ETF Research Center

WisdomTree MidCap Earnings Fund seeks to track the price and yield performance of the WisdomTree MidCap Earnings Index, which tracks earnings-generating companies within the mid-capitalization s

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Feb 23, 2007
Assets (mns)	$1,146
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	552
Wgt avg mkt cap (mns)	$5,636
Large cap (>$10bn)	3.0%
Mid cap ($2-10bn)	95.5%
Small cap (<$2bn)	1.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	7.5 %
BRIGHTHOUSE FINANCIAL, INC.	1.1 %
GAP INC/THE	0.8 %
LEAR CORP	0.7 %
UNUM GROUP	0.7 %
DEVON ENERGY CORPORATION	0.7 %
HOLLYFRONTIER CORP	0.7 %
MACY'S INC	0.7 %
XEROX CORP	0.7 %
SANTANDER CONSUMER USA HOLDI	0.7 %
MOLINA HEALTHCARE INC	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.7 %

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.
24.5%	24.5%	7.9%	12.7%	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	86%
MSCI EAFE	1.11	60%
MSCI Emg. Mkts.	0.72	44%

Technical Indicators
Recent close	$42.68
30d moving avg.	$41.94
Annualized volatility	15.7%
Short interest (ETF)	0.1%
Short interest (Underlying)	6.3%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	63
Turnover	0.2%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$20,548

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EZM

Expense:

38 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EZM
Ticker	Fund Name	Overlap¹ vs EZM (%)	Expense ratio (bp)	Savings vs EZM (bp)	ALTAR Score™ (%)	ALTAR vs EZM (%)
FNX	First Trust Mid Cap Core Alpadex	54.7	62	-24	6.3	-1.9
RNMC	First Trust Mid Cap US Equity Select	51.6	60	-22	6.3	-1.9
FNK	First Trust Mid Cap Value AlphaDEX	47.9	70	-32	8.5	+0.3
MDY	S&P MidCap 400 SPDR	46.4	24	14	5.8	-2.4
IJH	iShares Core S&P MidCap	46.4	7	31	6.0	-2.2
SFYX	SoFi Next 500	45.9	0	38	5.4	-2.9
SPMD	SPDR Portfolio Mid Cap	45.7	5	33	6.0	-2.2
VB	Vanguard Smallcap ETF	45.7	5	33	5.3	-3.0
EWMC	Invesco S&P Mid Cap 400 Equal Weight	45.5	40	-2	6.3	-2.0
VBR	Vanguard Small-Cap Value ETF	45.5	7	31	7.3	-0.9
IVOO	Vanguard S&P Mid-Cap 400	44.7	15	23	5.9	-2.4
PBSM	Invesco PureBeta MSCI USA Small Cap	44.6	6	32	5.1	-3.2
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	44.2	29	9	8.8	+0.6
DON	WisdomTree Midcap Dividend	43.4	38	0	7.0	-1.2
JHSC	John Hancock Multifactor Small Cap	42.2	50	-12	5.4	-2.8
RWK	Invesco S&P MidCap 400 Revenue ETF	41.2	39	-1	7.4	-0.8
FSMD	Fidelity Small-Mid Factor ETF	40.6	29	9	6.1	-2.1
SCHM	Schwab US Mid Cap	40.6	4	34	6.0	-2.3
IVOV	Vanguard S&P Mid-Cap 400 Value	39.3	20	18	7.1	-1.2
SCHA	Schwab U.S. Small-Cap	38.9	4	34	4.7	-3.6

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 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	14.4	%
Divided by: Fwd. P/BV	1.7	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	1.62	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.