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WisdomTree Trust

Annual Report

March 31, 2022

 

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

WisdomTree Europe SmallCap Dividend Fund (DFE)

WisdomTree International AI Enhanced Value Fund (AIVI)

(formerly, WisdomTree International Dividend ex-Financials Fund (DOO))

WisdomTree International Equity Fund (DWM)

WisdomTree International High Dividend Fund (DTH)

WisdomTree International LargeCap Dividend Fund (DOL)

WisdomTree International MidCap Dividend Fund (DIM)

WisdomTree International Multifactor Fund (DWMF)

WisdomTree International Quality Dividend Growth Fund (IQDG)

WisdomTree International SmallCap Dividend Fund (DLS)

WisdomTree Japan SmallCap Dividend Fund (DFJ)


Table of Contents

Table of Contents

 

Market Environment Overview (unaudited)

       1  

Information about Performance and Shareholder Expense Examples (unaudited)

       2  

Management’s Discussion of Funds’ Performance (unaudited)

       3  

Description of Terms and Indexes (unaudited)

       14  
Schedules of Investments     

WisdomTree Europe Quality Dividend Growth Fund

       17  

WisdomTree Europe SmallCap Dividend Fund

       20  

WisdomTree International AI Enhanced Value Fund

       25  

WisdomTree International Equity Fund

       28  

WisdomTree International High Dividend Fund

       38  

WisdomTree International LargeCap Dividend Fund

       44  

WisdomTree International MidCap Dividend Fund

       48  

WisdomTree International Multifactor Fund

       54  

WisdomTree International Quality Dividend Growth Fund

       58  

WisdomTree International SmallCap Dividend Fund

       62  

WisdomTree Japan SmallCap Dividend Fund

       72  

Statements of Assets and Liabilities

       81  

Statements of Operations

       84  

Statements of Changes in Net Assets

       87  

Financial Highlights

       91  

Notes to Financial Statements

       97  

Report of Independent Registered Public Accounting Firm

       112  

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

       114  

Liquidity Risk Management Program (unaudited)

       115  

Trustees and Officers Information (unaudited)

       116  

Supplemental Information (unaudited)

       118  

General Information (unaudited)

       119  

“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)

 

Developed international equity markets, as measured by the MSCI EAFE Index, were roughly flat for the 12-month fiscal period ending March 31, 2022 (the “period”), returning only 1.16% in U.S. dollar (“USD”) terms.

International currency market performance was mixed during the period, although the USD broadly strengthened relative to a basket of global currencies. The euro (“EUR”) steadily weakened against the USD during the period, as the European region generally saw slower economic growth than the U.S. Although not in Europe, this effect was even more pronounced in the Japanese yen (“JPY”), which was being suppressed by the Bank of Japan to stimulate economic growth while the rest of the global economy was overheating. The JPY weakened slightly for most of the period, though it sold off considerably in March 2022, the final month of the period. The British pound sterling fluctuated during the period but also weakened versus the USD, alongside the JPY and EUR.

Developed international equities increased their value 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 suppressed the prior year. The pace of economic growth improved during 2021, along with the inflation rates around the world, amid a global backdrop of accommodative policy. However, several headwinds in the first quarter of 2022 forced international equities to give up most of their gains from the previous nine months.

During the second quarter of 2021, markets gradually moved higher, with the MSCI EAFE Index returning 5.17% in USD terms. This was mainly due to the improved outlook for economic growth amid vaccine accessibility. The developed international economic region has significant concentration in cyclical sectors tied to overall levels of economic growth, so the improved economic outlook contributed positively to performance.

The third quarter of 2021 was more tempered than the previous quarter. The MSCI EAFE Index was flat during the quarter in USD terms, and early summertime optimism faded as new and potentially more infectious COVID-19 variants appeared and spread throughout the world. This ignited fear of renewed “lockdowns”, raised questions of vaccine efficacy, and threatened the ongoing economic recovery.

However, investors’ concerns quickly abated during the fourth quarter of 2021. Fears of systemic impacts from the downturn in the Chinese real estate markets briefly sent markets into negative territory, but they finished 2021 strong once their contagion concerns were allayed. Developed international markets ultimately finished the quarter in positive territory, returning 2.69% on a USD basis.

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, and the expectation that global central banks would 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.

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, 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 and geopolitical tensions between Russia and Ukraine. The MSCI EAFE Index fell nearly 6% in dollar terms, although it regained some ground from its -15% low on March 8, 2022.

Many of these risk factors are expected to continue and global financial market performance is likely to be dependent on developments in the war between Russia and Ukraine, economic data, and 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.

 

WisdomTree Trust      1  


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.

 

2   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    20.1%  

Health Care

    19.0%  

Consumer Staples

    19.0%  

Materials

    16.0%  

Consumer Discretionary

    12.2%  

Information Technology

    4.2%  

Financials

    3.4%  

Communication Services

    2.3%  

Energy

    1.8%  

Utilities

    0.8%  

Real Estate

    0.3%  

Other Assets less Liabilities‡

    0.9%  

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  

Nestle SA, Registered Shares

    6.9%  

Rio Tinto PLC

    5.7%  

Roche Holding AG

    5.6%  

GlaxoSmithKline PLC

    5.0%  

LVMH Moet Hennessy Louis Vuitton SE

    4.6%  

Anglo American PLC

    3.7%  

Unilever PLC

    3.5%  

Novo Nordisk A/S, Class B

    3.3%  

L’Oreal SA

    2.8%  

Siemens AG, Registered Shares

    2.5%  
*

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 Europe Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in the European 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 4.02% 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 the Materials, Health Care and Information Technology sectors, due both to allocation and stock selection effects within the latter two and mainly stock selection within Materials. Positions in the Energy, Consumer Staples and Communication Services sectors detracted from performance for the Fund, mainly due to stock selection effects. When analyzing performance by country, exposures within Spain and France were the main detractors from performance largely attributable to stock selection. Germany and Netherlands were top performance contributors primarily due to stock selection effects.

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      $ 988.10        0.59   $ 2.92  

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 $2.87 and $2.92, respectively.

Performance

 

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

Fund NAV Returns

       4.02      10.80      9.01      5.30

Fund Market Price Returns

       3.43      10.66      8.86      5.17

WisdomTree Europe Quality Dividend Growth Index

       4.59      11.34      9.59      5.82

MSCI Europe Index

       3.51      8.23      6.92      3.39
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on May 7, 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      3  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Europe SmallCap Dividend Fund (DFE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    24.7%  

Financials

    18.4%  

Consumer Discretionary

    12.2%  

Materials

    8.4%  

Real Estate

    7.8%  

Information Technology

    6.8%  

Consumer Staples

    5.0%  

Utilities

    4.5%  

Communication Services

    4.3%  

Energy

    3.8%  

Health Care

    3.2%  

Investment Company

    0.4%  

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  

PostNL NV

     3.3

Drax Group PLC

     1.8

BFF Bank SpA

     1.7

Diversified Energy Co. PLC

     1.7

Ferrexpo PLC

     1.5

Alm Brand A/S

     1.3

Bilfinger SE

     1.2

Anima Holding SpA

     1.2

Sonae SGPS SA

     1.2

TGS ASA

     1.2
*

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 Europe SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the European 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 0.18% 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 Information Technology, mainly due to stock selection within each sector. Positions in the Materials, Financials and Real Estate sectors detracted from performance for the Fund, due to stock selection effects in Materials and Financials, and allocation effects within Real Estate. When analyzing performance by country, exposures within Norway and Italy were the main detractors from performance, owing to poor stock selection. Germany and Switzerland were top performance contributors due to strong stock selection effects.

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      $ 946.90        0.73   $ 3.54  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1021.29        0.73   $ 3.68  
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

       0.18      8.54      6.31      9.50

Fund Market Price Returns

       -0.95      8.13      6.06      9.27

WisdomTree Europe SmallCap Dividend Index

       0.59      9.18      6.78      10.20

MSCI Europe Small Cap Index

       -3.55      10.04      8.39      9.58

MSCI Europe Index

       3.51      8.23      6.92      6.27

 

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 International AI Enhanced Value Fund (AIVI)

(formerly, WisdomTree International Dividend ex-Financials Fund (DOO))

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    27.0%  

Industrials

    14.5%  

Real Estate

    10.1%  

Health Care

    10.0%  

Consumer Staples

    8.5%  

Utilities

    8.2%  

Materials

    7.0%  

Communication Services

    5.5%  

Consumer Discretionary

    5.0%  

Energy

    2.1%  

Information Technology

    0.8%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    1.2%  

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  

Allianz SE, Registered Shares

    3.6%  

Enagas SA

    3.5%  

M&G PLC

    3.1%  

Industrivarden AB, Class C

    3.1%  

Novartis AG, Registered Shares

    3.1%  

Henkel AG & Co. KGaA

    2.9%  

Publicis Groupe SA

    2.5%  

Swiss Re AG

    2.3%  

Aurizon Holdings Ltd.

    2.2%  

Aroundtown SA

    2.1%  
*

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 International AI Enhanced Value Fund (the “Fund”) seeks income and capital appreciation by investing primarily in equity securities selected from a universe of developed market equities, excluding the United States and Canada, that exhibit value characteristics based on the selection results of a proprietary, quantitative artificial intelligence (“AI”) model developed by Voya Investment Management Co., LLC, the Fund’s sub-adviser. Prior to January 18, 2022, Fund performance reflects the investment objective of the Fund when it was the WisdomTree International Dividend ex-Financials Fund and tracked the price and yield performance, before fees and expenses, of the WisdomTree International Dividend ex-Financials Index (the “Former Index”). In seeking to track the Former Index, the Fund invested in high-dividend-yielding companies in the developed world excluding the U.S. and Canada, and excluding the financials sector.

The Fund returned 0.30% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). Lower relative weight to the Consumer Discretionary sector and higher relative weight to the Industrials and the Utilities sectors benefited performance. Stock selection within these sectors as well as in Information Technology, Healthcare, and Communication Services benefited performance of the Fund as well. The Fund also benefited from overweight exposure to China and positive security selection within Chinese equities. Higher relative weight to high dividend paying companies also benefited the performance of the Fund.

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      $ 1,000.00        0.58   $ 2.89  

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 Returns1

       0.30      4.02      4.79      4.07

Fund Market Price Returns1

       -0.66      3.69      4.57      3.92

MSCI EAFE Value Index

       3.55      5.24      4.18      4.87
1 

The Fund’s investment objective changed effective January 18, 2022. Prior to January 18, 2022, the Fund’s investment objective sought to track the price and yield performance, before fees and expenses, of the the WisdomTree International Dividend ex-Financials Index.

 

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 International Equity Fund (DWM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    22.1%  

Industrials

    13.0%  

Materials

    12.9%  

Consumer Staples

    9.2%  

Health Care

    9.2%  

Consumer Discretionary

    7.8%  

Communication Services

    7.0%  

Utilities

    6.1%  

Energy

    4.3%  

Real Estate

    3.9%  

Information Technology

    3.6%  

Other Assets less Liabilities‡

    0.9%  

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.

    3.4%  

Nestle SA, Registered Shares

    2.1%  

Rio Tinto PLC

    1.7%  

Novartis AG, Registered Shares

    1.3%  

Toyota Motor Corp.

    1.2%  

Roche Holding AG

    1.2%  

Commonwealth Bank of Australia

    1.1%  

Shell PLC

    1.0%  

AXA SA

    1.0%  

GlaxoSmithKline PLC

    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 International Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Equity Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies in the developed world excluding the U.S. and Canada. 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 4.62% 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, Industrials and Consumer Discretionary, due to combination of allocation and stock selection effects within each of those sectors. Positions in the Consumer Staples, Real Estate and Utilities sectors detracted from performance for the Fund, due to combination of allocation and stock selection effects, though their overall impacts were modest. When analyzing performance by country, exposures within France and Spain were the largest detractors on performance, however, the overall impact was minimal. Japan and Australia were top performance contributors due to stock selection effects in Japan and allocation effects in Australia.

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      $ 1,015.90        0.48   $ 2.41  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.54        0.48   $ 2.42  

Performance

 

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

Fund NAV Returns

       4.62      5.17      4.90      5.47

Fund Market Price Returns

       4.01      4.92      4.69      5.31

WisdomTree International Equity Index

       4.98      5.45      5.18      5.70

MSCI EAFE Index

       1.16      7.78      6.72      6.27

MSCI EAFE Value Index

       3.55      5.24      4.18      4.87

 

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 International High Dividend Fund (DTH)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    23.5%  

Materials

    18.5%  

Communication Services

    12.1%  

Utilities

    9.7%  

Health Care

    7.8%  

Industrials

    7.4%  

Energy

    5.5%  

Consumer Staples

    5.4%  

Real Estate

    4.9%  

Consumer Discretionary

    2.7%  

Information Technology

    0.9%  

Investment Company

    0.4%  

Other Assets less Liabilities‡

    1.2%  

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.

    6.6%  

Rio Tinto PLC

    3.3%  

Novartis AG, Registered Shares

    2.6%  

Nippon Telegraph & Telephone Corp.

    1.9%  

GlaxoSmithKline PLC

    1.9%  

Fortescue Metals Group Ltd.

    1.8%  

Sanofi

    1.5%  

SoftBank Corp.

    1.5%  

Commonwealth Bank of Australia

    1.5%  

Anglo American PLC

    1.4%  
*

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 International High Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International High Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the developed world excluding U.S. and Canada. 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 6.61% 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, Industrials and Communication Services, due to combination of allocation and stock selection effects within each of those sectors. Positions in the Health Care, Consumer Staples and Real Estate sectors negatively impacted performance, mainly due to stock selection. When analyzing performance by country, exposures within Switzerland and France were the largest detractors from performance, owing to stock selection effects. Japan and Australia were top performance contributors primarily due to stock selection effects in Japan and allocation effects in Australia.

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      $ 1,065.10        0.59   $ 3.04  

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 $2.99 and $2.92, respectively.

Performance

 

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

Fund NAV Returns

       6.61      4.25      4.18      4.85

Fund Market Price Returns

       6.07      4.11      4.01      4.73

WisdomTree International High Dividend Index

       6.93      4.62      4.45      5.16

MSCI EAFE Value Index

       3.55      5.24      4.18      4.87

MSCI EAFE Index

       1.16      7.78      6.72      6.27

 

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 International LargeCap Dividend Fund (DOL)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    23.7%  

Materials

    13.5%  

Health Care

    11.4%  

Consumer Staples

    10.4%  

Industrials

    10.0%  

Communication Services

    7.6%  

Consumer Discretionary

    7.4%  

Utilities

    5.7%  

Energy

    4.7%  

Information Technology

    3.0%  

Real Estate

    1.7%  

Other Assets less Liabilities‡

    0.9%  

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.

    4.8%  

Nestle SA, Registered Shares

    2.9%  

Rio Tinto PLC

    2.4%  

Novartis AG, Registered Shares

    1.9%  

Toyota Motor Corp.

    1.7%  

Roche Holding AG

    1.6%  

Commonwealth Bank of Australia

    1.6%  

Shell PLC

    1.5%  

AXA SA

    1.4%  

Nippon Telegraph & Telephone Corp.

    1.4%  
*

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 International LargeCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International LargeCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies in the developed world excluding the U.S. and Canada. 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 7.27% 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, Industrials and Financials, owing primarily to stock selection effects within each of these sectors. Positions in the Real Estate, Utilities and Consumer Staples sectors detracted from performance, due to stock selection effects. When analyzing performance by country, exposures within Spain and Sweden were the largest detractors from performance though their impacts were negligible. Japan and United Kingdom were top performance contributors primarily due to stock selection effects.

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      $ 1,040.90        0.49   $ 2.49  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.49        0.49   $ 2.47  
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 0.48% and the actual and hypothetical expenses paid during the period would have been $2.44 and $2.42, respectively.

Performance

 

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

Fund NAV Returns

       7.27      5.44      5.13      5.09

Fund Market Price Returns

       6.54      5.19      4.99      4.96

WisdomTree International LargeCap Dividend Index

       7.53      5.70      5.37      5.37

MSCI EAFE Index

       1.16      7.78      6.72      6.27

MSCI EAFE Value Index

       3.55      5.24      4.18      4.87

 

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 International MidCap Dividend Fund (DIM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    18.9%  

Industrials

    18.7%  

Materials

    11.2%  

Real Estate

    9.6%  

Utilities

    8.6%  

Consumer Discretionary

    8.1%  

Communication Services

    6.2%  

Consumer Staples

    5.9%  

Information Technology

    4.6%  

Energy

    4.0%  

Health Care

    3.4%  

Other Assets less Liabilities‡

    0.8%  

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  

Power Assets Holdings Ltd.

    1.0%  

Admiral Group PLC

    1.0%  

Koninklijke KPN NV

    0.9%  

Terna – Rete Elettrica Nazionale

    0.9%  

Nippon Yusen KK

    0.8%  

Sompo Holdings, Inc.

    0.8%  

Mitsui OSK Lines Ltd.

    0.8%  

Yara International ASA

    0.7%  

Suncorp Group Ltd.

    0.7%  

ENEOS Holdings, Inc.

    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 International MidCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International MidCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying mid-cap companies in the developed world excluding the U.S. and Canada. 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 -0.13% 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 Industrials, Consumer Discretionary and Utilities, due to a combination of allocation and stock selection effects. Positions in the Financials, Health Care and Materials sectors detracted from performance, mainly due to poor stock selection effects. When analyzing performance by country, exposures within the United Kingdom and Switzerland were the largest detractors from performance, owing to weak stock selection effects. Japan and Germany were top performance contributors almost entirely due to stock selection.

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      $ 970.20        0.59   $ 2.90  

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 $2.85 and $2.92, respectively.

Performance

 

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

Fund NAV Returns

       -0.13      4.77      4.75      6.25

Fund Market Price Returns

       -0.79      4.43      4.50      6.16

WisdomTree International MidCap Dividend Index

       0.03      5.26      5.24      6.66

MSCI EAFE Mid Cap Index

       -4.23      6.93      6.25      6.93

MSCI EAFE Mid Cap Value Index

       -2.24      3.98      4.62      6.54

MSCI EAFE Index

       1.16      7.78      6.72      6.27

 

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 International Multifactor Fund (DWMF)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    15.6%  

Health Care

    15.3%  

Consumer Staples

    13.3%  

Industrials

    13.0%  

Utilities

    7.8%  

Consumer Discretionary

    6.9%  

Communication Services

    6.5%  

Energy

    5.9%  

Materials

    5.8%  

Information Technology

    4.9%  

Real Estate

    4.0%  

Other Assets less Liabilities‡

    1.0%  

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).

Top Ten Holdings*

 

Description   % of Net Assets  

Aviva PLC

    1.8%  

La Francaise des Jeux SAEM

    1.4%  

Ipsen SA

    1.3%  

Sanofi

    1.2%  

United Overseas Bank Ltd.

    1.2%  

GlaxoSmithKline PLC

    1.2%  

Kingfisher PLC

    1.2%  

Roche Holding AG

    1.2%  

Givaudan SA, Registered Shares

    1.2%  

Novartis AG, Registered Shares

    1.1%  
*

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 International Multifactor Fund (the “Fund”) seeks capital appreciation by investing primarily in equity securities of developed countries, excluding the U.S. and Canada, with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation. The Fund seeks to manage its currency risk by dynamically hedging currency fluctuations in the relative value of the applicable international currencies against the U.S. dollar, ranging from a 0% to 100% hedge.

The Fund returned 3.03% 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 Industrials, Health Care, and Communication Services, primarily due to selection effects within these sectors. Information Technology, Energy, and Materials detracted from performance due to a combination of allocation and selection effects. When analyzing performance by market capitalization, the Fund’s exposure to Large Cap securities was additive during the fiscal year, while its position in Mid Caps detracted from performance. The Fund’s use of foreign currency contracts contributed positively to Fund performance as the U.S. dollar strengthened overall against various international currencies, which served as a tailwind to the Fund’s dynamic currency hedge strategy.

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      $ 983.40        0.39   $ 1.93  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.99        0.39   $ 1.97  
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 0.38% and the actual and hypothetical expenses paid during the period would have been $1.88 and $1.92, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      Since Inception1  

Fund NAV Returns

       3.03      3.75      3.41

Fund Market Price Returns

       2.26      3.37      3.29

MSCI EAFE Local Currency Index

       6.21      8.23      6.21

MSCI EAFE Index

       1.16      7.78      5.70
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.

 

10   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree International Quality Dividend Growth Fund (IQDG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Materials

    21.2%  

Health Care

    19.5%  

Industrials

    18.8%  

Consumer Discretionary

    16.8%  

Information Technology

    11.2%  

Consumer Staples

    6.2%  

Financials

    2.2%  

Energy

    1.9%  

Communication Services

    1.2%  

Real Estate

    0.2%  

Utilities

    0.0%

Other Assets less Liabilities‡

    0.8%  

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  

BHP Group Ltd.

    5.8%  

Anglo American PLC

    5.6%  

Novo Nordisk A/S, Class B

    5.1%  

Roche Holding AG

    5.0%  

Rio Tinto PLC

    4.9%  

LVMH Moet Hennessy Louis Vuitton SE

    4.8%  

Tokyo Electron Ltd.

    2.9%  

Diageo PLC

    2.9%  

Industria de Diseno Textil SA

    2.6%  

Deutsche Post AG, Registered Shares

    2.5%  
*

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 International Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in the developed world excluding the U.S. and Canada. 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 2.46% 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 Information Technology, mainly due to stock selection effects within each of these sectors. Positions in the Financials, Energy and Consumer Staples sectors detracted from performance for the Fund, mainly due to stock selection effects, especially within Financials. When analyzing performance by country, exposures within Spain and Australia were the largest detractors, due to poor stock selection. The United Kingdom and Germany were top performance contributors primarily due to allocation and stock selection effects.

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      $ 975.20        0.42   $ 2.07  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.84        0.42   $ 2.12  

Performance

 

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

Fund NAV Returns

       2.46      11.52      9.42      9.06

Fund Market Price Returns

       1.13      11.01      9.13      8.95

WisdomTree International Quality Dividend Growth Index

       3.28      12.01      9.83      9.48

MSCI EAFE Index

       1.16      7.78      6.72      8.02
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on April 7, 2016.

 

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 International SmallCap Dividend Fund (DLS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    22.1%  

Financials

    15.3%  

Materials

    12.0%  

Consumer Discretionary

    10.8%  

Real Estate

    10.3%  

Consumer Staples

    6.9%  

Information Technology

    6.9%  

Communication Services

    4.2%  

Health Care

    3.9%  

Utilities

    3.5%  

Energy

    2.4%  

Investment Company

    0.6%  

Other Assets less Liabilities‡

    1.1%  

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  

PostNL NV

    0.9%  

Ferrexpo PLC

    0.9%  

Cia de Distribucion Integral Logista Holdings SA

    0.7%  

NetLink NBN Trust

    0.7%  

Drax Group PLC

    0.7%  

Metropole Television SA

    0.6%  

Diversified Energy Co. PLC

    0.6%  

Metcash Ltd.

    0.6%  

Hutchison Port Holdings Trust

    0.6%  

Peab AB, Class B

    0.6%  
*

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 International SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the developed world excluding the U.S. and Canada. 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 -0.79% 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, Utilities and Information Technology, due to stock selection effects within each of those sectors. Positions in the Materials, Financials and Industrials sectors detracted from performance, due to stock selection effects. When analyzing performance by country, exposures within Italy and Australia were the largest detractors from performance, owing to stock selection effects. Japan and Israel were top performance contributors due to positive stock selection in the former and strong allocation effects in the latter.

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      $ 940.10        0.60   $ 2.90  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.94        0.60   $ 3.02  
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 $2.81 and $2.92, respectively.

Performance

 

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

Fund NAV Returns

       -0.79      5.17      4.56      6.98

Fund Market Price Returns

       -1.83      4.81      4.26      6.81

WisdomTree International SmallCap Dividend Index

       -0.02      6.45      5.47      7.74

MSCI EAFE Small Cap Index

       -3.63      8.51      7.42      8.30

MSCI EAFE Small Cap Value Index

       -0.67      6.96      5.78      7.51

MSCI EAFE Index

       1.16      7.78      6.72      6.27

 

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 Japan SmallCap Dividend Fund (DFJ)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    24.6%  

Consumer Discretionary

    15.5%  

Materials

    15.0%  

Financials

    13.1%  

Information Technology

    11.7%  

Consumer Staples

    6.8%  

Health Care

    3.9%  

Communication Services

    2.3%  

Utilities

    2.1%  

Real Estate

    1.9%  

Energy

    1.2%  

Investment Company

    0.2%  

Other Assets less Liabilities‡

    1.7%  

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  

Nishimatsu Construction Co. Ltd.

    0.8%  

Electric Power Development Co. Ltd.

    0.8%  

Aozora Bank Ltd.

    0.7%  

Mebuki Financial Group, Inc.

    0.7%  

Konica Minolta, Inc.

    0.7%  

Toyo Seikan Group Holdings Ltd.

    0.6%  

Seven Bank Ltd.

    0.6%  

H.U. Group Holdings, Inc.

    0.6%  

Sankyo Co. Ltd.

    0.5%  

K’s Holdings Corp.

    0.5%  
*

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 Japan SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the Japanese 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 -10.62% 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, Information Technology and Consumer Staples, due to stock selection effects within each of those sectors. Positions in the Real Estate, Consumer Discretionary and Industrials sectors detracted from performance due to stock selection effects in Consumer Discretionary and Industrials and allocation effects within Real Estate. When analyzing performance by dividend yield attribution, only the 3rd quintile of companies detracted from performance as a result of poor stock selection. The companies within the 1st quintile and the Fund’s lack of exposure to those with zero dividend yield were top performance contributors due to overweighting the former and underweighting the latter.

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      $ 873.30        0.58   $ 2.71  

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

       -10.62      1.64      2.17      5.98

Fund Market Price Returns

       -11.89      1.23      1.89      5.83

WisdomTree Japan SmallCap Dividend Index

       -10.55      1.90      2.74      6.57

MSCI Japan Small Cap Index

       -12.27      2.47      3.55      6.68

MSCI Japan Index

       -6.47      6.84      6.10      6.46

 

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

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.

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.

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, calculated in local currency.

The MSCI EAFE Mid Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of mid-capitalization equities in the developed markets, excluding the U.S. and Canada.

The MSCI EAFE Mid Cap Value Index captures mid cap securities exhibiting overall value style characteristics across Developed Markets countries, excluding the US and Canada.

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 Value Index captures small cap securities exhibiting overall value style characteristics across Developed Markets countries, excluding the US and Canada.

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

The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure the performance of large- and mid-cap stocks within developed market European countries.

The MSCI Europe Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of “small” stocks within developed market European countries.

The MSCI Japan Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of small cap stocks within Japan.

The MSCI Japan Index is a free float-adjusted market capitalization index that is designed to measure the performance of the Japanese 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.

Return-on-Equity (ROE) measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.

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

 

14   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”).

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 Europe Quality Dividend Growth Index is a fundamentally weighted index that measures the performance of dividend-paying common stocks with growth characteristics selected from the WisdomTree International Equity Index.

The WisdomTree Europe SmallCap Dividend Index is a fundamentally weighted index that measures the performance of the small-capitalization segment of the European dividend-paying market.

The WisdomTree International Dividend ex-Financials Index measures the performance of high dividend-yielding international stocks outside the financial sector.

The WisdomTree International Equity Index is a fundamentally weighted Index that measures the performance of dividend-paying companies in the industrialized world, excluding Canada and the United States.

The WisdomTree International High Dividend Index is comprised of companies with high dividend yields selected from the WisdomTree International Equity Index.

The WisdomTree International LargeCap Dividend Index is comprised of the large-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree International MidCap Dividend Index is comprised of the mid-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree International Quality Dividend Growth Index is a fundamentally weighted index designed to provide exposure to dividend paying developed market companies.

The WisdomTree International SmallCap Dividend Index is comprised of the small-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree Japan SmallCap Dividend Index is comprised of dividend-paying small-capitalization companies in Japan.

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.

 

WisdomTree Trust      15  


Table of Contents

Description of Terms and Indexes (unaudited) (concluded)

 

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    JPY   Japanese yen
CAD  

Canadian dollar

   NOK   Norwegian krone
CHF   Swiss franc   

NZD

 

New Zealand dollar

DKK   Danish krone   

SEK

 

Swedish krona

EUR   Euro   

SGD

 

Singapore dollar

GBP   British pound   

USD

 

U.S. dollar

HKD   Hong Kong dollar     
Other abbreviations:           
ADR   American Depositary Receipt
CVA   Certificaten Van Aandelen (Certificate of Stock)
RSP   Risparmio Italian Savings Shares

 

16   WisdomTree Trust


Table of Contents

Schedule of Investments

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.1%      
Austria – 1.1%      

Andritz AG

     1,472      $ 68,756  

OMV AG

     9,806        473,413  

S&T AG(a)

     1,182        22,318  

Telekom Austria AG*

     17,000        132,405  

Wienerberger AG

     2,246        68,473  
     

 

 

 
Total Austria               765,365  
Belgium – 0.1%      

Melexis NV

     845        78,976  
Denmark – 6.3%      

AP Moller – Maersk A/S, Class B

     96        292,508  

Carlsberg A/S, Class B

     1,914        237,627  

Coloplast A/S, Class B

     2,980        456,672  

DSV A/S

     406        78,979  

H. Lundbeck A/S

     2,750        64,026  

Novo Nordisk A/S, Class B

     21,319        2,388,177  

Novozymes A/S, Class B

     2,361        163,513  

Orsted A/S(b)

     4,613        585,962  

Royal Unibrew A/S

     813        76,906  

Scandinavian Tobacco Group A/S, Class A(b)

     4,122        88,663  

SimCorp A/S

     297        22,080  

Vestas Wind Systems A/S

     4,071        121,636  
     

 

 

 
Total Denmark               4,576,749  
Finland – 3.6%      

Elisa Oyj

     5,414        329,025  

Kesko Oyj, Class A

     3,808        99,145  

Kesko Oyj, Class B

     5,402        150,324  

Kone Oyj, Class B

     7,619        403,434  

Metso Outotec Oyj

     12,109        103,527  

Neste Oyj

     10,499        484,558  

Nokian Renkaat Oyj

     3,865        63,538  

Orion Oyj, Class B

     3,772        172,703  

Tokmanni Group Corp.

     2,281        38,196  

UPM-Kymmene Oyj(a)

     19,532        644,580  

Valmet Oyj(a)

     2,827        88,733  
     

 

 

 
Total Finland               2,577,763  
France – 16.9%      

Arkema SA

     1,463        177,024  

BioMerieux

     648        69,749  

Bureau Veritas SA

     4,026        116,199  

Capgemini SE

     1,568        353,289  

Cie de Saint-Gobain

     7,168        432,829  

Cie Generale des Etablissements Michelin SCA

     2,687        367,583  

Eiffage SA

     2,018        209,354  

Hermes International

     316        454,088  

IPSOS

     1,101        55,371  

Kering SA

     1,348        863,465  

L’Oreal SA

     5,009        2,027,833  

La Francaise des Jeux SAEM(b)

     3,562        142,519  

Legrand SA

     2,542        244,314  

LVMH Moet Hennessy Louis Vuitton SE

     4,646        3,356,991  

Remy Cointreau SA

     501      104,241  

Safran SA

     1,021        121,849  

Sartorius Stedim Biotech

     125        51,808  

Schneider Electric SE

     6,295        1,065,749  

SEB SA

     874        123,113  

Sopra Steria Group SACA

     283        53,183  

Teleperformance

     292        112,511  

Television Francaise 1

     10,674        104,631  

Thales SA

     3,082        390,756  

Trigano SA

     581        85,331  

Verallia SA(b)

     3,181        76,237  

Vinci SA

     10,578        1,094,457  
     

 

 

 
Total France               12,254,474  
Germany – 8.3%      

adidas AG

     1,860        438,533  

Aurubis AG

     787        94,965  

Bechtle AG

     966        55,031  

Brenntag SE

     1,710        139,539  

Carl Zeiss Meditec AG, Bearer Shares

     406        66,383  

Covestro AG(b)

     3,965        202,230  

Dermapharm Holding SE

     459        29,468  

Deutsche Post AG, Registered Shares

     18,451        894,060  

Fielmann AG

     1,854        101,905  

Hapag-Lloyd AG(b)

     2,044        720,030  

Infineon Technologies AG

     6,548        225,745  

Instone Real Estate Group SE(b)

     924        17,416  

Knorr-Bremse AG

     1,508        116,847  

ProSiebenSat.1 Media SE

     7,018        90,502  

Siemens AG, Registered Shares

     12,685        1,773,561  

Siemens Healthineers AG(b)

     13,380        837,260  

Symrise AG

     1,083        131,164  

Varta AG(a)

     471        47,113  

VERBIO Vereinigte BioEnergie AG

     265        20,669  
     

 

 

 
Total Germany               6,002,421  
Ireland – 1.0%      

CRH PLC

     16,330        660,464  

Kingspan Group PLC

     550        54,489  
     

 

 

 
Total Ireland               714,953  
Italy – 1.8%      

Amplifon SpA

     1,317        59,406  

Anima Holding SpA(b)

     18,503        84,038  

BFF Bank SpA(b)

     19,928        149,334  

Buzzi Unicem SpA

     2,798        52,473  

Davide Campari-Milano NV

     5,541        65,074  

De’ Longhi SpA

     2,209        60,807  

DiaSorin SpA

     288        45,471  

Ferrari NV

     741        163,823  

GVS SpA(b)

     1,433        13,138  

Moncler SpA

     1,869        105,516  

Pirelli & C. SpA(b)

     14,688        80,585  

RAI Way SpA(b)

     13,635        86,019  

Recordati Industria Chimica e Farmaceutica SpA

     3,524        178,953  

 

See Notes to Financial Statements.

 

WisdomTree Trust      17  


Table of Contents

Schedule of Investments (continued)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2022

 

 

 

Investments    Shares      Value  

Technogym SpA(b)

     4,550      $ 36,400  

Telecom Italia SpA(a)

     392,905        145,795  
     

 

 

 
Total Italy               1,326,832  
Netherlands – 4.8%      

ASM International NV

     320        118,244  

ASML Holding NV

     1,465        994,320  

BE Semiconductor Industries NV

     1,645        142,508  

Euronext NV(b)

     1,391        127,994  

EXOR NV

     1,177        91,016  

Heineken NV

     5,231        503,919  

IMCD NV

     260        44,912  

Koninklijke KPN NV

     181,138        633,450  

Randstad NV(a)

     5,795        352,308  

RHI Magnesita NV

     1,801        57,765  

Signify NV(b)

     2,606        123,029  

Wolters Kluwer NV

     2,640        283,694  
     

 

 

 
Total Netherlands               3,473,159  
Norway – 2.2%      

AF Gruppen ASA

     4,103        93,847  

Aker BP ASA(a)

     9,023        341,149  

Atea ASA*

     3,854        58,268  

Kongsberg Gruppen ASA

     3,720        149,328  

Mowi ASA

     3,632        98,858  

Norsk Hydro ASA

     34,161        336,375  

Yara International ASA

     10,282        519,744  
     

 

 

 
Total Norway               1,597,569  
Portugal – 0.4%      

Altri SGPS SA

     10,159        68,499  

Jeronimo Martins SGPS SA

     8,504        205,609  
     

 

 

 
Total Portugal               274,108  
Spain – 3.7%      

Acerinox SA

     10,151        112,719  

Banco Bilbao Vizcaya Argentaria SA(a)

     143,198        830,106  

Cie Automotive SA

     2,320        53,331  

Faes Farma SA

     24,288        99,394  

Fluidra SA

     1,991        58,262  

Grifols SA(a)

     6,028        110,532  

Industria de Diseno Textil SA

     60,877        1,339,795  

Viscofan SA

     1,074        64,290  
     

 

 

 
Total Spain               2,668,429  
Sweden – 5.3%      

AAK AB

     3,631        68,183  

Alfa Laval AB

     4,274        149,187  

Assa Abloy AB, Class B

     10,065        275,293  

Atlas Copco AB, Class A

     6,841        360,937  

Atlas Copco AB, Class B

     3,476        160,197  

Axfood AB

     6,860        225,393  

Bilia AB, Class A

     4,085        58,956  

Catena AB

     792        48,356  

Dustin Group AB(b)

     2,938        25,473  

Elekta AB, Class B(a)

     7,656        60,973  

Epiroc AB, Class A

     6,703        145,433  

Epiroc AB, Class B

     2,087      38,193  

EQT AB

     4,661        186,102  

Evolution AB(b)

     862        89,545  

Hexagon AB, Class B

     15,396        219,308  

Hexpol AB

     7,566        74,983  

Husqvarna AB, Class B

     9,020        95,490  

Indutrade AB

     2,333        59,656  

JM AB(a)

     2,527        81,346  

Mycronic AB

     1,729        32,653  

Nibe Industrier AB, Class B

     3,416        38,506  

Nordnet AB publ

     2,171        39,602  

Paradox Interactive AB(a)

     1,250        24,103  

Samhallsbyggnadsbolaget i Norden AB(a)

     21,494        97,444  

Sandvik AB

     15,434        332,879  

SKF AB, Class B(a)

     7,956        131,428  

Thule Group AB(b)

     1,365        54,926  

Volvo AB, Class A

     8,955        173,923  

Volvo AB, Class B

     27,099        513,518  
     

 

 

 
Total Sweden               3,861,986  
Switzerland – 17.9%      

Adecco Group AG, Registered Shares

     5,262        240,214  

Coca-Cola HBC AG*

     6,963        146,639  

EMS-Chemie Holding AG, Registered Shares

     375        367,359  

Geberit AG, Registered Shares

     339        210,786  

Kuehne + Nagel International AG, Registered Shares

     1,159        331,359  

Logitech International SA, Registered Shares

     1,681        126,406  

Nestle SA, Registered Shares

     37,998        4,963,173  

Partners Group Holding AG

     401        502,639  

Roche Holding AG

     10,175        4,051,756  

Roche Holding AG, Bearer Shares

     2,123        934,328  

Schindler Holding AG, Participation Certificate

     354        76,551  

Schindler Holding AG, Registered Shares

     729        156,772  

SFS Group AG

     471        65,922  

Sonova Holding AG, Registered Shares

     476        200,486  

STMicroelectronics NV

     4,297        189,378  

Straumann Holding AG, Registered Shares

     38        61,382  

Temenos AG, Registered Shares

     489        47,293  

VAT Group AG(b)

     218        83,954  

Vifor Pharma AG*

     938        167,928  
     

 

 

 
Total Switzerland               12,924,325  
United Kingdom – 25.7%      

abrdn PLC

     74,182        209,897  

Alpha FX Group PLC

     917        24,993  

Anglo American PLC

     51,056        2,670,430  

Antofagasta PLC

     21,629        476,434  

Ashmore Group PLC

     20,923        64,077  

Ashtead Group PLC

     1,683        107,096  

Avast PLC(b)

     12,156        90,589  

Bellway PLC

     2,007        64,266  

Britvic PLC

     6,799        72,242  

Burberry Group PLC

     5,291        116,617  

Clipper Logistics PLC

     3,056        35,489  

 

See Notes to Financial Statements.

 

18   WisdomTree Trust


Table of Contents

Schedule of Investments (concluded)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2022

 

 

 

Investments    Shares      Value  

Computacenter PLC

     1,887      $ 73,095  

Croda International PLC

     971        100,743  

Diageo PLC

     27,476        1,397,671  

Dunelm Group PLC

     3,561        51,153  

Electrocomponents PLC

     3,820        54,521  

Ferrexpo PLC

     42,667        104,771  

Fresnillo PLC

     11,379        109,969  

Games Workshop Group PLC

     329        31,470  

GlaxoSmithKline PLC

     165,810        3,596,065  

Halma PLC

     1,667        55,091  

Hargreaves Lansdown PLC

     7,918        105,086  

Hikma Pharmaceuticals PLC

     2,345        63,634  

Howden Joinery Group PLC

     4,436        44,845  

Impax Asset Management Group PLC

     1,548        20,178  

Intertek Group PLC

     1,513        104,067  

Mondi PLC

     8,685        170,555  

RELX PLC

     17,123        537,247  

Rentokil Initial PLC

     11,054        76,555  

Rightmove PLC

     7,387        61,547  

Rio Tinto PLC

     51,076        4,089,426  

Rotork PLC

     11,665        50,131  

Savills PLC

     2,157        31,638  

Softcat PLC

     2,354        52,814  

Spirax-Sarco Engineering PLC

     406        67,007  

Synthomer PLC

     9,228        37,131  

Taylor Wimpey PLC

     118,874        204,566  

Tesco PLC

     167,022        606,950  

TI Fluid Systems PLC(b)

     10,846        27,304  

Unilever PLC

     55,724      2,534,900  

Victrex PLC

     2,108        50,792  

Vistry Group PLC

     4,815        59,694  

Vivo Energy PLC(b)

     33,614        60,456  
     

 

 

 
Total United Kingdom               18,563,202  
TOTAL COMMON STOCKS
(Cost: $67,970,081)
              71,660,311  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 2.2%

 

United States – 2.2%      

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

     
(Cost: $1,594,908)      1,594,908        1,594,908  
TOTAL INVESTMENTS IN SECURITIES – 101.3%
(Cost: $69,564,989)

 

     73,255,219  

Other Assets less Liabilities – (1.3)%

 

     (908,865
     

 

 

 
NET ASSETS – 100.0%

 

   $ 72,346,354  
* 

Non-income producing security.

 

(a) 

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 $2,416,370 and the total market value of the collateral held by the Fund was $2,584,005. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $989,097.

 

(b) 

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.

 

(c) 

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

 

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

   $ 71,660,311      $      $      $ 71,660,311  

Investment of Cash Collateral for Securities Loaned

            1,594,908               1,594,908  

Total Investments in Securities

   $ 71,660,311      $ 1,594,908      $      $ 73,255,219  

 

See Notes to Financial Statements.

 

WisdomTree Trust      19  


Table of Contents

Schedule of Investments

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.1%      
Austria – 1.4%      

AT&S Austria Technologie & Systemtechnik AG

     16,103      $ 903,017  

POLYTEC Holding AG(a)

     44,994        333,917  

S IMMO AG

     54,798        1,350,508  

S&T AG(a)

     30,285        571,832  

Semperit AG Holding(a)

     27,940        707,239  

Zumtobel Group AG

     37,135        302,863  
     

 

 

 
Total Austria               4,169,376  
Belgium – 2.7%      

Befimmo SA

     45,324        2,390,371  

Bekaert SA

     64,506        2,546,492  

Deceuninck NV(a)

     96,842        294,161  

Fagron

     33,755        620,450  

Ion Beam Applications

     18,748        363,798  

Recticel SA

     29,603        711,456  

Xior Student Housing NV

     18,370        1,034,233  
     

 

 

 
Total Belgium               7,960,961  
Denmark – 5.2%      

Alm Brand A/S

     2,280,460        3,943,267  

Cementir Holding NV

     123,155        940,015  

Chemometec A/S

     3,752        463,293  

D/S Norden A/S

     75,423        2,667,025  

FLSmidth & Co. A/S

     16,109        427,703  

Huscompagniet A/S

     18,235        318,584  

Matas A/S

     22,046        317,565  

Per Aarsleff Holding A/S

     15,501        605,168  

Scandinavian Tobacco Group A/S, Class A(b)

     114,723        2,467,660  

Spar Nord Bank A/S

     108,943        1,448,695  

Sydbank A/S

     53,174        1,835,739  
     

 

 

 
Total Denmark               15,434,714  
Finland – 4.1%      

Aktia Bank Oyj

     83,795        1,016,256  

Caverion Oyj

     73,462        426,261  

Kamux Corp.

     23,994        299,807  

Kemira Oyj(a)

     177,817        2,348,457  

Lassila & Tikanoja Oyj(a)

     35,376        425,887  

Musti Group Oyj

     12,632        336,758  

Oma Saastopankki Oyj

     26,051        523,191  

Revenio Group Oyj

     5,558        295,724  

Rovio Entertainment Oyj(a)(b)

     59,736        504,804  

Suominen Oyj(a)

     63,761        251,496  

Talenom Oyj

     17,091        186,930  

Terveystalo Oyj(a)(b)

     80,812        1,010,650  

Tokmanni Group Corp.

     116,352        1,948,359  

Uponor Oyj

     66,535        1,358,454  

Verkkokauppa.com Oyj(a)

     64,034        341,632  

YIT Oyj(a)

     224,769        857,806  
     

 

 

 
Total Finland               12,132,472  
France – 4.8%      

AKWEL

     18,677        415,619  

Albioma SA

     25,871        1,269,435  

Chargeurs SA

     50,082      1,134,535  

Coface SA

     219,658        2,671,320  

Fnac Darty SA

     15,897        823,544  

Groupe SFPI

     87,424        289,872  

IPSOS

     50,690        2,549,291  

Kaufman & Broad SA

     23,362        781,112  

Lectra

     9,562        458,548  

Maisons du Monde SA(a)(b)

     22,614        437,306  

Mersen SA

     15,462        578,048  

Quadient SA

     28,518        540,689  

Television Francaise 1

     217,339        2,130,454  
     

 

 

 
Total France               14,079,773  
Germany – 7.7%      

Aareal Bank AG

     29,850        946,559  

AURELIUS Equity Opportunities SE & Co. KGaA

     41,195        1,154,141  

Bilfinger SE

     94,146        3,620,214  

CANCOM SE

     17,239        1,083,725  

CropEnergies AG

     94,269        1,252,368  

Deutsche Pfandbriefbank AG(b)

     111,462        1,371,022  

DIC Asset AG

     59,477        958,906  

Eckert & Ziegler Strahlen – und Medizintechnik AG

     3,660        237,008  

Encavis AG

     79,029        1,671,580  

GFT Technologies SE

     7,923        365,844  

GRENKE AG

     12,287        345,880  

Hamborner REIT AG

     109,578        1,167,769  

Hamburger Hafen und Logistik AG

     60,171        1,081,231  

Hensoldt AG

     32,937        971,155  

Hornbach Holding AG & Co. KGaA

     10,094        1,281,468  

Instone Real Estate Group SE(b)

     26,654        502,383  

Jenoptik AG

     15,463        472,791  

JOST Werke AG(b)

     10,205        414,443  

MLP SE

     44,877        362,010  

Mutares SE & Co. KGaA

     28,345        704,876  

NORMA Group SE

     20,248        587,104  

PATRIZIA AG

     37,928        719,942  

Wacker Neuson SE

     51,501        1,164,389  

Wuestenrot & Wuerttembergische AG

     16,935        344,068  
     

 

 

 
Total Germany               22,780,876  
Ireland – 0.9%      

Hibernia REIT PLC

     784,094        1,409,834  

Kenmare Resources PLC

     86,585        526,690  

Origin Enterprises PLC

     101,719        452,711  

Uniphar PLC

     67,558        283,385  
     

 

 

 
Total Ireland               2,672,620  
Italy – 10.9%      

Alerion Cleanpower SpA(a)

     23,339        784,238  

Anima Holding SpA(b)

     758,343        3,444,271  

Ascopiave SpA

     89,439        342,827  

Avio SpA(a)

     26,993        319,559  

Banca IFIS SpA

     55,271        1,148,154  

Banca Popolare di Sondrio SPA(a)

     347,129        1,436,015  

BFF Bank SpA(b)

     668,405        5,008,826  

Cairo Communication SpA

     156,723        391,478  

 

See Notes to Financial Statements.

 

20   WisdomTree Trust


Table of Contents

Schedule of Investments (continued)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2022

 

 

 

Investments    Shares      Value  

Credito Emiliano SpA

     292,777      $ 1,948,035  

Danieli & C. Officine Meccaniche SpA, RSP

     28,843        462,769  

Datalogic SpA

     21,386        236,167  

doValue SpA*(a)(b)

     80,300        686,176  

El.En. SpA

     24,459        393,519  

Emak SpA

     196,442        307,748  

Esprinet SpA

     78,848        843,965  

Falck Renewables SpA

     77,243        758,030  

Gruppo MutuiOnline SpA

     17,592        634,189  

GVS SpA(b)

     63,855        585,438  

La Doria SpA

     48,983        897,086  

Maire Tecnimont SpA(a)

     348,271        1,214,437  

MARR SpA

     38,285        639,393  

Piaggio & C. SpA

     634,340        1,811,079  

RAI Way SpA(b)

     264,420        1,668,154  

Salcef SpA

     60,904        1,362,074  

Sanlorenzo SpA

     15,540        635,429  

SOL SpA

     45,561        836,442  

Technogym SpA(a)(b)

     146,522        1,172,170  

Tinexta SpA

     9,952        293,659  

Unieuro SpA(a)(b)

     78,600        1,543,569  

Zignago Vetro SpA

     29,280        387,031  
     

 

 

 
Total Italy               32,191,927  
Netherlands – 6.5%      

AMG Advanced Metallurgical Group NV

     7,274        316,776  

Brunel International NV

     38,422        470,253  

Eurocommercial Properties NV

     41,871        1,157,474  

Heijmans NV, CVA

     72,251        1,194,597  

Ordina NV

     326,110        1,690,864  

PostNL NV(a)

     2,535,974        9,762,917  

RHI Magnesita NV

     60,569        1,942,666  

TKH Group NV, CVA

     30,280        1,704,767  

Wereldhave NV(a)

     52,045        1,022,653  
     

 

 

 
Total Netherlands               19,262,967  
Norway – 5.5%      

ABG Sundal Collier Holding ASA

     705,222        687,156  

Atea ASA*

     93,843        1,418,806  

Austevoll Seafood ASA

     145,858        2,280,282  

Bonheur ASA

     17,026        697,085  

Borregaard ASA

     59,262        1,181,987  

Europris ASA(b)

     262,270        1,694,677  

Kid ASA(b)

     52,564        619,178  

Kitron ASA(a)

     317,076        730,682  

Komplett Bank ASA*(a)

     377,110        323,459  

Multiconsult ASA(b)

     33,946        549,332  

Selvaag Bolig ASA

     62,120        355,215  

SpareBank 1 Nord Norge

     63,201        776,279  

SpareBank 1 SMN

     59,170        955,490  

Sparebanken Vest

     42,737        503,421  

TGS ASA

     226,832        3,413,894  
     

 

 

 
Total Norway               16,186,943  
Peru – 0.1%      

Hochschild Mining PLC

     274,571        465,269  
Portugal – 2.1%

 

Altri SGPS SA

     306,473      2,066,444  

Corticeira Amorim SGPS SA

     32,483        363,591  

CTT – Correios de Portugal SA(a)

     90,969        456,487  

Sonae SGPS SA

     2,967,558        3,440,532  
     

 

 

 
Total Portugal               6,327,054  
Spain – 3.5%      

Aedas Homes SA(b)

     83,419        2,134,772  

Applus Services SA

     91,485        761,904  

Audax Renovables SA(a)

     251,016        359,171  

ContourGlobal PLC(b)

     303,253        763,420  

Faes Farma SA

     298,700        1,222,378  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(a)

     736,901        1,143,779  

Neinor Homes SA*(b)

     105,055        1,390,985  

Pharma Mar SA(a)

     5,254        399,974  

Sacyr SA(a)

     851,547        2,076,863  
     

 

 

 
Total Spain               10,253,246  
Sweden – 12.5%      

AcadeMedia AB(b)

     104,478        581,841  

Akelius Residential Property AB, Class D

     361,341        742,981  

Alimak Group AB(b)

     32,412        367,267  

Ambea AB(b)

     63,071        324,038  

Beijer Alma AB(a)

     38,729        905,951  

Bergman & Beving AB

     28,550        433,179  

Bilia AB, Class A

     139,014        2,006,286  

BioGaia AB, Class B

     4,384        263,433  

Biotage AB

     11,918        281,600  

Bonava AB, Class B

     118,175        750,054  

Bufab AB

     13,935        503,905  

Byggmax Group AB

     110,246        824,532  

Catena AB

     28,799        1,758,335  

Clas Ohlson AB, Class B

     139,468        1,604,285  

Cloetta AB, Class B

     277,926        767,626  

Coor Service Management Holding AB(b)

     122,628        996,746  

Dios Fastigheter AB

     191,537        2,104,576  

Dustin Group AB(b)

     81,036        702,589  

Eolus Vind AB, Class B(a)

     10,867        113,108  

Fagerhult AB

     63,759        344,129  

Ferronordic AB

     18,496        115,111  

G5 Entertainment AB(a)

     4,422        99,169  

GARO AB

     7,107        117,746  

Granges AB

     40,130        399,173  

HMS Networks AB

     9,812        465,363  

Instalco AB

     50,600        384,628  

Inwido AB

     83,840        1,343,146  

JM AB(a)

     82,371        2,651,598  

Karnov Group AB

     63,966        410,452  

KNOW IT AB

     14,777        496,298  

Lagercrantz Group AB, Class B

     65,867        754,834  

LeoVegas AB(a)(b)

     206,846        841,198  

Lindab International AB

     52,898        1,367,944  

Loomis AB

     65,725        1,820,248  

 

See Notes to Financial Statements.

 

WisdomTree Trust      21  


Table of Contents

Schedule of Investments (continued)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2022

 

 

 

Investments    Shares      Value  

Midsona AB, Class B

     67,080      $ 199,382  

MIPS AB

     4,847        457,686  

Munters Group AB(b)

     66,267        413,840  

Mycronic AB

     47,266        892,634  

NCC AB, Class B

     109,139        1,569,267  

Nobia AB

     203,499        907,507  

Nordic Waterproofing Holding AB(a)

     28,573        519,375  

Paradox Interactive AB(a)

     28,197        543,705  

Platzer Fastigheter Holding AB, Class B

     58,480        730,420  

Pricer AB, Class B(a)

     155,102        325,536  

Ratos AB, Class B

     157,031        822,949  

Rottneros AB

     271,575        325,795  

Scandi Standard AB

     70,712        270,498  

Troax Group AB

     17,185        453,625  

Vitec Software Group AB, Class B

     5,699        298,116  

Volati AB

     29,494        481,682  
     

 

 

 
Total Sweden               36,855,386  
Switzerland – 3.5%      

Arbonia AG

     80,280        1,580,737  

Comet Holding AG, Registered Shares

     1,605        468,288  

EFG International AG*

     87,034        680,951  

Huber + Suhner AG, Registered Shares

     16,990        1,600,688  

Landis + Gyr Group AG*

     34,699        2,213,346  

Mobilezone Holding AG, Registered Shares

     100,342        1,783,858  

Valiant Holding AG, Registered Shares

     15,547        1,618,476  

Zehnder Group AG

     6,150        535,974  
     

 

 

 
Total Switzerland               10,482,318  
United Kingdom – 27.7%      

AJ Bell PLC

     190,838        763,852  

Alliance Pharma PLC

     376,367        569,875  

Anglo Asian Mining PLC

     149,366        182,896  

Bloomsbury Publishing PLC

     81,858        456,980  

Bodycote PLC

     120,731        1,005,425  

Brewin Dolphin Holdings PLC

     339,210        2,286,700  

CareTech Holdings PLC

     107,037        975,238  

Central Asia Metals PLC

     413,854        1,296,865  

Chemring Group PLC

     107,794        461,972  

Chesnara PLC

     150,537        601,551  

Clarkson PLC

     24,459        1,191,546  

Clinigen Group PLC

     41,482        504,664  

Clipper Logistics PLC

     40,301        468,010  

CLS Holdings PLC

     264,114        698,969  

Coats Group PLC

     859,752        868,239  

Concentric AB

     18,300        402,547  

Craneware PLC

     11,304        248,553  

Currys PLC

     706,912        846,057  

Devro PLC

     270,625        744,706  

DiscoverIE Group PLC

     23,788        246,805  

Diversified Energy Co. PLC

     3,139,650        4,902,713  

Dole PLC

     1        12  

Domino’s Pizza Group PLC

     373,072        1,859,704  

Drax Group PLC

     521,236        5,394,205  

EMIS Group PLC

     65,960        1,158,529  

Essentra PLC

     145,217      602,280  

Euromoney Institutional Investor PLC

     45,982        598,157  

FDM Group Holdings PLC

     107,997        1,510,104  

Ferrexpo PLC

     1,770,757        4,348,188  

Forterra PLC(b)

     136,356        417,415  

Galliford Try Holdings PLC

     117,780        275,724  

Gamma Communications PLC

     16,786        299,252  

Gateley Holdings PLC

     85,166        225,389  

GB Group PLC

     37,021        269,065  

Genuit Group PLC

     83,496        540,331  

Halfords Group PLC

     91,808        297,362  

Harworth Group PLC

     150,977        353,835  

Headlam Group PLC

     59,208        296,234  

Helical PLC

     82,556        446,746  

Hill & Smith Holdings PLC

     49,320        955,876  

Hilton Food Group PLC

     73,920        1,206,852  

Hunting PLC

     154,116        609,765  

Ibstock PLC(b)

     211,629        488,737  

IG Design Group PLC(a)

     104,587        92,262  

Impax Asset Management Group PLC

     48,409        631,004  

IntegraFin Holdings PLC

     136,077        754,288  

International Personal Finance PLC

     109,543        148,845  

Jadestone Energy PLC(a)

     212,005        260,714  

James Fisher & Sons PLC*

     24,367        111,007  

James Halstead PLC(a)

     109,496        333,028  

Jupiter Fund Management PLC

     951,991        2,589,606  

Keller Group PLC

     62,030        681,143  

Liontrust Asset Management PLC

     36,473        611,803  

LSL Property Services PLC

     36,236        185,115  

Luceco PLC(b)

     83,656        224,697  

Marshalls PLC

     64,052        574,315  

Mattioli Woods PLC

     56,256        588,852  

MJ Gleeson PLC

     33,559        260,694  

Moneysupermarket.com Group PLC

     714,823        1,788,227  

Morgan Advanced Materials PLC

     143,406        585,328  

Morgan Sindall Group PLC

     54,124        1,720,987  

Mortgage Advice Bureau Holdings Ltd.

     33,318        500,097  

NCC Group PLC

     153,641        369,384  

Next Fifteen Communications Group PLC

     30,239        533,510  

Norcros PLC

     81,742        277,674  

Numis Corp. PLC

     94,189        318,716  

Oxford Instruments PLC

     16,157        448,863  

Pan African Resources PLC(a)

     2,646,890        780,647  

Paragon Banking Group PLC

     252,975        1,665,398  

PayPoint PLC

     110,706        848,330  

Polar Capital Holdings PLC

     173,525        1,418,810  

Premier Foods PLC

     206,764        310,349  

Premier Miton Group PLC

     156,552        311,248  

PZ Cussons PLC

     308,915        795,570  

Reach PLC

     165,693        399,669  

Record PLC

     191,989        179,476  

Redde Northgate PLC

     374,918        2,132,507  

Renew Holdings PLC

     59,171        532,888  

Robert Walters PLC

     42,387        390,662  

 

See Notes to Financial Statements.

 

22   WisdomTree Trust


Table of Contents

Schedule of Investments (continued)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2022

 

 

 

Investments    Shares      Value  

Sabre Insurance Group PLC(b)

     514,081      $ 1,570,327  

Serco Group PLC

     562,052        1,066,378  

Serica Energy PLC

     162,540        852,823  

Smart Metering Systems PLC

     95,944        996,702  

Spirent Communications PLC

     251,342        787,612  

SThree PLC

     83,665        455,502  

TBC Bank Group PLC

     44,797        648,802  

Telecom Plus PLC

     92,077        1,854,868  

TI Fluid Systems PLC(b)

     377,031        949,151  

TT Electronics PLC

     134,609        364,214  

Tyman PLC

     162,778        681,543  

UP Global Sourcing Holdings PLC(a)

     96,302        166,737  

Vesuvius PLC

     293,959        1,322,133  

Vitec Group PLC

     22,472        399,435  

Volex PLC(a)

     54,877        192,195  

Watkin Jones PLC

     291,799        983,545  

Wincanton PLC

     135,598        689,146  

Workspace Group PLC

     103,345        932,074  

XPS Pensions Group PLC

     299,995        489,786  

YouGov PLC

     17,765        320,447  
     

 

 

 
Total United Kingdom               81,957,058  
TOTAL COMMON STOCKS
(Cost: $296,815,151)
              293,212,960  
EXCHANGE-TRADED FUND – 0.4%      
United States – 0.4%      

WisdomTree International MidCap Dividend Fund(c)

 

  
(Cost: $1,150,589)      17,769      1,141,154  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 4.6%

 

United States – 4.6%      

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

 

  
(Cost: $13,466,722)      13,466,722        13,466,722  
TOTAL INVESTMENTS IN SECURITIES – 104.1%
(Cost: $311,432,462)

 

     307,820,836  

Other Assets less Liabilities – (4.1)%

 

     (12,015,144
     

 

 

 
NET ASSETS – 100.0%

 

   $ 295,805,692  
* 

Non-income producing security.

 

(a) 

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 $25,439,370 and the total market value of the collateral held by the Fund was $27,414,325. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $13,947,603.

 

(b) 

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.

 

(c) 

Affiliated holding. See “Investment in Affiliates” supplementary table included in this Schedule of Investments for additional information.

 

(d) 

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

 

INVESTMENT IN AFFILIATES

Affiliated holdings are investments in entities in which the Fund owns 5% or more of the outstanding voting securities or are investments in entities which are under common ownership or control. Investments in affiliates during the fiscal year ended March 31, 2022 were as follows:

 

Affiliate   Value at
3/31/2021
    Purchases/
Additions
    Sales/
Reductions
    Realized
Gain/
(Loss)
    Change in
Unrealized
Appreciation/
Depreciation
    Value at
3/31/2022
    Dividend
Income
 

WisdomTree International MidCap Dividend Fund

  $ 629,963     $ 4,752,320     $ 4,214,989     $ 18,320     $ (44,460   $ 1,141,154     $ 38,856  

 

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
 

Bank of America NA

    4/4/2022       29,759       USD       200,000       DKK     $     $ (157

Bank of America NA

    4/4/2022       265,611       USD       240,000       EUR             (1,426

Bank of Montreal

    4/4/2022       56,867       USD       500,000       NOK             (315

Deutsche Bank AG

    4/1/2022       50,000       SEK       4,049       GBP       34        

JP Morgan Chase Bank NA

    4/4/2022       952,438       USD       856,000       EUR       9        
                                            $ 43     $ (1,898

 

See Notes to Financial Statements.

 

WisdomTree Trust      23  


Table of Contents

Schedule of Investments (concluded)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2022

 

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

   $ 293,212,960      $      $      $ 293,212,960  

Exchange-Traded Fund

     1,141,154                      1,141,154  

Investment of Cash Collateral for Securities Loaned

            13,466,722               13,466,722  

Total Investments in Securities

   $ 294,354,114      $ 13,466,722      $      $ 307,820,836