multifactor Emerging Markets	21.9	45	3	10.0	-0.0
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	21.7	45	3	8.9	-1.2
RNEM	First Trust Emerging Markets Equity Select	21.1	75	-27	9.6	-0.4
FEM	First Trust Emerging Markets AlphaDEX	21.0	80	-32	10.8	+0.8
MXDE	Nationwide Maximum Diversification Emg Mkts Core	20.3	64	-16	5.2	-4.8
FDEM	Fidelity Targeted Emerging Markets Factor	18.4	45	3	8.9	-1.2
PXH	Invesco FTSE-RAFI Emerging Markets	17.8	50	-2	12.3	+2.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	17.8	30	18	8.5	-1.5

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 Emerging Markets Multifactor Fund
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	12.4	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	10.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.49

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.