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)	$399
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	500
Wgt avg mkt cap (mns)	$377,577
Large cap (>$10bn)	97.7%
Mid cap ($2-10bn)	2.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.1 %
APPLE INC	6.7 %
MICROSOFT CORP	4.6 %
ALPHABET INC. CLASS A	3.0 %
FACEBOOK	2.1 %
JPMORGAN CHASE & CO	2.0 %
AMAZON.COM INC	1.7 %
BANK OF AMERICA CORP	1.6 %
VERIZON COMMUNICATIONS INC	1.6 %
JOHNSON & JOHNSON	1.5 %
WAL-MART STORES INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.5%	5.0%	9.7%	12.7%	8.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	98%
MSCI EAFE	1.04	85%
MSCI Emg. Mkts.	0.74	70%

Technical Indicators
Recent close	$35.43
30d moving avg.	$34.08
Annualized volatility	17.9%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.3%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	41
Turnover	0.4%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$196,481

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the WisdomTree U.S. Earnings 500 Fund 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™:

6.3%

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 (%)
PBP	Invesco S&P 500 BuyWrite ETF	76.8	49	-41	4.8	-1.4
HSPX	Global X S&P 500 Covered Call ETF	75.6	65	-57	4.7	-1.6
SPY	SPDR S&P 500 ETF Trust	75.3	9	-1	5.2	-1.1
SPLG	SPDR Portfolio Large Cap ETF	75.3	3	5	5.2	-1.1
IVV	iShares Core S&P 500 ETF	75.3	4	4	5.2	-1.1
VOO	VANGUARD S&P 500 ETF	75.0	3	5	5.2	-1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	74.4	20	-12	5.1	-1.2
PBUS	Invesco PureBeta MSCI USA ETF	74.2	4	4	5.1	-1.2
SPXE	ProShares S&P 500 Ex-Energy ETF	74.2	27	-19	5.1	-1.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	73.9	7	1	5.0	-1.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	73.7	2	6	5.1	-1.2
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	73.4	25	-17	6.2	-0.0
SCHX	Schwab U.S. Large-Cap ETF	73.0	3	5	5.1	-1.2
VV	Vanguard Large-Cap Index Fund	72.8	4	4	5.0	-1.2
SPTM	SPDR Portfolio Total Stock Market ETF	72.1	3	5	5.3	-1.0
SCHK	Schwab 1000 Index ETF	71.5	5	3	5.1	-1.2
VONE	Vanguard Russell 1000 ETF	71.3	8	0	5.0	-1.3
IWB	iShares Russell 1000 ETF	71.2	15	-7	4.9	-1.4
IYY	iShares Dow Jones U.S. ETF	71.0	20	-12	5.0	-1.3
PRF	Invesco FTSE RAFI US 1000 ETF	70.7	39	-31	6.6	+0.3
DIVB	iShares U.S. Dividend & Buyback ETF	70.5	25	-17	6.4	+0.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	70.4	25	-17	6.2	-0.0
MGC	Vanguard Mega Cap Index Fund	70.1	7	1	5.0	-1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	69.9	27	-19	4.8	-1.5
JHML	John Hancock Multifactor Large Cap ETF	69.0	29	-21	5.4	-0.9
SCHB	Schwab U.S. Broad Market ETF	68.9	3	5	5.0	-1.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	68.8	27	-19	4.8	-1.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	68.7	3	5	5.0	-1.3
IWV	iShares Russell 3000 ETF	68.5	20	-12	4.8	-1.5
VTHR	Vanguard Russell 3000 Index Fund	68.5	10	-2	4.9	-1.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	68.3	20	-12	4.7	-1.5
IWL	iShares Russell Top 200 ETF	68.1	15	-7	4.8	-1.5
BKLC	BNY Mellon US Large Cap Core Equity ETF	67.9	0	8	4.9	-1.3
DLN	WisdomTree U.S. LargeCap Dividend Fund	67.9	28	-20	6.3	-0.0
DTD	WisdomTree U.S.Total Dividend Fund	67.5	28	-20	6.5	+0.2
ESGU	iShares MSCI USA ESG Optimized ETF	67.2	15	-7	4.9	-1.4
IUS	Invesco Strategic US ETF	67.1	19	-11	6.3	+0.0
VTI	Vanguard Total Stock Market Index Fund	67.1	3	5	4.9	-1.4
CATH	Global X S&P 500 Catholic Values Custom ETF	66.3	29	-21	5.0	-1.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	65.3	9	-1	5.3	-0.9
SNPE	Xtrackers S&P 500 ESG ETF	65.0	11	-3	4.9	-1.4
SFY	SoFi Select 500 ETF	64.9	0	8	5.0	-1.3
VLU	SPDR S&P 1500 Value Tilt ETF	64.3	12	-4	7.2	+0.9
SPXT	ProShares S&P 500 Ex-Technology ETF	64.0	27	-19	5.4	-0.8
QUS	SPDR MSCI USA StrategicFactors ETF	63.5	15	-7	5.7	-0.6
ESGV	Vanguard ESG U.S. Stock ETF	63.4	12	-4	4.9	-1.4
AVUS	Avantis U.S. Equity ETF	63.0	15	-7	5.5	-0.8
RWL	Invesco S&P 500 Revenue ETF	61.1	39	-31	7.0	+0.7
OEF	iShares S&P 100 ETF	61.0	20	-12	4.6	-1.7
SPYV	SPDR Portfolio S&P 500 Value ETF	59.7	4	4	7.3	+1.0
IVE	iShares S&P 500 Value ETF	59.7	18	-10	7.1	+0.8
IQSU	IQ Candriam ESG US Equity ETF	59.6	9	-1	4.9	-1.4
VOOV	Vanguard S&P 500 Value ETF	59.6	15	-7	7.1	+0.9
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	59.4	25	-17	6.3	-0.0
ESG	FlexShares STOXX US ESG Impact Index Fund	59.3	32	-24	4.9	-1.4
IWD	iShares Russell 1000 Value ETF	59.2	19	-11	6.8	+0.5
VONV	Vanguard Russell 1000 Value Index Fund	59.1	8	0	6.9	+0.6
IUSV	iShares Core S&P U.S. Value ETF	58.8	4	4	7.3	+1.0
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	58.7	15	-7	6.0	-0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	58.6	12	-4	4.4	-1.8
DYNF	BlackRock U.S. Equity Factor Rotation ETF	58.5	30	-22	6.3	0.0
XOUT	GraniteShares XOUT U.S. Large Cap ETF	58.5	60	-52	4.0	-2.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	57.6	9	-1	5.5	-0.7
TOK	iShares MSCI Kokusai ETF	57.5	25	-17	5.4	-0.9
VTV	Vanguard Value Index Fund	56.4	4	4	7.3	+1.0
DGRO	iShares Core Dividend Growth ETF	56.3	8	0	6.5	+0.2
SPYG	SPDR Portfolio S&P 500 Growth ETF	55.0	4	4	4.2	-2.1
VOOG	Vanguard S&P 500 Growth ETF	55.0	10	-2	4.1	-2.2
IVW	iShares S&P 500 Growth ETF	55.0	18	-10	4.0	-2.3
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	55.0	29	-21	5.8	-0.4
RECS	Columbia Research Enhanced Core ETF	54.5	15	-7	5.4	-0.8
IUSG	iShares Core S&P US Growth ETF	54.4	4	4	4.2	-2.1
URTH	iShares MSCI World ETF	53.9	24	-16	5.5	-0.7
NACP	Impact Shares NAACP Minority Empowerment ETF	53.1	75	-67	4.5	-1.8
SCHV	Schwab U.S. Large-Cap Value ETF	52.9	4	4	7.1	+0.8
EXT	WisdomTree U.S. Total Earnings Fund	52.7	28	-20	5.0	-1.2
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	51.3	19	-11	5.9	-0.4
AFLG	First Trust Active Factor Large Cap ETF	51.1	55	-47	5.3	-0.9
FVAL	Fidelity Value Factor ETF	50.7	29	-21	7.7	+1.4
RAFE	PIMCO RAFI ESG U.S. ETF	50.3	29	-21	7.5	+1.3
XLG	Invesco S&P 500 Top 50 ETF	49.9	20	-12	4.3	-2.0
IWX	iShares Russell Top 200 Value ETF	49.9	20	-12	6.7	+0.4
EQWL	Invesco Russell Top 200 Equal Weight ETF	49.8	25	-17	6.0	-0.3
MGV	Vanguard Mega Cap Value ETF	49.5	7	1	7.2	+0.9
DSI	iShares MSCI KLD 400 Social ETF	48.7	25	-17	5.0	-1.3
FDRR	Fidelity Dividend ETF for Rising Rates	48.2	29	-21	6.8	+0.6
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	48.2	10	-2	5.2	-1.1
SUSL	iShares ESG MSCI USA Leaders ETF	48.2	10	-2	5.2	-1.1
ACWI	iShares MSCI ACWI ETF	48.2	32	-24	5.7	-0.6
KRMA	Global X Conscious Companies ETF	47.6	43	-35	5.0	-1.2
ROUS	Hartford Multifactor US Equity ETF	47.2	19	-11	7.0	+0.8
FQAL	Fidelity Quality Factor ETF	47.1	29	-21	5.4	-0.9
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	47.1	20	-12	5.9	-0.4
QLC	FlexShares US Quality Large Cap Index Fund	46.9	32	-24	5.2	-1.1
CRBN	iShares MSCI ACWI Low Carbon Target ETF	46.8	20	-12	5.9	-0.3
JQUA	JPMorgan U.S. Quality Factor ETF	46.8	12	-4	5.2	-1.1
VEGN	US Vegan Climate ETF	46.7	60	-52	5.0	-1.3
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	46.6	75	-67	3.8	-2.5
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	46.6	49	-41	3.8	-2.5
USDY	Pacific Global US Equity Income ETF	46.4	29	-21	7.1	+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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	WisdomTree U.S. Earnings 500 Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.1	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	8	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.52

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.