0001193125-13-014499.txt : 20130116 0001193125-13-014499.hdr.sgml : 20130116 20130116145125 ACCESSION NUMBER: 0001193125-13-014499 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130116 DATE AS OF CHANGE: 20130116 EFFECTIVENESS DATE: 20130116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WisdomTree Trust CENTRAL INDEX KEY: 0001350487 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-132380 FILM NUMBER: 13532334 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 866-909-9473 MAIL ADDRESS: STREET 1: 380 MADISON AVE STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WisdomTree Trust CENTRAL INDEX KEY: 0001350487 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21864 FILM NUMBER: 13532335 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 866-909-9473 MAIL ADDRESS: STREET 1: 380 MADISON AVE STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 0001350487 S000021341 WisdomTree Indian Rupee Fund C000060970 None ICN 0001350487 S000021343 WisdomTree Australia & New Zealand Debt Fund C000060972 None AUNZ 0001350487 S000021346 WisdomTree Emerging Currency Fund C000060975 None CEW 0001350487 S000021351 WisdomTree Brazilian Real Fund C000060980 N/A BZF 0001350487 S000021353 WisdomTree Chinese Yuan Fund C000060982 N/A CYB 0001350487 S000021354 WisdomTree Euro Debt Fund C000060983 N/A EU 0001350487 S000026386 WisdomTree Global Real Return Fund C000079237 None RRF 0001350487 S000026387 WisdomTree Managed Futures Strategy Fund C000079238 None WDTI 0001350487 S000028136 WisdomTree Commodity Currency Fund C000085825 None CCX 0001350487 S000028984 WisdomTree Emerging Markets Local Debt Fund C000088998 None ELD 0001350487 S000030945 WisdomTree Asia Local Debt Fund C000095965 None ALD 0001350487 S000033843 WisdomTree Emerging Markets Corporate Bond Fund C000104506 None EMCB 485BPOS 1 d433320d485bpos.htm WISDOMTREE TRUST WisdomTree Trust

As filed with the Securities and Exchange Commission on January 16, 2013

Securities Act File No. 333-132380

Investment Company Act File No. 811-21864

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933    x
Pre-Effective Amendment No.    ¨
Post-Effective Amendment No. 145    x

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940    x
Amendment No. 147    x

(Check appropriate box or boxes.)

 

 

WISDOMTREE TRUST

(Exact Name of Registrant as Specified in Charter)

 

 

380 Madison Avenue

21st Floor

New York, NY 10017

(Address of Principal Executive Offices) (Zip Code)

1-866-909-9473

(Registrant’s Telephone Number, including Area Code)

JONATHAN STEINBERG

WISDOMTREE TRUST

380 Madison Avenue

21st Floor

New York, NY 10017

(Name and Address of Agent for Service)

 

 

 

Copies to:

W. John McGuire

Bingham McCutchen LLP

2020 K Street NW

Washington, DC 20006

  

Sarah English

WisdomTree Asset Management, Inc.

380 Madison Avenue, 21st Floor

New York, NY 10017

 

 

It is proposed that this filing will become effective (check appropriate box):

  x Immediately upon filing pursuant to paragraph (b)
  ¨ On (date) pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ On (date) pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

EXPLANATORY NOTE

This Post-Effective Amendment No. 145 relates to the following series of the Trust: the Indian Rupee Fund, Australia & New Zealand Debt Fund, Emerging Currency Fund, Brazilian Real Fund, Chinese Yuan Fund, Euro Debt Fund, Global Real Return Fund, Managed Futures Strategy Fund, Commodity Currency Fund, Emerging Markets Local Debt Fund, Asia Local Debt Fund, and Emerging Markets Corporate Bond Fund.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, State of New York, on the 16th day of January, 2013.

 

WISDOMTREE TRUST

(Registrant)

By:  

/s/ Jonathan Steinberg

  Jonathan Steinberg
  President (Principal Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacity and on the dates indicated.

 

Signatures

   

Title

   

Date

/s/ Jonathan Steinberg

Jonathan Steinberg

    President (Principal Executive Officer) and Trustee    January 16, 2013

/s/ David Castano*

David Castano*

    Treasurer (Principal Financial and Accounting Officer)    January 16, 2013

/s/ Joel Goldberg*

Joel Goldberg*

    Trustee    January 16, 2013

/s/ Toni Massaro*

Toni Massaro*

    Trustee    January 16, 2013

/s/ Victor Ugolyn*

Victor Ugolyn*

    Trustee    January 16, 2013

 

*By:  

/s/ Jonathan Steinberg

  Jonathan Steinberg
  (Attorney-in-Fact)

Exhibit Index

 

Exhibit

Number

   

Description

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxomony Extension Presentation Linkbase
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2013-01-01 pure iso4217:USD <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeBrazilianRealFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeBrazilianRealFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeBrazilianRealFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeBrazilianRealFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeBrazilianRealFund column period compact * ~</div> 2013-01-01 485BPOS WisdomTree Trust 0001350487 2012-12-28 2013-01-01 false 2012-08-31 <b>Investment Objective </b> The Fund seeks to achieve total returns reflective of both money market rates in Brazil available to foreign investors and changes in value of the Brazilian real relative to the U.S. dollar. The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, there was no portfolio turnover rate for the Fund since the Fund invested in short-term securities with maturities less than or equal to 365 days, which are excluded from portfolio turnover calculations. <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> <b>Fund Performance </b> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the JP Morgan Emerging Local Markets Index Plus Brazil, a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> <b>WisdomTree Brazilian Real Fund </b><br/><b>(Formerly, WisdomTree Dreyfus Brazilian Real Fund) </b> <b>Fees and Expenses of the Fund </b> The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to Brazilian currency and money market rates. Because the market for money market securities in Brazil generally is less liquid and accessible to foreign investors than corresponding markets in more developed economies, the Fund intends to achieve exposure to Brazilian currency markets by investing primarily in short-term U.S. money market securities and forward currency contracts and swaps. The combination of U.S. money market securities with forward currency contracts and currency swaps is designed to provide exposure equivalent to money market securities denominated in Brazilian real. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A currency swap is an agreement between two parties to exchange one currency for another at a future rate. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations.<br/><br/>In order to attempt to reduce interest rate risk, the Fund generally will maintain a weighted average portfolio maturity of 90 days or less with respect to the money market securities in its portfolio. The Fund will not purchase any security with a remaining maturity of more than 397 calendar days. All U.S. money market securities acquired by the Fund will be rated in the upper two short-term ratings by at least two nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) or, if unrated, deemed to be of equivalent quality. The Fund does not seek to preserve capital in U.S. dollars.<br/><br/>The decision to secure exposure directly or indirectly will be a function of, among other things, market accessibility, credit exposure, and tax ramifications for foreign investors. If the Fund pursues direct investment, eligible investments include short-term securities issued by the Brazilian government and its agencies or instrumentalities, bank debt obligations and time deposits, bankers&#8217; acceptances, commercial paper, short-term corporate debt obligations, mortgage-backed securities and asset-backed securities.<br/><br/>The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments whose combined performance is tied economically to Brazil. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Capital Controls Risk.</b> Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions may, without prior warning, lead to intervention by the government of Brazil and the imposition of &#8220;capital controls.&#8221; Capital controls include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in Brazilian real, or in securities that provide exposure to Brazilian real, currency exchange rates or interest rates denominated Brazilian real. Changes in currency exchange rates and the relative value of the Brazilian real will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, such as Brazil, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value. </li></ul><ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Geographic Concentration in Brazil.</b> Because the Fund concentrates its investments in Brazil, the Fund&#8217;s performance is expected to be closely tied to social, political, and economic conditions within Brazil and to be more volatile than the performance of more geographically diversified funds. The Brazilian economy is sensitive to fluctuations in commodity prices and commodity markets. Additionally, the Brazilian economy generally has experienced and may continue to experience high inflation rates. While the Brazilian economy has experienced growth in recent years, there is no guarantee that this growth will continue. The Brazilian government currently imposes significant taxes on the transfer of currency. These and other factors could have a negative impact on the Fund&#8217;s performance and increase the volatility of an investment in the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Offshore Investor Risk.</b> The opportunity for offshore investors, such as the Fund, to access Brazilian markets can be limited due to a variety of factors including currency convertibility issues. These limitations and restrictions may adversely affect the availability, liquidity and pricing of securities in which the Fund seeks to invest. As a result, returns achieved by offshore investors, such as the Fund, could differ from those available to domestic investors in Brazil.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Sovereign Debt Risk.</b> Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds.</li></ul> The Fund's year-to-date total return as of September 30, 2012 was (3.18)%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">20.20</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/09</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(14.50)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> Total Return <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) You can lose money on your investment in the Fund. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Index returns do not reflect deductions for fees, expenses or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0 0.0045 0 0 0.0045 46 144 252 567 0.4588 0.127 -0.0506 The Fund&#8217;s year-to-date total return as of September 30, 2012 2012-09-30 -0.0318 Highest Return 2009-06-30 0.202 Lowest Return 2011-09-30 -0.145 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeChineseYuanFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeChineseYuanFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeChineseYuanFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeChineseYuanFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeChineseYuanFund column period compact * ~</div> -0.0506 -0.1003 -0.0072 -0.0416 0.0475 0.0218 0.0316 <b>Investment Objective </b> 0.0633 The Fund seeks to achieve total returns reflective of both money market rates in China available to foreign investors and changes in value of the Chinese yuan relative to the U.S. dollar. <b>Fees and Expenses of the Fund </b> The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, there was no portfolio turnover rate for the Fund since the Fund invested in short-term securities with maturities less than or equal to 365 days, which are excluded from portfolio turnover calculations. <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the JP Morgan Emerging Local Markets Index Plus China, a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <b>WisdomTree Chinese Yuan Fund </b><br /><b>(Formerly, WisdomTree Dreyfus Chinese Yuan Fund) </b> <b>Shareholder Fees</b> (fees paid directly from your investment) 2008-05-14 2008-05-14 2008-05-14 2008-05-14 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to Chinese currency and money market rates. Because the market for money market securities in China generally is less liquid and accessible to foreign investors than corresponding markets in more developed economies, the Fund intends to achieve exposure to currency markets in China using a variety of investments and investment techniques. For example, the Fund will invest in short-term U.S. money market securities and forward currency contracts and currency swaps that settle in U.S. dollars. The combination of U.S. money market securities and forward currency contracts and swaps is designed to provide exposure equivalent to money market securities denominated in Chinese yuan. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A currency swap is an agreement between two parties to exchange one currency for another at a future rate. The Fund also will invest in money market securities and other instruments, including forward currency contracts and swaps, denominated in Chinese yuan that trade and settle in Hong Kong and other markets outside of mainland China. The market for these yuan-denominated instruments is sometimes referred to as the &#8220;CNH market.&#8221; Eligible yuan-denominated investments include time deposits of commercial banks, short-term corporate debt, short-term debt issued by the government of China (including its agencies and instrumentalities), as well as short-term debt issued by supranational organizations (such as the International Bank for Reconstruction and Development). The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations.<br /><br />The Fund generally will maintain a weighted average portfolio maturity of 90 days or less with respect to the money market securities in its portfolio. Forward currency contracts and swaps generally will be kept to an average term of six months or less. <br /><br />The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments whose combined performance is economically tied to China. If subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective.<ul type="square"><li style="margin-left: -20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly within a wide range in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Capital Controls Risk.</b> Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions may, without prior warning, lead to foreign government intervention and the imposition of &#8220;capital controls.&#8221; Capital controls include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left: -20px"><b>CNH Market Risk.</b> While the CNH market is expected to continue to grow, it is relatively new and may not be as liquid as more established markets. In light of this, the Fund intends to manage its exposure to the CNH market in a prudent manner consistent with its investment objective.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in Chinese yuan, or in securities that provide exposure to Chinese yuan, currency exchange rates or interest rates denominated in Chinese yuan. Changes in currency exchange rates and the relative value of the Chinese yuan will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Geographic Concentration in China.</b> Because the Fund concentrates its investments in China, the Fund&#8217;s performance is expected to be closely tied to social, political, and economic conditions within China and to be more volatile than the performance of more geographically diversified funds. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government places strict regulation on the yuan and manages the yuan so that it has historically traded in a tight range relative to the U.S. dollar. The Chinese government has been under pressure to manage the currency in a less restrictive fashion so that it is less correlated to the U.S. dollar. It is expected that such action would increase the value of the yuan relative to the U.S. dollar. Of course, there can be no guarantee that this will occur, or that the yuan will move in relation to the U.S. dollar as expected. These and other factors could have a negative impact on the Fund&#8217;s performance and increase the volatility of an investment in the Fund.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Offshore Investor Risk.</b> In addition to the general risks associated with investing in non-U.S. currencies and non-U.S. currency markets, there are special risks associated with investing in Chinese yuan or securities designed to provide exposure to Chinese yuan. The government of China maintains strict currency controls in support of economic, trade and political objectives and regularly intervenes in the currency market. The government&#8217;s actions may not be transparent or predictable. As a result, the value of the yuan, and the value of securities designed to provide exposure to the yuan, can change quickly and arbitrarily. Furthermore, it is difficult for offshore investors to directly access money market securities in China because of investment and trading restrictions. These limitations and restrictions may impact the availability, liquidity, and pricing of securities designed to provide offshore investors with exposure to Chinese markets. As a result, returns achieved by offshore investors, such as the Fund, could differ from those available to domestic investors in China.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul><ul type="square"><li style="margin-left: -20px"><b>Sovereign Debt Risk.</b> Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds.</li></ul> You can lose money on your investment in the Fund. <b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. <b>Fund Performance</b> Total Return The Fund's year-to-date total return as of September 30, 2012 was 0.71%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">1.75</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q4/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(0.64)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/10</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Index returns do not reflect deductions for fees, expenses or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeCommodityCurrencyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeCommodityCurrencyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeCommodityCurrencyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeCommodityCurrencyFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeCommodityCurrencyFund column period compact * ~</div> The Fund's year-to-date total return as of September 30, 2012 2012-09-30 0.0071 Highest Return 2011-12-31 0.0175 Lowest Return 2010-06-30 -0.0064 <b>Investment Objective </b> The Fund seeks to achieve total returns reflective of money market rates in selected commodity-producing countries and changes in value of such countries&#8217; currencies relative to the U.S. dollar. <b>Fees and Expenses of the Fund </b> 0 This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Shareholder Fees</b> (fees paid directly from your investment) 0.0045 0 <b>Example </b> 0 The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.0045 <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, there was no portfolio turnover rate for the Fund since the Fund invested in short-term securities with maturities less than or equal to 365 days, which are excluded from portfolio turnover calculations. <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the Barclays Capital Commodity Producers Currency Index (CPCI-6), a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 46 144 252 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 567 <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> 0.0024 0.0126 0.0147 0.0147 0.0097 0.0122 0.0306 0.0165 0.0125 0.0131 0.0315 2008-05-14 2008-05-14 2008-05-14 2008-05-14 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeEmergingCurrencyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeEmergingCurrencyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeEmergingCurrencyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeEmergingCurrencyFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeEmergingCurrencyFund column period compact * ~</div> <b>WisdomTree Emerging Currency Fund</b><br/><b>(Formerly, WisdomTree Dreyfus Emerging Currency Fund)</b> <b>Investment Objective </b> The Fund seeks to achieve total returns reflective of both money market rates in selected emerging market countries available to foreign investors and changes to the value of these currencies relative to the U.S. dollar. <b>Fees and Expenses of the Fund </b> The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Shareholder Fees </b>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, there was no portfolio turnover rate for the Fund since the Fund invested in short-term securities with maturities less than or equal to 365 days, which are excluded from portfolio turnover calculations. <b>Principal Investment Strategies of the Fund </b> <b>WisdomTree Commodity Currency Fund <br/>(Formerly, WisdomTree Dreyfus Commodity Currency Fund) </b> <b>Principal Risks of Investing in the Fund </b> <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) The Fund is designed to provide exposure to both the currencies and money market rates available to foreign investors in selected commodity-producing countries. The term &#8220;commodity currency&#8221; generally is used to describe the currency of a country whose economic success is commonly identified with the production and export of commodities (such as precious metals, oil, agricultural products or other raw materials) and whose value is closely linked to the value of such commodities. As the demand for, or price of, such commodities increases, money tends to flow into the country. This generally lifts the country&#8217;s economic prospects and supports the value of its currency. Conversely, declines in the demand for, or value of, such commodities historically have contributed to declines in the relative value of these countries&#8217; currencies.<br/><br/>The Fund intends to invest in commodity-producing countries, such as Australia, Brazil, Canada, Chile, Colombia, Indonesia, Malaysia, New Zealand, Norway, Peru, Russia and South Africa. This list may change based on market developments. In addition to seeking broad exposure across countries and currencies, the Fund intends to seek exposure across currencies correlated to each of the key commodity groups: industrial metals, precious metals, energy, agriculture and livestock. The Fund generally will invest only in currencies that &#8220;float&#8221; relative to other currencies. The value of a floating currency is largely determined by supply and demand and prevailing market rates. In contrast, the value of a &#8220;fixed&#8221; currency generally is set by a government or central bank at an official exchange rate. The Fund generally does not intend to invest in the currencies of notable commodity producers, such as Saudi Arabia and the United Arab Emirates, since they are fixed or otherwise closely linked to the U.S. dollar. The Fund will only invest in currencies that it deems to be sufficiently liquid and accessible. <br/><br/>The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to achieve exposure to money market rates of selected commodity-producing countries by investing primarily in short-term U.S. money market securities, forward currency contracts, currency swaps and interest rate swaps. The combination of money market securities with forward currency contracts and interest rate and currency swaps is designed to provide exposure equivalent to money market securities denominated in a non-U.S. currency. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. An interest rate swap involves the exchange of a floating interest rate payment for a fixed interest payment. A currency swap is an agreement between two parties to exchange one currency for another at a future rate. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. <br/><br/>In order to reduce interest rate risk, the Fund generally expects to maintain an average portfolio maturity of 90 days or less. The &#8220;average portfolio maturity&#8221; of the Fund is the average of all the current maturities of the individual securities in the Fund&#8217;s portfolio. Average portfolio maturity is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Funds with longer portfolio maturities generally are subject to greater interest rate risk. All money market securities acquired by the Fund will be rated in the upper two short-term ratings by at least two nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) or, if unrated, deemed to be of equivalent quality. <br/><br/>The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments whose combined performance is tied economically to selected commodity-producing countries. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objectives.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Commodity Country Risk.</b> The Fund invests a significant portion of its assets in investments designed to provide exposure to both the currencies and money market rates available to foreign investors in selected commodity-producing countries. Commodity-producing countries are vulnerable to the volatility in the demand for commodities. Declines in demand for commodities produced by a particular country may occur quickly and without warning and may negatively impact the value of the Fund and your investment.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, developing or emerging market governments may, without prior warning, impose capital controls on the ability to transfer currency, securities or other assets. The Fund&#8217;s ability to access certain developing or emerging markets also may be limited due to a variety of factors, including currency convertibility issues. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, cause the Fund&#8217;s returns to differ from those available to domestic investors, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term. </li></ul> <b>Fund Performance</b> Total Return The Fund's year-to-date total return as of September 30, 2012 was 4.87%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">3.66</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(10.26)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> You can lose money on your investment in the Fund. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Index returns do not reflect deductions for fees, expenses or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. -0.0309 -0.077 0.0015 -0.0356 0.0128 -0.0259 -0.0034 -0.006 You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, developing or emerging market governments may, without prior warning, impose capital controls on the ability to transfer currency, securities or other assets. The Fund&#8217;s ability to access certain developing or emerging markets also may be limited due to a variety of factors, including currency convertibility issues. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, cause the Fund&#8217;s returns to differ from those available to domestic investors, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Management Risk. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk. </b>The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul> 56 176 307 689 0 0.0055 0 0 0.0055 -0.0309 2010-09-24 2010-09-24 2010-09-24 2010-09-24 The Fund's year-to-date total return as of September 30, 2012 was 5.26%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">7.76</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/10</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(10.50)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. 0 The Fund's year-to-date total return as of September 30, 2012 2012-09-30 0.0487 Highest Return 2011-06-30 0.0366 Lowest Return 2011-09-30 -0.1026 0.0055 0 0 0.0055 56 176 307 689 0.0664 -0.0744 -0.0744 -0.0894 -0.0469 -0.0519 0.0333 0.0233 0.0241 0.0374 2009-05-06 2009-05-06 2009-05-06 2009-05-06 The Fund&#8217;s year-to-date total return as of September 30, 2012 2012-09-30 0.0526 Highest Return 2010-09-30 0.0776 Lowest Return 2011-09-30 -0.105 <b>Fund Performance</b> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the JP Morgan Emerging Local Markets Index Plus, a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can lose money on your investment in the Fund. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> <b>Investment Objective </b> 0 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeAsiaLocalDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeAsiaLocalDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeAsiaLocalDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeIndianRupeeFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeIndianRupeeFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeIndianRupeeFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeIndianRupeeFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeEmergingMarketsCorporateBondFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeEmergingMarketsCorporateBondFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeEmergingMarketsCorporateBondFund column period compact * ~</div> <b>Investment Objective </b> The Fund seeks a high level of total return consisting of both income and capital appreciation. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 62% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund&#8217;s capital shares. <b>Principal Investment Strategies of the Fund </b> 0 0.0045 0 0.0045 <b>Investment Objective </b> <b>Fees and Expenses of the Fund </b> The Fund seeks to achieve total returns reflective of both money market rates in India available to foreign investors and changes in value of the Indian rupee relative to the U.S. dollar. The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. 46 <b>Shareholder Fees</b> (fees paid directly from your investment) 144 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> 252 <b>Principal Risks of Investing in the Fund </b> 567 The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <b><a name="pro433293_8"></a>WisdomTree Emerging Markets Corporate Bond Fund </b> Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. <b>Investment Objective </b> <b>Portfolio Turnover </b> The Fund seeks a high level of total return consisting of both income and capital appreciation. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, there was no portfolio turnover rate for the Fund since the Fund invested in short-term securities with maturities less than or equal to 365 days, which are excluded from portfolio turnover calculations. <b>Fees and Expenses of the Fund </b> <b>Principal Investment Strategies of the Fund </b> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Principal Risks of Investing in the Fund </b> <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) 0.2749 0.0994 0.0509 <b>Fund Performance </b> 0 Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the JPMorgan Emerging Local Markets Index Plus India, a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.006 0 0 0.0509 0.0173 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.0486 0.1213 0.006 0.0253 0.062 0.0479 0.0283 0.1153 0.0338 0.0457 0.0553 Total Return <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeEmergingMarketsLocalDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeEmergingMarketsLocalDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeEmergingMarketsLocalDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeEmergingMarketsLocalDebtFund column period compact * ~</div> <b><a name="pro433293_5"></a>WisdomTree Indian Rupee Fund </b><br/><b>(Formerly, WisdomTree Dreyfus Indian Rupee Fund) </b> <b>Example </b> 2008-06-25 2008-06-25 2008-06-25 2008-06-25 The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 2008-06-25 2008-06-25 61 192 <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the period from the commencement of Fund operations (March 8, 2012) through the end of its most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 0% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund </b> <b>Investment Objective </b> The Fund seeks a high level of total return consisting of both income and capital appreciation. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Principal Risks of Investing in the Fund </b> 0 0.0045 <b>Fund Performance</b> <b>Fund Performance </b> 0 The Fund commenced operations on March 17, 2011, and therefore does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. <b>Shareholder Fees</b> (fees paid directly from your investment) 0 0.0045 The Fund commenced operations on March 8, 2012, and therefore does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. 0 0.0055 0 0 46 <b>WisdomTree Asia Local Debt Fund </b> 0.0055 144 252 567 <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) The Fund seeks to achieve its investment objective through investment in Local Debt denominated in the currencies of a broad range of Asian countries. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Local Debt. For these purposes, Local Debt includes fixed income securities, such as bonds, notes or other debt obligations, denominated in local currencies of countries in Asia, as well as certain derivatives and other instruments described herein. The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;).<br/><br/>The Fund intends to focus its investments on bonds and other debt instruments issued by governments (national, state, and local), government agencies and instrumentalities, and government sponsored enterprises. The Fund also may invest in Local Debt issued by supranational organizations such as the European Investment Bank, Asian Development Bank, International Bank for Reconstruction and Development or International Finance Corporation, and development agencies supported by other national governments. The Fund may invest in corporate bonds economically tied to Asian countries. The Fund also may invest in inflation-linked fixed income securities denominated in Asian currencies.<br/><br/>The Fund intends to provide exposure to developing/emerging market economies in Asia. Specifically, the Fund intends to invest in Local Debt primarily from China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Fund is permitted to invest in developed market economies, such as Australia and New Zealand. This list may change based on market developments. The Fund uses a structured investment approach that analyzes multiple factors. Countries are grouped into differentiated tiers based on an analysis of these factors. Subject to the Fund&#8217;s general investment requirement to provide broad country exposure within the region, the Fund generally invests a higher percentage of its assets in countries that have larger and more liquid debt markets and that the Fund&#8217;s adviser believes are pursuing sustainable fiscal and monetary policies in light of economic and market conditions. The country exposures are consistently monitored from a risk perspective and may be modified, reduced or eliminated. The Fund&#8217;s exposure to any single country generally will be limited to 20% of the Fund&#8217;s assets. The percentage of Fund assets invested in a specific region, country or issuer will change from time to time.<br/><br/>The universe of Local Debt currently includes securities that are rated &#8220;investment grade&#8221; as well as &#8220;non-investment grade.&#8221; The Fund intends to provide a broad-based exposure to Local Debt and therefore will invest in both investment grade and non-investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss.<br/><br/>The Fund attempts to limit interest rate risk by maintaining an aggregate portfolio duration of between two and eight years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. The Fund&#8217;s actual portfolio duration may be longer or shorter depending on market conditions. The Fund may also invest in short-term money market securities denominated in the currencies of countries in which the Fund invests.<br/><br/>The Fund may invest up to 30% of its net assets in derivatives such as forward currency contracts and swaps. The Fund&#8217;s use of forward contracts and swaps will be underpinned by investments in cash or other liquid assets (typically short-term, high-quality U.S. money market securities) and is designed to provide exposure similar to investments in local currency debt. The Fund does not use derivatives to enhance leverage. A forward contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or rate, but also may be a single asset, a pool of assets or an index of assets. The Fund also may enter into repurchase agreements designed to result in a fixed rate of return for the Fund insulated from market fluctuations during the holding period. The Fund will enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. A futures contract may generally be described as an agreement for the future sale by one party and the purchase by another of a specified security or instrument at a specified price and time. The Fund may invest in interest rate and other futures contracts listed for trading on exchanges in Asia. Assets not invested in Local Debt generally will be invested in U.S. government securities and investment grade money market instruments. The Fund may invest up to 20% of its assets in debt instruments denominated in U.S. dollars issued by Asian governments and government sponsored enterprises.<br/><br/>The decision to secure exposure through direct investment in bonds or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objectives.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash, triggering security sales. The sale of non-U.S. denominated securities can generate realized foreign exchange losses which could impact the income distributions paid by the Fund. Additionally, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, developing or emerging market governments may, without prior warning, impose capital controls on the ability to transfer currency, securities or other assets. The Fund&#8217;s ability to access certain developing or emerging markets also may be limited due to a variety of factors, including currency convertibility issues. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, cause the Fund&#8217;s returns to differ from those available to domestic investors, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"><b>High Yield Securities Risk.</b> Higher yielding, high risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Investment in Asia Risk.</b> The Fund&#8217;s investments will have significant exposure to Asia. As a result, the Fund will be susceptible to loss due to adverse market, political, regulatory, and geographic events affecting that region. A variety of factors, including currency devaluations, may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Sovereign Debt Risk.</b> Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds.</li></ul> <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.0858 0.62 0.0694 -0.1183 56 176 307 689 You can lose money on your investment in the Fund. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. The Fund commenced operations on March 17, 2011, and therefore does not have performance history for a full calendar year. -0.1183 -0.1613 -0.0767 -0.1149 -0.0252 -0.0169 0.0038 -0.0099 <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 43% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund </b> <b>Fund Performance </b> -0.013 -0.0285 -0.0082 -0.0175 0.0241 0.0082 0.0117 0.0178 0 0.0055 2008-05-14 2008-05-14 2008-05-14 2008-05-14 0 0 <b><a name="pro433293_7"></a>WisdomTree Australia &amp; New Zealand Debt Fund </b> The Fund seeks a high level of total return consisting of both income and capital appreciation. 0.0055 <b>Fees and Expenses of the Fund </b> You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective. <ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Capital Controls Risk.</b> Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions may, without prior warning, lead to government intervention and the imposition of &#8220;capital controls.&#8221; Capital controls may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash, triggering security sales. The sale of non-U.S. denominated securities can generate realized foreign exchange losses which could impact the income distributions paid by the Fund. Additionally, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively. </li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> While the Fund intends to focus its investment on Corporate Debt denominated in U.S. dollars, the Fund may invest a portion of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund may invest in derivatives. Derivatives are subject to a number of risks described elsewhere in the Fund&#8217;s Prospectus, such as credit risk, interest rate risk, and market risk. They also involve the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, developing or emerging market governments may, without prior warning, impose capital controls on the ability to transfer currency, securities or other assets. The Fund&#8217;s ability to access certain developing or emerging markets also may be limited due to a variety of factors, including currency convertibility issues. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, cause the Fund&#8217;s returns to differ from those available to domestic investors, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>High Yield Securities Risk.</b> Higher yielding, high risk debt securities, sometimes referred to as &#8220;junk bonds&#8221;, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of increases in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul> <ul type="square"><li style="margin-left:-20px"><b>Sovereign Debt Risk.</b> Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds.</li></ul> The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets.<br /><br /> <b>Shareholder Fees</b> (fees paid directly from your investment) -0.013 <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 9% of the average value of its portfolio. 56 <b>Principal Investment Strategies of the Fund </b> 176 307 689 You can lose money on your investment in the Fund. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. The Fund seeks to achieve its investment objective through investment in Debt Securities denominated in Australian or New Zealand dollars. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Debt Securities. For these purposes, Debt Securities include fixed income securities, such as bonds, notes or other debt obligations, denominated in Australian or New Zealand dollars, as well as certain derivatives and other instruments described herein. The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;). <br/><br/>The Fund intends to focus its investments on bonds and other debt instruments denominated in Australian and New Zealand dollars issued by governments (national, state and local), government agencies and instrumentalities, government-sponsored enterprises and supranational organizations. For these purposes, &#8220;supranational organizations&#8221; include entities such as the European Investment Bank, International Bank for Reconstruction and Development, International Finance Corporation, and other regional development banks. The Fund also may invest in Debt Securities of corporate issuers, although this is not expected to be a focus of the Fund. <br/><br/>The Fund is designed to provide broad exposure to Debt Securities of issuers in Australia and New Zealand. The Fund uses a structured investment approach to allocate its investments between countries (Australia and New Zealand) and sectors (government debt, semi-government debt, supranational organizations). &#8220;Government debt&#8221; refers to Debt Securities issued by the Commonwealth of Australia or New Zealand and its various agencies, instrumentalities and government-sponsored enterprises. &#8220;Semi-government debt&#8221; refers to Debt Securities issued by the local, state and territory governments of Australia typically to finance local infrastructure and operations. As noted, &#8220;supranational organizations&#8221; include entities such as the International Bank for Reconstruction and Development and other regional development banks. The Fund&#8217;s exposure to Australia and New Zealand is based on the relative gross domestic product, or &#8220;GDP,&#8221; of each country. Since Australia&#8217;s economy is much larger than New Zealand&#8217;s, the Fund&#8217;s exposure to Australia generally will be higher than its exposure to New Zealand. The Fund invests in three &#8220;sectors&#8221;: government debt, semi-government debt and debt of supranational organizations. For purposes of this sector analysis, corporate issuers are included within the category of supranational organizations. The Fund&#8217;s exposure to each sector is assessed relative to an equal-weighted baseline (e.g., 1/3 each). Sector exposures may be tilted within a narrow range around this baseline in order to take advantage of potential opportunities to enhance risk-adjusted return. The Fund&#8217;s exposures to each country, sector and individual issuer are monitored from a risk perspective. The percentage of the Fund&#8217;s assets invested in a specific country, sector or issuer may change, depending on market conditions, as agreed upon by the investment adviser and investment sub-adviser. <br/><br/>The universe of Debt Securities in which the Fund may invest includes securities that are rated &#8220;investment grade&#8221; as well as &#8220;non-investment grade.&#8221; Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss. <br/><br/>The Fund attempts to limit interest rate risk by maintaining an aggregate portfolio duration of between two and eight years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. The Fund&#8217;s actual portfolio duration may be longer or shorter depending upon market conditions. The Fund may also invest in short-term money market securities denominated in local currencies. <br/><br/>The Fund may invest up to 20% of its net assets in derivatives such as forward currency contracts and swaps. The Fund&#8217;s use of forward contracts and swaps will be underpinned by investments in cash or other liquid assets (typically, short-term, high-quality U.S. money market securities) and is designed to provide exposure similar to investments in locally denominated debt. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or interest rate but also may be a single asset, a pool of assets or an index of assets. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. Assets not invested in locally denominated debt generally will be invested in U.S. government securities and investment grade money market instruments. The Fund may invest up to 20% of its assets in debt instruments denominated in U.S. dollars issued by the Australian or New Zealand government, government agencies, corporations, regional development banks and supranational issuers. <br/><br/>The decision to secure exposure through direct investment in bonds or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior written notice of any change to this policy for the Fund. The Fund commenced operations on March 8, 2012, and therefore does not have performance history for a full calendar year. <b>Principal Risks of Investing in the Fund </b> 0 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeIndianRupeeFundBarChart column period compact * ~</div> "Other Expenses" are based on estimated amounts for the current fiscal year. You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective. <ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash, triggering security sales. The sale of non-U.S. denominated securities can generate realized foreign exchange losses which could impact the income distributions paid by the Fund. Additionally, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in Australian and New Zealand dollars, or in securities that provide exposure to Australian and New Zealand dollars, currency exchange rates or interest rates denominated in Australian and New Zealand dollars. Changes in currency exchange rates and the relative value of Australian and New Zealand dollars will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b> Derivatives Investment Risk.</b> The Fund may invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. </li></ul><ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such securities and instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Geographic Concentration in Australia and New Zealand.</b> Because the Fund concentrates its investments in Australia and New Zealand, the Fund&#8217;s performance is expected to be closely tied to social, political, and economic conditions within these countries and to be more volatile than the performance of more geographically diversified funds. The economies of Australia and New Zealand are both heavily dependent on the demand for commodity exports, including agricultural products. As a result, both economies are particularly vulnerable to international commodity prices and global economic slowdowns. These and other factors could have a negative impact on the Fund&#8217;s performance and increase the volatility of an investment in the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>High Yield Securities Risk.</b> Higher yielding, high risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul> <b>Fund Performance </b> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the Citigroup Australian Broad Investment-Grade (AusBIG) Bond Index (USD), a relevant broad-based securities index, the BofA Merrill Lynch New Zealand Dollar One-Month LIBID Constant Maturity Index, the broad-based securities index used to measure the Fund&#8217;s performance during the prior fiscal year, and the Spliced Australia &amp; New Zealand Debt Composite. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <br/><br/>The Fund&#8217;s name and objective changed effective October 25, 2011. Fund performance prior to October 25, 2011 reflects the investment objective and style of the Fund when it was the WisdomTree Dreyfus New Zealand Dollar Fund and focused on short-term, New Zealand dollar-denominated money market instruments. <br /><br /><p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em">Highest Return</p> The Fund's year-to-date total return as of September 30, 2012 was 8.17%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">14.19</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/09</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(6.94)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.0766 <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> -0.0817 2009-06-30 2011-09-30 Total Return In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Index returns do not reflect deductions for fees, expenses or taxes. The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to achieve its investment objective by investing in short-term securities designed to provide exposure to Indian currency and money market rates. Because the market for money market securities in India generally is less liquid and accessible to foreign investors than corresponding markets in other countries, the Fund intends to achieve exposure to currency markets in India by investing primarily in short-term U.S. money market securities and forward currency contracts and swaps. The combination of U.S. money market securities with forward currency contracts and currency swaps is designed to provide exposure equivalent to money market securities denominated in Indian rupees. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A currency swap is an agreement between two parties to exchange one currency for another at a future rate. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. <br /><br />In order to attempt to reduce interest rate risk, the Fund generally will maintain a weighted average portfolio maturity of 90 days or less with respect to the money market securities in its portfolio. The Fund will not purchase any security with a remaining maturity of more than 397 calendar days. All U.S. money market securities acquired by the Fund will be rated in the upper two short-term ratings by at least two nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) or, if unrated, deemed to be of equivalent quality. The Fund does not seek to preserve capital in U.S. dollars. <br/><br/> The decision to secure exposure directly or indirectly will be a function of, among other things, market accessibility, credit exposure, and tax ramifications for foreign investors. If the Fund pursues direct investment, eligible investments include short-term securities issued by the government of India and its agencies or instrumentalities, bank debt obligations and time deposits, bankers&#8217; acceptances, commercial paper, short-term corporate debt obligations, mortgage-backed securities and asset-backed securities. <br /><br />The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments whose combined performance is tied economically to India. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Shares of the Fund May Trade at Prices Other Than NAV. </b>Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in Indian rupees, or in securities that provide exposure to Indian rupees, currency exchange rates or interest rates denominated in Indian rupees. Changes in currency exchange rates and the relative value of the Indian rupee will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Geographic Concentration in India.</b> Because the Fund concentrates its investments in India, the Fund&#8217;s performance is expected to be closely tied to social, political, and economic conditions within India and to be more volatile than the performance of more geographically diversified funds. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy. While the government of India is moving to a more liberal approach, it still places restrictions on the capability and capacity of foreign investors to access and trade rupee directly. While the Indian economy generally has experienced growth in recent years, there is no guarantee that this growth will continue. These and other factors could have a negative impact on the Fund&#8217;s performance and increase the volatility of an investment in the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Offshore Investor Risk.</b> In addition to the general risks associated with investing in non-U.S. currencies and non-U.S. currency markets, there are special risks associated with investing in Indian rupee or securities designed to provide exposure to Indian rupee. While the government of India is moving toward a more liberal approach, it still places restrictions on the capability and capacity of foreign investors to access and trade rupee directly. Foreign investors in India still face burdensome taxes on investments in income-producing securities. These limitations and restrictions may impact the availability, liquidity and pricing of securities designed to provide offshore investors with exposure to Indian markets. As a result, returns achieved by offshore investors, such as the Fund, could differ from those available to domestic investors in India.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul> You can lose money on your investment in the Fund. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> You can lose money on your investment in the Fund. 0.09 The Fund&#8217;s year-to-date total return as of September 30, 2012 2012-09-30 0.0817 Highest Return The Fund seeks to achieve its investment objective through investment in Local Debt denominated in the local currencies of emerging market countries. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Local Debt. For these purposes, Local Debt includes fixed income securities, such as bonds, notes or other debt obligations denominated in local currencies of emerging market countries, as well as certain derivatives and other instruments described herein. The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;).<br/><br/>The Fund is designed to provide exposure to Local Debt of issuers from a broad range of emerging market regions and countries. The Fund intends to focus its investment on fixed income securities issued by emerging market governments, government agencies, and corporations. The Fund also may invest in fixed income securities denominated in an emerging market currency and issued by supranational organizations, such as the European Investment Bank, International Bank for Reconstruction and Development, International Finance Corporation, or other regional development banks. The Fund also may invest in debt securities linked to inflation rates outside the U.S., including securities or instruments linked to rates in emerging market countries.<br/><br/>The Fund intends to provide exposure across several geographic regions and countries. The Fund intends to invest in Local Debt from the following regions: Asia, Latin America, Europe, the Middle East, and Africa. Within these regions, the Fund is likely to invest in countries such as: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Indonesia, Malaysia, Mexico, Nigeria, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. This list may change based on market developments. The Fund uses a structured investment approach that analyzes multiple factors. Countries are grouped into differentiated tiers based on an analysis of these factors. Subject to the Fund&#8217;s general investment requirement to provide broad regional and country exposure, the Fund generally invests a higher percentage of its assets in countries that have larger and more liquid debt markets and that the Fund&#8217;s adviser believes are pursuing sustainable fiscal and monetary policies in light of economic and market conditions. The country exposures are consistently monitored from a risk perspective and may be modified, reduced or eliminated. The Fund&#8217;s exposure to any single country generally will be limited to 20% of the Fund&#8217;s assets. The percentage of Fund assets invested in a specific region, country or issuer will change from time to time.<br/><br/>The universe of emerging markets local currency debt currently includes securities that are rated &#8220;investment grade&#8221; as well as &#8220;non-investment grade.&#8221; The Fund intends to provide a broad-based exposure to emerging market debt and therefore will invest in both investment grade and non-investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss.<br/><br/>The Fund attempts to limit interest rate risk by maintaining an aggregate portfolio duration of between two and ten years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. The Fund&#8217;s actual portfolio duration may be longer or shorter depending upon market conditions. The Fund may also invest in short-term money market securities denominated in the currencies of countries in which the Fund invests.<br/><br/>The Fund may invest up to 30% of its net assets in derivatives such as forward currency contracts and swaps. The Fund&#8217;s use of forward contracts and swaps will be underpinned by investments in cash or other liquid assets (typically short-term, high-quality U.S. money market securities) and is designed to provide exposure similar to investments in local currency debt. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or interest rate but also may be a single asset, a pool of assets or an index of assets. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. Local Debt also includes fixed income securities denominated in an emerging market currency and issued by a supranational organization or regional development bank. Assets not invested in Local Debt generally will be invested in U.S. government securities and investment grade money market instruments. The Fund may invest up to 20% of its assets in debt instruments denominated in U.S. dollars issued by emerging market governments, government agencies, corporations, regional development banks and supranational issuers, as well as derivatives based on such instruments.<br/><br/>The decision to secure exposure through direct investment in bonds or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. 2009-06-30 You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objectives.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash, triggering security sales. The sale of non-U.S. denominated securities can generate realized foreign exchange losses which could impact the income distributions paid by the Fund. Additionally, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund will invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as credit risk, interest rate risk, and market risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, developing or emerging market governments may, without prior warning, impose capital controls on the ability to transfer currency, securities or other assets. The Fund&#8217;s ability to access certain developing or emerging markets also may be limited due to a variety of factors, including currency convertibility issues. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, cause the Fund&#8217;s returns to differ from those available to domestic investors, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"><b>High Yield Securities Risk.</b> Higher yielding, high risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term. </li></ul><ul type="square"><li style="margin-left:-20px"><b>Sovereign Debt Risk. </b>Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds.</li></ul> 0.1419 Lowest Return 2011-09-30 -0.0694 The Fund's year-to-date total return as of September 30, 2012 was 7.66%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">7.66</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/09</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(8.17)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> The Fund seeks to achieve its investment objective through investment in debt securities issued by corporate entities that are domiciled in, or economically tied to, emerging market countries. The issuers of such debt will include public, private, and state-owned or sponsored corporations. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Corporate Debt. For these purposes, Corporate Debt includes fixed income securities, such as bonds, notes, money market securities and other debt obligations (such as loan participation notes) of emerging market issuers. Corporate Debt does not include derivatives. The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;). <br /><br />The Fund intends to focus its investment on Corporate Debt issued in U.S. dollars. The Fund also may invest in Corporate Debt denominated in the local currency of emerging market countries. Non-U.S. dollar denominated debt is sometimes referred to as &#8220;local debt.&#8221; Local debt provides exposure to changes in the value of such non-U.S. currencies against the U.S. dollar. Corporate Debt includes debt securities issued by supranational organizations, such as the European Investment Bank, International Bank for Reconstruction and Development or International Finance Corporation, or other regional development banks. The Fund may invest to a limited extent in debt securities of emerging market governments (also known as &#8220;sovereign debt&#8221;) and debt securities linked to inflation rates in emerging market countries. <br /><br />The Fund intends to seek exposure to Corporate Debt from the following regions: Asia, Latin America, Eastern Europe, Africa and the Middle East. Within these regions, the Fund is likely to invest in countries such as: Argentina, Bahrain, Barbados, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Egypt, El Salvador, Hong Kong, Hungary, India, Indonesia, Israel, Jamaica, Kazakhstan, Kuwait, Macau, Malaysia, Mexico, Mongolia, Nigeria, Oman, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, Thailand, Turkey, Ukraine, the United Arab Emirates, and Venezuela. This list may change based on market developments. The Fund employs a structured investment approach that utilizes &#8220;top down&#8221; analysis of macroeconomic factors and &#8220;bottom up&#8221; analysis of emerging market countries and issuers. The Fund&#8217;s credit exposures are consistently monitored from a risk perspective and may be modified, reduced or eliminated. The Fund&#8217;s exposure to any single issuer generally will be limited to 10% of the Fund&#8217;s net assets. The Fund&#8217;s exposure to any single country generally will be limited to 30% of the Fund&#8217;s net assets. The percentage of Fund assets invested in a specific region, country or issuer will change from time to time.<br/><br/> The universe of emerging market Corporate Debt currently includes securities that are rated &#8220;investment grade&#8221; as well as &#8220;non-investment grade&#8221; (commonly referred to as &#8220;junk bonds&#8221;). The Fund intends to provide a broad exposure to emerging market Corporate Debt and therefore will invest in both investment grade and non-investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss. <br /><br />The Fund attempts to limit interest rate risk by maintaining an aggregate portfolio duration of between two and ten years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. The Fund&#8217;s actual portfolio duration may be longer or shorter depending upon market conditions. The Fund may also invest in short-term money market securities denominated in U.S. dollars or the currencies of countries in which the Fund invests. <br /><br />The Fund may invest up to 20% of its net assets in derivatives, such as swaps and forward currency contracts. A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or interest rate but also may be a single asset, a pool of assets or an index of assets. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. The Fund&#8217;s use of derivatives will be underpinned by investments in cash or other liquid assets (typically short-term, high-quality money market securities). The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously agrees to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. <br /><br />The Fund must invest at least 80% of its net assets directly in Corporate Debt. The decision to secure exposure through direct investment in Corporate Debt or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the Fund&#8217;s 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeAustraliaNewZealandDebtFund column period compact * ~</div> 0 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeAustraliaNewZealandDebtFund column period compact * ~</div> 0.0035 0 0 0.0035 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeAustraliaNewZealandDebtFund column period compact * ~</div> 36 113 197 443 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeManagedFuturesStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeManagedFuturesStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeManagedFuturesStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeAustraliaNewZealandDebtFundBarChart column period compact * ~</div> 0.0344 -0.0647 -0.0207 <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeAustraliaNewZealandDebtFund column period compact * ~</div> -0.0131 -0.0057 -0.0222 -0.0207 -0.026 -0.0002 -0.0134 2010-08-09 2010-08-09 2010-08-09 2010-08-09 <b>Investment Objective </b> The Fund seeks to provide investors with positive total returns in rising or falling markets. <b>Fees and Expenses of the Fund </b> -0.0307 -0.0287 The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. -0.0332 -0.0041 -0.0338 -0.0414 -0.0376 <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <b>Shareholder Fees</b> (fees paid directly from your investment) 2008-05-14 2008-05-14 2008-05-14 2008-05-14 2008-05-14 2008-05-14 2008-05-14 <b>WisdomTree Managed Futures Strategy Fund </b> <b>Annual Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment) <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, there was no portfolio turnover rate for the Fund since the Fund invested in short-term securities with maturities less than or equal to 365 days, which are excluded from portfolio turnover calculations. <b>Principal Investment Strategies of the Fund </b> Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. <b>Investment Objective </b> 0 0.0001 Total Return <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>WisdomTree Emerging Markets Local Debt Fund </b> The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns. The Fund is managed using a quantitative, rules-based strategy designed to provide returns that correspond to the performance of the Diversified Trends Indicator<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">TM</sup> (the &#8220;Benchmark&#8221;). The Benchmark is a widely used indicator designed to capture the economic benefit derived from rising or declining price trends in the markets for commodity, currency and U.S. Treasury futures.<br/><br/>The Benchmark and Fund consist of ten commodity sectors (Energy, Grains, Precious Metals, Industrial Metals, Livestock, Natural Gas, Coffee, Cocoa, Cotton, and Sugar) and eight financial sectors (the Australian dollar, British pound, Canadian dollar, euro, Japanese yen, Swiss franc, U.S. Treasury notes and U.S. Treasury bonds) (each, a &#8220;Sector&#8221;). When the Energy Sector is &#8220;long&#8221; (as described below), the Fund&#8217;s exposure will be weighted evenly between commodities and financials (approximately 50% each). When the Energy Sector is &#8220;flat&#8221; (as described below), the Fund&#8217;s exposure will be weighted approximately 60% to financials and approximately 40% to commodities. Subject to the above limitations, a &#8220;Base Weight&#8221; for each Sector is set depending on whether the Energy Sector is long or flat. Commodity sectors that have higher historical production levels, and financial sectors from countries with higher Gross Domestic Product (&#8220;GDP&#8221;), have a higher Base Weight in the Benchmark and Fund. The weight of each Sector fluctuates intra-month based on the return of each Sector, but each Sector is reset back to its Base Weight at the end of each month and year.<br/><br/>The Fund invests substantially all of its assets in a combination of commodity and currency-linked investments, U.S. government securities and money market instruments whose collective performance is designed to correspond to the performance of the Benchmark. The Fund&#8217;s commodity- and currency-linked investments generally are limited to investments in listed futures contracts, forward currency contracts and swap transactions that provide exposure to commodity and non-U.S. currency returns. The Fund will invest in listed U.S. Treasury futures and also may invest directly in U.S. Treasury notes and bonds. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. The Fund also may invest in structured notes based on commodities. The Fund does not invest directly in physical commodities.<br/><br/>The Fund attempts to capture the economic benefit derived from rising and declining trends based on the &#8220;moving average&#8221; price changes of commodity, currency and U.S. Treasury futures. In an attempt to capture these trends, the Fund&#8217;s investments are positioned as either &#8220;long&#8221; or &#8220;short&#8221; (with the exception of the Energy Sector). To be &#8220;long&#8221; means to hold or be exposed to a security or instrument with the expectation that its value will increase over time. To be &#8220;short&#8221; means to sell or be exposed to a security or instrument with the expectation that it will fall in value. On a monthly basis, each Sector&#8217;s returns are compared to its recent weighted moving average monthly returns. If the monthly return is higher than the moving average returns, the Sector is positioned as &#8220;long&#8221; throughout the following month. If the Sector&#8217;s returns are below its moving average returns, the Sector is positioned as &#8220;short&#8221; (with the exception of the Energy Sector, which would be &#8220;flat&#8221;). The Fund will benefit if it has a long position in a security or instrument that increases in value or a short position in a security or instrument that decreases in value. Conversely, the Fund will be adversely impacted if it holds a long position in a security or instrument that declines in value and a short position in a security or instrument that increases in value. The Energy Sector is positioned as either long or flat; it is never short. When the Energy Sector is flat, the Fund will not have any exposure to the Energy Sector and it will allocate a higher percentage of its investments to other Sectors within the Benchmark. The Fund generally does not make intra-month adjustments to its portfolio or the direction of its long and short positions. Although the Fund seeks returns comparable to the returns of the Benchmark, the Fund may have a higher or lower exposure to any Sector or component within the Benchmark at any time. The Fund will not hold more than 25% of its assets in any one industry. For these purposes, the components of the Benchmark (e.g., gold, crude oil) will be considered a separate industry. Neither the Fund nor the Benchmark is leveraged.<br/><br/>The Fund seeks to gain exposure to commodity markets, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (the &#8220;WisdomTree Subsidiary&#8221;). The WisdomTree Subsidiary is wholly-owned and controlled by the Fund. The Fund&#8217;s investment in the WisdomTree Subsidiary may not exceed 25% of the Fund&#8217;s total assets at each quarter-end of the Fund&#8217;s fiscal year. The Fund&#8217;s investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to commodity returns within the limits of the federal tax requirements applicable to regulated investment companies, such as the Fund. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary.<br/><br/>The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in &#8220;managed futures.&#8221; For these purposes, managed futures are investments in commodity and currency -linked instruments, as well as U.S. government securities and money market instruments, that taken together have economic characteristics similar or equivalent to those of the listed commodity, currency and financial futures contracts described herein. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. <b>Principal Risks of Investing in the Fund </b> 0 0.006 0 0.0061 The Fund's year-to-date total return as of September 30, 2012 62 2012-09-30 195 0.0594 340 Highest Return 762 2010-09-30 0.1141 Lowest Return 2010-06-30 -0.0947 The Fund's year-to-date total return as of September 30, 2012 was 9.71%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">4.24</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(8.28)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/11</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeGlobalRealReturnFund column period compact * ~</div> You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or its ability to meet its objective.<ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of commodities, currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Benchmark Risk.</b> The Benchmark is entirely model-based. As market dynamics shift over time, the model may become outdated or inaccurate. The Benchmark and the Fund will take both long and short positions and should not be used as proxies for taking long-only positions. The Benchmark and Fund could lose significant value during periods when long-only indexes rise. Similarly, the Benchmark and Fund are not a substitute for short-only positions. The Benchmark does not make intra-month adjustments. As a result, the Fund generally will not make intra-month adjustments to the positions it established at the end of the prior month. As a result, the Benchmark and Fund are subject to substantial losses if the market moves against the established positions on an intra-month basis. The Benchmark is based on historical price trends. There can be no assurance that such trends will be reflected in future market movements. In markets without sustained price trends, or markets with significant price movements that quickly reverse, the Benchmark and the Fund may suffer significant losses. The Benchmark is based on the price of futures contracts. Futures contracts reflect the expected future value of a commodity, currency or Treasury security. The Benchmark and Fund do not reflect &#8220;spot&#8221; prices. Spot prices reflect immediate delivery value, not expected future value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively. Additionally, the realization of foreign exchange losses through security sales can impact income distributions paid by the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Commodity Risk.</b> The value of commodities and commodity-linked derivative instruments typically is based upon the price movements of a physical commodity or an economic variable linked to such price movements. The prices of commodities and commodity-related investments may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes. An active trading market may not exist for certain commodities. Each of these factors and events could have a significant negative impact on the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty Risk.</b> The Fund bears the risk that the counterparty to a derivative or other contract with a third party may default on its obligations or otherwise fail to honor its obligations. If a counterparty defaults on its payment obligations the Fund will lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may engage in such investment transactions with a limited number of counterparties.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument may cause it to default or become unable to pay interest or principal due or otherwise fail to perform. The Fund cannot collect interest and principal payments on a security or instrument if the issuer defaults. While the Fund attempts to limit credit exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund currently invests a relatively large percentage of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund may invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Liquidity Risk.</b> The Fund may invest in derivatives and other instruments that may be less liquid than other types of investments. The derivatives in which the Fund invests may not always be liquid. This could have a negative effect on the Fund&#8217;s ability to achieve its investment objective and may result in losses to Fund shareholders.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Portfolio Turnover Risk.</b> The Fund&#8217;s strategy may frequently involve buying and selling portfolio securities to rebalance the Fund&#8217;s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund&#8217;s performance to be less than you expect.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Short Sales Risk.</b> The Fund may engage in &#8220;short sale&#8221; transactions. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value. The Fund also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards. If the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to a third party in connection with the short sale. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Subsidiary Investment Risk.</b> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result in the inability of the WisdomTree Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Tax Risk.</b> The Fund expects to obtain exposure to the commodities markets by entering into commodity-linked derivative instruments, such as listed futures contracts. In order for the Fund to qualify as a regulated investment company, the Fund must derive at least 90% of its gross income each taxable year from qualifying income. Income from certain commodity-linked derivative instruments in which the Fund invests may not be considered qualifying income. The Fund will seek to limit such income so as to qualify as a regulated investment company. The Fund intends to invest in such commodity-linked derivative instruments indirectly through the WisdomTree Subsidiary. Failure to comply with the requirements for qualification as a regulated investment company would have significant negative tax consequences to Fund shareholders.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Volatility Risk.</b> The Fund and its underlying Benchmark are designed to capture the long-term economic benefits of rising or declining market trends. Frequent or significant short-term price movements could adversely impact the performance of the Benchmark and the Fund.</li></ul> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleShareholderFeesWisdomTreeEuroDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeGlobalRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualFundOperatingExpensesWisdomTreeEuroDebtFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeEmergingMarketsLocalDebtFundBarChart column period compact * ~</div> <b>Fund Performance </b> The Fund commenced operations on January 5, 2011, and therefore does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeGlobalRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleExpenseExampleTransposedWisdomTreeEuroDebtFund column period compact * ~</div> <b><a name="pro433320_2"></a>WisdomTree Global Real Return Fund </b> The Fund seeks total returns (capital appreciation plus income) that exceed the rate of inflation over long-term investment horizons. <b>Fees and Expenses of the Fund </b> The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: You can lose money on your investment in the Fund. Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAnnualTotalReturnsWisdomTreeEuroDebtFundBarChart column period compact * ~</div> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. <b>Portfolio Turnover </b> The Fund commenced operations on January 5, 2011, and therefore does not have performance history for a full calendar year. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 3% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund </b> 0 0.43 0.0096 You can lose money on your investment in the Fund. 0.0001 The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to provide protection against inflation and to generate income. &#8220;Inflation&#8221; is defined as an increase in the general price level of goods and services over time. The Fund invests in a combination of inflation-linked securities and debt instruments from issuers in the United States, developed markets and emerging markets throughout the world. The Fund has targeted exposure to commodities, such as gold, and employs commodity strategies structured to provide returns that exceed inflation rates. The Fund is managed using a structured investment approach that considers, among other things, country and currency exposure, sector allocation, investment exposure, and risk. <br/><br/>Investments in Inflation-Linked Bonds and Other Instruments. As noted above, the Fund invests in fixed income securities and other instruments linked to inflation rates in the U.S. and in developed and emerging market countries throughout the world. The Fund&#8217;s U.S. investments are focused on inflation-protected securities, such as U.S. Treasury Inflation Protected Securities (&#8220;TIPS&#8221;), and floating-rate securities. Outside the U.S., the Fund seeks broad-based exposure to both developed and emerging economies. The Fund focuses its investments outside the U.S. in countries that are leading exporters of commodities, such as Australia, Brazil, Canada, Chile, Mexico, and South Africa. In order to provide broad-based exposure across developed and emerging markets, the Fund also invests in issuers from countries such as France, Germany, Italy, Israel, Korea, Poland, Sweden, Turkey and the United Kingdom. This list may change from time to time based on market and other conditions. Country, sector and issuer exposure and risk are reviewed on an ongoing basis and the Fund&#8217;s portfolio is rebalanced quarterly. The Fund&#8217;s exposure to any single non-U.S. currency generally is limited to 10% of the Fund&#8217;s assets. <br/><br/>The Fund intends to focus its investments in inflation-linked bonds and other debt instruments issued by governments, government agencies and instrumentalities, government-sponsored enterprises and supranational organizations. For these purposes, &#8220;supranational organizations&#8221; include entities such as the European Investment Bank, International Bank for Reconstruction and Development, International Finance Corporation, and other regional development banks. The Fund may also invest up to 20% in debt securities issued by corporations. Inflation-linked bonds are structured to provide protection against inflation by preserving purchasing power. In a typical inflation-linked bond, the principal amount of the bond and the cash flow generated by the bond (i.e., interest) are adjusted upward in response to increases in inflation rates. The U.S. Consumer Price Index, or CPI, is a commonly used measure of U.S. inflation rates. Bonds tied to inflation rates outside the U.S. generally are linked to regional or country measures comparable to the CPI that measure inflation rates in non-U.S. markets. As inflation rises, upward adjustments to the principal amount or income paid on the bond increase the value of the bond and help preserve purchasing power in response to inflation. Conversely, some types of inflation-linked bonds may be adjusted downward in response to deflation (i.e., a decrease in the prices of goods and services over time). <br/><br/>The Fund may invest in floating- and variable-rate bonds. Floating- and variable-rate bonds are bonds that have a variable payment feature tied to a reference rate, such as the federal funds rate or the London Interbank Offering Rate (&#8220;LIBOR&#8221;). Floating- and variable-rate bonds generally are less sensitive to interest rate increases because when market rates rise, the payments made by such bonds increase. Conversely, a decrease in market interest rates will adversely affect the income received from such securities and may cause the value of such bonds to decrease. <br/><br/>The Fund may invest in derivatives such as swaps, forward currency contracts, and futures contracts designed to provide protection from changes in inflation rates. A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or interest rate but also may be a single asset, a pool of assets or an index of assets. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A futures contract is a standardized contract traded on a recognized exchange in which two parties agree to exchange either a specified financial asset or the cash equivalent of said asset of standardized quantity and quality for a price agreed today (the futures prices or the strike price) with delivery occurring at a specified future date. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. <br/><br/>The average duration of the fixed income portion of the Fund&#8217;s portfolio will vary based on economic fundamentals and market conditions. During most scenarios, fixed income portfolio duration will not exceed 10 years. Duration is an important indication of the Fund&#8217;s sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. While the Fund intends to invest a relatively large percentage of its assets in &#8220;investment grade&#8221; securities, the Fund also may invest in &#8220;non-investment grade&#8221; securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to higher potential risk of loss. <br/><br/>While inflation-linked securities offer protection against inflation, they are sensitive to changes in &#8220;real interest rates.&#8221; Real interest rates are interest rates that have been adjusted to remove the cost of inflation. Protracted increases in real interest rates would likely have a negative impact on the value of inflation-linked securities and the value of the Fund. The Fund may purchase or sell futures contracts on U.S. Treasury securities or other U.S. government or non-U.S. government obligations to help minimize this risk. <br/><br/>The Fund may invest a portion of its assets in fixed income securities that are not linked to inflation, such as U.S. government obligations. The Fund also may invest in money market instruments (including repurchase agreements) with remaining maturities of one year or less, as well as cash and cash equivalents. <br/><br/>Investments in Commodities. The Fund intends to have targeted exposure to commodities and commodity strategies. The commodity exposure is diversified across a number of sectors (such as gold and other precious metals, industrial materials, energy, livestock, and agriculture) utilizing systematic, rules-based strategies. Within these strategies, the Fund may take or gain exposure to &#8220;long&#8221; or &#8220;short&#8221; positions in commodities and related instruments. To be &#8220;long&#8221; means to hold or be exposed to a commodity or instrument with the expectation that its value will increase over time. To be &#8220;short&#8221; means to sell or be exposed to a commodity or instrument with the expectation that it will fall in value. The Fund will benefit if it has a long position in a commodity or instrument that increases in value or a short position in a commodity or instrument that decreases in value. Conversely, the Fund will be adversely impacted if it holds a long position in a commodity or instrument that declines in value and a short position in a commodity or instrument that increases in value. <br/><br/>The Fund seeks to gain exposure to commodity markets, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (the &#8220;WisdomTree Subsidiary&#8221;). The WisdomTree Subsidiary is wholly-owned and controlled by the Fund. The Fund&#8217;s investment in the WisdomTree Subsidiary may not exceed 25% of the Fund&#8217;s total assets at each quarter-end of the Fund&#8217;s fiscal year. The Fund&#8217;s investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to commodity returns within the limits of the federal tax requirements applicable to regulated investment companies, such as the Fund. The WisdomTree Subsidiary intends to achieve exposure to commodities through investment in a combination of listed commodity futures, commodity index swaps and structured notes that provide commodity returns. A listed commodity future is a financial instrument in which a party agrees to pay a fixed price for a designated commodity at a specified future date. Listed commodity futures are traded at market prices on exchanges pursuant to terms common to all market participants. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary. 0 0 0.0095 <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> <div style="display:none">~ http://www.wisdomtree.com/role/ScheduleAverageAnnualTotalReturnsTransposedWisdomTreeEuroDebtFund column period compact * ~</div> <b>Principal Risks of Investing in the Fund </b> Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Index returns do not reflect deductions for fees, expenses or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 98 306 531 1178 The Fund&#8217;s year-to-date total return as of September 30, 2012 2012-09-30 0.0971 Highest Return 2011-06-30 0.0424 Lowest Return 2011-09-30 <b>WisdomTree Euro Debt Fund</b> <b>Investment Objective</b> -0.0828 <b>Fees and Expenses of the Fund</b> <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>Example</b> <b>Portfolio Turnover</b> <b>Principal Investment Strategies of the Fund</b> <b>Principal Risks of Investing in the Fund</b> <b>Fund Performance</b> <b>Average Annual Total Returns for the periods ending December 31, 2011</b> The Fund seeks to achieve its investment objective through investment in Debt Securities denominated in euros. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Debt Securities. For these purposes, Debt Securities consist of fixed income securities, such as bonds, notes or other debt obligations, denominated in euros, as well as certain derivatives and other instruments described herein. The Fund is an actively managed exchange traded fund ("ETF").<br/><br/>The Fund intends to focus its investments on bonds and other debt instruments denominated in euros and issued by governments (national, state and local), government agencies and instrumentalities, government-sponsored enterprises and supranational organizations. For these purposes, "supranational organizations" include entities such as the European Investment Bank, International Bank for Reconstruction and Development, International Finance Corporation, or other regional development banks. The Fund also may invest in Debt Securities of corporate issuers organized in euro area countries or that have significant economic ties to euro area countries, although this is not expected to be a focus of the Fund.<br/><br/>The Fund is designed to provide broad exposure to Debt Securities of issuers in euro area countries. The euro area is a group of 17 members of the European Union that have adopted the euro as their common currency. The euro area currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The Fund's exposure to the euro area countries is monitored from a risk perspective and may be modified, reduced or eliminated at any time. Initially, the Fund does not intend to invest in national, state or local debt of Ireland, Italy, Greece, Portugal, Spain, Estonia, Cyprus or Malta.<br/><br/>The Fund will seek to concentrate its investments in Debt Securities of more credit worthy issuers within the region. This currently includes sizable positions in the sovereign debt of Germany and France with attempted balanced allocations to the sovereign debt of other euro area countries as well as supranational issuers. Subject to the Fund's general investment requirement to provide broad regional and country exposure, the Fund generally invests a higher percentage of its assets in countries that have larger and more liquid debt markets. The Fund's exposure to any single country generally will be limited to 20% of the Fund's assets. The euro area countries in which the Fund invests and the percentage of Fund assets invested in a particular euro area country or issuer will change from time to time, depending on market conditions, as agreed upon by the investment adviser and investment sub-adviser.<br/><br/>The universe of Debt Securities in which the Fund may invest includes securities that are rated "investment grade" as well as "non-investment grade." The Fund, however, will focus its investments on investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss.<br/><br/>The Fund attempts to limit interest rate risk by maintaining an aggregate portfolio duration of between two and eight years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund's sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. The Fund's actual portfolio duration may be longer or shorter depending upon market conditions. The Fund may also invest in short-term money market securities denominated in euros.<br/><br/>The Fund may invest up to 20% of its net assets in derivatives such as forward currency contracts and swaps. The Fund's use of forward contracts and swaps will be underpinned by investments in cash or other liquid assets (typically short-term, high-quality U.S. money market securities) and is designed to provide exposure similar to investments in euro-denominated debt. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A swap is an agreement between two parties to exchange payments based on a reference asset, which may be a currency or interest rate but also may be a single asset, a pool of assets or an index of assets. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. Assets not invested in euro-denominated debt generally will be invested in U.S. government securities and investment grademoney market instruments. The Fund may invest up to 20% of its assets in debt instruments denominated in U.S. dollars issued by EU governments, government agencies, corporations, regional development banks and supranational issuers.<br/><br/>The decision to secure exposure through direct investment in bonds or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days' prior written notice of any change to this policy for the Fund. The Fund's year-to-date total return as of September 30, 2012 was 5.94%.<br/><br/><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="75%">&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td valign="bottom" width="10%">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Return</b></td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 3px solid;" valign="bottom" colspan="2" align="center"><b>Quarter/Year</b></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 3px solid; border-right: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Highest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">11.41</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q3/10</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-right: #000000 1px solid;" valign="bottom">Lowest Return</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">(9.47)</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">%&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="right">Q2/10</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-right: #000000 1px solid;" valign="bottom" nowrap="nowrap">&nbsp;&nbsp;</td></tr></table> The Fund seeks a high level of total return consisting of both income and capital appreciation. The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund&#8217;s average net assets. The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio. Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the BofA Merrill Lynch Euro Government Index, a relevant broad-based securities index, BofA Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index, the broad-based securities index used to measure the Fund&#8217;s performance during the prior fiscal year, the Spliced Euro Debt ex-Greece, Ireland, Italy, Portugal &amp; Spain Composite and the Spliced Euro Debt Composite. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <br/><br/>The Fund&#8217;s name and objective changed effective October 19, 2011. Fund performance prior to October 19, 2011 reflects the investment objective and style of the Fund when it was the WisdomTree Dreyfus Euro Fund and focused on short-term, euro-denominated money market instruments. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Total Return You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or its ability to meet its objective. <ul type="square"><li style="margin-left:-20px"><b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Market Risk.</b> The trading prices of commodities, currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Capital Controls Risk.</b> Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions, may, without prior warning, lead to government intervention and the imposition of &#8220;capital controls.&#8221; Capital controls may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, may adversely affect the trading market and price for shares of the Fund, and may cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively. Additionally, the realization of foreign exchange losses through security sales can impact income distributions paid by the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Commodity Risk.</b> The value of commodities and commodity-linked derivative instruments typically is based upon the price movements of a physical commodity or an economic variable linked to such price movements. The prices of commodities and commodity-related investments may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes. An active trading market may not exist for certain commodities. Each of these factors and events could have a significant negative impact on the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Currency Exchange Rate Risk.</b> The Fund currently invests a relatively large percentage of its assets in investments denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Deflation Risk.</b> The Fund currently invests a relatively large percentage of its assets in inflation-linked securities and instruments that provide similar exposure. In the event of a general decline in commodity and consumer prices, commonly referred to as &#8220;deflation,&#8221; these securities may lose value and have an adverse effect on Fund performance.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Derivatives Investment Risk.</b> The Fund may invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Emerging Markets Risk.</b> Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, developing or emerging market governments may, without prior warning, impose capital controls on the ability to transfer currency, securities or other assets. The Fund&#8217;s ability to access certain developing or emerging markets also may be limited due to a variety of factors, including currency convertibility issues. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, cause the Fund&#8217;s returns to differ from those available to domestic investors, adversely affect the trading market and price for Fund shares and cause the Fund to decline in value. </li></ul><ul type="square"><li style="margin-left:-20px"><b> High Yield Securities Risk.</b> Higher yielding, high risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Income Fluctuation Risk.</b> The Fund&#8217;s periodic income distributions are likely to fluctuate considerably more than the income distributions of a typical bond fund. The Fund&#8217;s income may decline during periods of deflation or due to changes in expectations concerning the rate of inflation. In deflationary environments, the principal and income of an inflation-protected security will decline and could result in losses for the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Inflation Risk.</b> An increase in the principal amount of an inflation-linked bond will be considered taxable ordinary income, even though investors do not receive the increased principal until maturity. As a result, in certain circumstances, the Fund may be required to make annual distributions to shareholders that exceed the cash received by the Fund on its investments. This may cause the Fund to liquidate investments when it might not be advantageous to do so and may have negative tax consequences.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b> Liquidity Risk.</b> The Fund may invest in derivatives and other instruments that may be less liquid than other types of investments. The derivatives in which the Fund invests may not always be liquid. This could have a negative effect on the Fund&#8217;s ability to achieve its investment objective and may result in losses to Fund shareholders.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantees that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Non-U.S. Markets Risk.</b> The Fund may invest in bonds and other instruments issued by non-U.S. governments or that track non-U.S. interest or inflation rates. Foreign markets are generally less liquid and can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Each of these factors may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund shares, and cause the Fund to decline in value.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Portfolio Turnover Risk.</b> The Fund&#8217;s strategy may frequently involve buying and selling portfolio securities to rebalance the Fund&#8217;s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund&#8217;s performance to be less than you expect.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Short Sales Risk.</b> The Fund may engage in &#8220;short sale&#8221; transactions. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value. The Fund also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards. If the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to a third party in connection with the short sale. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Sovereign Debt Risk.</b> Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Subsidiary Investment Risk.</b> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result in the inability of the WisdomTree Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.</li></ul><ul type="square"><li style="margin-left:-20px"><b>Tax Risk.</b> The Fund expects to obtain exposure to the commodities markets by entering into commodity-linked derivative instruments, such as listed futures contracts. In order for the Fund to qualify as a regulated investment company, the Fund must derive at least 90% of its gross income each taxable year from qualifying income. Income from certain commodity-linked derivative instruments in which the Fund invests may not be considered qualifying income. The Fund will seek to limit such income so as to qualify as a regulated investment company. The Fund intends to invest in such commodity-linked derivative instruments indirectly through the WisdomTree Subsidiary. Failure to comply with the requirements for qualification as a regulated investment company would have significant negative tax consequences to Fund shareholders.</li></ul> <b>Fund Performance </b> The Fund commenced operations on July 14, 2011, and therefore does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. The Fund commenced operations on July 14, 2011, and therefore does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s return based on net assets and comparing the Fund&#8217;s performance to a broad measure of market performance. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> You can lose money on your investment in the Fund. 0.03 The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund&#8217;s financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund&#8217;s average annual total returns, both before and after taxes. The table also shows how the Fund&#8217;s performance compares to the JP Morgan Government Bond Index&#8211;Emerging Markets (GBI-EM) Global Diversified Index, a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <b>Average Annual Total Returns for the periods ending December 31, 2011 </b> <b>Principal Risks of Investing in the Fund </b> You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and/or ability to meet its objective. <ul type="square"><li style="margin-left:-20px"> <b>Investment Risk.</b> As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"> <b> Market Risk.</b> The trading prices of currencies, fixed income securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Shares of the Fund May Trade at Prices Other Than NAV.</b> Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV when purchased and sold in the secondary market, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Cash Redemption Risk.</b> The Fund&#8217;s investment strategy will require it to effect redemptions, in whole or in part, for cash, triggering security sales. The sale of non-U.S. denominated securities can generate realized foreign exchange losses which could impact the income distributions paid by the Fund. Additionally, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used exclusively.</li></ul><ul type="square"><li style="margin-left:-20px"> <b> Counterparty and Issuer Credit Risk.</b> The financial condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations. While the Fund attempts to limit credit and counterparty exposure in a manner consistent with its investment objective, the value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults and changes in the credit ratings of the Fund&#8217;s portfolio investments. </li></ul><ul type="square"><li style="margin-left:-20px"> <b>Currency Exchange Rate Risk.</b> The Fund invests a significant portion of its assets in investments denominated in euros, or in securities that provide exposure to euros, currency exchange rates or interest rates denominated in euros. Changes in currency exchange rates and the relative value of the euro will affect the value of the Fund&#8217;s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Derivatives Investment Risk.</b> The Fund may invest in derivatives. Derivatives are subject to a number of risks described elsewhere in this Prospectus, such as interest rate risk, market risk, and credit risk. They also involve the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, or that the counterparty to a derivative contract might default on its obligations. Derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Euro Investment Risk.</b> The Fund invests primarily in securities denominated in euros and thus has significant exposure to the euro and events affecting the euro. Recent market events affecting several of the EU member countries have adversely affected the sovereign debt issued by those countries, and ultimately may lead to a decline in the value of the euro.</li></ul><ul type="square"><li style="margin-left:-20px"> <b> Foreign Securities Risk.</b> The Fund invests a significant portion of its assets in non-U.S. securities and instruments, or in securities that provide exposure to such securities and instruments. Investments in non-U.S. securities and instruments involve certain risks that may not be present with investments in U.S. securities, including the risk of loss due to foreign currency fluctuations or to political or economic instability.</li></ul><ul type="square"><li style="margin-left:-20px"> <b> Geographic Concentration in Europe.</b> Because the Fund concentrates its investments in Europe, the Fund&#8217;s performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. Most developed countries in Western Europe are members of the European Union (EU), and many are also members of the European Monetary Union (EMU), which requires compliance with restrictions on inflation rates, deficits, and debt levels. Unemployment in certain European nations is historically high. In addition, the tight fiscal and monetary controls necessary to join the EMU can significantly affect every country in Europe. These and other factors could have a negative impact on the Fund&#8217;s performance and increase the volatility of an investment in the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>High Yield Securities Risk.</b> Higher yielding, high risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Interest Rate Risk.</b> Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates and other factors, such as perception of an issuer&#8217;s creditworthiness.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Issuer-Specific Risk.</b> Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Repurchase Agreement Risk.</b> The Fund&#8217;s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</li></ul><ul type="square"><li style="margin-left:-20px"> <b>Sovereign Debt Risk.</b> Bonds issued by governments, sometimes referred to as &#8220;sovereign&#8221; debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. In the past, governments of emerging market countries have refused to honor their payment obligations on issued bonds. </li></ul> 0.26 Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Index returns do not reflect deductions for fees, expenses or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <ul type="square"><li style="margin-left:-20px"> <b>Non-Diversification Risk.</b> The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.</li></ul> You can lose money on your investment in the Fund. The Fund is an actively managed exchange traded fund (&#8220;ETF&#8221;) that seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to the currencies and money market rates of selected emerging market countries. <br/><br/> The Fund seeks to provide exposure to currencies and money market rates from emerging and developing economies in three regions of the world: (i) Asia, (ii) Latin America and (iii) Europe, the Middle East and Africa. Within these regions, the Fund intends to invest in a subset of the following markets: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Indonesia, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, and Turkey. This list may change based on market developments. The Fund attempts to achieve exposure to the most liquid currencies within each of the three broad regions, while at the same time maintaining geographic and economic diversity across these regions. The specific set of currencies is selected on the annual assessment date each year (typically in August) and generally remains the same throughout the year. The selected currencies are equally weighted in terms of U.S. dollar value at the annual assessment date. The Fund is rebalanced quarterly in order to maintain this equal weighting. In order to maintain geographic diversity, the Fund&#8217;s exposure to each of the three broad geographic regions is limited to 55% of its total asset value on the annual assessment date and at each quarterly rebalancing. More frequent rebalancing may occur in response to significant market events. A significant event might include, for example, market conditions that significantly disrupt liquidity or result in the reclassification of a currency (from emerging to developed, for example). Currencies that generally would be considered liquid may be ineligible for investment or dropped from the Fund as a result of government action or other market events if the Fund&#8217;s adviser believes doing so would be in the best interest of the Fund.<br/><br/> Because the market for money market securities in the selected emerging markets generally is less liquid and accessible to foreign investors than corresponding markets in more developed countries, the Fund intends to achieve exposure to these markets by investing primarily in short-term U.S. money market securities and forward currency contracts and swaps of the constituent currencies. The combination of U.S. money market securities with forward currency contracts and currency swaps is designed to provide exposure equivalent to money market securities denominated in currencies of the selected markets in which the Fund invests. In aggregate, the Fund&#8217;s investments should create exposure that is economically similar to a basket of money market securities denominated in each of the selected currencies. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A currency swap is an agreement between two parties to exchange one currency for another at a future rate. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. <br/><br/> In order to attempt to reduce interest rate risk, the Fund generally will maintain a weighted average portfolio maturity of 90 days or less with respect to the money market securities in its portfolio. The Fund will not purchase any security with a remaining maturity of more than 397 calendar days. All U.S. money market securities acquired by the Fund will be rated in the upper two short-term ratings by at least two nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) or, if unrated, deemed to be of equivalent quality. The Fund does not seek to preserve capital in U.S. dollars. <br/><br/> The decision to secure exposure directly or indirectly will be a function of, among other things, market accessibility, credit exposure, and tax ramifications for foreign investors. If the Fund pursues direct investment, eligible investments include short-term securities issued by emerging market governments and their agencies or instrumentalities, bank debt obligations and time deposits, bankers&#8217; acceptances, commercial paper, short-term corporate debt obligations, mortgage-backed securities, and asset-backed securities. <br/><br/> The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments whose combined performance is tied economically to selected emerging market countries. If, subsequent to an investment, the 80% requirement is no longer met, the Fund&#8217;s future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days&#8217; prior notice of any change to this policy for the Fund. Lowest Return The Fund's year-to-date total return as of September 30, 2012 2012-09-30 0.0766 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. Total Return Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not reflect deductions for fees, expenses or taxes. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund&#8217;s financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. Investors may pay brokerage commissions on their purchases and sales of fund shares, which are not reflected in the example. Based on NAV "Other Expenses" are based on estimated amounts for the current fiscal year. Previously, the Fund's performance was compared to the BofA Merrill Lynch New Zealand Dollar One-Month LIBID Constant Maturity Index as its primary benchmark. The Fund's investment adviser has elected to compare the Fund's performance to the Citigroup Australian Broad Investment-Grade (AusBIG) Bond Index (USD) because it believes this is the most appropriate measure for comparison to the Fund's performance. Reflects performance of the BofA Merrill Lynch New Zealand Dollar One-Month LIBID Constant Maturity Index through October 24, 2011 and, thereafter, an 80% / 20% weighted exposure to the local currency bond markets of Australia and New Zealand, respectively. Performance for Australia is proxied by the total returns of the Citigroup Australian Broad Investment-Grade Bond Index. Performance for the New Zealand bond market is proxied by the JPMorgan New Zealand Government Bond Index. Country exposures are rebalanced back to target weighting quarterly. Previously, the Fund's performance was compared to the BofA Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index as its primary benchmark. The Fund's adviser has elected to compare the Fund's performance to the BofA Merrill Lynch Euro Government Index because it believes this is the most appropriate measure for comparison to the Fund's performance. The Spliced Euro Debt ex-Greece, Ireland, Italy, Portugal & Spain Composite tracks the BofA Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index through October 18, 2011. Thereafter, the composite tracks the BofA Merrill Lynch Euro Government Excluding Greece, Ireland, Italy, Portugal & Spain Index, which is a subset of the BofA Merrill Lynch Euro Government Index. It is a market capitalization-weighted index that tracks the performance of euro-denominated sovereign debt publicly issued by Euro member countries excluding Greece, Ireland, Italy, Portugal and Spain as the country of risk. Reflects performance of the BofA Merrill Lynch Euro Currency One-Month LIBID Constant Maturity Index through October 18, 2011 and, thereafter, the BofA Merrill Lynch Euro Government Index. The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. 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