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WisdomTree Trust

Annual Report

March 31, 2022

 

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

WisdomTree Emerging Markets High Dividend Fund (DEM)

WisdomTree Emerging Markets Multifactor Fund (EMMF)

WisdomTree Emerging Markets Quality Dividend Growth Fund (DGRE)

WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)

WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL)

WisdomTree Global ex-U.S. Real Estate Fund (DRW)

WisdomTree Global High Dividend Fund (DEW)

WisdomTree Growth Leaders Fund (PLAT)

WisdomTree India Earnings Fund (EPI)

WisdomTree India ex-State-Owned Enterprises Fund (IXSE)


Table of Contents

Table of Contents

 

 

Market Environment Overview (unaudited)

       1  

Information about Performance and Shareholder Expense Examples (unaudited)

       3  

Management’s Discussion of Funds’ Performance (unaudited)

       4  

Description of Terms and Indexes (unaudited)

       16  
Schedules of Investments

 

WisdomTree China ex-State-Owned Enterprises Fund

       19  

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

       24  

WisdomTree Emerging Markets High Dividend Fund

       33  

WisdomTree Emerging Markets Multifactor Fund

       40  

WisdomTree Emerging Markets Quality Dividend Growth Fund

       45  

WisdomTree Emerging Markets SmallCap Dividend Fund

       50  

WisdomTree Global ex-U.S. Quality Dividend Growth Fund

       62  

WisdomTree Global ex-U.S. Real Estate Fund

       68  

WisdomTree Global High Dividend Fund

       71  

WisdomTree Growth Leaders Fund

       80  

WisdomTree India Earnings Fund (consolidated)

       82  

WisdomTree India ex-State-Owned Enterprises Fund

       89  

Statements of Assets and Liabilities

       92  

Statements of Operations

       95  

Statements of Changes in Net Assets

       98  

Financial Highlights

       102  

Notes to Financial Statements

       108  

Report of Independent Registered Public Accounting Firm

       125  

Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)

       127  

Liquidity Risk Management Program (unaudited)

       128  

Trustees and Officers Information (unaudited)

       129  

Supplemental Information (unaudited)

       131  

General Information (unaudited)

       133  

 

“WisdomTree” is a registered mark of WisdomTree Investments, Inc. and is licensed for use by the WisdomTree Trust.


Table of Contents

Market Environment Overview

(unaudited)

 

Global equity markets, as measured by the MSCI All Country World Index (“ACWI“), returned 7.28% in U.S. dollar (“USD”) terms for the 12-month fiscal period ending March 31, 2022 (the “period”). Emerging markets (“EM“) (measured by the MSCI Emerging Markets Index) were not as fortunate, however, and fell 11.37% in USD terms.

International currency market performance was mixed during the period, although the USD broadly strengthened relative to a basket of global currencies. Among emerging market currencies, the Chinese yuan renminbi strengthened relative to the USD, though this may have had an adverse impact on Chinese equity market performance since that would make exports more expensive in an economy that heavily relies on them. The Russian ruble weakened significantly versus the USD as a result of economic sanctions levied against Russia by the rest of the world for its war with Ukraine. The Indian rupee also weakened versus the USD, while the Brazilian real fluctuated for most of the period, before strengthening toward the end of the period.

Global equities generally moved higher for most of the period as the global economy continued its recovery from the COVID-19 pandemic that began in 2020. Vaccine accessibility established confidence in global markets as regional economies steadily began to reopen, promoting a revival in cyclical sectors that had been adversely affected the prior year. The pace of economic growth quickened during 2021, along with the inflation rates around the world, amid a global backdrop of accommodative monetary policy. EM, however, suffered as a result of concentrated and severe headwinds during the period.

During the second quarter of 2021, both global and EM stocks gradually moved higher, with the above equity indexes returning between 5-7.4% in USD terms. Their growth was partially due to the approval and distribution of vaccines around the world, which enabled a return to economic growth and a revival in cyclical economic sectors, which heavily comprise EM especially. Coupled with accommodative monetary policy around the world, equities benefitted during the quarter.

Growth slowed in the third quarter of 2021 with global equities falling approximately 1% in USD terms, while the selloff in EM was more pronounced, falling over 8%. Early summertime optimism faded as new and potentially more infectious COVID-19 variants appeared and spread throughout the world. This elicited fear of renewed “lockdowns” and threatened the ongoing economic recovery.

EM equities had a more difficult quarter for additional reasons. As the largest portion of the region, headwinds in China had an adverse impact on broader EM. Beginning in the late-spring and early-summer months, Chinese government officials became very critical of what they viewed as excessive wealth creation by business owners and executives. These attitudes weighed on China’s heavyweight technology sector, and a steep sell-off ensued. Chinese equities fell into correction territory, declining over 13% in USD terms during June 2021 alone.

Global equities regained their footing heading into the fourth quarter of 2021, returning about 6.68% in USD terms. However, EM, once again, was not as fortunate. More bad news came in the fall, as China’s real estate market began to severely struggle amid default concerns from one of its largest property developers. Fears of systemic impacts briefly sent global markets down further, though they finished 2021 strong once their contagion concerns were allayed. EM equities were unable to maintain the gains they earned in October 2021, and finished the quarter in negative territory.

With 2021 in rearview, investors began 2022 with several concerns that led to risk-off sentiments in the first quarter of 2022. At the forefront were concerns about runaway inflation around the world, and the expectation that global central banks would have to quickly intervene with restrictive monetary policy actions to temper rising inflation. Interest rates around the world rose quickly as bonds sold-off, and the U.S. Federal Reserve raised its target federal funds rate for the first time since slashing it to 0% at the onset of the pandemic in 2020.

 

WisdomTree Trust      1  


Table of Contents

Market Environment Overview

(unaudited) (concluded)

 

Inflationary and interest rate concerns temporarily took a backseat halfway through the first quarter of 2022, as geopolitical tensions between Russia and Ukraine escalated into war. Investor risk-on sentiment deteriorated, and equities declined for several weeks as markets assessed the developments and prospects for resolution.

As a result, global equities sold off in the first quarter of 2022, owing to the near-certainty of several upcoming interest rate hikes amid a tightening cycle and geopolitical tensions between Russia and Ukraine. Both global and EM equities sold off between 5 and 7% in USD terms, as the confluence of rising rates and geopolitical risks reduced the attractiveness of equities as an asset class, and riskier international and EM equities in particular. The latter are particularly susceptible to changes in overall global economic growth, and they underperformed other regions during the downturn in the first quarter of 2022, accordingly.

Many of these risk factors remain paramount, and global financial market performance will be heavily dependent on developments in the war between Russia and Ukraine, economic data, and upcoming central bank activity.

Each WisdomTree Fund’s performance as set forth in “Management’s Discussion of Funds’ Performance” in the pages that follow should also be viewed in light of the foregoing market environment.

 

2   WisdomTree Trust


Table of Contents

Information about Performance and Shareholder Expense Examples (unaudited)

Performance

The performance tables on the following pages are provided for comparative purposes and represent the period noted. Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market price return is based on the market price per share of the Fund. The price used to calculate market price returns is the midpoint of the bid and ask price for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other exchange traded funds (“ETFs”), NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities.

Fund shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Fund NAV returns are calculated using a Fund’s daily 4:00 p.m. eastern time NAV. Market price returns reflect the midpoint of the bid and ask price as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Total returns for a period of less than one year are cumulative.

Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For the most recent month-end performance information visit www.wisdomtree.com.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore, index returns do not reflect deductions for fees or expenses and an index is not available for direct investment. In comparison, the Funds’ performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes on transactions in Fund shares or taxes that a shareholder would pay on Fund distributions. Past performance is no guarantee of future results.

Shareholder Expense Examples

Each Fund’s performance table is accompanied by a shareholder expense example. As a shareholder of a WisdomTree Fund, you incur two types of cost: (1) transaction costs, including brokerage commissions on purchases and sales of your Fund shares and (2) ongoing costs, including management fees and other Fund expenses. The examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022. Except where noted, expenses are calculated using each Fund’s annualized expense ratio (after the effect of contractual or voluntary fee waivers, if any), multiplied by the average account value for the period, multiplied by 182/365 (to reflect the one-half year period). The annualized expense ratio does not include acquired fund fees and expenses (“AFFEs”), which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies.

Actual expenses

The first line in the shareholder expense example table shown on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second line in the shareholder expense example table shown on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

WisdomTree Trust      3  


Table of Contents

Management’s Discussion of Funds’ Performance

 

as

of March 31, 2022 (unaudited)

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Consumer Discretionary

    30.9%  

Communication Services

    18.1%  

Health Care

    11.0%  

Information Technology

    10.7%  

Industrials

    8.5%  

Financials

    7.1%  

Consumer Staples

    5.4%  

Materials

    4.6%  

Real Estate

    2.7%  

Utilities

    0.7%  

Energy

    0.3%  

Other Assets less Liabilities‡

    0.0%

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

Tencent Holdings Ltd.

    12.1%  

Alibaba Group Holding Ltd.

    9.6%  

Meituan, Class B

    3.8%  

JD.com, Inc., Class A

    2.9%  

Contemporary Amperex Technology Co. Ltd., Class A

    2.6%  

Ping An Insurance Group Co. of China Ltd., Class A

    2.1%  

Ping An Insurance Group Co. of China Ltd., Class H

    2.1%  

Baidu, Inc., Class A

    2.0%  

NetEase, Inc.

    1.7%  

Wuxi Biologics Cayman, Inc.

    1.6%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree China ex-State-Owned Enterprises Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree China ex-State-Owned Enterprises Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in Chinese companies that are not state-owned enterprises (“SOEs”), which is defined as government ownership of greater than 20%. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -35.81% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Information Technology and Industrials, due to allocation effects within Industrials and stock selection effects within Consumer Discretionary and Information Technology. Positions in the Financials, Energy and Materials sectors weighed negatively on performance for the Fund, due to both allocation and stock selection effects. When analyzing performance by State-Ownership attribution, the Fund’s lack of exposure to SOEs weighed on performance the most, owing to allocation effects, since SOEs performed much better than non-state-owned enterprises (“Non-SOEs”) during the fiscal year. Non-SOEs, representing the entirety of the Fund, were still additive due positive stock selection, but not enough to offset the losses from eliminating SOEs. Chinese equities had a difficult fiscal year due to a combination of COVID-19 lockdown impacts, economic growth concerns, severe risks in its Real Estate market, and changing governmental attitudes toward profit-seeking enterprises. The confluence of these factors sent the Chinese equity market down sharply for the fiscal year.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 769.00        0.32   $ 1.41  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.34        0.32   $ 1.61  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

       -35.81      2.72      8.49      6.85

Fund Market Price Returns

       -37.89      1.96      8.00      6.53

WisdomTree China Dividend ex-Financials/China ex-State-Owned Enterprises Spliced Index2

       -35.75      2.96      8.24      7.15

MSCI China Index

       -32.54      -3.01      3.51      4.91

FTSE China 50 Index

       -27.13      -6.59      -0.05      2.51
1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on September 19, 2012.

 

2 

WisdomTree China Dividend ex-Financials Index through June 30, 2015; WisdomTree China ex-State-Owned Enterprises Index thereafter.

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

4   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

 

as

of March 31, 2022 (unaudited)

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    25.2%  

Financials

    16.4%  

Consumer Discretionary

    14.8%  

Communication Services

    10.5%  

Materials

    8.0%  

Consumer Staples

    6.7%  

Health Care

    6.2%  

Industrials

    6.1%  

Energy

    3.0%  

Real Estate

    1.6%  

Utilities

    1.5%  

Other Assets less Liabilities‡

    0.0%

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd.

    6.7%  

Samsung Electronics Co. Ltd.

    5.1%  

Tencent Holdings Ltd.

    4.3%  

Alibaba Group Holding Ltd.

    2.9%  

Reliance Industries Ltd., GDR

    1.9%  

Infosys Ltd., ADR

    1.6%  

Meituan, Class B

    1.2%  

Housing Development Finance Corp. Ltd.

    1.1%  

JD.com, Inc., Class A

    0.9%  

SK Hynix, Inc.

    0.9%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets ex-State-Owned Enterprises Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in emerging market companies that are not state-owned enterprises, which is defined as government ownership of more than 20%. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -16.70% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Information Technology, Consumer Staples and Consumer Discretionary, primarily due to stock selection effects within each. Positions in the Financials, Energy and Materials sectors weighed negatively on performance, due to poor stock selection in the latter two and a combination of stock selection and effects within Financials. When analyzing performance by country, exposures within China and Russia weighed negatively on performance the most, owing to combination of allocation and stock selection effects resulting from the recent volatility in both equity markets. India and Taiwan were the strongest contributors due to allocation effects in the former and stock selection impacts in the latter. The Fund’s underperformance relative to its Index was also attributable to the Index valuing Russian securities that suspended trading at their last traded price in accordance with the Index’s calculation methodology, whereas, the Fund is valuing Russian securities that suspended trading in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) applicable to the Fund which requires assets to be fair valued at the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions; which the Fund has estimated to be zero.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 883.60        0.32   $ 1.50  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.34        0.32   $ 1.61  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

       -16.70      6.46      7.51      5.88

Fund Market Price Returns

       -18.66      5.94      7.20      5.80

WisdomTree Emerging Markets ex-State-Owned Enterprises Index

       -15.90      7.19      8.15      6.88

MSCI Emerging Markets Index

       -11.37      4.94      5.98      4.80
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on December 10, 2014.

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

WisdomTree Trust      5  


Table of Contents

Management’s Discussion of Funds’ Performance

 

as

of March 31, 2022 (unaudited)

WisdomTree Emerging Markets High Dividend Fund (DEM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    25.2%  

Materials

    24.1%  

Energy

    11.8%  

Information Technology

    11.2%  

Consumer Staples

    5.7%  

Real Estate

    4.9%  

Utilities

    4.9%  

Industrials

    4.9%  

Communication Services

    4.3%  

Consumer Discretionary

    2.0%  

Health Care

    0.5%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Vale SA

    10.8%  

Petroleo Brasileiro SA

    4.1%  

China Construction Bank Corp., Class H

    3.4%  

Hon Hai Precision Industry Co. Ltd.

    2.1%  

Grupo Mexico SAB de CV, Series B

    2.1%  

Industrial & Commercial Bank of China Ltd., Class H

    2.1%  

Bank of China Ltd., Class H

    1.9%  

Impala Platinum Holdings Ltd.

    1.4%  

Sibanye Stillwater Ltd.

    1.3%  

Asustek Computer, Inc.

    1.3%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Emerging Markets High Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets High Dividend Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the emerging markets region. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 5.65% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Communication Services and Energy, primarily due to stock selection effects within each. Positions in the Real Estate, Industrials and Consumer Staples sectors weighed on performance for the Fund, due to poor stock selection effects in the latter two and allocation effects in Consumer Discretionary. When analyzing performance by country, exposures within India and Russia were the largest detractors from performance, due to allocation impacts from an underweight position in India and allocations to Russian issuers that were relatively poor performers over the fiscal year as a result of economic sanctions levied against Russia. China and Brazil were top performance contributors. The Fund was underweight the former during its difficult year and managed to pick stronger-performing stocks, while it was overweight the latter during a strong year for Brazilian equities. The Fund’s underperformance relative to its Index was also attributable to the Index valuing Russian securities that suspended trading at their last traded price in accordance with the Index’s calculation methodology, whereas, the Fund is valuing Russian securities that suspended trading in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) applicable to the Fund, requiring assets to be fair valued at the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions, which the Fund has estimated to be zero.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,024.10        0.64   $ 3.23  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.74        0.64   $ 3.23  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.63% and the actual and hypothetical expenses paid during the period would have been $3.18, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       5.65      5.69      6.62      1.83

Fund Market Price Returns

       4.96      5.47      6.45      1.74

WisdomTree Emerging Markets High Dividend Index

       7.77      7.02      7.68      2.92

MSCI Emerging Markets Index

       -11.37      4.94      5.98      3.36

MSCI Emerging Markets Value Index

       -3.53      3.22      4.24      1.58

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

6   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

 

as

of March 31, 2022 (unaudited)

WisdomTree Emerging Markets Multifactor Fund (EMMF)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    19.5%  

Financials

    19.3%  

Materials

    11.2%  

Consumer Staples

    10.6%  

Communication Services

    8.7%  

Consumer Discretionary

    7.9%  

Energy

    7.2%  

Industrials

    6.9%  

Utilities

    6.4%  

Health Care

    2.0%  

Other Assets less Liabilities‡

    0.3%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd.

    3.5%  

China Development Financial Holding Corp.

    2.1%  

Cathay Financial Holding Co. Ltd.

    1.4%  

Want Want China Holdings Ltd.

    1.3%  

Zhongsheng Group Holdings Ltd.

    1.2%  

Kingboard Holdings Ltd.

    1.1%  

Samsung Electronics Co. Ltd.

    1.1%  

Bajaj Auto Ltd.

    1.0%  

Tencent Holdings Ltd.

    1.0%  

China Hongqiao Group Ltd.

    1.0%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Emerging Markets Multifactor Fund (the ‘‘Fund’’) seeks capital appreciation by investing in equity securities of emerging markets countries with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation.

The Fund returned -5.72% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund’s position in the Consumer Discretionary and Communication Services sectors were additive for a positive performance mostly due to stock selection effects. The Materials sector detracted from performance primarily due to stock selection effects as well. Exposures in China and Taiwan were additive primarily due to stock selection effects. A lack of exposure to Saudi Arabia weighed negatively on performance, while exposures in Russia also detracted from performance as a result of stock selection. Over the fiscal year, uncertainty and volatility have entered the global markets as investors are accessing the impacts of inflation and rising rates, China regulatory crackdowns, Russia’s invasion of Ukraine, and global supply chains being disrupted due to COVID-19 issues. This has resulted in global equity markets largely being down during the fiscal year. However, higher quality and lower valuation companies have continued to be a preferred destination over their more growth-oriented and lower quality counterparts, which are two of the screening factors withing the Fund’s methodology. During the fiscal year, the Fund’s overweight to the higher quality companies and its underweight to lower quality companies were both positive contributors to performance. Further, the Fund’s overweight in lower price-to-earnings companies and underweight in higher price-to-earnings companies were both beneficial to performance as lower multiple companies benefited from the rotation from growth into value during the period.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 940.20        0.48   $ 2.32  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.54        0.48   $ 2.42  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      Since Inception1  

Fund NAV Returns

       -5.72      2.70      1.22

Fund Market Price Returns

       -7.38      2.09      1.05

MSCI Emerging Markets Index

       -11.37      4.94      4.24
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on August 10, 2018.

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

WisdomTree Trust      7  


Table of Contents

Management’s Discussion of Funds’ Performance

 

as

of March 31, 2022 (unaudited)

WisdomTree Emerging Markets Quality Dividend Growth Fund (DGRE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    27.6%  

Materials

    15.4%  

Consumer Staples

    10.5%  

Consumer Discretionary

    8.4%  

Communication Services

    7.8%  

Industrials

    6.9%  

Health Care

    6.5%  

Financials

    6.0%  

Energy

    5.1%  

Utilities

    3.7%  

Real Estate

    2.2%  

Other Assets less Liabilities‡

    -0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd.

    6.1%  

Tencent Holdings Ltd.

    4.3%  

Samsung Electronics Co. Ltd.

    3.6%  

Infosys Ltd.

    1.5%  

Vale SA

    1.2%  

Tata Consultancy Services Ltd.

    1.0%  

Zhongsheng Group Holdings Ltd.

    1.0%  

JSW Steel Ltd.

    0.9%  

Tech Mahindra Ltd.

    0.7%  

ENN Energy Holdings Ltd.

    0.7%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Emerging Markets Quality Dividend Growth Fund (the ‘‘Fund’’) seeks income and capital appreciation by investing in dividend-paying companies with growth characteristics in the emerging markets region.

The Fund returned -8.48% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund’s position in the Consumer Discretionary sector contributed most positively to performance. The Fund’s position in the Consumer Discretionary sector was by far the strongest performer, owing to stock selection effects, while its position in Financials weighed negatively on performance due to a combination of allocation and stock selection effects. Exposures in China were additive due to a combination of allocation and selection effects. Positions in India were also additive, primarily due to allocation effects. Exposures in Taiwan had negative performance impacts, owing mainly to poor stock selection. Over the fiscal year, uncertainty and volatility have entered the global markets as investors are accessing the impacts of inflation and rising rates, China regulatory crackdowns, Russia’s invasion of Ukraine, and global supply chains being disrupted due to COVID-19 issues. This has resulted in global equity markets largely being down during the fiscal year. However, quality companies have continued to be a preferred destination over their more risky, less certain counterparts. Inherent in the Fund’s methodology is a quality screening process. During the fiscal year, the Fund’s overweight to the higher quality companies and its underweight to the lower quality companies were both positive contributors to performance. Further, negative earning companies were amongst the worst performing subset of the emerging markets equity universe, and the Fund has minimal exposure to those names.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 946.70        0.32   $ 1.55  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.34        0.32   $ 1.61  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

       -8.48      4.76      5.28      2.99

Fund Market Price Returns

       -10.34      4.12      4.82      2.62

MSCI Emerging Markets Index

       -11.37      4.94      5.98      4.45

 

1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on August 1, 2013.

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

8   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    17.5%  

Financials

    15.2%  

Materials

    13.9%  

Industrials

    13.3%  

Consumer Discretionary

    9.3%  

Consumer Staples

    8.4%  

Real Estate

    8.0%  

Utilities

    5.9%  

Health Care

    3.1%  

Communication Services

    2.8%  

Energy

    1.4%  

Investment Company

    0.5%  

Other Assets less Liabilities‡

    0.7%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Transmissora Alianca de Energia Eletrica SA

    1.7%  

African Rainbow Minerals Ltd.

    1.1%  

Synnex Technology International Corp.

    1.1%  

Royal Bafokeng Platinum Ltd.

    0.9%  

Meritz Securities Co. Ltd.

    0.8%  

SPAR Group Ltd.

    0.8%  

Truworths International Ltd.

    0.8%  

CAP SA

    0.8%  

Banco del Bajio SA

    0.7%  

Meritz Fire & Marine Insurance Co. Ltd.

    0.7%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Emerging Markets SmallCap Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets SmallCap Dividend Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the emerging markets region. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 9.48% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Utilities and Consumer Discretionary, due to allocation and stock selection effects within each sector. Positions in the Real Estate, Industrials and Energy sectors weighed negatively on performance for the Fund, due to a combination of allocation and stock selection. When analyzing performance by country, exposures within Thailand and India were the largest detractors from performance, owing to allocation effects in both. South Korea and Brazil were top performance contributors due to allocation and stock selection.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 1,010.30        0.58   $ 2.91  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.04        0.58   $ 2.92  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       9.48      8.71      7.77      4.74

Fund Market Price Returns

       8.23      8.57      7.61      4.66

WisdomTree Emerging Markets SmallCap Dividend Index

       10.43      9.93      8.81      5.91

MSCI Emerging Markets Small Cap Index

       5.52      11.93      7.81      5.31

MSCI Emerging Markets Index

       -11.37      4.94      5.98      3.36

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

WisdomTree Trust      9  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL)

 

Sector Breakdown

 

Sector   % of Net Assets  

Materials

    24.0%  

Information Technology

    20.3%  

Consumer Discretionary

    16.8%  

Health Care

    13.6%  

Industrials

    11.9%  

Consumer Staples

    3.3%  

Financials

    3.2%  

Communication Services

    3.1%  

Energy

    2.3%  

Utilities

    0.9%  

Real Estate

    0.1%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

BHP Group Ltd.

    7.2%  

Anglo American PLC

    6.8%  

Novo Nordisk A/S, Class B

    6.4%  

LVMH Moet Hennessy Louis Vuitton SE

    5.6%  

Tokyo Electron Ltd.

    3.7%  

Taiwan Semiconductor Manufacturing Co. Ltd.

    3.7%  

Roche Holding AG, Bearer Shares

    3.5%  

Vale SA

    3.4%  

ASML Holding NV

    2.7%  

Industria de Diseno Textil SA

    2.7%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Global ex-U.S. Quality Dividend Growth Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global ex-U.S. Quality Dividend Growth Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in developed and emerging equity markets, excluding the U.S. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 5.57% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Materials, Health Care and Industrials, mainly due to stock selection. Positions in the Energy, Financials and Consumer Staples sectors weighed negatively on performance for the Fund. Poor stock selection hurt exposures within Energy and Consumer Staples, while Financials exposure was dragged down by allocation impacts. When analyzing performance by country, exposures within Canada and Taiwan weighed on performance the most, owing to stock selection effects in both. Denmark and the United Kingdom were top performance contributors due to allocation and stock selection impacts. The Fund’s underperformance relative to its Index was also attributable to the Index valuing Russian securities that suspended trading at their last traded price in accordance with the Index’s calculation methodology, whereas, the Fund is valuing Russian securities that suspended trading in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) applicable to the Fund which requires assets to be fair valued at the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions; which the Fund has estimated to be zero.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 992.50        0.50   $ 2.48  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.44        0.50   $ 2.52  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       5.57      15.32      12.17      7.03

Fund Market Price Returns

       4.33      14.93      12.04      6.94

WisdomTree Global ex-U.S. Quality Dividend Growth Index

       6.50      16.13      12.98      7.79

MSCI AC World ex-USA Growth Index

       -6.16      9.12      8.60      6.70

MSCI AC World ex-USA Index

       -1.48      7.51      6.76      5.55

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

10   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Global ex-U.S. Real Estate Fund (DRW)

 

Sector Breakdown

 

Sector   % of Net Assets  

Real Estate

    98.9%  

Consumer Discretionary

    0.4%  

Financials

    0.2%  

Other Assets less Liabilities‡

    0.5%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Vonovia SE

    4.2%  

Sun Hung Kai Properties Ltd.

    3.8%  

Link REIT

    3.5%  

Daito Trust Construction Co. Ltd.

    2.8%  

China Resources Land Ltd.

    2.8%  

Goodman Group

    2.7%  

Daiwa House Industry Co. Ltd.

    2.5%  

China Overseas Land & Investment Ltd.

    2.4%  

Swiss Prime Site AG, Registered Shares

    2.1%  

Dexus

    2.0%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Global ex-U.S. Real Estate Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global ex-U.S. Real Estate Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in dividend-paying companies in the Real Estate sector in developed and emerging equity markets, excluding the U.S. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -6.45% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from an absence of positions in Consumer Discretionary and Communication Services, as a result of its focus on Real Estate. Real Estate was not a strong performer over the fiscal year, and this sector’s focus in the Fund weighed negatively on overall performance. By country, positions in Australia, Sweden and Singapore were additive due to allocation effects while exposures in Germany, Hong Kong and China negatively impacted performance, also a result of allocation.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 952.00        0.59   $ 2.87  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.99        0.59   $ 2.97  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $2.82 and $2.92, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       -6.45      -4.87      1.86      4.42

Fund Market Price Returns

       -7.43      -5.19      1.62      4.28

WisdomTree Global ex-U.S. Real Estate Index

       -6.54      -4.83      2.02      4.61

Dow Jones Global ex-U.S. Select Real Estate Securities Index

       3.97      1.20      3.43      4.73

MSCI AC World ex-USA Index

       -1.48      7.51      6.76      5.55

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

WisdomTree Trust      11  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Global High Dividend Fund (DEW)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    23.0%  

Consumer Staples

    12.0%  

Health Care

    11.9%  

Utilities

    10.9%  

Real Estate

    8.7%  

Information Technology

    7.6%  

Materials

    7.1%  

Energy

    7.0%  

Communication Services

    6.2%  

Industrials

    3.7%  

Consumer Discretionary

    1.3%  

Investment Company

    0.0%

Other Assets less Liabilities‡

    0.6%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

AbbVie, Inc.

    2.9%  

Coca-Cola Co.

    2.6%  

Philip Morris International, Inc.

    2.3%  

Pfizer, Inc.

    2.3%  

Verizon Communications, Inc.

    2.2%  

Cisco Systems, Inc.

    2.0%  

PepsiCo, Inc.

    1.9%  

Broadcom, Inc.

    1.6%  

BHP Group Ltd.

    1.6%  

Altria Group, Inc.

    1.5%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Global High Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global High Dividend Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the U.S. and in developed and emerging equity markets. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 12.96% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Consumer Discretionary and Energy, due to allocation effects in the latter two and positive stock selection in Health Care. Positions in the Information Technology, Communication Services and Consumer Staples sectors weighed negatively on performance for the Fund, primarily due to a combination of stock selection and allocation effects. When analyzing performance by country, exposures within Switzerland and France were the largest detractors from performance. Exposures within the United States and Japan were top performance contributors due to stock selection.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,098.70        0.59   $ 3.09  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.99        0.59   $ 2.97  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $3.03 and $2.92, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       12.96      7.64      6.69      6.21

Fund Market Price Returns

       13.13      7.68      6.65      6.16

WisdomTree Global High Dividend Index

       12.77      7.37      6.45      6.15

MSCI AC World Index

       7.28      13.75      11.64      10.00

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

12   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Growth Leaders Fund (PLAT)

 

Sector Breakdown     

 

Sector   % of Net Assets  

Information Technology

    33.8%  

Communication Services

    24.8%  

Consumer Discretionary

    23.1%  

Financials

    10.1%  

Industrials

    5.1%  

Health Care

    1.9%  

Real Estate

    1.1%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Apple, Inc.

    11.7%  

Microsoft Corp.

    10.5%  

Alphabet, Inc., Class A

    9.9%  

Amazon.com, Inc.

    8.2%  

Meta Platforms, Inc., Class A

    3.8%  

salesforce.com, Inc.

    2.8%  

Intercontinental Exchange, Inc.

    2.3%  

Cargurus, Inc.

    2.2%  

Airbnb, Inc., Class A

    2.2%  

Anaplan, Inc.

    1.9%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree Growth Leaders Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Growth Leaders Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in high growth mid- and large-cap companies that are generating substantial revenue from a modern platform business. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -16.53% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). Stock selection in Consumer Discretionary, Communication Services, and Information Technology detracted from performance, while selection within Materials and Utilities benefited the Fund. The Fund benefited from exposure to Japan, Korea, and Hong Kong while stock selection within the United States weighed negatively on Fund performance during the period.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 807.40        0.20   $ 0.90  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.93        0.20   $ 1.01  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       -16.53      15.17

Fund Market Price Returns

       -16.89      15.22

WisdomTree Growth Leaders Index

       -16.43      15.57

MSCI AC World Index

       7.28      14.50

S&P 500® Index

       15.65      19.49
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on May 22, 2019.

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

WisdomTree Trust      13  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree India Earnings Fund (EPI)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    23.6%  

Energy

    18.8%  

Materials

    16.8%  

Information Technology

    14.4%  

Utilities

    8.4%  

Industrials

    6.4%  

Health Care

    4.5%  

Consumer Discretionary

    4.3%  

Consumer Staples

    4.1%  

Communication Services

    1.7%  

Real Estate

    0.4%  

Investment Company

    0.0%

Other Assets less Liabilities‡

    -3.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

Reliance Industries Ltd.

    8.8%  

Infosys Ltd.

    6.1%  

Housing Development Finance Corp. Ltd.

    4.7%  

ICICI Bank Ltd.

    3.8%  

Tata Consultancy Services Ltd.

    3.1%  

NTPC Ltd.

    2.7%  

Power Grid Corp. of India Ltd.

    2.3%  

Oil & Natural Gas Corp. Ltd.

    2.0%  

Larsen & Toubro Ltd.

    2.0%  

Indian Oil Corp. Ltd.

    2.0%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree India Earnings Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree India Earnings Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in profitable companies in the Indian equity market. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 17.85% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Materials, Consumer Staples and Energy, due to allocation effects in Consumer Staples and positive stock selection in the other sectors. Positions in the Financials, Health Care and Industrials sectors weighed negatively on performance for the Fund, due to poor stock selection. When analyzing performance by earnings yield attribution, companies in the 4th and 3rd quintiles ranked by earnings yield weighed negatively on performance the most, owing to a combination of allocation and stock selection effects. The companies in the 1st and 5th quintiles were top contributors to performance due to an overweight allocation in the former and an underweight allocation in the latter. India was among the strongest equity markets in the world last year and the Fund benefited from this focus. The Fund’s underperformance relative to its Index was primarily attributable to foreign capital gain tax recognized by the Fund but which is not recognized by the Index.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 975.30        0.83   $ 4.09  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,020.79        0.83   $ 4.18  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       17.85      12.61      9.79      7.72

Fund Market Price Returns

       15.61      12.26      9.53      7.62

WisdomTree India Earnings Index

       20.92      14.77      11.54      9.20

MSCI India Index

       17.86      12.85      11.08      8.64

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

14   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree India ex-State-Owned Enterprises Fund (IXSE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    26.7%  

Information Technology

    16.3%  

Materials

    11.9%  

Energy

    11.2%  

Consumer Discretionary

    9.8%  

Consumer Staples

    8.0%  

Health Care

    7.4%  

Communication Services

    4.0%  

Industrials

    3.2%  

Utilities

    3.0%  

Real Estate

    1.0%  

Other Assets less Liabilities‡

    -2.5%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Reliance Industries Ltd.

    11.2%  

Infosys Ltd.

    10.2%  

Housing Development Finance Corp. Ltd.

    6.3%  

ICICI Bank Ltd.

    5.4%  

Kotak Mahindra Bank Ltd.

    2.8%  

Bajaj Finance Ltd.

    2.8%  

Hindustan Unilever Ltd.

    2.7%  

Bharti Airtel Ltd.

    2.6%  

Axis Bank Ltd.

    2.4%  

Asian Paints Ltd.

    2.0%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

The WisdomTree India ex-State-Owned Enterprises Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree India ex-State-Owned Enterprises Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in Indian companies that are not state-owned, which is defined as government ownership greater than 20%. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 15.04% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Energy and Information Technology, due to stock selection effects within each sector. Positions in the Financials, Consumer Staples and Health Care sectors weighed negatively on performance for the Fund, due to combination of allocation and stock selection effects. When analyzing performance by State-Ownership attribution, the Fund’s emphasis on non-state-owned enterprises (“Non-SOEs“) weighed negatively on performance the most, owing to poor stock selection effects. The absence of state-owned enterprises (“SOEs“) also weighed on performance modestly, as SOEs performed better than their Non-SOE counterparts during the fiscal year. India was among the strongest equity markets in the world last year and the Fund benefited from this focus. The Fund’s underperformance relative to its Index was primarily attributable to foreign capital gain tax recognized by the Fund but which is not recognized by the Index.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 969.40        0.58   $ 2.85  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.04        0.58   $ 2.92  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       15.04      12.34

Fund Market Price Returns

       12.97      11.52

WisdomTree India ex-State-Owned Enterprises Index

       16.66      15.71

MSCI India Index

       17.86      12.84
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on April 4, 2019.

 

 

LOGO

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

WisdomTree Trust      15  


Table of Contents

Description of Terms and Indexes (unaudited)

 

Below are descriptions of certain terms and of each Index referenced in this report:

Allocation Effect measures an investment manager’s ability to effectively allocate a portfolio’s assets to various segments. A segment refers to assets or securities that are grouped within a certain classification such as sectors, industries, or countries. The

allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. Positive allocation occurs when the portfolio is overweighted in a segment that outperforms the benchmark and underweighted in a segment that underperforms the benchmark. Negative allocation occurs when the portfolio is overweighted in a segment that underperforms the benchmark and underweighted in a segment that outperforms

the benchmark.

Correlation is a statistical measure of how two sets of returns move in relation to each

other. Correlation coefficients range from -1 to 1. A correlation of 1 means the two

subjects of analysis move in lockstep with each other. A correlation of -1 means the two

subjects of analysis have moved in exactly the opposite direction.

The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted

market capitalization weighted index that defines and measures the investable universe of

publicly traded real estate securities in countries outside the U.S.

Factors generally are attributes that are based on its fundamentals or share price behavior.

The FTSE China 50 Index is a capitalization weighted index that is comprised of the 50

largest and most liquid Chinese securities.

Growth is generally characterized by higher price levels relative to fundamentals, such as

dividends or earnings. Price levels are higher because investors are willing to pay more

due to their expectations of future improvements in these fundamentals.

Momentum is generally characterized by assets with recent price increase trends over

time. This term is also associated with the momentum factor which associates these stock

characteristics with excess return vs. the market over time.

The MSCI AC World ex-USA Growth Index is comprised of growth stocks in the

developed and emerging markets covered by MSCI, excluding the U.S.

The MSCI AC World ex-USA Index is a free float-adjusted market capitalization-weighted

index designed to measure the combined equity market performance of developed and

emerging markets countries, excluding the U.S.

The MSCI AC World Index is comprised of the world stock market indexes covered by

MSCI.

The MSCI China Index is a free float-adjusted market capitalization weighted index

designed to measure the performance of the Chinese equity market.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index

that is designed to measure emerging markets equity performance.

The MSCI Emerging Markets Small Cap Index is a free float-adjusted market

capitalization index that is designed to measure the performance of small capitalization

equities in the emerging markets.

The MSCI Emerging Markets Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 24 emerging markets countries.

The MSCI India Index is a free float-adjusted market capitalization index that is designed

to measure the performance of the Indian equity market.

Quality is generally characterized by higher efficiency and profitability. Typical measures

include earnings, return-on-equity, return on assets, operating profitability as well as

others. This term is also related to the quality factor, which associates these stock

characteristics with excess returns vs. the market over time.

Risk-on and Risk-off refers to investors’ appetites for risk which rise and fall over time. During periods when risk is perceived as low, the risk-on risk-off theory states that

 

16   WisdomTree Trust


Table of Contents

Description of Terms and Indexes (unaudited) (continued)

 

investors tend to engage in higher-risk investments (i.e., “Risk-on”). When risk is perceived to be high, investors have the tendency to gravitate toward lower-risk investments (i.e., “Risk-off”).

The S&P 500® Index is a capitalization-weighted index of 500 stocks selected by the

Standard & Poor’s Index Committee, designed to represent the performance of the

leading industries in the United States economy.

Selection Effect measures an investment manager’s ability to select securities within a

given segment relative to a benchmark. The over or underperformance of the portfolio is

weighted by the benchmark weight, therefore, selection is not affected by the investment

manager’s allocation to the segment. The weight of the segment in the portfolio

determines the size of the effect—the larger the segment, the larger the effect is, positive

or negative. A positive selection effect occurs when the portfolio return is greater than the

benchmark return. Thus, the investment manager made good decisions in selecting

securities that, as a whole, outperformed similar securities in the benchmark. A negative

selection effect occurs when the portfolio return is less than the benchmark return. Thus,

the investment manager made poor decisions in selecting securities that, as a whole,

underperformed similar securities in the benchmark.

The WisdomTree China Dividend ex-Financials Index is comprised of Chinese dividend

paying stocks outside the Financials sector.

The WisdomTree China ex-State-Owned Enterprises Index measures the performance of

Chinese stocks that are not state-owned enterprises. WisdomTree Investments, Inc., as index provider, defines state-owned enterprises as companies with over 20% government ownership.

The WisdomTree Emerging Markets ex-State-Owned Enterprises Index is a modified market capitalization weighted index that consists of common stocks in emerging markets, excluding common stocks of “state-owned enterprises.” WisdomTree Investments, Inc., as index provider, defines state-owned enterprises as companies with over 20% government ownership.

The WisdomTree Emerging Markets High Dividend Index is comprised of the highest

dividend-yielding stocks selected from the WisdomTree Emerging Markets Dividend

Index.

The WisdomTree Emerging Markets SmallCap Dividend Index is comprised of primarily

small-capitalization stocks selected from the WisdomTree Emerging Markets Dividend

Index.

The WisdomTree Global ex-U.S. Quality Dividend Growth Index is comprised of growth

companies selected from developed and emerging markets outside the U.S.

The WisdomTree Global ex-U.S. Real Estate Index is comprised of companies in

developed and emerging markets outside of Canada and the U.S., which WisdomTree

classifies as being Global Real Estate securities.

The WisdomTree Global High Dividend Index is comprised of high dividend-paying

companies selected from the WisdomTree Global Dividend Index.

The WisdomTree Growth Leaders Index is a modified market capitalization-weighted

index that is designed to provide exposure to mid and large-cap companies that are

leveraging platform-based business models with high revenue growth.

The WisdomTree India Earnings Index is a fundamentally weighted index that is

comprised of companies incorporated and traded in India that are profitable and that are

eligible to be purchased by foreign investors as of the index measurement date.

The WisdomTree India ex-State-Owned Enterprises Index measures the performance

of Indian stocks that are not state-owned enterprises. State-owned enterprises are defined

as government ownership of more than 20% of outstanding shares of companies.

The Dow Jones Global ex-U.S. Select Real Estate Securities Index is calculated, distributed and marketed by Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC, and has been licensed for use.

 

WisdomTree Trust      17  


Table of Contents

Description of Terms and Indexes (unaudited) (concluded)

 

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

WisdomTree Investments, Inc. and WisdomTree Asset Management, Inc. (together, “WisdomTree”) and the Funds make no representation or warranty, express or implied, to the owners of shares of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the underlying Indexes to track the performance of their underlying securities. WisdomTree Investments is the licensor of certain trademarks, service marks and trade names of the Funds. WisdomTree Investments has no obligation to take the needs of the Funds or the owners of shares of the Funds into consideration in determining, composing, or calculating the underlying WisdomTree Indexes of the applicable Funds. WisdomTree Investments is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of shares of the Funds to be issued or in the determination or calculation of the equation by which the shares of the Funds are redeemable. WisdomTree and the Funds do not guarantee the accuracy, completeness, or performance of the underlying Indexes or the data included therein and shall have no liability in connection with the underlying Indexes or their calculation.

Index performance information assumes the reinvestment of dividends and excludes

management fees, transaction costs and expenses. You cannot directly invest in an index.

* * * * * *

Abbreviations used in the schedules of investments and related tables included in this report are as follows:

 

CURRENCY ABBREVIATIONS:               
AUD   Australian dollar   HUF   Hungary forint   PHP   Philippine peso
BRL   Brazilian real   INR   Indian rupee   SGD   Singapore dollar
CHF   Swiss franc   KRW   South Korean won   TWD   New Taiwan dollar
CNH   Offshore Chinese renminbi   MXN   Mexican peso   USD   U.S. Dollar
CZK   Czech koruna   MYR   Malaysian ringgit   ZAR   South African rand
HKD   Hong Kong dollar        
         
OTHER ABBREVIATIONS:                    
ADR   American Depositary Receipt
CVA   Certificaten Van Aandelen (Certificate of Stock)
GDR   Global Depositary Receipt  
NVDR   Non-Voting Depositary Receipt  

 

18   WisdomTree Trust


Table of Contents

Schedule of Investments

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

March 31, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 100.0%

 

China – 100.0%

 

Air Freight & Logistics – 0.9%

 

SF Holding Co. Ltd., Class A

     485,161      $ 3,492,676  

ZTO Express Cayman, Inc.

     167,082        4,258,443  
     

 

 

 
Total Air Freight & Logistics

 

     7,751,119  
Auto Components – 0.5%

 

Fuyao Glass Industry Group Co. Ltd., Class A

     360,367        2,019,795  

Fuyao Glass Industry Group Co. Ltd., Class H(a)

     277,300        1,140,161  

Minth Group Ltd.

     265,200        654,246  
     

 

 

 
Total Auto Components

 

     3,814,202  
Automobiles – 5.2%

 

BYD Co. Ltd., Class A

     211,088        7,641,345  

BYD Co. Ltd., Class H

     326,900        9,366,953  

Geely Automobile Holdings Ltd.

     2,196,900        3,467,283  

Great Wall Motor Co. Ltd., Class A

     257,800        1,112,730  

Great Wall Motor Co. Ltd., Class H

     1,237,900        1,985,344  

Li Auto, Inc., ADR*

     112,398        2,900,992  

NIO, Inc., ADR*

     585,416        12,323,007  

Niu Technologies, ADR*

     11,071        106,946  

XPeng, Inc., ADR*

     128,918        3,556,848  

Yadea Group Holdings Ltd.(a)

     372,200        576,023  
     

 

 

 
Total Automobiles

 

     43,037,471  
Banks – 1.3%

 

China Minsheng Banking Corp. Ltd., Class A

     8,135,036        4,895,297  

China Minsheng Banking Corp. Ltd., Class H(b)

     2,600,900        979,730  

Ping An Bank Co. Ltd., Class A

     2,168,900        5,254,751  
     

 

 

 
Total Banks

 

     11,129,778  
Beverages – 0.7%

 

JiuGui Liquor Co. Ltd., Class A

     65,000        1,514,390  

Nongfu Spring Co. Ltd., Class H(a)(b)

     786,100        4,190,780  
     

 

 

 
Total Beverages

 

     5,705,170  
Biotechnology – 2.5%

 

Akeso, Inc.*(a)(b)

     194,600        414,476  

BeiGene Ltd.*(b)

     304,900        4,718,681  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

     41,300        1,808,636  

Chongqing Zhifei Biological Products Co. Ltd., Class A

     213,600        4,643,405  

I-Mab, ADR*

     15,648        254,123  

InnoCare Pharma Ltd.*(a)(b)

     218,300        340,632  

Innovent Biologics, Inc.*(a)

     417,200        1,435,700  

Remegen Co. Ltd., Class H*(a)(b)

     50,000        296,882  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

     94,500        1,388,152  

Walvax Biotechnology Co. Ltd., Class A

     476,000        4,114,321  

Zai Lab Ltd.*(b)

     303,730        1,394,271  
     

 

 

 
Total Biotechnology

 

     20,809,279  
Building Products – 0.4%

 

China Lesso Group Holdings Ltd.

     493,300        599,665  

Xinyi Glass Holdings Ltd.

     1,247,000        3,025,385  
     

 

 

 
Total Building Products

 

     3,625,050  
Capital Markets – 1.2%

 

East Money Information Co. Ltd., Class A

     2,325,114      9,281,263  

Futu Holdings Ltd., ADR*(b)

     29,907        973,772  
     

 

 

 
Total Capital Markets

 

     10,255,035  

Chemicals – 2.2%

 

Dongyue Group Ltd.

     783,900        1,079,046  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

     186,000        2,754,210  

Hengli Petrochemical Co. Ltd., Class A

     503,900        1,650,270  

Jiangsu Eastern Shenghong Co. Ltd., Class A

     473,900        1,060,062  

LB Group Co. Ltd., Class A

     326,600        1,190,003  

Rongsheng Petrochemical Co. Ltd., Class A

     834,200        1,879,154  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

     89,300        1,977,005  

Shenzhen Capchem Technology Co. Ltd., Class A

     75,600        971,185  

Sichuan Yahua Industrial Group Co. Ltd., Class A

     300,300        1,365,237  

Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A

     100,700        1,135,792  

Tongkun Group Co. Ltd., Class A

     466,000        1,283,168  

Zhejiang Longsheng Group Co. Ltd., Class A

     676,300        1,161,240  

Zhejiang Yongtai Technology Co. Ltd., Class A*

     177,300        1,068,029  
     

 

 

 
Total Chemicals

 

     18,574,401  
Commercial Services & Supplies – 0.1%

 

China Conch Environment Protection Holdings Ltd.*

     656,663        821,730  
Communications Equipment – 0.1%

 

BYD Electronic International Co. Ltd.(b)

     300,700        606,668  
Construction & Engineering – 0.2%

 

China Conch Venture Holdings Ltd.

     629,163        1,839,752  
Construction Materials – 0.5%

 

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

     381,300        2,699,331  

China Jushi Co. Ltd., Class A

     669,100        1,606,320  
     

 

 

 
Total Construction Materials

 

     4,305,651  
Consumer Finance – 0.2%

 

360 DigiTech, Inc., ADR(b)

     43,768        673,589  

Lufax Holding Ltd., ADR*

     224,384        1,249,819  
     

 

 

 
Total Consumer Finance

 

     1,923,408  
Diversified Consumer Services – 0.2%

 

Fu Shou Yuan International Group Ltd.

     789,700        582,842  

New Oriental Education & Technology Group, Inc.*(b)

     506,263        622,534  

TAL Education Group, ADR*

     186,062        560,046  
     

 

 

 
Total Diversified Consumer Services

 

     1,765,422  
Electrical Equipment – 4.4%

 

Contemporary Amperex Technology Co. Ltd., Class A

     264,859        21,374,469  

Gotion High-tech Co. Ltd., Class A*

     276,000        1,496,063  

Ming Yang Smart Energy Group Ltd., Class A

     372,700        1,301,611  

Sungrow Power Supply Co. Ltd., Class A

     275,200        4,649,888  

TBEA Co. Ltd., Class A

     954,300        3,063,694  

 

See Notes to Financial Statements.

 

WisdomTree Trust      19  


Table of Contents

Schedule of Investments (continued)

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

March 31, 2022

 

 

 

Investments    Shares      Value  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

     708,700      $ 1,465,829  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

     416,800        629,080  

Zhejiang Chint Electrics Co. Ltd., Class A

     350,100        2,182,851  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

     252,500        991,442  
     

 

 

 
Total Electrical Equipment

 

     37,154,927  
Electronic Equipment, Instruments & Components – 3.7%

 

AAC Technologies Holdings, Inc.(b)

     367,700        891,149  

BOE Technology Group Co. Ltd., Class A

     7,822,000        5,310,695  

Chaozhou Three-Circle Group Co. Ltd., Class A

     309,200        1,363,323  

Foxconn Industrial Internet Co. Ltd., Class A

     792,600        1,267,291  

GoerTek, Inc., Class A

     656,700        3,558,621  

Hollysys Automation Technologies Ltd.

     23,668        377,978  

Kingboard Holdings Ltd.

     289,300        1,407,453  

Lens Technology Co. Ltd., Class A

     503,200        925,055  

Luxshare Precision Industry Co. Ltd., Class A

     1,137,976        5,682,620  

Maxscend Microelectronics Co. Ltd., Class A

     61,300        2,027,078  

Sunny Optical Technology Group Co. Ltd.

     327,100        5,266,914  

Wingtech Technology Co. Ltd., Class A

     156,700        2,006,854  

Zhejiang Dahua Technology Co. Ltd., Class A

     425,400        1,109,051  
     

 

 

 
Total Electronic Equipment, Instruments & Components

 

     31,194,082  
Energy Equipment & Services – 0.0%

 

China Common Rich Renewable Energy Investments Ltd.*(b)

     502,000        0  
Entertainment – 2.6%

 

Alibaba Pictures Group Ltd.*(b)

     4,308,300        357,586  

Bilibili, Inc., Class Z*

     85,625        2,366,020  

iQIYI, Inc., ADR*(b)

     137,573        624,581  

Kingsoft Corp. Ltd.

     408,400        1,324,586  

NetEase, Inc.

     766,515        14,074,732  

Tencent Music Entertainment Group, ADR*

     210,385        1,024,575  

XD, Inc.*(b)

     96,500        299,429  

Zhejiang Century Huatong Group Co. Ltd., Class A*

     1,473,200        1,455,075  
     

 

 

 
Total Entertainment

 

     21,526,584  
Food Products – 4.5%

 

China Feihe Ltd.(a)

     1,296,100        1,284,283  

Dali Foods Group Co. Ltd.(a)

     919,700        482,668  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

     322,751        4,444,620  

Guangdong Haid Group Co. Ltd., Class A

     209,103        1,808,376  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

     1,389,700        8,075,807  

Muyuan Foods Co. Ltd., Class A

     624,874        5,597,003  

Tingyi Cayman Islands Holding Corp.

     763,000        1,286,054  

Tongwei Co. Ltd., Class A

     668,658        4,496,623  

Uni-President China Holdings Ltd.

     536,000        467,462  

Want Want China Holdings Ltd.

     2,538,100        2,346,432  

Wens Foodstuffs Group Co. Ltd., Class A

     1,208,100        4,196,312  

WH Group Ltd.(a)

     3,810,183        2,408,306  

Yihai International Holding Ltd.*(b)

     169,300        486,407  
     

 

 

 
Total Food Products

 

     37,380,353  

Gas Utilities – 0.6%

 

ENN Energy Holdings Ltd.

     358,000      5,371,326  
Health Care Equipment & Supplies – 1.3%

 

Lepu Medical Technology Beijing Co. Ltd., Class A

     321,100        1,020,240  

Lifetech Scientific Corp.*(b)

     1,370,100        458,368  

Microport Scientific Corp.(b)

     332,600        755,118  

Ovctek China, Inc., Class A

     118,700        683,056  

Peijia Medical Ltd.*(a)(b)

     79,700        72,257  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     1,004,000        1,075,613  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

     142,674        6,905,466  

Venus MedTech Hangzhou, Inc., Class H*(a)(b)

     97,400        201,481  
     

 

 

 
Total Health Care Equipment & Supplies

 

     11,171,599  
Health Care Providers & Services – 0.7%

 

Aier Eye Hospital Group Co. Ltd., Class A

     639,525        3,178,434  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

     82,700        956,871  

Hygeia Healthcare Holdings Co. Ltd.(a)(b)

     91,300        356,158  

Jinxin Fertility Group Ltd.*(a)(b)

     576,600        443,969  

Topchoice Medical Corp., Class A*

     58,800        1,325,295  
     

 

 

 
Total Health Care Providers & Services

 

     6,260,727  
Health Care Technology – 0.0%

 

Yidu Tech, Inc.*(a)(b)

     188,700        235,893  
Hotels, Restaurants & Leisure – 2.0%

 

Haidilao International Holding Ltd.(a)(b)

     355,000        696,274  

Huazhu Group Ltd.

     513,370        1,753,537  

Jiumaojiu International Holdings Ltd.(a)(b)

     276,700        593,580  

Tongcheng Travel Holdings Ltd.*

     512,000        915,290  

Trip.com Group Ltd.*(b)

     197,877        4,765,380  

Yum China Holdings, Inc.

     183,606        7,626,993  
     

 

 

 
Total Hotels, Restaurants & Leisure

 

     16,351,054  
Household Durables – 1.9%

 

Gree Electric Appliances, Inc. of Zhuhai, Class A

     1,231,400        6,265,531  

Haier Smart Home Co. Ltd., Class A

     999,700        3,637,792  

Haier Smart Home Co. Ltd., Class H

     1,075,300        3,494,444  

TCL Technology Group Corp., Class A

     3,036,500        2,348,611  
     

 

 

 
Total Household Durables

 

     15,746,378  
Household Products – 0.0%

 

Blue Moon Group Holdings Ltd.(a)(b)

     477,300        341,303  

Independent Power & Renewable Electricity Producers – 0.1%

 

Xinyi Energy Holdings Ltd.(b)

     958,000        582,282  
Industrial Conglomerates – 0.3%

 

China Baoan Group Co. Ltd., Class A

     624,600        1,101,003  

Fosun International Ltd.

     1,057,700        1,152,052  
     

 

 

 
Total Industrial Conglomerates

 

     2,253,055  
Insurance – 4.3%

 

Ping An Insurance Group Co. of China Ltd., Class A

     2,304,094        17,585,317  

Ping An Insurance Group Co. of China Ltd., Class H

     2,458,400        17,469,413  

 

See Notes to Financial Statements.

 

20   WisdomTree Trust


Table of Contents

Schedule of Investments (continued)

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

March 31, 2022

 

 

 

Investments    Shares      Value  

ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(b)

     278,100      $ 948,141  
     

 

 

 
Total Insurance

 

     36,002,871  
Interactive Media & Services – 15.1%

 

Autohome, Inc., Class A(b)

     99,240        779,966  

Baidu, Inc., Class A*

     928,530        16,776,949  

Hello Group, Inc., ADR

     46,792        270,458  

JOYY, Inc., ADR

     23,080        847,728  

Kuaishou Technology*(a)

     653,400        6,190,755  

Tencent Holdings Ltd.

     2,109,300        100,786,585  

Weibo Corp., ADR*

     18,189        445,812  
     

 

 

 
Total Interactive Media & Services

 

     126,098,253  
Internet & Direct Marketing Retail – 17.9%

 

Alibaba Group Holding Ltd.*

     5,604,000        80,216,615  

Dada Nexus Ltd., ADR*

     35,748        326,379  

JD Health International, Inc.*(a)(b)

     472,200        2,900,225  

JD.com, Inc., Class A*

     820,752        24,523,836  

Meituan, Class B*(a)

     1,598,400        31,758,184  

Pinduoduo, Inc., ADR*

     184,596        7,404,146  

Ping An Healthcare and Technology Co. Ltd.*(a)(b)

     216,200        568,700  

Vipshop Holdings Ltd., ADR*

     162,180        1,459,620  
     

 

 

 
Total Internet & Direct Marketing Retail

 

     149,157,705  
IT Services – 0.5%

 

Chinasoft International Ltd.*

     1,275,200        1,056,778  

Chindata Group Holdings Ltd., ADR*

     48,533        306,729  

GDS Holdings Ltd., Class A*(b)

     395,900        2,019,588  

Kingsoft Cloud Holdings Ltd., ADR*(b)

     40,400        245,228  

Vnet Group, Inc., ADR*

     52,580        306,541  
     

 

 

 
Total IT Services

 

     3,934,864  
Life Sciences Tools & Services – 4.1%

 

Genscript Biotech Corp.*

     498,400        1,597,395  

Hangzhou Tigermed Consulting Co. Ltd., Class A

     146,067        2,475,829  

Hangzhou Tigermed Consulting Co. Ltd., Class H(a)

     58,600        713,849  

Pharmaron Beijing Co. Ltd., Class A

     70,300        1,306,753  

Pharmaron Beijing Co. Ltd., Class H(a)

     67,200        819,041  

WuXi AppTec Co. Ltd., Class A

     599,747        10,617,282  

WuXi AppTec Co. Ltd., Class H(a)

     176,795        2,810,606  

Wuxi Biologics Cayman, Inc.*(a)

     1,631,400        13,550,907  
     

 

 

 
Total Life Sciences Tools & Services

 

     33,891,662  
Machinery – 1.8%

 

Haitian International Holdings Ltd.

     279,400        726,025  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

     106,500        873,226  

Sany Heavy Equipment International Holdings Co. Ltd.

     434,600        453,945  

Sany Heavy Industry Co. Ltd., Class A

     1,668,348        4,604,442  

Shenzhen Inovance Technology Co. Ltd., Class A

     463,800        4,164,490  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

     289,900        2,668,791  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A*

     491,200      1,286,014  
     

 

 

 
Total Machinery

 

     14,776,933  
Marine – 0.3%

 

SITC International Holdings Co. Ltd.

     649,000        2,299,685  
Media – 0.4%

 

China Literature Ltd.*(a)(b)

     199,400        831,321  

Focus Media Information Technology Co. Ltd., Class A

     2,748,324        2,645,242  
     

 

 

 
Total Media

 

     3,476,563  
Metals & Mining – 1.5%

 

China Hongqiao Group Ltd.(b)

     968,100        1,293,042  

Ganfeng Lithium Co. Ltd., Class A

     225,700        4,467,353  

Ganfeng Lithium Co. Ltd., Class H(a)(b)

     130,700        1,869,193  

GEM Co. Ltd., Class A

     1,194,000        1,576,176  

Zhejiang Huayou Cobalt Co. Ltd., Class A

     225,400        3,472,554  
     

 

 

 
Total Metals & Mining

 

     12,678,318  
Oil, Gas & Consumable Fuels – 0.3%

 

Guanghui Energy Co. Ltd., Class A*

     1,382,400        1,785,681  

United Energy Group Ltd.(b)

     3,459,000        397,515  
     

 

 

 
Total Oil, Gas & Consumable Fuels

 

     2,183,196  
Paper & Forest Products – 0.3%

 

Chengxin Lithium Group Co. Ltd., Class A*

     197,200        1,579,004  

Lee & Man Paper Manufacturing Ltd.

     1,067,300        557,404  

Nine Dragons Paper Holdings Ltd.

     812,100        709,294  
     

 

 

 
Total Paper & Forest Products

 

     2,845,702  
Personal Products – 0.2%

 

Hengan International Group Co. Ltd.

     299,400        1,383,952  
Pharmaceuticals – 2.3%

 

Asymchem Laboratories Tianjin Co. Ltd., Class A

     48,005        2,775,293  

CanSino Biologics, Inc., Class H*(a)(b)

     39,000        626,976  

China Medical System Holdings Ltd.

     568,000        895,002  

Hansoh Pharmaceutical Group Co. Ltd.(a)

     444,100        744,004  

Jiangsu Hengrui Medicine Co. Ltd., Class A

     984,468        5,710,073  

Kangmei Pharmaceutical Co. Ltd., Class A*

     199,602        88,354  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

     289,104        2,428,745  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(b)

     245,900        1,202,591  

Sino Biopharmaceutical Ltd.

     4,811,150        3,004,127  

Zhejiang NHU Co. Ltd., Class A

     377,800        1,885,399  
     

 

 

 
Total Pharmaceuticals

 

     19,360,564  
Professional Services – 0.1%

 

51job, Inc., ADR*(b)

     11,577        677,833  
Real Estate Management & Development – 2.7%

 

A-Living Smart City Services Co. Ltd.(a)(b)

     226,500        316,985  

Agile Group Holdings Ltd.(b)

     621,800        315,211  

CIFI Ever Sunshine Services Group Ltd.(b)

     314,000        425,007  

CIFI Holdings Group Co. Ltd.

     1,792,500        1,055,166  

 

See Notes to Financial Statements.

 

WisdomTree Trust      21  


Table of Contents

Schedule of Investments (continued)

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

March 31, 2022

 

 

 

Investments    Shares      Value  

Country Garden Holdings Co. Ltd.(b)

     3,299,936      $ 2,540,876  

Country Garden Services Holdings Co. Ltd.

     817,300        3,506,561  

Evergrande Property Services Group Ltd.*(a)(b)

     1,795,500        527,319  

Gemdale Corp., Class A

     1,135,900        2,555,198  

Greentown Service Group Co. Ltd.

     523,800        527,051  

Guangzhou R&F Properties Co. Ltd., Class H(b)

     848,700        301,273  

Jinke Smart Services Group Co. Ltd., Class H(b)

     464,600        1,678,905  

KE Holdings, Inc., ADR*

     191,192        2,365,045  

KWG Group Holdings Ltd.(b)

     513,900        212,610  

Longfor Group Holdings Ltd.(a)

     690,200        3,551,735  

Powerlong Real Estate Holdings Ltd.(b)

     586,300        154,971  

Seazen Group Ltd.*

     1,009,000        543,706  

Shimao Group Holdings Ltd.(b)

     561,400        316,851  

Shimao Services Holdings Ltd.(a)(b)

     325,400        174,513  

Sunac China Holdings Ltd.(b)

     1,592,600        931,393  

Sunac Services Holdings Ltd.(a)(b)

     313,719        194,287  

Zhenro Properties Group Ltd.

     883,800        68,841  
     

 

 

 
Total Real Estate Management & Development

 

     22,263,504  
Semiconductors & Semiconductor Equipment – 4.5%

 

Daqo New Energy Corp., ADR*

     22,296        921,271  

Flat Glass Group Co. Ltd., Class H*(b)

     173,700        672,052  

Gigadevice Semiconductor Beijing, Inc., Class A

     145,112        3,223,822  

Hangzhou First Applied Material Co. Ltd., Class A

     94,400        1,687,663  

Hangzhou Silan Microelectronics Co. Ltd., Class A

     241,700        1,846,608  

JA Solar Technology Co. Ltd., Class A

     152,600        1,891,364  

JCET Group Co. Ltd., Class A

     294,200        1,139,150  

JinkoSolar Holding Co. Ltd., ADR*(b)

     14,760        712,760  

LONGi Green Energy Technology Co. Ltd., Class A

     1,146,392        13,036,663  

SG Micro Corp., Class A

     45,900        2,360,906  

Will Semiconductor Co. Ltd., Class A

     150,760        4,593,025  

Xinyi Solar Holdings Ltd.

     2,052,765        3,622,496  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

     171,500        1,620,958  
     

 

 

 
Total Semiconductors & Semiconductor Equipment

 

     37,328,738  
Software – 1.8%

 

360 Security Technology, Inc., Class A*

     802,800        1,262,101  

Agora, Inc., ADR*

     32,680        324,839  

Beijing Kingsoft Office Software, Inc., Class A

     53,982        1,595,794  

Glodon Co. Ltd., Class A

     273,475        2,138,482  

Hundsun Technologies, Inc., Class A

     312,208        2,186,602  

Kingdee International Software Group Co. Ltd.*

     1,127,700        2,508,432  

Ming Yuan Cloud Group Holdings Ltd.(b)

     253,400        348,808  

Sangfor Technologies, Inc., Class A

     61,800        1,086,058  

Thunder Software Technology Co. Ltd., Class A

     78,500        1,226,698  

Weimob, Inc.*(a)(b)

     817,000        538,310  

Yonyou Network Technology Co. Ltd., Class A

     538,313        1,941,899  
     

 

 

 
Total Software

 

     15,158,023  
Specialty Retail – 0.7%

 

China Meidong Auto Holdings Ltd.

     210,912      807,948  

China Yongda Automobiles Services Holdings Ltd.

     576,900        628,362  

GOME Retail Holdings Ltd.*(b)

     7,055,800        441,472  

Pop Mart International Group Ltd.*(a)(b)

     315,300        1,384,978  

Topsports International Holdings Ltd.(a)

     1,231,200        1,029,747  

Zhongsheng Group Holdings Ltd.

     244,100        1,726,784  
     

 

 

 
Total Specialty Retail

 

     6,019,291  
Technology Hardware, Storage & Peripherals – 0.1%

 

Shenzhen Transsion Holdings Co. Ltd., Class A

     67,605        1,018,212  
Textiles, Apparel & Luxury Goods – 2.7%

 

ANTA Sports Products Ltd.

     585,500        7,356,692  

Li Ning Co. Ltd.

     1,108,500        9,568,481  

Shenzhou International Group Holdings Ltd.

     356,600        4,772,031  

Xtep International Holdings Ltd.(b)

     575,200        872,561  
     

 

 

 
Total Textiles, Apparel & Luxury Goods

 

     22,569,765  
Tobacco – 0.1%

 

RLX Technology, Inc., ADR*(b)

     313,604        561,351  

TOTAL COMMON STOCKS

(Cost: $1,111,656,772)

 

 

     835,220,684  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 1.1%

 

United States – 1.1%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(c)

     
(Cost: $8,864,709)      8,864,709        8,864,709  

TOTAL INVESTMENTS IN SECURITIES – 101.1%

(Cost: $1,120,521,481)

 

 

     844,085,393  

Other Assets less Liabilities – (1.1)%

 

     (8,805,289
     

 

 

 
NET ASSETS – 100.0%

 

   $ 835,280,104  

 

* 

Non-income producing security.

 

 

Security is being fair valued using significant unobservable inputs by a pricing committee under the direction of the Board of Trustees. The aggregate value of fair valued securities is $527,319, which represents 0.06% of net assets.

 

(a) 

This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers.

 

(b)

Security, or portion thereof, was on loan at March 31, 2022 (See Note 2). At March 31, 2022, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $41,658,950 and the total market value of the collateral held by the Fund was $45,876,708. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $37,011,999.

 

(c)

Rate shown represents annualized 7-day yield as of March 31, 2022.

 

See Notes to Financial Statements.

 

22   WisdomTree Trust


Table of Contents

Schedule of Investments (concluded)

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

March 31, 2022

 

FINANCIAL DERIVATIVE INSTRUMENTS                       
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER)  
Counterparty   Settlement
Date
   

Amount and
Description of
Currency to be
Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Canadian Imperial Bank of Commerce

    4/1/2022       5,000       CNH       788       USD     $     $ (0 )^ 

Deutsche Bank AG

    4/1/2022       150,000       HKD       19,164       USD             (10

Goldman Sachs

    4/1/2022       9,232,718       HKD       1,179,595       USD             (660
                                            $     $ (670
^ 

Amount represents less than $1.

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of March 31, 2022 in valuing the Fund’s investments (See Note 2 — Fair Value Measurement):

 

      Quoted
Prices in
Active
Markets
(Level 1)
     Other
Significant
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
     Total  

Assets:

           

Investments in Securities

           

Common Stocks

           

Energy Equipment & Services

   $      $      $ 0 *     $ 0  

Real Estate Management & Development

     21,736,185               527,319 *       22,263,504  

Other

     812,957,180                      812,957,180  

Investment of Cash Collateral for Securities Loaned

            8,864,709               8,864,709  

Total Investments in Securities

   $ 834,693,365      $ 8,864,709      $ 527,319      $ 844,085,393  

Liabilities:

           

Financial Derivative Instruments

           

Foreign Currency Contracts1

   $      $ (670    $      $ (670

Total – Net

   $ 834,693,365      $ 8,864,039      $ 527,319      $ 844,084,723  

 

* 

Securities are being fair valued using significant unobservable inputs by the Pricing Committee.

 

1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

WisdomTree Trust      23  


Table of Contents

Schedule of Investments

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

March 31, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 100.0%

 

Brazil – 4.6%

 

Ambev SA

     3,703,462      $ 12,002,086  

Americanas SA

     410,547        2,820,812  

Atacadao SA

     500,361        2,371,264  

B3 SA – Brasil Bolsa Balcao

     6,053,906        20,014,281  

Banco Inter SA

     1,093,281        2,735,431  

BR Malls Participacoes SA*

     1,631,232        3,185,604  

BRF SA*

     653,135        2,555,115  

CCR SA

     1,005,440        2,898,711  

Cia de Locacao das Americas

     413,113        2,361,167  

Cia Siderurgica Nacional SA

     738,096        4,043,106  

Cosan SA

     979,579        4,875,271  

Embraer SA*

     501,457        1,578,678  

Energisa SA

     107,525        1,104,451  

Equatorial Energia SA

     394,232        2,257,400  

Grupo De Moda Soma SA*

     409,922        1,314,663  

Hapvida Participacoes e Investimentos SA(a)

     2,933,264        7,308,547  

Hypera SA

     284,117        2,314,454  

Localiza Rent a Car SA

     555,988        7,148,827  

Locaweb Servicos de Internet SA*(a)

     438,352        931,692  

Lojas Renner SA

     881,698        5,102,473  

Magazine Luiza SA

     2,398,695        3,442,608  

Marfrig Global Foods SA

     215,006        968,261  

Natura & Co. Holding SA*

     763,427        4,185,076  

Pet Center Comercio e Participacoes SA

     384,182        1,508,609  

Petro Rio SA*

     468,648        2,348,196  

Raia Drogasil SA

     1,208,150        6,086,577  

Rede D’Or Sao Luiz SA(a)

     574,486        6,032,650  

Rumo SA*

     1,050,711        4,101,619  

Sendas Distribuidora SA

     778,362        2,668,277  

Sul America SA

     309,382        2,238,355  

Suzano SA

     584,493        6,783,487  

TOTVS SA

     429,646        3,289,286  

Transmissora Alianca de Energia Eletrica SA

     156,370        1,452,493  

Ultrapar Participacoes SA

     860,586        2,562,588  

Via SA

     1,342,847        1,178,395  

Vibra Energia SA

     892,924        4,393,262  

WEG SA

     1,388,225        10,186,851  

YDUQS Participacoes SA

     334,576        1,474,347  
     

 

 

 
Total Brazil

 

     153,824,970  
Chile – 0.4%

 

Banco de Chile

     43,097,551        4,613,575  

Banco Santander Chile

     61,887,602        3,484,754  

Empresas CMPC SA

     504,875        934,782  

Enel Americas SA

     9,221,226        1,113,215  

Enel Chile SA

     57,237,321        1,709,282  

Falabella SA

     233,376        745,836  
     

 

 

 
Total Chile

 

     12,601,444  
China – 27.1%

 

360 DigiTech, Inc., ADR

     55,680        856,915  

51job, Inc., ADR*(b)

     20,631        1,207,945  

A-Living Smart City Services Co. Ltd.(a)

     246,750        345,325  

AAC Technologies Holdings, Inc.(b)

     445,500      $ 1,079,703  

Agora, Inc., ADR*

     36,557        363,377  

Aier Eye Hospital Group Co. Ltd., Class A

     430,019        2,137,191  

Akeso, Inc.*(a)(b)

     253,000        538,861  

Alibaba Group Holding Ltd.*

     6,759,232        96,752,804  

Alibaba Pictures Group Ltd.*

     18,360,000        1,523,865  

ANTA Sports Products Ltd.

     887,300        11,148,750  

Asymchem Laboratories Tianjin Co. Ltd., Class A

     33,700        1,948,284  

Autohome, Inc., Class A(b)

     97,672        767,642  

Baidu, Inc., Class A*

     952,020        17,201,373  

BeiGene Ltd.*

     382,500        5,919,631  

Beijing Kingsoft Office Software, Inc., Class A

     40,577        1,199,521  

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

     136,167        963,965  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

     31,200        1,366,330  

Bilibili, Inc., Class Z*

     107,614        2,973,628  

BOE Technology Group Co. Ltd., Class A

     4,082,900        2,772,058  

BYD Co. Ltd., Class A

     157,674        5,707,768  

BYD Co. Ltd., Class H

     368,000        10,544,628  

BYD Electronic International Co. Ltd.(b)

     350,000        706,132  

CanSino Biologics, Inc., Class H*(a)

     45,000        723,434  

Chaozhou Three-Circle Group Co. Ltd., Class A

     264,600        1,166,673  

Chengxin Lithium Group Co. Ltd., Class A*

     179,500        1,437,278  

China Baoan Group Co. Ltd., Class A

     620,800        1,094,304  

China Common Rich Renewable Energy Investments Ltd.*

     102,000        0  

China Conch Environment Protection Holdings Ltd.*

     1,525,900        1,909,470  

China Conch Venture Holdings Ltd.

     1,525,900        4,461,924  

China Feihe Ltd.(a)

     1,743,000        1,727,109  

China Hongqiao Group Ltd.(b)

     962,500        1,285,562  

China Jushi Co. Ltd., Class A

     551,500        1,323,996  

China Lesso Group Holdings Ltd.

     905,000        1,100,135  

China Literature Ltd.*(a)(b)

     201,400        839,660  

China Medical System Holdings Ltd.

     1,142,000        1,799,459  

China Meidong Auto Holdings Ltd.

     356,288        1,364,844  

China Minsheng Banking Corp. Ltd., Class A

     8,848,679        5,324,736  

China Minsheng Banking Corp. Ltd., Class H(b)

     4,832,000        1,820,160  

China Yongda Automobiles Services Holdings Ltd.

     889,500        968,848  

Chinasoft International Ltd.*

     1,238,000        1,025,949  

Chongqing Zhifei Biological Products Co. Ltd., Class A

     143,600        3,121,690  

Contemporary Amperex Technology Co. Ltd., Class A

     213,317        17,214,962  

Country Garden Holdings Co. Ltd.(b)

     6,898,935        5,312,023  

Country Garden Services Holdings Co. Ltd.

     988,000        4,238,936  

Dada Nexus Ltd., ADR*

     41,405        378,028  

Daqo New Energy Corp., ADR*

     25,857        1,068,411  

Dongyue Group Ltd.

     955,000        1,314,567  

 

See Notes to Financial Statements.

 

24   WisdomTree Trust


Table of Contents

Schedule of Investments (continued)

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

March 31, 2022

 

 

 

Investments    Shares      Value  

East Money Information Co. Ltd., Class A

     2,044,718      $ 8,161,994  

ENN Energy Holdings Ltd.

     555,700        8,337,558  

Evergrande Property Services Group Ltd.*(a)(b)

     2,120,500        622,769  

Focus Media Information Technology Co. Ltd., Class A

     3,005,300        2,892,579  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

     282,433        3,889,399  

Futu Holdings Ltd., ADR*(b)

     37,880        1,233,373  

Fuyao Glass Industry Group Co. Ltd., Class A

     335,182        1,878,637  

Ganfeng Lithium Co. Ltd., Class A

     182,400        3,610,302  

Ganfeng Lithium Co. Ltd., Class H(a)

     111,000        1,587,456  

GDS Holdings Ltd., Class A*

     450,252        2,296,852  

Geely Automobile Holdings Ltd.

     2,816,000        4,444,385  

GEM Co. Ltd., Class A

     1,120,900        1,479,678  

Gemdale Corp., Class A

     1,073,700        2,415,279  

Genscript Biotech Corp.*

     590,000        1,890,977  

Gigadevice Semiconductor Beijing, Inc., Class A

     102,300        2,272,707  

GOME Retail Holdings Ltd.*(b)

     8,246,000        515,941  

Gotion High-tech Co. Ltd., Class A*

     241,400        1,308,513  

Great Wall Motor Co. Ltd., Class H

     1,791,700        2,873,529  

Gree Electric Appliances, Inc. of Zhuhai, Class A

     566,800        2,883,956  

Greentown Service Group Co. Ltd.

     1,470,000        1,479,122  

Guangdong Haid Group Co. Ltd., Class A

     115,900        1,002,333  

Guanghui Energy Co. Ltd., Class A*

     1,303,300        1,683,505  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

     84,000        971,913  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

     145,700        2,157,464  

Haidilao International Holding Ltd.(a)(b)

     599,300        1,175,428  

Haier Smart Home Co. Ltd., Class A

     651,000        2,368,913  

Haier Smart Home Co. Ltd., Class H

     944,800        3,070,353  

Hangzhou First Applied Material Co. Ltd., Class A

     64,300        1,149,542  

Hangzhou Silan Microelectronics Co. Ltd., Class A

     180,500        1,379,035  

Hangzhou Tigermed Consulting Co. Ltd., Class A

     129,200        2,189,934  

Hansoh Pharmaceutical Group Co. Ltd.(a)

     606,000        1,015,236  

Hello Group, Inc., ADR

     99,530        575,283  

Hengan International Group Co. Ltd.

     520,500        2,405,968  

Hengli Petrochemical Co. Ltd., Class A

     255,100        835,451  

Hollysys Automation Technologies Ltd.

     51,760        826,607  

Huazhu Group Ltd.

     697,470        2,382,374  

Hundsun Technologies, Inc., Class A

     250,432        1,753,943  

I-Mab, ADR*

     2,095        34,023  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

     1,423,800        8,273,969  

Innovent Biologics, Inc.*(a)

     546,500        1,880,657  

iQIYI, Inc., ADR*(b)

     139,682        634,156  

JA Solar Technology Co. Ltd., Class A

     112,200        1,390,636  

JCET Group Co. Ltd., Class A

     250,400        969,555  

JD Health International, Inc.*(a)(b)

     504,600        3,099,224  

JD.com, Inc., Class A*

     1,014,809      30,322,204  

Jiangsu Eastern Shenghong Co. Ltd., Class A

     354,000        791,859  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

     82,500        676,443  

Jiangsu Hengrui Medicine Co. Ltd., Class A

     951,713        5,520,088  

Jinke Smart Services Group Co. Ltd., Class H(b)

     309,400        1,118,066  

JinkoSolar Holding Co. Ltd., ADR*(b)

     19,263        930,210  

Jinxin Fertility Group Ltd.*(a)

     616,000        474,306  

JiuGui Liquor Co. Ltd., Class A

     49,900        1,162,586  

Jiumaojiu International Holdings Ltd.(a)(b)

     402,000        862,375  

JOYY, Inc., ADR

     35,783        1,314,310  

Kangmei Pharmaceutical Co. Ltd., Class A*

     31,038        13,739  

KE Holdings, Inc., ADR*

     210,071        2,598,578  

Kingboard Holdings Ltd.

     603,000        2,933,613  

Kingdee International Software Group Co. Ltd.*

     1,707,000        3,797,015  

Kingsoft Cloud Holdings Ltd., ADR*(b)

     48,645        295,275  

Kingsoft Corp. Ltd.

     749,600        2,431,218  

Kuaishou Technology*(a)

     713,000        6,755,446  

LB Group Co. Ltd., Class A

     283,600        1,033,328  

Lee & Man Paper Manufacturing Ltd.

     1,500,000        783,385  

Lens Technology Co. Ltd., Class A

     410,818        755,225  

Lepu Medical Technology Beijing Co. Ltd., Class A

     301,300        957,329  

Li Auto, Inc., ADR*

     109,045        2,814,451  

Li Ning Co. Ltd.

     1,458,500        12,589,652  

Lifetech Scientific Corp.*(b)

     1,738,000        581,449  

Longfor Group Holdings Ltd.(a)

     1,142,500        5,879,249  

LONGi Green Energy Technology Co. Ltd., Class A

     810,180        9,213,291  

Lufax Holding Ltd., ADR*

     207,056        1,153,302  

Luxshare Precision Industry Co. Ltd., Class A

     729,900        3,644,843  

Maxscend Microelectronics Co. Ltd., Class A

     49,700        1,643,488  

Meituan, Class B*(a)

     1,938,700        38,519,514  

Microport Scientific Corp.(b)

     338,600        768,740  

Ming Yang Smart Energy Group Ltd., Class A

     314,300        1,097,656  

Ming Yuan Cloud Group Holdings Ltd.(b)

     298,000        410,200  

Minth Group Ltd.

     328,000        809,173  

Muyuan Foods Co. Ltd., Class A

     518,976        4,648,474  

NetEase, Inc.

     925,930        17,001,907  

New Oriental Education & Technology Group, Inc.*(b)

     673,136        827,732  

Nine Dragons Paper Holdings Ltd.

     858,000        749,383  

NIO, Inc., ADR*

     717,917        15,112,153  

Nongfu Spring Co. Ltd., Class H(a)(b)

     629,400        3,355,396  

Ovctek China, Inc., Class A

     129,100        742,903  

Pharmaron Beijing Co. Ltd., Class A

     82,800        1,539,106  

Pinduoduo, Inc., ADR*

     226,066        9,067,507  

Ping An Bank Co. Ltd., Class A

     2,869,326        6,951,723  

Ping An Healthcare and Technology Co. Ltd.*(a)(b)

     224,100        589,481  

Ping An Insurance Group Co. of China Ltd., Class A

     1,787,400        13,641,803  

Ping An Insurance Group Co. of China Ltd., Class H

     2,766,500        19,658,774  

Pop Mart International Group Ltd.*(a)(b)

     337,200        1,481,176  

 

See Notes to Financial Statements.

 

WisdomTree Trust      25  


Table of Contents

Schedule of Investments (continued)

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

March 31, 2022

 

 

 

Investments    Shares      Value  

RLX Technology, Inc., ADR*(b)

     345,346      $ 618,169  

Rongsheng Petrochemical Co. Ltd., Class A

     406,800        916,375  

Sangfor Technologies, Inc., Class A

     46,900        824,209  

Sany Heavy Industry Co. Ltd., Class A

     1,688,536        4,660,158  

SF Holding Co. Ltd., Class A

     275,973        1,986,731  

SG Micro Corp., Class A

     38,000        1,954,563  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     2,193,000        2,349,423  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

     646,000        3,159,307  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

     64,900        1,436,815  

Shenzhen Capchem Technology Co. Ltd., Class A

     65,900        846,575  

Shenzhen Inovance Technology Co. Ltd., Class A

     314,100        2,820,324  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

     82,900        1,217,754  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

     88,600        4,288,267  

Shenzhen Transsion Holdings Co. Ltd., Class A

     53,664        808,244  

Shenzhou International Group Holdings Ltd.

     535,600        7,167,413  

Sichuan Yahua Industrial Group Co. Ltd., Class A

     312,500        1,420,701  

Sino Biopharmaceutical Ltd.

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