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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)

 

 


Table of Contents

Table of Contents

 

Market Environment Overview (unaudited)

       1  

Information about Performance and Shareholder Expense Examples (unaudited)

       2  

Management’s Discussion of Funds’ Performance (unaudited)

       3  
Description of Terms and Indexes (unaudited)        9  
Schedules of Investments     

WisdomTree Europe Hedged Equity Fund

       12  

WisdomTree Europe Hedged SmallCap Equity Fund

       15  

WisdomTree Germany Hedged Equity Fund

       19  

WisdomTree International Hedged Quality Dividend Growth Fund

       22  

WisdomTree Japan Hedged Equity Fund

       30  

WisdomTree Japan Hedged SmallCap Equity Fund

       36  

Statements of Assets and Liabilities

       45  

Statements of Operations

       46  

Statements of Changes in Net Assets

       47  

Financial Highlights

       49  

Notes to Financial Statements

       52  

Report of Independent Registered Public Accounting Firm

       64  

Liquidity Risk Management Program (unaudited)

       65  

Trustees and Officers Information (unaudited)

       66  

Supplemental Information (unaudited)

       68  

General Information (unaudited)

       69  

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


Table of Contents

Market Environment Overview

(unaudited)

 

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

International currency market performance was mixed during the period, although the USD broadly strengthened relative to a basket of global currencies. The euro (“EUR”) steadily weakened against the USD during the period, as the European region generally saw slower economic growth than the U.S. Although not in Europe, this effect was even more pronounced in the Japanese yen (“JPY”), which was being suppressed by the Bank of Japan 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  


Table of Contents

Information about Performance and Shareholder Expense Examples (unaudited)

Performance

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

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

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

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

Shareholder Expense Examples

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

 

2   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Europe 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.

 

LOGO

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

 

WisdomTree Trust      3  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Europe 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.

 

LOGO

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

 

4   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree 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.

 

LOGO

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

 

WisdomTree Trust      5  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree International 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.

 

LOGO

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

 

6   WisdomTree Trust


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree 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

 

LOGO

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

 

WisdomTree Trust      7  


Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree 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.

 

LOGO

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

 

8   WisdomTree Trust


Table of Contents

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  


Table of Contents

Description of Terms and Indexes (unaudited) (continued)

 

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

Selection Effect measures an investment manager’s ability to select securities within a given segment relative to a benchmark. The over or underperformance of the portfolio is weighted by the benchmark weight, therefore, selection is not affected by the investment manager’s allocation to the segment. The weight of the segment in the portfolio determines the size of the effect—the larger the segment, the larger the effect is, positive or negative. A positive selection effect occurs when the portfolio return is greater than the benchmark return. Thus, the investment manager made good decisions in selecting securities that, as a whole, outperformed similar securities in the benchmark. A negative selection effect occurs when the portfolio return is less than the benchmark return. Thus, the investment manager made poor decisions in selecting securities that, as a whole, underperformed similar securities in the benchmark.

The WisdomTree 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


Table of Contents

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  


Table of Contents

Schedule of Investments

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


Table of Contents

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  


Table of Contents

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


Table of Contents

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  


Table of Contents

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


Table of Contents

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  


Table of Contents

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
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       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


Table of Contents

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  


Table of Contents

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
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       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


Table of Contents

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  


Table of Contents

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


Table of Contents

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)