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)	$54
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	145
Wgt avg mkt cap (mns)	$57,597
Large cap (>$10bn)	73.1%
Mid cap ($2-10bn)	27.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.5 %
WESTAR ENERGY INC	1.4 %
DAVITA INC	1.4 %
ALTICE USA, INC. CLASS A	1.3 %
EBAY INC	1.3 %
TOLL BROTHERS INC	1.2 %
CISCO SYSTEMS INC	1.2 %
ORACLE CORP	1.2 %
NRG ENERGY INC	1.2 %
RALPH LAUREN CORP	1.2 %
STARBUCKS CORP	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.0%	12.3%	9.4%	12.0%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	91%
MSCI EAFE	1.08	68%
MSCI Emg. Mkts.	0.73	53%

Technical Indicators
Recent close	$90.74
30d moving avg.	$94.41
Annualized volatility	14.5%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.1%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.7%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$39,298

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WisdomTree U.S. LargeCap Value Fund 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™:

7.6%

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 (%)
SPYB	SPDR S&P 500 Buyback ETF	47.7	35	3	8.7	+1.1
LSAF	LeaderShares AlphaFactor US Core Equity ETF	44.5	75	-37	6.8	-0.8
PY	Principal Shareholder Yield Index ETF	32.4	29	9	8.5	+0.9
PKW	Invesco Buyback Achievers ETF	32.0	62	-24	6.8	-0.8
QLC	FlexShares US Quality Large Cap Index Fund	29.7	32	6	6.3	-1.4
FLAG	FLAG-Forensic Accounting Long Short ETF	29.2	152	-114	8.7	+1.1
USMF	WisdomTree U.S. Multifactor Fund	28.7	28	10	6.2	-1.4
DIVB	iShares U.S. Dividend & Buyback ETF	26.7	25	13	6.9	-0.7
KRMA	Global X Conscious Companies ETF	26.7	43	-5	5.8	-1.8
AFLG	First Trust Active Factor Large Cap ETF	26.4	55	-17	6.5	-1.2
FTA	First Trust Large Cap Value AlphaDEX Fund	26.3	60	-22	8.7	+1.0
ONEO	SPDR Russell 1000 Momentum Focus ETF	25.7	20	18	6.9	-0.8
RNLC	Large Cap US Equity Select ETF	25.4	60	-22	6.3	-1.3
DEUS	Xtrackers Russell 1000 Comprehensive Factor ETF	25.0	17	21	6.8	-0.8
COWZ	Pacer US Cash Cows 100 ETF	24.5	49	-11	10.2	+2.6
ESGS	Columbia Sustainable U.S. Equity Income ETF	24.4	35	3	8.6	+1.0
JPUS	JPMorgan Diversified Return U.S. Equity ETF	24.2	19	19	6.3	-1.3
QDYN	FlexShares Quality Dividend Dynamic Index Fund	23.9	37	1	7.3	-0.3
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	23.8	60	-22	7.2	-0.4
SYLD	Cambria Shareholder Yield ETF	23.2	59	-21	9.6	+2.0

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. LargeCap Value 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	17.3	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.56

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.