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 04, 2019
Assets (mns)	$867
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	54
Wgt avg mkt cap (mns)	$10,354
Large cap (>$10bn)	42.8%
Mid cap ($2-10bn)	43.4%
Small cap (<$2bn)	6.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.0 %
ZOOM VIDEO COMMUNICATIONS, INC. CL	1.2 %
CLOUDFLARE INC CLASS A	1.0 %
PAYLOCITY HOLDING CORP	0.9 %
SPROUT SOCIAL INC CLASS A	0.9 %
PAYCOM SOFTWARE INC	0.9 %
ATLASSIAN CORP. PLC CLASS A	0.9 %
AVALARA INC	0.8 %
BLACKLINE, INC.	0.8 %
ZENDESK INC	0.8 %
CROWDSTRIKE HOLDINGS, INC. CLASS A	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	35.7 %
	BRITAIN	1.5 %
	CANADA	0.7 %
	ISRAEL	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
67.3%	--	--	--	81.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.14	57%
MSCI EAFE	1.14	51%
MSCI Emg. Mkts.	0.69	29%

Technical Indicators
Recent close	$43.42
30d moving avg.	$44.36
Annualized volatility	35.6%
Short interest (ETF)	4.9%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	756
Turnover	3.8%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$28,684

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the WisdomTree Cloud Computing Fund 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™:

9.1%

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 ETF	27.5	35	10	4.6	-4.6
SKYY	First Trust Cloud Computing ETF	23.9	60	-15	2.5	-6.6
XITK	SPDR FactSet Innovative Technology ETF	21.3	45	0	0.3	-8.9
FXL	First Trust Technology AlphaDEX Fund	18.2	61	-16	3.3	-5.8
OGIG	O'Shares Global Internet Giants ETF	15.7	48	-3	0.5	-8.6
IGV	iShares Expanded Tech-Software ETF	15.6	46	-1	2.3	-6.8
FTC	First Trust Large Cap Growth AlphaDEX Fund	13.9	61	-16	2.8	-6.4
CLOU	Global X Cloud Computing ETF	13.7	68	-23	0.6	-8.5
FCTR	First Trust Lunt U.S. Factor Rotation ETF	13.2	65	-20	3.0	-6.1
SLT	Pacer Salt High TruBeta US Market ETF	13.0	60	-15	3.3	-5.8
JHMT	John Hancock Multifactor Technology ETF	12.9	40	5	4.9	-4.2
JKH	iShares Morningstar Mid-Cap Growth ETF	11.8	30	15	2.0	-7.1
BTEK	BlackRock Future Tech ETF	11.6	88	-43	0.7	-8.4
ARKW	ARK Web x.0 ETF	11.5	76	-31	-0.8	-10.0
PTF	Invesco DWA Technology Momentum ETF	11.4	60	-15	0.1	-9.0
FPX	First Trust US IPO Index Fund	11.2	58	-13	1.5	-7.7
THNQ	ROBO Global Artificial Intelligence ETF	11.1	68	-23	1.7	-7.5
BOSS	Global X Founder-Run Companies ETF	11.1	45	0	3.3	-5.8
IWFH	iShares Virtual Work and Life Multisector ETF	10.9	47	-2	0.9	-8.2
FAD	First Trust Multi Cap Growth AlphaDEX Fund	10.9	66	-21	2.3	-6.8
IWP	iShares Russell Mid-Cap Growth ETF	10.7	24	21	2.9	-6.2
AIEQ	AI Powered Equity ETF	10.0	87	-42	2.8	-6.3
JMOM	JPMorgan U.S. Momentum Factor ETF	10.0	12	33	3.4	-5.7
IFLY	ETFMG Drone Economy Strategy ETF	9.8	68	-23	2.9	-6.3
BUYZ	Franklin Disruptive Commerce ETF	9.8	50	-5	-0.2	-9.3
WFH	Direxion Work From Home ETF	9.7	45	0	5.5	-3.6
FDN	First Trust Dow Jones Internet Index Fund	9.5	52	-7	2.1	-7.1
DTEC	ALPS Disruptive Technologies ETF	9.2	50	-5	3.2	-5.9
QGRO	American Century STOXX U.S. Quality Growth ETF	8.9	29	16	3.8	-5.3
VXF	Vanguard Extended Market Index Fund	8.9	6	39	3.6	-5.6
FTEC	Fidelity MSCI Information Technology Index ETF	8.8	8	37	4.5	-4.6
VGT	Vanguard Information Technology Index Fund	8.8	10	35	4.5	-4.6
IYW	iShares U.S. Technology ETF	8.7	43	2	3.9	-5.2
WUGI	Esoterica NextG Economy ETF	8.7	75	-30	1.5	-7.6
FNY	First Trust Mid Cap Growth AlphaDEX Fund	8.5	70	-25	2.1	-7.0
VFMO	Vanguard U.S. Momentum Factor ETF	8.5	13	32	0.7	-8.4
IGM	iShares Expanded Tech Sector ETF	8.5	46	-1	3.8	-5.4
JKK	iShares Morningstar Small-Cap Growth ETF	8.4	30	15	1.0	-8.1
IETC	iShares Evolved U.S. Technology ETF	8.3	18	27	3.8	-5.3
TECB	iShares US Tech Breakthrough Multisector ETF	8.1	40	5	4.1	-5.1
PNQI	Invesco NASDAQ Internet ETF	8.1	60	-15	1.0	-8.2
CHGX	Change Finance U.S. Large Cap Fossil Fuel Free ETF	7.8	49	-4	5.1	-4.1
FEX	First Trust Large Cap Core AlphaDEX Fund	7.7	60	-15	5.9	-3.2
ALFA	AlphaClone Alternative Alpha ETF	7.7	65	-20	-0.5	-9.6
GIGE	SoFi Gig Economy ETF	7.5	59	-14	-0.8	-9.9
IPO	Renaissance IPO ETF	7.2	60	-15	0.6	-8.5
VBK	Vanguard Small-Cap Growth Index Fund	7.1	7	38	2.3	-6.8
ENTR	Entrepreneur 30 Fund	7.0	49	-4	1.2	-7.9
BKMC	BNY Mellon US Mid Cap Core Equity ETF	7.0	4	41	5.3	-3.8
MMLG	First Trust Multi-Manager Large Growth ETF	6.9	85	-40	2.1	-7.0
FDMO	Fidelity Momentum Factor ETF	6.8	29	16	3.3	-5.8
LRNZ	TrueMark Technology, AI & Deep Learning ETF	6.8	68	-23	0.3	-8.8
VOT	Vanguard Mid-Cap Growth Index Fund	6.8	7	38	3.2	-5.9
USMF	WisdomTree U.S. Multifactor Fund	6.8	28	17	5.9	-3.3
PDP	Invesco DWA Momentum ETF	6.7	62	-17	2.4	-6.8
AIQ	Global X Future Analytics Tech ETF	6.6	68	-23	4.1	-5.0
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	6.6	75	-30	3.9	-5.3
TUSA	First Trust Total US Market AlphaDEX ETF	6.5	70	-25	5.8	-3.4
RBUS	Nationwide Risk-Based U.S. Equity ETF	6.5	30	15	4.8	-4.4
SCHG	Schwab U.S. Large-Cap Growth ETF	6.4	4	41	3.5	-5.7
MXDU	Nationwide Maximum Diversification US Core Equity ETF	6.4	34	11	4.7	-4.4
PSJ	Invesco Dynamic Software ETF	6.3	56	-11	12.1	+3.0
HACK	ETFMG Prime Cyber Security ETF	6.3	60	-15	3.3	-5.8
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	6.2	7	38	5.2	-3.9
IWF	iShares Russell 1000 Growth ETF	6.2	19	26	3.7	-5.4
SFYX	Sofi Next 500 ETF	6.2	0	45	5.9	-3.3
VONG	Vanguard Russell 1000 Growth Index Fund	6.1	8	37	3.8	-5.3
IHAK	iShares Cybersecurity & Tech ETF	6.0	47	-2	4.2	-4.9
ARKK	ARK Innovation ETF	5.9	75	-30	-2.4	-11.6
TMFC	Motley Fool 100 Index ETF	5.9	50	-5	3.4	-5.7
BOUT	Innovator IBD Breakout Opportunities ETF	5.7	84	-39	5.0	-4.1
CIBR	First Trust NASDAQ CEA Cybersecurity ETF	5.7	60	-15	3.5	-5.7
SYG	SPDR MFS Systematic Growth Equity ETF	5.7	60	-15	4.1	-5.1
SFY	SoFi Select 500 ETF	5.6	0	45	5.1	-4.0
MTUM	iShares MSCI USA Momentum Factor ETF	5.6	15	30	4.2	-4.9
VEGN	US Vegan Climate ETF	5.3	60	-15	5.1	-4.0
VUG	Vanguard Growth Index Fund	5.3	4	41	3.9	-5.2
KOMP	SPDR Kensho New Economies Composite ETF	5.2	20	25	2.3	-6.8
ANEW	ProShares MSCI Transformational Changes ETF	5.0	45	0	3.2	-5.9
PLAT	WisdomTree Modern Tech Platforms Fund	5.0	20	25	1.6	-7.6
USXF	iShares ESG Advanced MSCI USA ETF	5.0	10	35	5.0	-4.2
NULG	Nuveen ESG Large-Cap Growth ETF	4.9	35	10	3.8	-5.4
STLG	iShares Factors US Growth Style ETF	4.9	25	20	4.2	-4.9
ESGV	Vanguard ESG U.S. Stock ETF	4.9	12	33	5.1	-4.1
VO	Vanguard Mid-Cap Index Fund	4.9	4	41	5.2	-3.9
FDG	American Century Focused Dynamic Growth ETF	4.8	45	0	1.7	-7.5
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum ETF	4.8	75	-30	2.4	-6.7
GFIN	Goldman Sachs Motif Finance Reimagined ETF	4.8	50	-5	5.6	-3.6
IWR	iShares Russell Midcap ETF	4.8	19	26	5.5	-3.6
ARKF	ARK Fintech Innovation ETF	4.8	75	-30	0.3	-8.8
BUG	Global X Cybersecurity ETF	4.8	50	-5	1.3	-7.8
FMK	First Trust Mega Cap AlphaDEX Fund	4.8	70	-25	4.7	-4.5
STMB	iShares Factors US Mid Blend Style ETF	4.7	30	15	5.7	-3.4
IWY	iShares Russell Top 200 Growth ETF	4.4	20	25	3.9	-5.3
PXQ	Invesco Dynamic Networking ETF	4.3	63	-18	3.3	-5.8
MGK	Vanguard Mega Cap Growth ETF	4.3	7	38	4.1	-5.1
NUMG	Nuveen ESG Mid-Cap Growth ETF	4.3	40	5	2.1	-7.0
GVIP	Goldman Sachs Hedge Industry VIP ETF	4.3	45	0	3.8	-5.4
SCHM	Schwab U.S. Mid-Cap ETF	4.2	4	41	6.0	-3.1
IWB	iShares Russell 1000 ETF	4.2	15	30	5.1	-4.1

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	162.1	%
Divided by: Fwd. P/BV	16.9	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	9.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.49

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.