ETF Research Center

The WisdomTree U.S. Quality Shareholder Yield Fund seeks income and capital appreciation by investing primarily in U.S. equity securities that provide a high total shareholder yield with favorable relative quality characteristics.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Feb 23, 2007
Assets (mns)	$51
Currency	USD
Expense ratio	38 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	139
Wgt avg mkt cap (mns)	$67,222
Large cap (>$10bn)	68.1%
Mid cap ($2-10bn)	31.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.1 %
GENTEX CORP	2.3 %
AMGEN INC	2.2 %
ORACLE CORP	2.1 %
DISCOVER FINANCIAL SERVICES	2.1 %
PHILLIPS 66	2.1 %
CDK GLOBAL INC	2.0 %
HYATT HOTELS CORP - CL A	2.0 %
LAM RESEARCH CORP	1.9 %
CITRIX SYSTEMS INC	1.7 %
CISCO SYSTEMS INC	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

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.
22.0%	12.7%	9.2%	12.1%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	93%
MSCI EAFE	0.99	58%
MSCI Emg. Mkts.	0.66	42%

Technical Indicators
Recent close	$92.56
30d moving avg.	$88.90
Annualized volatility	14.4%
Short interest (ETF)	4.3%
Short interest (Underlying)	3.1%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$39,581

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

QSY

Expense:

38 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QSY
Ticker	Fund Name	Overlap¹ vs QSY (%)	Expense ratio (bp)	Savings vs QSY (bp)	ALTAR Score™ (%)	ALTAR vs QSY (%)
LSAF	LeaderShares AlphaFactor US Core Equity	32.0	75	-37	6.6	-0.4
USMF	WisdomTree U.S. Multifactor Fund	30.8	28	10	7.0	+0.0
QLC	FlexShares US Quality Large Cap	30.1	32	6	6.6	-0.4
SPYB	SPDR S&P 500 Buyback	29.6	35	3	7.4	+0.4
PY	Principal Shareholder Yield	29.4	29	9	8.0	+1.0
DIVB	iShares U.S. Dividend & Buyback	28.8	25	13	6.7	-0.3
PKW	Invesco Buyback Acheivevers	27.8	62	-24	6.0	-1.0
COWZ	Pacer US Cash Cows 100	27.4	49	-11	9.9	+2.9
QDYN	FlexShares Quality Dividend Dynamic	27.1	37	1	6.8	-0.2
FLQL	Franklin LibertyQ U.S. Equity	26.7	15	23	6.9	-0.1
JPUS	JPMorgan Diversified Return U.S. Equity	26.5	19	19	6.3	-0.6
QARP	Xtrackers Russell 1000 US QARP	26.0	19	19	6.5	-0.5
QDF	FlexShares Quality Dividend	25.7	37	1	7.0	0.0
ONEV	SPDR Russell 1000 Low Volatility Focus	25.7	20	18	7.0	+0.0
JQUA	JPMorgan U.S. Quality Factor	25.7	12	26	5.8	-1.1
ONEO	SPDR Russell 1000 Momentum Focus	25.0	20	18	6.5	-0.5
ONEY	SPDR Russell 1000 Yield Focus	24.8	20	18	8.3	+1.4
RNLC	Large Cap US Equity Select	24.5	60	-22	6.4	-0.6
DEUS	Xtrackers Russell 1000 Comprehensive Factor	24.4	17	21	6.4	-0.6
ROUS	Lattice U.S. Equity Strategy ETF	24.3	19	19	6.4	-0.5

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 U.S. Quality Shareholder Yield
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	20.0	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	7.0	%

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.