WisdomTree Trust

Annual Report

June 30, 2022

Table of Contents

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

Market Environment Overview

(unaudited)

U.S. Markets

U.S. equity markets, as measured by the S&P 500 Index (“S&P 500”), returned -10.62% in U.S. dollar terms for the 12-month fiscal period ending June 30, 2022 (the “fiscal period”).

Vaccine accessibility and relatively benign flareups of the novel coronavirus (“COVID-19”) established confidence in markets early on in the fiscal period as the U.S. economy steadily continued its recovery rally. Economic growth remained robust during the latter half of 2021, although inflation rates began to accelerate amid a backdrop of accommodative monetary policy. U.S. real gross domestic product (“GDP”) grew 5.7%, while inflation increased nearly 7% year-over-year during 2021.

During the third quarter of 2021, U.S. markets initially moved higher as vaccines became accessible for most demographics. Shortly thereafter, flareups of new strains with unknown contagiousness and severity soured market sentiment. The S&P 500 managed to stay positive for the quarter, increasing about 0.5%, while small cap equities, as proxied by the Russell 2000 Index (“Russell 2000”), declined about -4.3%. However, the economic recovery slowly continued despite the decline in sentiment, as real GDP grew 2.3% during the quarter.

During the fourth quarter of 2021, markets regained momentum. The U.S. economy continued to grow and the ongoing monetary policy support from the U.S. Federal Reserve (the “Fed”) helped support markets. The S&P 500 returned over 11% to finish the 2021 calendar year, while small caps fluctuated but managed to increase overall by 2.1%. As 2021 concluded, investors acknowledged that the economy had recovered quickly and efficiently, but feared that 2022 would likely see the end of the accommodative monetary policies that helped support equity markets. The U.S. unemployment rate fell below 4% by the end of the 2021 calendar year, coming very close to pre-pandemic lows, and real GDP grew nearly 7% during the quarter. However, inflation rates continued to accelerate as well.

Entering the first quarter of 2022, several concerns led to risk-off sentiments among investors. At the forefront were concerns about runaway inflation, and the expectation that the Fed would have to quickly intervene with restrictive monetary policy actions to tame it. Interest rates rose quickly as bonds sold off, and the Fed raised its target federal funds rate for the first time since slashing it to 0% at the onset of the COVID-19 pandemic in 2020.

However, 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 tumbled for several weeks as markets assessed the developments and prospects for a resolution. As a result, U.S. equities sold off during the quarter, owing to the near certainty of several upcoming interest rate hikes amid a tightening cycle and geopolitical tensions between Russia and Ukraine. Though the unemployment rate continued to fall, declining to 3.6%, while the rate of inflation increased to 8.5% year-over-year and real GDP fell by -1.6%. During the first quarter of 2022, the S&P 500 declined -4.6% while small caps declined over -7.5%.

During the second quarter of 2022, market sentiment grew even more pessimistic. Each of the S&P 500 and Russell 2000 fell about 16-17% amid ongoing concerns about inflation data and expected impacts to corporate earnings in the near future. Monthly inflation readings in the 8-9% range loomed over markets, which proved that the Fed’s initial interest rate hikes did little to alleviate price pressures, and more frequent and aggressive rate hikes would be needed. Because of this, markets began to fear that interest rates would have to be raised to a level that would likely tip the economy into recession, which amplified fears and exacerbated market declines. Estimates for real GDP data for the quarter are expected to be very low or perhaps even negative, the latter of which would be the second straight quarter of real GDP declines and may signal a technical recession.

Market Environment Overview

(unaudited) (continued)

Many of these risk factors remain paramount, and U.S. financial market performance will be heavily dependent on developments in economic data, commodity prices, and upcoming central bank activity.

Fixed Income

During the fiscal period, U.S. fixed income performance was volatile amid a rapidly transforming economic landscape and changes in investor risk sentiment. The Bloomberg U.S. Aggregate Bond Index, a gauge of the broad U.S. fixed income market, fell about -10.3% during the fiscal period, with nearly the entire decline occurring in the first six months of 2022 amid a rising interest rate environment and record inflation. U.S. Treasury yields, a barometer for domestic interest rates due to its relationship with the Fed funds rate at the short end of the yield curve and future economic growth prospects at the long end, rose while the slope and shape changed throughout the year. Yields on shorter-dated U.S. Treasuries began the period near 0%, commensurate with the Fed’s prevailing monetary policy activity, but finished the fiscal period closer to 3% as U.S. Treasury investors estimated the extent of future rate hikes needed to subdue the highest inflation in four decades. Longer-dated U.S. Treasury yields rose as well, though the 10-year U.S. Treasury yield varied during the period as the market contemplated the possibility that the Fed would have to raise rates high enough to combat historic inflation which could potentially tip the U.S. economy into a recession. The 10-year U.S. Treasury yield began the fiscal period at 1.46%, rose as high as 3.49%, and then fell to 2.98% to conclude the fiscal period. At times, the 10-year U.S. Treasury yield fell below that of shorter-dated rates as well, such as the 2-year U.S. Treasury yield, which caused the yield curve to invert. Typically, an inverted yield curve for a prolonged period is regarded as a recessionary indicator. Bearish economic sentiment weighed on riskier fixed income investments as well, with high yield credit, as proxied by the Bloomberg U.S. Corporate High Yield Index, falling nearly -13% during the fiscal period, as high yield spreads began to climb to their highest level since the early stages of the COVID-19 pandemic of 2020.

International Markets

International equity markets, as measured by the MSCI EAFE Index, a broad measure of equity performance for the developed world outside the U.S. and Canada, declined nearly -18% for the fiscal period.

Currency markets suffered throughout the fiscal period, as all Group of Ten (“G10”) currencies weakened relative to a strong U.S. dollar. The European euro steadily weakened during the fiscal period, as the European region generally experienced slower economic growth than the U.S. and had less of a need for interest rate hikes during the near-term that likely would have helped the struggling currency. Although not in Europe, this effect was even more pronounced in the Japanese yen, which was being suppressed by the Bank of Japan in its attempt to stimulate economic growth through low interest rates while the rest of the global economy was overheating. The Japanese yen weakened slightly for most of the fiscal period, though it sold off considerably during the latter half of the fiscal period to become one of the worst performing currencies. The British pound also weakened versus the U.S. dollar, alongside the Japanese yen, European euro and others.

During the third quarter of 2021, international equities changed directions a few times but finished flat, declining only -0.45% in U.S. dollar terms. Early summertime optimism faded as new and potentially more infectious COVID-19 variants appeared and spread throughout the world. This stoked fear of renewed “lockdowns”, questions of vaccine efficacy, and threatened the ongoing economic recovery.

But investors’ concerns eventually abated during the fourth quarter of 2021. Fears of systemic impacts from the troubles in Chinese real estate markets briefly sent markets into negative territory, but they finished 2021 stronger once their contagion concerns were allayed. International equities ultimately finished the quarter in positive territory, returning 2.69% in U.S. dollar terms.

Market Environment Overview

(unaudited) (concluded)

Overall, international equities remained relatively flat for the first half of the fiscal period. Though the pace of economic growth improved during 2021, along with the inflation rates around the world amid a global backdrop of accommodative monetary policy, international equities could not catch a strong tailwind and finished 2021 with modest returns.

Entering calendar year 2022, several headwinds weighed on investor sentiment and led to steep declines in international equity markets. At the forefront were concerns about runaway inflation and the expectation that global central banks would have to quickly intervene with restrictive monetary policy actions to tame it. Interest rates around the world rose quickly as bonds sold off, and the Fed kickstarted the global rate hike campaign by raising its target federal funds rate for the first time since slashing it to 0% during the onset of the COVID-19 pandemic in 2020.

Similar to U.S. equities, 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 international equities tumbled for several weeks as markets assessed the developments and prospects for a resolution. Meanwhile, a global commodity shortage materialized and exacerbated inflationary pressures in developed regions such as Europe, due to its dependency on Russian energy imports despite coordinated global sanctions and energy embargoes against Russia for its role in the war with Ukraine. As a result, international equities sold off in the first quarter of 2022, owing to the near certainty of several upcoming interest rate hikes amid a tightening cycle, energy supply uncertainty, and indefinite conflict between Russia and Ukraine. International equities declined nearly -6% in U.S. dollar terms, regaining some ground after reaching a -15% low in early March 2022.

During the second quarter of 2022, many of these same fears and sentiments persisted and, in some cases, worsened. During the second quarter of 2022, international equities, as measured by the MSCI EAFE Index, declined over -14.5% in U.S. dollar terms amid the ongoing conflict with Russia and Ukraine, inflationary pressures showing no signs of abating, and an anticipated impact to global corporate earnings. From a central bank standpoint, both the Bank of Japan and European Central Bank have maintained low interest rates so far, with the former reaffirming this accommodative monetary policy stance while the latter is beginning to consider interest rate hikes as a tightening tool.

Many of these risk factors remain paramount, and international equity market performance will be heavily dependent on developments in the war between Russia and Ukraine, economic data, energy pressure abatement, and upcoming central bank activity. International equity markets may also strengthen if global risk sentiment improves and investors determine this fiscal period’s selloff has been overdone.

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.

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 January 1, 2022 to June 30, 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 181/365 (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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Dynamic Currency Hedged International Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International Equity Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies in the industrialized world outside the U.S. and Canada while at the same time dynamically hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar. 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 -4.12% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). Despite the negative performance for the fiscal year, all sectors were positive relative contributors to performance due to the Fund’s emphasis on dividend investing in an environment where value investing outperformed the broader market’s decline. The Fund benefitted from positions in the Information Technology, Industrials, and Financials sectors, all of which were primarily due to stock selection effects during a strong period for value investing. The least positive contributor was the Energy sector, due to both stock selection and allocation impacts. Fund performance was also aided by currency movements during the fiscal year. Amid record inflation readings throughout developed equity markets, each of the G10 currencies weakened against the U.S. dollar, which strengthened rapidly as investors expected the Fed to hike interest rates to quell the overheating economy. During the fiscal year, the Fund utilized foreign exchange contracts to dynamically hedge its foreign currency exposures. The Fund was nearly entirely hedged against movements in the Australian dollar, Swiss franc, and Japanese yen during the fiscal year, and more than two-thirds hedged against the European euro and British pound. Overall, the Fund’s use of foreign exchange contracts contributed to Fund performance as each of these currencies weakened relative to the U.S. dollar.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (DDLS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in the small-capitalization segment of dividend-paying companies in the industrialized world outside the U.S. and Canada while at the same time dynamically hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar. 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 -9.78% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). Despite the negative performance for the fiscal year, all sectors were positive relative contributors to performance due to the Fund’s emphasis on dividend investing in an environment where value investing outperformed the broader market’s decline. The Fund benefitted from positions in the Information Technology, Industrials, and Consumer Discretionary sectors, all of which were primarily due to stock selection effects during a strong period for value investing. The least positive contributor was the Energy sector, again due to stock selection. Fund performance was also aided by currency movements during the fiscal year. Amid record inflation readings throughout developed equity markets, each of the G10 currencies weakened against the U.S. dollar, which strengthened rapidly as investors expected the Fed to hike interest rates to quell the overheating economy. During the fiscal year, the Fund utilized foreign exchange contracts to dynamically hedge its foreign currency exposures. The Fund was nearly entirely hedged against movements in the Australian dollar, Swiss franc, and Japanese yen during the fiscal year, and more than two-thirds hedged against the European euro and British pound. Overall, the Fund’s use of foreign exchange contracts contributed to Fund performance as each of these currencies weakened relative to the U.S. dollar.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Emerging Markets ESG Fund (RESE)

The WisdomTree Emerging Markets ESG Fund (the “Fund”) is actively managed using a model-based approach seeking capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in equity securities of issuers in emerging markets that exhibit certain characteristics believed to be indicative of positive future returns as well as incorporating favorable environmental, social, and governance (“ESG”) characteristics.

The Fund returned -25.99% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During what was a challenging fiscal year for risk assets and emerging markets in particular, the Fund managed to benefit from positions in the Consumer Discretionary, Communication Services, and Health Care sectors, all of which were primarily due to stock selection effects. A lack of exposure to the Energy sector was a significant detractor in an environment when global energy prices significantly increased due to supply chain issues and global sanctions against Russia due to its war with Ukraine. The Materials and Financials sectors also weighed on the Fund’s performance, owing to stock selection impacts in both.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree International ESG Fund (RESD)

The WisdomTree International ESG Fund (the “Fund”) is actively managed using a model-based approach seeking capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in equity securities of issuers in developed markets excluding the U.S. and Canada that exhibit certain characteristics believed to be indicative of positive future returns as well as incorporating favorable environmental, social, and governance (“ESG”) characteristics.

The Fund returned -16.85% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). Despite the negative performance for the fiscal year, the Fund benefitted from positions in the Communication Services, Information Technology, and Health Care sectors, all of which were primarily due to stock selection effects. A lack of exposure to the Energy sector was a significant detractor in an environment when global energy prices significantly increased due to supply chain issues and global sanctions against Russia due to its war with Ukraine. The Materials sector also detracted from the Fund’s performance due stock selection effects.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. Corporate Bond Fund (WFIG)

Sector Breakdown†

The WisdomTree U.S. Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the U.S. investment grade corporate bond market that are deemed to exhibit favorable fundamentals and opportunities for income. 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 -14.83% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund did not benefit from a full allocation into corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds, in the face of recessionary and inflation driven fears, lagged the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. Investment grade corporate bond credit spreads widened consistently by 84% over the fiscal year (0.86% credit spread at the beginning of the fiscal year versus 1.58% credit spread at the end of the fiscal year). Asset classes that are typically described as “risk-on”, like corporate debt, have continued to generate negative performance as the global markets grappled with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. The Fund’s largest sector weights were in more cyclical sectors like Financials and Utilities, which have generally performed better during this inflation driven markets as compared to the growth-oriented sectors like Technology and Consumer Services. Intermediate levels of duration risk was another significant detractor for the Fund during a period of rising interest rates over the fiscal year. The Fund’s quality screening approach of screening out potential at-risk issuers helped alleviate some performance volatility and downgrade risk.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. High Yield Corporate Bond Fund (WFHY)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. High Yield Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Yield Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the U.S. non-investment grade corporate bond (“junk bond” or “high yield”) market that are deemed to exhibit favorable fundamentals and opportunities for income. 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 -13.16% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund did not benefit from a full allocation into high yield corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds, in the face of recessionary and inflation driven fears, lagged the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by high yield public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. High yield corporate bond credit spreads widened consistently by 85% over the fiscal year (3.04% credit spread at the beginning of the fiscal year versus 5.62% credit spread at the end of the fiscal year). Asset classes that are typically described as “risk-on”, like high yield corporate debt, have continued to generate negative performance as the global markets grappled with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. One of the driving factors to performance for the Fund came from one of its larger sector weights in Energy, as the energy and commodities sectors broadly have seen relatively better performance over the fiscal year when compared to other sectors. Offsetting much of this was the negative performance impacts due to higher interest rates, which have risen in aggregate over the entire fiscal year. However, high yield corporate bonds tend to be less interest rate sensitive than their investment grade counterparts as they carry with them far less duration risk in the aggregate. The Fund’s quality screening approach of screening out potential at-risk issuers helped alleviate some performance volatility and default risk. In addition, the Fund was underweight to the lowest quality high yield bonds, mainly bonds rated CCC-rated and below, which had worse performance when compared to higher quality high yield securities.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. Short-Term Corporate Bond Fund (SFIG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Short-Term Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Short-Term Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the short-term U.S. investment grade corporate bond market that are deemed to exhibit favorable fundamentals and opportunities for income. 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 -6.18% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund did not benefit from a full allocation into corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds, in the face of recessionary and inflation driven fears, lagged the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. Investment grade corporate bond credit spreads widened consistently by 84% over the fiscal year (0.86% credit spread at the beginning of the fiscal year versus 1.58% credit spread at the end of the fiscal year). Asset classes that are typically described as “risk-on”, like corporate debt, have continued to generate negative performance as the global markets grappled with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. The Fund’s largest sector weights were in more cyclical sectors like Financials and Utilities, which have generally performed better during inflation driven markets as compared to the growth-oriented sectors like Technology and Consumer Services. Intermediate levels of duration risk was another significant detractor from the Fund’s performance during a period of rising interest rates over the fiscal year. However, given that the Fund is targeting shorter term maturities, performance showed relative improvement when compared to longer-term bonds. The Fund’s quality screening approach of screening out potential at-risk issuers helped alleviate some performance volatility and downgrade risk.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Emerging Markets Efficient Core Fund (NTSE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by primarily investing in emerging markets equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in emerging market equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -29.06% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s positions in equities and its exposure to fixed income both detracted from performance. Over the course of the fiscal year, emerging market equities generally underperformed as concerns about geopolitical risk in China and Russia weighed on investor sentiment. Emerging market currencies generally depreciated against the U.S. dollar during the fiscal year. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, employing U.S. Treasury futures contracts, which had negative performance during the fiscal year as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the overall negative performance of the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree International Efficient Core Fund (NTSI)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by primarily investing in international equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in international equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -20.44% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s positions in equities and exposure to fixed income both detracted from performance. Over the course of the fiscal year, international equities generally underperformed as investors grappled with high levels of inflation and Russia’s invasion of Ukraine. Developed market currencies generally depreciated against the U.S. dollar during the fiscal year. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the fiscal year as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the overall negative performance of the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. Efficient Core Fund (NTSX)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by investing in large-capitalization U.S. equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in U.S. equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -16.95% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s positions in equities and exposure to fixed income both detracted from performance. Over the course of the fiscal year, U.S. equities generally underperformed as investors grappled with the impact that rate hikes from the U.S. Federal Reserve would have on the market. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the fiscal year as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the overall negative performance of the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Artificial Intelligence and Innovation Fund (WTAI)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Artificial Intelligence and Innovation Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Artificial Intelligence & Innovation Index (the “Index”). In seeking to track the Index, the Fund primarily invests in equity securities of exchange-listed companies globally, including developed countries and emerging markets throughout the world, which are primarily involved in the investment theme of “Artificial Intelligence and Innovation”. Artificial intelligence refers to the application of computer systems or robotics to perform tasks that typically require human intelligence, discernment and adaption, such as decision-making, reasoning, learning from past experiences, visual perception, and speech recognition. Innovation refers to those companies that introduce a new, creative, or different (i.e., “innovative”) technologically enabled product or service in seeking to potentially change an industry landscape, as well as companies that service those innovative technologies. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -40.36% at net asset value (“NAV”) for the fiscal period ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal period, the Fund’s performance was negatively impacted by its majority allocation to the Information Technology sector, as the Fund concentrates on artificial intelligence and related innovative technologies. The Fund’s lack of exposure to the Energy, Consumer Staples, and Utilities sectors detracted from performance. Security selection within the Financials sector was another detractor, but the underweight allocation to Communication Services sector contributed to the Fund’s performance. The Fund’s exposure to companies with small- and mid-market capitalizations was an additional driver of negative relative performance.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Battery Value Chain and Innovation Fund (WBAT)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Battery Value Chain and Innovation Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Battery Value Chain and Innovation Index (the “Index”). In seeking to track the Index, the Fund invests in companies primarily involved in battery and energy storage solutions that meet the index eligibility requirements. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund had less than six months of operating history at the end of the reporting period and therefore no discussion of Fund performance or comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.

Shareholder Expense Example (for the six-month period¹ ended June 30, 2022)

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree BioRevolution Fund (WDNA)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree BioRevolution Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree BioRevolution Index (the “Index”). In seeking to track the Index, the Fund primarily invests in equity securities of exchange-listed companies globally that will be significantly transformed by advancements in genetics and biotechnology. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -34.79% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s overweight allocation to the Biotechnology sub-industry was the biggest driver of negative performance in the fiscal year. Exposure to lower market capitalization companies was an additional driver of negative relative performance. The Fund’s lack of exposure to the Communication Services and Consumer Discretionary sectors was a modest benefit to Fund performance over the fiscal year.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Cloud Computing Fund (WCLD)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Cloud Computing Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bessemer Venture Partners (“BVP”) Nasdaq Emerging Cloud Index (the “Index”). In seeking to track the Index, the Fund invests in emerging public companies primarily involved in providing cloud computing software and services to their customers, which derive the majority of their revenues from business-oriented software products, as determined by BVP. 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 -49.85% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund’s performance was negatively impacted by its allocation to the Information Technology sector, as the Fund concentrates nearly 100% of its weight in companies within the cloud computing industry. The Fund’s lack of exposure to the Energy, Consumer Staples, and Utilities sectors also detracted from performance. The Fund’s exposure to companies with smaller market capitalizations was an additional driver of negative relative performance. The Fund’s methodology also results in allocations to companies that are not yet profitable. In aggregate, unprofitable companies have not performed well during the fiscal year as the market environment was more favorable toward value-oriented investments.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Cybersecurity Fund (WCBR)

Country Breakdown†

Top Ten Holdings*

The WisdomTree Cybersecurity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Team8 Cybersecurity Index (the “Index”). In seeking to track the Index, the Fund invests in equity securities of exchange-listed companies globally, which are primarily involved in cybersecurity and security-oriented technology that generate a meaningful part of their revenue from security protocols that prevent intrusion and attacks to systems, networks, applications, computers, and mobile devices and are experiencing revenue growth.

The Fund returned -26.79% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund concentrates 100% of its weight in Information Technology sector stocks that participate in the cybersecurity industry. Exposure to the Information Technology sector was the biggest detractor from performance during the fiscal year as cyclical sectors like Energy, Consumer Staples, and Utilities outperformed. A lack of exposure to the Communication Services and Consumer Discretionary sectors were modestly relative positive contributors to Fund performance over the fiscal year. The Fund’s methodology also results in allocations to companies that are not yet profitable. In aggregate, unprofitable companies have not performed well during the fiscal year as the market environment was more favorable toward value-oriented investments.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

Performance

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.

Description of Terms and Indexes (unaudited)

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

The 60% S&P 500^® Index/40% Bloomberg U.S. Aggregate Index Composite represents a 60% weight to the S&P 500^® Index and a 40% weight to the Bloomberg U.S. Aggregate Index. The Bloomberg U.S. Aggregate Index measures the performance of the U.S. investment-grade bond market.

The BVP Nasdaq Emerging Cloud Index is an equally weighted index that is designed to track the performance of emerging public companies primarily involved in providing cloud software and services to their customers.

Cloud computing is a term used to describe the delivery, through the Internet, of computing services, which can include servers, storage, databases, networking, software, analytics, and intelligence.

The ICE BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar

denominated investment grade corporate debt publicly issued in the U.S.

The ICE BofA Merrill Lynch U.S. High Yield Index tracks the performance of U.S. dollar

denominated high yield corporate debt securities issued in the U.S.

The ICE BofA Merrill Lynch 1-5 Year U.S. Corporate Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all securities with a remaining term to final maturity less than 5 years.

The MSCI EAFE Extended ESG Focus Index is designed to maximize exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the MSCIEAFE Index, its parent index.

The MSCI EAFE Index is a market cap-weighted index composed of companies

representative of the developed market structure of developed countries in Europe,

Australasia and Japan.

The MSCI EAFE Local Currency Index is a free float-adjusted market capitalization

weighted index that is designed to measure developed market equity performance, excluding the U.S. and Canada, in local currency.

The MSCI EAFE Small Cap Index is a free float-adjusted market capitalization equity index that is designed to measure the performance of small-cap stocks within the developed equity market, excluding the U.S. and Canada.

The MSCI EAFE Small Cap Local Currency Index is a free float-adjusted market capitalization equity index that is designed to measure the performance of small-cap stocks within the developed equity market, excluding the U.S. and Canada, in local currency.

The MSCI EAFE Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across Developed Markets countries, excluding the U.S. and Canada.

The MSCI EAFE Value Index is a free float-adjusted market capitalization index that is designed to measure the performance of “value” stocks within the developed equity market, excluding the U.S. and Canada.

The MSCI Emerging Markets Extended ESG Focus Index is designed to maximize exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the MSCI Emerging Markets Index, its parent index.

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

that is designed to measure emerging markets equity performance.

The MSCI Extended ESG Focus Indexes (the “Indexes”) are designed to maximize their exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the underlying market capitalization weighted index.

Description of Terms and Indexes (unaudited) (continued)

The NASDAQ 100 Index is a large-cap growth index that includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

The S&P 500^® Growth Index measures the performance of the large-capitalization growth sector of the U.S. equity market.

The S&P 500^® Health Care Index is a capitalization weighted index that measures the performance of the members of the GICS Healthcare sector within the S&P 500 Index.

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.

The S&P 500^® Information Technology Index comprises companies included in the S&P 500^® that are classified as members of the GICS^® information technology sector.

The S&P Biotechnology Select Industry Index is designed to measure the performance of stocks from the S&P Total Market index that are classified in the GICS biotechnology sub-industry.

The WisdomTree Artificial Intelligence & Innovation Index is designed to measure the performance of companies primarily involved in artificial intelligence and innovation.

The WisdomTree Battery Value Chain and Innovation Index is designed to track the performance of companies primarily involved in battery and energy storage solutions that meet Index eligibility requirements. Battery and energy storage solutions can be defined as technology that captures electric energy in chemical form.