ETF Research Center

The WisdomTree Cloud Computing Fund seeks to track the price and yield performance, before fees and expenses, of the BVP Nasdaq Emerging Cloud Index, an equally weighted Index designed to measure the performance of emerging public companies focused on delivering cloud-based software to customers.

FUND BASICS
Category	Global Equities
Fund Sponsor	WisdomTree
Website	www.wisdomtree.com
Inception date	Sep 06, 2019
Assets (mns)	$11
Currency	USD
Expense ratio	45 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	49
Wgt avg mkt cap (mns)	$3,000
Large cap (>$10bn)	24.2%
Mid cap ($2-10bn)	53.0%
Small cap (<$2bn)	22.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	8.3 %
CARBONITE INC	1.0 %
DOCUSIGN, INC.	1.0 %
2U INC	0.9 %
INSTRUCTURE, INC.	0.8 %
RINGCENTRAL, INC. CLASS A	0.8 %
TENABLE HOLDINGS, INC.	0.8 %
BOX, INC. CLASS A	0.8 %
LOGMEIN INC	0.8 %
NEW RELIC, INC.	0.8 %
J2 GLOBAL COMMUNICATIONS INC	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	29.4 %
	BRITAIN	1.2 %
	ISRAEL	0.6 %
	CANADA	0.6 %

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.
1.7%	--	--	--	1.7%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$25.41
30d moving avg.	$24.08
Annualized volatility	0.0%
Short interest (ETF)	1.1%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	17
Turnover	3.8%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$7,561

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the WisdomTree Cloud Computing ETF based on the alternatives' overlap in portfolio holdings with WCLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

WCLD

Expense:

45 bp

ALTAR Score™:

-0.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH WCLD
Ticker	Fund Name	Overlap¹ vs WCLD (%)	Expense ratio (bp)	Savings vs WCLD (bp)	ALTAR Score™ (%)	ALTAR vs WCLD (%)
XSW	SPDR S&P Software & Services	22.9	35	10	4.2	+4.5
SKYY	First Trust Cloud Computing	19.4	60	-15	2.4	+2.7
XITK	SPDR FactSet Innovative Technology	14.6	45	0	2.7	+3.0
CLOU	Global X Cloud Computing	12.2	68	-23	1.2	+1.5
OGIG	O'Shares Global Internet Giants	12.1	48	-3	1.5	+1.8
IGV	iShares N. American Tech-Software	11.8	46	-1	3.1	+3.4
FDN	First Trust DJ Internet	10.0	52	-7	3.3	+3.6
BOSS	Global X Founder-Run Companies	9.5	45	0	3.7	+4.0
FXL	First Trust Technology Alphadex	8.6	63	-18	5.6	+5.9
QMOM	MomentumShares U.S. Quantitative Momentum	7.4	49	-4	2.5	+2.8
QGRO	American Century STOXX U.S. Quality Growth	6.9	29	16	4.8	+5.1
JHMT	John Hancock Multifactor Technology	6.8	40	5	6.0	+6.3
ARKW	ARK Web x.O	6.7	75	-30	-0.9	-0.6
JKK	iShares Morningstar Small Cap Growth	6.6	30	15	1.1	+1.4
JMOM	JPMorgan U.S. Momentum Factor	6.3	12	33	4.3	+4.6
VBK	Vanguard Small-Cap Growth ETF	6.1	7	38	2.9	+3.2
IPO	Renaissance IPO	5.9	60	-15	-0.7	-0.4
JKH	iShares Morningstar Mid Cap Growth	5.9	30	15	2.7	+3.0
IWP	iShares Russell Midcap Growth	5.6	24	21	4.5	+4.8

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 Cloud Computing
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	2.1	%
Divided by: Fwd. P/BV	14.1	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	-0.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.54

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.