At a glance
EZM charges 0.38% a year, above the 0.18% average of the 8 funds most like it (the 8th cheapest of 9). It has $938.6M in assets, the 8th largest of that group; it paid 1.21% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +18.1% a year. At its worst it fell 46.8% in the 2020 crash (S&P 500: 33.7%) and 22.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows. Its ten largest positions make up 7.8% of the fund, out of 507 in all.
The short version
WisdomTree U.S. MidCap Fund (EZM) is an ETF that tracks the WisdomTree U.S. MidCap Index, a basket of about 500 profitable mid-sized U.S. companies. The index weights them by how much money they earn rather than by their stock market value. That earnings tilt sets it apart from plain mid-cap index funds. So does its cost: a 0.38% expense ratio, about double the 0.18% average of similar funds.
Price history
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EZM +13.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EZM official prospectus, to Dec 31, 2025 | — | +8.44% | — | +10.43% | +10.27% | — |
| Wisdom Tree U.S. Mid Cap Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +8.81% | — | +10.85% | +10.66% | — |
| Index42 index, same period | — | +7.50% | — | +9.12% | +10.72% | — |
| Index43 index, same period | — | +7.58% | — | +11.01% | +10.69% | — |
| EZM price data to Oct 27, 2026 | +12.4% | +13.8% | +18.1% | +8.3% | +10.8% | +9.4% |
- Over the year to Oct 27, 2026, EZM returned +13.8%, 6th of 9 among similar funds.
- Its 5-year annualized return was +8.3% and its 10-year +10.8%.
- In the 2020 COVID crash it fell 46.8% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2008 (-35.1%); its best was 2009 (+50.3%).
- The deepest fall in its price history was 59.6% (Jun 4, 2007 to Mar 6, 2009), recovered by Nov 4, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.4% | — |
| 2025 | +8.4% | +8.44% |
| 2024 | +10.3% | +10.33% |
| 2023 | +19.7% | +19.41% |
| 2022 | -12.2% | -12.12% |
| 2021 | +31.0% | +30.83% |
| 2020 | +5.5% | +5.50% |
| 2019 | +24.5% | +24.65% |
| 2018 | -12.3% | -12.31% |
| 2017 | +17.4% | +17.22% |
| 2016 | +19.8% | +19.71% |
| 2015 | -4.8% | — |
| 2014 | +8.4% | — |
| 2013 | +40.2% | — |
| 2012 | +17.7% | — |
| 2011 | +0.9% | — |
| 2010 | +25.6% | — |
| 2009 | +50.3% | — |
| 2008 | -35.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.1% over that stretch · deepest drop along the way 57.7%, back to its old high 13.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.5% over that stretch · deepest drop along the way 46.8%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.1% over that stretch · deepest drop along the way 22.4%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6400 | |
| 2025 | $0.9300 | +20.8% |
| 2024 | $0.7700 | +5.5% |
| 2023 | $0.7300 | -6.4% |
| 2022 | $0.7800 | +25.8% |
| 2021 | $0.6200 | -16.2% |
| 2020 | $0.7400 | +29.8% |
| 2019 | $0.5700 | +5.6% |
| 2018 | $0.5400 | +14.9% |
| 2017 | $0.4700 | -12.4% |
| 2016 | $0.5367 | +42.5% |
| 2015 | $0.3767 | +4.6% |
| 2014 | $0.3600 | +27.1% |
| 2013 | $0.2833 | -20.6% |
| 2012 | $0.3567 | +101.9% |
| 2011 | $0.1767 | -30.2% |
| 2010 | $0.2533 | +65.2% |
| 2009 | $0.1533 | -32.4% |
| 2008 | $0.2267 |
What's inside
As of Jun 30, 2026, the fund held 507 securities; the ten largest made up 7.76% of assets.
| Holding | Weight | |
|---|---|---|
| VIATRIS INC | 1.37% | |
| CF INDUSTRIES HOLDINGS INC | 0.82% | |
| TD SYNNEX CORP | 0.76% | |
| RENAISSANCERE HOLDINGS LTD | 0.74% | |
| STERLING INFRASTRUCTURE INC | 0.72% | |
| ENTEGRIS INC | 0.70% | |
| APA CORP | 0.67% | |
| AES CORP (THE) | 0.67% | |
| OVINTIV INC | 0.66% | |
| BORGWARNER INC | 0.65% | |
| DAVITA INC | 0.62% | |
| FRANKLIN RESOURCES INC | 0.61% | |
| LATTICE SEMICONDUCTOR CORP | 0.61% | |
| MKS INC | 0.61% | |
| GLOBE LIFE INC | 0.60% |
By country
United States 94.29%Bermuda 3.27%Ireland 0.86%United Kingdom 0.63%Puerto Rico 0.37%By asset type
Stocks 99.9%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $4.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.71%, +1.22%, +3.72%.
How it works
The index starts with WisdomTree's U.S. Total Market Index, which includes only companies that make money. It removes the 500 largest companies and keeps those that make up the top 75% of the remaining market value. Each company must be U.S.-based and U.S.-listed. It needs positive total earnings over its latest four quarters, a market value of at least $100 million, and median daily trading of at least $200,000 in each of the past six months. Its price-to-earnings ratio (share price divided by earnings per share) must be at least 2. As of June 30, 2026, index companies ranged from $1.3 billion to $28.1 billion in market value, with an average of $7.7 billion.
Once a year, the index sets each company's weight by its share of total earnings, so bigger earners get bigger weights. It can also trim or raise weights based on market value and trading volume, and it spreads the difference across the other stocks. As of June 30, 2026, Financials and Industrials each made up roughly 15% or more of the index.
The fund uses representative sampling, which means it holds a group of stocks that resembles the index instead of buying every one. It keeps at least 80% of net assets in index stocks or close equivalents. Its prospectus classifies it as non-diversified, and portfolio turnover was 39%.
What it really costs
- EZM charges 0.38% a year, versus an average of 0.18% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EZM | $39 | $122 | $213 | $480 |
In a retirement portfolio
EZM adds profitable mid-sized U.S. companies, weighted by earnings, to a portfolio built mainly on large-company funds, but it has fallen hard in past downturns.
EZM has had a rough ride in bad markets. It fell 57.7% in the 2008 financial crisis, 46.8% in the 2020 COVID crash and 22.4% in the 2022 bear market. Its worst calendar year was 2008, when it lost 35.1%. Its deepest drop was 59.6%, and it took 20 months from the March 2009 low to win that back. Someone who has to sell shares or draw income during a slump could be selling well below earlier prices.
Income is modest. The trailing yield was 1.21% as of October 27, 2026, paid quarterly. Costs are above those of peers: in the SEC's standard example, a $10,000 investment would cost about $39 in fees in the first year and $480 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want profitable U.S. mid-cap stocks weighted by earnings rather than market value, spread across 507 holdings as of June 30, 2026.
- Holders of large-company funds looking to add firms outside the 500 largest; no single stock was above about 1.4% as of June 30, 2026.
- Long-term holders who can ride out drops like the 57.7% fall in the 2008 crisis and the 46.8% fall in the 2020 crash.
Look elsewhere if
- Cost-focused investors: EZM's 0.38% expense ratio compares with 0.05% for IJH and 0.03% for SPMD.
- Retirees who need meaningful income from their stocks; the trailing yield was 1.21% as of October 27, 2026, paid quarterly.
- Those uneasy about heavy Financials and Industrials exposure, or about losses that took over a year to recover in 2008 and 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EZM this fund | — | 0.38% | $938.6M | +13.8% | +18.1% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 55% | 0.58% | $1.37B | +11.5% | +19.3% |
| DFAS Dimensional U.S. Small Cap ETF | 50% | 0.27% | $15.31B | +19.4% | +17.5% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 50% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 50% | 0.05% | $124.33B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 50% | 0.24% | $28.05B | +14.9% | +16.3% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 50% | 0.07% | $5.87B | +12.0% | +18.0% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 48% | 0.15% | $426.1M | +12.5% | +18.3% |
Questions investors ask
What stocks are in EZM?
As of June 30, 2026, EZM held 507 stocks, and its 10 largest made up just 7.76% of the fund. The biggest positions were Viatris (1.37%), CF Industries (0.82%), TD Synnex (0.76%), RenaissanceRe (0.74%) and Sterling Infrastructure (0.72%). About 94% of assets were in U.S. companies and 3.27% in Bermuda-based companies. Financials and Industrials were the largest sectors, each about 15% or more of the index.
What's the difference between EZM and IJH?
The main differences are weighting and cost. EZM weights mid-sized companies by their earnings. IJH, the iShares Core S&P Mid-Cap ETF, follows S&P's mid-cap index. The two share about 50% of their holdings. IJH charges 0.05% a year, compared with EZM's 0.38%, and it is far larger: $124.3 billion in net assets versus $938.6 million. Over one year, IJH returned 15.1% through October 30, 2026, while EZM returned 13.8% through October 27, 2026. Over three years, the annualized figures were 17.7% and 18.1%.
Does EZM pay dividends?
Yes. EZM pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.90 per share, a trailing yield of 1.21%. That is modest income, because the fund picks stocks by earnings, not by dividend payouts. Mid-sized companies often reinvest profits instead of paying them out. Investors who need steady cash from a portfolio would get only a small share of it from this fund.
What is EZM's expense ratio?
EZM's expense ratio is 0.38%, according to its prospectus filed July 29, 2026. The whole amount is the management fee, with no fee waiver. The average among similar funds is 0.18%, and EZM ranks 8th of 9 on cost. In the SEC's standard example of $10,000 earning 5% a year, fees would total about $39 after one year, $122 after three, $213 after five and $480 after ten.
How has EZM performed over the last 10 years?
EZM returned an average of 10.27% a year over the 10 years to December 31, 2025, according to its prospectus. Over five years it returned 10.43% a year, and over one year 8.44%. Its index returned 10.66% a year over 10 years, before fees. Based on share price, the 10-year annualized return was 10.8% through October 27, 2026. The fund still had losing years, including -12.31% in 2018 and -12.12% in 2022.