WisdomTree Trust
Annual Report
March 31, 2022
WisdomTree Europe Hedged Equity Fund (HEDJ)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
WisdomTree Germany Hedged Equity Fund (DXGE)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
WisdomTree Japan Hedged Equity Fund (DXJ)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
1 | ||||
Information about Performance and Shareholder Expense Examples (unaudited) |
2 | |||
3 | ||||
Description of Terms and Indexes (unaudited) | 9 | |||
Schedules of Investments | ||||
12 | ||||
15 | ||||
19 | ||||
WisdomTree International Hedged Quality Dividend Growth Fund |
22 | |||
30 | ||||
36 | ||||
45 | ||||
46 | ||||
47 | ||||
49 | ||||
52 | ||||
64 | ||||
65 | ||||
66 | ||||
68 | ||||
69 |
“WisdomTree” is a registered mark of WisdomTree Investments, Inc. and is licensed for use by the WisdomTree Trust.
(unaudited)
Developed international equity markets, as measured by the MSCI EAFE Index, were roughly flat for the 12-month fiscal period ending March 31, 2022 (the “period”), returning only 1.16% in U.S. dollar (“USD”) terms.
International currency market performance was mixed during the period, although the USD broadly strengthened relative to a basket of global currencies. The euro (“EUR”) steadily weakened against the USD during the period, as the European region generally saw slower economic growth than the U.S. Although not in Europe, this effect was even more pronounced in the Japanese yen (“JPY”), which was being suppressed by the Bank of Japan in an attempt to stimulate economic growth while the rest of the global economy was overheating. The JPY weakened slightly for most of the period, though it sold off considerably in March 2022, the final month of the period. The British pound sterling fluctuated during the period but also weakened versus the USD, alongside the JPY and EUR.
Developed international equities increased their value for most of the period as the global economy continued its recovery from the COVID-19 pandemic that began in 2020. Vaccine accessibility established confidence in global markets as regional economies steadily began to reopen, promoting a revival in cyclical sectors that had been suppressed the prior year. The pace of economic growth improved during 2021, along with the inflation rates around the world, amid a global backdrop of accommodative policy. However, several headwinds in the first quarter of 2022 forced international equities to give up most of their gains from the previous nine months.
During the second quarter of 2021, markets gradually moved higher, with the MSCI EAFE Index returning 5.17% in USD terms. This was mainly due to the improved outlook for economic growth amid vaccine accessibility. The developed international economic region has significant concentration in cyclical sectors tied to overall levels of economic growth, so the improved economic outlook contributed positively to performance.
The third quarter of 2021 was more tempered than the previous quarter. The MSCI EAFE Index was flat during the quarter in USD terms, and early summertime optimism faded as new and potentially more infectious COVID-19 variants appeared and spread throughout the world. This ignited fear of renewed “lockdowns”, questions of vaccine efficacy, and threatened the ongoing economic recovery.
However, investors’ concerns quickly abated during the fourth quarter of 2021. Fears of systemic impacts from the downturn in the Chinese real estate markets briefly sent markets into negative territory, but they finished 2021 strong once their contagion concerns were allayed. Developed international markets ultimately finished the quarter in positive territory, returning 2.69% on a USD basis.
With 2021 in rearview, investors began 2022 with several concerns that led to risk-off sentiments in the first quarter of 2022. At the forefront were concerns about runaway inflation, and the expectation that global central banks would have to quickly intervene with restrictive monetary policy actions to temper rising inflation. Interest rates around the world rose quickly as bonds sold-off, and the U.S. Federal Reserve raised its target federal funds rate for the first time since slashing it to 0% at the onset of the pandemic in 2020.
Inflationary and interest rate concerns temporarily took a backseat halfway through the first quarter of 2022, as geopolitical tensions between Russia and Ukraine escalated into war. Investor risk-on sentiment deteriorated, and equities declined for several weeks as markets assessed the developments and prospects for resolution.
As a result, international equities sold off in the first quarter of 2022, owing to the near certainty of several upcoming interest rate hikes amid a tightening cycle and geopolitical tensions between Russia and Ukraine. The MSCI EAFE Index fell nearly 6% in dollar terms, although it regained some ground from its -15% low on March 8, 2022.
Many of these risk factors remain paramount, and global financial market performance will be heavily dependent on developments in the war between Russia and Ukraine, economic data, and upcoming central bank activity.
Each WisdomTree Fund’s performance as set forth in “Management’s Discussion of Funds’ Performance” in the pages that follow should also be viewed in light of the foregoing market environment.
WisdomTree Trust | 1 |
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 |
Management’s Discussion of Funds’ Performance
as of March 31, 2022 (unaudited)
WisdomTree Europe Hedged Equity Fund (HEDJ)
Sector Breakdown†
Sector | % of Net Assets | |||
Materials |
18.7% | |||
Industrials |
18.1% | |||
Consumer Staples |
14.9% | |||
Consumer Discretionary |
12.6% | |||
Health Care |
11.4% | |||
Financials |
9.0% | |||
Information Technology |
8.9% | |||
Communication Services |
4.5% | |||
Energy |
0.8% | |||
Utilities |
0.2% | |||
Other Assets less Liabilities‡ |
0.9% | |||
Total |
100.0% |
† |
The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ |
Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any). |
Top Ten Holdings*
Description | % of Net Assets | |||
Linde PLC |
5.5% | |||
ASML Holding NV |
4.4% | |||
Sanofi |
4.0% | |||
Banco Bilbao Vizcaya Argentaria SA |
3.6% | |||
LVMH Moet Hennessy Louis Vuitton SE |
3.6% | |||
L’Oreal SA |
3.4% | |||
Deutsche Telekom AG, Registered Shares |
3.4% | |||
Siemens AG, Registered Shares |
2.9% | |||
Bayer AG, Registered Shares |
2.7% | |||
BASF SE |
2.7% |
* |
The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any). |
The WisdomTree Europe Hedged Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Hedged Equity Index (the “Index”). In seeking to track the Index, the Fund invests in European dividend-paying companies while at the same time hedging exposure to the fluctuations of the value of the euro relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.
The Fund returned 4.04% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Information Technology and Consumer Staples, almost entirely due to stock selection effects. Stock selection in the Energy, Industrials and Utilities sectors weighed negatively on performance for the Fund. When analyzing performance by country, exposures within Finland and Spain weighed negatively on performance the most, due to stock selection. Netherlands and Ireland were top performance contributors primarily due to stock selection. The Fund’s use of foreign currency contracts to hedge euro currency exposure contributed to performance due to the overall appreciation of the U.S. dollar against the euro during the fiscal year.
Shareholder Expense Example (for the six-month period ended March 31, 2022)
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period |
|||||||||||||
Actual |
$ | 1,000.00 | $ | 979.10 | 0.58 | % | $ | 2.86 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.04 | 0.58 | % | $ | 2.92 |
Performance
Average Annual Total Return | ||||||||||||||||
1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||
Fund NAV Returns |
4.04 | % | 7.52 | % | 5.76 | % | 8.96 | % | ||||||||
Fund Market Price Returns |
3.39 | % | 7.30 | % | 5.66 | % | 8.71 | % | ||||||||
WisdomTree DEFA International Hedged Equity/Europe Hedged Equity Spliced Index1 |
4.55 | % | 8.07 | % | 6.20 | % | 9.42 | % | ||||||||
MSCI EAFE Local Currency/MSCI EMU Local Currency Spliced Index2 |
1.81 | % | 7.17 | % | 4.79 | % | 7.83 | % |
1 |
WisdomTree DEFA International Hedged Equity Index prior to August 29, 2012; WisdomTree Europe Hedged Equity Index thereafter. |
2 |
MSCI EAFE Local Currency Index prior to August 29, 2012; MSCI EMU Local Currency Index thereafter. |
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 |
Management’s Discussion of Funds’ Performance
as of March 31, 2022 (unaudited)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
Sector Breakdown†
Sector | % of Net Assets | |||
Industrials |
21.0% | |||
Financials |
14.9% | |||
Utilities |
13.9% | |||
Real Estate |
13.6% | |||
Communication Services |
9.3% | |||
Materials |
7.2% | |||
Consumer Discretionary |
6.0% | |||
Information Technology |
4.6% | |||
Consumer Staples |
4.4% | |||
Health Care |
2.6% | |||
Energy |
1.7% | |||
Other Assets less Liabilities‡ |
0.8% | |||
Total |
100.0% |
† |
The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ |
Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any). |
Top Ten Holdings*
Description | % of Net Assets | |||
Enagas SA |
2.3% | |||
Proximus SADP |
2.0% | |||
BAWAG Group AG |
1.8% | |||
Italgas SpA |
1.8% | |||
Acciona SA |
1.7% | |||
Mapfre SA |
1.7% | |||
Klepierre SA |
1.7% | |||
Covivio |
1.7% | |||
Freenet AG |
1.6% | |||
A2A SpA |
1.6% |
* |
The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any). |
The WisdomTree Europe Hedged SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Hedged SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in European small-cap dividend-paying companies while at the same time hedging exposure to fluctuations of the value of the euro relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.
The Fund returned 4.86% 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, Health Care and Real Estate, due to stock selection effects within each sector. Positions in the Materials, Financials and Communication Services sectors weighed negatively on performance for the Fund, largely attributable to stock selection effects. When analyzing performance by country, exposures within France and Austria weighed negatively on performance the most, as a result of stock selection effects. Netherlands and Germany were top performance contributors also primarily due to stock selection effects. The Fund’s use of foreign currency contracts to hedge euro currency exposure contributed to performance due to the overall appreciation of the U.S. dollar against the euro during the fiscal year.
Shareholder Expense Example (for the six-month period ended March 31, 2022)
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio1 |
Expenses Paid During the Period1 |
|||||||||||||
Actual |
$ | 1,000.00 | $ | 982.30 | 0.60 | % | $ | 2.97 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 |
1 |
Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $2.87 and $2.92, respectively. |
Performance
Average Annual Total Return | ||||||||||||||||
1 Year | 3 Year | 5 Year | Since Inception1 |
|||||||||||||
Fund NAV Returns |
4.86 | % | 8.25 | % | 6.98 | % | 7.88 | % | ||||||||
Fund Market Price Returns |
4.68 | % | 8.19 | % | 6.96 | % | 7.71 | % | ||||||||
WisdomTree Europe Hedged SmallCap Equity Index |
4.91 | % | 8.50 | % | 7.00 | % | 8.01 | % | ||||||||
MSCI European Economic and Monetary Union (EMU) Small Cap Local Currency Index |
3.88 | % | 11.14 | % | 7.97 | % | 8.37 | % | ||||||||
MSCI EMU Small Cap Index |
-1.61 | % | 10.82 | % | 8.84 | % | 8.15 | % |
1 Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on March 4, 2015.
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 |
Management’s Discussion of Funds’ Performance
as of March 31, 2022 (unaudited)
WisdomTree Germany Hedged Equity Fund (DXGE)
Sector Breakdown†
Sector | % of Net Assets | |||
Industrials |
20.6% | |||
Financials |
17.4% | |||
Consumer Discretionary |
13.3% | |||
Health Care |
12.0% | |||
Materials |
10.8% | |||
Communication Services |
8.3% | |||
Utilities |
7.2% | |||
Information Technology |
6.1% | |||
Consumer Staples |
2.9% | |||
Energy |
0.1% | |||
Real Estate |
0.1% | |||
Other Assets less Liabilities‡ |
1.2% | |||
Total |
100.0% |
† |
The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ |
Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any). |
Top Ten Holdings*
Description | % of Net Assets | |||
Allianz SE, Registered Shares |
6.9% | |||
Bayer AG, Registered Shares |
6.8% | |||
Deutsche Telekom AG, Registered Shares |
6.4% | |||
Siemens AG, Registered Shares |
5.5% | |||
BASF SE |
5.0% | |||
E.ON SE |
4.9% | |||
Deutsche Post AG, Registered Shares |
4.8% | |||
SAP SE |
4.8% | |||
Mercedes-Benz Group AG, Registered Shares |
4.6% | |||
Muenchener Rueckversicherungs—Gesellschaft AG in Muenchen, Registered Shares |
3.7% |
* |
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 Germany Hedged Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Germany Hedged Equity Index (the “Index”). In seeking to track the Index, the Fund invests in German dividend-paying companies with an exporter tilt while at the same time hedging exposure to fluctuations of the value of the euro relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.
The Fund returned 0.50% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Industrials due to positive stock selection, Consumer Discretionary due to allocation and stock selection effects and Utilities due to a combination of both. Positions in Financials and Materials weighed negatively on performance for the Fund, due to stock selection effects within Financials and a combination of both poor stock selection and allocation effects within Materials. The Fund’s use of foreign currency contracts to hedge euro currency exposure contributed to performance due to the overall appreciation of the U.S. dollar against the euro during the fiscal year.
Shareholder Expense Example (for the six-month period ended March 31, 2022)
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period |
|||||||||||||
Actual |
$ | 1,000.00 | $ | 980.40 | 0.48 | % | $ | 2.37 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.54 | 0.48 | % | $ | 2.42 |
Performance
Average Annual Total Return | ||||||||||||||||
1 Year | 3 Year | 5 Year | Since Inception1 |
|||||||||||||
Fund NAV Returns |
0.50 | % | 9.31 | % | 5.34 | % | 7.41 | % | ||||||||
Fund Market Price Returns |
-0.09 | % | 9.11 | % | 5.24 | % | 7.25 | % | ||||||||
WisdomTree Germany Hedged Equity Index |
0.69 | % | 9.67 | % | 5.58 | % | 7.64 | % | ||||||||
MSCI Germany Local Currency Index |
-7.00 | % | 5.28 | % | 1.74 | % | 4.86 | % | ||||||||
MSCI Germany Index |
-11.96 | % | 4.96 | % | 2.54 | % | 2.34 | % |
1 |
Total returns are calculated based on the commencement of Fund trading on the NASDAQ on October 17, 2013. |
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 |
Management’s Discussion of Funds’ Performance
as of March 31, 2022 (unaudited)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
Sector Breakdown†
Sector | % of Net Assets | |||
Materials |
21.1% | |||
Health Care |
19.3% | |||
Industrials |
18.6% | |||
Consumer Discretionary |
16.6% | |||
Information Technology |
11.2% | |||
Consumer Staples |
6.1% | |||
Financials |
2.2% | |||
Energy |
1.8% | |||
Communication Services |
1.2% | |||
Real Estate |
0.2% | |||
Investment Company |
0.1% | |||
Utilities |
0.0% | * | ||
Other Assets less Liabilities‡ |
1.6% | |||
Total |
100.0% |
† |
The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ |
Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any). |
* |
Represents less than 0.1%. |
Top Ten Holdings*
Description | % of Net Assets | |||
BHP Group Ltd. |
5.7% | |||
Anglo American PLC |
5.5% | |||
Rio Tinto PLC |
5.0% | |||
Novo Nordisk A/S, Class B |
4.9% | |||
LVMH Moet Hennessy Louis Vuitton SE |
4.9% | |||
Roche Holding AG |
4.8% | |||
Tokyo Electron Ltd. |
2.9% | |||
Diageo PLC |
2.8% | |||
Industria de Diseno Textil SA |
2.5% | |||
Deutsche Post AG, Registered Shares |
2.4% |
* |
The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any). |
The WisdomTree International Hedged Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Hedged Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in developed countries, excluding U.S. and Canada, while at the same time hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.
The Fund returned 7.93% 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 Materials, Health Care and Information Technology, due to stock selection effects within each sector. Positions in the Energy, Financials and Consumer Discretionary sectors weighed negatively on performance for the Fund, as a result of asset allocation effects in Consumer Discretionary, poor stock selection effects in Financials, and a combination of the two in Energy. When analyzing performance by country, exposures within Australia and Spain weighed negatively on performance the most, almost entirely due to poor stock selection effects. United Kingdom and Germany were top performance contributors due to allocation and stock selection effects in both sectors. The Fund’s use of foreign currency contracts contributed positively to Fund performance as a result of the overall strengthening of the U.S. dollar against applicable international currencies during the fiscal year.
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 | $ | 1,006.00 | 0.58 | % | $ | 2.90 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.04 | 0.58 | % | $ | 2.92 |
Performance
Average Annual Total Return | ||||||||||||||||
1 Year | 3 Year | 5 Year | Since Inception1 |
|||||||||||||
Fund NAV Returns |
7.93 | % | 13.13 | % | 10.59 | % | 9.69 | % | ||||||||
Fund Market Price Returns |
7.36 | % | 12.97 | % | 10.48 | % | 9.55 | % | ||||||||
WisdomTree International Hedged Quality Dividend Growth Index |
8.78 | % | 13.85 | % | 11.36 | % | 10.38 | % | ||||||||
MSCI EAFE Local Currency Index |
6.21 | % | 8.23 | % | 6.55 | % | 6.87 | % |
1 |
Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on May 7, 2014. |
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 |
Management’s Discussion of Funds’ Performance
as of March 31, 2022 (unaudited)
WisdomTree Japan Hedged Equity Fund (DXJ)
Sector Breakdown†
Sector | % of Net Assets | |||
Industrials |
22.4% | |||
Consumer Discretionary |
17.7% | |||
Financials |
15.0% | |||
Information Technology |
11.8% | |||
Materials |
9.1% | |||
Consumer Staples |
8.8% | |||
Health Care |
7.9% | |||
Communication Services |
3.9% | |||
Energy |
2.4% | |||
Other Assets less Liabilities‡ |
1.0% | |||
Total |
100.0% |
† |
The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ |
Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any). |
Top Ten Holdings*
Description | % of Net Assets | |||
Toyota Motor Corp. |
5.4% | |||
Mitsubishi UFJ Financial Group, Inc. |
4.4% | |||
Japan Tobacco, Inc. |
4.1% | |||
Takeda Pharmaceutical Co. Ltd. |
3.3% | |||
Nintendo Co. Ltd. |
3.1% | |||
Tokyo Electron Ltd. |
3.0% | |||
ITOCHU Corp. |
2.9% | |||
Sumitomo Mitsui Financial Group, Inc. |
2.9% | |||
Mitsubishi Corp. |
2.6% | |||
Honda Motor Co. Ltd. |
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 Japan Hedged Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan Hedged Equity Index (the “Index”). The Fund seeks to provide Japanese equity returns while mitigating or “hedging” against fluctuations between the value of the Japanese yen and the U.S. dollar. In seeking to track the Index, the Fund invests in Japanese dividend-paying companies with an exporter tilt while at the same time hedging exposure to fluctuations of the value of the Japanese yen relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.
The Fund returned 8.79% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Industrials, Communication Services and Financials, due to allocation and stock selection effects. Industrials’ contribution was entirely due to positive stock selection effects. Positions in the Materials, Real Estate and Utilities sectors were all positive contributors as well, but had the most negligible impacts of all sector exposures. When analyzing performance by earnings yield attribution, the 2nd and 4th quintiles of companies ranked by earnings yield weighed negatively on performance the most, owing to poorer stock selection effects. The companies with 1st and 5th quintiles were top performance contributors due to allocation effects, where the Fund was overweight the former and significantly underweight the latter. The Fund’s use of foreign currency contracts contributed positively to Fund performance as a result of the U.S. dollar strengthening against the Japanese yen during the fiscal year.
Shareholder Expense Example (for the six-month period ended March 31, 2022)
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period |
|||||||||||||
Actual |
$ | 1,000.00 | $ | 1,035.00 | 0.48 | % | $ | 2.44 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.54 | 0.48 | % | $ | 2.42 |
Performance
Average Annual Total Return | ||||||||||||||||
1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||
Fund NAV Returns |
8.79 | % | 11.51 | % | 7.86 | % | 9.72 | % | ||||||||
Fund Market Price Returns |
6.89 | % | 11.02 | % | 7.56 | % | 9.49 | % | ||||||||
WisdomTree Japan Hedged Equity Index |
9.09 | % | 11.93 | % | 8.37 | % | 10.33 | % | ||||||||
MSCI Japan Local Currency Index |
2.73 | % | 10.17 | % | 7.93 | % | 10.68 | % |
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 |
Management’s Discussion of Funds’ Performance
as of March 31, 2022 (unaudited)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
Sector Breakdown†
Sector | % of Net Assets | |||
Industrials |
24.6% | |||
Consumer Discretionary |
15.6% | |||
Materials |
15.1% | |||
Financials |
13.1% | |||
Information Technology |
11.8% | |||
Consumer Staples |
6.7% | |||
Health Care |
3.9% | |||
Communication Services |
2.4% | |||
Utilities |
2.2% | |||
Real Estate |
2.0% | |||
Energy |
1.2% | |||
Other Assets less Liabilities‡ |
1.4% | |||
Total |
100.0% |
† |
The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any). |
‡ |
Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any). |
Top Ten Holdings*
Description | % of Net Assets | |||
Nishimatsu Construction Co. Ltd. |
0.8% | |||
Electric Power Development Co. Ltd. |
0.8% | |||
Aozora Bank Ltd. |
0.7% | |||
Mebuki Financial Group, Inc. |
0.7% | |||
Konica Minolta, Inc. |
0.7% | |||
Toyo Seikan Group Holdings Ltd. |
0.6% | |||
Seven Bank Ltd. |
0.6% | |||
H.U. Group Holdings, Inc. |
0.6% | |||
Cosmo Energy Holdings Co. Ltd. |
0.5% | |||
Sankyo Co. Ltd. |
0.5% |
* |
The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any). |
The WisdomTree Japan Hedged SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan Hedged SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in Japanese small-cap dividend-paying companies while at the same time hedging exposure to fluctuations of the value of the Japanese yen relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.
The Fund returned -1.80% 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, Materials and Health Care, due to stock selection effects within each sector. Positions in the Real Estate, Consumer Discretionary and Industrials sectors weighed negatively on performance for the Fund, due to stock selection effects in Consumer Discretionary and Industrials and allocation effects in the Real Estate sector. When analyzing performance by earnings yield attribution, underweighting companies with negative earnings yield and the lowest earnings yields (5th quintile) contributed positively to performance the most, as a result of a combination of allocation and stock selection effects. Only the companies within the 3rd quintile detracted from performance, though its impact was modest. The Fund’s use of foreign currency contracts contributed positively to Fund performance as a result of the U.S. dollar strengthening against the Japanese yen during the fiscal year.
Shareholder Expense Example (for the six-month period ended March 31, 2022)
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period |
|||||||||||||
Actual |
$ | 1,000.00 | $ | 951.00 | 0.58 | % | $ | 2.82 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.04 | 0.58 | % | $ | 2.92 |
Performance
Average Annual Total Return | ||||||||||||||||
1 Year | 3 Year | 5 Year | Since Inception1 |
|||||||||||||
Fund NAV Returns |
-1.80 | % | 5.44 | % | 5.19 | % | 8.91 | % | ||||||||
Fund Market Price Returns |
-3.12 | % | 4.96 | % | 4.91 | % | 8.68 | % | ||||||||
WisdomTree Japan Hedged SmallCap Equity Index |
-1.53 | % | 5.96 | % | 5.77 | % | 9.69 | % | ||||||||
MSCI Japan Small Cap Local Currency Index |
-3.63 | % | 5.67 | % | 5.33 | % | 9.04 | % | ||||||||
MSCI Japan Small Cap Index |
-12.27 | % | 2.47 | % | 3.55 | % | 6.58 | % |
1 |
Total returns are calculated based on the commencement of Fund trading on the NASDAQ on June 28, 2013. |
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 |
Description of Terms and Indexes (unaudited)
Below are descriptions of certain terms and of each Index referenced in this report:
Allocation Effect measures an investment manager’s ability to effectively allocate a portfolio’s assets to various segments. A segment refers to assets or securities that are grouped within a certain classification such as sectors, industries, or countries. The allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. Positive allocation occurs when the portfolio is overweighted in a segment that outperforms the benchmark and underweighted in a segment that underperforms the benchmark. Negative allocation occurs when the portfolio is overweighted in a segment that underperforms the benchmark and underweighted in a segment that outperforms the benchmark.
Growth is generally characterized by higher price levels relative to fundamentals, such as dividends or earnings. Price levels are higher because investors are willing to pay more due to their expectations of future improvements in these fundamentals.
The MSCI EAFE Local Currency Index is a free float-adjusted market capitalization weighted index that is designed to measure developed market equity performance, excluding the U.S. and Canada, calculated in local currency.
The MSCI European Economic and Monetary Union (EMU) Local Currency Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed market countries within the EMU. The securities are priced in local currency terms with no conversion into U.S. dollars.
The MSCI European Economic and Monetary Union (EMU) Small Cap Local Currency Index is a free float-adjusted market capitalization weighted index that captures small cap representation across the 10 Developed Market countries in the EMU and is calculated in local currency.
The MSCI EMU Small Cap Index captures small-cap representation across the 10 developed markets countries in the European Economic and Monetary Union (“EMU”).
The MSCI Germany Local Currency Index is a capitalization weighted index that measures the performance of the Germany equity market and provides local currency returns, which are not translated back to U.S. dollars.
The MSCI Germany Index is designed to measure the performance of the large- and mid-cap segments of the German market. With 61 constituents, the index covers about 85% of the equity universe in Germany.
The MSCI Japan Index is a capitalization weighted index that is comprised of stocks in Japan.
The MSCI Japan Local Currency Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan and calculated in local currency.
The MSCI Japan Small Cap Local Currency Index is a free float-adjusted market capitalization index that is designed to measure the performance of small cap stocks within Japan and calculated in local currency.
The MSCI Japan Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of small cap stocks within Japan.
Quality is generally characterized by higher efficiency and profitability. Typical measures include earnings, return-on-equity, return on assets, operating profitability as well as others. This term is also related to the quality factor, which associates these stock characteristics with excess returns vs. the market over time.
Return-on-Equity (ROE) measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.
Risk-on and Risk-off refers to investors’ appetites for risk which rise and fall over time. During periods when risk is perceived as low, the risk-on risk-off theory states that
WisdomTree Trust | 9 |
Description of Terms and Indexes (unaudited) (continued)
investors tend to engage in higher-risk investments (i.e., “Risk-on”). When risk is perceived to be high, investors have the tendency to gravitate toward lower-risk investments (i.e., “Risk-off”).
Selection Effect measures an investment manager’s ability to select securities within a given segment relative to a benchmark. The over or underperformance of the portfolio is weighted by the benchmark weight, therefore, selection is not affected by the investment manager’s allocation to the segment. The weight of the segment in the portfolio determines the size of the effect—the larger the segment, the larger the effect is, positive or negative. A positive selection effect occurs when the portfolio return is greater than the benchmark return. Thus, the investment manager made good decisions in selecting securities that, as a whole, outperformed similar securities in the benchmark. A negative selection effect occurs when the portfolio return is less than the benchmark return. Thus, the investment manager made poor decisions in selecting securities that, as a whole, underperformed similar securities in the benchmark.
The WisdomTree DEFA International Hedged Equity Index is a dividend weighted index designed to provide exposure to developed world, non-U.S. equity securities while at the same time neutralizing exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies reflected in the index. This index is based on the WisdomTree International Equity Index.
The WisdomTree Europe Hedged Equity Index is designed to provide exposure to European equities while at the same time neutralizing exposure to fluctuations between the Euro and the U.S. dollar.
The WisdomTree Europe Hedged SmallCap Equity Index is designed to provide exposure to the European equity markets while at the same time neutralizing exposure to fluctuations of the Euro movements relative to U.S. dollar.
The WisdomTree Germany Hedged Equity Index is designed to provide exposure to Germany equity markets while at the same time neutralizing exposure to fluctuations of the Euro movements relative to the U.S. dollar. In this sense, the Index “hedges” against fluctuations in the relative value of the Euro against the U.S. dollar.
The WisdomTree International Hedged Quality Dividend Growth Index is designed to provide exposure to the developed market companies while at the same time neutralizing exposure to fluctuations between the value of foreign currencies and the U.S. dollar.
The WisdomTree Japan Hedged Equity Index is designed to provide exposure to Japanese equity markets while at the same time neutralizing exposure to fluctuations of the Japanese Yen movements relative to the U.S. dollar.
The WisdomTree Japan Hedged SmallCap Equity Index is designed to provide exposure to the small-capitalization segment of the Japanese equity markets while at the same time neutralizing exposure to fluctuations of the Japanese Yen movements relative to the U.S. dollar.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all
10 | WisdomTree Trust |
Description of Terms and Indexes (unaudited) (concluded)
warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
WisdomTree Investments, Inc. and WisdomTree Asset Management, Inc. (together, “WisdomTree”) and the Funds make no representation or warranty, express or implied, to the owners of shares of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the underlying Indexes to track the performance of their underlying securities. WisdomTree Investments is the licensor of certain trademarks, service marks and trade names of the Funds. WisdomTree Investments has no obligation to take the needs of the Funds or the owners of shares of the Funds into consideration in determining, composing, or calculating the underlying WisdomTree Indexes of the applicable Funds. WisdomTree Investments is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of shares of the Funds to be issued or in the determination or calculation of the equation by which the shares of the Funds are redeemable. WisdomTree and the Funds do not guarantee the accuracy, completeness, or performance of the underlying Indexes or the data included therein and shall have no liability in connection with the underlying Indexes or their calculation.
Index performance information assumes the reinvestment of dividends and excludes management fees, transaction costs and expenses. You cannot directly invest in an index.
* * * * * *
Abbreviations used in the schedules of investments and related tables included in this report are as follows:
Currency abbreviations: | ||||||||||
AUD | Australian dollar | ILS | Israeli new shekel | |||||||
CHF | Swiss franc | JPY | Japanese yen | |||||||
DKK | Danish krone | NOK | Norwegian krone | |||||||
EUR | Euro | SEK | Swedish krona | |||||||
GBP | British pound | SGD | Singapore dollar | |||||||
HKD | Hong Kong dollar | USD | U.S. dollar | |||||||
Other abbreviations: | ||||||||||
CVA | Certificaten Van Aandelen (Certificate of Stock) | |||||||||
RSP | Risparmio Italian Savings Shares |
WisdomTree Trust | 11 |
WisdomTree Europe Hedged Equity Fund (HEDJ)
March 31, 2022
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.1% |
| |||||||
Austria – 0.4% |
| |||||||
Andritz AG |
145,978 | $ | 6,818,495 | |||||
AT&S Austria Technologie & Systemtechnik AG |
21,931 | 1,229,837 | ||||||
|
|
|||||||
Total Austria |
|
8,048,332 | ||||||
Belgium – 4.9% |
| |||||||
Anheuser-Busch InBev SA/NV |
826,312 | 49,886,442 | ||||||
Bekaert SA |
103,627 | 4,090,866 | ||||||
Fagron |
36,081 | 663,204 | ||||||
Melexis NV |
38,554 | 3,603,358 | ||||||
Solvay SA(a) |
179,442 | 17,861,243 | ||||||
UCB SA |
118,599 | 14,310,976 | ||||||
|
|
|||||||
Total Belgium |
|
90,416,089 | ||||||
Finland – 3.9% |
| |||||||
Cargotec Oyj, Class B |
64,641 | 2,484,214 | ||||||
Fiskars Oyj Abp |
54,031 | 1,292,529 | ||||||
Huhtamaki Oyj(a) |
123,929 | 4,354,555 | ||||||
Kemira Oyj(a) |
315,724 | 4,169,817 | ||||||
Kone Oyj, Class B |
644,924 | 34,149,388 | ||||||
Konecranes Oyj(a) |
91,246 | 2,839,651 | ||||||
Metso Outotec Oyj |
960,185 | 8,209,202 | ||||||
Neles Oyj |
134,545 | 1,383,242 | ||||||
Revenio Group Oyj |
11,630 | 618,797 | ||||||
Valmet Oyj(a) |
284,630 | 8,933,928 | ||||||
Wartsila Oyj Abp(a) |
485,002 | 4,482,230 | ||||||
|
|
|||||||
Total Finland |
|
72,917,553 | ||||||
France – 25.9% |
| |||||||
Air Liquide SA |
258,365 | 45,684,715 | ||||||
Arkema SA(a) |
40,555 | 4,907,184 | ||||||
BioMerieux |
11,759 | 1,265,713 | ||||||
Bureau Veritas SA |
184,074 | 5,312,771 | ||||||
Cie Generale des Etablissements Michelin SCA |
87,506 | 11,970,852 | ||||||
Danone SA |
452,805 | 25,205,795 | ||||||
Dassault Systemes SE |
96,661 | 4,809,093 | ||||||
EssilorLuxottica SA |
108,667 | 20,107,062 | ||||||
Eutelsat Communications SA |
326,237 | 3,573,251 | ||||||
Faurecia SE(a) |
58,309 | 1,534,353 | ||||||
Hermes International |
10,295 | 14,793,790 | ||||||
Imerys SA |
53,269 | 2,311,521 | ||||||
IPSOS |
27,364 | 1,376,185 | ||||||
Kering SA |
29,172 | 18,686,205 | ||||||
L’Oreal SA |
158,412 | 64,131,166 | ||||||
Lectra |
1,856 | 89,005 | ||||||
Legrand SA |
113,559 | 10,914,238 | ||||||
LVMH Moet Hennessy Louis Vuitton SE(a) |
92,793 | 67,048,054 | ||||||
Nexans SA |
7,911 | 748,625 | ||||||
Pernod Ricard SA |
70,475 | 15,627,916 | ||||||
Publicis Groupe SA |
261,587 | 16,083,691 | ||||||
Remy Cointreau SA |
7,746 | 1,611,676 | ||||||
Rubis SCA |
126,327 | 3,748,676 | ||||||
Safran SA |
32,882 | 3,924,232 | ||||||
Sanofi |
732,960 | 75,444,509 | ||||||
Sartorius Stedim Biotech(a) |
3,342 | 1,385,133 | ||||||
Schneider Electric SE |
294,095 | 49,790,538 | ||||||
SEB SA |
15,950 | 2,246,741 | ||||||
Societe BIC SA |
45,274 | 2,303,105 | ||||||
Teleperformance |
9,822 | 3,784,523 | ||||||
Valeo(a) |
53,926 | 1,005,313 | ||||||
Vicat SA(a) |
40,581 | 1,388,438 | ||||||
|
|
|||||||
Total France |
|
482,814,069 | ||||||
Germany – 24.7% |
| |||||||
adidas AG |
39,588 | 9,333,686 | ||||||
AIXTRON SE |
14,213 | 316,203 | ||||||
BASF SE |
870,715 | 50,145,155 | ||||||
Bayer AG, Registered Shares |
735,558 | 50,823,808 | ||||||
Bayerische Motoren Werke AG |
235,292 | 20,577,300 | ||||||
Beiersdorf AG |
38,384 | 4,065,799 | ||||||
Brenntag SE |
71,654 | 5,847,093 | ||||||
Covestro AG(b) |
82,558 | 4,210,779 | ||||||
Deutsche Telekom AG, Registered Shares |
3,339,065 | 62,905,963 | ||||||
Duerr AG |
13,106 | 391,100 | ||||||
Eckert & Ziegler Strahlen – und Medizintechnik AG |
3,945 | 255,463 | ||||||
Evonik Industries AG |
362,534 | 10,156,946 | ||||||
Fresenius SE & Co. KGaA |
222,558 | 8,257,196 | ||||||
GEA Group AG |
106,589 | 4,424,827 | ||||||
Hannover Rueck SE |
86,804 | 14,907,508 | ||||||
Hapag-Lloyd AG(a)(b) |
86,950 | 30,629,449 | ||||||
HeidelbergCement AG |
125,556 | 7,216,898 | ||||||
Henkel AG & Co. KGaA |
104,488 | 6,969,703 | ||||||
Hochtief AG |
71,822 | 4,890,661 | ||||||
Infineon Technologies AG |
142,447 | 4,910,927 | ||||||
Knorr-Bremse AG |
49,130 | 3,806,836 | ||||||
LANXESS AG |
27,979 | 1,241,809 | ||||||
Mercedes-Benz Group AG, Registered Shares |
475,534 | 33,762,065 | ||||||
Merck KGaA |
25,298 | 5,343,865 | ||||||
NORMA Group SE |
8,987 | 260,584 | ||||||
Puma SE |
7,737 | 666,648 | ||||||
SAP SE |
329,965 | 37,124,757 | ||||||
Siemens AG, Registered Shares |
384,618 | 53,775,610 | ||||||
Siemens Healthineers AG(b) |
279,696 | 17,502,104 | ||||||
Software AG |
28,035 | 973,850 | ||||||
Symrise AG |
20,643 | 2,500,115 | ||||||
Wacker Chemie AG |
17,518 | 3,016,295 | ||||||
|
|
|||||||
Total Germany |
|
461,211,002 | ||||||
Ireland – 2.6% |
| |||||||
CRH PLC |
904,027 | 36,563,225 | ||||||
Glanbia PLC |
424,844 | 4,958,652 | ||||||
Kerry Group PLC, Class A |
65,630 | 7,382,650 | ||||||
|
|
|||||||
Total Ireland |
|
48,904,527 | ||||||
Italy – 2.6% |
| |||||||
Carel Industries SpA(b) |
31,633 | 818,318 | ||||||
Danieli & C. Officine Meccaniche SpA |
11,655 | 257,284 | ||||||
Datalogic SpA |
30,198 | 333,478 | ||||||
Davide Campari-Milano NV(a) |
402,633 | 4,728,531 |
See Notes to Financial Statements.
12 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Europe Hedged Equity Fund (HEDJ)
March 31, 2022
Investments | Shares | Value | ||||||
DiaSorin SpA(a) |
13,873 | $ | 2,190,340 | |||||
El.En. SpA |
36,753 | 591,316 | ||||||
Ferrari NV(a) |
60,164 | 13,301,274 | ||||||
GVS SpA(a)(b) |
93,243 | 854,874 | ||||||
Moncler SpA(a) |
151,409 | 8,547,928 | ||||||
Piaggio & C. SpA |
866,797 | 2,474,758 | ||||||
Pirelli & C. SpA(b) |
717,621 | 3,937,212 | ||||||
Prysmian SpA |
194,816 | 6,710,954 | ||||||
Reply SpA |
9,399 | 1,568,670 | ||||||
Webuild SpA(a) |
1,245,150 | 2,231,906 | ||||||
|
|
|||||||
Total Italy |
|
48,546,843 | ||||||
Netherlands – 18.3% |
| |||||||
Aegon NV |
3,180,504 | 16,993,263 | ||||||
Akzo Nobel NV |
181,264 | 15,775,679 | ||||||
AMG Advanced Metallurgical Group NV |
13,335 | 580,728 | ||||||
Arcadis NV |
78,186 | 3,558,041 | ||||||
ASM International NV |
20,075 | 7,417,936 | ||||||
ASML Holding NV |
119,618 | 81,186,731 | ||||||
BE Semiconductor Industries NV |
134,789 | 11,676,899 | ||||||
Corbion NV |
30,715 | 1,062,844 | ||||||
EXOR NV |
63,530 | 4,912,724 | ||||||
Heineken Holding NV |
159,022 | 12,580,141 | ||||||
Heineken NV |
284,954 | 27,450,548 | ||||||
IMCD NV(a) |
22,113 | 3,819,777 | ||||||
Koninklijke Ahold Delhaize NV |
1,488,480 | 48,219,031 | ||||||
Koninklijke DSM NV(a) |
108,170 | 19,557,749 | ||||||
Koninklijke Philips NV |
917,232 | 28,300,085 | ||||||
Koninklijke Vopak NV |
198,657 | 6,491,820 | ||||||
SBM Offshore NV(a) |
473,567 | 7,595,472 | ||||||
Signify NV(b) |
294,016 | 13,880,422 | ||||||
Wolters Kluwer NV |
287,384 | 30,882,217 | ||||||
|
|
|||||||
Total Netherlands |
|
341,942,107 | ||||||
Spain – 9.1% |
| |||||||
Acerinox SA |
833,037 | 9,250,251 | ||||||
Applus Services SA |
140,434 | 1,169,561 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
11,738,149 | 68,044,969 | ||||||
Banco Santander SA |
11,998,710 | 41,386,141 | ||||||
Cie Automotive SA |
130,570 | 3,001,459 | ||||||
Fluidra SA |
235,130 | 6,880,539 | ||||||
Grifols SA(a) |
366,899 | 6,727,635 | ||||||
Mapfre SA(a) |
10,374,767 | 21,932,626 | ||||||
Prosegur Cash SA(b) |
2,712,542 | 1,783,703 | ||||||
Prosegur Cia de Seguridad SA |
1,295,085 | 2,841,606 | ||||||
Viscofan SA |
100,430 | 6,011,798 | ||||||
|
|
|||||||
Total Spain |
|
169,030,288 | ||||||
Switzerland – 0.6% |
| |||||||
STMicroelectronics NV |
246,569 | 10,866,808 | ||||||
United Kingdom – 6.1% |
| |||||||
CNH Industrial NV(a) |
707,694 | 11,334,852 | ||||||
Linde PLC |
318,082 | 102,812,025 | ||||||
|
|
|||||||
Total United Kingdom |
|
114,146,877 | ||||||
TOTAL COMMON STOCKS (Cost: $1,704,921,673) |
|
1,848,844,495 | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 5.0% |
| |||||||
United States – 5.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(c) |
||||||||
(Cost: $93,888,007) | 93,888,007 | 93,888,007 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 104.1% (Cost: $1,798,809,680) |
|
1,942,732,502 | ||||||
Other Assets less Liabilities – (4.1)% |
|
(76,985,097 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% |
|
$ | 1,865,747,405 |
(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 $92,957,718 and the total market value of the collateral held by the Fund was $97,310,699. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $3,422,692. |
(b) |
This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers. |
(c) |
Rate shown represents annualized 7-day yield as of March 31, 2022. |
See Notes to Financial Statements.
WisdomTree Trust | 13 |
Schedule of Investments (concluded)
WisdomTree Europe Hedged Equity Fund (HEDJ)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Bank of America NA |
4/5/2022 | 420,861,702 | EUR | 468,265,039 | USD | $ | 19,715 | $ | — | |||||||||||||||||||
Bank of America NA |
4/5/2022 | 495,208,861 | USD | 440,308,549 | EUR | 5,285,973 | — | |||||||||||||||||||||
Bank of America NA |
5/4/2022 | 472,553,594 | USD | 424,355,698 | EUR | — | (25,154 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 420,850,734 | EUR | 468,265,040 | USD | 7,510 | — | |||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 472,553,594 | USD | 424,343,123 | EUR | — | (11,150 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 495,208,861 | USD | 440,300,719 | EUR | 5,294,685 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 495,208,861 | USD | 440,310,507 | EUR | 5,283,795 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 70,881,524 | EUR | 78,044,173 | USD | 824,341 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 420,848,842 | EUR | 468,265,039 | USD | 5,405 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 495,208,861 | USD | 440,287,410 | EUR | 5,309,494 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 472,553,594 | USD | 424,342,742 | EUR | — | (10,726 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 3,356,423 | EUR | 3,716,389 | USD | 18,238 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 13,654,423 | EUR | 14,865,557 | USD | 327,458 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 10,135,045 | EUR | 11,149,168 | USD | 127,903 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 420,859,811 | EUR | 468,265,039 | USD | 17,610 | — | |||||||||||||||||||||
UBS AG |
5/4/2022 | 472,553,594 | USD | 424,351,887 | EUR | — | (20,911 | ) | ||||||||||||||||||||
$ | 22,522,127 | $ | (67,941 | ) |
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 |
$ | 1,848,844,495 | $ | — | $ | — | $ | 1,848,844,495 | ||||||||
Investment of Cash Collateral for Securities Loaned |
— | 93,888,007 | — | 93,888,007 | ||||||||||||
Total Investments in Securities |
$ | 1,848,844,495 | $ | 93,888,007 | $ | — | $ | 1,942,732,502 | ||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | 22,522,127 | $ | — | $ | 22,522,127 | ||||||||
Liabilities: |
|
|||||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | (67,941 | ) | $ | — | $ | (67,941 | ) | ||||||
Total – Net |
$ | 1,848,844,495 | $ | 116,342,193 | $ | — | $ | 1,965,186,688 |
1 |
Amount shown represents the unrealized appreciation (depreciation) on the financial instrument. |
See Notes to Financial Statements.
14 | WisdomTree Trust |
Schedule of Investments
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
March 31, 2022
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.2% |
| |||||||
Austria – 6.7% |
| |||||||
Andritz AG |
9,081 | $ | 424,165 | |||||
AT&S Austria Technologie & Systemtechnik AG |
1,328 | 74,471 | ||||||
BAWAG Group AG*(a) |
21,649 | 1,107,074 | ||||||
CA Immobilien Anlagen AG |
11,899 | 371,366 | ||||||
EVN AG |
9,753 | 252,844 | ||||||
Oesterreichische Post AG(b) |
11,404 | 408,575 | ||||||
POLYTEC Holding AG(b) |
3,343 | 24,810 | ||||||
S IMMO AG |
4,924 | 121,353 | ||||||
S&T AG(b) |
2,548 | 48,110 | ||||||
Semperit AG Holding |
4,435 | 112,262 | ||||||
Telekom Austria AG* |
14,801 | 115,278 | ||||||
UNIQA Insurance Group AG |
19,046 | 152,367 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe |
7,678 | 200,332 | ||||||
Voestalpine AG |
11,678 | 351,085 | ||||||
Wienerberger AG |
9,101 | 277,459 | ||||||
Zumtobel Group AG |
4,083 | 33,300 | ||||||
|
|
|||||||
Total Austria |
|
4,074,851 | ||||||
Belgium – 10.7% |
| |||||||
Ackermans & van Haaren NV |
1,469 | 276,555 | ||||||
Aedifica SA |
3,199 | 405,768 | ||||||
Befimmo SA |
4,994 | 263,382 | ||||||
Bekaert SA |
6,512 | 257,073 | ||||||
Cofinimmo SA |
5,157 | 757,408 | ||||||
D’ieteren Group |
1,396 | 237,804 | ||||||
Deceuninck NV |
8,432 | 25,612 | ||||||
Econocom Group SA/NV |
22,438 | 100,612 | ||||||
Elia Group SA/NV |
3,220 | 495,134 | ||||||
Etablissements Franz Colruyt NV |
13,034 | 543,836 | ||||||
Fagron |
2,411 | 44,316 | ||||||
Intervest Offices & Warehouses NV |
5,057 | 153,889 | ||||||
Ion Beam Applications |
1,653 | 32,076 | ||||||
Melexis NV |
2,523 | 235,806 | ||||||
Proximus SADP |
65,573 | 1,229,373 | ||||||
Recticel SA |
2,455 | 59,002 | ||||||
Telenet Group Holding NV |
15,642 | 508,547 | ||||||
TINC Comm VA |
3,693 | 55,636 | ||||||
Warehouses De Pauw CVA |
15,500 | 674,322 | ||||||
Xior Student Housing NV |
2,174 | 122,396 | ||||||
|
|
|||||||
Total Belgium |
|
6,478,547 | ||||||
Denmark – 0.3% |
| |||||||
Alten SA |
708 | 108,316 | ||||||
Cementir Holding NV |
10,259 | 78,305 | ||||||
|
|
|||||||
Total Denmark |
|
186,621 | ||||||
Finland – 8.3% |
| |||||||
Aktia Bank Oyj |
12,714 | 154,194 | ||||||
Anora Group Oyj |
14,438 | 141,367 | ||||||
Cargotec Oyj, Class B |
3,647 | 140,158 | ||||||
Caverion Oyj |
5,732 | 33,260 | ||||||
Huhtamaki Oyj |
7,421 | 260,755 | ||||||
Kamux Corp. |
1,921 | 24,003 | ||||||
Kemira Oyj |
17,838 | 235,589 | ||||||
Kojamo Oyj |
13,273 | 321,652 | ||||||
Konecranes Oyj(b) |
5,152 | 160,334 | ||||||
Lassila & Tikanoja Oyj(b) |
4,609 | 55,487 | ||||||
Metsa Board Oyj, Class B |
27,425 | 280,122 | ||||||
Metso Outotec Oyj |
54,004 | 461,713 | ||||||
Musti Group Oyj |
993 | 26,472 | ||||||
Neles Oyj |
7,045 | 72,429 | ||||||
Nokian Renkaat Oyj |
21,569 | 354,582 | ||||||
Oma Saastopankki Oyj |
2,140 | 42,978 | ||||||
Orion Oyj, Class B(b) |
11,767 | 538,759 | ||||||
Raisio Oyj, Class V |
13,172 | 39,131 | ||||||
Revenio Group Oyj |
443 | 23,571 | ||||||
Rovio Entertainment Oyj(a) |
4,377 | 36,988 | ||||||
Sanoma Oyj |
6,210 | 88,581 | ||||||
Suominen Oyj |
4,903 | 19,339 | ||||||
Taaleri Oyj |
3,403 | 53,388 | ||||||
Talenom Oyj |
1,291 | 14,120 | ||||||
Terveystalo Oyj(a) |
6,021 | 75,300 | ||||||
TietoEVRY Oyj(b) |
16,065 | 431,496 | ||||||
Tokmanni Group Corp. |
9,659 | 161,744 | ||||||
Uponor Oyj |
7,325 | 149,555 | ||||||
Valmet Oyj(b) |
16,356 | 513,380 | ||||||
Verkkokauppa.com Oyj(b) |
5,929 | 31,632 | ||||||
WithSecure Oyj* |
3,972 | 20,175 | ||||||
YIT Oyj(b) |
17,728 | 67,657 | ||||||
|
|
|||||||
Total Finland |
|
5,029,911 | ||||||
France – 15.9% |
| |||||||
ABC Arbitrage |
4,561 | 37,706 | ||||||
AKWEL |
1,655 | 36,829 | ||||||
Albioma SA |
2,135 | 104,760 | ||||||
Bigben Interactive |
1,002 | 16,612 | ||||||
Chargeurs SA |
3,945 | 89,368 | ||||||
Cie Plastic Omnium SA |
8,765 | 160,914 | ||||||
Coface SA |
17,885 | 217,504 | ||||||
Covivio(b) |
12,828 | 1,029,660 | ||||||
Eutelsat Communications SA |
48,381 | 529,914 | ||||||
Faurecia SE(b) |
8,866 | 233,301 | ||||||
Fnac Darty SA |
1,287 | 66,673 | ||||||
Groupe SFPI |
6,848 | 22,706 | ||||||
ICADE |
11,219 | 728,373 | ||||||
Imerys SA |
7,199 | 312,389 | ||||||
IPSOS |
4,124 | 207,403 | ||||||
Kaufman & Broad SA |
3,202 | 107,059 | ||||||
Klepierre SA* |
38,536 | 1,036,768 | ||||||
Korian SA |
3,160 | 73,624 | ||||||
Lectra |
790 | 37,885 | ||||||
Maisons du Monde SA(a) |
2,003 | 38,734 | ||||||
Mersen SA |
1,164 | 43,516 | ||||||
Nexans SA |
1,514 | 143,271 | ||||||
Nexity SA |
12,001 | 425,958 | ||||||
Quadient SA |
2,280 | 43,228 |
See Notes to Financial Statements.
WisdomTree Trust | 15 |
Schedule of Investments (continued)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
March 31, 2022
Investments | Shares | Value | ||||||
Rexel SA* |
33,616 | $ | 726,737 | |||||
Rothschild & Co. |
6,010 | 239,730 | ||||||
Rubis SCA |
18,357 | 544,733 | ||||||
Societe BIC SA |
6,844 | 348,157 | ||||||
Sopra Steria Group SACA |
672 | 126,287 | ||||||
SPIE SA |
12,090 | 288,948 | ||||||
Television Francaise 1 |
30,664 | 300,582 | ||||||
Trigano SA |
1,806 | 265,247 | ||||||
Valeo |
8,176 | 152,421 | ||||||
Verallia SA(a) |
10,103 | 242,133 | ||||||
Vicat SA |
4,648 | 159,027 | ||||||
Wendel SE |
4,756 | 490,017 | ||||||
|
|
|||||||
Total France |
|
9,628,174 | ||||||
Germany – 14.5% |
| |||||||
1&1 AG |
883 | 19,944 | ||||||
7C Solarparken AG |
10,093 | 49,861 | ||||||
Aareal Bank AG |
2,398 | 76,042 | ||||||
AIXTRON SE |
1,635 | 36,375 | ||||||
alstria office REIT AG |
15,872 | 217,394 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA |
3,211 | 89,961 | ||||||
Aurubis AG |
2,244 | 270,777 | ||||||
Bechtle AG |
2,423 | 138,033 | ||||||
Bilfinger SE |
7,695 | 295,897 | ||||||
CANCOM SE |
1,337 | 84,050 | ||||||
CompuGroup Medical SE & Co. KgaA |
1,024 | 63,120 | ||||||
CropEnergies AG |
7,471 | 99,253 | ||||||
Dermapharm Holding SE |
2,270 | 145,734 | ||||||
Deutsche Pfandbriefbank AG(a) |
9,319 | 114,627 | ||||||
DIC Asset AG |
10,028 | 161,674 | ||||||
Duerr AG |
1,477 | 44,076 | ||||||
Eckert & Ziegler Strahlen – und Medizintechnik AG |
300 | 19,427 | ||||||
Encavis AG |
6,521 | 137,929 | ||||||
Fielmann AG |
4,867 | 267,514 | ||||||
Freenet AG |
35,694 | 965,073 | ||||||
GEA Group AG |
15,482 | 642,704 | ||||||
Gerresheimer AG |
1,340 | 98,850 | ||||||
GFT Technologies SE |
559 | 25,812 | ||||||
GRENKE AG |
1,068 | 30,064 | ||||||
Hamborner REIT AG |
16,157 | 172,185 | ||||||
Hamburger Hafen und Logistik AG |
4,739 | 85,156 | ||||||
Hensoldt AG |
2,706 | 79,787 | ||||||
Hochtief AG |
10,995 | 748,696 | ||||||
Hornbach Holding AG & Co. KGaA |
811 | 102,959 | ||||||
Instone Real Estate Group SE(a) |
2,211 | 41,674 | ||||||
Jenoptik AG |
1,163 | 35,559 | ||||||
JOST Werke AG(a) |
824 | 33,464 | ||||||
LANXESS AG |
4,056 | 180,020 | ||||||
METRO AG* |
51,446 | 461,709 | ||||||
MLP SE |
7,342 | 59,226 | ||||||
Mutares SE & Co. KGaA |
3,337 | 82,984 | ||||||
NORMA Group SE |
1,654 | 47,959 | ||||||
PATRIZIA AG |
3,530 | 67,006 | ||||||
ProSiebenSat.1 Media SE |
32,692 | 421,583 | ||||||
Rheinmetall AG |
2,903 | 620,487 | ||||||
Scout24 SE(a) |
3,386 | 195,906 | ||||||
Software AG |
4,164 | 144,645 | ||||||
Stroeer SE & Co. KGaA |
4,334 | 301,871 | ||||||
Suedzucker AG |
8,529 | 111,031 | ||||||
TAG Immobilien AG |
13,257 | 303,121 | ||||||
Varta AG(b) |
2,128 | 212,858 | ||||||
VERBIO Vereinigte BioEnergie AG |
798 | 62,241 | ||||||
Wacker Neuson SE |
4,177 | 94,438 | ||||||
Wuestenrot & Wuerttembergische AG |
2,798 | 56,847 | ||||||
|
|
|||||||
Total Germany |
|
8,817,603 | ||||||
Ireland – 0.8% |
| |||||||
Glanbia PLC |
23,671 | 276,281 | ||||||
Hibernia REIT PLC |
80,549 | 144,831 | ||||||
Origin Enterprises PLC |
11,397 | 50,723 | ||||||
Uniphar PLC |
5,192 | 21,779 | ||||||
|
|
|||||||
Total Ireland |
|
493,614 | ||||||
Italy – 17.0% |
| |||||||
A2A SpA |
546,290 | 944,871 | ||||||
ACEA SpA |
16,839 | 312,328 | ||||||
Alerion Cleanpower SpA(b) |
1,917 | 64,415 | ||||||
Anima Holding SpA(a) |
73,604 | 334,297 | ||||||
Ascopiave SpA |
13,648 | 52,314 | ||||||
Avio SpA(b) |
1,768 | 20,931 | ||||||
Azimut Holding SpA |
23,891 | 561,685 | ||||||
Banca IFIS SpA |
4,466 | 92,773 | ||||||
Banca Popolare di Sondrio SPA |
28,510 | 117,941 | ||||||
Banco BPM SpA |
84,693 | 253,489 | ||||||
BFF Bank SpA(a) |
58,963 | 441,851 | ||||||
BPER Banca(b) |
75,627 | 133,751 | ||||||
Brembo SpA(b) |
17,998 | 202,658 | ||||||
Buzzi Unicem SpA |
6,543 | 122,706 | ||||||
Cairo Communication SpA |
12,431 | 31,051 | ||||||
Carel Industries SpA(a) |
1,400 | 36,217 | ||||||
Credito Emiliano SpA |
28,399 | 188,957 | ||||||
Danieli & C. Officine Meccaniche SpA |
752 | 16,600 | ||||||
Danieli & C. Officine Meccaniche SpA, RSP |
1,481 | 23,762 | ||||||
Datalogic SpA |
1,679 | 18,541 | ||||||
De’ Longhi SpA |
6,675 | 183,742 | ||||||
doValue SpA*(a) |
6,619 | 56,560 | ||||||
El.En. SpA |
1,855 | 29,845 | ||||||
Emak SpA |
14,833 | 23,238 | ||||||
ERG SpA |
10,110 | 339,267 | ||||||
Esprinet SpA |
6,297 | 67,401 | ||||||
Falck Renewables SpA |
6,010 | 58,980 | ||||||
Fila SpA |
1,507 | 15,795 | ||||||
Gruppo MutuiOnline SpA |
1,412 | 50,902 | ||||||
GVS SpA(a) |
5,211 | 47,776 | ||||||
Hera SpA |
190,042 | 707,513 | ||||||
Interpump Group SpA |
1,890 | 96,103 | ||||||
Iren SpA |
188,768 | 504,919 | ||||||
Italgas SpA |
165,391 | 1,071,746 | ||||||
La Doria SpA |
3,940 | 72,158 |
See Notes to Financial Statements.
16 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
March 31, 2022
Investments | Shares | Value | ||||||
Maire Tecnimont SpA(b) |
28,242 | $ | 98,481 | |||||
MARR SpA |
3,058 | 51,071 | ||||||
Piaggio & C. SpA |
51,404 | 146,762 | ||||||
Pirelli & C. SpA(a) |
41,879 | 229,768 | ||||||
Prysmian SpA |
11,370 | 391,670 | ||||||
RAI Way SpA(a) |
34,007 | 214,541 | ||||||
Reply SpA |
502 | 83,783 | ||||||
SAES Getters SpA |
565 | 13,987 | ||||||
Salcef SpA |
4,797 | 107,281 | ||||||
Sanlorenzo SpA |
1,155 | 47,228 | ||||||
Sesa SpA |
320 | 53,051 | ||||||
SOL SpA |
4,148 | 76,152 | ||||||
Technogym SpA(a) |
12,074 | 96,591 | ||||||
Telecom Italia SpA |
1,263,840 | 468,972 | ||||||
Tinexta SpA |
789 | 23,281 | ||||||
Unieuro SpA(a) |
6,516 | 127,963 | ||||||
Unipol Gruppo SpA |
111,635 | 618,569 | ||||||
Webuild SpA(b) |
69,131 | 123,916 | ||||||
Zignago Vetro SpA |
4,303 | 56,878 | ||||||
|
|
|||||||
Total Italy |
|
10,327,028 | ||||||
Netherlands – 9.1% |
| |||||||
Aalberts NV |
5,741 | 301,373 | ||||||
AMG Advanced Metallurgical Group NV |
573 | 24,954 | ||||||
Arcadis NV |
4,846 | 220,529 | ||||||
ASR Nederland NV |
19,671 | 924,286 | ||||||
BE Semiconductor Industries NV |
7,806 | 676,241 | ||||||
Boskalis Westminster |
6,967 | 252,090 | ||||||
Brunel International NV |
5,275 | 64,562 | ||||||
Corbion NV |
2,253 | 77,962 | ||||||
Eurocommercial Properties NV |
3,447 | 95,288 | ||||||
Heijmans NV, CVA |
5,616 | 92,855 | ||||||
Koninklijke Vopak NV |
11,854 | 387,371 | ||||||
Ordina NV |
26,290 | 136,312 | ||||||
PostNL NV |
206,962 | 796,756 | ||||||
SBM Offshore NV |
28,221 | 452,632 | ||||||
Signify NV(a) |
16,974 | 801,338 | ||||||
TKH Group NV, CVA |
2,413 | 135,852 | ||||||
Van Lanschot Kempen NV |
947 | 25,446 | ||||||
Wereldhave NV(b) |
4,332 | 85,121 | ||||||
|
|
|||||||
Total Netherlands |
|
5,550,968 | ||||||
Portugal – 2.1% |
| |||||||
Altri SGPS SA |
25,367 | 171,041 | ||||||
Corticeira Amorim SGPS SA |
5,450 | 61,003 | ||||||
CTT – Correios de Portugal SA |
6,814 | 34,193 | ||||||
Navigator Co. SA |
86,592 | 325,652 | ||||||
REN – Redes Energeticas Nacionais SGPS SA |
105,741 | 335,310 | ||||||
Sonae SGPS SA |
286,604 | 332,284 | ||||||
|
|
|||||||
Total Portugal |
|
1,259,483 | ||||||
Spain – 13.8% |
| |||||||
Acciona SA |
5,488 | 1,059,430 | ||||||
Acerinox SA |
46,881 | 520,578 | ||||||
Aedas Homes SA(a) |
7,063 | 180,749 | ||||||
Almirall SA |
7,353 | 94,330 | ||||||
Applus Services SA |
7,775 | 64,752 | ||||||
Audax Renovables SA(b) |
21,086 | 30,171 | ||||||
Bankinter SA |
96,473 | 571,482 | ||||||
Cia de Distribucion Integral Logista Holdings SA |
36,070 | 666,213 | ||||||
Cie Automotive SA |
7,430 | 170,796 | ||||||
Ebro Foods SA(b) |
13,199 | 234,093 | ||||||
Enagas SA |
62,572 | 1,402,858 | ||||||
Faes Farma SA |
47,782 | 195,540 | ||||||
Grupo Catalana Occidente SA |
3,248 | 100,466 | ||||||
Grupo Empresarial San Jose SA |
5,406 | 26,466 | ||||||
Inmobiliaria Colonial Socimi SA |
39,857 | 365,418 | ||||||
Laboratorios Farmaceuticos Rovi SA |
1,480 | 110,660 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros |
121,681 | 188,867 | ||||||
Mapfre SA |
490,933 | 1,037,850 | ||||||
Neinor Homes SA*(a) |
9,944 | 131,664 | ||||||
Pharma Mar SA(b) |
435 | 33,115 | ||||||
Prosegur Cash SA(a)(b) |
97,390 | 64,041 | ||||||
Prosegur Cia de Seguridad SA |
64,455 | 141,424 | ||||||
Sacyr SA |
70,754 | 172,564 | ||||||
Unicaja Banco SA(a) |
75,516 | 79,234 | ||||||
Viscofan SA |
5,853 | 350,364 | ||||||
Zardoya Otis SA |
53,320 | 418,252 | ||||||
|
|
|||||||
Total Spain |
|
8,411,377 | ||||||
TOTAL COMMON STOCKS (Cost: $61,892,367) |
|
60,258,177 | ||||||
RIGHTS – 0.0% |
| |||||||
Austria – 0.0% |
| |||||||
CA Immobilien Anlagen AG*† (Cost: $0) |
8,284 | 0 | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 4.0% |
| |||||||
United States – 4.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(c) |
||||||||
(Cost: $2,439,931) | 2,439,931 | 2,439,931 | ||||||
TOTAL INVESTMENTS IN SECURITIES –
103.2% (Cost: $64,332,298) |
|
62,698,108 | ||||||
Other Assets less Liabilities – (3.2)% |
|
(1,926,575 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% |
|
$ | 60,771,533 |
* |
Non-income producing security. |
† |
Security is being fair valued using significant unobservable inputs by a pricing committee under the direction of the Board of Trustees. The aggregate value of fair valued securities is $0, which represents 0.0% of net assets. |
(a) |
This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers. |
(b) |
Security, or portion thereof, was on loan at March 31, 2022 (See Note 2). At March 31, 2022, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $2,970,630 and the total market value of the collateral held by the Fund was $3,132,931. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $693,000. |
(c) |
Rate shown represents annualized 7-day yield as of March 31, 2022. |
See Notes to Financial Statements.
WisdomTree Trust | 17 |
Schedule of Investments (concluded)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and |
Amount and |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Bank of America NA |
4/5/2022 | 13,769,281 | EUR | 15,320,170 | USD | $ | 645 | $ | — | |||||||||||||||||||
Bank of America NA |
4/5/2022 | 14,882,451 | USD | 13,232,539 | EUR | 158,859 | — | |||||||||||||||||||||
Bank of America NA |
5/4/2022 | 15,349,528 | USD | 13,783,960 | EUR | — | (817 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 13,768,923 | EUR | 15,320,171 | USD | 246 | — | |||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 15,349,526 | USD | 13,783,549 | EUR | — | (362 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 14,882,451 | USD | 13,232,303 | EUR | 159,120 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 14,882,451 | USD | 13,232,598 | EUR | 158,793 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 13,768,860 | EUR | 15,320,170 | USD | 177 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 14,882,451 | USD | 13,231,903 | EUR | 159,565 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,750,877 | USD | 1,569,670 | EUR | 4,336 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 15,349,528 | USD | 13,783,539 | EUR | — | (348 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 13,769,219 | EUR | 15,320,170 | USD | 576 | — | |||||||||||||||||||||
UBS AG |
5/4/2022 | 15,349,528 | USD | 13,783,836 | EUR | — | (679 | ) | ||||||||||||||||||||
$ | 642,317 | $ | (2,206 | ) |
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 |
$ | 60,258,177 | $ | — | $ | — | $ | 60,258,177 | ||||||||
Rights |
— | — | 0 | * | 0 | |||||||||||
Investment of Cash Collateral for Securities Loaned |
— | 2,439,931 | — | 2,439,931 | ||||||||||||
Total Investments in Securities |
$ | 60,258,177 | $ | 2,439,931 | $ | 0 | $ | 62,698,108 | ||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | 642,317 | $ | — | $ | 642,317 | ||||||||
Liabilities: |
|
|||||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | (2,206 | ) | $ | — | $ | (2,206 | ) | ||||||
Total – Net |
$ | 60,258,177 | $ | 3,080,042 | $ | 0 | $ | 63,338,219 |
* |
Securities are being fair valued using significant unobservable inputs by the Pricing Committee. |
1 |
Amount shown represents the unrealized appreciation (depreciation) on the financial instrument. |
See Notes to Financial Statements.
18 | WisdomTree Trust |
Schedule of Investments
WisdomTree Germany Hedged Equity Fund (DXGE)
March 31, 2022
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.8% |
| |||||||
Germany – 98.8% |
| |||||||
Aerospace & Defense – 1.5% |
| |||||||
Hensoldt AG |
579 | $ | 17,072 | |||||
Rheinmetall AG |
1,711 | 365,709 | ||||||
|
|
|||||||
Total Aerospace & Defense |
|
382,781 | ||||||
Air Freight & Logistics – 4.8% |
| |||||||
Deutsche Post AG, Registered Shares |
25,231 | 1,222,591 | ||||||
Auto Components – 0.7% |
| |||||||
Hella GmbH & Co. KGaA |
2,606 | 168,871 | ||||||
Automobiles – 10.5% |
| |||||||
Bayerische Motoren Werke AG |
8,460 | 739,864 | ||||||
Mercedes-Benz Group AG, Registered Shares |
16,306 | 1,157,697 | ||||||
Volkswagen AG |
3,057 | 769,390 | ||||||
|
|
|||||||
Total Automobiles |
|
2,666,951 | ||||||
Capital Markets – 3.2% |
| |||||||
Deutsche Boerse AG |
2,892 | 524,499 | ||||||
DWS Group GmbH & Co. KGaA(a) |
7,925 | 293,278 | ||||||
|
|
|||||||
Total Capital Markets |
|
817,777 | ||||||
Chemicals – 9.4% |
| |||||||
BASF SE |
22,161 | 1,276,269 | ||||||
Covestro AG(a) |
4,180 | 213,196 | ||||||
Evonik Industries AG |
14,143 | 396,238 | ||||||
LANXESS AG |
2,383 | 105,766 | ||||||
Symrise AG |
1,444 | 174,886 | ||||||
Wacker Chemie AG |
1,205 | 207,480 | ||||||
|
|
|||||||
Total Chemicals |
|
2,373,835 | ||||||
Commercial Services & Supplies – 0.7% |
| |||||||
Bilfinger SE |
4,612 | 177,346 | ||||||
Construction & Engineering – 1.0% |
| |||||||
Hochtief AG |
3,603 | 245,343 | ||||||
Construction Materials – 1.2% |
| |||||||
HeidelbergCement AG |
5,323 | 305,963 | ||||||
Diversified Financial Services – 0.0% |
| |||||||
GRENKE AG |
224 | 6,306 | ||||||
Diversified Telecommunication Services – 7.6% |
| |||||||
Deutsche Telekom AG, Registered Shares |
85,819 | 1,616,778 | ||||||
Vantage Towers AG |
8,617 | 307,670 | ||||||
|
|
|||||||
Total Diversified Telecommunication Services |
|
1,924,448 | ||||||
Electrical Equipment – 0.4% |
| |||||||
Varta AG(b) |
1,151 | 115,131 | ||||||
Electronic Equipment, Instruments & Components – 0.0% |
| |||||||
Jenoptik AG |
280 | 8,561 | ||||||
Food & Staples Retailing – 0.7% |
| |||||||
METRO AG* |
19,247 | 172,735 | ||||||
Food Products – 0.1% |
| |||||||
Suedzucker AG |
1,821 | 23,706 | ||||||
Health Care Equipment & Supplies – 2.6% |
| |||||||
Carl Zeiss Meditec AG, Bearer Shares |
157 | 25,670 | ||||||
Eckert & Ziegler Strahlen – und Medizintechnik AG |
68 | 4,404 | ||||||
Siemens Healthineers AG(a) |
10,204 | 638,520 | ||||||
|
|
|||||||
Total Health Care Equipment & Supplies |
|
668,594 | ||||||
Health Care Providers & Services – 1.4% |
| |||||||
Fresenius SE & Co. KGaA |
9,446 | 350,459 | ||||||
Health Care Technology – 0.1% |
| |||||||
CompuGroup Medical SE & Co. KgaA |
228 | 14,054 | ||||||
Household Products – 1.3% |
| |||||||
Henkel AG & Co. KGaA |
5,070 | 338,186 | ||||||
Independent Power & Renewable Electricity Producers – 0.1% |
| |||||||
Encavis AG |
1,473 | 31,156 | ||||||
Industrial Conglomerates – 5.5% |
| |||||||
Siemens AG, Registered Shares |
9,937 | 1,389,348 | ||||||
Insurance – 14.1% |
| |||||||
Allianz SE, Registered Shares |
7,278 | 1,753,594 | ||||||
Hannover Rueck SE |
3,547 | 609,153 | ||||||
Muenchener Rueckversicherungs – Gesellschaft AG in Muenchen, Registered Shares |
3,495 | 944,957 | ||||||
Talanx AG |
5,900 | 262,717 | ||||||
|
|
|||||||
Total Insurance |
|
3,570,421 | ||||||
IT Services – 0.2% |
| |||||||
Bechtle AG |
527 | 30,022 | ||||||
CANCOM SE |
300 | 18,859 | ||||||
|
|
|||||||
Total IT Services |
|
48,881 | ||||||
Life Sciences Tools & Services – 0.1% |
| |||||||
Gerresheimer AG |
305 | 22,500 | ||||||
Machinery – 2.2% |
| |||||||
Duerr AG |
324 | 9,669 | ||||||
GEA Group AG |
5,394 | 223,921 | ||||||
KION Group AG |
351 | 23,432 | ||||||
Knorr-Bremse AG |
2,554 | 197,897 | ||||||
NORMA Group SE |
391 | 11,337 | ||||||
Traton SE |
4,256 | 79,887 | ||||||
Wacker Neuson SE |
936 | 21,162 | ||||||
|
|
|||||||
Total Machinery |
|
567,305 | ||||||
Marine – 3.2% |
| |||||||
Hapag-Lloyd AG(a) |
2,343 | 825,357 | ||||||
Media – 0.7% |
| |||||||
ProSiebenSat.1 Media SE |
13,118 | 169,165 | ||||||
Metals & Mining – 0.2% |
| |||||||
Aurubis AG |
506 | 61,058 | ||||||
Multi-Utilities – 7.1% |
| |||||||
E.ON SE |
106,113 | 1,244,659 | ||||||
RWE AG |
12,698 | 558,497 | ||||||
|
|
|||||||
Total Multi-Utilities |
|
1,803,156 |
See Notes to Financial Statements.
WisdomTree Trust | 19 |
Schedule of Investments (continued)
WisdomTree Germany Hedged Equity Fund (DXGE)
March 31, 2022
Investments | Shares | Value | ||||||
Oil, Gas & Consumable Fuels – 0.1% |
| |||||||
CropEnergies AG |
1,649 | $ | 21,907 | |||||
Personal Products – 0.8% |
| |||||||
Beiersdorf AG |
1,996 | 211,425 | ||||||
Pharmaceuticals – 7.8% |
| |||||||
Bayer AG, Registered Shares |
24,968 | 1,725,179 | ||||||
Merck KGaA |
1,231 | 260,032 | ||||||
|
|
|||||||
Total Pharmaceuticals |
|
1,985,211 | ||||||
Real Estate Management & Development – 0.1% |
| |||||||
PATRIZIA AG |
722 | 13,705 | ||||||
Semiconductors & Semiconductor Equipment – 0.9% |
| |||||||
AIXTRON SE |
388 | 8,632 | ||||||
Infineon Technologies AG |
6,525 | 224,952 | ||||||
|
|
|||||||
Total Semiconductors & Semiconductor Equipment |
|
233,584 | ||||||
Software – 5.0% |
| |||||||
Nemetschek SE |
204 | 19,929 | ||||||
SAP SE |
10,799 | 1,215,008 | ||||||
Software AG |
920 | 31,958 | ||||||
|
|
|||||||
Total Software |
|
1,266,895 | ||||||
Specialty Retail – 0.7% |
| |||||||
Fielmann AG |
2,625 | 144,283 | ||||||
Hornbach Holding AG & Co. KGaA |
179 | 22,725 | ||||||
|
|
|||||||
Total Specialty Retail |
|
167,008 | ||||||
Textiles, Apparel & Luxury Goods – 1.5% |
| |||||||
adidas AG |
1,564 | 368,745 | ||||||
Puma SE |
142 | 12,235 | ||||||
|
|
|||||||
Total Textiles, Apparel & Luxury Goods |
|
380,980 | ||||||
Thrifts & Mortgage Finance – 0.1% |
| |||||||
Aareal Bank AG |
559 | 17,726 | ||||||
Trading Companies & Distributors – 1.1% |
| |||||||
Brenntag SE |
3,299 | 269,204 | ||||||
Transportation Infrastructure – 0.1% |
| |||||||
Hamburger Hafen und Logistik AG |
1,039 | 18,670 | ||||||
TOTAL COMMON STOCKS (Cost: $24,872,626) |
|
25,058,300 | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5% |
| |||||||
United States – 0.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(c) |
||||||||
(Cost: $120,280) | 120,280 | 120,280 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.3% (Cost: $24,992,906) |
|
25,178,580 | ||||||
Other Assets less Liabilities – 0.7% |
|
176,774 | ||||||
|
|
|||||||
NET ASSETS – 100.0% |
|
$ | 25,355,354 |
* |
Non-income producing security. |
(a) |
This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers. |
(b) |
Security, or portion thereof, was on loan at March 31, 2022 (See Note 2). At March 31, 2022, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $115,131 and the total market value of the collateral held by the Fund was $120,280. |
(c) |
Rate shown represents annualized 7-day yield as of March 31, 2022. |
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and |
Amount and |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Bank of America NA |
4/5/2022 | 5,750,467 | EUR | 6,398,165 | USD | $ | 269 | $ | — | |||||||||||||||||||
Bank of America NA |
4/5/2022 | 7,251,253 | USD | 6,447,358 | EUR | 77,401 | — | |||||||||||||||||||||
Bank of America NA |
5/4/2022 | 6,418,081 | USD | 5,763,472 | EUR | — | (342 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 5,750,316 | EUR | 6,398,164 | USD | 103 | — | |||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 6,418,082 | USD | 5,763,302 | EUR | — | (151 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 7,251,254 | USD | 6,447,244 | EUR | 77,529 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 7,251,253 | USD | 6,447,386 | EUR | 77,370 | — | |||||||||||||||||||||
HSBC Holdings PLC |
4/5/2022 | 1,539,932 | EUR | 1,706,177 | USD | 7,276 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 5,750,291 | EUR | 6,398,165 | USD | 74 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 7,251,253 | USD | 6,447,048 | EUR | 77,746 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 6,418,081 | USD | 5,763,296 | EUR | — | (146 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 1,540,918 | EUR | 1,706,177 | USD | 8,373 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 5,750,441 | EUR | 6,398,165 | USD | 241 | — | |||||||||||||||||||||
UBS AG |
5/4/2022 | 6,418,081 | USD | 5,763,420 | EUR | — | (284 | ) | ||||||||||||||||||||
$ | 326,382 | $ | (923 | ) |
See Notes to Financial Statements.
20 | WisdomTree Trust |
Schedule of Investments (concluded)
WisdomTree Germany Hedged Equity Fund (DXGE)
March 31, 2022
FAIR VALUATION SUMMARY |
The following is a summary of the fair valuations according to the inputs used as of March 31, 2022 in valuing the Fund’s investments (See Note 2 — Fair Value Measurement):
Quoted Prices in Active Markets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
Assets: |
|
|||||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 25,058,300 | $ | — | $ | — | $ | 25,058,300 | ||||||||
Investment of Cash Collateral for Securities Loaned |
— | 120,280 | — | 120,280 | ||||||||||||
Total Investments in Securities |
$ | 25,058,300 | $ | 120,280 | $ | — | $ | 25,178,580 | ||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | 326,382 | $ | — | $ | 326,382 | ||||||||
Liabilities: |
|
|||||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | (923 | ) | $ | — | $ | (923 | ) | ||||||
Total – Net |
$ | 25,058,300 | $ | 445,739 | $ | — | $ | 25,504,039 |
1 |
Amount shown represents the unrealized appreciation (depreciation) on the financial instrument. |
See Notes to Financial Statements.
WisdomTree Trust | 21 |
Schedule of Investments
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.3% |
| |||||||
Australia – 10.3% |
| |||||||
ARB Corp. Ltd. |
18,870 | $ | 588,639 | |||||
Aristocrat Leisure Ltd. |
57,886 | 1,595,330 | ||||||
Beach Energy Ltd.(a) |
864,240 | 1,009,196 | ||||||
BHP Group Ltd. |
1,732,020 | 67,309,156 | ||||||
carsales.com Ltd. |
124,901 | 1,962,178 | ||||||
Cochlear Ltd. |
17,814 | 3,014,334 | ||||||
Coles Group Ltd. |
985,192 | 13,250,350 | ||||||
CSL Ltd. |
96,954 | 19,523,353 | ||||||
Domino’s Pizza Enterprises Ltd.(a) |
23,276 | 1,535,540 | ||||||
Eagers Automotive Ltd.(a) |
156,972 | 1,683,299 | ||||||
Evolution Mining Ltd. |
1,016,296 | 3,358,024 | ||||||
Netwealth Group Ltd. |
79,803 | 897,722 | ||||||
OZ Minerals Ltd. |
78,455 | 1,571,283 | ||||||
Pro Medicus Ltd.(a) |
9,027 | 332,095 | ||||||
REA Group Ltd. |
23,611 | 2,401,975 | ||||||
Technology One Ltd. |
109,143 | 940,911 | ||||||
WiseTech Global Ltd. |
11,915 | 457,042 | ||||||
|
|
|||||||
Total Australia |
|
121,430,427 | ||||||
Belgium – 0.2% |
| |||||||
Melexis NV |
21,717 | 2,029,728 | ||||||
China – 1.1% |
| |||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(a) |
543,500 | 753,685 | ||||||
BYD Electronic International Co. Ltd.(a) |
535,500 | 1,080,382 | ||||||
China Nonferrous Mining Corp. Ltd. |
2,489,500 | 1,252,475 | ||||||
Lenovo Group Ltd.(a) |
9,450,600 | 10,281,573 | ||||||
|
|
|||||||
Total China |
|
13,368,115 | ||||||
Denmark – 7.6% |
| |||||||
Alten SA |
8,034 | 1,229,117 | ||||||
AP Moller – Maersk A/S, Class B |
3,028 | 9,226,198 | ||||||
Coloplast A/S, Class B |
73,700 | 11,294,195 | ||||||
DSV A/S |
13,289 | 2,585,107 | ||||||
GN Store Nord A/S |
19,147 | 952,861 | ||||||
Novo Nordisk A/S, Class B |
515,607 | 57,758,843 | ||||||
Royal Unibrew A/S |
23,354 | 2,209,169 | ||||||
SimCorp A/S |
14,923 | 1,109,401 | ||||||
Vestas Wind Systems A/S |
120,481 | 3,599,823 | ||||||
|
|
|||||||
Total Denmark |
|
89,964,714 | ||||||
Finland – 2.3% |
| |||||||
Kesko Oyj, Class A |
47,065 | 1,225,385 | ||||||
Kesko Oyj, Class B |
174,784 | 4,863,781 | ||||||
Neste Oyj |
257,745 | 11,895,636 | ||||||
Nokian Renkaat Oyj |
97,199 | 1,597,894 | ||||||
Orion Oyj, Class B(a) |
101,871 | 4,664,221 | ||||||
Tokmanni Group Corp. |
32,553 | 545,113 | ||||||
Uponor Oyj |
15,931 | 325,265 | ||||||
Valmet Oyj(a) |
78,272 | 2,456,791 | ||||||
|
|
|||||||
Total Finland |
|
27,574,086 | ||||||
France – 10.1% |
| |||||||
Arkema SA |
39,087 | 4,729,555 | ||||||
BioMerieux |
16,020 | 1,724,357 | ||||||
Bureau Veritas SA |
134,578 | 3,884,210 | ||||||
Cie Generale des Etablissements Michelin SCA |
61,359 | 8,393,933 | ||||||
Hermes International |
7,223 | 10,379,363 | ||||||
Kering SA |
29,018 | 18,587,560 | ||||||
La Francaise des Jeux SAEM(b) |
77,552 | 3,102,926 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
79,104 | 57,156,998 | ||||||
Sartorius Stedim Biotech |
2,630 | 1,090,036 | ||||||
SEB SA |
21,406 | 3,015,282 | ||||||
Teleperformance |
9,081 | 3,499,007 | ||||||
Trigano SA |
8,391 | 1,232,385 | ||||||
Verallia SA(b) |
64,635 | 1,549,074 | ||||||
|
|
|||||||
Total France |
|
118,344,686 | ||||||
Germany – 6.5% |
| |||||||
adidas AG |
40,358 | 9,515,230 | ||||||
Covestro AG(b) |
104,207 | 5,314,962 | ||||||
Dermapharm Holding SE |
14,599 | 937,255 | ||||||
Deutsche Post AG, Registered Shares |
588,048 | 28,494,407 | ||||||
Eckert & Ziegler Strahlen – und Medizintechnik AG |
161 | 10,426 | ||||||
Fielmann AG |
45,172 | 2,482,875 | ||||||
Hamburger Hafen und Logistik AG |
50,578 | 908,851 | ||||||
Hapag-Lloyd AG(a)(b) |
63,908 | 22,512,557 | ||||||
Instone Real Estate Group SE(b) |
17,640 | 332,484 | ||||||
Knorr-Bremse AG |
42,943 | 3,327,437 | ||||||
Nemetschek SE |
9,123 | 891,232 | ||||||
Varta AG(a) |
16,047 | 1,605,137 | ||||||
VERBIO Vereinigte BioEnergie AG |
3,890 | 303,407 | ||||||
|
|
|||||||
Total Germany |
|
76,636,260 | ||||||
Hong Kong – 0.6% |
| |||||||
Techtronic Industries Co. Ltd. |
422,500 | 6,846,190 | ||||||
Vitasoy International Holdings Ltd. |
340,000 | 645,146 | ||||||
|
|
|||||||
Total Hong Kong |
|
7,491,336 | ||||||
Ireland – 0.1% |
| |||||||
Kingspan Group PLC |
14,414 | 1,428,000 | ||||||
Israel – 0.7% |
| |||||||
Altshuler Shaham Provident Funds & Pension Ltd. |
114,553 | 538,439 | ||||||
AudioCodes Ltd. |
12,984 | 328,338 | ||||||
Delek Automotive Systems Ltd. |
213,223 | 3,291,969 | ||||||
Hilan Ltd. |
10,044 | 622,862 | ||||||
Matrix IT Ltd. |
3,288 | 86,032 | ||||||
Maytronics Ltd. |
24,365 | 477,795 | ||||||
One Software Technologies Ltd. |
33,579 | 584,509 | ||||||
Strauss Group Ltd. |
92,257 | 2,755,640 | ||||||
|
|
|||||||
Total Israel |
|
8,685,584 | ||||||
Italy – 1.5% |
| |||||||
Amplifon SpA |
22,174 | 1,000,199 | ||||||
Carel Industries SpA(b) |
7,939 | 205,375 | ||||||
De’ Longhi SpA |
46,808 | 1,288,482 | ||||||
DiaSorin SpA |
5,496 | 867,736 | ||||||
Ferrari NV |
20,666 | 4,568,914 | ||||||
Gruppo MutuiOnline SpA |
7,926 | 285,731 |
See Notes to Financial Statements.
22 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
Investments | Shares | Value | ||||||
GVS SpA(b) |
46,641 | $ | 427,616 | |||||
Moncler SpA |
36,694 | 2,071,592 | ||||||
RAI Way SpA(b) |
273,436 | 1,725,033 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
90,163 | 4,578,600 | ||||||
Sesa SpA |
454 | 75,266 | ||||||
Technogym SpA(b) |
97,894 | 783,148 | ||||||
Tinexta SpA |
975 | 28,770 | ||||||
|
|
|||||||
Total Italy |
|
17,906,462 | ||||||
Japan – 12.2% |
| |||||||
Anritsu Corp.(a) |
112,300 | 1,436,885 | ||||||
Asahi Holdings, Inc.(a) |
47,100 | 878,941 | ||||||
Astellas Pharma, Inc. |
959,300 | 15,103,788 | ||||||
BayCurrent Consulting, Inc. |
1,600 | 590,566 | ||||||
Benefit One, Inc.(a) |
18,800 | 401,170 | ||||||
BML, Inc. |
32,800 | 835,032 | ||||||
Capcom Co. Ltd. |
69,100 | 1,689,712 | ||||||
Cosmos Pharmaceutical Corp. |
4,000 | 488,733 | ||||||
Cybozu, Inc.(a) |
7,400 | 85,050 | ||||||
Daiwabo Holdings Co. Ltd. |
72,400 | 983,626 | ||||||
Digital Arts, Inc. |
1,300 | 79,473 | ||||||
Disco Corp. |
18,591 | 5,269,046 | ||||||
DTS Corp. |
62,500 | 1,378,991 | ||||||
eGuarantee, Inc. |
5,800 | 98,009 | ||||||
eRex Co. Ltd.(a) |
8,900 | 127,001 | ||||||
Fast Retailing Co. Ltd. |
12,581 | 6,529,163 | ||||||
Fujimi, Inc. |
11,600 | 642,241 | ||||||
Future Corp. |
43,800 | 629,349 | ||||||
Goldwin, Inc. |
9,900 | 506,521 | ||||||
Haseko Corp. |
302,900 | 3,511,269 | ||||||
Hoya Corp. |
38,000 | 4,392,503 | ||||||
Infocom Corp.(a) |
47,400 | 827,132 | ||||||
Infomart Corp. |
100 | 545 | ||||||
IR Japan Holdings Ltd. |
2,400 | 86,113 | ||||||
Japan Lifeline Co. Ltd.(a) |
114,700 | 970,520 | ||||||
Japan Material Co. Ltd. |
48,500 | 695,283 | ||||||
JCR Pharmaceuticals Co. Ltd. |
18,900 | 351,451 | ||||||
Kakaku.com, Inc.(a) |
48,891 | 1,110,546 | ||||||
Kaken Pharmaceutical Co. Ltd. |
54,200 | 1,737,079 | ||||||
Kanematsu Electronics Ltd. |
51,400 | 1,624,049 | ||||||
Keyence Corp. |
14,900 | 7,028,012 | ||||||
KH Neochem Co. Ltd. |
31,200 | 709,728 | ||||||
Kobe Bussan Co. Ltd.(a) |
21,700 | 674,913 | ||||||
Koei Tecmo Holdings Co. Ltd.(a) |
62,200 | 2,057,532 | ||||||
Lasertec Corp. |
5,600 | 958,978 | ||||||
M3, Inc.(a) |
24,300 | 894,721 | ||||||
Maruwa Unyu Kikan Co. Ltd. |
10,800 | 99,925 | ||||||
MCJ Co. Ltd. |
94,000 | 721,022 | ||||||
Meitec Corp. |
21,300 | 1,167,003 | ||||||
Milbon Co. Ltd. |
11,000 | 496,643 | ||||||
MonotaRO Co. Ltd. |
43,400 | 941,838 | ||||||
Nihon M&A Center Holdings, Inc. |
21,600 | 307,338 | ||||||
Nippon Shinyaku Co. Ltd. |
19,500 | 1,338,290 | ||||||
Nissan Chemical Corp. |
53,068 | 3,161,126 | ||||||
Nomura Research Institute Ltd. |
104,900 | 3,474,340 | ||||||
NSD Co. Ltd. |
69,100 | 1,247,928 | ||||||
Olympus Corp. |
143,400 | 2,763,441 | ||||||
Otsuka Corp. |
94,700 | 3,390,084 | ||||||
Recruit Holdings Co. Ltd. |
116,200 | 5,183,166 | ||||||
Seria Co. Ltd. |
37,800 | 863,600 | ||||||
Shionogi & Co. Ltd. |
103,600 | 6,427,254 | ||||||
Solasto Corp. |
61,800 | 503,056 | ||||||
Sysmex Corp. |
21,436 | 1,575,888 | ||||||
Systena Corp.(a) |
124,200 | 441,032 | ||||||
Taiyo Yuden Co. Ltd.(a) |
35,900 | 1,641,565 | ||||||
TechnoPro Holdings, Inc. |
37,800 | 1,037,067 | ||||||
Toei Animation Co. Ltd. |
8,000 | 670,319 | ||||||
Tokyo Electron Ltd. |
65,358 | 34,058,855 | ||||||
Trend Micro, Inc. |
57,200 | 3,374,270 | ||||||
UT Group Co. Ltd. |
6,500 | 166,282 | ||||||
West Holdings Corp.(a) |
7,500 | 299,073 | ||||||
Workman Co. Ltd.(a) |
17,700 | 730,604 | ||||||
ZOZO, Inc. |
62,200 | 1,683,436 | ||||||
|
|
|||||||
Total Japan |
|
143,148,116 | ||||||
Netherlands – 3.9% |
| |||||||
ASM International NV |
8,953 | 3,308,233 | ||||||
ASML Holding NV |
37,067 | 25,157,991 | ||||||
BE Semiconductor Industries NV |
36,845 | 3,191,917 | ||||||
Randstad NV(a) |
163,891 | 9,963,788 | ||||||
Signify NV(b) |
82,724 | 3,905,380 | ||||||
|
|
|||||||
Total Netherlands |
|
45,527,309 | ||||||
Norway – 0.9% |
| |||||||
AF Gruppen ASA |
72,207 | 1,651,578 | ||||||
Aker BP ASA |
221,455 | 8,372,944 | ||||||
Tomra Systems ASA |
20,572 | 1,061,773 | ||||||
|
|
|||||||
Total Norway |
|
11,086,295 | ||||||
Portugal – 0.5% |
| |||||||
Altri SGPS SA |
201,936 | 1,361,586 | ||||||
Jeronimo Martins SGPS SA |
196,820 | 4,758,692 | ||||||
|
|
|||||||
Total Portugal |
|
6,120,278 | ||||||
Singapore – 0.7% |
| |||||||
iFAST Corp. Ltd.(a) |
10,400 | 46,569 | ||||||
Japfa Ltd.(a) |
1,694,600 | 870,246 | ||||||
Sheng Siong Group Ltd. |
2,229,300 | 2,503,813 | ||||||
Singapore Exchange Ltd. |
589,900 | 4,345,737 | ||||||
|
|
|||||||
Total Singapore |
|
7,766,365 | ||||||
Spain – 2.8% |
| |||||||
Cie Automotive SA |
67,557 | 1,552,956 | ||||||
Faes Farma SA |
281,984 | 1,153,971 | ||||||
Industria de Diseno Textil SA |
1,326,471 | 29,193,269 | ||||||
Laboratorios Farmaceuticos Rovi SA |
9,592 | 717,195 | ||||||
|
|
|||||||
Total Spain |
|
32,617,391 | ||||||
Sweden – 6.0% |
| |||||||
AddLife AB, Class B |
17,308 | 488,815 | ||||||
Assa Abloy AB, Class B |
310,580 | 8,494,843 |
See Notes to Financial Statements.
WisdomTree Trust | 23 |
Schedule of Investments (continued)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
Investments | Shares | Value | ||||||
Atlas Copco AB, Class A |
201,788 | $ | 10,646,518 | |||||
Atlas Copco AB, Class B |
118,964 | 5,482,653 | ||||||
Bilia AB, Class A |
90,834 | 1,310,940 | ||||||
Epiroc AB, Class A |
173,831 | 3,771,555 | ||||||
Epiroc AB, Class B |
92,103 | 1,685,534 | ||||||
EQT AB |
114,344 | 4,565,466 | ||||||
Evolution AB(b) |
20,680 | 2,148,240 | ||||||
Hexpol AB |
186,971 | 1,852,978 | ||||||
Husqvarna AB, Class B(a) |
228,067 | 2,414,436 | ||||||
Indutrade AB |
55,570 | 1,420,942 | ||||||
JM AB(a) |
52,910 | 1,703,221 | ||||||
Lagercrantz Group AB, Class B |
64,132 | 734,950 | ||||||
Lifco AB, Class B |
43,836 | 1,133,130 | ||||||
Mycronic AB |
28,247 | 533,454 | ||||||
Nibe Industrier AB, Class B |
97,094 | 1,094,462 | ||||||
Nolato AB, Class B |
53,793 | 404,051 | ||||||
Nordnet AB publ |
55,736 | 1,016,709 | ||||||
Paradox Interactive AB(a) |
31,937 | 615,821 | ||||||
Samhallsbyggnadsbolaget i Norden AB(a) |
496,954 | 2,252,968 | ||||||
Sandvik AB(a) |
485,049 | 10,461,494 | ||||||
SKF AB, Class B(a) |
262,877 | 4,342,545 | ||||||
Thule Group AB(b) |
35,096 | 1,412,215 | ||||||
|
|
|||||||
Total Sweden |
|
69,987,940 | ||||||
Switzerland – 11.2% |
| |||||||
Coca-Cola HBC AG* |
171,327 | 3,608,117 | ||||||
EMS-Chemie Holding AG, Registered Shares |
9,083 | 8,897,935 | ||||||
Kuehne + Nagel International AG, Registered Shares |
34,271 | 9,798,098 | ||||||
Logitech International SA, Registered Shares |
39,044 | 2,935,990 | ||||||
Partners Group Holding AG |
10,545 | 13,217,775 | ||||||
Roche Holding AG |
142,982 | 56,936,435 | ||||||
Roche Holding AG, Bearer Shares |
33,328 | 14,667,579 | ||||||
Schindler Holding AG, Participation Certificate |
6,833 | 1,477,606 | ||||||
Schindler Holding AG, Registered Shares |
27,656 | 5,947,430 | ||||||
SFS Group AG |
12,009 | 1,680,803 | ||||||
Sonova Holding AG, Registered Shares |
10,567 | 4,450,714 | ||||||
STMicroelectronics NV |
70,059 | 3,087,646 | ||||||
Straumann Holding AG, Registered Shares |
1,115 | 1,801,084 | ||||||
Temenos AG, Registered Shares |
9,685 | 936,664 | ||||||
VAT Group AG(b) |
6,007 | 2,313,372 | ||||||
|
|
|||||||
Total Switzerland |
|
131,757,248 | ||||||
United Kingdom – 19.1% |
| |||||||
Alpha FX Group PLC |
2,284 | 62,250 | ||||||
Anglo American PLC |
1,236,616 | 64,679,890 | ||||||
Antofagasta PLC |
515,611 | 11,357,654 | ||||||
Ashtead Group PLC |
52,356 | 3,331,607 | ||||||
Bellway PLC |
40,518 | 1,297,425 | ||||||
Burberry Group PLC |
102,472 | 2,258,558 | ||||||
Clipper Logistics PLC |
8,616 | 100,056 | ||||||
Computacenter PLC |
36,076 | 1,397,435 | ||||||
Croda International PLC |
28,156 | 2,921,243 | ||||||
Diageo PLC |
648,357 | 32,981,137 | ||||||
Dunelm Group PLC(a) |
73,456 | 1,055,170 | ||||||
Electrocomponents PLC |
64,038 | 913,982 | ||||||
EMIS Group PLC |
20,021 | 351,651 | ||||||
Ferrexpo PLC |
1,047,187 | 2,571,423 | ||||||
Fresnillo PLC |
402,694 | 3,891,721 | ||||||
Games Workshop Group PLC |
7,317 | 699,905 | ||||||
Hikma Pharmaceuticals PLC |
58,842 | 1,596,746 | ||||||
Howden Joinery Group PLC |
88,343 | 893,081 | ||||||
IMI PLC |
92,903 | 1,667,232 | ||||||
Impax Asset Management Group PLC |
32,233 | 420,152 | ||||||
Intertek Group PLC |
39,081 | 2,688,062 | ||||||
Kainos Group PLC |
16,256 | 283,168 | ||||||
Polar Capital Holdings PLC |
85,819 | 701,691 | ||||||
RELX PLC |
564,140 | 17,700,333 | ||||||
Rightmove PLC |
156,560 | 1,304,421 | ||||||
Rio Tinto PLC |
741,584 | 59,375,306 | ||||||
Softcat PLC |
46,449 | 1,042,117 | ||||||
Spirax-Sarco Engineering PLC |
8,457 | 1,395,761 | ||||||
Synthomer PLC |
95,948 | 386,064 | ||||||
Taylor Wimpey PLC |
2,558,906 | 4,403,525 | ||||||
Vivo Energy PLC(b) |
654,290 | 1,176,770 | ||||||
|
|
|||||||
Total United Kingdom |
|
224,905,536 | ||||||
TOTAL COMMON STOCKS (Cost: $1,064,178,574) |
|
1,157,775,876 | ||||||
EXCHANGE-TRADED FUND – 0.1% |
| |||||||
United States – 0.1% |
| |||||||
WisdomTree International Quality Dividend Growth Fund(c) |
||||||||
(Cost: $882,631) | 30,722 | 1,121,046 | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 2.3% |
| |||||||
United States – 2.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(d) |
||||||||
(Cost: $26,747,300) | 26,747,300 | 26,747,300 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.7% (Cost: $1,091,808,505) |
|
1,185,644,222 | ||||||
Other Assets less Liabilities – (0.7)% |
|
(8,551,661 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% |
|
$ | 1,177,092,561 |
* |
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 $48,372,496 and the total market value of the collateral held by the Fund was $51,170,882. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $24,423,582. |
(b) |
This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers. |
(c) |
Affiliated holding. See “Investment in Affiliates” supplementary table included in this Schedule of Investments for additional information. |
(d) |
Rate shown represents annualized 7-day yield as of March 31, 2022. |
See Notes to Financial Statements.
24 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
INVESTMENT IN AFFILIATES |
Affiliated holdings are investments in entities in which the Fund owns 5% or more of the outstanding voting securities or are investments in entities which are under common ownership or control. Investments in affiliates during the fiscal year ended March 31, 2022 were as follows:
Affiliate | Value at 3/31/2021 |
Purchases/ Additions |
Sales/ Reductions |
Realized Gain/ (Loss) |
Change
in Unrealized Appreciation/ Depreciation |
Value at 3/31/2022 |
Dividend Income |
|||||||||||||||||||||
WisdomTree International Quality Dividend Growth Fund |
$ | 1,615,390 | $ | — | $ | 481,935 | $ | 110,708 | $ | (123,117 | ) | $ | 1,121,046 | $ | 33,146 |
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Bank of America NA |
4/5/2022 | 35,227,737 | AUD | 26,454,234 | USD | $ | 314 | $ | — | |||||||||||||||||||
Bank of America NA |
4/5/2022 | 27,721,622 | CHF | 30,123,586 | USD | 1,365 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 138,613,780 | DKK | 20,733,650 | USD | 855 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 76,977,971 | EUR | 85,648,308 | USD | 3,606 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 41,974,309 | GBP | 55,266,271 | USD | — | (1,269 | ) | ||||||||||||||||||||
Bank of America NA |
4/5/2022 | 6,774,265 | ILS | 2,122,731 | USD | 57 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 4,368,418,396 | JPY | 35,990,555 | USD | 1,106 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 21,062,749 | NOK | 2,408,787 | USD | 8 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 160,174,684 | SEK | 17,186,975 | USD | 528 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 2,404,233 | SGD | 1,776,479 | USD | 15 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 25,943,844 | USD | 35,738,867 | AUD | — | (894,540 | ) | ||||||||||||||||||||
Bank of America NA |
4/5/2022 | 29,542,402 | USD | 27,064,179 | CHF | 131,891 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 20,333,629 | USD | 134,490,059 | DKK | 215,970 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 83,995,868 | USD | 74,683,839 | EUR | 896,591 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 54,200,001 | USD | 40,382,968 | GBP | 1,030,219 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 2,081,777 | USD | 6,668,352 | ILS | — | (7,822 | ) | ||||||||||||||||||||
Bank of America NA |
4/5/2022 | 35,296,178 | USD | 4,062,247,714 | JPY | 1,827,076 | — | |||||||||||||||||||||
Bank of America NA |
4/5/2022 | 2,362,313 | USD | 20,777,974 | NOK | — | (13,914 | ) | ||||||||||||||||||||
Bank of America NA |
4/5/2022 | 16,855,381 | USD | 158,944,372 | SEK | — | (200,104 | ) | ||||||||||||||||||||
Bank of America NA |
4/5/2022 | 1,742,206 | USD | 2,365,341 | SGD | — | (5,550 | ) | ||||||||||||||||||||
Bank of America NA |
4/6/2022 | 42,133,642 | HKD | 5,380,171 | USD | 12 | — | |||||||||||||||||||||
Bank of America NA |
4/6/2022 | 5,276,370 | USD | 41,228,062 | HKD | 11,824 | — | |||||||||||||||||||||
Bank of America NA |
5/4/2022 | 30,434,187 | USD | 40,514,956 | AUD | — | (1,327 | ) | ||||||||||||||||||||
Bank of America NA |
5/4/2022 | 31,942,100 | USD | 29,367,024 | CHF | — | (2,397 | ) | ||||||||||||||||||||
Bank of America NA |
5/4/2022 | 22,646,857 | USD | 151,279,872 | DKK | — | (1,583 | ) | ||||||||||||||||||||
Bank of America NA |
5/4/2022 | 86,042,231 | USD | 77,266,392 | EUR | — | (4,580 | ) | ||||||||||||||||||||
Bank of America NA |
5/4/2022 | 2,158,241 | USD | 6,885,430 | ILS | — | (390 | ) | ||||||||||||||||||||
Bank of America NA |
5/4/2022 | 2,897,327 | USD | 25,344,834 | NOK | — | (63 | ) | ||||||||||||||||||||
Bank of America NA |
5/4/2022 | 17,872,478 | USD | 166,478,361 | SEK | — | (871 | ) | ||||||||||||||||||||
Bank of America NA |
5/5/2022 | 57,951,375 | USD | 44,022,351 | GBP | 340 | — | |||||||||||||||||||||
Bank of America NA |
5/5/2022 | 5,299,249 | USD | 41,489,013 | HKD | — | (26 | ) | ||||||||||||||||||||
Bank of America NA |
5/6/2022 | 1,886,335 | USD | 2,553,249 | SGD | — | (35 | ) | ||||||||||||||||||||
Bank of America NA |
5/9/2022 | 36,346,889 | USD | 4,408,834,019 | JPY | — | (1,504 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 35,227,267 | AUD | 26,454,233 | USD | — | (39 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 27,720,596 | CHF | 30,123,584 | USD | 252 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 138,608,791 | DKK | 20,733,648 | USD | 110 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 76,975,964 | EUR | 85,648,307 | USD | 1,374 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 41,975,870 | GBP | 55,266,270 | USD | 788 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 6,773,368 | ILS | 2,122,732 | USD | — | (225 | ) |
See Notes to Financial Statements.
WisdomTree Trust | 25 |
Schedule of Investments (continued)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 4,368,346,172 | JPY | 35,990,553 | USD | $ | 513 | $ | — | |||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 21,062,900 | NOK | 2,408,785 | USD | 27 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 160,171,779 | SEK | 17,186,975 | USD | 216 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 2,404,253 | SGD | 1,776,480 | USD | 28 | — | |||||||||||||||||||||
Barclays Bank PLC |
4/6/2022 | 42,132,673 | HKD | 5,380,171 | USD | — | (112 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 30,434,188 | USD | 40,515,227 | AUD | — | (1,530 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 31,942,099 | USD | 29,365,777 | CHF | — | (1,042 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 22,646,855 | USD | 151,282,124 | DKK | — | (1,922 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 86,042,232 | USD | 77,264,103 | EUR | — | (2,030 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 2,158,242 | USD | 6,886,298 | ILS | — | (662 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 2,897,325 | USD | 25,344,730 | NOK | — | (53 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/4/2022 | 17,872,477 | USD | 166,478,370 | SEK | — | (873 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/5/2022 | 57,951,375 | USD | 44,023,956 | GBP | — | (1,773 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/5/2022 | 5,299,249 | USD | 41,489,055 | HKD | — | (32 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/6/2022 | 1,886,334 | USD | 2,553,285 | SGD | — | (63 | ) | ||||||||||||||||||||
Barclays Bank PLC |
5/9/2022 | 36,346,890 | USD | 4,408,714,195 | JPY | — | (515 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 25,943,844 | USD | 35,734,682 | AUD | — | (891,398 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 391,605 | USD | 534,159 | AUD | — | (9,526 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 29,542,400 | USD | 27,063,172 | CHF | 132,982 | — | |||||||||||||||||||||
Citibank NA |
4/5/2022 | 445,923 | USD | 412,373 | CHF | — | (2,200 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 20,333,627 | USD | 134,488,968 | DKK | 216,131 | — | |||||||||||||||||||||
Citibank NA |
4/5/2022 | 306,923 | USD | 2,098,381 | DKK | — | (6,963 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 83,995,867 | USD | 74,682,510 | EUR | 898,069 | — | |||||||||||||||||||||
Citibank NA |
4/5/2022 | 1,267,862 | USD | 1,164,644 | EUR | — | (28,015 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 54,200,001 | USD | 40,384,262 | GBP | 1,028,515 | — | |||||||||||||||||||||
Citibank NA |
4/5/2022 | 818,113 | USD | 622,822 | GBP | — | (1,919 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 2,081,776 | USD | 6,668,099 | ILS | — | (7,744 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 31,423 | USD | 103,176 | ILS | — | (908 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 35,296,176 | USD | 4,062,314,547 | JPY | 1,826,523 | — | |||||||||||||||||||||
Citibank NA |
4/5/2022 | 532,772 | USD | 61,437,775 | JPY | 26,582 | — | |||||||||||||||||||||
Citibank NA |
4/5/2022 | 2,362,312 | USD | 20,778,277 | NOK | — | (13,950 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 35,658 | USD | 322,553 | NOK | — | (1,230 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 16,855,381 | USD | 158,942,973 | SEK | — | (199,954 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 254,421 | USD | 2,534,621 | SEK | — | (17,556 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 1,742,204 | USD | 2,365,310 | SGD | — | (5,530 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 26,297 | USD | 35,815 | SGD | — | (166 | ) | ||||||||||||||||||||
Citibank NA |
4/6/2022 | 5,276,369 | USD | 41,227,025 | HKD | 11,955 | — | |||||||||||||||||||||
Citibank NA |
4/6/2022 | 79,643 | USD | 622,472 | HKD | 158 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 671,691 | AUD | 503,874 | USD | 538 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 533,940 | CHF | 573,764 | USD | 6,466 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 2,673,857 | DKK | 394,914 | USD | 5,054 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 1,484,740 | EUR | 1,631,343 | USD | 20,698 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 797,846 | GBP | 1,052,656 | USD | — | (2,182 | ) | ||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 130,007 | ILS | 40,432 | USD | 307 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 83,602,849 | JPY | 685,512 | USD | 3,297 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 396,181 | NOK | 45,880 | USD | — | (572 | ) | ||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 3,087,105 | SEK | 327,360 | USD | 3,901 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 45,960 | SGD | 33,837 | USD | 123 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 25,943,844 | USD | 35,737,144 | AUD | — | (893,247 | ) | ||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 29,542,402 | USD | 27,062,583 | CHF | 133,624 | — |
See Notes to Financial Statements.
26 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 20,333,629 | USD | 134,503,214 | DKK | $ | 214,002 | $ | — | |||||||||||||||||||
Goldman Sachs |
4/5/2022 | 83,995,868 | USD | 74,684,171 | EUR | 896,222 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 54,200,001 | USD | 40,383,660 | GBP | 1,029,308 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 2,081,777 | USD | 6,669,218 | ILS | — | (8,094 | ) | ||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 35,296,178 | USD | 4,062,304,188 | JPY | 1,826,611 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 2,362,313 | USD | 20,780,908 | NOK | — | (14,250 | ) | ||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 16,855,381 | USD | 158,946,951 | SEK | — | (200,380 | ) | ||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 1,742,206 | USD | 2,365,398 | SGD | — | (5,593 | ) | ||||||||||||||||||||
Goldman Sachs |
4/6/2022 | 802,108 | HKD | 102,476 | USD | — | (52 | ) | ||||||||||||||||||||
Goldman Sachs |
4/6/2022 | 5,276,370 | USD | 41,230,072 | HKD | 11,567 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/4/2022 | 659,320 | HKD | 84,190 | USD | — | (1 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 35,227,737 | AUD | 26,454,234 | USD | 314 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 27,720,658 | CHF | 30,123,586 | USD | 318 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 138,609,489 | DKK | 20,733,650 | USD | 213 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 76,975,619 | EUR | 85,648,308 | USD | 989 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 41,974,627 | GBP | 55,266,271 | USD | — | (849 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 6,774,210 | ILS | 2,122,731 | USD | 40 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 4,368,324,820 | JPY | 35,990,555 | USD | 335 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 21,062,838 | NOK | 2,408,787 | USD | 18 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 160,171,195 | SEK | 17,186,975 | USD | 154 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 2,404,226 | SGD | 1,776,479 | USD | 10 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 25,943,844 | USD | 35,733,206 | AUD | — | (890,289 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 587,408 | USD | 808,830 | AUD | — | (19,989 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 783,210 | USD | 1,083,311 | AUD | — | (30,311 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 391,605 | USD | 523,636 | AUD | — | (1,624 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 29,542,402 | USD | 27,062,317 | CHF | 133,913 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 668,885 | USD | 614,200 | CHF | 1,437 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 891,846 | USD | 834,028 | CHF | — | (14,488 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 445,923 | USD | 416,962 | CHF | — | (7,188 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 20,333,629 | USD | 134,484,691 | DKK | 216,773 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 460,384 | USD | 3,070,108 | DKK | 1,143 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 613,845 | USD | 4,157,247 | DKK | — | (8,016 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 306,923 | USD | 2,081,283 | DKK | — | (4,405 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 83,995,868 | USD | 74,680,253 | EUR | 900,581 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,901,793 | USD | 1,704,967 | EUR | 4,709 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 2,535,724 | USD | 2,307,914 | EUR | — | (32,248 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,267,862 | USD | 1,155,586 | EUR | — | (17,937 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 54,200,001 | USD | 40,379,809 | GBP | 1,034,378 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,227,170 | USD | 919,007 | GBP | 17,169 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,636,226 | USD | 1,254,102 | GBP | — | (14,974 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 818,113 | USD | 625,280 | GBP | — | (5,155 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 2,081,777 | USD | 6,668,398 | ILS | — | (7,837 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 47,135 | USD | 151,876 | ILS | — | (457 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 62,846 | USD | 206,077 | ILS | — | (1,731 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 31,423 | USD | 101,246 | ILS | — | (303 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 35,296,178 | USD | 4,062,177,122 | JPY | 1,827,658 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 799,159 | USD | 91,684,635 | JPY | 43,764 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,065,545 | USD | 125,699,573 | JPY | 29,899 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 532,772 | USD | 65,809,755 | JPY | — | (9,439 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 2,362,313 | USD | 20,778,378 | NOK | — | (13,960 | ) |
See Notes to Financial Statements.
WisdomTree Trust | 27 |
Schedule of Investments (continued)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 53,486 | USD | 473,318 | NOK | $ | — | $ | (644 | ) | ||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 71,315 | USD | 642,327 | NOK | — | (2,143 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 35,658 | USD | 311,766 | NOK | 4 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 16,855,381 | USD | 158,939,872 | SEK | — | (199,621 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 381,631 | USD | 3,654,753 | SEK | — | (10,541 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 508,842 | USD | 4,870,638 | SEK | — | (13,801 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 254,421 | USD | 2,424,010 | SEK | — | (5,687 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,742,206 | USD | 2,365,309 | SGD | — | (5,527 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 39,446 | USD | 53,551 | SGD | — | (123 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 52,595 | USD | 71,735 | SGD | — | (410 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 26,297 | USD | 35,798 | SGD | — | (155 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/6/2022 | 42,133,217 | HKD | 5,380,171 | USD | — | (42 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/6/2022 | 5,276,370 | USD | 41,227,392 | HKD | 11,909 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/6/2022 | 119,465 | USD | 933,766 | HKD | 229 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/6/2022 | 159,287 | USD | 1,246,997 | HKD | 54 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/6/2022 | 79,643 | USD | 623,543 | HKD | 21 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 446,740 | USD | 594,696 | AUD | — | (6 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 30,434,187 | USD | 40,514,147 | AUD | — | (720 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 468,875 | USD | 431,041 | CHF | 2 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 31,942,100 | USD | 29,365,459 | CHF | — | (695 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 332,431 | USD | 2,220,554 | DKK | — | (13 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 22,646,857 | USD | 151,274,437 | DKK | — | (770 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 1,263,005 | USD | 1,134,119 | EUR | 6 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 86,042,231 | USD | 77,264,032 | EUR | — | (1,953 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 31,681 | USD | 101,057 | ILS | — | (1 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 2,158,241 | USD | 6,884,521 | ILS | — | (106 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 42,530 | USD | 372,037 | NOK | — | (1 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 2,897,327 | USD | 25,344,110 | NOK | 20 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 262,348 | USD | 2,443,609 | SEK | — | (1 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/4/2022 | 17,872,478 | USD | 166,473,107 | SEK | — | (307 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/5/2022 | 850,662 | USD | 646,204 | GBP | — | (1 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/5/2022 | 57,951,375 | USD | 44,022,384 | GBP | 296 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/5/2022 | 77,787 | USD | 609,031 | HKD | — | (3 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/5/2022 | 5,299,249 | USD | 41,490,136 | HKD | — | (170 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/6/2022 | 27,689 | USD | 37,478 | SGD | — | (0 | )^ | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/6/2022 | 1,886,335 | USD | 2,553,241 | SGD | — | (29 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
5/9/2022 | 533,532 | USD | 64,713,910 | JPY | 2 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/9/2022 | 36,346,889 | USD | 4,408,703,170 | JPY | — | (425 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 391,605 | USD | 534,874 | AUD | — | (10,063 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 445,923 | USD | 409,915 | CHF | 470 | — | |||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 306,923 | USD | 2,062,487 | DKK | — | (1,594 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 1,267,862 | USD | 1,145,124 | EUR | — | (6,296 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 818,113 | USD | 613,330 | GBP | 10,579 | — | |||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 31,423 | USD | 101,916 | ILS | — | (513 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 532,772 | USD | 61,575,687 | JPY | 25,446 | — | |||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 35,658 | USD | 318,201 | NOK | — | (732 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 254,421 | USD | 2,483,400 | SEK | — | (12,060 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/5/2022 | 26,297 | USD | 35,722 | SGD | — | (98 | ) | ||||||||||||||||||||
Royal Bank of Canada |
4/6/2022 | 79,643 | USD | 622,283 | HKD | 182 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 35,227,503 | AUD | 26,454,234 | USD | 138 | — |
See Notes to Financial Statements.
28 | WisdomTree Trust |
Schedule of Investments (concluded)
WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
UBS AG |
4/5/2022 | 27,720,534 | CHF | 30,123,586 | USD | $ | 184 | $ | — | |||||||||||||||||||
UBS AG |
4/5/2022 | 138,608,315 | DKK | 20,733,650 | USD | 37 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 76,977,625 | EUR | 85,648,308 | USD | 3,221 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 41,974,500 | GBP | 55,266,271 | USD | — | (1,017 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 6,773,936 | ILS | 2,122,731 | USD | — | (46 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 4,368,396,801 | JPY | 35,990,555 | USD | 928 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 21,062,836 | NOK | 2,408,787 | USD | 18 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 160,170,800 | SEK | 17,186,975 | USD | 111 | — | |||||||||||||||||||||
UBS AG |
4/5/2022 | 2,404,223 | SGD | 1,776,479 | USD | 7 | — | |||||||||||||||||||||
UBS AG |
4/6/2022 | 42,132,364 | HKD | 5,380,171 | USD | — | (151 | ) | ||||||||||||||||||||
UBS AG |
5/4/2022 | 30,434,187 | USD | 40,514,902 | AUD | — | (1,287 | ) | ||||||||||||||||||||
UBS AG |
5/4/2022 | 31,942,100 | USD | 29,366,225 | CHF | — | (1,529 | ) | ||||||||||||||||||||
UBS AG |
5/4/2022 | 22,646,857 | USD | 151,279,963 | DKK | — | (1,597 | ) | ||||||||||||||||||||
UBS AG |
5/4/2022 | 86,042,231 | USD | 77,265,698 | EUR | — | (3,807 | ) | ||||||||||||||||||||
UBS AG |
5/4/2022 | 2,158,241 | USD | 6,883,509 | ILS | 212 | — | |||||||||||||||||||||
UBS AG |
5/4/2022 | 2,897,327 | USD | 25,344,620 | NOK | — | (39 | ) | ||||||||||||||||||||
UBS AG |
5/4/2022 | 17,872,478 | USD | 166,476,288 | SEK | — | (649 | ) | ||||||||||||||||||||
UBS AG |
5/5/2022 | 57,951,375 | USD | 44,023,154 | GBP | — | (717 | ) | ||||||||||||||||||||
UBS AG |
5/5/2022 | 5,299,249 | USD | 41,488,870 | HKD | — | (8 | ) | ||||||||||||||||||||
UBS AG |
5/6/2022 | 1,886,335 | USD | 2,553,292 | SGD | — | (67 | ) | ||||||||||||||||||||
UBS AG |
5/9/2022 | 36,346,889 | USD | 4,408,790,403 | JPY | — | (1,145 | ) | ||||||||||||||||||||
$ | 16,685,609 | $ | (4,826,786 | ) |
^ |
Amount represents less than $1. |
FAIR VALUATION SUMMARY |
The following is a summary of the fair valuations according to the inputs used as of March 31, 2022 in valuing the Fund’s investments (See Note 2 — Fair Value Measurement):
Quoted Prices in Active Markets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
Assets: |
||||||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 1,157,775,876 | $ | — | $ | — | $ | 1,157,775,876 | ||||||||
Exchange-Traded Fund |
1,121,046 | — | — | 1,121,046 | ||||||||||||
Investment of Cash Collateral for Securities Loaned |
— | 26,747,300 | — | 26,747,300 | ||||||||||||
Total Investments in Securities |
$ | 1,158,896,922 | $ | 26,747,300 | $ | — | $ | 1,185,644,222 | ||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | 16,685,609 | $ | — | $ | 16,685,609 | ||||||||
Liabilities: |
||||||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | (4,826,786 | ) | $ | — | $ | (4,826,786 | ) | ||||||
Total – Net |
$ | 1,158,896,922 | $ | 38,606,123 | $ | — | $ | 1,197,503,045 |
1 |
Amount shown represents the unrealized appreciation (depreciation) on the financial instrument. |
See Notes to Financial Statements.
WisdomTree Trust | 29 |
Schedule of Investments
WisdomTree Japan Hedged Equity Fund (DXJ)
March 31, 2022
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.0% |
| |||||||
Japan – 99.0% |
| |||||||
Air Freight & Logistics – 0.1% |
| |||||||
Kintetsu World Express, Inc. |
54,200 | $ | 1,399,934 | |||||
Mitsui-Soko Holdings Co. Ltd. |
21,600 | 446,860 | ||||||
|
|
|||||||
Total Air Freight & Logistics |
|
1,846,794 | ||||||
Auto Components – 4.7% |
| |||||||
Aisan Industry Co. Ltd. |
58,400 | 351,242 | ||||||
Aisin Corp. |
267,508 | 9,245,694 | ||||||
Bridgestone Corp. |
493,485 | 19,345,019 | ||||||
Daikyonishikawa Corp. |
106,800 | 475,156 | ||||||
Denso Corp. |
331,279 | 21,452,959 | ||||||
Eagle Industry Co. Ltd. |
77,900 | 626,409 | ||||||
Exedy Corp. |
53,900 | 699,423 | ||||||
FCC Co. Ltd. |
34,700 | 383,951 | ||||||
FuKoKu Co. Ltd. |
32,100 | 244,899 | ||||||
Furukawa Battery Co. Ltd.(a) |
15,000 | 158,682 | ||||||
Futaba Industrial Co. Ltd. |
51,300 | 153,847 | ||||||
G-Tekt Corp. |
34,900 | 367,187 | ||||||
H-One Co. Ltd. |
43,000 | 215,399 | ||||||
JTEKT Corp. |
135,478 | 1,076,011 | ||||||
Koito Manufacturing Co. Ltd. |
34,701 | 1,422,348 | ||||||
KYB Corp. |
22,100 | 541,689 | ||||||
Musashi Seimitsu Industry Co. Ltd. |
36,500 | 454,690 | ||||||
NGK Spark Plug Co. Ltd. |
210,564 | 3,429,743 | ||||||
NHK Spring Co. Ltd. |
175,700 | 1,281,108 | ||||||
Nifco, Inc. |
38,790 | 891,651 | ||||||
NOK Corp. |
125,800 | 1,188,816 | ||||||
Pacific Industrial Co. Ltd. |
58,700 | 458,477 | ||||||
Press Kogyo Co. Ltd. |
141,700 | 441,298 | ||||||
Riken Corp. |
12,200 | 245,558 | ||||||
Sanoh Industrial Co. Ltd. |
28,900 | 166,674 | ||||||
Shoei Co. Ltd. |
14,000 | 528,857 | ||||||
Stanley Electric Co. Ltd. |
70,607 | 1,351,931 | ||||||
Sumitomo Electric Industries Ltd. |
508,883 | 6,129,656 | ||||||
Sumitomo Riko Co. Ltd. |
58,500 | 289,668 | ||||||
Sumitomo Rubber Industries Ltd. |
405,291 | 3,753,220 | ||||||
Suncall Corp.(a) |
60,100 | 245,104 | ||||||
Tachi-S Co. Ltd. |
24,100 | 197,565 | ||||||
Taiho Kogyo Co. Ltd.(a) |
20,300 | 118,079 | ||||||
Tokai Rika Co. Ltd. |
73,714 | 914,023 | ||||||
Topre Corp. |
43,800 | 424,016 | ||||||
Toyo Tire Corp. |
89,400 | 1,151,244 | ||||||
Toyoda Gosei Co. Ltd. |
92,200 | 1,539,009 | ||||||
Toyota Boshoku Corp. |
207,536 | 3,423,168 | ||||||
TPR Co. Ltd. |
38,494 | 412,611 | ||||||
TS Tech Co. Ltd. |
111,964 | 1,268,387 | ||||||
Yokohama Rubber Co. Ltd. |
192,300 | 2,680,713 | ||||||
Yorozu Corp.(a) |
20,500 | 150,150 | ||||||
|
|
|||||||
Total Auto Components |
|
89,895,331 | ||||||
Automobiles – 9.2% |
| |||||||
Honda Motor Co. Ltd. |
1,397,847 | 40,158,949 | ||||||
Isuzu Motors Ltd. |
600,800 | 7,860,518 | ||||||
Subaru Corp. |
458,367 | 7,356,531 | ||||||
Suzuki Motor Corp. |
226,436 | 7,859,731 | ||||||
Toyota Motor Corp. |
5,637,750 | 103,232,951 | ||||||
Yamaha Motor Co. Ltd. |
437,500 | 9,934,089 | ||||||
|
|
|||||||
Total Automobiles |
|
176,402,769 | ||||||
Banks – 9.3% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. |
13,376,522 | 83,791,305 | ||||||
Mizuho Financial Group, Inc. |
3,032,364 | 39,149,037 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
1,705,100 | 54,886,309 | ||||||
|
|
|||||||
Total Banks |
|
177,826,651 | ||||||
Beverages – 1.4% |
| |||||||
Asahi Group Holdings Ltd. |
261,800 | 9,622,161 | ||||||
Kirin Holdings Co. Ltd. |
725,945 | 10,939,266 | ||||||
Suntory Beverage & Food Ltd. |
134,400 | 5,160,074 | ||||||
Takara Holdings, Inc. |
69,200 | 627,718 | ||||||
|
|
|||||||
Total Beverages |
|
26,349,219 | ||||||
Biotechnology – 0.0% |
| |||||||
Takara Bio, Inc. |
34,000 | 627,757 | ||||||
Building Products – 1.5% |
| |||||||
AGC, Inc. |
204,147 | 8,249,978 | ||||||
Aica Kogyo Co. Ltd. |
52,400 | 1,290,411 | ||||||
Central Glass Co. Ltd. |
31,900 | 548,509 | ||||||
Daikin Industries Ltd. |
46,649 | 8,613,010 | ||||||
Lixil Corp. |
197,700 | 3,730,035 | ||||||
Nihon Flush Co. Ltd. |
17,600 | 142,975 | ||||||
Noritz Corp. |
35,800 | 432,992 | ||||||
Okabe Co. Ltd. |
93,100 | 529,260 | ||||||
Sanwa Holdings Corp. |
195,631 | 2,005,067 | ||||||
TOTO Ltd. |
58,800 | 2,393,178 | ||||||
|
|
|||||||
Total Building Products |
|
27,935,415 | ||||||
Capital Markets – 0.4% |
| |||||||
Monex Group, Inc.(a) |
70,000 | 378,332 | ||||||
SBI Holdings, Inc. |
240,300 | 6,137,425 | ||||||
Sparx Group Co. Ltd.(a) |
219,600 | 495,740 | ||||||
|
|
|||||||
Total Capital Markets |
|
7,011,497 | ||||||
Chemicals – 6.2% |
| |||||||
ADEKA Corp. |
80,000 | 1,782,245 | ||||||
Arakawa Chemical Industries Ltd.(a) |
36,600 | 322,050 | ||||||
Asahi Kasei Corp. |
954,622 | 8,356,629 | ||||||
Chugoku Marine Paints Ltd.(a) |
88,800 | 661,382 | ||||||
Daicel Corp. |
280,742 | 1,889,732 | ||||||
Denka Co. Ltd. |
71,415 | 2,000,503 | ||||||
DIC Corp. |
86,553 | 1,787,752 | ||||||
Fujimi, Inc. |
22,000 | 1,218,043 | ||||||
Fuso Chemical Co. Ltd. |
6,100 | 226,661 | ||||||
Ishihara Sangyo Kaisha Ltd. |
33,100 | 293,707 | ||||||
JCU Corp. |
10,000 | 341,916 | ||||||
JSP Corp.(a) |
47,900 | 606,569 | ||||||
JSR Corp.(a) |
87,000 | 2,601,936 | ||||||
Kaneka Corp. |
54,200 | 1,583,020 | ||||||
Kansai Paint Co. Ltd. |
80,100 | 1,302,058 |
See Notes to Financial Statements.
30 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Japan Hedged Equity Fund (DXJ)
March 31, 2022
Investments | Shares | Value | ||||||
KH Neochem Co. Ltd. |
23,200 | $ | 527,746 | |||||
Kumiai Chemical Industry Co. Ltd. |
69,500 | 506,756 | ||||||
Kuraray Co. Ltd. |
322,537 | 2,808,829 | ||||||
Kureha Corp. |
13,900 | 1,123,452 | ||||||
Kyowa Leather Cloth Co. Ltd. |
40,800 | 219,169 | ||||||
Lintec Corp. |
102,547 | 2,053,897 | ||||||
MEC Co. Ltd. |
5,000 | 139,032 | ||||||
Mitsubishi Chemical Holdings Corp. |
924,263 | 6,222,165 | ||||||
Mitsubishi Gas Chemical Co., Inc. |
160,682 | 2,754,927 | ||||||
Mitsui Chemicals, Inc. |
152,315 | 3,877,679 | ||||||
Nihon Nohyaku Co. Ltd. |
117,600 | 591,997 | ||||||
Nihon Parkerizing Co. Ltd. |
84,300 | 647,313 | ||||||
Nippon Kayaku Co. Ltd. |
192,100 | 1,837,513 | ||||||
Nippon Pillar Packing Co. Ltd.(a) |
26,300 | 667,386 | ||||||
Nippon Sanso Holdings Corp. |
127,553 | 2,449,648 | ||||||
Nippon Shokubai Co. Ltd. |
23,900 | 1,049,532 | ||||||
Nippon Soda Co. Ltd. |
29,000 | 805,191 | ||||||
Nissan Chemical Corp. |
57,153 | 3,404,459 | ||||||
Nitto Denko Corp. |
94,674 | 6,879,709 | ||||||
NOF Corp. |
45,700 | 1,890,126 | ||||||
Riken Technos Corp. |
83,900 | 315,899 | ||||||
Sanyo Chemical Industries Ltd. |
21,700 | 901,075 | ||||||
Shin-Etsu Chemical Co. Ltd. |
151,079 | 23,388,461 | ||||||
Showa Denko KK |
100,400 | 2,010,068 | ||||||
Sumitomo Bakelite Co. Ltd. |
32,900 | 1,352,593 | ||||||
Sumitomo Chemical Co. Ltd. |
1,338,585 | 6,198,021 | ||||||
Sumitomo Seika Chemicals Co. Ltd. |
17,600 | 448,791 | ||||||
T Hasegawa Co. Ltd. |
29,200 | 627,183 | ||||||
Taiyo Holdings Co. Ltd. |
33,652 | 901,083 | ||||||
Teijin Ltd. |
156,700 | 1,759,688 | ||||||
Tokai Carbon Co. Ltd. |
106,300 | 1,008,044 | ||||||
Tokuyama Corp. |
67,300 | 952,596 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
20,800 | 1,261,281 | ||||||
Toray Industries, Inc. |
683,818 | 3,598,953 | ||||||
Tosoh Corp. |
259,007 | 3,870,968 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
80,900 | 1,268,405 | ||||||
Toyobo Co. Ltd. |
67,351 | 606,506 | ||||||
Ube Industries Ltd. |
108,700 | 1,788,456 | ||||||
Zeon Corp. |
129,400 | 1,454,184 | ||||||
|
|
|||||||
Total Chemicals |
|
119,142,984 | ||||||
Commercial Services & Supplies – 0.1% |
| |||||||
Pilot Corp. |
16,000 | 693,388 | ||||||
Sato Holdings Corp. |
30,200 | 427,714 | ||||||
|
|
|||||||
Total Commercial Services & Supplies |
|
1,121,102 | ||||||
Communications Equipment – 0.0% |
| |||||||
Uniden Holdings Corp.(a) |
13,200 | 374,657 | ||||||
Construction & Engineering – 0.4% |
| |||||||
Kajima Corp. |
501,300 | 6,158,091 | ||||||
Penta-Ocean Construction Co. Ltd. |
215,400 | 1,087,870 | ||||||
Taikisha Ltd. |
37,700 | 945,800 | ||||||
|
|
|||||||
Total Construction & Engineering |
|
8,191,761 | ||||||
Construction Materials – 0.1% |
| |||||||
Krosaki Harima Corp. |
15,300 | 520,610 | ||||||
Taiheiyo Cement Corp. |
77,100 | 1,282,512 | ||||||
|
|
|||||||
Total Construction Materials |
|
1,803,122 | ||||||
Consumer Finance – 0.1% |
| |||||||
Acom Co. Ltd. |
600,800 | 1,579,034 | ||||||
AEON Financial Service Co. Ltd. |
124,100 | 1,244,323 | ||||||
|
|
|||||||
Total Consumer Finance |
|
2,823,357 | ||||||
Containers & Packaging – 0.1% |
| |||||||
Toyo Seikan Group Holdings Ltd. |
228,400 | 2,645,771 | ||||||
Diversified Financial Services – 0.4% |
| |||||||
Mitsubishi HC Capital, Inc. |
1,605,990 | 7,542,033 | ||||||
Electrical Equipment – 1.6% |
| |||||||
Daihen Corp. |
19,300 | 672,618 | ||||||
Fuji Electric Co. Ltd. |
60,573 | 3,074,189 | ||||||
Furukawa Electric Co. Ltd. |
39,981 | 716,776 | ||||||
GS Yuasa Corp. |
56,484 | 1,089,426 | ||||||
Idec Corp. |
14,300 | 303,142 | ||||||
Mabuchi Motor Co. Ltd. |
15,200 | 479,011 | ||||||
Mitsubishi Electric Corp. |
1,289,314 | 14,977,818 | ||||||
Nidec Corp. |
69,416 | 5,575,013 | ||||||
Nippon Carbon Co. Ltd. |
23,300 | 804,342 | ||||||
Nissin Electric Co. Ltd. |
88,400 | 1,075,002 | ||||||
Sanyo Denki Co. Ltd. |
8,200 | 332,729 | ||||||
Sinfonia Technology Co. Ltd. |
36,200 | 397,268 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. |
100,500 | 382,542 | ||||||
|
|
|||||||
Total Electrical Equipment |
|
29,879,876 | ||||||
Electronic Equipment, Instruments & Components – 3.5% |
| |||||||
A&D Co. Ltd.(a) |
15,400 | 122,819 | ||||||
Ai Holdings Corp. |
26,000 | 366,945 | ||||||
Amano Corp. |
47,233 | 854,961 | ||||||
Anritsu Corp.(a) |
61,900 | 792,014 | ||||||
Canon Electronics, Inc. |
33,800 | 446,675 | ||||||
Citizen Watch Co. Ltd.(a) |
183,900 | 789,387 | ||||||
Dexerials Corp. |
59,200 | 1,631,506 | ||||||
Elematec Corp. |
31,400 | 270,085 | ||||||
Furuno Electric Co. Ltd.(a) |
41,900 | 350,044 | ||||||
Hakuto Co. Ltd.(a) |
32,219 | 650,884 | ||||||
Hamamatsu Photonics KK |
33,000 | 1,780,845 | ||||||
Hioki EE Corp. |
5,700 | 331,081 | ||||||
Hirose Electric Co. Ltd. |
14,260 | 2,098,320 | ||||||
Horiba Ltd. |
15,500 | 855,613 | ||||||
Ibiden Co. Ltd. |
19,001 | 947,115 | ||||||
Innotech Corp. |
17,900 | 204,108 | ||||||
Iriso Electronics Co. Ltd. |
5,000 | 137,590 | ||||||
Japan Aviation Electronics Industry Ltd. |
44,800 | 734,886 | ||||||
Kaga Electronics Co. Ltd. |
25,600 | 686,533 | ||||||
Keyence Corp. |
18,240 | 8,603,419 | ||||||
Macnica Fuji Electronics Holdings, Inc. |
49,100 | 1,068,772 | ||||||
Meiko Electronics Co. Ltd. |
10,800 | 360,816 | ||||||
Murata Manufacturing Co. Ltd. |
345,468 | 23,103,306 | ||||||
Nichicon Corp. |
41,500 | 401,751 |
See Notes to Financial Statements.
WisdomTree Trust | 31 |
Schedule of Investments (continued)
WisdomTree Japan Hedged Equity Fund (DXJ)
March 31, 2022
Investments | Shares | Value | ||||||
Nippon Electric Glass Co. Ltd. |
84,560 | $ | 1,892,193 | |||||
Nissha Co. Ltd.(a) |
25,600 | 306,462 | ||||||
Omron Corp. |
40,600 | 2,747,587 | ||||||
Optex Group Co. Ltd. |
29,200 | 417,160 | ||||||
Osaki Electric Co. Ltd. |
109,400 | 421,827 | ||||||
Restar Holdings Corp. |
26,000 | 423,497 | ||||||
Ryosan Co. Ltd. |
13,445 | 243,367 | ||||||
Sanshin Electronics Co. Ltd. |
33,854 | 448,226 | ||||||
Shimadzu Corp. |
87,200 | 3,042,571 | ||||||
Siix Corp.(a) |
43,900 | 384,837 | ||||||
Taiyo Yuden Co. Ltd.(a) |
43,400 | 1,984,511 | ||||||
TDK Corp. |
141,504 | 5,199,653 | ||||||
Tokyo Electron Device Ltd.(a) |
10,800 | 463,588 | ||||||
Topcon Corp. |
20,700 | 266,904 | ||||||
V Technology Co. Ltd. |
9,900 | 269,166 | ||||||
Yokogawa Electric Corp. |
96,538 | 1,669,481 | ||||||
|
|
|||||||
Total Electronic Equipment, Instruments & Components |
|
67,770,505 | ||||||
Energy Equipment & Services – 0.0% |
| |||||||
Modec, Inc. |
24,300 | 255,263 | ||||||
Entertainment – 3.6% |
| |||||||
Capcom Co. Ltd. |
78,200 | 1,912,236 | ||||||
Koei Tecmo Holdings Co. Ltd.(a) |
68,622 | 2,269,968 | ||||||
Konami Holdings Corp.(a) |
46,400 | 2,962,719 | ||||||
Marvelous, Inc. |
67,900 | 403,903 | ||||||
Nintendo Co. Ltd. |
118,500 | 60,209,227 | ||||||
Square Enix Holdings Co. Ltd. |
29,500 | 1,319,753 | ||||||
Toei Animation Co. Ltd. |
3,500 | 293,265 | ||||||
|
|
|||||||
Total Entertainment |
|
69,371,071 | ||||||
Food & Staples Retailing – 1.1% |
| |||||||
Cosmos Pharmaceutical Corp. |
3,500 | 427,642 | ||||||
Seven & I Holdings Co. Ltd. |
444,624 | 21,294,330 | ||||||
|
|
|||||||
Total Food & Staples Retailing |
|
21,721,972 | ||||||
Food Products – 1.1% |
| |||||||
Ajinomoto Co., Inc. |
296,913 | 8,500,702 | ||||||
Ariake Japan Co. Ltd. |
6,800 | 290,768 | ||||||
Fuji Oil Holdings, Inc. |
45,000 | 734,089 | ||||||
Kagome Co. Ltd. |
34,900 | 897,121 | ||||||
Kikkoman Corp. |
23,500 | 1,574,089 | ||||||
Nippon Suisan Kaisha Ltd. |
110,100 | 497,094 | ||||||
Nisshin Seifun Group, Inc. |
163,100 | 2,292,470 | ||||||
Nissin Foods Holdings Co. Ltd. |
36,100 | 2,548,935 | ||||||
Riken Vitamin Co. Ltd. |
29,800 | 411,737 | ||||||
Toyo Suisan Kaisha Ltd. |
50,800 | 1,829,009 | ||||||
Yakult Honsha Co. Ltd.(a) |
42,387 | 2,276,937 | ||||||
|
|
|||||||
Total Food Products |
|
21,852,951 | ||||||
Health Care Equipment & Supplies – 1.0% |
| |||||||
Hoya Corp. |
70,857 | 8,190,515 | ||||||
Jeol Ltd. |
5,100 | 288,667 | ||||||
Mani, Inc. |
29,900 | 361,633 | ||||||
Nakanishi, Inc. |
34,400 | 639,960 | ||||||
Nihon Kohden Corp. |
27,600 | 671,041 | ||||||
Nipro Corp. |
119,500 | 1,008,181 | ||||||
Olympus Corp. |
145,300 | 2,800,055 | ||||||
Sysmex Corp. |
26,160 | 1,923,178 | ||||||
Terumo Corp. |
109,912 | 3,372,295 | ||||||
|
|
|||||||
Total Health Care Equipment & Supplies |
|
19,255,525 | ||||||
Health Care Technology – 0.1% |
| |||||||
M3, Inc. |
29,100 | 1,071,455 | ||||||
Household Durables – 2.1% |
| |||||||
Casio Computer Co. Ltd.(a) |
172,857 | 2,005,212 | ||||||
Fujitsu General Ltd. |
29,300 | 576,947 | ||||||
JVCKenwood Corp. |
127,200 | 186,543 | ||||||
Nikon Corp.(a) |
189,800 | 2,054,766 | ||||||
Panasonic Corp. |
971,070 | 9,508,685 | ||||||
Rinnai Corp. |
14,500 | 1,095,489 | ||||||
Sekisui Chemical Co. Ltd. |
315,100 | 4,566,516 | ||||||
Sharp Corp.(a) |
305,500 | 2,892,025 | ||||||
Sony Group Corp. |
137,200 | 14,389,751 | ||||||
Sumitomo Forestry Co. Ltd. |
143,100 | 2,556,052 | ||||||
Toa Corp. |
43,300 | 242,587 | ||||||
Zojirushi Corp.(a) |
46,700 | 558,669 | ||||||
|
|
|||||||
Total Household Durables |
|
40,633,242 | ||||||
Household Products – 0.3% |
| |||||||
Pigeon Corp. |
87,100 | 1,545,016 | ||||||
Unicharm Corp. |
118,600 | 4,259,340 | ||||||
|
|
|||||||
Total Household Products |
|
5,804,356 | ||||||
Industrial Conglomerates – 1.6% |
| |||||||
Hitachi Ltd. |
381,505 | 19,377,782 | ||||||
Nisshinbo Holdings, Inc. |
154,824 | 1,355,946 | ||||||
Toshiba Corp. |
241,800 | 9,263,604 | ||||||
|
|
|||||||
Total Industrial Conglomerates |
|
29,997,332 | ||||||
Insurance – 4.8% |
| |||||||
Dai-ichi Life Holdings, Inc. |
684,500 | 14,093,228 | ||||||
MS&AD Insurance Group Holdings, Inc. |
619,600 | 20,307,055 | ||||||
Sompo Holdings, Inc. |
534,500 | 23,696,350 | ||||||
Tokio Marine Holdings, Inc. |
582,800 | 34,226,145 | ||||||
|
|
|||||||
Total Insurance |
|
92,322,778 | ||||||
Internet & Direct Marketing Retail – 0.0% |
| |||||||
Aucnet, Inc. |
12,200 | 160,522 | ||||||
IT Services – 0.9% |
| |||||||
Fujitsu Ltd. |
48,432 | 7,348,097 | ||||||
GMO GlobalSign Holdings KK(a) |
3,300 | 168,841 | ||||||
NEC Corp. |
103,700 | 4,400,041 | ||||||
NTT Data Corp. |
293,000 | 5,837,067 | ||||||
|
|
|||||||
Total IT Services |
|
17,754,046 | ||||||
Leisure Products – 0.8% |
| |||||||
Bandai Namco Holdings, Inc. |
73,200 | 5,603,908 | ||||||
GLOBERIDE, Inc. |
6,700 | 159,972 | ||||||
Mizuno Corp. |
10,500 | 182,620 | ||||||
Roland Corp. |
25,500 | 847,724 | ||||||
Sega Sammy Holdings, Inc. |
152,600 | 2,656,591 | ||||||
Shimano, Inc. |
21,800 | 5,056,882 | ||||||
Yamaha Corp. |
40,407 | 1,781,071 | ||||||
|
|
|||||||
Total Leisure Products |
|
16,288,768 |
See Notes to Financial Statements.
32 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Japan Hedged Equity Fund (DXJ)
March 31, 2022
Investments | Shares | Value | ||||||
Machinery – 5.2% |
| |||||||
Amada Co. Ltd. |
251,993 | $ | 2,250,549 | |||||
Anest Iwata Corp. |
48,500 | 331,658 | ||||||
Bando Chemical Industries Ltd. |
66,400 | 483,058 | ||||||
CKD Corp. |
29,000 | 450,381 | ||||||
Daifuku Co. Ltd. |
26,400 | 1,911,893 | ||||||
DMG Mori Co. Ltd. |
42,300 | 583,400 | ||||||
Ebara Corp. |
60,731 | 3,422,451 | ||||||
FANUC Corp. |
87,489 | 15,602,055 | ||||||
Fujitec Co. Ltd.(a) |
55,000 | 1,427,394 | ||||||
Glory Ltd.(a) |
44,600 | 761,369 | ||||||
Hino Motors Ltd.(a) |
152,000 | 901,668 | ||||||
Hitachi Zosen Corp. |
42,200 | 259,371 | ||||||
Hokuetsu Industries Co. Ltd. |
40,600 | 292,353 | ||||||
Hoshizaki Corp. |
21,869 | 1,515,290 | ||||||
IHI Corp. |
36,500 | 887,127 | ||||||
Iwaki Co. Ltd. |
22,900 | 206,407 | ||||||
Japan Steel Works Ltd. |
22,600 | 711,283 | ||||||
Kawasaki Heavy Industries Ltd.(a) |
29,500 | 541,026 | ||||||
Kito Corp. |
34,300 | 501,607 | ||||||
Komatsu Ltd. |
468,906 | 11,369,643 | ||||||
Kubota Corp. |
475,302 | 9,018,501 | ||||||
Kurita Water Industries Ltd.(a) |
36,500 | 1,366,777 | ||||||
Makita Corp. |
83,938 | 2,721,286 | ||||||
Meidensha Corp.(a) |
28,400 | 594,557 | ||||||
MINEBEA MITSUMI, Inc. |
99,701 | 2,212,931 | ||||||
MISUMI Group, Inc. |
52,600 | 1,588,293 | ||||||
Mitsubishi Heavy Industries Ltd. |
326,219 | 10,804,535 | ||||||
Mitsubishi Logisnext Co. Ltd. |
13,400 | 102,894 | ||||||
Mitsuboshi Belting Ltd. |
39,500 | 659,662 | ||||||
Miura Co. Ltd.(a) |
24,700 | 617,627 | ||||||
Nabtesco Corp. |
56,400 | 1,514,842 | ||||||
NGK Insulators Ltd. |
196,375 | 2,836,213 | ||||||
Nissei ASB Machine Co. Ltd. |
10,500 | 269,475 | ||||||
Nissei Plastic Industrial Co. Ltd. |
15,800 | 131,347 | ||||||
Nitta Corp. |
30,900 | 703,667 | ||||||
Nomura Micro Science Co. Ltd.(a) |
4,600 | 161,261 | ||||||
Noritake Co. Ltd. |
6,600 | 242,521 | ||||||
Obara Group, Inc.(a) |
18,700 | 460,355 | ||||||
Organo Corp. |
3,800 | 317,149 | ||||||
OSG Corp. |
33,524 | 518,983 | ||||||
Sansei Technologies, Inc. |
25,800 | 156,022 | ||||||
Shibaura Machine Co. Ltd. |
24,100 | 679,069 | ||||||
SMC Corp. |
14,751 | 8,366,293 | ||||||
Sodick Co. Ltd. |
83,300 | 538,748 | ||||||
Star Micronics Co. Ltd. |
46,500 | 589,990 | ||||||
Sumitomo Heavy Industries Ltd. |
97,337 | 2,259,903 | ||||||
Takeuchi Manufacturing Co. Ltd. |
19,400 | 422,285 | ||||||
Teikoku Electric Manufacturing Co. Ltd. |
22,000 | 285,298 | ||||||
Tocalo Co. Ltd. |
63,000 | 705,911 | ||||||
Torishima Pump Manufacturing Co. Ltd. |
36,100 | 305,158 | ||||||
Tsubaki Nakashima Co. Ltd. |
20,200 | 160,934 | ||||||
Tsubakimoto Chain Co. |
28,200 | 709,792 | ||||||
Tsugami Corp. |
28,200 | 309,009 | ||||||
YAMABIKO Corp. |
30,500 | 375,926 | ||||||
Yaskawa Electric Corp. |
48,800 | 1,935,918 | ||||||
Yushin Precision Equipment Co. Ltd. |
41,000 | 226,999 | ||||||
|
|
|||||||
Total Machinery |
|
99,280,114 | ||||||
Marine – 2.7% |
| |||||||
Iino Kaiun Kaisha Ltd. |
130,400 | 887,418 | ||||||
Mitsui OSK Lines Ltd.(a) |
835,700 | 23,547,633 | ||||||
Nippon Yusen KK(a) |
291,300 | 25,824,000 | ||||||
NS United Kaiun Kaisha Ltd. |
22,000 | 763,090 | ||||||
|
|
|||||||
Total Marine |
|
51,022,141 | ||||||
Media – 0.3% |
| |||||||
Dentsu Group, Inc. |
131,100 | 5,422,220 | ||||||
Metals & Mining – 2.4% |
| |||||||
Asahi Holdings, Inc. |
80,600 | 1,504,091 | ||||||
Daido Steel Co. Ltd. |
23,200 | 705,318 | ||||||
Daiki Aluminium Industry Co. Ltd.(a) |
44,300 | 574,851 | ||||||
Dowa Holdings Co. Ltd. |
30,100 | 1,391,234 | ||||||
JFE Holdings, Inc. |
580,400 | 8,239,169 | ||||||
Kobe Steel Ltd. |
273,600 | 1,332,215 | ||||||
Kyoei Steel Ltd. |
55,500 | 612,272 | ||||||
Maruichi Steel Tube Ltd. |
76,300 | 1,735,020 | ||||||
Mitsubishi Materials Corp. |
107,800 | 1,903,319 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
34,900 | 964,692 | ||||||
Neturen Co. Ltd. |
38,900 | 189,412 | ||||||
Nippon Steel Corp. |
728,500 | 13,030,472 | ||||||
Nippon Yakin Kogyo Co. Ltd.(a) |
12,010 | 278,048 | ||||||
Nittetsu Mining Co. Ltd. |
2,900 | 169,162 | ||||||
Sanyo Special Steel Co. Ltd. |
30,000 | 524,737 | ||||||
Sumitomo Metal Mining Co. Ltd. |
266,500 | 13,531,942 | ||||||
|
|
|||||||
Total Metals & Mining |
|
46,685,954 | ||||||
Multiline Retail – 0.1% |
| |||||||
Ryohin Keikaku Co. Ltd. |
127,000 | 1,497,318 | ||||||
Oil, Gas & Consumable Fuels – 2.4% |
| |||||||
ENEOS Holdings, Inc. |
5,516,300 | 20,815,369 | ||||||
Idemitsu Kosan Co. Ltd. |
398,000 | 11,066,941 | ||||||
Inpex Corp. |
1,158,800 | 13,748,070 | ||||||
Nippon Coke & Engineering Co. Ltd.(a) |
280,300 | 332,550 | ||||||
|
|
|||||||
Total Oil, Gas & Consumable Fuels |
|
45,962,930 | ||||||
Paper & Forest Products – 0.3% |
| |||||||
Daiken Corp. |
20,300 | 363,267 | ||||||
Hokuetsu Corp.(a) |
124,700 | 714,039 | ||||||
Nippon Paper Industries Co. Ltd.(a) |
85,500 | 731,901 | ||||||
Oji Holdings Corp. |
631,700 | 3,159,151 | ||||||
|
|
|||||||
Total Paper & Forest Products |
|
4,968,358 | ||||||
Personal Products – 0.7% |
| |||||||
Kao Corp. |
257,380 | 10,655,691 | ||||||
Rohto Pharmaceutical Co. Ltd. |
27,200 | 828,045 | ||||||
Shiseido Co. Ltd. |
49,122 | 2,516,504 | ||||||
|
|
|||||||
Total Personal Products |
|
14,000,240 | ||||||
Pharmaceuticals – 6.8% |
| |||||||
Astellas Pharma, Inc. |
1,058,804 | 16,670,438 | ||||||
Chugai Pharmaceutical Co. Ltd. |
577,800 | 19,503,577 | ||||||
Kyowa Kirin Co. Ltd. |
161,270 | 3,784,115 | ||||||
Nippon Shinyaku Co. Ltd. |
21,900 | 1,503,003 |
See Notes to Financial Statements.
WisdomTree Trust | 33 |
Schedule of Investments (continued)
WisdomTree Japan Hedged Equity Fund (DXJ)
March 31, 2022
Investments | Shares | Value | ||||||
Ono Pharmaceutical Co. Ltd. |
293,200 | $ | 7,406,395 | |||||
Otsuka Holdings Co. Ltd. |
291,500 | 10,163,773 | ||||||
Shionogi & Co. Ltd. |
111,977 | 6,946,956 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. |
125,400 | 1,248,059 | ||||||
Takeda Pharmaceutical Co. Ltd. |
2,169,763 | 62,532,078 | ||||||
Towa Pharmaceutical Co. Ltd. |
23,300 | 527,526 | ||||||
|
|
|||||||
Total Pharmaceuticals |
|
130,285,920 | ||||||
Professional Services – 0.3% |
| |||||||
Outsourcing, Inc. |
10,400 | 108,905 | ||||||
Persol Holdings Co. Ltd. |
58,000 | 1,320,799 | ||||||
Recruit Holdings Co. Ltd. |
119,200 | 5,316,983 | ||||||
|
|
|||||||
Total Professional Services |
|
6,746,687 | ||||||
Road & Rail – 0.3% |
| |||||||
Alps Logistics Co. Ltd. |
26,600 | 235,373 | ||||||
Hitachi Transport System Ltd. |
36,800 | 2,037,454 | ||||||
Nippon Express Holdings, Inc. |
61,600 | 4,273,302 | ||||||
|
|
|||||||
Total Road & Rail |
|
6,546,129 | ||||||
Semiconductors & Semiconductor Equipment – 4.4% |
| |||||||
Advantest Corp. |
95,700 | 7,624,461 | ||||||
Disco Corp. |
21,200 | 6,008,486 | ||||||
Ferrotec Holdings Corp. |
14,100 | 319,581 | ||||||
Furuya Metal Co. Ltd. |
2,300 | 195,938 | ||||||
Lasertec Corp. |
10,200 | 1,746,711 | ||||||
Micronics Japan Co. Ltd. |
10,900 | 150,333 | ||||||
Mitsui High-Tec, Inc. |
3,600 | 369,269 | ||||||
Optorun Co. Ltd. |
28,300 | 490,805 | ||||||
Rohm Co. Ltd. |
36,500 | 2,883,914 | ||||||
SCREEN Holdings Co. Ltd.(a) |
10,960 | 1,116,092 | ||||||
Shibaura Mechatronics Corp. |
1,700 | 120,733 | ||||||
Shinko Electric Industries Co. Ltd. |
43,459 | 2,094,625 | ||||||
SUMCO Corp. |
82,300 | 1,374,435 | ||||||
Tokyo Electron Ltd. |
109,453 | 57,037,300 | ||||||
Tokyo Seimitsu Co. Ltd. |
27,800 | 1,117,726 | ||||||
Ulvac, Inc. |
17,400 | 903,151 | ||||||
Yamaichi Electronics Co. Ltd.(a) |
28,000 | 433,005 | ||||||
|
|
|||||||
Total Semiconductors & Semiconductor Equipment |
|
83,986,565 | ||||||
Software – 0.3% |
| |||||||
Cybernet Systems Co. Ltd.(a) |
33,000 | 201,739 | ||||||
Trend Micro, Inc. |
83,708 | 4,937,996 | ||||||
|
|
|||||||
Total Software |
|
5,139,735 | ||||||
Specialty Retail – 0.6% |
| |||||||
ABC-Mart, Inc. |
62,800 | 2,387,823 | ||||||
Fast Retailing Co. Ltd. |
17,100 | 8,874,389 | ||||||
IDOM, Inc. |
32,400 | 194,333 | ||||||
VT Holdings Co. Ltd. |
159,700 | 586,828 | ||||||
|
|
|||||||
Total Specialty Retail |
|
12,043,373 | ||||||
Technology Hardware, Storage & Peripherals – 2.7% |
| |||||||
Brother Industries Ltd. |
184,043 | 3,392,002 | ||||||
Canon, Inc.(a) |
1,004,897 | 24,779,870 | ||||||
Eizo Corp. |
17,200 | 508,737 | ||||||
FUJIFILM Holdings Corp. |
219,395 | 13,560,464 | ||||||
Konica Minolta, Inc.(a) |
607,800 | 2,583,932 | ||||||
MCJ Co. Ltd. |
66,300 | 508,550 | ||||||
Riso Kagaku Corp. |
15,700 | 256,633 | ||||||
Roland DG Corp. |
6,700 | 186,579 | ||||||
Seiko Epson Corp.(a) |
296,600 | 4,498,790 | ||||||
Toshiba TEC Corp. |
15,200 | 615,514 | ||||||
Wacom Co. Ltd.(a) |
86,900 | 675,153 | ||||||
|
|
|||||||
Total Technology Hardware, Storage & Peripherals |
|
51,566,224 | ||||||
Textiles, Apparel & Luxury Goods – 0.2% |
| |||||||
Asics Corp. |
53,792 | 1,052,129 | ||||||
Kurabo Industries Ltd. |
26,347 | 381,394 | ||||||
Onward Holdings Co. Ltd.(a) |
128,900 | 271,871 | ||||||
Seiko Holdings Corp. |
17,000 | 321,302 | ||||||
Seiren Co. Ltd.(a) |
30,210 | 553,549 | ||||||
Wacoal Holdings Corp. |
30,700 | 465,907 | ||||||
|
|
|||||||
Total Textiles, Apparel & Luxury Goods |
|
3,046,152 | ||||||
Tobacco – 4.1% |
| |||||||
Japan Tobacco, Inc. |
4,579,331 | 78,758,834 | ||||||
Trading Companies & Distributors – 8.7% |
| |||||||
Alconix Corp. |
15,800 | 182,115 | ||||||
Chori Co. Ltd. |
22,700 | 328,975 | ||||||
Hanwa Co. Ltd. |
22,100 | 589,940 | ||||||
Inabata & Co. Ltd. |
96,586 | 1,641,664 | ||||||
ITOCHU Corp. |
1,618,894 | 55,272,476 | ||||||
Kokusai Pulp & Paper Co. Ltd. |
70,700 | 185,232 | ||||||
Marubeni Corp. |
1,698,078 | 19,950,230 | ||||||
Mitsubishi Corp. |
1,329,000 | 50,378,818 | ||||||
Nagase & Co. Ltd. |
88,500 | 1,327,773 | ||||||
Nippon Steel Trading Corp. |
43,100 | 1,885,569 | ||||||
Sanyo Trading Co. Ltd. |
38,300 | 311,449 | ||||||
Shinsho Corp. |
11,800 | 346,101 | ||||||
Sojitz Corp.(a) |
195,104 | 3,242,223 | ||||||
Sumitomo Corp. |
1,303,877 | 22,763,463 | ||||||
Toyota Tsusho Corp. |
209,210 | 8,721,752 | ||||||
|
|
|||||||
Total Trading Companies & Distributors |
|
167,127,780 | ||||||
Transportation Infrastructure – 0.0% |
| |||||||
Nissin Corp. |
15,800 | 212,706 | ||||||
TOTAL COMMON STOCKS (Cost: $2,005,586,852) |
|
1,899,979,262 | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 1.1% |
| |||||||
United States – 1.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(b) |
||||||||
(Cost: $21,586,729) | 21,586,729 | 21,586,729 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.1% (Cost: $2,027,173,581) |
|
1,921,565,991 | ||||||
Other Assets less Liabilities – (0.1)% |
(1,721,537 | ) | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 1,919,844,454 |
(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 $73,768,650. The Fund also had securities on loan having a total market value of $25,910 that were sold and pending settlement. The total market value of the collateral held by the Fund was $78,229,658. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $56,642,929. |
(b) |
Rate shown represents annualized 7-day yield as of March 31, 2022. |
See Notes to Financial Statements.
34 | WisdomTree Trust |
Schedule of Investments (concluded)
WisdomTree Japan Hedged Equity Fund (DXJ)
March 31, 2022
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Bank of America NA |
4/5/2022 | 56,329,832,787 | JPY | 464,090,607 | USD | $ | 14,257 | $ | — | |||||||||||||||||||
Bank of America NA |
4/5/2022 | 500,143,927 | USD | 57,561,714,601 | JPY | 25,889,515 | — | |||||||||||||||||||||
Bank of America NA |
5/9/2022 | 492,590,660 | USD | 59,750,655,949 | JPY | — | (20,384 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 56,328,904,485 | JPY | 464,090,606 | USD | 6,609 | — | |||||||||||||||||||||
Barclays Bank PLC |
5/9/2022 | 492,590,659 | USD | 59,749,030,278 | JPY | — | (6,983 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 500,143,927 | USD | 57,562,664,875 | JPY | 25,881,686 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 1,496,833,248 | JPY | 12,273,471 | USD | 59,028 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 500,143,927 | USD | 57,562,514,831 | JPY | 25,882,922 | — | |||||||||||||||||||||
HSBC Holdings PLC |
5/9/2022 | 4,345,226,367 | JPY | 35,824,775 | USD | — | (792 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 1,422,611,886 | JPY | 12,273,471 | USD | — | (552,487 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 7,239,347,078 | JPY | 61,367,353 | USD | — | (1,721,939 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 56,328,626,152 | JPY | 464,090,607 | USD | 4,315 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 500,143,927 | USD | 57,560,714,313 | JPY | 25,897,757 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/9/2022 | 492,590,660 | USD | 59,748,882,622 | JPY | — | (5,764 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 5,672,091,228 | JPY | 49,093,883 | USD | — | (2,361,184 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 1,087,513,881 | JPY | 9,205,103 | USD | — | (245,011 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 56,329,554,333 | JPY | 464,090,607 | USD | 11,963 | — | |||||||||||||||||||||
UBS AG |
5/9/2022 | 492,590,660 | USD | 59,750,064,840 | JPY | — | (15,511 | ) | ||||||||||||||||||||
$ | 103,648,052 | $ | (4,930,055 | ) |
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 |
$ | 1,899,979,262 | $ | — | $ | — | $ | 1,899,979,262 | ||||||||
Investment of Cash Collateral for Securities Loaned |
— | 21,586,729 | — | 21,586,729 | ||||||||||||
Total Investments in Securities |
$ | 1,899,979,262 | $ | 21,586,729 | $ | — | $ | 1,921,565,991 | ||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | 103,648,052 | $ | — | $ | 103,648,052 | ||||||||
Liabilities: |
||||||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | (4,930,055 | ) | $ | — | $ | (4,930,055 | ) | ||||||
Total – Net |
$ | 1,899,979,262 | $ | 120,304,726 | $ | — | $ | 2,020,283,988 |
1 |
Amount shown represents the unrealized appreciation (depreciation) on the financial instrument. |
See Notes to Financial Statements.
WisdomTree Trust | 35 |
Schedule of Investments
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.6% |
| |||||||
Japan – 98.6% |
| |||||||
Air Freight & Logistics – 0.7% |
| |||||||
AIT Corp.(a) |
2,000 | $ | 25,129 | |||||
Kintetsu World Express, Inc. |
3,300 | 85,236 | ||||||
Konoike Transport Co. Ltd. |
1,500 | 14,274 | ||||||
Maruwa Unyu Kikan Co. Ltd. |
1,400 | 12,953 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
1,400 | 28,963 | ||||||
SBS Holdings, Inc. |
800 | 22,047 | ||||||
|
|
|||||||
Total Air Freight & Logistics | 188,602 | |||||||
Auto Components – 3.8% |
| |||||||
Aisan Industry Co. Ltd.(a) |
4,200 | 25,261 | ||||||
Daikyonishikawa Corp.(a) |
5,700 | 25,359 | ||||||
Eagle Industry Co. Ltd.(a) |
4,700 | 37,794 | ||||||
Exedy Corp. |
2,600 | 33,738 | ||||||
FCC Co. Ltd. |
2,500 | 27,662 | ||||||
FuKoKu Co. Ltd.(a) |
2,100 | 16,021 | ||||||
Furukawa Battery Co. Ltd.(a) |
1,100 | 11,637 | ||||||
Futaba Industrial Co. Ltd.(a) |
3,500 | 10,496 | ||||||
G-Tekt Corp.(a) |
2,498 | 26,282 | ||||||
H-One Co. Ltd. |
3,000 | 15,028 | ||||||
IJTT Co. Ltd. |
2,500 | 11,081 | ||||||
KYB Corp. |
1,500 | 36,766 | ||||||
Musashi Seimitsu Industry Co. Ltd.(a) |
2,700 | 33,635 | ||||||
NHK Spring Co. Ltd. |
10,700 | 78,019 | ||||||
Nihon Tokushu Toryo Co. Ltd. |
2,100 | 14,499 | ||||||
NOK Corp. |
6,900 | 65,205 | ||||||
Pacific Industrial Co. Ltd. |
3,100 | 24,213 | ||||||
Press Kogyo Co. Ltd. |
8,600 | 26,783 | ||||||
Riken Corp. |
800 | 16,102 | ||||||
Sanoh Industrial Co. Ltd.(a) |
2,100 | 12,111 | ||||||
Shoei Co. Ltd. |
800 | 30,220 | ||||||
Sumitomo Riko Co. Ltd. |
3,200 | 15,845 | ||||||
Tachi-S Co. Ltd.(a) |
1,600 | 13,116 | ||||||
Taiho Kogyo Co. Ltd.(a) |
1,500 | 8,725 | ||||||
Tokai Rika Co. Ltd. |
5,125 | 63,548 | ||||||
Topre Corp. |
1,900 | 18,393 | ||||||
Toyo Tire Corp. |
5,800 | 74,689 | ||||||
Toyoda Gosei Co. Ltd. |
6,000 | 100,153 | ||||||
TPR Co. Ltd.(a) |
2,306 | 24,718 | ||||||
TS Tech Co. Ltd. |
6,100 | 69,104 | ||||||
Yorozu Corp.(a) |
1,500 | 10,987 | ||||||
|
|
|||||||
Total Auto Components | 977,190 | |||||||
Automobiles – 0.1% |
| |||||||
Nissan Shatai Co. Ltd. |
3,300 | 15,117 | ||||||
Banks – 8.5% |
| |||||||
77 Bank Ltd. |
4,300 | 54,842 | ||||||
Aichi Bank Ltd. |
1,000 | 37,405 | ||||||
Akita Bank Ltd. |
1,800 | 24,944 | ||||||
Aomori Bank Ltd. |
1,400 | 21,743 | ||||||
Aozora Bank Ltd.(a) |
8,400 | 179,177 | ||||||
Awa Bank Ltd. |
1,100 | 19,675 | ||||||
Bank of Iwate Ltd. |
1,500 | 22,838 | ||||||
Bank of Nagoya Ltd. |
700 | 16,673 | ||||||
Bank of Saga Ltd. |
2,200 | 26,500 | ||||||
Bank of the Ryukyus Ltd. |
3,900 | 25,609 | ||||||
Chugoku Bank Ltd. |
7,900 | 56,952 | ||||||
Daishi Hokuetsu Financial Group, Inc. |
3,100 | 63,979 | ||||||
Ehime Bank Ltd.(a) |
2,200 | 16,929 | ||||||
FIDEA Holdings Co. Ltd.(a) |
2,000 | 20,976 | ||||||
Fukui Bank Ltd.(a) |
1,800 | 20,910 | ||||||
Gunma Bank Ltd.(a) |
24,500 | 71,456 | ||||||
Hachijuni Bank Ltd.(a) |
26,900 | 90,202 | ||||||
Hokkoku Financial Holdings, Inc.(a) |
1,100 | 27,732 | ||||||
Hokuhoku Financial Group, Inc. |
8,000 | 58,859 | ||||||
Hyakugo Bank Ltd. |
10,900 | 30,084 | ||||||
Hyakujushi Bank Ltd. |
2,300 | 31,437 | ||||||
Iyo Bank Ltd. |
12,500 | 61,792 | ||||||
Juroku Financial Group, Inc. |
1,900 | 33,985 | ||||||
Keiyo Bank Ltd. |
8,800 | 35,889 | ||||||
Kiyo Bank Ltd. |
2,898 | 32,902 | ||||||
Kyushu Financial Group, Inc. |
23,000 | 75,988 | ||||||
Mebuki Financial Group, Inc. |
82,100 | 173,162 | ||||||
Miyazaki Bank Ltd. |
1,500 | 25,495 | ||||||
Musashino Bank Ltd. |
2,700 | 39,107 | ||||||
Nanto Bank Ltd. |
1,900 | 30,964 | ||||||
Nishi-Nippon Financial Holdings, Inc. |
10,100 | 62,992 | ||||||
North Pacific Bank Ltd. |
24,100 | 47,654 | ||||||
Ogaki Kyoritsu Bank Ltd. |
2,700 | 42,355 | ||||||
Oita Bank Ltd.(a) |
1,300 | 20,532 | ||||||
Okinawa Financial Group, Inc. |
1,340 | 22,676 | ||||||
San ju San Financial Group, Inc. |
2,700 | 32,834 | ||||||
San-In Godo Bank Ltd. |
8,700 | 44,943 | ||||||
Senshu Ikeda Holdings, Inc.(a) |
22,600 | 32,213 | ||||||
Seven Bank Ltd. |
80,400 | 158,316 | ||||||
Shiga Bank Ltd. |
1,400 | 25,503 | ||||||
Shikoku Bank Ltd.(a) |
4,900 | 30,157 | ||||||
Suruga Bank Ltd. |
4,500 | 15,164 | ||||||
Toho Bank Ltd.(a) |
14,600 | 24,659 | ||||||
Tokyo Kiraboshi Financial Group, Inc.(a) |
1,900 | 27,457 | ||||||
TOMONY Holdings, Inc.(a) |
8,100 | 21,889 | ||||||
Towa Bank Ltd. |
4,800 | 21,316 | ||||||
Yamagata Bank Ltd. |
2,700 | 19,287 | ||||||
Yamaguchi Financial Group, Inc. |
14,700 | 82,356 | ||||||
Yamanashi Chuo Bank Ltd. |
3,100 | 24,315 | ||||||
|
|
|||||||
Total Banks | 2,184,824 | |||||||
Beverages – 0.3% |
| |||||||
Sapporo Holdings Ltd. |
2,100 | 39,915 | ||||||
Takara Holdings, Inc.(a) |
4,400 | 39,913 | ||||||
|
|
|||||||
Total Beverages | 79,828 | |||||||
Biotechnology – 0.0% |
| |||||||
Pharma Foods International Co. Ltd. |
100 | 1,633 | ||||||
Building Products – 1.5% |
| |||||||
Aica Kogyo Co. Ltd. |
2,900 | 71,416 | ||||||
Bunka Shutter Co. Ltd. |
6,900 | 55,939 | ||||||
Central Glass Co. Ltd. |
2,400 | 41,267 |
See Notes to Financial Statements.
36 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
Nichias Corp. |
2,800 | $ | 58,295 | |||||
Nichiha Corp. |
1,500 | 31,020 | ||||||
Noritz Corp. |
1,800 | 21,770 | ||||||
Shin Nippon Air Technologies Co. Ltd. |
900 | 14,304 | ||||||
Sinko Industries Ltd.(a) |
1,300 | 18,508 | ||||||
Takara Standard Co. Ltd. |
2,417 | 25,270 | ||||||
Takasago Thermal Engineering Co. Ltd. |
2,800 | 40,025 | ||||||
|
|
|||||||
Total Building Products | 377,814 | |||||||
Capital Markets – 2.2% |
| |||||||
GMO Financial Holdings, Inc. |
10,500 | 71,197 | ||||||
Ichiyoshi Securities Co. Ltd.(a) |
5,300 | 27,029 | ||||||
IwaiCosmo Holdings, Inc. |
5,000 | 54,871 | ||||||
Kyokuto Securities Co. Ltd.(a) |
5,100 | 30,800 | ||||||
Marusan Securities Co. Ltd. |
5,200 | 21,335 | ||||||
Matsui Securities Co. Ltd.(a) |
19,100 | 126,992 | ||||||
Mito Securities Co. Ltd.(a) |
8,300 | 18,805 | ||||||
Monex Group, Inc.(a) |
6,665 | 36,023 | ||||||
Morningstar Japan KK |
7,099 | 34,274 | ||||||
Okasan Securities Group, Inc. |
12,700 | 38,715 | ||||||
Sparx Group Co. Ltd.(a) |
11,600 | 26,187 | ||||||
Tokai Tokyo Financial Holdings, Inc. |
20,600 | 68,398 | ||||||
|
|
|||||||
Total Capital Markets | 554,626 | |||||||
Chemicals – 9.1% |
| |||||||
ADEKA Corp. |
4,900 | 109,163 | ||||||
Arakawa Chemical Industries Ltd.(a) |
2,100 | 18,478 | ||||||
Asahi Yukizai Corp.(a) |
1,300 | 21,496 | ||||||
Chugoku Marine Paints Ltd.(a) |
4,000 | 29,792 | ||||||
CI Takiron Corp. |
6,300 | 28,288 | ||||||
Daicel Corp.(a) |
17,200 | 115,777 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.(a) |
800 | 13,578 | ||||||
DIC Corp. |
4,700 | 97,079 | ||||||
DKS Co. Ltd. |
600 | 13,639 | ||||||
Fujimi, Inc. |
1,400 | 77,512 | ||||||
Fujimori Kogyo Co. Ltd. |
500 | 15,407 | ||||||
Fuso Chemical Co. Ltd. |
500 | 18,579 | ||||||
Ishihara Sangyo Kaisha Ltd. |
1,000 | 8,873 | ||||||
JCU Corp. |
600 | 20,515 | ||||||
JSP Corp.(a) |
1,617 | 20,476 | ||||||
Kaneka Corp. |
3,548 | 103,626 | ||||||
KeePer Technical Laboratory Co. Ltd.(a) |
600 | 12,309 | ||||||
KH Neochem Co. Ltd. |
1,200 | 27,297 | ||||||
Koatsu Gas Kogyo Co. Ltd. |
2,100 | 11,436 | ||||||
Konishi Co. Ltd. |
1,700 | 21,920 | ||||||
Kumiai Chemical Industry Co. Ltd. |
3,394 | 24,747 | ||||||
Kureha Corp. |
800 | 64,659 | ||||||
Kyowa Leather Cloth Co. Ltd.(a) |
3,300 | 17,727 | ||||||
Lintec Corp. |
5,600 | 112,162 | ||||||
MEC Co. Ltd. |
400 | 11,123 | ||||||
Nihon Nohyaku Co. Ltd.(a) |
4,800 | 24,163 | ||||||
Nihon Parkerizing Co. Ltd. |
4,700 | 36,090 | ||||||
Nippon Chemical Industrial Co. Ltd.(a) |
500 | 9,940 | ||||||
Nippon Kayaku Co. Ltd.(a) |
9,900 | 94,697 | ||||||
Nippon Pillar Packing Co. Ltd. |
1,500 | 38,064 | ||||||
Nippon Shokubai Co. Ltd. |
1,300 | 57,088 | ||||||
Nippon Soda Co. Ltd. |
1,600 | 44,424 | ||||||
Okamoto Industries, Inc.(a) |
600 | 19,304 | ||||||
Okura Industrial Co. Ltd.(a) |
1,000 | 14,987 | ||||||
Osaka Organic Chemical Industry Ltd. |
600 | 15,151 | ||||||
Osaka Soda Co. Ltd. |
1,077 | 27,729 | ||||||
Riken Technos Corp.(a) |
6,300 | 23,721 | ||||||
Sakata INX Corp. |
2,700 | 21,511 | ||||||
Sanyo Chemical Industries Ltd. |
1,100 | 45,677 | ||||||
Sekisui Kasei Co. Ltd.(a) |
3,400 | 12,241 | ||||||
Shikoku Chemicals Corp.(a) |
1,500 | 16,560 | ||||||
Shin-Etsu Polymer Co. Ltd. |
2,700 | 25,182 | ||||||
Stella Chemifa Corp. |
800 | 17,111 | ||||||
Sumitomo Bakelite Co. Ltd. |
2,100 | 86,336 | ||||||
Sumitomo Seika Chemicals Co. Ltd. |
500 | 12,750 | ||||||
T Hasegawa Co. Ltd. |
1,300 | 27,923 | ||||||
Taiyo Holdings Co. Ltd. |
1,900 | 50,875 | ||||||
Takasago International Corp.(a) |
1,000 | 22,624 | ||||||
Tayca Corp. |
1,600 | 17,018 | ||||||
Teijin Ltd. |
10,600 | 119,034 | ||||||
Tokai Carbon Co. Ltd.(a) |
6,800 | 64,484 | ||||||
Tokuyama Corp.(a) |
3,400 | 48,125 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
1,300 | 78,830 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
4,000 | 62,715 | ||||||
Toyobo Co. Ltd.(a) |
2,800 | 25,214 | ||||||
Ube Industries Ltd. |
6,780 | 111,552 | ||||||
Valqua Ltd. |
1,500 | 32,861 | ||||||
|
|
|||||||
Total Chemicals | 2,319,639 | |||||||
Commercial Services & Supplies – 1.5% |
| |||||||
Aeon Delight Co. Ltd. |
2,900 | 72,754 | ||||||
Daiseki Co. Ltd. |
740 | 28,167 | ||||||
Itoki Corp.(a) |
5,100 | 14,581 | ||||||
Japan Elevator Service Holdings Co. Ltd. |
800 | 10,539 | ||||||
King Jim Co. Ltd. |
3,100 | 23,370 | ||||||
Matsuda Sangyo Co. Ltd.(a) |
800 | 16,320 | ||||||
Nippon Air Conditioning Services Co. Ltd. |
3,500 | 22,838 | ||||||
Nippon Kanzai Co. Ltd. |
1,900 | 44,223 | ||||||
Nippon Parking Development Co. Ltd. |
18,300 | 23,219 | ||||||
Okamura Corp. |
5,800 | 57,916 | ||||||
Pilot Corp. |
800 | 34,669 | ||||||
Sato Holdings Corp. |
800 | 11,330 | ||||||
Studio Alice Co. Ltd. |
900 | 16,172 | ||||||
|
|
|||||||
Total Commercial Services & Supplies | 376,098 | |||||||
Communications Equipment – 0.1% |
| |||||||
Uniden Holdings Corp.(a) |
900 | 25,545 | ||||||
Construction & Engineering – 7.6% |
| |||||||
Asanuma Corp.(a) |
1,000 | 41,112 | ||||||
Dai-Dan Co. Ltd.(a) |
1,200 | 20,752 | ||||||
Daiho Corp.(a) |
800 | 29,858 | ||||||
EXEO Group, Inc. |
5,400 | 100,592 | ||||||
Fudo Tetra Corp. |
1,500 | 18,810 | ||||||
Hazama Ando Corp. |
10,900 | 81,183 |
See Notes to Financial Statements.
WisdomTree Trust | 37 |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
INFRONEER Holdings, Inc.(a) |
10,768 | $ | 92,443 | |||||
JDC Corp.(a) |
5,500 | 25,013 | ||||||
Kandenko Co. Ltd. |
8,900 | 61,154 | ||||||
Kumagai Gumi Co. Ltd. |
2,700 | 60,284 | ||||||
Kyudenko Corp. |
2,300 | 54,309 | ||||||
Meisei Industrial Co. Ltd.(a) |
4,500 | 25,582 | ||||||
Mirait Holdings Corp. |
4,844 | 77,783 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
1,800 | 23,476 | ||||||
Nishimatsu Construction Co. Ltd.(a) |
7,000 | 211,658 | ||||||
Nittoc Construction Co. Ltd.(a) |
5,800 | 33,593 | ||||||
Okumura Corp. |
3,100 | 75,856 | ||||||
Penta-Ocean Construction Co. Ltd. |
12,100 | 61,111 | ||||||
PS Mitsubishi Construction Co. Ltd. |
3,900 | 18,797 | ||||||
Raito Kogyo Co. Ltd. |
3,100 | 49,881 | ||||||
Raiznext Corp. |
3,300 | 29,146 | ||||||
Sanki Engineering Co. Ltd. |
4,800 | 55,287 | ||||||
Seikitokyu Kogyo Co. Ltd.(a) |
5,400 | 33,190 | ||||||
Shinnihon Corp. |
2,700 | 16,217 | ||||||
SHO-BOND Holdings Co. Ltd. |
2,700 | 118,566 | ||||||
Sumitomo Densetsu Co. Ltd. |
1,800 | 33,027 | ||||||
Sumitomo Mitsui Construction Co. Ltd. |
8,840 | 30,371 | ||||||
Taihei Dengyo Kaisha Ltd. |
1,400 | 30,497 | ||||||
Taikisha Ltd. |
1,500 | 37,631 | ||||||
Takamatsu Construction Group Co. Ltd. |
2,000 | 33,944 | ||||||
Tekken Corp.(a) |
1,100 | 16,667 | ||||||
Tess Holdings Co. Ltd. |
400 | 5,224 | ||||||
Toa Corp. |
1,100 | 22,612 | ||||||
Toda Corp.(a) |
18,500 | 112,943 | ||||||
Tokyo Energy & Systems, Inc. |
1,800 | 14,430 | ||||||
Tokyu Construction Co. Ltd. |
5,900 | 32,666 | ||||||
Totetsu Kogyo Co. Ltd. |
1,900 | 35,503 | ||||||
Toyo Construction Co. Ltd.* |
7,100 | 45,335 | ||||||
Yahagi Construction Co. Ltd. |
3,100 | 20,484 | ||||||
Yokogawa Bridge Holdings Corp. |
2,400 | 38,400 | ||||||
Yurtec Corp. |
3,900 | 22,235 | ||||||
|
|
|||||||
Total Construction & Engineering | 1,947,622 | |||||||
Construction Materials – 0.9% |
| |||||||
Krosaki Harima Corp. |
600 | 20,416 | ||||||
Mitani Sekisan Co. Ltd.(a) |
300 | 16,461 | ||||||
Shinagawa Refractories Co. Ltd.(a) |
600 | 18,760 | ||||||
Sumitomo Osaka Cement Co. Ltd.(a) |
2,100 | 58,134 | ||||||
Taiheiyo Cement Corp.(a) |
5,000 | 83,172 | ||||||
Vertex Corp. |
600 | 14,257 | ||||||
Yotai Refractories Co. Ltd. |
900 | 9,336 | ||||||
|
|
|||||||
Total Construction Materials | 220,536 | |||||||
Consumer Finance – 1.2% |
| |||||||
AEON Financial Service Co. Ltd. |
7,500 | 75,201 | ||||||
Credit Saison Co. Ltd.(a) |
8,800 | 94,471 | ||||||
Jaccs Co. Ltd. |
2,300 | 58,365 | ||||||
Orient Corp.(a) |
49,500 | 50,570 | ||||||
Premium Group Co. Ltd. |
500 | 16,663 | ||||||
|
|
|||||||
Total Consumer Finance | 295,270 | |||||||
Containers & Packaging – 1.1% |
| |||||||
Fuji Seal International, Inc. |
1,300 | 18,026 | ||||||
Pack Corp.(a) |
800 | 16,959 | ||||||
Rengo Co. Ltd. |
11,081 | 71,393 | ||||||
Tomoku Co. Ltd. |
1,000 | 13,108 | ||||||
Toyo Seikan Group Holdings Ltd. |
13,800 | 159,859 | ||||||
|
|
|||||||
Total Containers & Packaging | 279,345 | |||||||
Distributors – 0.5% |
| |||||||
Arata Corp. |
700 | 21,021 | ||||||
Doshisha Co. Ltd. |
2,000 | 24,700 | ||||||
Happinet Corp. |
2,100 | 26,126 | ||||||
PALTAC Corp. |
1,400 | 52,482 | ||||||
Yamae Group Holdings Co. Ltd. |
1,500 | 12,754 | ||||||
|
|
|||||||
Total Distributors | 137,083 | |||||||
Diversified Consumer Services – 0.4% |
| |||||||
Asante, Inc.(a) |
1,200 | 14,425 | ||||||
Benesse Holdings, Inc. |
3,000 | 55,538 | ||||||
Riso Kyoiku Co. Ltd. |
4,900 | 15,341 | ||||||
Tokyo Individualized Educational Institute, Inc. |
4,000 | 19,971 | ||||||
|
|
|||||||
Total Diversified Consumer Services | 105,275 | |||||||
Diversified Financial Services – 1.2% |
| |||||||
eGuarantee, Inc. |
600 | 10,139 | ||||||
Financial Products Group Co. Ltd. |
3,600 | 25,596 | ||||||
Fuyo General Lease Co. Ltd. |
1,600 | 92,144 | ||||||
Japan Securities Finance Co. Ltd.(a) |
5,200 | 39,458 | ||||||
Mizuho Leasing Co. Ltd.(a) |
2,300 | 56,394 | ||||||
NEC Capital Solutions Ltd. |
1,200 | 20,525 | ||||||
Ricoh Leasing Co. Ltd.(a) |
2,100 | 57,615 | ||||||
|
|
|||||||
Total Diversified Financial Services | 301,871 | |||||||
Diversified Telecommunication Services – 0.2% |
| |||||||
ARTERIA Networks Corp. |
4,500 | 48,642 | ||||||
Usen-Next Holdings Co. Ltd. |
500 | 10,509 | ||||||
|
|
|||||||
Total Diversified Telecommunication Services | 59,151 | |||||||
Electric Utilities – 0.7% |
| |||||||
Hokkaido Electric Power Co., Inc. |
16,000 | 63,802 | ||||||
Okinawa Electric Power Co., Inc. |
3,683 | 41,814 | ||||||
Shikoku Electric Power Co., Inc. |
12,500 | 81,154 | ||||||
|
|
|||||||
Total Electric Utilities | 186,770 | |||||||
Electrical Equipment – 1.5% |
| |||||||
Daihen Corp. |
1,200 | 41,821 | ||||||
Furukawa Electric Co. Ltd. |
1,826 | 32,736 | ||||||
GS Yuasa Corp.(a) |
2,900 | 55,933 | ||||||
Idec Corp. |
1,100 | 23,319 | ||||||
Mabuchi Motor Co. Ltd. |
800 | 25,211 | ||||||
Nippon Carbon Co. Ltd. |
900 | 31,069 | ||||||
Nippon Seisen Co. Ltd.(a) |
400 | 14,665 | ||||||
Nissin Electric Co. Ltd. |
5,100 | 62,019 | ||||||
Nitto Kogyo Corp. |
3,000 | 38,954 | ||||||
Sanyo Denki Co. Ltd. |
200 | 8,115 | ||||||
Sinfonia Technology Co. Ltd. |
1,500 | 16,461 | ||||||
SWCC Showa Holdings Co. Ltd. |
600 | 9,289 |
See Notes to Financial Statements.
38 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
Takaoka Toko Co. Ltd. |
1,400 | $ | 17,060 | |||||
Tatsuta Electric Wire and Cable Co. Ltd. |
4,400 | 16,748 | ||||||
|
|
|||||||
Total Electrical Equipment | 393,400 | |||||||
Electronic Equipment, Instruments & Components – 4.9% |
| |||||||
A&D Co. Ltd.(a) |
1,500 | 11,963 | ||||||
Ai Holdings Corp. |
1,900 | 26,815 | ||||||
Amano Corp. |
3,100 | 56,113 | ||||||
Anritsu Corp.(a) |
4,200 | 53,739 | ||||||
Canon Electronics, Inc. |
2,100 | 27,752 | ||||||
Citizen Watch Co. Ltd.(a) |
10,500 | 45,071 | ||||||
CONEXIO Corp.(a) |
2,500 | 28,939 | ||||||
Daiwabo Holdings Co. Ltd. |
6,700 | 91,026 | ||||||
Dexerials Corp. |
3,600 | 99,213 | ||||||
Elematec Corp. |
2,558 | 22,003 | ||||||
ESPEC Corp. |
1,200 | 19,457 | ||||||
Furuno Electric Co. Ltd. |
2,900 | 24,227 | ||||||
Hakuto Co. Ltd.(a) |
1,700 | 34,343 | ||||||
Hioki EE Corp.(a) |
500 | 29,042 | ||||||
I-PEX, Inc. |
700 | 8,466 | ||||||
Innotech Corp. |
1,700 | 19,385 | ||||||
Iriso Electronics Co. Ltd.(a) |
200 | 5,504 | ||||||
Japan Aviation Electronics Industry Ltd. |
2,400 | 39,369 | ||||||
Kaga Electronics Co. Ltd. |
1,300 | 34,863 | ||||||
Koa Corp.(a) |
1,100 | 13,023 | ||||||
Kyosan Electric Manufacturing Co. Ltd. |
2,800 | 10,081 | ||||||
Macnica Fuji Electronics Holdings, Inc. |
3,000 | 65,302 | ||||||
Maruwa Co. Ltd. |
200 | 26,925 | ||||||
Meiko Electronics Co. Ltd. |
500 | 16,705 | ||||||
Nichicon Corp. |
2,700 | 26,138 | ||||||
Nippon Ceramic Co. Ltd. |
800 | 16,115 | ||||||
Nippon Electric Glass Co. Ltd. |
5,200 | 116,360 | ||||||
Nippon Signal Co. Ltd.(a) |
3,500 | 25,434 | ||||||
Nissha Co. Ltd. |
1,300 | 15,563 | ||||||
Nohmi Bosai Ltd. |
1,466 | 23,601 | ||||||
Optex Group Co. Ltd.(a) |
1,500 | 21,430 | ||||||
Restar Holdings Corp. |
1,700 | 27,690 | ||||||
Riken Keiki Co. Ltd. |
500 | 20,185 | ||||||
Ryoden Corp.(a) |
1,600 | 22,463 | ||||||
Ryosan Co. Ltd.(a) |
1,100 | 19,911 | ||||||
Sanshin Electronics Co. Ltd. |
1,000 | 13,240 | ||||||
Siix Corp.(a) |
2,100 | 18,409 | ||||||
Tachibana Eletech Co. Ltd. |
1,200 | 16,283 | ||||||
Tokyo Electron Device Ltd. |
500 | 21,462 | ||||||
Topcon Corp. |
1,600 | 20,630 | ||||||
V Technology Co. Ltd. |
500 | 13,594 | ||||||
Yokowo Co. Ltd.(a) |
700 | 14,926 | ||||||
|
|
|||||||
Total Electronic Equipment, Instruments & Components |
|
1,262,760 | ||||||
Energy Equipment & Services – 0.1% |
| |||||||
Modec, Inc. |
1,500 | 15,757 | ||||||
Toyo Kanetsu KK(a) |
900 | 18,182 | ||||||
|
|
|||||||
Total Energy Equipment & Services | 33,939 | |||||||
Entertainment – 0.8% |
| |||||||
Akatsuki, Inc. |
700 | 16,760 | ||||||
Avex, Inc.(a) |
8,400 | 92,322 | ||||||
Daiichikosho Co. Ltd. |
2,300 | 65,944 | ||||||
Marvelous, Inc. |
4,300 | 25,579 | ||||||
|
|
|||||||
Total Entertainment | 200,605 | |||||||
Food & Staples Retailing – 2.2% |
| |||||||
Aeon Hokkaido Corp.(a) |
2,100 | 19,447 | ||||||
Ain Holdings, Inc. |
500 | 26,200 | ||||||
Arcs Co. Ltd. |
2,400 | 41,840 | ||||||
Axial Retailing, Inc. |
900 | 23,728 | ||||||
Belc Co. Ltd. |
400 | 17,895 | ||||||
Cawachi Ltd. |
1,100 | 20,364 | ||||||
Create SD Holdings Co. Ltd. |
1,300 | 34,435 | ||||||
Fuji Co. Ltd. |
600 | 11,419 | ||||||
G-7 Holdings, Inc.(a) |
1,900 | 25,892 | ||||||
Heiwado Co. Ltd. |
2,100 | 32,804 | ||||||
Kato Sangyo Co. Ltd. |
1,500 | 39,176 | ||||||
Life Corp. |
1,100 | 28,548 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
1,500 | 37,199 | ||||||
Okuwa Co. Ltd. |
2,500 | 18,970 | ||||||
Qol Holdings Co. Ltd. |
1,200 | 11,538 | ||||||
Retail Partners Co. Ltd.(a) |
1,500 | 17,747 | ||||||
San-A Co. Ltd. |
800 | 27,254 | ||||||
United Super Markets Holdings, Inc.(a) |
3,600 | 31,262 | ||||||
Valor Holdings Co. Ltd. |
2,000 | 34,851 | ||||||
Yaoko Co. Ltd. |
700 | 38,294 | ||||||
Yokorei Co. Ltd.(a) |
3,700 | 26,125 | ||||||
|
|
|||||||
Total Food & Staples Retailing | 564,988 | |||||||
Food Products – 3.3% |
| |||||||
Ariake Japan Co. Ltd. |
400 | 17,104 | ||||||
Ezaki Glico Co. Ltd. |
1,800 | 55,168 | ||||||
Fuji Oil Holdings, Inc. |
2,051 | 33,458 | ||||||
Fujicco Co. Ltd.(a) |
1,600 | 25,429 | ||||||
Hokuto Corp.(a) |
2,500 | 39,258 | ||||||
Itoham Yonekyu Holdings, Inc. |
18,900 | 101,060 | ||||||
J-Oil Mills, Inc.(a) |
2,000 | 26,480 | ||||||
Kagome Co. Ltd. |
1,800 | 46,270 | ||||||
Kameda Seika Co. Ltd. |
500 | 16,375 | ||||||
Kyokuyo Co. Ltd.(a) |
900 | 24,692 | ||||||
Maruha Nichiro Corp. |
1,300 | 25,673 | ||||||
Megmilk Snow Brand Co. Ltd.(a) |
2,000 | 32,626 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
1,700 | 26,934 | ||||||
Morinaga & Co. Ltd. |
1,800 | 56,503 | ||||||
Nippn Corp. |
2,700 | 36,994 | ||||||
Nippon Suisan Kaisha Ltd. |
7,800 | 35,216 | ||||||
Nisshin Oillio Group Ltd. |
1,500 | 35,209 | ||||||
Prima Meat Packers Ltd. |
1,900 | 34,470 | ||||||
Riken Vitamin Co. Ltd.(a) |
1,400 | 19,343 | ||||||
S Foods, Inc. |
1,100 | 29,726 | ||||||
Sakata Seed Corp. |
1,400 | 42,793 | ||||||
Showa Sangyo Co. Ltd. |
1,500 | 32,354 | ||||||
Starzen Co. Ltd. |
1,600 | 26,365 |
See Notes to Financial Statements.
WisdomTree Trust | 39 |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(a) |
900 | $ | 13,184 | |||||
Yukiguni Maitake Co. Ltd. |
2,100 | 19,741 | ||||||
|
|
|||||||
Total Food Products | 852,425 | |||||||
Gas Utilities – 0.6% |
| |||||||
Hokkaido Gas Co. Ltd. |
1,500 | 18,191 | ||||||
Nippon Gas Co. Ltd.(a) |
6,100 | 74,934 | ||||||
Saibu Gas Holdings Co. Ltd.(a) |
1,800 | 29,586 | ||||||
Shizuoka Gas Co. Ltd. |
3,000 | 21,034 | ||||||
|
|
|||||||
Total Gas Utilities | 143,745 | |||||||
Health Care Equipment & Supplies – 1.2% |
| |||||||
Eiken Chemical Co. Ltd.(a) |
1,900 | 27,034 | ||||||
Hogy Medical Co. Ltd. |
1,100 | 29,364 | ||||||
Japan Lifeline Co. Ltd.(a) |
3,200 | 27,076 | ||||||
Mani, Inc. |
2,100 | 25,399 | ||||||
Mizuho Medy Co. Ltd.(a) |
200 | 3,299 | ||||||
Nagaileben Co. Ltd. |
1,900 | 31,292 | ||||||
Nakanishi, Inc. |
2,700 | 50,230 | ||||||
Nipro Corp. |
7,523 | 63,469 | ||||||
Paramount Bed Holdings Co. Ltd. |
2,306 | 37,903 | ||||||
|
|
|||||||
Total Health Care Equipment & Supplies | 295,066 | |||||||
Health Care Providers & Services – 1.2% |
| |||||||
BML, Inc. |
2,100 | 53,462 | ||||||
FALCO HOLDINGS Co. Ltd.(a) |
900 | 14,882 | ||||||
France Bed Holdings Co. Ltd. |
3,000 | 21,380 | ||||||
H.U. Group Holdings, Inc. |
6,400 | 153,178 | ||||||
Ship Healthcare Holdings, Inc. |
2,018 | 33,053 | ||||||
Solasto Corp. |
1,600 | 13,024 | ||||||
Tokai Corp. |
700 | 9,943 | ||||||
|
|
|||||||
Total Health Care Providers & Services | 298,922 | |||||||
Hotels, Restaurants & Leisure – 1.9% |
| |||||||
Aeon Fantasy Co. Ltd.(a) |
700 | 11,096 | ||||||
Arcland Service Holdings Co. Ltd.(a) |
900 | 16,187 | ||||||
Doutor Nichires Holdings Co. Ltd. |
1,300 | 16,312 | ||||||
Heiwa Corp.(a) |
6,000 | 90,068 | ||||||
Hiday Hidaka Corp. |
1,222 | 18,052 | ||||||
Ichibanya Co. Ltd.(a) |
900 | 34,295 | ||||||
KFC Holdings Japan Ltd.(a) |
900 | 21,074 | ||||||
KOMEDA Holdings Co. Ltd. |
2,400 | 40,259 | ||||||
Kura Sushi, Inc.(a) |
300 | 8,305 | ||||||
Monogatari Corp. |
200 | 9,590 | ||||||
MOS Food Services, Inc. |
700 | 16,667 | ||||||
Ohsho Food Service Corp.(a) |
900 | 44,490 | ||||||
Plenus Co. Ltd. |
3,200 | 52,993 | ||||||
Resorttrust, Inc. |
2,400 | 41,386 | ||||||
Round One Corp. |
2,000 | 22,245 | ||||||
Saizeriya Co. Ltd. |
500 | 11,081 | ||||||
Tokyotokeiba Co. Ltd. |
600 | 21,553 | ||||||
|
|
|||||||
Total Hotels, Restaurants & Leisure | 475,653 | |||||||
Household Durables – 1.9% |
| |||||||
Cleanup Corp. |
4,500 | 19,650 | ||||||
ES-Con Japan Ltd.(a) |
7,200 | 48,405 | ||||||
FJ Next Holdings Co. Ltd.(a) |
4,100 | 33,408 | ||||||
Fuji Corp. Ltd.(a) |
4,200 | 21,350 | ||||||
Fujitsu General Ltd. |
1,900 | 37,413 | ||||||
Hinokiya Group Co. Ltd.(a) |
1,500 | 29,092 | ||||||
Hoosiers Holdings |
2,900 | 15,578 | ||||||
JVCKenwood Corp. |
10,900 | 15,985 | ||||||
Ki-Star Real Estate Co. Ltd.(a) |
1,200 | 52,103 | ||||||
LEC, Inc.(a) |
2,800 | 20,301 | ||||||
Pressance Corp. |
1,817 | 27,351 | ||||||
Sanei Architecture Planning Co. Ltd.(a) |
1,500 | 19,687 | ||||||
Sangetsu Corp. |
3,300 | 41,571 | ||||||
Tama Home Co. Ltd. |
3,000 | 63,127 | ||||||
Tamron Co. Ltd.(a) |
900 | 17,655 | ||||||
Zojirushi Corp.(a) |
2,100 | 25,122 | ||||||
|
|
|||||||
Total Household Durables | 487,798 | |||||||
Household Products – 0.5% |
| |||||||
Earth Corp. |
600 | 27,584 | ||||||
Pigeon Corp. |
5,600 | 99,335 | ||||||
Transaction Co. Ltd. |
1,000 | 8,190 | ||||||
|
|
|||||||
Total Household Products | 135,109 | |||||||
Independent Power & Renewable Electricity Producers – 0.9% |
| |||||||
Electric Power Development Co. Ltd. |
13,500 | 194,422 | ||||||
eRex Co. Ltd. |
900 | 12,843 | ||||||
West Holdings Corp. |
600 | 23,926 | ||||||
|
|
|||||||
Total Independent Power & Renewable Electricity Producers |
|
231,191 | ||||||
Industrial Conglomerates – 0.6% |
| |||||||
Nisshinbo Holdings, Inc. |
7,700 | 67,436 | ||||||
Noritsu Koki Co. Ltd.(a) |
500 | 9,640 | ||||||
TOKAI Holdings Corp. |
10,200 | 72,440 | ||||||
|
|
|||||||
Total Industrial Conglomerates | 149,516 | |||||||
Insurance – 0.0% |
| |||||||
Advance Create Co. Ltd. |
1,500 | 11,753 | ||||||
Interactive Media & Services – 0.1% |
| |||||||
Dip Corp.(a) |
1,200 | 33,219 | ||||||
Internet & Direct Marketing Retail – 0.3% |
| |||||||
ASKUL Corp. |
2,300 | 30,395 | ||||||
Aucnet, Inc.(a) |
600 | 7,895 | ||||||
Belluna Co. Ltd.(a) |
3,400 | 20,337 | ||||||
Scroll Corp.(a) |
4,300 | 29,511 | ||||||
|
|
|||||||
Total Internet & Direct Marketing Retail | 88,138 | |||||||
IT Services – 3.2% |
| |||||||
Bell System24 Holdings, Inc. |
3,300 | 37,384 | ||||||
Comture Corp. |
500 | 12,770 | ||||||
Digital Garage, Inc. |
500 | 18,950 | ||||||
DTS Corp. |
2,000 | 44,128 | ||||||
Future Corp. |
2,400 | 34,485 | ||||||
GMO GlobalSign Holdings KK(a) |
300 | 15,349 | ||||||
GMO Internet, Inc. |
2,700 | 62,331 | ||||||
Ines Corp.(a) |
1,300 | 17,469 | ||||||
Infocom Corp. |
1,500 | 26,175 | ||||||
Infomart Corp. |
700 | 3,812 | ||||||
Information Services International-Dentsu Ltd. |
1,200 | 38,657 |
See Notes to Financial Statements.
40 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
JBCC Holdings, Inc.(a) |
1,500 | $ | 19,180 | |||||
Kanematsu Electronics Ltd. |
1,600 | 50,554 | ||||||
Mitsubishi Research Institute, Inc. |
800 | 26,365 | ||||||
NEC Networks & System Integration Corp. |
4,500 | 66,216 | ||||||
NET One Systems Co. Ltd. |
2,600 | 61,286 | ||||||
Nihon Unisys Ltd. |
3,700 | 94,958 | ||||||
NSD Co. Ltd. |
2,900 | 52,373 | ||||||
Relia, Inc. |
3,500 | 30,682 | ||||||
SB Technology Corp.(a) |
500 | 10,435 | ||||||
TDC Soft, Inc.(a) |
1,400 | 13,472 | ||||||
TKC Corp. |
1,500 | 41,030 | ||||||
Transcosmos, Inc. |
1,500 | 39,423 | ||||||
Uchida Yoko Co. Ltd. |
300 | 12,012 | ||||||
|
|
|||||||
Total IT Services | 829,496 | |||||||
Leisure Products – 1.1% |
| |||||||
Daikoku Denki Co. Ltd. |
1,400 | 13,991 | ||||||
Furyu Corp.(a) |
1,200 | 10,935 | ||||||
GLOBERIDE, Inc.(a) |
500 | 11,938 | ||||||
Mizuno Corp. |
800 | 13,914 | ||||||
Roland Corp. |
1,900 | 63,164 | ||||||
Sankyo Co. Ltd. |
4,800 | 134,262 | ||||||
Tomy Co. Ltd. |
2,600 | 26,155 | ||||||
|
|
|||||||
Total Leisure Products | 274,359 | |||||||
Machinery – 4.6% |
| |||||||
Aichi Corp. |
5,200 | 37,787 | ||||||
Aida Engineering Ltd. |
2,000 | 17,417 | ||||||
Alinco, Inc. |
2,100 | 15,001 | ||||||
Bando Chemical Industries Ltd. |
4,200 | 30,555 | ||||||
CKD Corp.(a) |
1,500 | 23,296 | ||||||
DMG Mori Co. Ltd. |
1,900 | 26,205 | ||||||
Ebara Jitsugyo Co. Ltd. |
800 | 16,194 | ||||||
Fujitec Co. Ltd.(a) |
3,100 | 80,453 | ||||||
Fukushima Galilei Co. Ltd.(a) |
500 | 15,839 | ||||||
Furukawa Co. Ltd. |
2,900 | 30,798 | ||||||
Giken Ltd. |
700 | 21,425 | ||||||
Glory Ltd.(a) |
2,600 | 44,385 | ||||||
Hitachi Zosen Corp. |
3,135 | 19,268 | ||||||
Japan Steel Works Ltd. |
1,203 | 37,862 | ||||||
Kito Corp.(a) |
1,400 | 20,474 | ||||||
Kitz Corp. |
2,500 | 14,150 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
2,000 | 22,871 | ||||||
Meidensha Corp.(a) |
1,300 | 27,216 | ||||||
METAWATER Co. Ltd. |
1,700 | 28,040 | ||||||
Mitsubishi Logisnext Co. Ltd. |
900 | 6,911 | ||||||
Mitsuboshi Belting Ltd. |
1,500 | 25,050 | ||||||
Morita Holdings Corp. |
1,900 | 19,348 | ||||||
Nachi-Fujikoshi Corp. |
400 | 13,808 | ||||||
Nikko Co. Ltd.(a) |
5,700 | 28,506 | ||||||
Nippon Thompson Co. Ltd. |
2,100 | 9,360 | ||||||
Nissei ASB Machine Co. Ltd. |
600 | 15,399 | ||||||
Nitta Corp. |
1,300 | 29,604 | ||||||
Nomura Micro Science Co. Ltd.(a) |
200 | 7,011 | ||||||
Noritake Co. Ltd. |
500 | 18,373 | ||||||
Obara Group, Inc. |
600 | 14,771 | ||||||
Oiles Corp.(a) |
1,800 | 22,468 | ||||||
OKUMA Corp. |
500 | 21,009 | ||||||
Organo Corp. |
300 | 25,038 | ||||||
OSG Corp. |
1,800 | 27,866 | ||||||
Shibaura Machine Co. Ltd. |
1,300 | 36,630 | ||||||
Shibuya Corp. |
900 | 18,085 | ||||||
Shinmaywa Industries Ltd. |
4,200 | 31,316 | ||||||
Sodick Co. Ltd. |
3,000 | 19,403 | ||||||
Star Micronics Co. Ltd. |
2,700 | 34,257 | ||||||
Takeuchi Manufacturing Co. Ltd. |
1,200 | 26,121 | ||||||
Teikoku Electric Manufacturing Co. Ltd. |
1,200 | 15,562 | ||||||
Tocalo Co. Ltd. |
2,700 | 30,253 | ||||||
Torishima Pump Manufacturing Co. Ltd. |
2,700 | 22,824 | ||||||
Tsubaki Nakashima Co. Ltd. |
1,400 | 11,154 | ||||||
Tsubakimoto Chain Co. |
1,600 | 40,272 | ||||||
Tsugami Corp. |
1,500 | 16,437 | ||||||
Union Tool Co. |
600 | 18,834 | ||||||
YAMABIKO Corp. |
2,200 | 27,116 | ||||||
Yushin Precision Equipment Co. Ltd. |
3,200 | 17,717 | ||||||
|
|
|||||||
Total Machinery | 1,179,739 | |||||||
Marine – 0.4% |
| |||||||
Iino Kaiun Kaisha Ltd. |
7,500 | 51,040 | ||||||
Japan Transcity Corp.(a) |
3,400 | 16,948 | ||||||
NS United Kaiun Kaisha Ltd. |
1,200 | 41,623 | ||||||
|
|
|||||||
Total Marine | 109,611 | |||||||
Media – 0.9% |
| |||||||
Carta Holdings, Inc.(a) |
1,400 | 27,706 | ||||||
Digital Holdings, Inc.(a) |
1,100 | 12,661 | ||||||
Intage Holdings, Inc. |
1,800 | 25,463 | ||||||
Proto Corp. |
1,400 | 11,927 | ||||||
SKY Perfect JSAT Holdings, Inc. |
19,200 | 65,490 | ||||||
TV Tokyo Holdings Corp. |
1,800 | 29,512 | ||||||
ValueCommerce Co. Ltd. |
600 | 18,463 | ||||||
Wowow, Inc. |
1,900 | 25,125 | ||||||
Zenrin Co. Ltd. |
3,200 | 26,285 | ||||||
|
|
|||||||
Total Media | 242,632 | |||||||
Metals & Mining – 3.6% |
| |||||||
Aichi Steel Corp. |
900 | 17,818 | ||||||
Asahi Holdings, Inc. |
5,000 | 93,306 | ||||||
Daido Steel Co. Ltd. |
1,200 | 36,482 | ||||||
Daiki Aluminium Industry Co. Ltd.(a) |
2,500 | 32,441 | ||||||
Dowa Holdings Co. Ltd. |
1,800 | 83,197 | ||||||
Hakudo Co. Ltd.(a) |
900 | 19,146 | ||||||
Kobe Steel Ltd. |
16,300 | 79,368 | ||||||
Kurimoto Ltd. |
900 | 11,642 | ||||||
Kyoei Steel Ltd.(a) |
3,200 | 35,302 | ||||||
Maruichi Steel Tube Ltd. |
4,800 | 109,149 | ||||||
Mitsubishi Materials Corp. |
6,700 | 118,295 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
2,100 | 58,047 | ||||||
Neturen Co. Ltd. |
2,800 | 13,634 | ||||||
Nippon Denko Co. Ltd. |
7,600 | 21,227 | ||||||
Nippon Light Metal Holdings Co. Ltd.(a) |
4,900 | 69,155 |
See Notes to Financial Statements.
WisdomTree Trust | 41 |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
Nippon Yakin Kogyo Co. Ltd.(a) |
900 | $ | 20,836 | |||||
Nittetsu Mining Co. Ltd. |
300 | 17,499 | ||||||
Sanyo Special Steel Co. Ltd.(a) |
2,100 | 36,732 | ||||||
Toho Titanium Co. Ltd. |
1,400 | 16,783 | ||||||
Toho Zinc Co. Ltd.(a) |
300 | 7,282 | ||||||
Tokyo Steel Manufacturing Co. Ltd.(a) |
2,700 | 25,893 | ||||||
Tokyo Tekko Co. Ltd. |
800 | 8,799 | ||||||
|
|
|||||||
Total Metals & Mining | 932,033 | |||||||
Multiline Retail – 1.3% |
| |||||||
H2O Retailing Corp.(a) |
5,100 | 35,590 | ||||||
Izumi Co. Ltd. |
2,500 | 66,323 | ||||||
J. Front Retailing Co. Ltd. |
12,900 | 105,963 | ||||||
Mr. Max Holdings Ltd. |
3,300 | 15,878 | ||||||
Seria Co. Ltd. |
2,000 | 45,693 | ||||||
Takashimaya Co. Ltd. |
6,000 | 57,442 | ||||||
|
|
|||||||
Total Multiline Retail | 326,889 | |||||||
Oil, Gas & Consumable Fuels – 1.0% |
| |||||||
Cosmo Energy Holdings Co. Ltd. |
6,200 | 134,344 | ||||||
Itochu Enex Co. Ltd. |
7,900 | 66,845 | ||||||
Nippon Coke & Engineering Co. Ltd.(a) |
20,700 | 24,559 | ||||||
Sala Corp. |
4,300 | 22,638 | ||||||
San-Ai Oil Co. Ltd. |
1,900 | 14,699 | ||||||
|
|
|||||||
Total Oil, Gas & Consumable Fuels | 263,085 | |||||||
Paper & Forest Products – 0.5% |
| |||||||
Daiken Corp. |
1,500 | 26,843 | ||||||
Hokuetsu Corp.(a) |
7,500 | 42,945 | ||||||
Nippon Paper Industries Co. Ltd.(a) |
5,700 | 48,793 | ||||||
|
|
|||||||
Total Paper & Forest Products | 118,581 | |||||||
Personal Products – 0.4% |
| |||||||
Milbon Co. Ltd. |
500 | 22,574 | ||||||
Noevir Holdings Co. Ltd. |
1,800 | 73,335 | ||||||
|
|
|||||||
Total Personal Products | 95,909 | |||||||
Pharmaceuticals – 1.6% |
| |||||||
Astena Holdings Co. Ltd. |
3,400 | 12,465 | ||||||
Kaken Pharmaceutical Co. Ltd. |
2,400 | 76,919 | ||||||
KYORIN Holdings, Inc. |
3,700 | 54,170 | ||||||
Mochida Pharmaceutical Co. Ltd. |
1,800 | 55,390 | ||||||
Sawai Group Holdings Co. Ltd. |
1,700 | 62,467 | ||||||
Seikagaku Corp.(a) |
2,500 | 18,023 | ||||||
Towa Pharmaceutical Co. Ltd. |
1,700 | 38,489 | ||||||
Tsumura & Co. |
2,100 | 55,366 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
1,600 | 25,099 | ||||||
|
|
|||||||
Total Pharmaceuticals | 398,388 | |||||||
Professional Services – 1.4% |
| |||||||
Altech Corp. |
1,450 | 22,471 | ||||||
en Japan, Inc. |
700 | 17,025 | ||||||
Forum Engineering, Inc. |
2,600 | 17,458 | ||||||
FULLCAST Holdings Co. Ltd. |
900 | 19,435 | ||||||
Funai Soken Holdings, Inc.(a) |
1,340 | 24,388 | ||||||
IR Japan Holdings Ltd.(a) |
300 | 10,764 | ||||||
JAC Recruitment Co. Ltd. |
3,300 | 50,380 | ||||||
LIKE, Inc.(a) |
900 | 15,216 | ||||||
Link and Motivation, Inc.(a) |
300 | 1,347 | ||||||
Meitec Corp. |
1,200 | 65,747 | ||||||
Nomura Co. Ltd. |
3,900 | 29,497 | ||||||
Outsourcing, Inc. |
900 | 9,424 | ||||||
Pasona Group, Inc. |
800 | 16,247 | ||||||
Tanseisha Co. Ltd. |
3,000 | 19,749 | ||||||
UT Group Co. Ltd. |
300 | 7,675 | ||||||
World Holdings Co. Ltd. |
900 | 17,425 | ||||||
YAMADA Consulting Group Co. Ltd.(a) |
1,300 | 12,649 | ||||||
|
|
|||||||
Total Professional Services | 356,897 | |||||||
Real Estate Management & Development – 1.9% |
| |||||||
Aoyama Zaisan Networks Co. Ltd.(a) |
1,700 | 17,284 | ||||||
CRE, Inc. |
900 | 13,288 | ||||||
Daibiru Corp.* |
2,500 | 45,211 | ||||||
Dear Life Co. Ltd.(a) |
5,800 | 25,326 | ||||||
Goldcrest Co. Ltd. |
2,300 | 31,949 | ||||||
Heiwa Real Estate Co. Ltd.(a) |
1,600 | 52,136 | ||||||
Ichigo, Inc. |
16,500 | 42,822 | ||||||
Katitas Co. Ltd. |
1,100 | 30,632 | ||||||
Keihanshin Building Co. Ltd.(a) |
2,100 | 25,935 | ||||||
SAMTY Co. Ltd. |
3,400 | 61,627 | ||||||
Shinoken Group Co. Ltd. |
2,800 | 23,669 | ||||||
Starts Corp., Inc. |
1,800 | 35,577 | ||||||
Sun Frontier Fudousan Co. Ltd. |
6,700 | 57,961 | ||||||
Takara Leben Co. Ltd. |
9,200 | 22,664 | ||||||
Tosei Corp. |
1,400 | 13,449 | ||||||
|
|
|||||||
Total Real Estate Management & Development | 499,530 | |||||||
Road & Rail – 1.2% |
| |||||||
Alps Logistics Co. Ltd.(a) |
1,800 | 15,928 | ||||||
Fukuyama Transporting Co. Ltd.(a) |
900 | 27,065 | ||||||
Hamakyorex Co. Ltd. |
700 | 16,546 | ||||||
Maruzen Showa Unyu Co. Ltd.(a) |
800 | 20,861 | ||||||
Nankai Electric Railway Co. Ltd. |
1,900 | 36,990 | ||||||
Nikkon Holdings Co. Ltd. |
2,700 | 45,491 | ||||||
Nishi-Nippon Railroad Co. Ltd.(a) |
1,100 | 24,316 | ||||||
Sakai Moving Service Co. Ltd. |
400 | 13,940 | ||||||
Seino Holdings Co. Ltd. |
5,300 | 48,644 | ||||||
Senko Group Holdings Co. Ltd. |
9,400 | 69,547 | ||||||
|
|
|||||||
Total Road & Rail | 319,328 | |||||||
Semiconductors & Semiconductor Equipment – 1.2% |
| |||||||
Ferrotec Holdings Corp. |
700 | 15,866 | ||||||
Furuya Metal Co. Ltd. |
200 | 17,038 | ||||||
Japan Material Co. Ltd. |
1,600 | 22,937 | ||||||
MegaChips Corp. |
300 | 9,343 | ||||||
Micronics Japan Co. Ltd. |
1,000 | 13,792 | ||||||
Mimasu Semiconductor Industry Co. Ltd. |
700 | 14,787 | ||||||
Mitsui High-Tec, Inc. |
300 | 30,772 | ||||||
Optorun Co. Ltd. |
1,500 | 26,015 | ||||||
Shibaura Mechatronics Corp.(a) |
200 | 14,204 | ||||||
Tokyo Seimitsu Co. Ltd. |
1,700 | 68,350 | ||||||
Ulvac, Inc. |
1,100 | 57,096 | ||||||
Yamaichi Electronics Co. Ltd.(a) |
1,300 | 20,104 | ||||||
|
|
|||||||
Total Semiconductors & Semiconductor Equipment | 310,304 |
See Notes to Financial Statements.
42 | WisdomTree Trust |
Schedule of Investments (continued)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
Software – 0.9% |
| |||||||
Broadleaf Co. Ltd. |
4,500 | $ | 13,681 | |||||
Computer Engineering & Consulting Ltd. |
1,700 | 17,984 | ||||||
Cresco Ltd.(a) |
1,200 | 19,437 | ||||||
Cybernet Systems Co. Ltd.(a) |
2,800 | 17,117 | ||||||
Digital Arts, Inc. |
200 | 12,227 | ||||||
Fuji Soft, Inc. |
500 | 25,376 | ||||||
Fukui Computer Holdings, Inc.(a) |
400 | 10,711 | ||||||
Miroku Jyoho Service Co. Ltd. |
1,300 | 15,252 | ||||||
Scala, Inc. |
1,500 | 9,331 | ||||||
SRA Holdings(a) |
1,600 | 36,633 | ||||||
Systena Corp. |
6,300 | 22,371 | ||||||
UNITED, Inc.(a) |
900 | 13,814 | ||||||
WingArc1st, Inc. |
800 | 9,353 | ||||||
|
|
|||||||
Total Software | 223,287 | |||||||
Specialty Retail – 3.4% |
| |||||||
Adastria Co. Ltd. |
2,022 | 31,936 | ||||||
Alleanza Holdings Co. Ltd.(a) |
1,900 | 15,247 | ||||||
Alpen Co. Ltd. |
1,200 | 20,238 | ||||||
Arcland Sakamoto Co. Ltd. |
1,100 | 13,730 | ||||||
Asahi Co. Ltd. |
1,700 | 18,586 | ||||||
Autobacs Seven Co. Ltd. |
7,400 | 82,002 | ||||||
Bic Camera, Inc.(a) |
4,400 | 39,224 | ||||||
Chiyoda Co. Ltd. |
3,500 | 21,224 | ||||||
DCM Holdings Co. Ltd. |
6,800 | 59,050 | ||||||
EDION Corp. |
6,900 | 64,523 | ||||||
Honeys Holdings Co. Ltd. |
2,100 | 18,080 | ||||||
IDOM, Inc. |
1,500 | 8,997 | ||||||
JINS Holdings, Inc.(a) |
300 | 14,262 | ||||||
Joshin Denki Co. Ltd. |
1,500 | 23,753 | ||||||
Joyful Honda Co. Ltd. |
2,500 | 30,896 | ||||||
K’s Holdings Corp.(a) |
12,900 | 134,234 | ||||||
Kohnan Shoji Co. Ltd. |
900 | 25,916 | ||||||
Kojima Co. Ltd. |
2,500 | 11,843 | ||||||
Komeri Co. Ltd. |
1,300 | 28,158 | ||||||
Nafco Co. Ltd. |
1,300 | 18,208 | ||||||
Nextage Co. Ltd. |
700 | 12,798 | ||||||
Nojima Corp. |
1,400 | 26,725 | ||||||
PAL GROUP Holdings Co. Ltd. |
1,400 | 17,902 | ||||||
PC Depot Corp. |
2,900 | 7,240 | ||||||
T-Gaia Corp. |
2,800 | 37,764 | ||||||
VT Holdings Co. Ltd.(a) |
7,254 | 26,655 | ||||||
Xebio Holdings Co. Ltd. |
2,400 | 18,725 | ||||||
Yellow Hat Ltd. |
3,300 | 42,740 | ||||||
|
|
|||||||
Total Specialty Retail | 870,656 | |||||||
Technology Hardware, Storage & Peripherals – 1.5% |
| |||||||
Eizo Corp. |
1,000 | 29,578 | ||||||
Elecom Co. Ltd. |
3,100 | 37,596 | ||||||
Konica Minolta, Inc.(a) |
40,100 | 170,476 | ||||||
MCJ Co. Ltd. |
4,100 | 31,449 | ||||||
Riso Kagaku Corp. |
1,100 | 17,980 | ||||||
Roland DG Corp. |
500 | 13,924 | ||||||
Toshiba TEC Corp. |
900 | 36,445 | ||||||
Wacom Co. Ltd.(a) |
4,700 | 36,516 | ||||||
|
|
|||||||
Total Technology Hardware, Storage & Peripherals | 373,964 | |||||||
Textiles, Apparel & Luxury Goods – 0.9% |
| |||||||
Baroque Japan Ltd. |
2,900 | 18,684 | ||||||
Fujibo Holdings, Inc. |
600 | 17,104 | ||||||
Gunze Ltd. |
900 | 27,769 | ||||||
Japan Wool Textile Co. Ltd. |
4,100 | 30,131 | ||||||
Kurabo Industries Ltd.(a) |
1,000 | 14,476 | ||||||
Onward Holdings Co. Ltd.(a) |
9,339 | 19,698 | ||||||
Seiko Holdings Corp. |
1,400 | 26,460 | ||||||
Seiren Co. Ltd.(a) |
1,500 | 27,485 | ||||||
Wacoal Holdings Corp. |
1,800 | 27,317 | ||||||
Yondoshi Holdings, Inc. |
2,000 | 27,024 | ||||||
|
|
|||||||
Total Textiles, Apparel & Luxury Goods | 236,148 | |||||||
Thrifts & Mortgage Finance – 0.1% |
| |||||||
Aruhi Corp.(a) |
2,200 | 18,071 | ||||||
Trading Companies & Distributors – 3.0% |
| |||||||
Advan Group Co. Ltd. |
2,700 | 20,021 | ||||||
Alconix Corp. |
1,100 | 12,679 | ||||||
Chori Co. Ltd. |
1,500 | 21,739 | ||||||
Daiichi Jitsugyo Co. Ltd. |
400 | 14,072 | ||||||
Hanwa Co. Ltd. |
1,100 | 29,364 | ||||||
Inaba Denki Sangyo Co. Ltd. |
2,800 | 57,303 | ||||||
Inabata & Co. Ltd.(a) |
5,700 | 96,882 | ||||||
Kamei Corp. |
2,100 | 17,440 | ||||||
Kanamoto Co. Ltd. |
1,400 | 23,092 | ||||||
Kanematsu Corp. |
5,200 | 57,495 | ||||||
Kokusai Pulp & Paper Co. Ltd. |
5,000 | 13,100 | ||||||
Nagase & Co. Ltd. |
4,300 | 64,513 | ||||||
Nichiden Corp.(a) |
900 | 15,994 | ||||||
Nippon Steel Trading Corp. |
2,196 | 96,072 | ||||||
Nishio Rent All Co. Ltd. |
1,200 | 27,653 | ||||||
Onoken Co. Ltd.(a) |
2,700 | 34,302 | ||||||
Sanyo Trading Co. Ltd.(a) |
2,500 | 20,330 | ||||||
Sato Shoji Corp.(a) |
1,500 | 14,249 | ||||||
Shinsho Corp. |
700 | 20,531 | ||||||
Trusco Nakayama Corp. |
1,200 | 23,718 | ||||||
Wakita & Co. Ltd. |
2,700 | 22,245 | ||||||
Yamazen Corp.(a) |
2,800 | 21,777 | ||||||
Yuasa Trading Co. Ltd. |
1,300 | 31,018 | ||||||
|
|
|||||||
Total Trading Companies & Distributors | 755,589 | |||||||
Transportation Infrastructure – 0.6% |
| |||||||
Kamigumi Co. Ltd. |
4,200 | 76,128 | ||||||
Mitsubishi Logistics Corp.(a) |
2,600 | 65,121 | ||||||
Nissin Corp.(a) |
1,000 | 13,462 | ||||||
|
|
|||||||
Total Transportation Infrastructure |
|
154,711 | ||||||
Wireless Telecommunication Services – 0.3% |
| |||||||
Okinawa Cellular Telephone Co. |
1,800 | 73,112 | ||||||
TOTAL COMMON STOCKS (Cost: $30,272,343) |
|
25,254,385 |
See Notes to Financial Statements.
WisdomTree Trust | 43 |
Schedule of Investments (concluded)
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)
March 31, 2022
Investments | Shares | Value | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 13.0% |
| |||||||
United States – 13.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%(b) |
||||||||
(Cost: $3,316,275) | 3,316,275 | $ | 3,316,275 | |||||
TOTAL INVESTMENTS IN SECURITIES – 111.6% (Cost: $33,588,618) |
|
28,570,660 | ||||||
Other Assets less Liabilities – (11.6)% |
|
(2,967,174 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% |
|
$ | 25,603,486 |
* |
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 $5,450,730 and the total market value of the collateral held by the Fund was $5,784,842. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $2,468,567. |
(b) |
Rate shown represents annualized 7-day yield as of March 31, 2022. |
FINANCIAL DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER) | ||||||||||||||||||||||||||||
Counterparty | Settlement Date |
Amount and Description of Currency to be Purchased |
Amount and Description of Currency to be Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
Bank of America NA |
4/5/2022 | 768,176,531 | JPY | 6,328,858 | USD | $ | 195 | $ | — | |||||||||||||||||||
Bank of America NA |
4/5/2022 | 8,438,477 | USD | 971,186,849 | JPY | 436,810 | — | |||||||||||||||||||||
Bank of America NA |
5/9/2022 | 6,478,008 | USD | 785,774,596 | JPY | — | (268 | ) | ||||||||||||||||||||
Barclays Bank PLC |
4/5/2022 | 768,163,873 | JPY | 6,328,858 | USD | 90 | — | |||||||||||||||||||||
Barclays Bank PLC |
5/9/2022 | 6,478,007 | USD | 785,753,098 | JPY | — | (92 | ) | ||||||||||||||||||||
Citibank NA |
4/5/2022 | 8,438,477 | USD | 971,202,882 | JPY | 436,678 | — | |||||||||||||||||||||
Goldman Sachs |
4/5/2022 | 8,438,477 | USD | 971,200,351 | JPY | 436,699 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 486,538,054 | JPY | 4,219,238 | USD | — | (210,622 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 508,990,729 | JPY | 4,219,238 | USD | — | (25,633 | ) | ||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 768,160,076 | JPY | 6,328,858 | USD | 59 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
4/5/2022 | 8,438,477 | USD | 971,169,972 | JPY | 436,950 | — | |||||||||||||||||||||
JP Morgan Chase Bank NA |
5/9/2022 | 6,478,008 | USD | 785,751,275 | JPY | — | (76 | ) | ||||||||||||||||||||
UBS AG |
4/5/2022 | 768,172,734 | JPY | 6,328,858 | USD | 163 | — | |||||||||||||||||||||
UBS AG |
5/9/2022 | 6,478,008 | USD | 785,766,823 | JPY | — | (204 | ) | ||||||||||||||||||||
$ | 1,747,644 | $ | (236,895 | ) |
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 |
||||||||||||||||
Banks |
$ | 2,163,081 | $ | 21,743 | $ | — | $ | 2,184,824 | ||||||||
Other |
23,069,561 | — | — | 23,069,561 | ||||||||||||
Investment of Cash Collateral for Securities Loaned |
— | 3,316,275 | — | 3,316,275 | ||||||||||||
Total Investments in Securities |
$ | 25,232,642 | $ | 3,338,018 | $ | — | $ | 28,570,660 | ||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | 1,747,644 | $ | — | $ | 1,747,644 | ||||||||
Liabilities: | ||||||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Foreign Currency Contracts1 |
$ | — | $ | (236,895 | ) | $ | — | $ | (236,895 | ) | ||||||
Total – Net |
$ | 25,232,642 | $ | 4,848,767 | $ | — | $ | 30,081,409 |
1 |
Amount shown represents the unrealized appreciation (depreciation) on the financial instrument. |
See Notes to Financial Statements.
44 | WisdomTree Trust |
Statements of Assets and Liabilities
WisdomTree Trust
March 31, 2022
WisdomTree Europe Hedged |
WisdomTree Hedged |
WisdomTree Germany Hedged Equity Fund |
WisdomTree Quality Dividend |
WisdomTree Japan Hedged |
WisdomTree Japan Hedged SmallCap Equity Fund |
|||||||||||||||||||
ASSETS: |
||||||||||||||||||||||||
Investments, at cost |
$ | 1,798,809,680 | $ | 64,332,298 | $ | 24,992,906 | $ | 1,090,925,874 | $ | 2,027,173,581 | $ | 33,588,618 | ||||||||||||
Investment in affiliates, at cost (Note 3) |
— | — | — | 882,631 | — | — | ||||||||||||||||||
Foreign currency, at cost |
1,983,387 | 50,989 | 26,474 | 763,608 | 1,520,789 | 42,318 | ||||||||||||||||||
Investments in securities, at value1,2 (Note 2) |
1,942,732,502 | 62,698,108 | 25,178,580 | 1,184,523,176 | 1,921,565,991 | 28,570,660 | ||||||||||||||||||
Investment in affiliates, at value (Note 3) |
— | — | — | 1,121,046 | — | — | ||||||||||||||||||
Cash |
187,440 | 779 | 4,918 | 1,214,848 | 5,205 | 11,911 | ||||||||||||||||||
Foreign currency, at value |
1,986,189 | 51,020 | 27,085 | 765,125 | 1,530,511 | 42,564 | ||||||||||||||||||
Unrealized appreciation on foreign currency contracts |
22,522,127 | 642,317 | 326,382 | 16,685,609 | 103,648,052 | 1,747,644 | ||||||||||||||||||
Receivables: |
| |||||||||||||||||||||||
Investment securities sold3 |
— | — | — | — | 32,088,994 | — | ||||||||||||||||||
Capital shares sold |
— | — | — | 4,303,913 | — | — | ||||||||||||||||||
Dividends |
1,100,088 | 78,989 | 116 | 7,977,496 | 24,653,304 | 375,245 | ||||||||||||||||||
Securities lending income |
53,269 | 3,825 | 893 | 23,831 | 29,493 | 1,141 | ||||||||||||||||||
Foreign tax reclaims |
4,354,394 | 105,500 | 137,324 | 2,464,151 | — | — | ||||||||||||||||||
Other (Note 6) |
— | 20,812 | — | — | — | — | ||||||||||||||||||
Total Assets |
1,972,936,009 | 63,601,350 | 25,675,298 | 1,219,079,195 | 2,083,521,550 | 30,749,165 | ||||||||||||||||||
LIABILITIES: |
| |||||||||||||||||||||||
Unrealized depreciation on foreign currency contracts |
67,941 | 2,206 | 923 | 4,826,786 | 4,930,055 | 236,895 | ||||||||||||||||||
Payables: |
||||||||||||||||||||||||
Cash collateral received for securities loaned (Note 2) |
93,888,007 | 2,439,931 | 120,280 | 26,747,300 | 21,586,729 | 3,316,275 | ||||||||||||||||||
Investment securities purchased |
12,295,302 | 352,097 | 188,419 | 9,853,842 | 100,810,831 | 1,577,884 | ||||||||||||||||||
Capital shares redeemed |
— | — | — | — | 35,553,355 | — | ||||||||||||||||||
Advisory fees (Note 3) |
930,297 | 29,118 | 10,228 | 554,497 | 788,894 | 14,515 | ||||||||||||||||||
Service fees (Note 2) |
7,057 | 221 | 94 | 4,209 | 7,232 | 110 | ||||||||||||||||||
Other (Note 6) |
— | 6,244 | — | — | — | — | ||||||||||||||||||
Total Liabilities |
107,188,604 | 2,829,817 | 319,944 | 41,986,634 | 163,677,096 | 5,145,679 | ||||||||||||||||||
NET ASSETS |
$ | 1,865,747,405 | $ | 60,771,533 | $ | 25,355,354 | $ | 1,177,092,561 | $ | 1,919,844,454 | $ | 25,603,486 | ||||||||||||
NET ASSETS: |
||||||||||||||||||||||||
Paid-in capital |
$ | 3,761,349,593 | $ | 81,292,613 | $ | 57,466,540 | $ | 1,083,200,831 | $ | 3,664,481,540 | $ | 51,882,800 | ||||||||||||
Total distributable earnings (loss) |
(1,895,602,188 | ) | (20,521,080 | ) | (32,111,186 | ) | 93,891,730 | (1,744,637,086 | ) | (26,279,314 | ) | |||||||||||||
NET ASSETS |
$ | 1,865,747,405 | $ | 60,771,533 | $ | 25,355,354 | $ | 1,177,092,561 | $ | 1,919,844,454 | $ | 25,603,486 | ||||||||||||
Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares authorized) |
25,200,000 | 1,750,000 | 750,000 | 27,350,000 | 29,700,000 | 600,000 | ||||||||||||||||||
Net asset value per share |
$ | 74.04 | $ | 34.73 | $ | 33.81 | $ | 43.04 | $ | 64.64 | $ | 42.67 | ||||||||||||
1 Includes market value of securities out on loan of: |
$ | 92,957,718 | $ | 2,970,630 | $ | 115,131 | $ | 48,372,496 | $ | 73,768,650 | $ | 5,450,730 | ||||||||||||
2 Investments in securities include investment of cash collateral for securities loaned (see Schedule of Investments for additional information). |
|
|||||||||||||||||||||||
3 Includes market value of securities out of loan, which were sold and pending settlement, of: |
— | — | — | — | $ | 25,910 | — |
See Notes to Financial Statements.
WisdomTree Trust | 45 |
WisdomTree Trust
For the Year Ended March 31, 2022
WisdomTree Europe Hedged Equity Fund |
WisdomTree Europe Hedged SmallCap Equity Fund |
WisdomTree Germany Hedged Equity Fund |
WisdomTree Quality Dividend |
WisdomTree Japan Hedged Equity Fund |
WisdomTree Japan Hedged SmallCap Equity Fund |
|||||||||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||||||||||
Dividends |
$ | 50,056,000 | $ | 1,472,654 | $ | 1,162,425 | $ | 37,933,460 | $ | 60,928,810 | $ | 1,044,334 | ||||||||||||
Dividends from affiliates (Note 3) |
— | — | — | 33,146 | — | — | ||||||||||||||||||
Non-cash dividends |
3,206,159 | 52,379 | — | 17,804 | — | — | ||||||||||||||||||
Other income (Note 6) |
91,988 | 78,708 | — | — | — | — | ||||||||||||||||||
Securities lending income, net (Note 2) |
416,944 | 26,793 | 3,926 | 163,776 | 174,795 | 8,544 | ||||||||||||||||||
Less: Foreign withholding taxes on dividends |
(5,094,995 | ) | (229,264 | ) | (119,961 | ) | (1,826,078 | ) | (6,095,547 | ) | (104,478 | ) | ||||||||||||
Total investment income |
48,676,096 | 1,401,270 | 1,046,390 | 36,322,108 | 55,008,058 | 948,400 | ||||||||||||||||||
EXPENSES: |
| |||||||||||||||||||||||
Advisory fees (Note 3) |
11,885,055 | 299,874 | 148,232 | 6,138,491 | 8,999,672 | 193,247 | ||||||||||||||||||
Service fees (Note 2) |
90,162 | 2,275 | 1,359 | 46,568 | 82,497 | 1,466 | ||||||||||||||||||
Other fees (Note 6) |
26,950 | 23,602 | — | — | — | — | ||||||||||||||||||
Total expenses |
12,002,167 | 325,751 | 149,591 | 6,185,059 | 9,082,169 | 194,713 | ||||||||||||||||||
Expense waivers (Note 3) |
— | — | — | (3,548 | ) | — | — | |||||||||||||||||
Net expenses |
12,002,167 | 325,751 | 149,591 | 6,181,511 | 9,082,169 | 194,713 | ||||||||||||||||||
Net investment income |
36,673,929 | 1,075,519 | 896,799 | 30,140,597 | 45,925,889 | 753,687 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
| |||||||||||||||||||||||
Net realized gain (loss) from: |
| |||||||||||||||||||||||
Investment transactions |
31,418,120 | 3,428,339 | (170,050 | ) | (4,487,639 | ) | (41,577,543 | ) | (1,438,477 | ) | ||||||||||||||
Investment transactions in affiliates (Note 3) |
— | — | — | 110,708 | — | — | ||||||||||||||||||
In-kind redemptions |
38,270,557 | — | 957,998 | 76,249,053 | 139,326,341 | 1,012,685 | ||||||||||||||||||
Foreign currency contracts |
172,094,740 | 4,308,411 | 2,584,987 | 68,824,693 | 142,852,050 | 3,063,005 | ||||||||||||||||||
Foreign currency related transactions |
(918,025 | ) | (28,562 | ) | 3,741 | (696,459 | ) | (860,288 | ) | (15,677 | ) | |||||||||||||
Net realized gain |
240,865,392 | 7,708,188 | 3,376,676 | 140,000,356 | 239,740,560 | 2,621,536 | ||||||||||||||||||
Net increase (decrease) in unrealized appreciation/depreciation: |
| |||||||||||||||||||||||
Investment transactions |
(163,701,429 | ) | (6,876,323 | ) | (3,518,621 | ) | (84,945,247 | ) | (178,410,352 | ) | (5,035,653 | ) | ||||||||||||
Investment transactions in affiliates (Note 3) |
— | — | — | (123,117 | ) | — | — | |||||||||||||||||
Foreign currency contracts |
(36,872,569 | ) | (523,375 | ) | (615,195 | ) | (11,258,913 | ) | 41,813,700 | 443,999 | ||||||||||||||
Translation of assets and liabilities denominated in foreign currencies |
(313,975 | ) | (11,060 | ) | (30,810 | ) | 37,923 | 156,234 | 1,949 | |||||||||||||||
Net decrease in unrealized appreciation/depreciation |
(200,887,973 | ) | (7,410,758 | ) | (4,164,626 | ) | (96,289,354 | ) | (136,440,418 | ) | (4,589,705 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments |
39,977,419 | 297,430 | (787,950 | ) | 43,711,002 | 103,300,142 | (1,968,169 | ) | ||||||||||||||||
Net increase from payment by affiliate (Note 3) |
— | — | — | 13,616 | — | — | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 76,651,348 | $ | 1,372,949 | $ | 108,849 | $ | 73,865,215 | $ | 149,226,031 | $ | (1,214,482 | ) |
See Notes to Financial Statements.
46 | WisdomTree Trust |
Statements of Changes in Net Assets
WisdomTree Trust
WisdomTree Europe Hedged Equity Fund |
WisdomTree Europe Hedged SmallCap Equity Fund |
WisdomTree Germany Hedged Equity Fund |
||||||||||||||||||||||
For the Year Ended March 31, 2022 |
For
the Year Ended March 31, 2021 |
For
the Year Ended March 31, 2022 |
For
the Year Ended March 31, 2021 |
For
the Year Ended March 31, 2022 |
For
the Year Ended March 31, 2021 |
|||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||||||||||
Net investment income |
$ | 36,673,929 | $ | 54,377,375 | $ | 1,075,519 | $ | 1,365,252 | $ | 896,799 | $ | 1,037,775 | ||||||||||||
Net realized gain (loss) on investments, foreign currency contracts and foreign currency related transactions |
240,865,392 | (582,339,314 | ) | 7,708,188 | (14,664,028 | ) | 3,376,676 | (5,635,798 | ) | |||||||||||||||
Net increase (decrease) in unrealized appreciation/depreciation on investments, foreign currency contracts and translation of assets and liabilities denominated in foreign currencies |
(200,887,973 | ) | 1,251,892,332 | (7,410,758 | ) | 29,161,949 | (4,164,626 | ) | 19,346,445 | |||||||||||||||
Net increase in net assets resulting from operations |
76,651,348 | 723,930,393 | 1,372,949 | 15,863,173 | 108,849 | 14,748,422 | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||||||||||
Distributable earnings |
(44,246,812 | ) | (53,199,944 | ) | (1,117,302 | ) | (1,413,257 | ) | (1,209,360 | ) | (1,043,996 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS: |
| |||||||||||||||||||||||
Net proceeds from sale of shares |
55,365,070 | 42,516,333 | 23,162,889 | — | — | — | ||||||||||||||||||
Cost of shares redeemed |
(159,690,153 | ) | (975,850,079 | ) | — | (26,293,657 | ) | (5,002,952 | ) | (11,867,822 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions |
(104,325,083 | ) | (933,333,746 | ) | 23,162,889 | (26,293,657 | ) | (5,002,952 | ) | (11,867,822 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets |
(71,920,547 | ) | (262,603,297 | ) | 23,418,536 | (11,843,741 | ) | (6,103,463 | ) | 1,836,604 | ||||||||||||||
NET ASSETS: |
| |||||||||||||||||||||||
Beginning of year |
$ | 1,937,667,952 | $ | 2,200,271,249 | $ | 37,352,997 | $ | 49,196,738 | $ | 31,458,817 | $ | 29,622,213 | ||||||||||||
End of year |
$ | 1,865,747,405 | $ | 1,937,667,952 | $ | 60,771,533 | $ | 37,352,997 | $ | 25,355,354 | $ | 31,458,817 | ||||||||||||
SHARES CREATED AND REDEEMED: |
| |||||||||||||||||||||||
Shares outstanding, beginning of year |
26,650,000 | 42,450,000 | 1,100,000 | 2,100,000 | 900,000 | 1,300,000 | ||||||||||||||||||
Shares created |
700,000 | 650,000 | 650,000 | — | — | — | ||||||||||||||||||
Shares redeemed |
(2,150,000 | ) | (16,450,000 | ) | — | (1,000,000 | ) | (150,000 | ) | (400,000 | ) | |||||||||||||
Shares outstanding, end of year |
25,200,000 | 26,650,000 | 1,750,000 | 1,100,000 | 750,000 | 900,000 |
See Notes to Financial Statements.
WisdomTree Trust | 47 |
Statements of Changes in Net Assets (concluded)
WisdomTree Trust
WisdomTree International Hedged Quality Dividend Growth Fund |
WisdomTree Japan Hedged Equity Fund | WisdomTree Japan Hedged SmallCap Equity Fund |
||||||||||||||||||||||
For
the Year Ended March 31, 2022 |
For the Year Ended March 31, 2021 |
For
the Year Ended March 31, 2022 |
For
the Year Ended March 31, 2021 |
For
the Year Ended March 31, 2022 |
For
the Year Ended March 31, 2021 |
|||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||||||||||
Net investment income |
$ | 30,140,597 | $ | 18,842,679 | $ | 45,925,889 | $ | 32,351,041 | $ | 753,687 | $ | 545,208 | ||||||||||||
Net realized gain (loss) on investments, foreign currency contracts and foreign currency related transactions |
140,000,356 | (8,931,167 | ) | 239,740,560 | (47,209,430 | ) | 2,621,536 | (3,219,356 | ) | |||||||||||||||
Net increase (decrease) in unrealized appreciation/depreciation on investments, foreign currency contracts and translation of assets and liabilities denominated in foreign currencies |
(96,289,354 | ) | 231,873,633 | (136,440,418 | ) | 630,004,213 | (4,589,705 | ) | 12,647,009 | |||||||||||||||
Net increase from payment by affiliate |
13,616 | 1,756,103 | — | 22,753 | — | — | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
73,865,215 | 243,541,248 | 149,226,031 | 615,168,577 | (1,214,482 | ) | 9,972,861 | |||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||||||||||
Distributable earnings |
(34,880,873 | ) | (20,307,783 | ) | (51,969,830 | ) | (43,598,753 | ) | (980,043 | ) | (1,037,117 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS: |
| |||||||||||||||||||||||
Net proceeds from sale of shares |
480,736,121 | 167,467,543 | 911,652,905 | 234,513,759 | 13,925,653 | — | ||||||||||||||||||
Cost of shares redeemed |
(242,118,958 | ) | (83,555,794 | ) | (763,823,383 | ) | (841,125,421 | ) | (17,459,472 | ) | (21,653,342 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions |
238,617,163 | 83,911,749 | 147,829,522 | (606,611,662 | ) | (3,533,819 | ) | (21,653,342 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets |
277,601,505 | 307,145,214 | 245,085,723 | (35,041,838 | ) | (5,728,344 | ) | (12,717,598 | ) | |||||||||||||||
NET ASSETS: |
| |||||||||||||||||||||||
Beginning of year |
$ | 899,491,056 | $ | 592,345,842 | $ | 1,674,758,731 | $ | 1,709,800,569 | $ | 31,331,830 | $ | 44,049,428 | ||||||||||||
End of year |
$ | 1,177,092,561 | $ | 899,491,056 | $ | 1,919,844,454 | $ | 1,674,758,731 | $ | 25,603,486 | $ | 31,331,830 | ||||||||||||
SHARES CREATED AND REDEEMED: |
| |||||||||||||||||||||||
Shares outstanding, beginning of year |
21,850,000 | 19,350,000 | 27,450,000 | 40,100,000 | 700,000 | 1,300,000 | ||||||||||||||||||
Shares created |
10,850,000 | 4,750,000 | 14,700,000 | 4,200,000 | 300,000 | — | ||||||||||||||||||
Shares redeemed |
(5,350,000 | ) | (2,250,000 | ) | (12,450,000 | ) | (16,850,000 | ) | (400,000 | ) | (600,000 | ) | ||||||||||||
Shares outstanding, end of year |
27,350,000 | 21,850,000 | 29,700,000 | 27,450,000 | 600,000 | 700,000 |
See Notes to Financial Statements.
48 | WisdomTree Trust |
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Europe Hedged Equity Fund |
For the Year Ended March 31, 2022 |
For the Year Ended March 31, 2021 |
For the Year Ended March 31, 2020 |
For the Year Ended March 31, 2019 |
For the Year Ended March 31, 2018 |
|||||||||||||||
Net asset value, beginning of year |
$ | 72.71 | $ | 51.83 | $ | 63.90 | $ | 62.67 | $ | 62.80 | ||||||||||
Investment operations: |
||||||||||||||||||||
Net investment income1 |
1.38 | 1.76 | 1.52 | 1.79 | 1.23 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.62 | 20.86 | (12.21 | ) | 0.90 | 0.08 | ||||||||||||||
Total from investment operations |
3.00 | 22.62 | (10.69 | ) | 2.69 | 1.31 | ||||||||||||||
Dividends and distributions to shareholders: |
||||||||||||||||||||
Net investment income |
(1.67 | ) | (1.74 | ) | (1.38 | ) | (1.29 | ) | (1.44 | ) | ||||||||||
Tax return of capital |
— | — | — | (0.17 | ) | — | ||||||||||||||
Total dividends and distributions to shareholders |
(1.67 | ) | (1.74 | ) | (1.38 | ) | (1.46 | ) | (1.44 | ) | ||||||||||
Net asset value, end of year |
$ | 74.04 | $ | 72.71 | $ | 51.83 | $ | 63.90 | $ | 62.67 | ||||||||||
TOTAL RETURN2 |
4.04 | % | 44.22 | % | (17.15 | )% | 4.33 | % | 2.03 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of year (000’s omitted) |
$ | 1,865,747 | $ | 1,937,668 | $ | 2,200,271 | $ | 3,744,358 | $ | 6,332,946 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||||||
Expenses |
0.59 | %3 | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
Net investment income |
1.79 | % | 2.81 | % | 2.29 | % | 2.86 | % | 1.91 | % | ||||||||||
Portfolio turnover rate4 |
34 | % | 55 | % | 26 | % | 18 | % | 20 | % |
WisdomTree Europe Hedged SmallCap Equity Fund |
For
the Year Ended March 31, 2022 |
For
the Year Ended March 31, 2021 |
For the Year Ended March 31, 2020 |
For the Year Ended March 31, 2019 |
For the Year Ended March 31, 2018 |
|||||||||||||||
Net asset value, beginning of year |
$ | 33.96 | $ | 23.43 | $ | 30.17 | $ | 30.62 | $ | 28.29 | ||||||||||
Investment operations: |
||||||||||||||||||||
Net investment income1 |
0.75 | 1.02 | 1.22 | 1.06 | 0.74 | |||||||||||||||
Net realized and unrealized gain (loss) |
0.91 | ^ | 10.56 | (6.92 | ) | (0.89 | ) | 2.05 | ||||||||||||
Total from investment operations |
1.66 | ^ | 11.58 | (5.70 | ) | 0.17 | 2.79 | |||||||||||||
Dividends and distributions to shareholders: |
||||||||||||||||||||
Net investment income |
(0.89 | ) | (1.05 | ) | (1.04 | ) | (0.62 | ) | (0.45 | ) | ||||||||||
Tax return of capital |
— | — | — | — | (0.01 | ) | ||||||||||||||
Total dividends and distributions to shareholders |
(0.89 | ) | (1.05 | ) | (1.04 | ) | (0.62 | ) | (0.46 | ) | ||||||||||
Net asset value, end of year |
$ | 34.73 | $ | 33.96 | $ | 23.43 | $ | 30.17 | $ | 30.62 | ||||||||||
TOTAL RETURN2 |
4.86 | % | 50.50 | % | (19.62 | )% | 0.54 | % | 9.88 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of year (000’s omitted) |
$ | 60,772 | $ | 37,353 | $ | 49,197 | $ | 120,671 | $ | 154,624 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||||||
Expenses |
0.63 | %3 | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
Net investment income |
2.08 | % | 3.59 | % | 3.99 | % | 3.55 | % | 2.43 | % | ||||||||||
Portfolio turnover rate4 |
57 | % | 77 | % | 49 | % | 37 | % | 37 | % |
^ |
The amount per share does not correspond with the amount reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year. |
1 |
Based on average shares outstanding. |
2 |
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. |
3 |
Included in the expense ratio are “Other fees” described in Note 6. Without these expenses, the expense ratio would have been 0.58%. |
4 |
Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation. |
See Notes to Financial Statements.
WisdomTree Trust | 49 |
Financial Highlights (continued)
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Germany Hedged Equity Fund |
For the Year Ended March 31, 2022 |
For the Year Ended March 31, 2021 |
For
the Year Ended March 31, 2020 |
For the Year Ended March 31, 2019 |
For the Year Ended March 31, 2018 |
|||||||||||||||
Net asset value, beginning of year |
$ | 34.95 | $ | 22.79 | $ | 28.63 | $ | 30.95 | $ | 30.40 | ||||||||||
Investment operations: |
||||||||||||||||||||
Net investment income1 |
1.03 | 0.98 | 0.88 | 1.10 | 0.87 | |||||||||||||||
Net realized and unrealized gain (loss) |
(0.79 | ) | 12.16 | (5.87 | ) | (2.64 | ) | 0.54 | ||||||||||||
Total from investment operations |
0.24 | 13.14 | (4.99 | ) | (1.54 | ) | 1.41 | |||||||||||||
Dividends and distributions to shareholders: |
||||||||||||||||||||
Net investment income |
(1.38 | ) | (0.98 | ) | (0.85 | ) | (0.59 | ) | (0.64 | ) | ||||||||||
Tax return of capital |
— | — | — | (0.19 | ) | (0.22 | ) | |||||||||||||
Total dividends and distributions to shareholders |
(1.38 | ) | (0.98 | ) | (0.85 | ) | (0.78 | ) | (0.86 | ) | ||||||||||
Net asset value, end of year |
$ | 33.81 | $ | 34.95 | $ | 22.79 | $ | 28.63 | $ | 30.95 | ||||||||||
TOTAL RETURN2 |
0.50 | % | 58.59 | % | (18.06 | )% | (5.07 | )% | 4.63 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of year (000’s omitted) |
$ | 25,355 | $ | 31,459 | $ | 29,622 | $ | 51,541 | $ | 91,302 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||||||
Expenses |
0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||
Net investment income |
2.90 | % | 3.38 | % | 2.95 | % | 3.66 | % | 2.78 | % | ||||||||||
Portfolio turnover rate3 |
24 | % | 46 | % | 41 | % | 16 | % | 20 | % |
WisdomTree International Hedged Quality Dividend Growth Fund |
For the Year Ended March 31, 2022 |
For the Year Ended March 31, 2021 |
For the Year Ended March 31, 2020 |
For the Year Ended March 31, 2019 |
For the Year Ended March 31, 2018 |
|||||||||||||||
Net asset value, beginning of year |
$ | 41.17 | $ | 30.61 | $ | 32.14 | $ | 30.78 | $ | 28.39 | ||||||||||
Investment operations: |
||||||||||||||||||||
Net investment income1 |
1.25 | 0.88 | 0.78 | 0.64 | 0.58 | |||||||||||||||
Net realized and unrealized gain (loss) |
2.03 | 10.54 | (1.59 | ) | 0.83 | 1.99 | ||||||||||||||
Net increase from payment by affiliate |
0.00 | 4 | 0.08 | — | — | — | ||||||||||||||
Total from investment operations |
3.28 | 11.50 | (0.81 | ) | 1.47 | 2.57 | ||||||||||||||
Dividends to shareholders: |
||||||||||||||||||||
Net investment income |
(1.41 | ) | (0.94 | ) | (0.72 | ) | (0.11 | ) | (0.18 | ) | ||||||||||
Net asset value, end of year |
$ | 43.04 | $ | 41.17 | $ | 30.61 | $ | 32.14 | $ | 30.78 | ||||||||||
TOTAL RETURN2 |
7.93 | %5 | 37.85 | %6 | (2.70 | )% | 4.78 | % | 9.05 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of year (000’s omitted) |
$ | 1,177,093 | $ | 899,491 | $ | 592,346 | $ | 438,708 | $ | 543,192 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||||||
Expenses |
0.58 | %7,8 | 0.58 | %7,8 | 0.58 | %7,8 | 0.58 | % | 0.58 | % | ||||||||||
Net investment income |
2.85 | %7 | 2.37 | %7 | 2.32 | %7 | 2.07 | % | 1.89 | % | ||||||||||
Portfolio turnover rate3 |
61 | % | 67 | % | 61 | % | 56 | % | 42 | % |
1 |
Based on average shares outstanding. |
2 |
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. For the periods in which the investment advisor waived advisory fees for the WisdomTree International Hedged Quality Dividend Growth Fund, the total return would have been lower if certain expenses had not been waived (Notes 2 and 3). |
3 |
Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation. |
4 |
Amount represents less than $0.005. |
5 |
Includes a voluntary reimbursement from the sub-advisor for investment losses on certain equity transactions during the period. Excluding this voluntary reimbursement, total return would have been unchanged (Note 3). |
6 |
Includes a voluntary reimbursement from the sub-advisor for investment losses on certain foreign exchange transactions during the period. Excluding this voluntary reimbursement, total return would have been 0.27% lower. |
7 |
The ratios to average net assets do not include net investment income (loss) or expenses of other funds in which the Fund invests. |
8 |
The expense ratio includes investment advisory fee waivers. Without these investment advisory fee waivers, the expense ratio would have been unchanged. |
See Notes to Financial Statements.
50 | WisdomTree Trust |
Financial Highlights (concluded)
WisdomTree Trust
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
WisdomTree Japan Hedged Equity Fund |
For the Year Ended March 31, 2022 |
For the Year Ended March 31, 2021 |
For the Year Ended March 31, 2020 |
For the Year Ended March 31, 2019 |
For the Year Ended March 31, 2018 |
|||||||||||||||
Net asset value, beginning of year |
$ | 61.01 | $ | 42.64 | $ | 50.42 | $ | 55.76 | $ | 50.40 | ||||||||||
Investment operations: |
||||||||||||||||||||
Net investment income1 |
1.52 | 1.02 | 1.05 | 1.06 | 0.92 | |||||||||||||||
Net realized and unrealized gain (loss) |
3.76 | 18.73 | (7.52 | ) | (5.03 | ) | 5.81 | |||||||||||||
Net increase from payment by affiliate |
— | 0.00 | 2 | — | — | — | ||||||||||||||
Total from investment operations |
5.28 | 19.75 | (6.47 | ) | (3.97 | ) | 6.73 | |||||||||||||
Dividends to shareholders: |
||||||||||||||||||||
Net investment income |
(1.65 | ) | (1.38 | ) | (1.31 | ) | (1.37 | ) | (1.37 | ) | ||||||||||
Net asset value, end of year |
$ | 64.64 | $ | 61.01 | $ | 42.64 | $ | 50.42 | $ | 55.76 | ||||||||||
TOTAL RETURN3 |
8.79 | % | 46.97 | %4 | (13.26 | )% | (7.20 | )% | 13.45 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of year (000’s omitted) |
$ | 1,919,844 | $ | 1,674,759 | $ | 1,709,801 | $ | 3,254,417 | $ | 6,607,000 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||||||
Expenses |
0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||
Net investment income |
2.45 | % | 2.03 | % | 2.08 | % | 1.96 | % | 1.67 | % | ||||||||||
Portfolio turnover rate5 |
22 | % | 25 | % | 20 | % | 23 | % | 18 | % |
WisdomTree Japan Hedged SmallCap Equity Fund |
For the Year Ended March 31, 2022 |
For the Year Ended March 31, 2021 |
For
the Year Ended March 31, 2020 |
For the Year Ended March 31, 2019 |
For the Year Ended March 31, 2018 |
|||||||||||||||
Net asset value, beginning of year |
$ | 44.76 | $ | 33.88 | $ | 39.57 | $ | 44.13 | $ | 37.28 | ||||||||||
Investment operations: |
||||||||||||||||||||
Net investment income1 |
0.99 | 0.64 | 0.75 | 0.51 | 0.64 | |||||||||||||||
Net realized and unrealized gain (loss) |
(1.80 | ) | 11.45 | (5.52 | ) | (4.31 | ) | 6.91 | ||||||||||||
Total from investment operations |
(0.81 | ) | 12.09 | (4.77 | ) | (3.80 | ) | 7.55 | ||||||||||||
Dividends to shareholders: |
||||||||||||||||||||
Net investment income |
(1.28 | ) | (1.21 | ) | (0.92 | ) | (0.76 | ) | (0.70 | ) | ||||||||||
Net asset value, end of year |
$ | 42.67 | $ | 44.76 | $ | 33.88 | $ | 39.57 | $ | 44.13 | ||||||||||
TOTAL RETURN3 |
(1.80 | )% | 36.31 | % | (12.41 | )% | (8.77 | )% | 20.42 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of year (000’s omitted) |
$ | 25,603 | $ | 31,332 | $ | 44,049 | $ | 83,097 | $ | 207,434 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||||||
Expenses |
0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
Net investment income |
2.26 | % | 1.67 | % | 1.90 | % | 1.20 | % | 1.51 | % | ||||||||||
Portfolio turnover rate5 |
41 | % | 41 | % | 36 | % | 38 | % | 30 | % |
1 |
Based on average shares outstanding. |
2 |
Amount represents less than $0.005. |
3 |
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. |
4 |
Includes a voluntary reimbursement from the sub-advisor for investment losses on certain foreign exchange transactions during the period. Excluding this voluntary reimbursement, total return would have been unchanged. |
5 |
Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation. |
See Notes to Financial Statements.
WisdomTree Trust | 51 |
1. ORGANIZATION
WisdomTree Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust on December 15, 2005 and is authorized to have multiple series of portfolios (each a “Fund”, collectively, the “Funds”). These notes relate only to the Funds listed below. In accordance with Accounting Standards Codification Topic 946, Financial Services-Investment Companies, each Fund listed below qualifies as an investment company and is applying the accounting and reporting guidance for investment companies.
Fund | Commencement of Operations |
|||
WisdomTree Europe Hedged Equity Fund (“Europe Hedged Equity Fund”) |
December 31, 2009 | |||
WisdomTree Europe Hedged SmallCap Equity Fund (“Europe Hedged SmallCap Equity Fund”) |
March 4, 2015 | |||
WisdomTree Germany Hedged Equity Fund (“Germany Hedged Equity Fund”) |
October 17, 2013 | |||
WisdomTree International Hedged Quality Dividend Growth Fund (“International Hedged Quality Dividend Growth Fund”) |
May 7, 2014 | |||
WisdomTree Japan Hedged Equity Fund (“Japan Hedged Equity Fund”) |
June 16, 2006 | |||
WisdomTree Japan Hedged SmallCap Equity Fund (“Japan Hedged SmallCap Equity Fund”) |
June 28, 2013 |
Each Fund seeks to track the price and yield performance, before fees and expenses, of a particular index (“Index”) developed by WisdomTree Investments, Inc. (“WisdomTree Investments”). WisdomTree Investments is the parent company of WisdomTree Asset Management, Inc. (“WTAM”), the investment adviser to each Fund and the Trust. “WisdomTree” is a registered trademark of WisdomTree Investments and has been licensed for use by the Trust. Each Fund described herein is considered to be non-diversified as defined under the 1940 Act.
In the normal course of business, the Funds may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes such exposure to be remote.
2. SIGNIFICANT ACCOUNTING POLICIES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants.
The following is a summary of significant accounting policies followed by the Funds:
Use of Estimates — The preparation of financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.
Investment Valuation — The net asset value (“NAV”) of each Fund’s shares is calculated each day a Fund is open for business as of the regularly scheduled close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time (the “NAV Calculation Time”). NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding. Each Fund issues and redeems shares at NAV only in large blocks of shares known as creation units, which only certain institutions (e.g., broker-dealers) may purchase or redeem. Shares of each Fund are listed on a national securities exchange and trade at market prices. Most investors will buy and sell shares in the secondary market through brokers. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV or less than NAV. In calculating each Fund’s NAV, investments are valued under policies approved by the Board of Trustees of the Trust (the “Board of Trustees”). Equity securities (including preferred stock) traded on any recognized U.S. or non-U.S. exchange are valued at the last sale price or official closing price on the exchange on which they are principally traded. Unlisted equity securities (including preferred stock) are valued at the last sale price or, if no sale price is available, at the mean between the highest bid and lowest ask price. Each Fund may invest in money market funds which are valued at their NAV per share and exchange-traded funds (“ETFs” or “ETF”) or exchange-traded notes (“ETNs” or “ETN”) which are valued at their last sale or official closing price on the exchange on which they are principally traded or at their NAV per share in instances where the ETF or ETN has not traded on its principal exchange. Foreign currency contracts that settle within two business days after the trade date (“Spot Contracts”) and foreign currency contracts having a settlement period greater than two business days after the trade date (“Forward Contracts”) are valued daily using WM/Reuters closing spot and forward rates, respectively, as of 4:00 p.m. London time.
52 | WisdomTree Trust |
Notes to Financial Statements (continued)
In certain instances, such as when reliable market valuations are not readily available, a Fund’s investments, which include derivatives, will be fair valued in accordance with the Fund’s pricing policy. The Board of Trustees has established a pricing committee (the “Pricing Committee”) which is comprised of senior representatives of WTAM and which reports to the Board of Trustees on a quarterly basis. In the event that a financial instrument cannot be valued based upon a price from the exchange or system on which it is principally traded, independent pricing service provider or broker-dealer quotation, or such prices are deemed to not reflect current market value, the Pricing Committee may value the financial instrument in good faith under the policies and procedures approved by the Board of Trustees based on current facts and circumstances. Securities that may be valued using “fair value” pricing may include, but are not limited to, securities for which there are no current market quotations, securities whose issuer is in default or bankruptcy, securities subject to corporate actions (such as mergers or reorganizations), securities subject to non-U.S. investment limits or currency controls, and securities affected by “significant events.” An example of a significant event is an event occurring after the close of the market in which a security trades but before a Fund’s next NAV Calculation Time that may materially affect the value of a Fund’s investment (e.g., government action, natural disaster, or significant market fluctuation). When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.
Fair Value Measurement — In accordance with Codification Topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Pricing Committee will perform other procedures (consistent with GAAP) to value an investment when a market quote is not available. ASC 820 established a three-tier hierarchy of inputs to be used when determining fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk — for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including each Fund’s assumptions in determining the fair value of investments)
The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.
Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended (either due to events affecting the issuer of the security specifically or events affecting the primary trading exchange more broadly) or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation or market activity; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets in which the security is traded but before the time as of which a Fund’s NAV is computed and that may materially affect the value of the Fund’s investments).
The valuation techniques and significant inputs used in determining the fair market value measurements for Level 2 and Level 3 positions are as follows:
Financial instruments are generally valued by independent pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. Depending on the type of financial instrument, the independent pricing service providers’ internal pricing models may use inputs that are observable such as issuer details (e.g., credit rating, debt ranking, coupon date, maturity date, etc.), interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Financial instruments that use similar valuation techniques and observable inputs as described above and have an appropriate level of market activity are categorized as Level 2 of the fair value hierarchy, otherwise a Level 3 fair value classification is appropriate. Over-the-counter financial derivative instruments derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued on the basis of broker-dealer quotations or prices obtained from independent pricing service providers. Depending on the product and the terms of the transaction, the value of the financial derivative instruments can be estimated by an independent pricing service provider using a series of techniques including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as issuer details, indices, credit risks/spreads, interest rates, yield curves, default and exchange rates. Derivative
WisdomTree Trust | 53 |
Notes to Financial Statements (continued)
contracts that use similar valuation techniques and observable inputs as described above and have an appropriate level of market activity are categorized as Level 2 of the fair value hierarchy, otherwise a Level 3 fair value classification is appropriate.
Determination of a fair value by the Pricing Committee may include significant unobservable inputs and therefore such financial instruments would be reflected as a Level 3 of the fair value hierarchy. The Pricing Committee may employ a market-based valuation approach which may use, among other potential considerations, related or comparable securities, recent transactions, market multiples, and other relevant information to determine fair value. The Pricing Committee may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value.
The summary of fair valuations according to the inputs used in valuing each Fund’s assets as of the measurement date is included in a “Fair Valuation Summary” supplementary table in each applicable Fund’s Schedule of Investments.
During the fiscal year ended March 31, 2022, there were no significant transfers into or out of Level 3 of the fair value hierarchy.
Derivatives and Hedging Disclosure — Codification Topic 815 (“ASC 815”), Derivatives and Hedging, requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts as well as gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The Funds have invested in derivatives, specifically foreign currency contracts during the fiscal year ended March 31, 2022 and open positions in such derivatives as of March 31, 2022 are detailed in each Fund’s Schedule of Investments. All of the derivative instruments disclosed and described herein are subject to risk. Risks may arise upon entering into foreign currency contracts from potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar or each other. The Funds’ derivative agreements may also contain credit-risk related contingent features which include, but are not limited to, a percentage decline in the Funds’ NAV over a specified time period. If an event occurred at March 31, 2022 that triggered a contingent feature, the counterparty to the agreement may require the Funds to post additional collateral or terminate the derivative positions and demand payment. Any collateral posted with respect to the derivative positions would be used to offset or reduce the payment. The maximum exposure to derivatives agreements with credit-risk related contingent features would be the total value of derivatives in net liability positions for each Fund, as disclosed in the table included in Note 2 — Master Netting Arrangements. Information with respect to the amounts and types of collateral received and/or posted for derivative instruments as of March 31, 2022, if any, is reflected as a footnote within each Fund’s Schedule of Investments.
As of March 31, 2022, the effects of such derivative instruments on each Fund’s financial position as reflected in the Statements of Assets and Liabilities are presented in the summary below:
Asset Derivatives | Liability Derivatives | |||||||||||
Fund | Balance Sheet Location | Value | Balance Sheet Location | Value | ||||||||
Europe Hedged Equity Fund |
| |||||||||||
Foreign currency risk |
Unrealized appreciation on foreign currency contracts |
$ | 22,522,127 | Unrealized depreciation on foreign currency contracts |
$ | 67,941 | ||||||
Europe Hedged SmallCap Equity Fund |
| |||||||||||
Foreign currency risk |
Unrealized
appreciation on foreign currency contracts |
642,317 | Unrealized
depreciation on foreign currency contracts |
2,206 | ||||||||
Germany Hedged Equity Fund |
| |||||||||||
Foreign currency risk |
Unrealized
appreciation on foreign currency contracts |
326,382 | Unrealized
depreciation on foreign currency contracts |
923 | ||||||||
International Hedged Quality Dividend Growth Fund |
| |||||||||||
Foreign currency risk |
Unrealized
appreciation on foreign currency contracts |
16,685,609 | Unrealized
depreciation on foreign currency contracts |
4,826,786 | ||||||||
Japan Hedged Equity Fund |
| |||||||||||
Foreign currency risk |
Unrealized
appreciation on foreign currency contracts |
103,648,052 | Unrealized
depreciation on foreign currency contracts |
4,930,055 | ||||||||
Japan Hedged SmallCap Equity Fund |
| |||||||||||
Foreign currency risk |
Unrealized
appreciation on foreign currency contracts |
1,747,644 | Unrealized
depreciation on foreign currency contracts |
236,895 |
54 | WisdomTree Trust |
Notes to Financial Statements (continued)
For the fiscal year ended March 31, 2022, the effects of derivative instruments on each applicable Fund’s financial performance as reflected in the Statements of Operations are presented in the summary below:
Fund | Amount of Realized Gain or (Loss) on Derivatives Recognized1 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized2 |
||||||
Europe Hedged Equity Fund |
| |||||||
Foreign currency risk |
$ | 172,094,740 | $ | (36,872,569 | ) | |||
Europe Hedged SmallCap Equity Fund |
| |||||||
Foreign currency risk |
4,308,411 | (523,375 | ) | |||||
Germany Hedged Equity Fund |
| |||||||
Foreign currency risk |
2,584,987 | (615,195 | ) | |||||
International Hedged Quality Dividend Growth Fund |
| |||||||
Foreign currency risk |
68,824,693 | (11,258,913 | ) | |||||
Japan Hedged Equity Fund |
| |||||||
Foreign currency risk |
142,852,050 | 41,813,700 | ||||||
Japan Hedged SmallCap Equity Fund |
| |||||||
Foreign currency risk |
3,063,005 | 443,999 |
1 |
Realized gains (losses) on derivatives are located on the Statements of Operations as follows: |
Foreign currency risk |
Net realized gain (loss) from foreign currency contracts |
2 |
Change in unrealized appreciation (depreciation) is located on the Statements of Operations as follows: |
Foreign currency risk |
Net increase (decrease) in unrealized appreciation/depreciation from foreign currency contracts |
During the fiscal year ended March 31, 2022, the volume of derivative activity (based on the average of month-end balances) for each Fund was as follows:
Average Notional | ||||||||
Fund | Foreign currency contracts (to deliver USD) |
Foreign currency contracts (to receive USD) |
||||||
Europe Hedged Equity Fund |
| |||||||
Foreign currency risk |
$ | 2,036,545,957 | $ | 4,069,284,946 | ||||
Europe Hedged SmallCap Equity Fund |
| |||||||
Foreign currency risk |
51,140,942 | 102,469,806 | ||||||
Germany Hedged Equity Fund |
| |||||||
Foreign currency risk |
31,038,897 | 61,809,616 | ||||||
International Hedged Quality Dividend Growth Fund |
| |||||||
Foreign currency risk |
1,067,126,919 | 2,122,125,075 | ||||||
Japan Hedged Equity Fund |
| |||||||
Foreign currency risk |
1,941,698,002 | 3,800,246,955 | ||||||
Japan Hedged SmallCap Equity Fund |
| |||||||
Foreign currency risk |
34,259,563 | 67,179,690 |
Investment Transactions and Investment Income — Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Dividend income (less foreign taxes withheld, if any) is recognized on the ex-dividend date or as soon as practicable (with respect to foreign dividends) after the existence of a dividend declaration has been determined. Non-cash dividend income is recognized on the ex-dividend date, or as soon as practicable (with respect to foreign dividends) after the existence of a dividend declaration has been determined, at the fair value of securities to be received. On each measurement date, the Funds evaluate the collectability of receivable balances. Generally, the Funds will write-off dividend receivable balances that are canceled by the issuer as of date that the dividend receivable cancellation notification was publicly made available or when it becomes probable that dividends will not be collected and the amount of uncollectable dividends can be reasonably estimated. Income earned from securities lending activities (i.e., securities lending income), net of fees payable to the securities borrower and/or securities lending agent, is accrued daily.
Foreign Currency Translation — The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates prevailing on the respective dates of such transactions that are deemed appropriate by WTAM. Realized and unrealized foreign exchange gains and losses on investments are included as a component of “net realized gain (loss) from investment
WisdomTree Trust | 55 |
Notes to Financial Statements (continued)
transactions” and “net increase (decrease) in unrealized appreciation/depreciation from investment transactions”, respectively, on the Statements of Operations. Realized and unrealized foreign exchange gains or losses from foreign currency contracts are included in “net realized gain (loss) from foreign currency contracts” and “net increase (decrease) in unrealized appreciation/depreciation from foreign currency contracts”, respectively, on the Statements of Operations. Realized and unrealized foreign exchange gains or losses arising from sales of foreign currencies, currency gains or losses recognized between the trade and settlement dates on investment transactions, and the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid are included in “net realized gain (loss) from foreign currency related transactions” and/or “net increase (decrease) in unrealized appreciation/depreciation from translation of assets and liabilities denominated in foreign currencies” in the Statements of Operations. Certain foreign exchange gains and losses included in realized and unrealized gains or losses are included in, or are a reduction of, ordinary income in accordance with U.S. Federal income tax regulations.
Expenses — Under the investment advisory agreement for each Fund, except for Funds that commenced operations on or after March 26, 2013, WTAM has agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and other expenses (such as stamp taxes) connected with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of trustees who are not interested persons of the Funds (“Independent Trustees”); (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust’s Chief Compliance Officer (“CCO”); (vi) extraordinary expenses; (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and (viii) the advisory fee payable to WTAM.
Under the investment advisory agreement for Funds that commenced operations on or after March 26, 2013, WTAM has agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of each Independent Trustee; (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust’s CCO; (vi) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (viii) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (ix) fees and expenses related to the provision of securities lending services; and (x) the advisory fee payable to WTAM.
Acquired fund fees and expenses (“AFFEs”) (which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies) are not operating expenses of the Funds and are not paid by WTAM.
Pursuant to a separate contractual arrangement, WTAM arranges for the provision of CCO services with respect to each Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees. WTAM receives a fee, as shown on the Statements of Operations under “Service fees”, of up to 0.0044% per annum of each Fund’s average daily net assets for providing such services and paying such expenses. WTAM provides CCO services to the Trust.
Foreign Currency Contracts — The Funds may enter into foreign currency contracts to facilitate local securities settlements or to protect against currency exposure. The Funds may not enter into such contracts for speculative purposes. During the fiscal year ended March 31, 2022, the Funds utilized foreign currency contracts primarily to offset exposure to foreign currencies consistent with each Fund’s investment objective. A foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large, commercial banks) and their customers. A foreign currency contract generally does not require an initial margin deposit and no commissions are charged at any stage for trades. However, if a Fund is in an unrealized loss position on a foreign currency contract, it may be required to pledge collateral (or additional collateral) to the counterparty. If a Fund is in an unrealized gain position on a foreign currency contract, it may receive collateral from the counterparty. In the event of a default or inability of counterparties to meet the terms of their contracts, the non-defaulting party generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the contract terms.
Risks may arise upon entering into foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar or each other.
Fluctuations in the value of open foreign currency contracts are recorded for book purposes as unrealized gains or losses on foreign currency contracts by the Funds and are included in “net increase (decrease) in unrealized appreciation/depreciation from foreign currency contracts” on the Statements of Operations. Realized gains and losses on foreign currency contracts include net gains or losses
56 | WisdomTree Trust |
Notes to Financial Statements (continued)
recognized by the Funds on contracts which have settled are included in “net realized gain (loss)” from foreign currency contracts on the Statements of Operations.
Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. The cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. The values of the investments of cash collateral for securities on loan along with the obligations to return such collateral are included on the Statements of Assets and Liabilities. The total value of securities received as collateral for securities on loan is included in a footnote following each Schedule of Investments, but is not included within the Statements of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. As compensation for lending its securities, each Fund retains all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower (net of any fee rebates paid to the borrower). The lending agent receives a portion of the income earned by the Funds in connection with the lending program. The net securities lending income earned by the Funds is disclosed on the Statements of Operations. The dividend income earned on the securities loaned is accounted for in the same manner as other dividend income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Dividends received while a security is out on loan are not considered Qualified Dividend Income (“QDI”) under the specific criteria issued by the Internal Revenue Service and are subject to taxation at the shareholder’s ordinary income tax rate instead of the lower long-term capital gains tax rate. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. In the event of a borrower default with respect to the failure to return to each Fund some or all of the securities loaned, the securities lending agent shall indemnify each Fund against the failure of the borrower if the value of the collateral received is insufficient to cover the market value of the securities loaned.
Master Netting Arrangements — Codification Topic 210 (“ASC 210”), Balance Sheet, requires disclosures generally intended to (i) help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position, (ii) improve transparency in the reporting of how companies mitigate credit risk, and (iii) facilitate comparisons between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of international financial reporting standards. ASC 210 requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASC 210 is limited in scope to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging); (ii) repurchase agreements and reverse repurchase agreements; and (iii) securities borrowing and securities lending transactions.
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund enters into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives (“OTC”), such as foreign currency contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g., foreign currency contracts, options and certain swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from a counterparty’s non-performance.
The Funds’ securities lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Funds and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the
WisdomTree Trust | 57 |
Notes to Financial Statements (continued)
market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.
For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement or Lending Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of March 31, 2022, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement and the Lending Agreement are detailed in the following table:
Assets | Liabilities | |||||||||||||||||||||||||||||||
Gross Amounts Assets and |
Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Net Amount |
Gross Amounts Assets and |
Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Net Amount |
|||||||||||||||||||||||||||
Fund | Financial Instruments |
Collateral Received |
Financial Instruments |
Collateral Posted |
||||||||||||||||||||||||||||
Europe Hedged Equity Fund |
| |||||||||||||||||||||||||||||||
Securities Lending |
$ | 92,957,718 | $ | — | $ | (92,957,718 | )1 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Foreign Currency Contracts |
22,522,127 | (64,301 | ) | — | 22,457,826 | 67,941 | (64,301 | ) | — | 3,640 | ||||||||||||||||||||||
Europe Hedged SmallCap Equity Fund |
| |||||||||||||||||||||||||||||||
Securities Lending |
2,970,630 | — | (2,970,630 | )1 | — | — | — | — | — | |||||||||||||||||||||||
Foreign Currency Contracts |
642,317 | (1,987 | ) | — | 640,330 | 2,206 | (1,987 | ) | — | 219 | ||||||||||||||||||||||
Germany Hedged Equity Fund |
| |||||||||||||||||||||||||||||||
Securities Lending |
115,131 | — | (115,131 | )1 | — | — | — | — | — | |||||||||||||||||||||||
Foreign Currency Contracts |
326,382 | (875 | ) | — | 325,507 | 923 | (875 | ) | — | 48 | ||||||||||||||||||||||
International Hedged Quality Dividend Growth Fund |
| |||||||||||||||||||||||||||||||
Securities Lending |
48,372,496 | — | (48,372,496 | )1 | — | — | — | — | — | |||||||||||||||||||||||
Foreign Currency Contracts |
16,685,609 | (4,812,020 | ) | — | 11,873,589 | 4,826,786 | (4,812,020 | ) | — | 14,766 | ||||||||||||||||||||||
Japan Hedged Equity Fund |
| |||||||||||||||||||||||||||||||
Securities Lending |
73,794,560 | — | (73,794,560 | )1 | — | — | — | — | — | |||||||||||||||||||||||
Foreign Currency Contracts |
103,648,052 | (2,319,146 | ) | — | 101,328,906 | 4,930,055 | (2,319,146 | ) | — | 2,610,909 | ||||||||||||||||||||||
Japan Hedged SmallCap Equity Fund |
| |||||||||||||||||||||||||||||||
Securities Lending |
5,450,730 | — | (5,450,730 | )1 | — | — | — | — | — | |||||||||||||||||||||||
Foreign Currency Contracts |
1,747,644 | (236,852 | ) | — | 1,510,792 | 236,895 | (236,852 | ) | — | 43 |
1 |
The amount of collateral presented has been limited such that the net amount by counterparty cannot be less than zero. |
Short-Term Investments — Each Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The instruments include short-term obligations issued by the U.S. government, its agencies, non-U.S. government agencies, negotiable certificates of deposit (“CDs”), fixed time deposits and bankers’ acceptances of U.S. and foreign banks and similar institutions, commercial papers, repurchase agreements and money market funds. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker’s acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.
Tax Information and Dividends and Distributions to Shareholders — It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”). A portion of the Code, known as subchapter M (“Subchapter M”), addresses the ways by which investment companies and investment trusts may pass income through to shareholders in order to avoid double taxation. Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code so that it will not be subject to federal income tax on income and gains that are timely distributed to Fund shareholders. Accordingly, no provision for U.S. federal income taxes is required. In order to qualify for the special tax treatment accorded to RICs and their shareholders, each Fund must, among other things, distribute with respect to each taxable year an amount equal to or greater than the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income. There can be no guarantee that a Fund will pay dividends. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward
58 | WisdomTree Trust |
Notes to Financial Statements (continued)
amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with the requirements of the Code and the U.S. Treasury regulations. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.
3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
WTAM has overall responsibility for the general management and administration of the Trust. WTAM provides an investment program for each Fund. WTAM has arranged for Mellon Investments Corporation (“Mellon”) to provide sub-advisory services to the Funds. Mellon is compensated by WTAM at no additional cost to the Funds. WTAM also arranges for transfer agency, custody, fund accounting, fund administration, securities lending and all other non-distribution related services necessary for the Funds to operate, which are generally under separate agreements entered into between the Trust on behalf of the Funds and the applicable service provider. Under the investment advisory agreement for each Fund, WTAM agrees to pay all expenses of the Funds, except for certain expenses described in Note 2.
Pursuant to a separate contractual arrangement, as also described in Note 2, WTAM arranges for the provision of CCO services with respect to each Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees in exchange for a fee, accrued daily and paid monthly in arrears, of up to 0.0044% per annum of each Fund’s average daily net assets.
WTAM expects to receive annual advisory fees from each Fund, based on a percentage of the Fund’s average daily net assets, as shown in the following table:
Fund | Advisory Fee Rate |
|||
Europe Hedged Equity Fund |
0.58 | % | ||
Europe Hedged SmallCap Equity Fund |
0.58 | % | ||
Germany Hedged Equity Fund |
0.48 | % | ||
International Hedged Quality Dividend Growth Fund |
0.58 | % | ||
Japan Hedged Equity Fund |
0.48 | % | ||
Japan Hedged SmallCap Equity Fund |
0.58 | % |
During the year ended March 31, 2022, the International Hedged Quality Dividend Growth Fund received a voluntary reimbursement of $13,616 from Mellon for investment losses on certain equity transactions. The dollar amount of the reimbursement is shown in the Statements of Operations in “Net increase from payment by affiliate”.
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. Transactions in shares of affiliated ETFs for the fiscal year ended March 31, 2022, as applicable, are included in an “Investment in Affiliates” supplementary table in each applicable Fund’s Schedule of Investments. For these transactions, WTAM voluntarily waives a portion of the advisory fees, that it would otherwise charge, in an amount equal to the indirect AFFE (which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies) attributable to each Fund’s investment in affiliated ETFs. The dollar amount of advisory fees waived during the period for the Funds, if any, are included in the Statement of Operations in “Expense waivers”.
During the fiscal year ended March 31, 2022, certain Funds engaged in purchase and sale transactions with funds that have a common investment adviser, WTAM. These interfund purchase and sale transactions were effected in accordance with Rule 17a-7 under the 1940 Act. For the fiscal year ended March 31, 2022, the cost of purchases, proceeds from sales and the net realized gain or loss recognized upon the disposal of securities resulting from interfund transactions are shown in the following table:
Fund | Purchases | Sales | Net Realized Gain/Loss |
|||||||||
Europe Hedged Equity Fund |
$ | 20,717,432 | $ | 10,382,422 | $ | (171,699 | ) | |||||
Europe Hedged SmallCap Equity Fund |
1,278,862 | 3,105,259 | (29,348 | ) | ||||||||
Germany Hedged Equity Fund |
436,868 | 349,193 | 16,551 | |||||||||
International Hedged Quality Dividend Growth Fund |
40,172,769 | 20,375,011 | (3,542,548 | ) | ||||||||
Japan Hedged Equity Fund |
31,513,237 | 13,047,927 | 104,412 | |||||||||
Japan Hedged SmallCap Equity Fund |
1,603,138 | 3,707,506 | (176,433 | ) |
WisdomTree Trust | 59 |
Notes to Financial Statements (continued)
WTAM and/or WisdomTree Investments (collectively herein, “WT”) may from time to time own shares of a Fund. As of and for the fiscal year ended March 31, 2022, WT held shares of and received distributions from the following Funds, which were purchased through an unaffiliated broker in ordinary brokerage transactions in the secondary market in which the Funds’ shares trade:
At March 31, 2022 | For the fiscal year ended March 31, 2022 |
|||||||||||||||
Fund | Fund Shares held by WT |
Market Value of Fund Shares held by WT |
Dividends
and Distributions paid to WT on Fund Shares held by WT |
|||||||||||||
International Hedged Quality Dividend Growth Fund |
— | $ | — | $ | 15 | |||||||||||
Japan Hedged Equity Fund |
20 | 1,280 | 43 |
4. CAPITAL SHARE TRANSACTIONS
As of March 31, 2022, there were an unlimited number of $0.001 par value shares of beneficial interest authorized by the Trust. Shares are issued and redeemed by each Fund only in creation units or multiples thereof. Except when aggregated in creation units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of creation units of a Fund generally consists of the in-kind contribution of a basket of securities and/or an amount of cash. Investors purchasing and redeeming creation units may be charged a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of creation units.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments (excluding purchases and sales resulting from in-kind capital share transactions and short-term investments) and the cost of purchases and the proceeds from sales resulting from in-kind capital share transactions (excluding short-term investments) for the fiscal year ended March 31, 2022 are shown in the following table. Realized gains and losses on sales resulting from in-kind capital share redemptions, as shown on the Statements of Operations, are not recognized by the Funds for tax purposes.
In-kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Europe Hedged Equity Fund |
$ | 802,026,333 | $ | 684,492,776 | $ | 50,884,092 | $ | 157,541,629 | ||||||||
Europe Hedged SmallCap Equity Fund |
32,755,905 | 28,822,740 | 23,092,190 | — | ||||||||||||
Germany Hedged Equity Fund |
8,838,288 | 7,160,379 | — | 4,880,820 | ||||||||||||
International Hedged Quality Dividend Growth Fund |
738,103,842 | 642,997,201 | 430,954,261 | 242,249,315 | ||||||||||||
Japan Hedged Equity Fund |
600,650,317 | 407,710,086 | 860,421,182 | 720,746,873 | ||||||||||||
Japan Hedged SmallCap Equity Fund |
16,523,798 | 13,382,424 | 13,732,739 | 16,920,642 |
6. FEDERAL INCOME TAXES
At March 31, 2022, the cost of investments (including securities on loan and derivatives) for Federal income tax purposes was as follows:
Investments in Long Securities | Investments in Financial Derivatives1 | |||||||||||||||||||||||||||||||||||
Fund | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized |
Net Unrealized Appreciation/ (Depreciation) |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation/ (Depreciation) |
Total Net (Depreciation) |
||||||||||||||||||||||||||||
Europe Hedged Equity Fund |
$ | 1,816,105,736 | $ | 326,429,287 | $ | (199,802,521 | ) | $ | 126,626,766 | $ | — | $ | — | $ | — | $ | 126,626,766 | |||||||||||||||||||
Europe Hedged SmallCap Equity Fund |
64,779,453 | 4,551,140 | (6,632,485 | ) | (2,081,345 | ) | — | — | — | (2,081,345 | ) | |||||||||||||||||||||||||
Germany Hedged Equity Fund |
25,474,946 | 2,615,864 | (2,912,230 | ) | (296,366 | ) | — | — | — | (296,366 | ) | |||||||||||||||||||||||||
International Hedged Quality Dividend Growth Fund |
1,094,766,073 | 179,844,728 | (88,966,579 | ) | 90,878,149 | 48,093 | (23,944 | ) | 24,149 | 90,902,298 | ||||||||||||||||||||||||||
Japan Hedged Equity Fund |
2,037,755,168 | 143,047,551 | (259,236,728 | ) | (116,189,177 | ) | — | — | — | (116,189,177 | ) | |||||||||||||||||||||||||
Japan Hedged SmallCap Equity Fund |
33,713,298 | 489,943 | (5,632,581 | ) | (5,142,638 | ) | — | — | — | (5,142,638 | ) |
1 |
Certain financial derivatives may be considered section 1256 contracts under the Code. Each section 1256 contract held at the close of a taxable year shall be treated as sold for its fair market value on the last business day of such taxable year (and any realized gain and loss shall be taken into account for the taxable year). As such, the unrealized appreciation/(depreciation) for financial derivatives on a tax basis may not correspond to the unrealized appreciation/(depreciation) on a GAAP basis. The unrealized appreciation/(depreciation) for financial derivatives on a GAAP basis is located in the respective financial derivatives tables in each Fund’s Schedule of Investments. |
60 | WisdomTree Trust |
Notes to Financial Statements (continued)
At March 31, 2022, the components of total distributable earnings (loss) on a tax-basis were as follows:
Fund | Undistributed Ordinary Income |
Undistributed Capital and Other Losses |
Net Unrealized (Depreciation) |
Currency
and Other Unrealized Appreciation/ (Depreciation) |
Total Distributable Earnings (Loss) |
|||||||||||||||
Europe Hedged Equity Fund |
$ | 188,127 | $ | (2,022,072,206 | ) | $ | 126,626,766 | $ | (344,875 | ) | $ | (1,895,602,188 | ) | |||||||
Europe Hedged SmallCap Equity Fund |
93,805 | (18,544,114 | ) | (2,081,345 | ) | 10,574 | (20,521,080 | ) | ||||||||||||
Germany Hedged Equity Fund |
12,066 | (31,814,657 | ) | (296,366 | ) | (12,229 | ) | (32,111,186 | ) | |||||||||||
International Hedged Quality Dividend Growth Fund |
2,919,654 | 43,208 | 90,902,298 | 26,570 | 93,891,730 | |||||||||||||||
Japan Hedged Equity Fund |
22,187,864 | (1,650,756,088 | ) | (116,189,177 | ) | 120,315 | (1,744,637,086 | ) | ||||||||||||
Japan Hedged SmallCap Equity Fund |
357,714 | (21,494,836 | ) | (5,142,638 | ) | 446 | (26,279,314 | ) |
The tax character of distributions paid during the fiscal years ended March 31, 2022 and March 31, 2021, was as follows:
Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
|||||||
Fund | Distributions Paid from Ordinary Income* |
Distributions Paid from Ordinary Income* |
||||||
Europe Hedged Equity Fund |
$ | 44,246,812 | $ | 53,199,944 | ||||
Europe Hedged SmallCap Equity Fund |
1,117,302 | 1,413,257 | ||||||
Germany Hedged Equity Fund |
1,209,360 | 1,043,996 | ||||||
International Hedged Quality Dividend Growth Fund |
34,880,873 | 20,307,783 | ||||||
Japan Hedged Equity Fund |
51,969,830 | 43,598,753 | ||||||
Japan Hedged SmallCap Equity Fund |
980,043 | 1,037,117 |
* |
Includes short-term capital gains, if any. |
At March 31, 2022, for Federal tax purposes, the Funds have capital loss carryforwards available to offset future capital gains as indicated in the following table. The loss carryforward amounts do not have an expiration date and, therefore, can be carried forward indefinitely until utilized. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.
Fund | Short-Term | Long-Term | Capital Loss Available Total |
|||||||||
Europe Hedged Equity Fund |
$ | 936,204,500 | $ | 1,085,867,706 | $ | 2,022,072,206 | ||||||
Europe Hedged SmallCap Equity Fund |
10,346,009 | 8,198,105 | 18,544,114 | |||||||||
Germany Hedged Equity Fund |
15,336,235 | 16,478,422 | 31,814,657 | |||||||||
International Hedged Quality Dividend Growth Fund |
— | — | — | |||||||||
Japan Hedged Equity Fund |
981,555,928 | 669,200,160 | 1,650,756,088 | |||||||||
Japan Hedged SmallCap Equity Fund |
12,085,981 | 9,408,855 | 21,494,836 |
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. At March 31, 2022, the Funds did not have any post-October capital losses or late year ordinary losses to defer.
During the fiscal year ended March 31, 2022, the amount of capital loss carryforwards used to offset realized gains are shown in the following table:
Fund | Utilized Capital Loss Carryforward |
|||
Europe Hedged Equity Fund |
$ | 172,193,244 | ||
Europe Hedged SmallCap Equity Fund |
7,308,553 | |||
Germany Hedged Equity Fund |
1,953,593 | |||
International Hedged Quality Dividend Growth Fund |
53,007,640 | |||
Japan Hedged Equity Fund |
142,222,622 | |||
Japan Hedged SmallCap Equity Fund |
2,099,896 |
WisdomTree Trust | 61 |
Notes to Financial Statements (continued)
At March 31, 2022, the effect of permanent “book/tax” reclassifications resulted in increases (decreases) to the components of net assets as shown in the following table. The differences are primarily due to redemptions-in-kind.
Fund | Total Distributable Earnings (Loss) |
Paid-in Capital | ||||||
Europe Hedged Equity Fund |
$ | (33,675,434 | ) | $ | 33,675,434 | |||
Europe Hedged SmallCap Equity Fund |
— | — | ||||||
Germany Hedged Equity Fund |
(806,978 | ) | 806,978 | |||||
International Hedged Quality Dividend Growth Fund |
(75,964,414 | ) | 75,964,414 | |||||
Japan Hedged Equity Fund |
(128,780,615 | ) | 128,780,615 | |||||
Japan Hedged SmallCap Equity Fund |
(780,238 | ) | 780,238 |
GAAP provides guidance on tax provisions that prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign withholding taxes, as applicable, are accrued based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Foreign withholding taxes are accrued and applied to foreign income, net realized capital gains and net unrealized appreciation, as applicable, as the foreign income is earned or capital gains and unrealized appreciation are recorded. The dollar amount of applicable foreign withholding taxes on foreign income is included net in the Statements of Operations in “Less: Foreign withholding taxes,” the foreign capital gains tax applicable on the disposal of securities is included in the Statements of Operations in “Net realized gain (loss) from investment transactions” and the dollar amount of deferred foreign capital gains tax applicable on the unrealized appreciation on securities held is included in the Statements of Operations in “Net increase (decrease) in unrealized appreciation/depreciation from investment transactions”. The Funds record a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is “more likely than not” to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are shown on the Statements of Assets and Liabilities in “Receivables: Foreign tax reclaims”.
As of and during the fiscal year or period ended March 31, 2022, the Funds did not have any liabilities for unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in the future. If applicable, the Funds will recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other” expenses on the Statements of Operations. The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended March 31, 2022, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions.
As a result of several European Court of Justice (“ECJ”) court cases in certain countries across the European Union (“EU”), certain Funds have filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (“ECJ tax reclaims”). These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected as “Other income” in the Statements of Operations and the cost to file these additional ECJ tax reclaims is reflected as “Other fees” in the Statements of Operations. When the ECJ tax reclaim is not “more likely than not” to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. At March 31, 2022, the Europe Hedged SmallCap Equity Fund recognized ECJ tax reclaim receivables of $20,812 in the Statements of Assets and Liabilities in “Other receivables” that were “more likely than not” to be sustained by tax authorities and the estimated cost of $6,244 to file for these reclaims is reflected in “Other liabilities” on the Statements of Assets and Liabilities. For U.S. income tax purposes, ECJ tax reclaims received by the Funds, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by a Fund during the fiscal year exceed foreign withholding taxes paid, and a Fund previously passed foreign tax credits on to its shareholders, a Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund’s shareholders. During the fiscal year ended March 31, 2022, the ECJ tax reclaims received by the Funds did not exceed the foreign withholding taxes of the respective Funds.
7. ADDITIONAL INFORMATION
The respiratory disease caused by a novel coronavirus (“COVID-19”) has spread globally since 2019, resulting in a global pandemic and major disruption to global markets and economies. In an organized attempt to contain and mitigate the effects of COVID-19, governments and businesses world-wide took aggressive measures, including businesses canceling dividends to preserve cash, governments closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the
62 | WisdomTree Trust |
Notes to Financial Statements (concluded)
cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. In recent months, however, the rapid COVID-19 vaccination rollout in the United States and certain other developed countries, coupled with the passage of stimulus programs in the U.S. and abroad, have resulted in a reversal of many of these trends including the re-opening of businesses, a reduction in quarantine requirements, increased consumer demand, and the resumption of certain in-person schooling, travel and events. Despite these positive trends, the prevalence of new COVID-19 variants, a failure to achieve herd immunity, or other unforeseen circumstances may result in the continued spread of the virus throughout unvaccinated populations or a resurgence in infections among vaccinated populations. As a result, it remains unclear if recent positive trends will continue in developed markets and whether such trends will spread world-wide to countries with limited access to vaccines that are still experiencing rising COVID-19 cases, hospitalizations and deaths.
The effects of COVID-19 have affected and are likely to continue to affect certain sectors and industries more dramatically than others, and the effects borne by some will negatively affect the value of the issuers in those sectors and industries, which may adversely affect the value of a Fund’s investments in those sectors or industries. It is also true that the speed at which global economies recover, or fail to recover, from the COVID-19 pandemic will affect certain sectors, industries, and issuers more dramatically than others, which in turn may adversely affect certain Fund investments.
COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources, including access to COVID-19 vaccinations and treatments. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined fully at this time, but the effects could be present for an extended period of time. It is impossible to predict the effects on the Funds of these or similar events and market conditions in the future. However, it is possible that these or similar events and market conditions could have a significant and adverse effect on the NAV and/or risk profile of a Fund.
* * * * *
Russia’s military invasion of Ukraine initiated in February 2022 and the economic and diplomatic responses by the United States and other countries have led to increased volatility and uncertainty in the financial markets and could continue to adversely affect regional and global economies for the foreseeable future. In response to Russia’s actions, the governments of the United States, the European Union, the United Kingdom, and many other countries collectively imposed heavy and broad-ranging economic sanctions on certain Russian individuals, corporate and banking entities, and other industries and businesses. The sanctions restrict companies from doing business with Russia and Russian companies, prohibit transactions with the Russian central bank and other key Russian financial institutions and entities, ban Russian airlines and ships from using many other countries’ airspace and ports, respectively, and place a freeze on certain Russian assets. The sanctions also removed some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally to facilitate cross-border payments. In addition, the United States has banned oil and other energy imports from Russia, and the United Kingdom made a commitment to phase out oil import from Russia by the end of 2022.
These sanctions, as well as other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion or otherwise adversely affected by the sanctions. To the extent a Fund has exposure to Russian investments or investments in countries affected by the invasion or the sanctions, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. In certain circumstances, such as when there is no market for a security or other means of valuing or disposing of a security, a Fund may determine to value the affected security at zero. In addition, any exposure a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively affect the Fund’s portfolio. The extent and duration of Russia’s military actions and the repercussions of such actions are impossible to predict, but could result in continued significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. Further, an escalation of the military conflict beyond Ukraine’s borders could result in significant, long-lasting damage to the economies of Eastern and Western Europe as well as the global economy. These and any related events could significantly and adversely affect a Fund’s performance and the value of an investment in the Fund, even in the absence of direct exposure to Russian issuers or issuers in other countries affected by the invasion.
WisdomTree Trust | 63 |
Report of Independent Registered Public Accounting Firm
To the Shareholders of WisdomTree Europe Hedged Equity Fund, WisdomTree Europe Hedged SmallCap Equity Fund, WisdomTree Germany Hedged Equity Fund, WisdomTree International Hedged Quality Dividend Growth Fund, WisdomTree Japan Hedged Equity Fund and WisdomTree Japan Hedged SmallCap Equity Fund, and the Board of Trustees of WisdomTree Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of WisdomTree Europe Hedged Equity Fund, WisdomTree Europe Hedged SmallCap Equity Fund, WisdomTree Germany Hedged Equity Fund, WisdomTree International Hedged Quality Dividend Growth Fund, WisdomTree Japan Hedged Equity Fund and WisdomTree Japan Hedged SmallCap Equity Fund (collectively referred to as the “Funds”), (six of the funds constituting WisdomTree Trust (the “Trust”)), including the schedules of investments, as of March 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting WisdomTree Trust) at March 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more WisdomTree investment companies since 2006.
New York, New York
May 25, 2022
64 | WisdomTree Trust |
Liquidity Risk Management Program (unaudited)
The Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 (the “Rule”) under the Investment Company Act of 1940, as amended. The Rule requires registered open-end funds, including exchange-traded funds such as the Funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The Rule is designed to mitigate the risk that a Fund could not meet redemption requests without significantly diluting the interest of remaining investors. The Board has appointed WisdomTree Asset Management, Inc., the investment advisor to the Funds, as the Program Administrator for each Fund’s Program.
The Rule requires the Funds to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-ended fund and whether the Fund has a relatively concentrated portfolio or large positions in particular issuers. The Funds must also assess their use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.
The Rule also requires the Funds to classify their investments into one of four liquidity categories: highly liquid, moderately liquid, less liquid or illiquid based on the number of days a Fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those a Fund does not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value of the investment. A Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a Fund permits redemptions in-kind, the Rule requires the Fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.
Pursuant to the Rule’s requirements, the Program has been reviewed and approved by the Fund’s Board. Furthermore, the Board has received a written report prepared by the Program Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program. The Program Administrator has monitored the Fund’s liquidity risk and the liquidity classifications of the securities held by the Fund and has determined that the Program is operating effectively.
During the period from January 1, 2021 to December 31, 2021, there were no material changes to the Program and no material liquidity events that impacted the Funds. During the period, the Funds held sufficient highly liquid assets to meet fund redemptions.
Under normal expected foreseeable Fund redemption forecasts and foreseeable stressed Fund redemption forecasts, the Program Administrator believes that the Funds maintain sufficient highly liquid assets to meet Fund redemptions.
WisdomTree Trust | 65 |
Trustees and Officers Information (unaudited)
Name |
Position(s) Held with the Trust, Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee/ Officer+ |
Other Directorships Held by Trustee | ||||||
Trustees Who Are Interested Persons of the Trust | ||||||||||
Jonathan Steinberg (1964) |
Trustee, 2005 – present; President, 2005-present | Chief Executive Officer, WisdomTree Investments, Inc. and WisdomTree Asset Management since 2005; President, WisdomTree Investments, Inc. and WisdomTree Asset Management from 2012 to 2019. | 77 | Director, WisdomTree Investments, Inc. and WisdomTree Asset Management. | ||||||
Trustees Who Are Not Interested Persons of the Trust | ||||||||||
David G. Chrencik* (1948) |
Trustee, 2014-present | Chief Financial Officer of Sarus Indochina Select LP (hedge fund) since 2012; Chief Financial Officer of GeoGreen BioFuels, Inc. (biodiesel fuel producer) from 2010 to 2014; Audit Partner at PricewaterhouseCoopers LLP (public accounting firm) from 1972 to 2009 (includes positions prior to becoming Audit Partner and predecessor firms). | 77 | Trustee, Vericimetry Funds (2011 to 2014). | ||||||
Joel Goldberg**, *** (1945) |
Trustee, 2012-present | Attorney, Partner at Stroock & Stroock & Lavan LLP from 2010 to 2018; Attorney, Partner at Willkie Farr & Gallagher LLP from 2006 to 2010. | 77 | Director, Better Business Bureau (Metropolitan New York, Long Island and the Mid-Hudson Region). | ||||||
Toni Massaro*** (1955) |
Trustee, 2006-present | Dean Emerita at the University of Arizona James E. Rogers College of Law (“Rogers College of Law”) since 2009 (distinguished Emerita in July 2009); Dean of the Rogers College of Law from 1999 to 2009; Regents’ Professor since 2006; Milton O. Riepe Chair in Constitutional Law since 1997; Professor at the Rogers College of Law since 1990. | 77 | None | ||||||
Melinda A. Raso Kirstein**** (1955) |
Trustee, 2014-present | Retired since 2004, Merrill Lynch Investment Management, Vice President; Senior Portfolio Manager, Fixed Income Management; Director, Tax Exempt Fund Management. | 77 | Associate Alumnae of Douglass College, Chair of Investment Committee. | ||||||
Victor Ugolyn (1947) |
Trustee, 2006-present; Chairman of the Board, 2006-present | Private Investor, from 2005 to present; President and Chief Executive Officer of William D. Witter, Inc. from 2005 to 2006; Consultant to AXA Enterprise in 2004; Chairman, President and Chief Executive Officer of Enterprise Capital Management (subsidiary of The MONY Group, Inc.) and Enterprise Group of Funds, Chairman of MONY Securities Corporation, and Chairman of the Fund Board of Enterprise Group of Funds from 1991 to 2004. | 77 | None |
66 | WisdomTree Trust |
Trustees and Officers Information (unaudited) (concluded)
Name |
Position(s) Held with the Trust, Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee/ Officer+ |
Other Directorships Held by Trustee | ||||||
Officers of the Trust | ||||||||||
Jonathan Steinberg***** (1964) |
President, 2005- present; Trustee, 2005-present |
Chief Executive Officer, WisdomTree Investments, Inc. and WisdomTree Asset Management since 2005; President, WisdomTree Investments, Inc. and WisdomTree Asset Management from 2012 to 2019. | 77 | None | ||||||
David Castano***** (1971) |
Treasurer, 2013-present | Head of Fund Accounting & Administration, WisdomTree Asset Management, since 2020; Director of Fund Accounting & Administration, WisdomTree Asset Management, 2011 to 2020. | 77 | None | ||||||
Terry Jane Feld***** (1960) |
Chief Compliance Officer, 2012-present | Head of Compliance, WisdomTree Asset Management since 2022; Chief Compliance Officer, WisdomTree Asset Management since 2012. | 77 | None | ||||||
Joanne Antico***** (1975) |
Chief Legal Officer and Secretary, 2021-present |
General Counsel, WisdomTree Asset Management since 2021; Assistant General Counsel, WisdomTree Asset Management, 2016 to 2021; Executive Director and Assistant Secretary, Morgan Stanley Investment Management Inc., 2005 to 2016. | 77 | None | ||||||
TJ Darnowski***** (1984) |
Assistant Secretary, 2021-present | Senior Investment Management Paralegal, WisdomTree Asset Management since 2021; Senior Legal Administrator, Ultimus Fund Solutions, 2019-2021; Assistant Vice President, State Street Bank & Trust Company, 2010 to 2019. | 77 | None | ||||||
Clint Martin***** (1977) |
Assistant Treasurer, 2015-present | Director of Fund Accounting & Administration, WisdomTree Asset Management, since 2020; Fund Manager, Fund Accounting & Administration, WisdomTree Asset Management, 2012 to 2020. | 77 | None |
* |
Chair of the Audit Committee. |
** |
Chair of the Contracts Review Committee. |
*** |
Co-Chair of the Governance, Nominating and Compliance Committee. |
**** |
Chair of the Investment Committee. |
***** |
Elected by and serves at the pleasure of the Board. |
+ |
As of March 31, 2022. |
WisdomTree Trust | 67 |
Supplemental Information (unaudited)
Federal Income Tax Information
The following Federal tax information related to the Funds’ fiscal year ended March 31, 2022, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2023.
Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year ended March 31, 2022, the following represents the maximum amount of ordinary income distributions that may be considered qualified dividend income:
Fund | Qualified Dividend Income |
|||
Europe Hedged Equity Fund |
$ | 40,186,944 | ||
Europe Hedged SmallCap Equity Fund |
1,030,792 | |||
Germany Hedged Equity Fund |
1,209,360 | |||
International Hedged Quality Dividend Growth Fund |
31,818,254 | |||
Japan Hedged Equity Fund |
51,969,830 | |||
Japan Hedged SmallCap Equity Fund |
775,739 |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries during the fiscal year March 31, 2022. The gross foreign source income and foreign taxes paid are as follows:
Fund |
Gross Foreign Income |
Foreign Taxes Paid |
||||||
Europe Hedged Equity Fund |
$ | 41,327,299 | $ | 3,065,059 | ||||
Europe Hedged SmallCap Equity Fund |
1,223,989 | 101,464 | ||||||
Germany Hedged Equity Fund |
1,013,408 | 119,652 | ||||||
International Hedged Quality Dividend Growth Fund |
31,822,654 | 1,660,212 | ||||||
Japan Hedged Equity Fund |
51,873,299 | 5,314,897 | ||||||
Japan Hedged SmallCap Equity Fund |
850,067 | 87,362 |
The following represents the percentage of dividends paid during the fiscal year ended March 31, 2022, that qualify for the 70% dividends received deduction for corporate shareholders:
Fund | Dividends-Received Deduction |
|||
Europe Hedged Equity Fund |
— | |||
Europe Hedged SmallCap Equity Fund |
— | |||
Germany Hedged Equity Fund |
— | |||
International Hedged Quality Dividend Growth Fund |
0.02 | % | ||
Japan Hedged Equity Fund |
— | |||
Japan Hedged SmallCap Equity Fund |
— |
68 | WisdomTree Trust |
General Information (unaudited)
Proxy Voting Policies, Procedures and Record
A complete copy of the Proxy Voting Policy may be obtained upon request, at no charge, by calling 1-866-909-WISE (9473) or writing to: WisdomTree Trust, c/o Foreside Fund Services, LLC, Three Canal Plaza Suite 100, Portland, ME, 04101.
The Trust is required to disclose annually the Funds’ complete proxy voting record on Form N-PX covering the most recent
12-month period ended June 30 and to file Form N-PX with the SEC no later than August 31 of each year. The current Form N-PX for the Funds is available at no charge upon request by calling 1-866-909-WISE (9473) or through the Trust’s website at www.wisdomtree.com. The Funds’ Form N-PX is also available on the SEC’s website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. Copies of the filings are available, without charge, on the SEC’s website at www.sec.gov and are also available by calling the Trust at 1-866-909-WISE (9473). Copies of the filings may also be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: [email protected].
Information about each Fund’s portfolio holdings is available daily, without charge, at www.wisdomtree.com.
The Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.
Frequency Distribution of Discounts & Premiums
Information about differences between the per share net asset value of each Fund and the market trading price of shares of each Fund are available, without charge, at www.wisdomtree.com.
WisdomTree Trust | 69 |
The WisdomTree Funds are exchange traded funds (“ETFs”) registered with the United States Securities and Exchange Commission as separate series (“Funds”) of WisdomTree Trust (“Trust”). WisdomTree Asset Management, Inc., a wholly owned subsidiary of WisdomTree Investments, Inc., serves as the investment adviser to the Trust. None of the WisdomTree entities are affiliated with Foreside Fund Services, LLC, the Funds’ distributor. WisdomTree Investments, its affiliates and their independent providers are not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.
There are risks associated with investing including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in real estate involve additional special risks, such as credit risk, interest rate fluctuations and the effect of varied economic conditions. Funds that focus their investments in one country or region may be significantly impacted by events and developments associated with the region which can adversely affect performance. Funds focusing on a single sector and/or smaller companies generally experience greater price volatility. Investments in emerging, offshore or frontier markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments. Investments in currency involve additional special risks, such as credit risk and interest rate fluctuations. Derivative investments can be volatile and these investments may be less liquid than other securities, and more sensitive to the effect of varied economic conditions. As these Funds can have a high concentration in some issuers the Funds can be adversely impacted by changes affecting such issuers. Due to the investment strategy of certain Funds they may make higher capital gain distributions than other ETFs. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile.
Indexes are unmanaged and you cannot invest directly in an index.
Transactions in Fund shares will result in brokerage commissions and will generate tax consequences. Shares may be sold through brokerage accounts, but may be redeemed from the Funds only by Authorized Participants in large creation unit sizes of shares.
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
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