ETF Research Center

WisdomTree Earnings 500 Fund seeks to track the yield and performance of the WisdomTree Earnings 500 Index, an earnings-weighted index of large-cap U.S. stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree ETFs
Website	www.wisdomtree.com
Inception date	Feb 23, 2007
Assets (mns)	$321
Currency	USD
Expense ratio	8 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	490
Wgt avg mkt cap (mns)	$268,948
Large cap (>$10bn)	97.6%
Mid cap ($2-10bn)	2.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.9 %
APPLE INC	6.5 %
MICROSOFT CORP	3.0 %
JPMORGAN CHASE & CO	2.6 %
BERKSHIRE HATHAWAY INC-CL B	2.5 %
ALPHABET INC. CLASS A	2.4 %
BANK OF AMERICA CORP	2.2 %
FACEBOOK	2.0 %
INTEL CORP	1.7 %
CITIGROUP INC	1.5 %
WELLS FARGO & CO	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.8%	13.9%	10.1%	13.2%	8.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	96%
MSCI EAFE	0.87	57%
MSCI Emg. Mkts.	0.59	43%

Technical Indicators
Recent close	$35.26
30d moving avg.	$34.03
Annualized volatility	12.8%
Short interest (ETF)	0.8%
Short interest (Underlying)	2.3%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	63
Turnover	0.7%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$128,484

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree Earnings 500 ETF based on the alternatives' overlap in portfolio holdings with EPS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EPS

Expense:

8 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EPS
Ticker	Fund Name	Overlap¹ vs EPS (%)	Expense ratio (bp)	Savings vs EPS (bp)	ALTAR Score™ (%)	ALTAR vs EPS (%)
EXT	WisdomTree Total Earnings	84.5	28	-20	6.8	-0.1
PBP	Invesco S&P 500 Buy/Write	75.6	49	-41	5.6	-1.4
HSPX	Global X S&P 500 Covered Call	74.6	65	-57	5.4	-1.6
SPY	S&P 500 SPDR	74.2	9	-1	5.9	-1.1
IVV	iShares Core S&P 500	74.1	4	4	6.0	-1.0
VOO	Vanguard S&P 500 ETF	73.9	3	5	6.0	-1.0
PBUS	Invesco PureBeta MSCI USA	73.4	4	4	6.0	-0.9
BBUS	JP Morgan Betabuilders U.S. Equity	73.3	2	6	5.9	-1.1
SPLG	SPDR Portfolio Large Cap	73.3	3	5	5.9	-1.1
VV	Vanguard Large-Cap ETF	73.0	4	4	5.9	-1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	72.6	20	-12	6.0	-1.0
SPXE	ProShares S&P 500 Ex-Energy	72.4	27	-19	5.9	-1.1
SCHX	Schwab U.S. Large-Cap	72.2	3	5	5.9	-1.1
IWB	iShares Russell 1000	71.1	15	-7	5.8	-1.2
SCHK	Schwab 1000 Index	70.9	5	3	5.9	-1.1
VONE	Vanguard Russell 1000	70.9	12	-4	5.8	-1.2
DIVB	iShares U.S. Dividend & Buyback	70.7	25	-17	6.7	-0.3
SPXV	ProShares S&P 500 Ex-Health Care	70.5	27	-19	5.7	-1.3
MGC	Vanguard Mega Cap 300 ETF	70.1	7	1	5.9	-1.1
IYY	iShares DJ US Total Market	69.9	20	-12	5.7	-1.3

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 Earnings 500
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	17.4	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	8	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.