EZM Fund Description

The WisdomTree MidCap Earning Fund tracks an earnings-focused index of midcap stocks.

EZM ETF.com Insight

EZM's selection and weighting methodologies focus on earnings: Companies with greater profits have larger weights in the portfolio. At present, the fund invests about 24% of its assets inEZM invests about 24% in small-caps, perhaps not the bias one would expect what we'd consider small-caps, perhaps not the bias one would expect. The fund's small cap tilt drives up market risk, albeit only slightly (beta of 1.03). By sector, EZM makes few significant bets, but does show a strong value bias. The fund has decent assets and its tradability has improved lately. (Insight updated 11/06/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EZM
0.21% 0.86% 7.40% 10.09% 22.74% 18.30% --

EZM (NAV)
0.23% 0.88% 7.48% 10.05% 22.51% 18.19% --

WisdomTree Mid Cap Earnings Index
0.24% 0.91% -- 10.33% 22.79% 18.55% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EZM Top 10 Countries

EZM Top 10 Sectors

EZM Top 10 Holdings View All

EZM Summary Data

Issuer WisdomTree

A company that produces and manages ETFs.

Inception Date 02/23/07

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.38%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $640.29 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $3.64 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.12%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

EZM Portfolio Data

Weighted Average Market Cap $4.62 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio 19.59

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 2.21

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 1.06%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/19/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 1,025

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

EZM Index Data

Index Tracked WisdomTree Mid Cap
Earnings Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Earnings

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Earnings

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI USA Mid Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to EZM

Top Competing ETFs RWK, DON, VO, PXMC, IJH

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

EZM ETF.com Efficiency Insight

EZM's expense ratio is reasonable at 0.38% but far more than cap-weighted peers. The fund lagged its underlying index by a median 0.24% over rolling 12-month periods, a few bps better than one would expect given its fee. Tracking variability was moderate, too. EZM enjoys decent AUM ($600M) and has avoided capital gains payouts in the last 3 years. (Insight updated 11/06/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EZM
0.21% 0.86% 7.40% 10.09% 22.74% 18.30% --

EZM (NAV)
0.23% 0.88% 7.48% 10.05% 22.51% 18.19% --

WisdomTree Mid Cap Earnings Index
0.24% 0.91% -- 10.33% 22.79% 18.55% --

MSCI USA Mid Cap
0.20% 2.22% 11.41% 14.02% 21.50% 17.10% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EZM Portfolio Management

Expense Ratio 0.38%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.24%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

EZM Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

EZM Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

EZM ETF.com Tradability Insight

EZM's liquidity has improved as of late - it trades about 45K shares most days. Still its average bid/ask spread of 13 bps is higher than a lot of other funds in the segment, though. Block liquidity is solid but the creation fees are high. The fund can be fairly traded with some effort, but it can't match the liquidity of some cap-weighted peers. (Insight updated 11/06/2014)

Average Spread

Premium/Discount

Volume

EZM ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of EZM. EZM is rated a 5 out of 5.

EZM Tradability

Avg. Daily Share Volume 40,317

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $3.64 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 34,141

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.12%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.11

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.23% / -0.27%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 0.68

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.08%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.05%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options --

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

EZM ETF.com Fit Insight

EZM selects and weights constituents based on earnings rather than market cap. The fund's earnings screens and its firm size boundaries combine for a big 24% allocation to small-caps by our definition. EZM's small-cap-centric approach slightly elevates the fund's market risk (beta of 1.03). Currently the fund is slightly overweight financials and industrials and underweight technology. EZM appears to deliver its stated aim even as it differs from our benchmark. (Insight updated 11/06/2014)

EZM Sector/Industry BreakdownView All

Sector EZM Segment Benchmark
Financials 16.37% 23.68%

Industrials 15.75% 19.72%

Consumer Cyclicals 20.40% 17.29%

Technology 13.16% 10.38%

Utilities 5.75% 6.67%

Basic Materials 5.36% 6.31%

Healthcare 8.85% 6.24%

Energy 6.08% 4.42%

EZM Geographic Exposure

Countries EZM Segment Benchmark
United States 99.10% 100.00%

Ireland 0.33% --

Netherlands 0.15% --

United Kingdom 0.26% --

Canada 0.17% --

Regions EZM Segment Benchmark
North America 99.26% 100.00%

Europe 0.74% --

Developed /
Emerging Split
100.00% / 0% 100.00% / 0%

EZM Performance Statistics

Beta 1.03

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 0.98

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 0.97

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.21%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI USA Mid Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

EZM Benchmark Comparison

EZM
1025 Holdings
Segment Benchmark
333 Constituents
Shared Holdings
209 (Count)
 
8.49% (Weight)
EZMSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$11.32 B$4.62 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)31%2%
Mid (>2.7B)69%77%
Small (>600M)0%21%
Micro (<600M)0%0%
Price / Book Ratio2.732.21

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield1.39%1.45%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
3331025

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationLowLow

The level of return contribution attributable to the average portfolio constituent.