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WisdomTree Trust

Annual Report

March 31, 2022

 

WisdomTree U.S. AI Enhanced Value Fund (AIVL)

(formerly, WisdomTree U.S. Dividend ex-Financials Fund (DTN))

WisdomTree U.S. ESG Fund (RESP)

WisdomTree U.S. Growth & Momentum Fund (WGRO)

WisdomTree U.S. High Dividend Fund (DHS)

WisdomTree U.S. LargeCap Dividend Fund (DLN)

WisdomTree U.S. LargeCap Fund (EPS)

WisdomTree U.S. MidCap Dividend Fund (DON)

WisdomTree U.S. MidCap Fund (EZM)

WisdomTree U.S. Multifactor Fund (USMF)

WisdomTree U.S. Quality Dividend Growth Fund (DGRW)

WisdomTree U.S. SmallCap Dividend Fund (DES)

WisdomTree U.S. SmallCap Fund (EES)

WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS)

WisdomTree U.S. Total Dividend Fund (DTD)

WisdomTree U.S. Value Fund (WTV)

(formerly, WisdomTree U.S. Quality Shareholder Yield Fund (QSY))


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)

       18  
Schedules of Investments     

WisdomTree U.S. AI Enhanced Value Fund

       22  

WisdomTree U.S. ESG Fund

       25  

WisdomTree U.S. Growth & Momentum Fund

       30  

WisdomTree U.S. High Dividend Fund

       32  

WisdomTree U.S. LargeCap Dividend Fund

       37  

WisdomTree U.S. LargeCap Fund

       42  

WisdomTree U.S. MidCap Dividend Fund

       49  

WisdomTree U.S. MidCap Fund

       54  

WisdomTree U.S. Multifactor Fund

       62  

WisdomTree U.S. Quality Dividend Growth Fund

       66  

WisdomTree U.S. SmallCap Dividend Fund

       71  

WisdomTree U.S. SmallCap Fund

       80  

WisdomTree U.S. SmallCap Quality Dividend Growth Fund

       91  

WisdomTree U.S. Total Dividend Fund

       96  

WisdomTree U.S. Value Fund

       104  

Statements of Assets and Liabilities

       107  

Statements of Operations

       110  

Statements of Changes in Net Assets

       113  

Financial Highlights

       118  

Notes to Financial Statements

       126  

Report of Independent Registered Public Accounting Firm

       139  

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

       141  

Liquidity Risk Management Program (unaudited)

       143  

Supplemental Information (unaudited)

       144  

Trustees and Officers Information (unaudited)

       145  

General Information (unaudited)

       147  

“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)

 

U.S. equity markets, as measured by the S&P 500 Index, returned 15.65% in U.S. dollar terms for the 12-month fiscal period ending March 31, 2022 (the “period”).

U.S. equities moved higher for most of the period as the global economy continued its recovery from the onset of the COVID-19 pandemic in 2020. Vaccine accessibility established confidence in markets as the U.S. economy steadily began to reopen, promoting a revival in cyclical sectors that had been suppressed the year prior. The pace of economic growth accelerated during 2021, along with inflation rates, amid a backdrop of accommodative monetary policy. U.S. real gross domestic product (“GDP”) grew 5.7%, while inflation increased nearly 5% year-over-year during 2021.

During the second quarter of 2021, U.S. markets steadily increased as vaccines became widely approved and accessible for most demographics. The S&P 500 earned over 8.5%, while U.S. small-cap stocks (proxied by the Russell 2000 Index), favored by risk-on investors, returned roughly 4.3% as the economic recovery continued. Real GDP grew 6.7% during the quarter.

The third quarter of 2021 was more tempered than the previous quarter. The S&P 500 was flat during the quarter, as early summertime optimism faded when new and potentially more infectious COVID-19 variants appeared and spread throughout the country. This ignited fear of renewed “lockdowns”, prompting questions of vaccine efficacy, and threatened the ongoing economic recovery. U.S. small-cap stocks suffered during the risk-off quarter, falling about 4.36%, while the U.S. economy briefly sputtered, growing only about 2.3% in real terms (i.e., net of inflation effects).

Entering the fourth quarter of 2021, investors’ concerns quickly abated, and markets regained their footing. The U.S. economy continued to grow and the ongoing monetary policy support from the U.S. Federal Reserve (the “Fed”) helped boost markets. The S&P 500 returned over 11% to finish the 2021 calendar year, while U.S. small-cap stocks fluctuated and managed to hang on to 2.14% gains. As 2021 concluded, investors acknowledged that the economy had recovered quickly and efficiently, and feared that 2022 would likely see the end of the accommodative monetary policies that helped strengthen equity markets. The U.S. unemployment rate fell below 4% by the end of 2021, approaching pre-pandemic lows. Real GDP grew nearly 7% during the quarter.

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 the Fed would have to quickly intervene with restrictive monetary policy actions to temper rising inflation. Interest rates rose quickly as bonds sold-off, and the Fed raised its target federal funds rate for the first time since slashing it to 0% at the onset of the COVID-19 pandemic.

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, U.S. 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. Though the unemployment rate continued to fall, landing at 3.6%, inflation marched higher to 8.5% year-over-year. The S&P 500 fell 4.60% while U.S. small-cap stocks declined over 7.5%.

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

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

 

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 U.S. AI Enhanced Value Fund (AIVL)

(formerly, WisdomTree U.S. Dividend ex-Financials Fund (DTN))

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    21.1%  

Health Care

    17.5%  

Industrials

    16.0%  

Information Technology

    12.7%  

Consumer Staples

    10.2%  

Materials

    7.2%  

Utilities

    5.2%  

Consumer Discretionary

    4.4%  

Communication Services

    2.8%  

Energy

    2.1%  

Real Estate

    0.4%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.3%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

Automatic Data Processing, Inc.

    3.5%  

Roper Technologies, Inc.

    2.9%  

Medtronic PLC

    2.5%  

Mondelez International, Inc., Class A

    2.5%  

Keurig Dr. Pepper, Inc.

    2.3%  

Becton Dickinson and Co.

    2.3%  

CME Group, Inc.

    2.3%  

Intercontinental Exchange, Inc.

    2.2%  

Genpact Ltd.

    1.9%  

Arthur J. Gallagher & Co.

    1.8%  
*

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

The Fund returned 8.19% 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 a reduced relative weight in the Healthcare sector and increased relative weight in the Real Estate and Utilities sectors, as well as stock selection within Financials. Lower relative weight to Information Technology and stock selection within that sector detracted from Fund performance. Lower relative weight to non-dividend paying companies and negative earners also benefited Fund performance.

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      $ 1,066.80        0.38   $ 1.96  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns1

       8.19      8.57      7.27      9.78

Fund Market Price Returns1

       8.08      8.60      7.28      9.78

Russell 1000® Value Index

       11.67      13.02      10.29      11.70
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 WisdomTree U.S. 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      3  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree U.S. ESG Fund (RESP)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    30.1%  

Health Care

    13.6%  

Consumer Discretionary

    12.4%  

Financials

    11.5%  

Communication Services

    9.9%  

Industrials

    8.3%  

Consumer Staples

    6.0%  

Real Estate

    2.8%  

Materials

    2.7%  

Utilities

    2.6%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Apple, Inc.

    7.2%  

Microsoft Corp.

    6.0%  

Alphabet, Inc., Class A

    5.1%  

Amazon.com, Inc.

    3.0%  

Tesla, Inc.

    1.9%  

Visa, Inc., Class A

    1.5%  

MasterCard, Inc., Class A

    1.2%  

JPMorgan Chase & Co.

    0.9%  

Johnson & Johnson

    0.9%  

UnitedHealth Group, Inc.

    0.9%  
*

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

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

The Fund returned 11.73% 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 Communication Services, primarily due to stock selection effects within each sector. Positions in the Energy, Information Technology, and Consumer Discretionary sectors weighed on performance for the Fund, due to a combination of allocation effects within Energy and stock selection effects within Consumer Discretionary and Information Technology. When analyzing performance by market capitalization, the Fund’s exposure to mid and large cap companies weighed on performance. Mid caps did not perform as poorly as large caps, however, and would have buffered performance on the downside if there had been a larger mid cap allocation.

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      $ 1,037.70        0.28   $ 1.42  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.54        0.28   $ 1.41  

Performance

 

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

Fund NAV Returns1

       11.73      16.17      13.57      13.15

Fund Market Price Returns1

       11.76      16.25      13.63      13.16

MSCI USA Extended ESG Focus Index2

       12.93      19.45      N/A        N/A  

S&P 500® Index

       15.65      18.92      15.99      14.64
1 

The Fund’s name, investment objective and strategies changed effective March 16, 2020. Prior to March 16, 2020, Fund performance reflects the investment objective of the Fund when it was known as the WisdomTree U.S. Total Market Fund (EXT) and tracked the performance, before fees and expenses, of the WisdomTree U.S. Total Market Index.

2 

The MSCI USA Extended ESG Focus Index began on March 27, 2018, and the line graph for the Index begins at the same value as the Fund on that date.

 

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 U.S. Growth & Momentum Fund (WGRO)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    41.1%  

Financials

    16.3%  

Consumer Discretionary

    13.0%  

Industrials

    11.1%  

Health Care

    6.9%  

Communication Services

    4.0%  

Materials

    3.9%  

Real Estate

    3.6%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

EPAM Systems, Inc.

    2.4%  

Tesla, Inc.

    2.1%  

Alphabet, Inc., Class A

    2.1%  

Arista Networks, Inc.

    2.1%  

Choice Hotels International, Inc.

    2.1%  

Moderna, Inc.

    2.0%  

WESCO International, Inc.

    2.0%  

Marvell Technology, Inc.

    2.0%  

SeaWorld Entertainment, Inc.

    2.0%  

Accenture PLC, Class A

    2.0%  
*

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

The WisdomTree U.S. Growth & Momentum Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the O’Neil Growth Index (the “Index”), which is comprised of mid- and large capitalization companies that provide exposure to high growth and momentum U.S. listed stocks. 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 -11.34% at net asset value (“NAV”) for the period from June 24, 2021 through March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from a higher relative weight in the Financials sector. Stock selection in Health Care, Information Technology, and Communication Services detracted from the Fund’s overall performance during the period. Stock selection within the lowest earnings yield, or more expensive, sector of the market detracted from Fund performance.

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      $ 890.80        0.55   $ 2.59  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.19        0.55   $ 2.77  

Performance

 

   
        Cumulative Total Return  
        Since Inception1  

Fund NAV Returns

       -11.34

Fund Market Price Returns

       -11.11

O’Neil Growth Index

       -10.94

Russell 1000® Growth Index

       4.41

MSCI USA Momentum Index

       -0.49
1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on June 24, 2021.

 

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 U.S. High Dividend Fund (DHS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Health Care

    18.7%  

Energy

    18.2%  

Consumer Staples

    17.1%  

Financials

    14.7%  

Utilities

    12.3%  

Communication Services

    4.5%  

Real Estate

    4.5%  

Information Technology

    3.0%  

Industrials

    3.0%  

Materials

    2.6%  

Consumer Discretionary

    0.9%  

Investment Company

    0.2%  

Other Assets less Liabilities‡

    0.3%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

Exxon Mobil Corp.

    6.5%  

Chevron Corp.

    5.4%  

AbbVie, Inc.

    5.0%  

Pfizer, Inc.

    4.9%  

Coca-Cola Co.

    4.6%  

Philip Morris International, Inc.

    4.5%  

Altria Group, Inc.

    4.3%  

Verizon Communications, Inc.

    4.0%  

Merck & Co., Inc.

    2.9%  

Cisco Systems, Inc.

    2.3%  
*

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

The WisdomTree U.S. High Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in high dividend yielding companies in the U.S. 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 18.96% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Energy and Information Technology, mainly due to allocation effects within Energy and stock selection effects within Health Care and Information Technology. Positions in the Financials, Communication Services and Consumer Staples sectors weighed on performance for the Fund, primarily due to stock selection effects within each sector. When analyzing performance by dividend yield attribution, the 5th and 3rd quintiles of companies ranked by dividend yield weighed on performance the most, though their impacts were still positive. The Fund had no exposure to the 5th quintile, which represents the companies with the lowest dividend yields, which was additive. The 3rd quintile’s impact was primarily due to stock selection despite the Fund having minimal exposure to this group. The companies within the 1st quintile, representing those with the highest dividend yield, and a minimal exposure to companies with zero dividend yield were top contributors due to allocation and stock selection.

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

 

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

Actual

   $ 1,000.00      $ 1,159.10        0.38   $ 2.05  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns

       18.96      10.76      8.97      10.80

Fund Market Price Returns

       18.95      10.80      9.00      10.81

WisdomTree U.S. High Dividend Index

       19.52      11.20      9.39      11.21

Russell 1000® Value Index

       11.67      13.02      10.29      11.70

Russell 1000® Index

       13.27      18.71      15.82      14.53

 

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 U.S. LargeCap Dividend Fund (DLN)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    16.6%  

Health Care

    16.3%  

Consumer Staples

    15.0%  

Financials

    13.8%  

Energy

    9.4%  

Industrials

    7.8%  

Utilities

    5.8%  

Real Estate

    5.3%  

Consumer Discretionary

    4.9%  

Communication Services

    2.7%  

Materials

    2.1%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.2%  

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.

 

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  

Microsoft Corp.

    4.5%  

Apple, Inc.

    3.9%  

Exxon Mobil Corp.

    3.4%  

Johnson & Johnson

    3.1%  

JPMorgan Chase & Co.

    2.5%  

Chevron Corp.

    2.4%  

AbbVie, Inc.

    2.3%  

Pfizer, Inc.

    2.2%  

Procter & Gamble Co.

    2.2%  

Coca-Cola Co.

    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 U.S. LargeCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. LargeCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies in the U.S. equity market. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 17.16% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Information Technology, Industrials and Health Care, due to stock selection effects within each sector. Positions in Financials and Materials weighed on performance, primarily due to stock selection. When analyzing performance by dividend yield attribution, only the 3rd quintile of companies ranked by dividend yield weighed on performance, due to stock selection effects, while all other quintiles were additive. The Fund’s avoidance of companies with zero dividend yield, or representing non-dividend payers, was also additive.

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      $ 1,112.70        0.28   $ 1.47  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.54        0.28   $ 1.41  

Performance

 

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

Fund NAV Returns

       17.16      14.61      12.51      12.46

Fund Market Price Returns

       17.13      14.66      12.54      12.47

WisdomTree U.S. LargeCap Dividend Index

       17.67      15.00      12.87      12.79

S&P 500® Index

       15.65      18.92      15.99      14.64

Russell 1000® Value Index

       11.67      13.02      10.29      11.70

Russell 1000® Index

       13.27      18.71      15.82      14.53

 

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 U.S. LargeCap Fund (EPS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    24.7%  

Financials

    15.5%  

Health Care

    14.9%  

Communication Services

    11.4%  

Consumer Discretionary

    10.2%  

Consumer Staples

    6.5%  

Industrials

    6.4%  

Energy

    3.4%  

Materials

    2.8%  

Utilities

    2.5%  

Real Estate

    1.5%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Apple, Inc.

    6.0%  

Microsoft Corp.

    5.1%  

Alphabet, Inc., Class A

    4.6%  

Amazon.com, Inc.

    3.9%  

Meta Platforms, Inc., Class A

    2.2%  

JPMorgan Chase & Co.

    2.1%  

Berkshire Hathaway, Inc., Class B

    1.6%  

AbbVie, Inc.

    1.5%  

Tesla, Inc.

    1.5%  

Johnson & Johnson

    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 U.S. LargeCap Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. LargeCap Index (the “Index”). In seeking to track the Index, the Fund invests in earnings-generating large-cap companies in the U.S. 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 13.19% 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, Industrials and Materials, primarily due to stock selection effects within each sector. Positions in the Information Technology, Financials and Communication Services sectors weighed on performance for the Fund, as a result of stock selection. When analyzing performance by earnings yield attribution, the 1st and 3rd quintiles of companies ranked by earnings yield detracted from performance, as a result of allocation effects in the former and poor stock selection in the latter. The Fund’s avoidance of companies with negative earnings yield was additive for performance, while an underweight to the 5th quintile, representing the lowest earnings yield, was also beneficial.

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      $ 1,057.30        0.08   $ 0.41  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.53        0.08   $ 0.40  

Performance

 

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

Fund NAV Returns

       13.19      17.12      14.29      13.50

Fund Market Price Returns

       13.16      17.20      14.33      13.52

WisdomTree U.S. LargeCap Index

       13.30      17.26      14.50      13.77

S&P 500® Index

       15.65      18.92      15.99      14.64

S&P 500® Value Index

       12.58      14.12      11.14      11.89

Russell 1000® Index

       13.27      18.71      15.82      14.53

 

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 U.S. MidCap Dividend Fund (DON)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    24.0%  

Industrials

    11.5%  

Consumer Discretionary

    11.3%  

Utilities

    10.3%  

Materials

    10.0%  

Real Estate

    9.8%  

Energy

    8.2%  

Consumer Staples

    4.9%  

Information Technology

    3.6%  

Communication Services

    3.1%  

Health Care

    3.1%  

Investment Company

    0.0%

Other Assets less Liabilities‡

    0.2%  

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.

 

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  

Evergy, Inc.

    1.4%  

Fidelity National Financial, Inc.

    1.3%  

Omnicom Group, Inc.

    1.3%  

Cardinal Health, Inc.

    1.2%  

Conagra Brands, Inc.

    1.1%  

Continental Resources, Inc.

    1.0%  

Coterra Energy, Inc.

    1.0%  

OGE Energy Corp.

    0.9%  

Antero Midstream Corp.

    0.9%  

Organon & Co.

    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 U.S. MidCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. MidCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying mid-cap companies in the U.S. 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 12.17% 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 Communication Services, Industrials and Health Care, due to selection effects within each sector. Positions in the Financials, Consumer Discretionary and Consumer Staples sectors weighed on performance for the Fund, attributable to stock selection. When analyzing performance by dividend yield attribution, the companies within the 4th and 1st quintiles weighed on performance the most, as a result of stock selection within both. The Fund’s near lack of exposure to companies with zero dividend yield was additive, while an overweight to the 3rd quintile was beneficial due to allocation effects.

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      $ 1,080.90        0.38   $ 1.97  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns

       12.17      10.28      9.06      11.91

Fund Market Price Returns

       11.76      10.32      9.09      11.92

WisdomTree U.S. MidCap Dividend Index

       12.69      10.67      9.44      12.28

S&P MidCap 400® Index

       4.59      14.14      11.10      12.20

Russell Midcap Value Index

       11.45      13.69      9.99      12.01

Russell Midcap Index

       6.92      14.89      12.62      12.85

 

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 U.S. MidCap Fund (EZM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    20.0%  

Consumer Discretionary

    16.2%  

Industrials

    13.9%  

Information Technology

    12.3%  

Materials

    9.0%  

Health Care

    8.4%  

Energy

    5.5%  

Real Estate

    4.4%  

Utilities

    3.5%  

Communication Services

    3.3%  

Consumer Staples

    3.1%  

Investment Company

    0.3%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

Cleveland-Cliffs, Inc.

    1.4%  

Ovintiv, Inc.

    0.9%  

United States Steel Corp.

    0.9%  

Alcoa Corp.

    0.8%  

DISH Network Corp., Class A

    0.8%  

NRG Energy, Inc.

    0.8%  

Organon & Co.

    0.8%  

APA Corp.

    0.8%  

Jefferies Financial Group, Inc.

    0.7%  

Kohl’s Corp.

    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 U.S. MidCap Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. MidCap Index (the “Index”). In seeking to track the Index, the Fund invests in earnings-generating mid-cap companies in the U.S. 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 8.93% 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 Communication Services, Materials and Health Care, mainly due to stock selection. Positions in Financials, Information Technology, and Consumer Staples weighed on performance, also due to stock selection within each sector. When analyzing performance by earnings yield attribution, the 3rd and 4th quintiles of companies weighed on performance the most, almost entirely due to stock selection. The Fund’s lack of exposure to companies with negative earnings yield was additive due to allocation effects, while the 1st quintile was also beneficial due to a combination of allocation and stock selection effects.

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      $ 1,056.60        0.38   $ 1.95  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns

       8.93      13.40      10.77      12.00

Fund Market Price Returns

       8.30      13.41      10.74      11.99

WisdomTree U.S. MidCap Index

       9.30      13.79      11.15      12.33

S&P MidCap 400® Index

       4.59      14.14      11.10      12.20

Russell Midcap Value Index

       11.45      13.69      9.99      12.01

Russell Midcap Index

       6.92      14.89      12.62      12.85

 

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 U.S. Multifactor Fund (USMF)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    29.1%  

Health Care

    13.3%  

Financials

    11.4%  

Consumer Discretionary

    11.4%  

Communication Services

    9.6%  

Industrials

    7.8%  

Consumer Staples

    5.9%  

Energy

    3.5%  

Real Estate

    2.8%  

Materials

    2.6%  

Utilities

    2.5%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

Jack Henry & Associates, Inc.

    1.4%  

International Business Machines Corp.

    1.4%  

SS&C Technologies Holdings, Inc.

    1.4%  

Akamai Technologies, Inc.

    1.3%  

FleetCor Technologies, Inc.

    1.3%  

VeriSign, Inc.

    1.2%  

Cognizant Technology Solutions Corp., Class A

    1.2%  

Microsoft Corp.

    1.2%  

Liberty Media Corp.—Liberty Formula One, Class C

    1.2%  

Verizon Communications, Inc.

    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 U.S. Multifactor Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Multifactor Index (the “Index”). In seeking to track the Index, the Fund invests in U.S. companies with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 9.68% 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, Real Estate and Energy, due to stock selection effects within each sector. Positions in the Information Technology, Communication Services and Consumer Discretionary sectors weighed on performance for the Fund, due to a combination of allocation and stock selection effects. Information Technology had the most negative impact almost entirely due to poor stock selection. When analyzing performance by market capitalization, large caps had a negative impact due to poor stock selection while mid caps had a negative impact due to allocation 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      $ 1,059.70        0.28   $ 1.44  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.54        0.28   $ 1.41  

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      Since Inception1  

Fund NAV Returns

       9.68      13.93      12.80

Fund Market Price Returns

       9.35      13.95      12.79

WisdomTree U.S. Multifactor Index

       10.03      14.15      12.96

S&P 500® Index

       15.65      18.92      16.17

S&P 500® Equal Weight Index

       13.11      16.97      14.12

Russell 3000® Index

       11.92      18.24      15.56
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on June 29, 2017.

 

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 U.S. Quality Dividend Growth Fund (DGRW)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    23.6%  

Consumer Staples

    19.4%  

Industrials

    17.7%  

Health Care

    17.1%  

Consumer Discretionary

    9.8%  

Financials

    4.9%  

Communication Services

    2.4%  

Materials

    2.2%  

Energy

    1.6%  

Real Estate

    0.8%  

Utilities

    0.3%  

Other Assets less Liabilities‡

    0.2%  

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.

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Apple, Inc.

    5.2%  

Johnson & Johnson

    4.9%  

Microsoft Corp.

    4.7%  

Procter & Gamble Co.

    3.4%  

Coca-Cola Co.

    3.3%  

Philip Morris International, Inc.

    3.2%  

Merck & Co., Inc.

    3.2%  

Altria Group, Inc.

    3.2%  

Cisco Systems, Inc.

    2.5%  

UnitedHealth Group, Inc.

    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 U.S. Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies with growth characteristics in the U.S. 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 13.36% 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, Financials and Industrials, primarily due to stock selection effects within each sector. Positions in the Energy, Information Technology, and Consumer Discretionary sectors weighed on performance for the Fund, due to a combination of allocation and stock selection effects. When analyzing performance by return-on-equity (“ROE“) attribution, the 1st and 2nd quintiles of companies ranked by ROE weighed on performance the most, as a result of stock selection effects. The 3rd Quintile and those companies with negative ROE were top performance contributors 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      $ 1,090.20        0.28   $ 1.46  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.54        0.28   $ 1.41  

Performance

 

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

Fund NAV Returns

       13.36      16.35      14.82      13.53

Fund Market Price Returns

       13.30      16.39      14.85      13.55

WisdomTree U.S. Quality Dividend Growth Index

       13.68      16.70      15.17      13.86

NASDAQ U.S. Dividend AchieversTM Select Index

       12.48      16.12      14.74      12.50

S&P 500® Index

       15.65      18.92      15.99      14.22

Russell 3000® Index

       11.92      18.24      15.40      13.81
1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on May 22, 2013.

 

LOGO

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

 

12   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree U.S. SmallCap Dividend Fund (DES)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    24.4%  

Industrials

    17.0%  

Utilities

    10.5%  

Real Estate

    10.3%  

Consumer Discretionary

    10.1%  

Consumer Staples

    6.5%  

Materials

    6.1%  

Information Technology

    5.1%  

Communication Services

    3.8%  

Energy

    3.6%  

Health Care

    2.1%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

Cogent Communications Holdings, Inc.

    1.3%  

South Jersey Industries, Inc.

    1.2%  

Xerox Holdings Corp.

    1.1%  

New Jersey Resources Corp.

    1.0%  

Spire, Inc.

    1.0%  

ONE Gas, Inc.

    1.0%  

MSC Industrial Direct Co., Inc., Class A

    0.9%  

Vector Group Ltd.

    0.9%  

Greif, Inc., Class A

    0.9%  

NorthWestern Corp.

    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 U.S. SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the U.S. 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 5.18% 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, Financials and Real Estate, due to stock selection effects within each sector. Health Care in particular was also beneficial due to a strong allocation effect from minimal exposure. Positions in the Energy and Consumer Discretionary sectors weighed on performance, due to allocation and stock selection effects. Energy in particular had nearly identical negative impacts from both allocation and stock selection. When analyzing performance by dividend yield attribution, the 4th and 5th quintiles of companies weighed on performance the most, owing primarily to stock selection effects. The Fund’s minimal exposure to companies with zero dividend yield was additive, while the 1st quintile was a strong, positive contributor due to allocation effects.

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      $ 1,048.20        0.38   $ 1.94  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns

       5.18      8.01      6.44      10.14

Fund Market Price Returns

       4.61      8.02      6.48      10.12

WisdomTree U.S. SmallCap Dividend Index

       5.58      8.45      6.83      10.38

Russell 2000® Index

       -5.79      11.74      9.74      11.04

Russell 2000® Value Index

       3.32      12.73      8.57      10.54

S&P SmallCap 600® Index

       1.23      13.58      10.89      12.56

 

LOGO

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

 

WisdomTree Trust      13  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree U.S. SmallCap Fund (EES)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    24.8%  

Consumer Discretionary

    16.2%  

Industrials

    16.2%  

Information Technology

    10.1%  

Health Care

    10.0%  

Consumer Staples

    4.8%  

Materials

    4.6%  

Energy

    4.0%  

Communication Services

    4.0%  

Real Estate

    3.5%  

Utilities

    1.6%  

Other Assets less Liabilities‡

    0.2%  

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.

 

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  

Mr. Cooper Group, Inc.

    0.9%  

Boise Cascade Co.

    0.7%  

Flagstar Bancorp, Inc.

    0.6%  

CNX Resources Corp.

    0.6%  

Whiting Petroleum Corp.

    0.6%  

Atlas Air Worldwide Holdings, Inc.

    0.6%  

Ironwood Pharmaceuticals, Inc.

    0.6%  

Sage Therapeutics, Inc.

    0.6%  

B. Riley Financial, Inc.

    0.5%  

Genworth Financial, Inc., Class A

    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 U.S. SmallCap Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. SmallCap Index (the “Index”). In seeking to track the Index, the Fund invests in earnings-generating small-cap companies in the U.S. 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 3.11% 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, Financials and Industrials, due to allocation and stock selection effects within each sector. Overall, Health Care contributed the most to Fund performance. Positions in the Energy, Consumer Discretionary and Real Estate sectors weighed on performance for the Fund, almost entirely due to allocation effects. When analyzing performance by earnings yield attribution, the 4th and 5th quintiles of companies ranked by earnings yield weighed on performance the most, owing primarily to allocation effects. The Fund’s lack of exposure to companies with negative earnings yield was additive, while the 1st quintile was a top contributor almost entirely due to allocation effects.

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      $ 1,002.50        0.38   $ 1.90  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns

       3.11      11.64      9.88      11.28

Fund Market Price Returns

       2.41      11.66      9.88      11.26

WisdomTree U.S. SmallCap Index

       3.51      11.99      10.20      11.52

Russell 2000® Index

       -5.79      11.74      9.74      11.04

Russell 2000® Value Index

       3.32      12.73      8.57      10.54

S&P SmallCap 600® Index

       1.23      13.58      10.89      12.56

 

LOGO

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

 

14   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    24.0%  

Financials

    21.0%  

Consumer Discretionary

    12.8%  

Utilities

    10.5%  

Materials

    8.4%  

Information Technology

    6.4%  

Consumer Staples

    5.7%  

Health Care

    3.5%  

Real Estate

    3.3%  

Communication Services

    2.3%  

Energy

    1.7%  

Other Assets less Liabilities‡

    0.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries.

 

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  

EPR Properties

    2.4%  

Xerox Holdings Corp.

    2.1%  

Spire, Inc.

    1.9%  

Artisan Partners Asset Management, Inc., Class A

    1.9%  

ONE Gas, Inc.

    1.8%  

Mercury General Corp.

    1.7%  

MSC Industrial Direct Co., Inc., Class A

    1.7%  

ALLETE, Inc.

    1.6%  

Avista Corp.

    1.6%  

Flowserve 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 U.S. SmallCap Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. SmallCap Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies with growth characteristics in the U.S. 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 -0.45% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Utilities and Financials, primarily due to allocation and stock selection effects within each sector. Positions in the Consumer Discretionary, Energy, and Materials sectors weighed on performance for the Fund, primarily due to stock selection. When analyzing performance by return-on-equity (“ROE“) attribution, the 2nd and 1st quintiles of companies ranked by ROE weighed on performance the most, as a result of a combination of allocation and stock selection effects. The companies within the 4th and 3rd quintiles were top performance contributors due to allocation effects in the latter and stock selection in the former.

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      $ 1,018.50        0.38   $ 1.91  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.04        0.38   $ 1.92  

Performance

 

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

Fund NAV Returns

     -0.45      11.48      8.80      9.36

Fund Market Price Returns

     -1.03      11.50      8.78      9.34

WisdomTree U.S. SmallCap Quality Dividend Growth Index

     -0.02      11.90      9.16      9.66

Russell 2000® Index

     -5.79      11.74      9.74      9.52

S&P SmallCap 600® Index

     1.23      13.58      10.89      11.20
1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on July 25, 2013.

 

LOGO

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

 

WisdomTree Trust      15  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree U.S. Total Dividend Fund (DTD)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    15.8%  

Information Technology

    15.2%  

Health Care

    14.8%  

Consumer Staples

    14.0%  

Energy

    9.2%  

Industrials

    8.4%  

Utilities

    6.4%  

Consumer Discretionary

    5.6%  

Real Estate

    4.8%  

Communication Services

    2.9%  

Materials

    2.7%  

Other Assets less Liabilities‡

    0.2%  

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.

 

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  

Microsoft Corp.

    4.0%  

Apple, Inc.

    3.5%  

Exxon Mobil Corp.

    3.0%  

Johnson & Johnson

    2.8%  

JPMorgan Chase & Co.

    2.3%  

Chevron Corp.

    2.2%  

AbbVie, Inc.

    2.0%  

Pfizer, Inc.

    2.0%  

Procter & Gamble Co.

    1.9%  

Coca-Cola Co.

    1.9%  
*

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

The WisdomTree U.S. Total Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in U.S. equities from a broad range of dividend-paying companies. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 16.73% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Information Technology, Industrials and Health Care, primarily due to stock selection effects within each sector. Positions in Financials and Materials detracted, almost entirely due to stock selection effects. When analyzing performance by dividend yield attribution, all quintiles were beneficial. The 3rd and 2nd quintiles of companies had the least overall impact, while the companies within the 4th quintile were the strongest contributors. The Fund mostly avoided companies with zero dividend yield, which enhanced performance due to allocation 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      $ 1,110.40        0.28   $ 1.47  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.54        0.28   $ 1.41  

Performance

 

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

Fund NAV Returns

       16.73      13.81      11.83      12.27

Fund Market Price Returns

       16.66      13.84      11.87      12.28

WisdomTree U.S. Dividend Index

       17.06      14.17      12.15      12.60

Russell 3000® Index

       11.92      18.24      15.40      14.28

Russell 3000® Value Index

       11.10      12.99      10.16      11.61

 

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.

 

16   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree U.S. Value Fund (WTV)

(formerly, WisdomTree U.S. Quality Shareholder Yield Fund (QSY))

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    28.8%  

Consumer Discretionary

    12.9%  

Health Care

    12.1%  

Information Technology

    10.9%  

Industrials

    10.7%  

Communication Services

    8.6%  

Materials

    7.1%  

Energy

    6.2%  

Consumer Staples

    2.0%  

Utilities

    0.5%  

Other Assets less Liabilities‡

    0.2%  

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.

 

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  

Credit Acceptance Corp.

    1.7%  

eBay, Inc.

    1.6%  

Lumen Technologies, Inc.

    1.6%  

Allstate Corp.

    1.5%  

Apple, Inc.

    1.5%  

DaVita, Inc.

    1.4%  

Oracle Corp.

    1.4%  

Berkshire Hathaway, Inc., Class B

    1.3%  

Goldman Sachs Group, Inc.

    1.3%  

Cigna Corp.

    1.3%  
*

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

The WisdomTree U.S. Value Fund (the “Fund”) is actively managed using a model-based approach seeking income and capital appreciation by investing primarily in U.S. equity securities that provide a high total shareholder yield with favorable relative quality characteristics. Prior to January 2, 2022, the Fund was known as the WisdomTree U.S. Quality Shareholder Yield Fund (QSY).

The Fund returned 11.16% 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 Information Technology and Industrials sectors, driven by stock selection effects within each sector. Allocation to Consumer Discretionary and stock selection within Health Care detracted from the performance of the Fund. Minimal exposure to companies with lower relative shareholder yields benefited Fund performance, while overweight exposure to the highest relative shareholder yield companies weighed on Fund returns over the period.

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

 

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

Actual

   $ 1,000.00      $ 1,045.80        0.24   $ 1.22  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.73        0.24   $ 1.21  

Performance

 

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

Fund NAV Returns1

       11.16      15.21      13.76      12.54

Fund Market Price Returns1

       10.93      15.27      13.78      12.56

Russell 1000® Value Index

       11.67      13.02      10.29      11.70
1 

The Fund’s investment objective changed effective December 18, 2017. Prior to December 18, 2017, the Fund’s investment objective sought to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. LargeCap Value 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      17  


Table of Contents

Description of Terms and Indexes (unaudited)

 

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

Allocation Effect measures an investment manager’s ability to effectively allocate a portfolio’s assets to various segments. A segment refers to assets or securities that are grouped within a certain classification such as sectors, industries, or countries. The allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. Positive allocation occurs when the portfolio is overweighted in a segment that outperforms the benchmark and underweighted in a segment that underperforms the benchmark. Negative allocation occurs when the portfolio is overweighted in a segment that underperforms the benchmark and underweighted in a segment that outperforms the benchmark.

Correlation is a statistical measure of how two sets of returns move in relation to each other. Correlation coefficients range from -1 to 1. A correlation of 1 means the two subjects of analysis move in lockstep with each other. A correlation of -1 means the two subjects of analysis have moved in exactly the opposite direction.

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

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a country’s economic health.

Growth is generally characterized by higher price levels relative to fundamentals, such as dividends or earnings. Price levels are higher because investors are willing to pay more due to their expectations of future improvements in these fundamentals.

Momentum is generally characterized by assets with recent price increase trends over time. This term is also associated with the momentum factor which associates these stock characteristics with excess return vs. the market over time.

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

The MSCI USA Momentum Index is designed to reflect the performance of an equity momentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover.

The NASDAQ U.S. Dividend AchieversTM Select Index is a capitalization-weighted index that measures the performance of U.S. common stocks that have a history of increasing dividends for at least ten consecutive years.

The O’Neil Growth Index is a comprised of mid- and large-cap companies that provide exposure to high growth and momentum U.S. exchange-listed companies.

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.

Quintiles refers to separating a universe of companies into five groups of equal size on the basis of dividend yield, price-to-earnings, or return-on-equity, as applicable.

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 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”).

 

18   WisdomTree Trust


Table of Contents

Description of Terms and Indexes (unaudited) (continued)

 

The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.

The Russell 1000® Index represents the top 1000 companies by market capitalization in the United States.

The Russell 1000® Value Index is a capitalization-weighted index that is comprised of the large-capitalization value segment of the U.S. equity universe, selecting from the Russell 1000 Index.

The Russell 2000® Index is a capitalization-weighted index that is comprised of the smallest 2,000 securities in the Russell 3000 Index, based on total market capitalization.

The Russell 2000® Value Index is a capitalization-weighted index that is comprised of the small-capitalization value segment of the U.S. equity universe, selecting from the Russell 2000 Index.

The Russell 3000® Index is a capitalization-weighted index that is comprised of the 3,000 largest U.S. companies, based on total market capitalization.

The Russell 3000® Value Index is a capitalization-weighted index that measures the performance of the value segment of the broad U.S. equity market, selecting from the Russell 3000 Index.

The Russell Midcap® Index is a market capitalization-weighted index that is comprised of the smallest 800 stocks of the Russell 1000 Index.

The Russell Midcap® Value Index is a capitalization-weighted index that measures the midcap value segment of the U.S. equity universe, selecting from the Russell Midcap Index.

The S&P 500® Equal Weight Index is the equal-weight version of the widely used S&P 500® Index. The index includes the same constituents as the capitalization-weighted S&P 500 Index, but each company is allocated a fixed weight — or 0.2% of the index total at each quarterly rebalance.

The S&P 500® Index is a capitalization-weighted index of 500 stocks selected by the Standard & Poor’s Index Committee, designed to represent the performance of the leading industries in the United States economy.

The S&P 500® Value Index is an index comprised of S&P 500 Index constituents that screen favorably on measures of value such as book value, earnings, and sales to price.

The S&P MidCap 400® Index is a capitalization-weighted index that is comprised of the mid-capitalization range of the U.S. stock market, with stocks selected by the Standard & Poor’s Index Committee.

The S&P SmallCap 600® Index seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

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.

Shareholder Yield generally refers to a data point that references a combination of dividend yield and buyback yield.

 

WisdomTree Trust      19  


Table of Contents

Description of Terms and Indexes (unaudited) (continued)

 

Value is generally characterized by lower price levels relative to fundamentals, such as earnings or dividends. Prices are lower because investors are less certain of the performance of these fundamentals in the future. This term is also related to the value factor, which associates these stock characteristics with excess returns vs. the market over time.

Volatility is a statistical measure of the dispersion of returns for a given security or market index around a particular average level. If the price stays relatively stable, the security has low volatility. A highly volatile security hits new highs and lows quickly, moves erratically, and has rapid increases and dramatic falls.

The WisdomTree U.S. Dividend Index defines the dividend-paying portion of the U.S. stock market.

The WisdomTree U.S. High Dividend Index is comprised of companies with high dividend yields, selected from the WisdomTree U.S. Dividend Index.

The WisdomTree U.S. LargeCap Dividend Index is comprised of the large-capitalization segment of the U.S. dividend-paying market, selected from the WisdomTree U.S. Dividend Index.

The WisdomTree U.S. LargeCap Index is a fundamentally weighted index that measures the performance of earnings-generating companies within the large-capitalization segment of the U.S. stock market.

The WisdomTree U.S. MidCap Dividend Index is comprised of the mid-capitalization segment of the U.S. dividend-paying market, selected from the WisdomTree U.S. Dividend Index.

The WisdomTree U.S. MidCap Index is a fundamentally weighted index that measures the performance of earnings-generating companies within the mid-capitalization segment of the U.S. stock market.

The WisdomTree U.S. Multifactor Index is comprised of 200 U.S. companies with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation.

The WisdomTree U.S. Quality Dividend Growth Index is comprised of dividend-paying stocks with growth characteristics.

The WisdomTree U.S. SmallCap Dividend Index is comprised of the small-capitalization segment of the U.S. dividend-paying market, selected from the WisdomTree U.S. Dividend Index.

The WisdomTree U.S. SmallCap Index is a fundamentally weighted index that measures the performance of earnings-generating companies within the small-capitalization segment of the U.S. stock market.

The WisdomTree U.S. SmallCap Quality Dividend Growth Index is comprised of the small-capitalization segment of dividend-paying stocks with growth characteristics.

Index performance information assumes the reinvestment of dividends and excludes management fees, transaction costs and expenses. You cannot directly invest in an index.

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

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.

 

20   WisdomTree Trust


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.

The O’Neil Growth Index is calculated, distributed and marketed by O’Neil Global Advisors, Inc. (OGA), a licensed trademark of OGA, and has been licensed for use.

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.

 

WisdomTree Trust      21  


Table of Contents

Schedule of Investments

WisdomTree U.S. AI Enhanced Value Fund (AIVL)

March 31, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.6%      
United States – 96.0%      
Aerospace & Defense – 1.3%      

HEICO Corp.(a)

     29,525      $ 4,533,269  

L3Harris Technologies, Inc.

     8,017        1,991,984  
     

 

 

 
Total Aerospace & Defense

 

     6,525,253  
Auto Components – 1.0%

 

Gentex Corp.

     169,988        4,958,550  
Banks – 2.8%

 

Bank of America Corp.

     110,376        4,549,699  

Citigroup, Inc.

     127,673        6,817,738  

U.S. Bancorp

     23,144        1,230,104  

Wells Fargo & Co.

     24,786        1,201,129  
     

 

 

 
Total Banks

 

     13,798,670  
Beverages – 2.3%

 

Keurig Dr. Pepper, Inc.

     303,187        11,490,787  
Building Products – 0.2%

 

Allegion PLC

     10,840        1,190,015  
Capital Markets – 8.0%

 

CME Group, Inc.

     47,210        11,229,370  

Franklin Resources, Inc.

     62,158        1,735,451  

Intercontinental Exchange, Inc.

     80,790        10,673,975  

Nasdaq, Inc.

     31,678        5,645,020  

Northern Trust Corp.

     22,984        2,676,487  

SEI Investments Co.

     69,977        4,213,315  

Stifel Financial Corp.

     50,670        3,440,493  
     

 

 

 
Total Capital Markets

 

     39,614,111  
Chemicals – 7.2%

 

Dow, Inc.

     99,492        6,339,630  

DuPont de Nemours, Inc.

     86,374        6,355,399  

Eastman Chemical Co.

     77,008        8,629,516  

Element Solutions, Inc.

     54,158        1,186,060  

FMC Corp.

     21,474        2,825,334  

PPG Industries, Inc.

     65,836        8,629,125  

Valvoline, Inc.

     39,478        1,245,926  
     

 

 

 
Total Chemicals

 

     35,210,990  
Communications Equipment – 0.8%

 

Juniper Networks, Inc.

     100,984        3,752,566  
Distributors – 1.5%

 

Genuine Parts Co.

     58,868        7,418,545  
Electric Utilities – 3.3%

 

Pinnacle West Capital Corp.

     41,427        3,235,449  

Southern Co.

     108,918        7,897,644  

Xcel Energy, Inc.

     71,217        5,139,731  
     

 

 

 
Total Electric Utilities

 

     16,272,824  
Electrical Equipment – 1.1%

 

AMETEK, Inc.

     39,921        5,316,679  
Entertainment – 0.3%

 

Electronic Arts, Inc.

     9,726        1,230,436  
Equity Real Estate Investment Trusts (REITs) – 0.4%

 

Realty Income Corp.

     28,027      1,942,271  
Food Products – 2.9%

 

Flowers Foods, Inc.

     82,203        2,113,439  

Mondelez International, Inc., Class A

     193,773        12,165,069  
     

 

 

 
Total Food Products

 

     14,278,508  
Health Care Equipment & Supplies – 10.8%

 

Baxter International, Inc.

     85,330        6,616,488  

Becton Dickinson and Co.

     42,439        11,288,774  

Dentsply Sirona, Inc.

     95,388        4,694,997  

Figs, Inc., Class A*

     85,788        1,846,158  

Globus Medical, Inc., Class A*

     18,989        1,401,009  

Integra LifeSciences Holdings Corp.*

     37,589        2,415,469  

Medtronic PLC

     113,032        12,540,900  

Stryker Corp.

     14,619        3,908,390  

Zimmer Biomet Holdings, Inc.

     67,876        8,681,340  
     

 

 

 
Total Health Care Equipment & Supplies

 

     53,393,525  
Health Care Providers & Services – 3.4%

 

Cigna Corp.

     25,660        6,148,393  

Humana, Inc.

     13,766        5,990,550  

UnitedHealth Group, Inc.

     9,425        4,806,467  
     

 

 

 
Total Health Care Providers & Services

 

     16,945,410  
Household Products – 2.2%

 

Colgate-Palmolive Co.

     17,046        1,292,598  

Procter & Gamble Co.

     54,647        8,350,062  

Reynolds Consumer Products, Inc.(a)

     42,005        1,232,427  
     

 

 

 
Total Household Products

 

     10,875,087  
Industrial Conglomerates – 4.7%

 

3M Co.

     26,867        3,999,959  

Honeywell International, Inc.

     24,984        4,861,387  

Roper Technologies, Inc.

     30,278        14,298,180  
     

 

 

 
Total Industrial Conglomerates

 

     23,159,526  
Insurance – 9.1%

 

Allstate Corp.

     64,476        8,930,571  

Arthur J. Gallagher & Co.

     52,063        9,090,200  

Brown & Brown, Inc.

     66,360        4,795,837  

Hanover Insurance Group, Inc.

     42,182        6,307,053  

Reinsurance Group of America, Inc.

     74,047        8,105,184  

Unum Group

     248,553        7,831,905  
     

 

 

 
Total Insurance

 

     45,060,750  
Interactive Media & Services – 0.7%

 

Meta Platforms, Inc., Class A*

     15,436        3,432,349  
Internet & Direct Marketing Retail – 0.2%

 

Wayfair, Inc., Class A*(a)

     9,408        1,042,218  
IT Services – 9.9%

 

Alliance Data Systems Corp.(a)

     70,666        3,967,896  

Amdocs Ltd.

     109,398        8,993,610  

Automatic Data Processing, Inc.

     74,936        17,050,937  

DXC Technology Co.*

     49,710        1,622,037  

Genpact Ltd.

     211,798        9,215,331  

 

See Notes to Financial Statements.

 

22   WisdomTree Trust


Table of Contents

Schedule of Investments (continued)

WisdomTree U.S. AI Enhanced Value Fund (AIVL)

March 31, 2022

 

 

 

Investments    Shares      Value  

GoDaddy, Inc., Class A*

     42,295      $ 3,540,092  

Jack Henry & Associates, Inc.

     10,022        1,974,835  

Paysafe Ltd.*

     672,839        2,280,924  
     

 

 

 
Total IT Services

 

     48,645,662  
Life Sciences Tools & Services – 1.8%

 

Agilent Technologies, Inc.

     50,263        6,651,303  

IQVIA Holdings, Inc.*

     9,631        2,226,783  
     

 

 

 
Total Life Sciences Tools & Services

 

     8,878,086  
Machinery – 7.6%

 

Allison Transmission Holdings, Inc.

     38,110        1,496,199  

Donaldson Co., Inc.

     24,553        1,275,037  

Dover Corp.

     17,426        2,734,140  

Fortive Corp.

     123,571        7,529,181  

Lincoln Electric Holdings, Inc.

     22,257        3,067,237  

Nordson Corp.

     20,101        4,564,535  

Otis Worldwide Corp.

     98,884        7,609,124  

PACCAR, Inc.

     45,230        3,983,406  

Snap-on, Inc.

     19,994        4,108,367  

Toro Co.

     14,259        1,219,002  
     

 

 

 
Total Machinery

 

     37,586,228  
Media – 1.9%

 

Comcast Corp., Class A

     170,891        8,001,117  

DISH Network Corp., Class A*(a)

     39,887        1,262,423  
     

 

 

 
Total Media

 

     9,263,540  
Multi-Utilities – 1.9%

 

Consolidated Edison, Inc.

     40,886        3,871,087  

NiSource, Inc.

     167,068        5,312,762  
     

 

 

 
Total Multi-Utilities

 

     9,183,849  
Oil, Gas & Consumable Fuels – 2.1%

 

APA Corp.

     72,216        2,984,687  

HF Sinclair Corp.*

     41,508        1,654,094  

Kinder Morgan, Inc.

     229,596        4,341,660  

Williams Cos., Inc.

     39,365        1,315,185  
     

 

 

 
Total Oil, Gas & Consumable Fuels

 

     10,295,626  
Pharmaceuticals – 1.4%

 

Johnson & Johnson

     38,618        6,844,268  
Professional Services – 0.3%

 

Booz Allen Hamilton Holding Corp.

     15,112        1,327,438  
Semiconductors & Semiconductor Equipment – 1.4%

 

Intel Corp.

     137,402        6,809,643  
Software – 0.7%

 

SS&C Technologies Holdings, Inc.

     44,912        3,369,298  
Tobacco – 2.8%

 

Altria Group, Inc.

     118,942        6,214,720  

Philip Morris International, Inc.

     81,115        7,619,943  
     

 

 

 
Total Tobacco

 

     13,834,663  
Total United States

 

     472,947,371  
China – 1.7%

 

Hotels, Restaurants & Leisure – 1.7%      

Yum China Holdings, Inc.(a)

     195,451      8,119,035  
Puerto Rico – 1.1%

 

Banks – 1.1%

 

Popular, Inc.

     67,607        5,526,196  
United Kingdom – 0.8%

 

Machinery – 0.8%

 

Pentair PLC

     72,066        3,906,698  

TOTAL COMMON STOCKS

(Cost: $496,886,816)

 

 

     490,499,300  
EXCHANGE-TRADED FUND – 0.1%

 

United States – 0.1%

 

iShares Russell 1000 Value ETF(a)

     
(Cost: $687,399)      4,351        722,179  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2%

 

United States – 0.2%

 

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

     
(Cost: $964,907)      964,907        964,907  

TOTAL INVESTMENTS IN SECURITIES – 99.9%

(Cost: $498,539,122)

 

 

     492,186,386  

Other Assets less Liabilities – 0.1%

 

     449,629  
     

 

 

 
NET ASSETS – 100.0%

 

   $ 492,636,015  
* 

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 $9,361,617. The Fund also had securities on loan having a total market value of $391,713 that were sold and pending settlement. The total market value of the collateral held by the Fund was $10,151,494. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $9,186,587.

 

(b) 

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

 

See Notes to Financial Statements.

 

WisdomTree Trust      23  


Table of Contents

Schedule of Investments (concluded)

WisdomTree U.S. AI Enhanced Value Fund (AIVL)

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 U.S. LargeCap Dividend Fund^

  $ 177,066     $ 3,497,452     $ 3,726,650     $ 81,127     $ (28,995   $     $ 10,906  

WisdomTree U.S. MidCap Dividend Fund^

    179,020       3,488,420       3,702,858       86,438       (51,020           11,517  

Total

  $ 356,086     $ 6,985,872     $ 7,429,508     $ 167,565     $ (80,015   $     $ 22,423  
^ 

As of March 31, 2022, the Fund did not hold a position in this affiliate.

 

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

   $ 490,499,300      $      $      $ 490,499,300  

Exchange-Traded Fund

     722,179                      722,179  

Investment of Cash Collateral for Securities Loaned

            964,907               964,907  

Total Investments in Securities

   $ 491,221,479      $ 964,907      $      $ 492,186,386  

 

See Notes to Financial Statements.

 

24   WisdomTree Trust


Table of Contents

Schedule of Investments

WisdomTree U.S. ESG Fund (RESP)

March 31, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.9%

 

United States – 99.9%

 

Air Freight & Logistics – 1.2%

 

C.H. Robinson Worldwide, Inc.

     865      $ 93,169  

Expeditors International of Washington, Inc.

     1,241        128,022  

FedEx Corp.

     1,123        259,851  

United Parcel Service, Inc., Class B

     2,066        443,074  
     

 

 

 
Total Air Freight & Logistics

 

     924,116  
Airlines – 0.2%

 

Alaska Air Group, Inc.*

     2,827        163,994  
Auto Components – 0.3%

 

BorgWarner, Inc.

     3,416        132,882  

Gentex Corp.

     4,211        122,835  
     

 

 

 
Total Auto Components

 

     255,717  
Automobiles – 2.7%

 

Ford Motor Co.

     13,446        227,372  

General Motors Co.*

     5,542        242,407  

Harley-Davidson, Inc.

     2,821        111,147  

Tesla, Inc.*

     1,359        1,464,459  
     

 

 

 
Total Automobiles

 

     2,045,385  
Banks – 4.3%

 

Bank of America Corp.

     15,432        636,107  

Bank OZK

     1,732        73,956  

BOK Financial Corp.

     620        58,249  

Citigroup, Inc.

     5,530        295,302  

Citizens Financial Group, Inc.

     2,274        103,080  

Comerica, Inc.

     1,551        140,257  

Fifth Third Bancorp

     3,991        171,773  

JPMorgan Chase & Co.

     5,217        711,182  

KeyCorp

     7,231        161,830  

People’s United Financial, Inc.

     1,777        35,522  

PNC Financial Services Group, Inc.

     1,400        258,230  

Regions Financial Corp.

     7,380        164,279  

Synovus Financial Corp.

     1,567        76,783  

U.S. Bancorp

     4,288        227,907  

Valley National Bancorp

     3,878        50,492  

Webster Financial Corp.

     2,187        122,734  

Western Alliance Bancorp

     690        57,146  
     

 

 

 
Total Banks

 

     3,344,829  
Beverages – 1.3%

 

Brown-Forman Corp., Class B

     2,069        138,664  

Constellation Brands, Inc., Class A

     565        130,131  

Keurig Dr. Pepper, Inc.

     5,041        191,054  

Molson Coors Beverage Co., Class B

     2,659        141,937  

PepsiCo, Inc.

     2,418        404,725  
     

 

 

 
Total Beverages

 

     1,006,511  
Biotechnology – 2.5%

 

AbbVie, Inc.

     3,029        491,031  

Amgen, Inc.

     1,254        303,242  

Biogen, Inc.*

     895        188,487  

Exelixis, Inc.*

     1,624        36,816  

Gilead Sciences, Inc.

     3,727      221,570  

Incyte Corp.*

     855        67,904  

Moderna, Inc.*

     877        151,072  

Regeneron Pharmaceuticals, Inc.*

     315        220,002  

United Therapeutics Corp.*

     262        47,006  

Vertex Pharmaceuticals, Inc.*

     608        158,670  
     

 

 

 
Total Biotechnology

 

     1,885,800  
Building Products – 0.6%

 

Builders FirstSource, Inc.*

     313        20,201  

Lennox International, Inc.

     493        127,125  

Masco Corp.

     2,434        124,134  

Owens Corning

     2,143        196,085  
     

 

 

 
Total Building Products

 

     467,545  
Capital Markets – 2.4%

 

Ameriprise Financial, Inc.

     542        162,795  

Bank of New York Mellon Corp.

     4,203        208,595  

CBOE Global Markets, Inc.

     596        68,194  

FactSet Research Systems, Inc.

     334        145,006  

Franklin Resources, Inc.

     4,530        126,478  

Goldman Sachs Group, Inc.

     858        283,226  

Houlihan Lokey, Inc.

     600        52,680  

Jefferies Financial Group, Inc.

     2,329        76,508  

Morgan Stanley

     4,174        364,807  

S&P Global, Inc.

     837        343,321  
     

 

 

 
Total Capital Markets

 

     1,831,610  
Chemicals – 1.5%

 

CF Industries Holdings, Inc.

     2,348        241,985  

Dow, Inc.

     5,756        366,772  

Huntsman Corp.

     5,752        215,758  

Mosaic Co.

     3,586        238,469  

Westlake Corp.

     525        64,785  
     

 

 

 
Total Chemicals

 

     1,127,769  
Commercial Services & Supplies – 0.6%

 

Republic Services, Inc.

     1,487        197,028  

Waste Management, Inc.

     1,536        243,456  
     

 

 

 
Total Commercial Services & Supplies

 

     440,484  
Communications Equipment – 1.3%

 

Ciena Corp.*

     2,534        153,636  

Cisco Systems, Inc.

     11,738        654,511  

Juniper Networks, Inc.

     5,474        203,414  
     

 

 

 
Total Communications Equipment

 

     1,011,561  
Construction & Engineering – 0.4%

 

AECOM

     2,285        175,511  

EMCOR Group, Inc.

     1,457        164,102  
     

 

 

 
Total Construction & Engineering

 

     339,613  
Consumer Finance – 1.4%

 

Ally Financial, Inc.

     2,703        117,526  

American Express Co.

     2,014        376,618  

Capital One Financial Corp.

     1,682        220,830  

Credit Acceptance Corp.*(a)

     25        13,759  

Discover Financial Services

     1,329        146,443  

 

See Notes to Financial Statements.

 

WisdomTree Trust      25  


Table of Contents

Schedule of Investments (continued)

WisdomTree U.S. ESG Fund (RESP)

March 31, 2022

 

 

 

Investments    Shares      Value  

OneMain Holdings, Inc.

     1,774      $ 84,105  

Synchrony Financial

     3,178        110,626  
     

 

 

 
Total Consumer Finance

 

     1,069,907  
Containers & Packaging – 0.4%

 

Packaging Corp. of America

     1,019        159,076  

Sealed Air Corp.

     2,395        160,369  
     

 

 

 
Total Containers & Packaging               319,445  
Distributors – 0.1%

 

Genuine Parts Co.

     699        88,088  
Diversified Consumer Services – 0.1%

 

Service Corp. International

     929        61,147  
Diversified Financial Services – 0.2%

 

Voya Financial, Inc.

     2,504        166,140  
Diversified Telecommunication Services – 1.6%

 

AT&T, Inc.

     24,224        572,413  

Verizon Communications, Inc.

     12,450        634,203  
     

 

 

 
Total Diversified Telecommunication Services

 

     1,206,616  
Electric Utilities – 1.2%

 

Avangrid, Inc.(a)

     4,575        213,835  

Edison International

     2,988        209,459  

Eversource Energy

     2,536        223,650  

Exelon Corp.

     5,764        274,539  
     

 

 

 
Total Electric Utilities

 

     921,483  
Electrical Equipment – 0.2%

 

Acuity Brands, Inc.

     741        140,271  
Electronic Equipment, Instruments & Components – 0.8%

 

Arrow Electronics, Inc.*

     1,653        196,096  

Corning, Inc.

     5,344        197,247  

Jabil, Inc.

     3,796        234,327  
     

 

 

 
Total Electronic Equipment, Instruments & Components

 

     627,670  
Entertainment – 0.5%

 

Electronic Arts, Inc.

     1,276        161,427  

Warner Music Group Corp., Class A

     6,696        253,443  
     

 

 

 
Total Entertainment

 

     414,870  
Equity Real Estate Investment Trusts (REITs) – 2.3%

 

Brixmor Property Group, Inc.

     5,800        149,698  

Healthpeak Properties, Inc.

     5,750        197,397  

Iron Mountain, Inc.

     3,864        214,104  

Kilroy Realty Corp.

     2,898        221,465  

Omega Healthcare Investors, Inc.

     747        23,277  

Public Storage

     442        172,504  

Simon Property Group, Inc.

     1,397        183,789  

Ventas, Inc.

     3,989        246,361  

W.P. Carey, Inc.

     1,419        114,712  

Weyerhaeuser Co.

     5,476        207,540  
     

 

 

 
Total Equity Real Estate Investment Trusts (REITs)

 

     1,730,847  
Food & Staples Retailing – 0.2%

 

Sysco Corp.

     1,822        148,766  
Food Products – 2.8%

 

Archer-Daniels-Midland Co.

     2,050      185,033  

Campbell Soup Co.

     3,528        157,243  

Conagra Brands, Inc.

     4,334        145,492  

Darling Ingredients, Inc.*

     1,213        97,501  

General Mills, Inc.

     2,871        194,424  

Hershey Co.

     927        200,816  

Hormel Foods Corp.

     2,943        151,682  

Ingredion, Inc.

     1,185        103,273  

J.M. Smucker Co.

     892        120,786  

Kellogg Co.

     2,523        162,708  

Kraft Heinz Co.

     3,507        138,141  

McCormick & Co., Inc., Non-Voting Shares

     1,619        161,576  

Mondelez International, Inc., Class A

     3,695        231,972  

Post Holdings, Inc.*

     542        37,539  

Tyson Foods, Inc., Class A

     1,153        103,344  
     

 

 

 
Total Food Products

 

     2,191,530  
Gas Utilities – 0.3%

 

Atmos Energy Corp.

     910        108,736  

UGI Corp.

     2,792        101,126  
     

 

 

 
Total Gas Utilities

 

     209,862  
Health Care Equipment & Supplies – 2.4%

 

Abbott Laboratories

     3,326        393,666  

Baxter International, Inc.

     2,343        181,676  

Becton Dickinson and Co.

     847        225,302  

Boston Scientific Corp.*

     4,645        205,727  

Cooper Cos., Inc.

     108        45,100  

Dentsply Sirona, Inc.

     2,156        106,118  

Edwards Lifesciences Corp.*

     2,093        246,388  

Envista Holdings Corp.*

     1,421        69,217  

Hologic, Inc.*

     1,494        114,769  

ResMed, Inc.

     580        140,656  

Zimmer Biomet Holdings, Inc.

     1,118        142,992  
     

 

 

 
Total Health Care Equipment & Supplies

 

     1,871,611  
Health Care Providers & Services – 4.2%

 

AmerisourceBergen Corp.

     1,069        165,385  

Anthem, Inc.

     567        278,522  

Cardinal Health, Inc.

     2,680        151,956  

Centene Corp.*

     1,708        143,797  

Chemed Corp.

     39        19,755  

Cigna Corp.

     948        227,150  

CVS Health Corp.

     2,918        295,331  

DaVita, Inc.*

     1,106        125,100  

Encompass Health Corp.

     1,268        90,167  

HCA Healthcare, Inc.

     599        150,121  

Henry Schein, Inc.*

     1,266        110,383  

Humana, Inc.

     485        211,057  

Laboratory Corp. of America Holdings*

     360        94,918  

McKesson Corp.

     570        174,494  

Molina Healthcare, Inc.*

     226        75,391  

Quest Diagnostics, Inc.

     1,069        146,303  

Tenet Healthcare Corp.*

     1,106        95,072  

 

See Notes to Financial Statements.

 

26   WisdomTree Trust


Table of Contents

Schedule of Investments (continued)

WisdomTree U.S. ESG Fund (RESP)

March 31, 2022

 

 

 

Investments    Shares      Value  

UnitedHealth Group, Inc.

     1,346      $ 686,420  

Universal Health Services, Inc., Class B

     204        29,570  
     

 

 

 
Total Health Care Providers & Services

 

     3,270,892  
Health Care Technology – 0.1%

 

Change Healthcare, Inc.*

     1,839        40,090  
Hotels, Restaurants & Leisure – 1.5%

 

Darden Restaurants, Inc.

     985        130,956  

McDonald’s Corp.

     1,473        364,243  

Scientific Games Corp., Class A*

     1,000        58,750  

Starbucks Corp.

     2,960        269,271  

Texas Roadhouse, Inc.

     398        33,325  

Vail Resorts, Inc.

     397        103,327  

Yum! Brands, Inc.

     1,555        184,314  
     

 

 

 
Total Hotels, Restaurants & Leisure

 

     1,144,186  
Household Durables – 0.5%

 

Newell Brands, Inc.

     5,170        110,690  

PulteGroup, Inc.

     1,309        54,847  

Tempur Sealy International, Inc.

     2,648        73,932  

Whirlpool Corp.

     726        125,438  
     

 

 

 
Total Household Durables

 

     364,907  
Household Products – 1.6%

 

Church & Dwight Co., Inc.

     1,272        126,411  

Clorox Co.

     1,098        152,655  

Colgate-Palmolive Co.

     2,776        210,504  

Kimberly-Clark Corp.

     1,253        154,320  

Procter & Gamble Co.

     3,736        570,861  

Reynolds Consumer Products, Inc.

     1,368        40,137  
     

 

 

 
Total Household Products

 

     1,254,888  
Industrial Conglomerates – 0.4%

 

3M Co.

     2,037        303,269  
Insurance – 3.2%

 

Aflac, Inc.

     3,246        209,010  

Alleghany Corp.*

     89        75,383  

Allstate Corp.

     1,445        200,147  

American Financial Group, Inc.

     564        82,130  

American International Group, Inc.

     2,675        167,910  

CNA Financial Corp.

     2,109        102,539  

Fidelity National Financial, Inc.

     1,239        60,513  

First American Financial Corp.

     1,281        83,034  

Hartford Financial Services Group, Inc.

     2,769        198,842  

Marsh & McLennan Cos., Inc.

     1,254        213,707  

MetLife, Inc.

     3,485        244,926  

Old Republic International Corp.

     917        23,723  

Progressive Corp.

     1,666        189,907  

Prudential Financial, Inc.

     1,893        223,696  

Reinsurance Group of America, Inc.

     851        93,150  

Travelers Cos., Inc.

     1,048        191,501  

W.R. Berkley Corp.

     1,344        89,497  
     

 

 

 
Total Insurance

 

     2,449,615  
Interactive Media & Services – 5.1%

 

Alphabet, Inc., Class A*

     1,423        3,957,861  
Internet & Direct Marketing Retail – 3.2%

 

Amazon.com, Inc.*

     701      2,285,225  

eBay, Inc.

     3,037        173,899  
     

 

 

 
Total Internet & Direct Marketing Retail

 

     2,459,124  
IT Services – 6.7%

 

Akamai Technologies, Inc.*

     1,736        207,261  

Automatic Data Processing, Inc.

     1,627        370,208  

Cognizant Technology Solutions Corp., Class A

     2,957        265,154  

Concentrix Corp.

     766        127,585  

DXC Technology Co.*

     5,653        184,457  

EPAM Systems, Inc.*

     680        201,695  

Fidelity National Information Services, Inc.

     2,496        250,648  

Gartner, Inc.*

     453        134,749  

Global Payments, Inc.

     1,035        141,629  

GoDaddy, Inc., Class A*