ETF Research Center

The WisdomTree US Multifactor ETF tracks an index of 200 US-listed equities. Stocks are selected and weighted by a combination of investment factors.

FUND BASICS
Category	US Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Jun 29, 2017
Assets (mns)	$202
Currency	USD
Expense ratio	28 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	199
Wgt avg mkt cap (mns)	$46,077
Large cap (>$10bn)	64.9%
Mid cap ($2-10bn)	35.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.5 %
CITRIX SYSTEMS INC	1.3 %
BLACK KNIGHT FINANCIAL SERVICES, I	1.3 %
SAIC INC	1.3 %
VISA INC-CLASS A SHARES	1.2 %
WESTERN UNION CO	1.1 %
AKAMAI TECHNOLOGIES	1.1 %
CACI INTERNATIONAL INC -CL A	1.1 %
BOOZ ALLEN HAMILTON HOLDINGS	1.0 %
ORACLE CORP	1.0 %
COGNIZANT TECH SOLUTIONS-A	1.0 %

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.
0.4%	16.0%	--	--	11.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	91%
MSCI EAFE	0.85	67%
MSCI Emg. Mkts.	0.51	43%

Technical Indicators
Recent close	$32.29
30d moving avg.	$32.78
Annualized volatility	12.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	31
Turnover	0.5%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$39,888

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

USMF

Expense:

28 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH USMF
Ticker	Fund Name	Overlap¹ vs USMF (%)	Expense ratio (bp)	Savings vs USMF (bp)	ALTAR Score™ (%)	ALTAR vs USMF (%)
RBUS	Nationwide Risk-Based U.S. Equity ETF	33.7	30	-2	5.6	-0.6
ROUS	Hartford Multifactor US Equity ETF	31.7	19	9	6.5	+0.3
JPUS	JPMorgan Diversified Return U.S. Equity ETF	31.3	19	9	6.3	+0.1
USLB	Invesco Russell 1000 Low Beta Equal Weight ETF	31.0	35	-7	5.4	-0.7
DEUS	Xtrackers Russell 1000 Comprehensive Factor ETF	29.4	17	11	6.8	+0.6
VUSE	Vident Core US Equity Fund	28.9	48	-20	8.0	+1.8
QSY	WisdomTree U.S. LargeCap Value Fund	28.7	38	-10	7.6	+1.4
AFLG	First Trust Active Factor Large Cap ETF	28.6	55	-27	6.5	+0.3
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	28.6	24	4	6.0	-0.2
CFO	Victory CEMP US 500 Enhanced Volatility Weighted Index ETF	28.4	35	-7	6.1	-0.1
CFA	Victory CEMP US 500 Volatility Weighted Index ETF	28.3	35	-7	6.1	-0.1
USMV	iShares Edge MSCI Min Vol USA ETF	28.1	15	13	5.1	-1.1
ONEO	SPDR Russell 1000 Momentum Focus ETF	28.0	20	8	6.9	+0.7
JMIN	JPMorgan U.S. Minimum Volatility ETF	27.3	12	16	5.4	-0.8
PQLC	PGIM QMA Strategic Alpha Large-Cap Core ETF	27.3	17	11	7.0	+0.8
RNLC	Large Cap US Equity Select ETF	27.2	60	-32	6.3	+0.1
FEX	First Trust Large Cap Core AlphaDEX Fund	27.0	60	-32	6.1	-0.1
VALQ	American Century STOXX U.S. Quality Value ETF	27.0	29	-1	9.2	+3.0
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	26.3	20	8	7.1	+0.9
SSPY	Syntax Stratified LargeCap ETF	26.0	30	-2	6.0	-0.2

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. Multifactor 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	17.4	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	28	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.