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)	$176
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)	$44,443
Large cap (>$10bn)	65.0%
Mid cap ($2-10bn)	35.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.2 %
WESTERN UNION CO	1.6 %
CITRIX SYSTEMS INC	1.6 %
ORACLE CORP	1.2 %
BOOZ ALLEN HAMILTON HOLDINGS	1.2 %
SAIC INC	1.2 %
VERIZON COMMUNICATIONS INC	1.1 %
CACI INTERNATIONAL INC -CL A	1.1 %
AT&T INC	1.1 %
CABLE ONE INC	1.1 %
MAXIMUS INC	1.1 %

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.
19.2%	8.7%	--	--	11.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.89	91%
MSCI EAFE	0.88	69%
MSCI Emg. Mkts.	0.58	49%

Technical Indicators
Recent close	$31.23
30d moving avg.	$30.59
Annualized volatility	12.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	83
Turnover	1.5%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$37,574

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™:

7.0%

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	36.6	30	-2	6.1	-0.9
ROUS	Lattice U.S. Equity Strategy ETF	33.2	19	9	6.4	-0.6
DEUS	Xtrackers Russell 1000 Comprehensive Factor	31.9	17	11	6.4	-0.6
JPUS	JPMorgan Diversified Return U.S. Equity	31.2	19	9	6.3	-0.7
ONEO	SPDR Russell 1000 Momentum Focus	30.9	20	8	6.5	-0.5
QSY	WisdomTree U.S. Quality Shareholder Yield	30.8	38	-10	7.0	-0.0
FEX	First Trust Large Cap Core Alphadex	30.6	61	-33	6.4	-0.6
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	29.4	17	11	7.0	0.0
ONEV	SPDR Russell 1000 Low Volatility Focus	29.2	20	8	7.0	-0.0
USLB	Invesco Russell 1000 Low Beta Equal Weight	29.1	35	-7	5.8	-1.2
RNLC	Large Cap US Equity Select	29.1	60	-32	6.4	-0.6
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	28.9	35	-7	6.1	-0.9
CFA	Compass EMP US 500 Volatility Weighted	28.9	35	-7	6.1	-0.9
VALQ	American Century STOXX U.S. Quality Value	27.0	29	-1	7.7	+0.7
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	26.7	24	4	6.1	-0.9
IUS	Invesco Strategic US	26.2	19	9	6.7	-0.3
FLQL	Franklin LibertyQ U.S. Equity	26.1	15	13	6.9	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	26.1	9	19	6.4	-0.6
JMIN	JPMorgan U.S. Minimum Volatility	25.8	12	16	5.6	-1.4
KRMA	Global X Conscious Companies	25.7	43	-15	6.2	-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

	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. Multifactor 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	19.2	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	28	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.