ETF Risk Report: DON Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors

WisdomTree MidCap Dividend Gray Swan Event Risks exist for every equity held by DON. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur infrequently, but Gray Swan Event Factor for DON 1.24% consistently for all equities. Equities account for 88.87% of DON’s assets. Most investors ignore these risks until after they are disclosed; whereupon a stock’s price drops precipitously. Just as insurance companies can predict likely costs for a driver’s future car accidents based on the driver’s history, Watchdog Research contacts each ETF asking how they notify investors about we predict the likely cost (price drop) for DON following accounting governance risks in equities in their fund. We will publish their response gray swan disclosures within its holdings. The expected when received. price decrease across the DON equity portfolio is 1.24%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure.

Inception Date: 06/16/2020 Year-to-Date Return: 16.39% The WisdomTree U.S. MidCap Dividend ETF tracks the investment results of the WisdomTree U.S. MidCap Net Assets: $2.9b 1-Year Return: 71.55% Dividend Index, comprised of the top 75% of dividend- paying companies in the WisdomTree U.S. Dividend Index, Price: $40.42 3-Year Return: 8.60% (excluding the largest 300 companies) ranked by market Net Asset Value (NAV): $40.40 5-Year Return: 9.92% capitalization. The fund is managed passively, trying to replicate the performance of the Index by investing in a Net Expense Ratio: 0.38% Yield: 1.92% representative sample of stocks from the Index with similar investment proles to the whole Index. The Index is As of: 03/31/2021 dividend-weighted annually based on the most recently declared dividend per share; and rebalances annually.

Company Ticker Held Current GSEF Category Value Top Holdings by Value

Antero Midstream Co... AM Long - NA $52.1m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Franklin Resources ... BEN Long 0.63% Low $43.8m Investors should invest in ETFs only when they adequately Interpublic Group O... IPG Long 0.68% Low $39.4m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Newell Brands Inc. NWL Long 2.57% Mid $38.2m do NO traditional risk analysis on equities in their fund. Watsco Inc. WSO Long 0.90% Low $33.4m Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Diamondback Energy,... FANG Long 0.48% Low $32.5m managerial risks for the equities in each ETF.

Nortonlifelock Inc NLOK Long - NA $30.1m ETF Risk Reports are published quarterly on dedicated Cna Financial Corp. CNA Long 1.74% Low $29.5m platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Pinnacle West Capit... PNW Long 0.76% Low $28.2m For more details contact: [email protected] Western Union Co. WU Long 0.67% Low $28.1m

Company Ticker Held Current GSEF Category Value Riskiest Holdings

Vertiv Holdings Co VRT Long 8.28% High $382k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. New York Community ... NYCB Long 6.69% High $21m The average equity GSEF across 6,500 public equities is Maximus Inc. MMS Long 5.99% High $5.92m 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Regal Beloit Corp. RBC Long 5.93% High $4.37m extreme risks. Gray Swan Event Factors are derived from skilled analysts Ttec Holdings, Inc. TTEC Long 5.71% High $5.98m charting 15 years of negative gray swan event disclosures Clearway Energy, Inc. CWEN Long 5.46% High $13.7m against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Thor Industries Inc. THO Long 5.45% High $7.6m likelihood of, and 12-month price risk for, gray swan Nexstar Media Group... NXST Long 5.38% High $9.95m events for each equity.

Borgwarner Inc. BWA Long 4.51% Mid $16m

Foot Locker, Inc. FL Long 3.44% Mid $6.56m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for WisdomTree MidCap Dividend ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker.

To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report.

To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com.

Company Access Details Ticker Held Current GSEF Category Value

Vertiv Holdings Co Watchdogresearch.com/watchdog/$VRT VRT Long 8.28% High $382k

New York Community Bancorp Inc. Watchdogresearch.com/watchdog/$NYCB NYCB Long 6.69% High $21m

Maximus Inc. Watchdogresearch.com/watchdog/$MMS MMS Long 5.99% High $5.92m

Regal Beloit Corp. Watchdogresearch.com/watchdog/$RBC RBC Long 5.93% High $4.37m

Ttec Holdings, Inc. Watchdogresearch.com/watchdog/$TTEC TTEC Long 5.71% High $5.98m

Clearway Energy, Inc. Watchdogresearch.com/watchdog/$CWEN CWEN Long 5.46% High $13.7m

Thor Industries Inc. Watchdogresearch.com/watchdog/$THO THO Long 5.45% High $7.6m

Nexstar Media Group, Inc. Watchdogresearch.com/watchdog/$NXST NXST Long 5.38% High $9.95m

Borgwarner Inc. Watchdogresearch.com/watchdog/$BWA BWA Long 4.51% Mid $16m

Foot Locker, Inc. Watchdogresearch.com/watchdog/$FL FL Long 3.44% Mid $6.56m

Mks Instruments Inc. Watchdogresearch.com/watchdog/$MKSI MKSI Long 3.34% Mid $5.78m

Quaker Chemical Corp. Watchdogresearch.com/watchdog/$KWR KWR Long 3.27% Mid $1.89m

Quanta Services, Inc. Watchdogresearch.com/watchdog/$PWR PWR Long 3.20% Mid $3.74m

Ares Management Lp Watchdogresearch.com/watchdog/$ARES ARES Long 2.92% Mid $27.7m

Albertsons Companies, Inc. Watchdogresearch.com/watchdog/$ACI ACI Long 2.87% Mid $17.5m

Cabot Oil & Gas Corp. Watchdogresearch.com/watchdog/$COG COG Long 2.59% Mid $11.8m

Newell Brands Inc. Watchdogresearch.com/watchdog/$NWL NWL Long 2.57% Mid $38.2m

Jeffries Financial Group, Inc. Watchdogresearch.com/watchdog/$JEF JEF Long 2.55% Mid $13.5m

Advanced Drainage Systems, Inc. Watchdogresearch.com/watchdog/$WMS WMS Long 2.54% Mid $4.33m

Ormat Technologies, Inc. Watchdogresearch.com/watchdog/$ORA ORA Long 2.38% Mid $1.61m

Manpowergroup Inc. Watchdogresearch.com/watchdog/$MAN MAN Long 2.28% Mid $13m

Bruker Corp. Watchdogresearch.com/watchdog/$BRKR BRKR Long 2.20% Mid $3.76m

Brunswick Corp. Watchdogresearch.com/watchdog/$BC BC Long 2.18% Mid $12.4m

Xerox Holdings Corp. Watchdogresearch.com/watchdog/$XRX XRX Long 2.11% Mid $14.8m

Hanesbrands Inc. Watchdogresearch.com/watchdog/$HBI HBI Long 2.10% Mid $20.2m

Murphy Usa Inc. Watchdogresearch.com/watchdog/$MUSA MUSA Long 2.09% Mid $3.34m

Caseys General Stores Inc. Watchdogresearch.com/watchdog/$CASY CASY Long 2.06% Mid $5.61m

Woodward, Inc. Watchdogresearch.com/watchdog/$WWD WWD Long 2.05% Mid $2.58m

Valmont Industries Inc. Watchdogresearch.com/watchdog/$VMI VMI Long 1.92% Low $6.02m

Lithia Motors Inc. Watchdogresearch.com/watchdog/$LAD LAD Long 1.91% Low $4.39m

Polaris Industries Inc. Watchdogresearch.com/watchdog/$PII PII Long 1.89% Low $16.1m

Glacier Bancorp Inc. Watchdogresearch.com/watchdog/$GBCI GBCI Long 1.88% Low $9m

Reliance Steel & Aluminum Co. Watchdogresearch.com/watchdog/$RS RS Long 1.87% Low $21.8m

News Corp. Watchdogresearch.com/watchdog/$NWSA NWSA Long 1.85% Low $12.4m

Aaon, Inc. Watchdogresearch.com/watchdog/$AAON AAON Long 1.84% Low $2.11m

Valley National Bancorp. Watchdogresearch.com/watchdog/$VLY VLY Long 1.84% Low $15.5m

United Bankshares Inc. Watchdogresearch.com/watchdog/$UBSI UBSI Long 1.82% Low $13.7m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Penske Automotive Group, Inc. Watchdogresearch.com/watchdog/$PAG PAG Long 1.81% Low $12.7m

Cdk Global, Inc. Watchdogresearch.com/watchdog/$CDK CDK Long 1.80% Low $5.11m

Graphic Packaging Holding Co. Watchdogresearch.com/watchdog/$GPK GPK Long 1.80% Low $6.51m

Carlisle Companies Inc. Watchdogresearch.com/watchdog/$CSL CSL Long 1.80% Low $9.86m

Houlihan Lokey, Inc. Watchdogresearch.com/watchdog/$HLI HLI Long 1.80% Low $7.38m

Huntington Ingalls Industries, Inc. Watchdogresearch.com/watchdog/$HII HII Long 1.79% Low $15.8m

Primerica, Inc. Watchdogresearch.com/watchdog/$PRI PRI Long 1.79% Low $6.42m

Knight Swift Transportation Holdings Inc. Watchdogresearch.com/watchdog/$KNX KNX Long 1.78% Low $4.3m

Science Applications International Corp. Watchdogresearch.com/watchdog/$SAIC SAIC Long 1.77% Low $5.53m

Hill Rom Holdings, Inc. Watchdogresearch.com/watchdog/$HRC HRC Long 1.76% Low $4.96m

Southwest Gas Holdings, Inc. Watchdogresearch.com/watchdog/$SWX SWX Long 1.76% Low $9.67m

Cna Financial Corp. Watchdogresearch.com/watchdog/$CNA CNA Long 1.74% Low $29.5m

Msa Safety Inc. Watchdogresearch.com/watchdog/$MSA MSA Long 1.72% Low $7.79m

Lamb Weston Holdings, Inc. Watchdogresearch.com/watchdog/$LW LW Long 1.71% Low $10m

Spectrum Brands Holdings, Inc. Watchdogresearch.com/watchdog/$SPB SPB Long 1.65% Low $6.3m

Old Republic International Corp. Watchdogresearch.com/watchdog/$ORI ORI Long 1.59% Low $20.5m

Westrock Company Watchdogresearch.com/watchdog/$WRK WRK Long 1.58% Low $20.6m

Pennymac , Inc. Watchdogresearch.com/watchdog/$PFSI PFSI Long 1.50% Low $4.02m

Cimarex Energy Co. Watchdogresearch.com/watchdog/$XEC XEC Long 1.48% Low $12.2m

Tfs Financial Corp. Watchdogresearch.com/watchdog/$TFSL TFSL Long 1.47% Low $21.8m

Chemours Co. Watchdogresearch.com/watchdog/$CC CC Long 1.45% Low $15.6m

Virtu Financial, Inc. Watchdogresearch.com/watchdog/$VIRT VIRT Long 1.44% Low $8.47m

Westlake Chemical Corp. Watchdogresearch.com/watchdog/$WLK WLK Long 1.44% Low $10.8m

Energizer Holdings, Inc. Watchdogresearch.com/watchdog/$ENR ENR Long 1.33% Low $5.95m

Sealed Air Corp Watchdogresearch.com/watchdog/$SEE SEE Long 1.30% Low $14.3m

First Horizon Corp Watchdogresearch.com/watchdog/$FHN FHN Long 1.29% Low $27.3m

Tradeweb Markets Inc. Watchdogresearch.com/watchdog/$TW TW Long 1.28% Low $2.28m

Ryder System Inc. Watchdogresearch.com/watchdog/$R R Long 1.28% Low $15.6m

Chemed Corp. Watchdogresearch.com/watchdog/$CHE CHE Long 1.26% Low $2.33m

Flowserve Corp. Watchdogresearch.com/watchdog/$FLS FLS Long 1.26% Low $8.09m

Lennox International Inc. Watchdogresearch.com/watchdog/$LII LII Long 1.25% Low $16m

Agco Corp. Watchdogresearch.com/watchdog/$AGCO AGCO Long 1.22% Low $7.47m

Harley Davidson Inc. Watchdogresearch.com/watchdog/$HOG HOG Long 1.21% Low $1.51m

Itt Inc. Watchdogresearch.com/watchdog/$ITT ITT Long 1.20% Low $7.37m

Brinks Co. Watchdogresearch.com/watchdog/$BCO BCO Long 1.18% Low $2.3m

Ingredion Inc. Watchdogresearch.com/watchdog/$INGR INGR Long 1.17% Low $13.9m

Armstrong World Industries Inc. Watchdogresearch.com/watchdog/$AWI AWI Long 1.14% Low $3.96m

Hubbell Inc. Watchdogresearch.com/watchdog/$HUBB HUBB Long 1.14% Low $27.2m

First Citizens Bancshares Inc. Watchdogresearch.com/watchdog/$FCNCA FCNCA Long 1.14% Low $1.47m

Bok Financial Corp Watchdogresearch.com/watchdog/$BOKF BOKF Long 1.13% Low $11.2m

American Financial Group Inc. Watchdogresearch.com/watchdog/$AFG AFG Long 1.13% Low $14.9m

First American Financial Corp. Watchdogresearch.com/watchdog/$FAF FAF Long 1.11% Low $15m

Olin Corp. Watchdogresearch.com/watchdog/$OLN OLN Long 1.10% Low $18m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Msc Industrial Direct Co. Inc. Watchdogresearch.com/watchdog/$MSM MSM Long 1.09% Low $10.4m

Dentsply Sirona Inc. Watchdogresearch.com/watchdog/$XRAY XRAY Long 1.09% Low $7.46m

Portland General Electric Co. Watchdogresearch.com/watchdog/$POR POR Long 1.07% Low $11.6m

Assurant Inc. Watchdogresearch.com/watchdog/$AIZ AIZ Long 1.07% Low $11.1m

Ashland Global Holdings Inc. Watchdogresearch.com/watchdog/$ASH ASH Long 1.06% Low $5.51m

Huntsman Corp. Watchdogresearch.com/watchdog/$HUN HUN Long 1.05% Low $10.7m

Altra Industrial Motion Watchdogresearch.com/watchdog/$AIMC AIMC Long 1.05% Low $1.65m

Mdu Resources Group Inc. Watchdogresearch.com/watchdog/$MDU MDU Long 1.04% Low $23.7m

National Fuel Gas Co. Watchdogresearch.com/watchdog/$NFG NFG Long 1.03% Low $14.3m

Ugi Corp. Watchdogresearch.com/watchdog/$UGI UGI Long 1.03% Low $26.4m

Applied Industrial Technologies Inc. Watchdogresearch.com/watchdog/$AIT AIT Long 1.03% Low $6.28m

Robert Half International Inc. Watchdogresearch.com/watchdog/$RHI RHI Long 1.02% Low $15.5m

Scotts Miracle Gro Co. Watchdogresearch.com/watchdog/$SMG SMG Long 1.00% Low $15.1m

Pacic Premier Bancorp Inc. Watchdogresearch.com/watchdog/$PPBI PPBI Long 1.00% Low $9.46m

Encompass Health Corp. Watchdogresearch.com/watchdog/$EHC EHC Long 0.99% Low $7.43m

Tegna Inc. Watchdogresearch.com/watchdog/$TGNA TGNA Long 0.99% Low $5.7m

Alliance Data Systems Corp. Watchdogresearch.com/watchdog/$ADS ADS Long 0.98% Low $4.23m

Ensign Group, Inc. Watchdogresearch.com/watchdog/$ENSG ENSG Long 0.97% Low $1.69m

Cf Industries Holdings, Inc. Watchdogresearch.com/watchdog/$CF CF Long 0.97% Low $24.6m

Evercore Partners Inc. Watchdogresearch.com/watchdog/$EVR EVR Long 0.96% Low $12.5m

Umb Financial Corp. Watchdogresearch.com/watchdog/$UMBF UMBF Long 0.96% Low $5.55m

Watts Water Technologies Inc. Watchdogresearch.com/watchdog/$WTS WTS Long 0.95% Low $3.34m

Universal Display Corp. Watchdogresearch.com/watchdog/$OLED OLED Long 0.93% Low $1.93m

Northwestern Corp. Watchdogresearch.com/watchdog/$NWE NWE Long 0.93% Low $9.33m

Cohen & Steers Inc. Watchdogresearch.com/watchdog/$CNS CNS Long 0.92% Low $5.12m

J&J Snack Foods Corp. Watchdogresearch.com/watchdog/$JJSF JJSF Long 0.91% Low $3.56m

Watsco Inc. Watchdogresearch.com/watchdog/$WSO WSO Long 0.90% Low $33.4m

Slm Corporation Watchdogresearch.com/watchdog/$SLM SLM Long 0.89% Low $7.53m

Lpl Financial Holdings Inc. Watchdogresearch.com/watchdog/$LPLA LPLA Long 0.89% Low $6.63m

United States Steel Corp. Watchdogresearch.com/watchdog/$X X Long 0.89% Low $1.15m

Amkor Technology, Inc. Watchdogresearch.com/watchdog/$AMKR AMKR Long 0.89% Low $4.53m

Allete Inc. Watchdogresearch.com/watchdog/$ALE ALE Long 0.87% Low $10.9m

Silgan Holdings Inc. Watchdogresearch.com/watchdog/$SLGN SLGN Long 0.87% Low $6.94m

A. O. Smith Corporation Watchdogresearch.com/watchdog/$AOS AOS Long 0.87% Low $19.5m

Synovus Financial Corp. Watchdogresearch.com/watchdog/$SNV SNV Long 0.87% Low $16.3m

Snap On Inc. Watchdogresearch.com/watchdog/$SNA SNA Long 0.87% Low $24.2m

Stifel Financial Corp. Watchdogresearch.com/watchdog/$SF SF Long 0.86% Low $5.48m

Curtiss Wright Corp. Watchdogresearch.com/watchdog/$CW CW Long 0.86% Low $2.11m

Mosaic Co. Watchdogresearch.com/watchdog/$MOS MOS Long 0.86% Low $7.87m

Oge Energy Corp. Watchdogresearch.com/watchdog/$OGE OGE Long 0.85% Low $24.7m

First Financial Bankshares Inc. Watchdogresearch.com/watchdog/$FFIN FFIN Long 0.84% Low $6.66m

Toro Co. Watchdogresearch.com/watchdog/$TTC TTC Long 0.84% Low $14m

Seaboard Corp. Watchdogresearch.com/watchdog/$SEB SEB Long 0.83% Low $708k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Sterling Bancorp. Watchdogresearch.com/watchdog/$STL STL Long 0.83% Low $4.3m

Lear Corp. Watchdogresearch.com/watchdog/$LEA LEA Long 0.82% Low $4.85m

Franklin Electric Co. Inc. Watchdogresearch.com/watchdog/$FELE FELE Long 0.82% Low $3.47m

Globe Life Inc. Watchdogresearch.com/watchdog/$GL GL Long 0.82% Low $4.77m

Rli Corp. Watchdogresearch.com/watchdog/$RLI RLI Long 0.82% Low $4.02m

Interactive Brokers Group, Inc. Watchdogresearch.com/watchdog/$IBKR IBKR Long 0.81% Low $2.67m

Avnet Inc. Watchdogresearch.com/watchdog/$AVT AVT Long 0.81% Low $7.53m

Sanderson Farms Inc. Watchdogresearch.com/watchdog/$SAFM SAFM Long 0.80% Low $3.67m

Owens Corning Watchdogresearch.com/watchdog/$OC OC Long 0.80% Low $9.9m

Acuity Brands Inc. Watchdogresearch.com/watchdog/$AYI AYI Long 0.80% Low $2.27m

Popular Inc. Watchdogresearch.com/watchdog/$BPOP BPOP Long 0.80% Low $12m

Valvoline Inc. Watchdogresearch.com/watchdog/$VVV VVV Long 0.79% Low $9.31m

Littelfuse Inc. Watchdogresearch.com/watchdog/$LFUS LFUS Long 0.79% Low $3.45m

Kennametal Inc. Watchdogresearch.com/watchdog/$KMT KMT Long 0.79% Low $4.48m

Service Corp. International Watchdogresearch.com/watchdog/$SCI SCI Long 0.78% Low $17.1m

Home Bancshares Inc. Watchdogresearch.com/watchdog/$HOMB HOMB Long 0.78% Low $7.54m

Idacorp Inc. Watchdogresearch.com/watchdog/$IDA IDA Long 0.78% Low $16.1m

One Gas, Inc. Watchdogresearch.com/watchdog/$OGS OGS Long 0.78% Low $7.59m

M.D.C. Holdings, Inc. Watchdogresearch.com/watchdog/$MDC MDC Long 0.77% Low $8.46m

Newmarket Corp. Watchdogresearch.com/watchdog/$NEU NEU Long 0.77% Low $7.27m

American States Water Co. Watchdogresearch.com/watchdog/$AWR AWR Long 0.77% Low $5.46m

Pinnacle West Capital Corp. Watchdogresearch.com/watchdog/$PNW PNW Long 0.76% Low $28.2m

Leggett & Platt Inc. Watchdogresearch.com/watchdog/$LEG LEG Long 0.76% Low $19.3m

Cno Financial Group, Inc. Watchdogresearch.com/watchdog/$CNO CNO Long 0.76% Low $6.17m

Hawaiian Electric Industries Inc. Watchdogresearch.com/watchdog/$HE HE Long 0.76% Low $11.9m

Targa Resources Corp. Watchdogresearch.com/watchdog/$TRGP TRGP Long 0.75% Low $10.6m

Marathon Oil Corp. Watchdogresearch.com/watchdog/$MRO MRO Long 0.75% Low $13.4m

Power Integrations Inc. Watchdogresearch.com/watchdog/$POWI POWI Long 0.75% Low $3.18m

Worthington Industries Inc. Watchdogresearch.com/watchdog/$WOR WOR Long 0.75% Low $6.93m

Artisan Partners Asset Management Inc. Watchdogresearch.com/watchdog/$APAM APAM Long 0.75% Low $19.8m

Aliated Managers Group, Inc. Watchdogresearch.com/watchdog/$AMG AMG Long 0.75% Low $2.8m

Reynolds Consumer Products, Inc. Watchdogresearch.com/watchdog/$REYN REYN Long 0.74% Low $13.5m

Bank Of Hawaii Corp. Watchdogresearch.com/watchdog/$BOH BOH Long 0.73% Low $7.26m

John Bean Technologies Corp. Watchdogresearch.com/watchdog/$JBT JBT Long 0.73% Low $1.12m

Wintrust Financial Corp. Watchdogresearch.com/watchdog/$WTFC WTFC Long 0.73% Low $4.22m

Commerce Bancshares Inc. Watchdogresearch.com/watchdog/$CBSH CBSH Long 0.73% Low $8.95m

Kemper Corp. Watchdogresearch.com/watchdog/$KMPR KMPR Long 0.73% Low $6.68m

Hanover Insurance Group, Inc. Watchdogresearch.com/watchdog/$THG THG Long 0.73% Low $10.1m

Reinsurance Group Of America Inc. Watchdogresearch.com/watchdog/$RGA RGA Long 0.73% Low $11m

Steel Dynamics Inc. Watchdogresearch.com/watchdog/$STLD STLD Long 0.72% Low $23.5m

Radian Group Inc. Watchdogresearch.com/watchdog/$RDN RDN Long 0.72% Low $6.68m

Sonoco Products Co. Watchdogresearch.com/watchdog/$SON SON Long 0.72% Low $20.7m

Wyndham Hotels & Resorts, Inc. Watchdogresearch.com/watchdog/$WH WH Long 0.72% Low $5.06m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Selective Insurance Group Inc. Watchdogresearch.com/watchdog/$SIGI SIGI Long 0.72% Low $4.71m

Premier, Inc. Watchdogresearch.com/watchdog/$PINC PINC Long 0.72% Low $6.4m

Unum Group Watchdogresearch.com/watchdog/$UNM UNM Long 0.72% Low $17.1m

Webster Financial Corp. Watchdogresearch.com/watchdog/$WBS WBS Long 0.72% Low $11.8m

Spire Inc. Watchdogresearch.com/watchdog/$SR SR Long 0.71% Low $10.9m

Nisource Inc Watchdogresearch.com/watchdog/$NI NI Long 0.71% Low $25.2m

Oshkosh Corp. Watchdogresearch.com/watchdog/$OSK OSK Long 0.71% Low $9.27m

Lincoln Electric Holdings Inc. Watchdogresearch.com/watchdog/$LECO LECO Long 0.70% Low $14.3m

Wd 40 Co. Watchdogresearch.com/watchdog/$WDFC WDFC Long 0.70% Low $4.07m

Brooks Automation Inc. Watchdogresearch.com/watchdog/$BRKS BRKS Long 0.70% Low $3.58m

Rexnord Corp. Watchdogresearch.com/watchdog/$RXN RXN Long 0.69% Low $5.4m

Acushnet Holdings Watchdogresearch.com/watchdog/$GOLF GOLF Long 0.69% Low $4.21m

Voya Financial, Inc. Watchdogresearch.com/watchdog/$VOYA VOYA Long 0.69% Low $4.94m

Onemain Holdings, Inc. Watchdogresearch.com/watchdog/$OMF OMF Long 0.69% Low $20.2m

Cullen/Frost Bankers, Inc. Watchdogresearch.com/watchdog/$CFR CFR Long 0.68% Low $14.4m

East West Bancorp Inc. Watchdogresearch.com/watchdog/$EWBC EWBC Long 0.68% Low $14.1m

Sensient Technologies Corp. Watchdogresearch.com/watchdog/$SXT SXT Long 0.68% Low $8.42m

Interpublic Group Of Companies, Inc. Watchdogresearch.com/watchdog/$IPG IPG Long 0.68% Low $39.4m

Kinsale Capital Group, Inc. Watchdogresearch.com/watchdog/$KNSL KNSL Long 0.67% Low $545k

Black Hills Corp. Watchdogresearch.com/watchdog/$BKH BKH Long 0.67% Low $11.3m

Lancaster Colony Corp. Watchdogresearch.com/watchdog/$LANC LANC Long 0.67% Low $6.61m

Louisiana Pacic Corp. Watchdogresearch.com/watchdog/$LPX LPX Long 0.67% Low $10.7m

Western Union Co. Watchdogresearch.com/watchdog/$WU WU Long 0.67% Low $28.1m

Mgic Investment Corp. Watchdogresearch.com/watchdog/$MTG MTG Long 0.67% Low $5.47m

First Hawaiian, Inc. Watchdogresearch.com/watchdog/$FHB FHB Long 0.67% Low $10.5m

Pinnacle Financial Partners Inc. Watchdogresearch.com/watchdog/$PNFP PNFP Long 0.67% Low $4.79m

National Instruments Corp. Watchdogresearch.com/watchdog/$NATI NATI Long 0.67% Low $10.4m

Flowers Foods Inc. Watchdogresearch.com/watchdog/$FLO FLO Long 0.67% Low $19.8m

Community Bank System, Inc. Watchdogresearch.com/watchdog/$CBU CBU Long 0.67% Low $7.04m

Landstar System Inc. Watchdogresearch.com/watchdog/$LSTR LSTR Long 0.67% Low $3.94m

Kbr, Inc. Watchdogresearch.com/watchdog/$KBR KBR Long 0.66% Low $5.8m

Umpqua Holdings Corp. Watchdogresearch.com/watchdog/$UMPQ UMPQ Long 0.66% Low $14.2m

People's United Financial, Inc. Watchdogresearch.com/watchdog/$PBCT PBCT Long 0.66% Low $24.6m

Gentex Corp. Watchdogresearch.com/watchdog/$GNTX GNTX Long 0.65% Low $12.8m

Element Solutions Inc. Watchdogresearch.com/watchdog/$ESI ESI Long 0.65% Low $8.04m

Crane Co. Watchdogresearch.com/watchdog/$CR CR Long 0.65% Low $8.66m

Conmed Corp. Watchdogresearch.com/watchdog/$CNMD CNMD Long 0.65% Low $2.22m

Donaldson Co. Inc. Watchdogresearch.com/watchdog/$DCI DCI Long 0.64% Low $13.2m

Bwx Technologies, Inc. Watchdogresearch.com/watchdog/$BWXT BWXT Long 0.64% Low $7.2m

Prosperity Bancshares Inc. Watchdogresearch.com/watchdog/$PB PB Long 0.64% Low $12.1m

Timken Co. Watchdogresearch.com/watchdog/$TKR TKR Long 0.64% Low $10.1m

Hillenbrand, Inc. Watchdogresearch.com/watchdog/$HI HI Long 0.64% Low $5.21m

Nrg Energy, Inc. Watchdogresearch.com/watchdog/$NRG NRG Long 0.63% Low $26.1m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Toll Brothers Inc. Watchdogresearch.com/watchdog/$TOL TOL Long 0.63% Low $5.24m

Franklin Resources Inc. Watchdogresearch.com/watchdog/$BEN BEN Long 0.63% Low $43.8m

Cogent Communications Holdings, Inc. Watchdogresearch.com/watchdog/$CCOI CCOI Long 0.63% Low $13.3m

Kb Home Watchdogresearch.com/watchdog/$KBH KBH Long 0.62% Low $4.64m

H&R Block Inc. Watchdogresearch.com/watchdog/$HRB HRB Long 0.62% Low $21.5m

Wingstop Inc. Watchdogresearch.com/watchdog/$WING WING Long 0.61% Low $2.21m

Balchem Corp. Watchdogresearch.com/watchdog/$BCPC BCPC Long 0.60% Low $2.4m

Royal Gold Inc. Watchdogresearch.com/watchdog/$RGLD RGLD Long 0.60% Low $5.87m

Juniper Networks Inc. Watchdogresearch.com/watchdog/$JNPR JNPR Long 0.59% Low $24.1m

Aptargroup Inc. Watchdogresearch.com/watchdog/$ATR ATR Long 0.59% Low $10.9m

Jabil Inc. Watchdogresearch.com/watchdog/$JBL JBL Long 0.59% Low $5.45m

Allison Transmission Holdings Inc. Watchdogresearch.com/watchdog/$ALSN ALSN Long 0.59% Low $5.11m

Simpson Co. Inc. Watchdogresearch.com/watchdog/$SSD SSD Long 0.59% Low $5.54m

Enersys Watchdogresearch.com/watchdog/$ENS ENS Long 0.59% Low $2.74m

Lci Industries Watchdogresearch.com/watchdog/$LCII LCII Long 0.58% Low $8.3m

Sei Investments Co. Watchdogresearch.com/watchdog/$SEIC SEIC Long 0.57% Low $6.65m

Churchill Downs Inc. Watchdogresearch.com/watchdog/$CHDN CHDN Long 0.56% Low $3.31m

Emcor Group Inc. Watchdogresearch.com/watchdog/$EME EME Long 0.56% Low $1.77m

New York Times Co. Watchdogresearch.com/watchdog/$NYT NYT Long 0.55% Low $3.66m

Advance Auto Parts Inc. Watchdogresearch.com/watchdog/$AAP AAP Long 0.55% Low $6.31m

Dolby Laboratories, Inc. Watchdogresearch.com/watchdog/$DLB DLB Long 0.55% Low $6.53m

Werner Enterprises Inc. Watchdogresearch.com/watchdog/$WERN WERN Long 0.55% Low $2.96m

New Jersey Resources Corp. Watchdogresearch.com/watchdog/$NJR NJR Long 0.52% Low $11m

Diamondback Energy, Inc. Watchdogresearch.com/watchdog/$FANG FANG Long 0.48% Low $32.5m

Wendy's Co. Watchdogresearch.com/watchdog/$WEN WEN Long 0.47% Low $6.24m

Exponent Inc. Watchdogresearch.com/watchdog/$EXPO EXPO Long 0.47% Low $4.34m

Gatx Corp. Watchdogresearch.com/watchdog/$GATX GATX Long 0.46% Low $4.99m

Morningstar, Inc. Watchdogresearch.com/watchdog/$MORN MORN Long 0.45% Low $4.47m

Cboe Global Markets, Inc. Watchdogresearch.com/watchdog/$CBOE CBOE Long 0.45% Low $15.2m

Erie Indemnity Co. Watchdogresearch.com/watchdog/$ERIE ERIE Long 0.44% Low $13.4m

Air Lease Corp. Watchdogresearch.com/watchdog/$AL AL Long 0.43% Low $5.1m

Unirst Corp. Watchdogresearch.com/watchdog/$UNF UNF Long 0.42% Low $1.28m

Tetra Tech Inc. Watchdogresearch.com/watchdog/$TTEK TTEK Long 0.42% Low $4.18m

Williams Sonoma Inc. Watchdogresearch.com/watchdog/$WSM WSM Long 0.38% Low $27.2m

Pegasystems Inc. Watchdogresearch.com/watchdog/$PEGA PEGA Long 0.38% Low $1.46m

Innovative Industrial Properties Inc. Watchdogresearch.com/watchdog/$IIPR IIPR Long 0.38% Low $3.42m

Antero Midstream Corporation - AM Long - NA $52.1m

Nortonlifelock Inc - NLOK Long - NA $30.1m

Vistra Energy Corp - VSTE Long - NA $19.7m

Essential Utilities Inc - ESSUTI Long - NA $17m

Dicks Sporting Goods Inc - DKS Long - NA $16.9m

Signature Bank - SBNY Long - NA $14.5m

Bank Ozk - OZRK Long - NA $11.3m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Travel + Leisure Co - TNLUN Long - NA $11m

Western Alliance Bancorp - WAL Long - NA $9.7m

Avient Corp - AVNTUN Long - NA $7.36m

Insperity Inc - NSP Long - NA $6.87m

Ufp Industries Inc - UFPIZZZZ Long - NA $4.84m

Apa Corp - APA Long - NA $3.73m

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This is a story about four people investing in ETFs. They are named Everybody, Somebody, Anybody and Nobody.

Everybody wanted to buy ETFs because ETFs are such great investments. “Not so fast,” said Somebody. “Nobody should buy an ETF without rst understanding the accounting and disclosure risks for the ETF’s basket of stocks.”

Everybody scoffed: “Don’t be silly! What could go wrong? Let’s just BUY immediately! Somebody at the ETF must have done that work for us.” Anybody explained how Everybody was wrong in their thinking: “Most ETF prospectuses specically say Nobody at the ETF actually does traditional stock risk analysis.” Everybody read many ETF prospectuses, and, sure enough, Anybody was right! So, while Everybody should know the risks before buying an ETF, Nobody was actually doing it.

Until this report was created.

Watchdog Research, Inc. educates investors on accounting and disclosure risks.

Full Watchdog and Gray Swan Event Factor Reports offer in-depth information about identied risks. See more about Watchdog Research Inc. and available subscriptions below.

Watchdog Research, Inc. is an independent research organization that does not make "buy", "sell" or "hold" recommendations and does not trade in public stocks.

About Watchdog Research, Inc.

Watchdog Research, Inc. is an independent research provider and publisher of Watchdog Reports.

Watchdog Research analysts track gray swan events and critical disclosures for over 4,500 public companies. Gray swan events are reliably predictable, yet infrequent disclosures that expose a company's failures in accounting, internal controls, management integrity and which negatively impact stock prices or increase probabilities for a lawsuit.

Watchdog Reports identify red ags, issues, and other anomalies in nancial reporting. The reports contain warning signs, red ags, material disclosures, and peer analysis for use in valuation, risk analysis, due diligence research, and idea generation. Watchdog Reports are designed to assist investment professionals fulll their duciary or suitability obligations and to help investors, executives, board members, regulators and educators learn what they need to know about publicly traded companies.

Watchdog Research, Inc. is headquartered in Ave Maria, FL, and it utilizes over 75 specialists and analysts to provide accurate and timely information to its readers. So far, it has delivered 300,000 public company reports to over 27,000 individuals, from over 9,000 investment rms and to 4,000+ public company corporate board members.

Watchdog Reports

An annual subscription to Watchdog Reports costs $5,000 per year per individual subscriber (group subscription rates available). Subscriptions provide unlimited access to 4,500+ public company Watchdog Reports. Reports are updated weekly. A subscription can also entitle users to download the reports weekly on Factset, Renitiv (ex Thomson Reuters), Capital IQ or other platforms. Each company Watchdog Report identies red and yellow ags, issues and other risks for the named company. A full report includes in-depth details and lists original SEC lings and source documents. Reports contain warning signs, attention ags, material disclosures, and peer analysis for use in valuation, risk analysis, due diligence research, and D&O insurance underwriting.

Gray Swan Event Factor Reports

An annual subscription to our Gray Swan Event Factor Reports costs $8,000 per year per individual subscriber (group subscription rates available). A GSEF annual subscription automatically includes a subscription to our Watchdog Reports. The GSEF is a forward looking valuation factor. It identies the percent a stock’s price is overstated when accounting for the likelihood of a future negative accounting or disclosure event. These risks are dicult to quantify and tend to be ignored or disregarded as negligible. However, they often lead to substantial losses with each underlying stock. Before buying, selling or recommending a stock, anyone with a duciary or suitability obligation should review the stock’s Gray Swan Event Factor to quantify the stock’s potential losses for future accounting and disclosure risks. GSEF Reports are updated weekly on our website and quarterly on Factset, Renitiv (ex Thomson Reuters), Capital IQ and other platforms. The full paid version includes detailed break-outs of contributing risk factors, with links to original source materials.

Subscription Information: Subscriptions can be initiated at watchdogresearch.com.

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272