N-CSR 1 d313242dncsr.htm WISDOMTREE TRUST WisdomTree Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21864

 

 

WisdomTree Trust

(Exact name of registrant as specified in charter)

 

 

 

250 West 34th Street, 3rd Floor

New York, NY 10167

(Address of principal executive offices) (Zip code)

 

 

The Corporation Trust Company

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (866) 909-9473

Date of fiscal year end: June 30

Date of reporting period: June 30, 2022

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 


Item 1. Reports to Stockholders.

 

  (a)

The Reports to Shareholders are attached hereto.

 

  (b)

Not applicable.


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WisdomTree Trust

Annual Report

June 30, 2022

 

International Equity ETFs:

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (DDLS)

WisdomTree Emerging Markets ESG Fund (RESE)

WisdomTree International ESG Fund (RESD)

Fixed Income ETFs:

WisdomTree U.S. Corporate Bond Fund (WFIG)

WisdomTree U.S. High Yield Corporate Bond Fund (WFHY)

WisdomTree U.S. Short-Term Corporate Bond Fund (SFIG)

Efficient Core ETFs:

WisdomTree Emerging Markets Efficient Core Fund (NTSE)

WisdomTree International Efficient Core Fund (NTSI)

WisdomTree U.S. Efficient Core Fund (NTSX)

Megatrends ETFs:

WisdomTree Artificial Intelligence and Innovation Fund (WTAI)

WisdomTree Battery Value Chain and Innovation Fund (WBAT)

WisdomTree BioRevolution Fund (WDNA)

WisdomTree Cloud Computing Fund (WCLD)

WisdomTree Cybersecurity Fund (WCBR)

 


Table of Contents

 

 

Market Environment Overview (unaudited)

       1  

Information about Performance and Shareholder Expense Examples (unaudited)

       4  

Management’s Discussion of Funds’ Performance (unaudited)

       5  

Description of Terms and Indexes (unaudited)

       20  
Schedules of Investments     

WisdomTree Dynamic Currency Hedged International Equity Fund

       24  

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund

       37  

WisdomTree Emerging Markets ESG Fund

       49  

WisdomTree International ESG Fund

       54  

WisdomTree U.S. Corporate Bond Fund

       58  

WisdomTree U.S. High Yield Corporate Bond Fund

       66  

WisdomTree U.S. Short-Term Corporate Bond Fund

       74  

WisdomTree Emerging Markets Efficient Core Fund

       81  

WisdomTree International Efficient Core Fund

       87  

WisdomTree U.S. Efficient Core Fund

       93  

WisdomTree Artificial Intelligence and Innovation Fund

       101  

WisdomTree Battery Value Chain and Innovation Fund

       104  

WisdomTree BioRevolution Fund

       107  

WisdomTree Cloud Computing Fund

       109  

WisdomTree Cybersecurity Fund

       111  

Statements of Assets and Liabilities

       112  

Statements of Operations

       115  

Statements of Changes in Net Assets

       118  

Financial Highlights

       123  

Notes to Financial Statements

       131  

Report of Independent Registered Public Accounting Firm

       148  

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

       150  

Liquidity Risk Management Program (unaudited)

       152  

Trustees and Officers Information (unaudited)

       153  

Supplemental Information (unaudited)

       155  

General Information (unaudited)

       157  

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

 


Market Environment Overview

(unaudited)

 

U.S. Markets

U.S. equity markets, as measured by the S&P 500 Index (“S&P 500”), returned -10.62% in U.S. dollar terms for the 12-month fiscal period ending June 30, 2022 (the “fiscal period”).

Vaccine accessibility and relatively benign flareups of the novel coronavirus (“COVID-19”) established confidence in markets early on in the fiscal period as the U.S. economy steadily continued its recovery rally. Economic growth remained robust during the latter half of 2021, although inflation rates began to accelerate amid a backdrop of accommodative monetary policy. U.S. real gross domestic product (“GDP”) grew 5.7%, while inflation increased nearly 7% year-over-year during 2021.

During the third quarter of 2021, U.S. markets initially moved higher as vaccines became accessible for most demographics. Shortly thereafter, flareups of new strains with unknown contagiousness and severity soured market sentiment. The S&P 500 managed to stay positive for the quarter, increasing about 0.5%, while small cap equities, as proxied by the Russell 2000 Index (“Russell 2000”), declined about -4.3%. However, the economic recovery slowly continued despite the decline in sentiment, as real GDP grew 2.3% during the quarter.

During the fourth quarter of 2021, markets regained momentum. The U.S. economy continued to grow and the ongoing monetary policy support from the U.S. Federal Reserve (the “Fed”) helped support markets. The S&P 500 returned over 11% to finish the 2021 calendar year, while small caps fluctuated but managed to increase overall by 2.1%. As 2021 concluded, investors acknowledged that the economy had recovered quickly and efficiently, but feared that 2022 would likely see the end of the accommodative monetary policies that helped support equity markets. The U.S. unemployment rate fell below 4% by the end of the 2021 calendar year, coming very close to pre-pandemic lows, and real GDP grew nearly 7% during the quarter. However, inflation rates continued to accelerate as well.

Entering the first quarter of 2022, several concerns led to risk-off sentiments among investors. At the forefront were concerns about runaway inflation, and the expectation that the Fed would have to quickly intervene with restrictive monetary policy actions to tame it. Interest rates rose quickly as bonds sold off, and the Fed raised its target federal funds rate for the first time since slashing it to 0% at the onset of the COVID-19 pandemic in 2020.

However, inflationary and interest rate concerns temporarily took a backseat halfway through the first quarter of 2022, as geopolitical tensions between Russia and Ukraine escalated into war. Investor risk-on sentiment deteriorated, and equities tumbled for several weeks as markets assessed the developments and prospects for a resolution. As a result, U.S. equities sold off during the quarter, owing to the near certainty of several upcoming interest rate hikes amid a tightening cycle and geopolitical tensions between Russia and Ukraine. Though the unemployment rate continued to fall, declining to 3.6%, while the rate of inflation increased to 8.5% year-over-year and real GDP fell by -1.6%. During the first quarter of 2022, the S&P 500 declined -4.6% while small caps declined over -7.5%.

During the second quarter of 2022, market sentiment grew even more pessimistic. Each of the S&P 500 and Russell 2000 fell about 16-17% amid ongoing concerns about inflation data and expected impacts to corporate earnings in the near future. Monthly inflation readings in the 8-9% range loomed over markets, which proved that the Fed’s initial interest rate hikes did little to alleviate price pressures, and more frequent and aggressive rate hikes would be needed. Because of this, markets began to fear that interest rates would have to be raised to a level that would likely tip the economy into recession, which amplified fears and exacerbated market declines. Estimates for real GDP data for the quarter are expected to be very low or perhaps even negative, the latter of which would be the second straight quarter of real GDP declines and may signal a technical recession.

 

WisdomTree Trust      1  


Market Environment Overview

(unaudited) (continued)

 

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

Fixed Income

During the fiscal period, U.S. fixed income performance was volatile amid a rapidly transforming economic landscape and changes in investor risk sentiment. The Bloomberg U.S. Aggregate Bond Index, a gauge of the broad U.S. fixed income market, fell about -10.3% during the fiscal period, with nearly the entire decline occurring in the first six months of 2022 amid a rising interest rate environment and record inflation. U.S. Treasury yields, a barometer for domestic interest rates due to its relationship with the Fed funds rate at the short end of the yield curve and future economic growth prospects at the long end, rose while the slope and shape changed throughout the year. Yields on shorter-dated U.S. Treasuries began the period near 0%, commensurate with the Fed’s prevailing monetary policy activity, but finished the fiscal period closer to 3% as U.S. Treasury investors estimated the extent of future rate hikes needed to subdue the highest inflation in four decades. Longer-dated U.S. Treasury yields rose as well, though the 10-year U.S. Treasury yield varied during the period as the market contemplated the possibility that the Fed would have to raise rates high enough to combat historic inflation which could potentially tip the U.S. economy into a recession. The 10-year U.S. Treasury yield began the fiscal period at 1.46%, rose as high as 3.49%, and then fell to 2.98% to conclude the fiscal period. At times, the 10-year U.S. Treasury yield fell below that of shorter-dated rates as well, such as the 2-year U.S. Treasury yield, which caused the yield curve to invert. Typically, an inverted yield curve for a prolonged period is regarded as a recessionary indicator. Bearish economic sentiment weighed on riskier fixed income investments as well, with high yield credit, as proxied by the Bloomberg U.S. Corporate High Yield Index, falling nearly -13% during the fiscal period, as high yield spreads began to climb to their highest level since the early stages of the COVID-19 pandemic of 2020.

International Markets

International equity markets, as measured by the MSCI EAFE Index, a broad measure of equity performance for the developed world outside the U.S. and Canada, declined nearly -18% for the fiscal period.

Currency markets suffered throughout the fiscal period, as all Group of Ten (“G10”) currencies weakened relative to a strong U.S. dollar. The European euro steadily weakened during the fiscal period, as the European region generally experienced slower economic growth than the U.S. and had less of a need for interest rate hikes during the near-term that likely would have helped the struggling currency. Although not in Europe, this effect was even more pronounced in the Japanese yen, which was being suppressed by the Bank of Japan in its attempt to stimulate economic growth through low interest rates while the rest of the global economy was overheating. The Japanese yen weakened slightly for most of the fiscal period, though it sold off considerably during the latter half of the fiscal period to become one of the worst performing currencies. The British pound also weakened versus the U.S. dollar, alongside the Japanese yen, European euro and others.

During the third quarter of 2021, international equities changed directions a few times but finished flat, declining only -0.45% in U.S. dollar terms. Early summertime optimism faded as new and potentially more infectious COVID-19 variants appeared and spread throughout the world. This stoked fear of renewed “lockdowns”, questions of vaccine efficacy, and threatened the ongoing economic recovery.

But investors’ concerns eventually abated during the fourth quarter of 2021. Fears of systemic impacts from the troubles in Chinese real estate markets briefly sent markets into negative territory, but they finished 2021 stronger once their contagion concerns were allayed. International equities ultimately finished the quarter in positive territory, returning 2.69% in U.S. dollar terms.

 

2   WisdomTree Trust


Market Environment Overview

(unaudited) (concluded)

 

Overall, international equities remained relatively flat for the first half of the fiscal period. Though the pace of economic growth improved during 2021, along with the inflation rates around the world amid a global backdrop of accommodative monetary policy, international equities could not catch a strong tailwind and finished 2021 with modest returns.

Entering calendar year 2022, several headwinds weighed on investor sentiment and led to steep declines in international equity markets. At the forefront were concerns about runaway inflation and the expectation that global central banks would have to quickly intervene with restrictive monetary policy actions to tame it. Interest rates around the world rose quickly as bonds sold off, and the Fed kickstarted the global rate hike campaign by raising its target federal funds rate for the first time since slashing it to 0% during the onset of the COVID-19 pandemic in 2020.

Similar to U.S. equities, inflationary and interest rate concerns temporarily took a backseat halfway through the first quarter of 2022, as geopolitical tensions between Russia and Ukraine escalated into war. Investor risk-on sentiment deteriorated and international equities tumbled for several weeks as markets assessed the developments and prospects for a resolution. Meanwhile, a global commodity shortage materialized and exacerbated inflationary pressures in developed regions such as Europe, due to its dependency on Russian energy imports despite coordinated global sanctions and energy embargoes against Russia for its role in the war with Ukraine. As a result, international equities sold off in the first quarter of 2022, owing to the near certainty of several upcoming interest rate hikes amid a tightening cycle, energy supply uncertainty, and indefinite conflict between Russia and Ukraine. International equities declined nearly -6% in U.S. dollar terms, regaining some ground after reaching a -15% low in early March 2022.

During the second quarter of 2022, many of these same fears and sentiments persisted and, in some cases, worsened. During the second quarter of 2022, international equities, as measured by the MSCI EAFE Index, declined over -14.5% in U.S. dollar terms amid the ongoing conflict with Russia and Ukraine, inflationary pressures showing no signs of abating, and an anticipated impact to global corporate earnings. From a central bank standpoint, both the Bank of Japan and European Central Bank have maintained low interest rates so far, with the former reaffirming this accommodative monetary policy stance while the latter is beginning to consider interest rate hikes as a tightening tool.

Many of these risk factors remain paramount, and international equity market performance will be heavily dependent on developments in the war between Russia and Ukraine, economic data, energy pressure abatement, and upcoming central bank activity. International equity markets may also strengthen if global risk sentiment improves and investors determine this fiscal period’s selloff has been overdone.

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

 

WisdomTree Trust      3  


Information about Performance and Shareholder Expense Examples (unaudited)

Performance

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

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

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

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

Shareholder Expense Examples

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. Except where noted, expenses are calculated using each Fund’s annualized expense ratio (after the effect of contractual or voluntary fee waivers, if any), multiplied by the average account value for the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratio does not include acquired fund fees and expenses (“AFFEs”), which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

 

4   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    21.5%  

Industrials

    12.6%  

Materials

    11.5%  

Consumer Staples

    9.7%  

Health Care

    9.7%  

Consumer Discretionary

    7.7%  

Communication Services

    7.5%  

Utilities

    6.2%  

Energy

    5.1%  

Real Estate

    3.7%  

Information Technology

    3.3%  

Other Assets less Liabilities‡

    1.5%  

Total

    100%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

BHP Group Ltd.

    2.9%  

Nestle SA, Registered Shares

    2.1%  

Rio Tinto Ltd.

    1.5%  

Novartis AG, Registered Shares

    1.5%  

Toyota Motor Corp.

    1.2%  

GSK PLC

    1.1%  

Shell PLC

    1.1%  

Nippon Telegraph & Telephone Corp.

    1.1%  

Roche Holding AG

    1.1%  

Commonwealth Bank of Australia

    1.0%  
*

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

The WisdomTree Dynamic Currency Hedged International Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International Equity Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies in the industrialized world outside the U.S. and Canada while at the same time dynamically hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -4.12% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). Despite the negative performance for the fiscal year, all sectors were positive relative contributors to performance due to the Fund’s emphasis on dividend investing in an environment where value investing outperformed the broader market’s decline. The Fund benefitted from positions in the Information Technology, Industrials, and Financials sectors, all of which were primarily due to stock selection effects during a strong period for value investing. The least positive contributor was the Energy sector, due to both stock selection and allocation impacts. Fund performance was also aided by currency movements during the fiscal year. Amid record inflation readings throughout developed equity markets, each of the G10 currencies weakened against the U.S. dollar, which strengthened rapidly as investors expected the Fed to hike interest rates to quell the overheating economy. During the fiscal year, the Fund utilized foreign exchange contracts to dynamically hedge its foreign currency exposures. The Fund was nearly entirely hedged against movements in the Australian dollar, Swiss franc, and Japanese yen during the fiscal year, and more than two-thirds hedged against the European euro and British pound. Overall, the Fund’s use of foreign exchange contracts contributed to Fund performance as each of these currencies weakened relative to the U.S. dollar.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 925.00        0.40   $ 1.91  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.81        0.40   $ 2.01  

 

Performance

 

 

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

Fund NAV Returns

       -4.12      2.74      3.47      6.19

Fund Market Price Returns

       -3.99      2.79      3.49      6.32

WisdomTree Dynamic Currency Hedged International Equity Index

       -4.08      3.02      3.70      6.37

MSCI EAFE Local Currency Index

       -6.59      4.37      4.27      6.17

MSCI EAFE Index

       -17.77      1.07      2.20      4.81

MSCI EAFE Value Index

       -11.95      0.18      0.52      3.75
1 

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

 

LOGO

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

 

WisdomTree Trust      5  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (DDLS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    22.1%  

Financials

    15.3%  

Materials

    11.7%  

Consumer Discretionary

    10.8%  

Real Estate

    9.4%  

Consumer Staples

    7.3%  

Information Technology

    7.0%  

Communication Services

    4.4%  

Utilities

    3.9%  

Health Care

    3.9%  

Energy

    2.7%  

Other Assets less Liabilities‡

    1.5%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Cia de Distribucion Integral Logista Holdings SA

    1.0%  

PostNL NV

    0.9%  

NetLink NBN Trust

    0.7%  

Ferrexpo PLC

    0.7%  

Diversified Energy Co. PLC

    0.7%  

Metcash Ltd.

    0.7%  

Hutchison Port Holdings Trust

    0.6%  

Shougang Fushan Resources Group Ltd.

    0.6%  

Drax Group PLC

    0.6%  

BFF Bank SpA

    0.5%  
*

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

The WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in the small-capitalization segment of dividend-paying companies in the industrialized world outside the U.S. and Canada while at the same time dynamically hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -9.78% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). Despite the negative performance for the fiscal year, all sectors were positive relative contributors to performance due to the Fund’s emphasis on dividend investing in an environment where value investing outperformed the broader market’s decline. The Fund benefitted from positions in the Information Technology, Industrials, and Consumer Discretionary sectors, all of which were primarily due to stock selection effects during a strong period for value investing. The least positive contributor was the Energy sector, again due to stock selection. Fund performance was also aided by currency movements during the fiscal year. Amid record inflation readings throughout developed equity markets, each of the G10 currencies weakened against the U.S. dollar, which strengthened rapidly as investors expected the Fed to hike interest rates to quell the overheating economy. During the fiscal year, the Fund utilized foreign exchange contracts to dynamically hedge its foreign currency exposures. The Fund was nearly entirely hedged against movements in the Australian dollar, Swiss franc, and Japanese yen during the fiscal year, and more than two-thirds hedged against the European euro and British pound. Overall, the Fund’s use of foreign exchange contracts contributed to Fund performance as each of these currencies weakened relative to the U.S. dollar.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 873.10        0.48   $ 2.23  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.41        0.48   $ 2.41  

Performance

 

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

Fund NAV Returns

       -9.78      3.89      2.88      6.47

Fund Market Price Returns

       -8.78      4.26      2.93      6.73

WisdomTree Dynamic Currency Hedged International SmallCap Equity Index

       -9.70      4.18      3.27      6.88

MSCI EAFE Small Cap Local Currency Index

       -12.93      4.63      3.89      6.29

MSCI EAFE Small Cap Index

       -23.98      1.12      1.72      4.90

MSCI EAFE Small Cap Value Index

       -18.90      0.81      0.83      4.56
1 

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

 

LOGO

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

 

6   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Emerging Markets ESG Fund (RESE)

 

Sector Breakdown  

 

Sector   % of Net Assets  

Information Technology

    22.1%  

Financials

    21.0%  

Consumer Discretionary

    18.2%  

Consumer Staples

    9.0%  

Materials

    8.8%  

Communication Services

    7.8%  

Industrials

    6.1%  

Health Care

    4.2%  

Utilities

    2.3%  

Other Assets less Liabilities‡

    0.5%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

 

Top Ten Holdings*

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd.

    6.8%  

Tencent Holdings Ltd.

    4.8%  

Samsung Electronics Co. Ltd.

    3.6%  

Alibaba Group Holding Ltd.

    3.5%  

Infosys Ltd.

    1.2%  

BYD Co. Ltd., Class H

    1.2%  

Ping An Insurance Group Co. of China Ltd., Class H

    1.0%  

Housing Development Finance Corp. Ltd.

    1.0%  

ICICI Bank Ltd.

    0.9%  

America Movil SAB de CV, Series L

    0.8%  
*

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

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

The Fund returned -25.99% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During what was a challenging fiscal year for risk assets and emerging markets in particular, the Fund managed to benefit from positions in the Consumer Discretionary, Communication Services, and Health Care sectors, all of which were primarily due to stock selection effects. A lack of exposure to the Energy sector was a significant detractor in an environment when global energy prices significantly increased due to supply chain issues and global sanctions against Russia due to its war with Ukraine. The Materials and Financials sectors also weighed on the Fund’s performance, owing to stock selection impacts in both.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 807.80        0.32   $ 1.43  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.21        0.32   $ 1.61  

Performance

 

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

Fund NAV Returns2

       -25.99      -0.76      1.95      5.32

Fund Market Price Returns2

       -25.03      -0.54      1.97      5.50

MSCI Emerging Markets Extended ESG Focus Index3

       -26.42      0.84      N/A        N/A  

MSCI Emerging Markets Index

       -25.28      0.57      2.18      5.95
1 

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

2 

The Fund’s objectives and strategies changed effective March 16, 2020. Prior to March 16, 2020, Fund performance reflects the investment objective of the Fund when it was the WisdomTree Emerging Markets Dividend Fund (DVEM) and tracked the performance, before fees and expenses, of the WisdomTree Emerging Markets Dividend Index.

3 

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

 

LOGO

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

 

WisdomTree Trust      7  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree International ESG Fund (RESD)

 

Sector Breakdown

Sector   % of Net Assets  

Health Care

    17.0%  

Financials

    15.7%  

Industrials

    14.3%  

Consumer Staples

    14.0%  

Information Technology

    10.2%  

Materials

    10.2%  

Consumer Discretionary

    9.1%  

Utilities

    4.7%  

Communication Services

    4.1%  

Other Assets less Liabilities‡

    0.7%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

 

Top Ten Holdings*

 

Description   % of Net Assets  

Nestle SA, Registered Shares

    3.0%  

Novo Nordisk A/S, Class B

    2.0%  

Roche Holding AG

    2.0%  

Novartis AG, Registered Shares

    1.6%  

SAP SE

    1.3%  

Unilever PLC

    1.3%  

Commonwealth Bank of Australia

    1.2%  

Diageo PLC

    1.1%  

Sanofi

    1.1%  

GSK PLC

    1.1%  
*

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

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

The Fund returned -16.85% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). Despite the negative performance for the fiscal year, the Fund benefitted from positions in the Communication Services, Information Technology, and Health Care sectors, all of which were primarily due to stock selection effects. A lack of exposure to the Energy sector was a significant detractor in an environment when global energy prices significantly increased due to supply chain issues and global sanctions against Russia due to its war with Ukraine. The Materials sector also detracted from the Fund’s performance due stock selection effects.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 810.90        0.30   $ 1.35  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.31        0.30   $ 1.51  

Performance

 

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

Fund NAV Returns2

       -16.85      3.99      4.38      7.20

Fund Market Price Returns2

       -16.80      4.02      4.44      7.24

MSCI EAFE Extended ESG Focus Index3

       -17.99      1.56      N/A        N/A  

MSCI EAFE Index

       -17.77      1.07      2.20      4.69
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on November 3, 2016.

2 

The Fund’s objective and strategy changed effective March 16, 2020. Prior to March 16, 2020, Fund performance reflects the investment objective of the Fund when it was the WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund (DHDG) and tracked the performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Index.

3 

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

 

LOGO

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

 

8   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. Corporate Bond Fund (WFIG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    28.2%  

Health Care

    15.6%  

Information Technology

    11.5%  

Utilities

    7.6%  

Communication Services

    7.4%  

Consumer Discretionary

    6.8%  

Industrials

    6.7%  

Consumer Staples

    6.3%  

Energy

    3.6%  

Materials

    2.9%  

Real Estate

    1.8%  

U.S. Government Obligations

    0.1%  

Other Assets less Liabilities‡

    1.5%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

 

Top Ten Holdings*  
Description   % of Net Assets  

JPMorgan Chase & Co.,
3.63%, 12/1/27

    1.6%  

Morgan Stanley,
5.00%, 11/24/25

    1.2%  

Oracle Corp.,
5.38%, 7/15/40

    1.1%  

Oracle Corp.,
2.88%, 3/25/31

    1.1%  

Citigroup, Inc.,
4.30%, 11/20/26

    1.1%  

Bank of America Corp.,
1.90%, 7/23/31

    1.0%  

VMware, Inc.,
1.40%, 8/15/26

    0.9%  

Wells Fargo & Co.,
1.65%, 6/2/24

    0.9%  

Dow Chemical Co.,
2.10%, 11/15/30

    0.9%  

Constellation Brands, Inc.,
2.25%, 8/1/31

    0.8%  
*

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

The WisdomTree U.S. Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the U.S. investment grade corporate bond market that are deemed to exhibit favorable fundamentals and opportunities for income. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -14.83% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund did not benefit from a full allocation into corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds, in the face of recessionary and inflation driven fears, lagged the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. Investment grade corporate bond credit spreads widened consistently by 84% over the fiscal year (0.86% credit spread at the beginning of the fiscal year versus 1.58% credit spread at the end of the fiscal year). Asset classes that are typically described as “risk-on”, like corporate debt, have continued to generate negative performance as the global markets grappled with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. The Fund’s largest sector weights were in more cyclical sectors like Financials and Utilities, which have generally performed better during this inflation driven markets as compared to the growth-oriented sectors like Technology and Consumer Services. Intermediate levels of duration risk was another significant detractor for the Fund during a period of rising interest rates over the fiscal year. The Fund’s quality screening approach of screening out potential at-risk issuers helped alleviate some performance volatility and downgrade risk.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 850.00        0.18   $ 0.83  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.90        0.18   $ 0.90  

 

Performance

 

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

Fund NAV Returns

       -14.83      -1.40      0.92      1.29

Fund Market Price Returns

       -14.96      -1.49      1.05      1.27

WisdomTree U.S. Corporate Bond Index

       -14.73      -1.20      1.15      1.61

ICE BofA Merrill Lynch U.S. Corporate Index

       -13.83      -0.81      1.39      1.91
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on April 27, 2016.

 

LOGO

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

 

WisdomTree Trust      9  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. High Yield Corporate Bond Fund (WFHY)

 

Sector Breakdown

 

Sector   % of Net Assets  

Consumer Discretionary

    16.4%  

Communication Services

    16.2%  

Energy

    11.7%  

Health Care

    10.2%  

Industrials

    8.9%  

Financials

    7.9%  

Information Technology

    6.5%  

Consumer Staples

    6.4%  

Real Estate

    5.9%  

Materials

    4.7%  

Utilities

    2.2%  

Other Assets less Liabilities‡

    3.0%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,
7.88%, 2/15/25

    1.1%  

Ford Motor Co.,
5.29%, 12/8/46

    0.8%  

DISH DBS Corp.,
7.75%, 7/1/26

    0.8%  

Frontier Communications Holdings LLC,
5.00%, 5/1/28

    0.7%  

Nationstar Mortgage Holdings, Inc.,
6.00%, 1/15/27

    0.7%  

CSC Holdings LLC,
5.38%, 2/1/28

    0.7%  

Charter Communications Operating LLC / Charter Communications Operating Capital,
3.70%, 4/1/51

    0.7%  

Frontier Communications Holdings LLC,
5.88%, 11/1/29

    0.7%  

MPH Acquisition Holdings LLC, 5.75%, 11/1/28

    0.7%  

Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28

    0.6%  
*

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

The WisdomTree U.S. High Yield Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Yield Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the U.S. non-investment grade corporate bond (“junk bond” or “high yield”) market that are deemed to exhibit favorable fundamentals and opportunities for income. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -13.16% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund did not benefit from a full allocation into high yield corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds, in the face of recessionary and inflation driven fears, lagged the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by high yield public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. High yield corporate bond credit spreads widened consistently by 85% over the fiscal year (3.04% credit spread at the beginning of the fiscal year versus 5.62% credit spread at the end of the fiscal year). Asset classes that are typically described as “risk-on”, like high yield corporate debt, have continued to generate negative performance as the global markets grappled with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. One of the driving factors to performance for the Fund came from one of its larger sector weights in Energy, as the energy and commodities sectors broadly have seen relatively better performance over the fiscal year when compared to other sectors. Offsetting much of this was the negative performance impacts due to higher interest rates, which have risen in aggregate over the entire fiscal year. However, high yield corporate bonds tend to be less interest rate sensitive than their investment grade counterparts as they carry with them far less duration risk in the aggregate. The Fund’s quality screening approach of screening out potential at-risk issuers helped alleviate some performance volatility and default risk. In addition, the Fund was underweight to the lowest quality high yield bonds, mainly bonds rated CCC-rated and below, which had worse performance when compared to higher quality high yield securities.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 855.70        0.38   $ 1.75  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.91        0.38   $ 1.91  

Performance

 

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

Fund NAV Returns

       -13.16      -0.62      1.74      3.24

Fund Market Price Returns

       -13.01      -0.45      2.19      3.31

WisdomTree U.S. High Yield Corporate Bond Index

       -13.22      -0.41      2.05      3.85

ICE BofA Merrill Lynch U.S. High Yield Index

       -12.66      -0.04      1.95      3.94
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on April 27, 2016.

 

LOGO

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

 

10   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. Short-Term Corporate Bond Fund (SFIG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    39.1%  

Information Technology

    11.8%  

Health Care

    11.1%  

Consumer Discretionary

    7.1%  

Industrials

    6.5%  

Consumer Staples

    6.0%  

Utilities

    6.0%  

Communication Services

    5.7%  

Energy

    3.1%  

Real Estate

    1.4%  

Materials

    0.8%  

U.S. Government Obligations

    0.1%  

Other Assets less Liabilities‡

    1.3%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Oracle Corp.,
1.65%, 3/25/26

    1.4%  

Capital One Financial Corp.,
4.20%, 10/29/25

    1.3%  

Magallanes, Inc.,
3.64%, 3/15/25

    1.0%  

Morgan Stanley,
3.70%, 10/23/24

    1.0%  

Citigroup, Inc.,
3.20%, 10/21/26

    0.9%  

Dell International LLC / EMC Corp.,
6.02%, 6/15/26

    0.8%  

Bank of America Corp.,
1.66%, 3/11/27

    0.8%  

JPMorgan Chase & Co.,
3.22%, 3/1/25

    0.8%  

Bank of America Corp.,
3.46%, 3/15/25

    0.8%  

JPMorgan Chase & Co.,
2.08%, 4/22/26

    0.8%  
*

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

The WisdomTree U.S. Short-Term Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Short-Term Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the short-term U.S. investment grade corporate bond market that are deemed to exhibit favorable fundamentals and opportunities for income. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -6.18% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund did not benefit from a full allocation into corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds, in the face of recessionary and inflation driven fears, lagged the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. Investment grade corporate bond credit spreads widened consistently by 84% over the fiscal year (0.86% credit spread at the beginning of the fiscal year versus 1.58% credit spread at the end of the fiscal year). Asset classes that are typically described as “risk-on”, like corporate debt, have continued to generate negative performance as the global markets grappled with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. The Fund’s largest sector weights were in more cyclical sectors like Financials and Utilities, which have generally performed better during inflation driven markets as compared to the growth-oriented sectors like Technology and Consumer Services. Intermediate levels of duration risk was another significant detractor from the Fund’s performance during a period of rising interest rates over the fiscal year. However, given that the Fund is targeting shorter term maturities, performance showed relative improvement when compared to longer-term bonds. The Fund’s quality screening approach of screening out potential at-risk issuers helped alleviate some performance volatility and downgrade risk.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 944.90        0.18   $ 0.87  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.90        0.18   $ 0.90  

Performance

 

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

Fund NAV Returns

       -6.18      -0.05      1.07      1.14

Fund Market Price Returns

       -6.23      -0.09      1.18      1.08

WisdomTree U.S. Short-Term Corporate Bond Index

       -5.97      0.28      1.41      1.54

ICE BofA Merrill Lynch 1-5 year U.S. Corporate Index

       -6.52      0.41      1.54      1.69
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on April 27, 2016.

 

LOGO

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

 

WisdomTree Trust      11  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Emerging Markets Efficient Core Fund (NTSE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    19.7%  

Financials

    18.2%  

Consumer Discretionary

    15.3%  

Communication Services

    9.9%  

Materials

    7.2%  

Consumer Staples

    5.5%  

Energy

    4.5%  

Industrials

    3.1%  

Health Care

    3.0%  

Utilities

    1.9%  

Real Estate

    1.5%  

Other Assets less Liabilities‡

    10.2%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd.

    6.7%  

Tencent Holdings Ltd.

    4.7%  

Samsung Electronics Co. Ltd.

    4.3%  

Alibaba Group Holding Ltd.

    4.0%  

Reliance Industries Ltd.

    1.8%  

Meituan, Class B

    1.7%  

Naspers Ltd., Class N

    1.3%  

Infosys Ltd.

    1.2%  

China Construction Bank Corp., Class H

    1.2%  

Vale SA

    1.2%  
*

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

The WisdomTree Emerging Markets Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by primarily investing in emerging markets equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in emerging market equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -29.06% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s positions in equities and its exposure to fixed income both detracted from performance. Over the course of the fiscal year, emerging market equities generally underperformed as concerns about geopolitical risk in China and Russia weighed on investor sentiment. Emerging market currencies generally depreciated against the U.S. dollar during the fiscal year. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, employing U.S. Treasury futures contracts, which had negative performance during the fiscal year as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the overall negative performance of the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 778.10        0.32   $ 1.41  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.21        0.32   $ 1.61  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       -29.06      -23.49

Fund Market Price Returns

       -29.43      -23.57

MSCI Emerging Markets Index

       -27.20      -22.39
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on May 20, 2021.

 

LOGO

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

 

12   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree International Efficient Core Fund (NTSI)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    15.9%  

Health Care

    13.3%  

Industrials

    12.8%  

Consumer Discretionary

    10.5%  

Consumer Staples

    10.1%  

Information Technology

    7.0%  

Materials

    6.9%  

Communication Services

    4.4%  

Energy

    4.3%  

Utilities

    2.7%  

Real Estate

    1.5%  

Other Assets less Liabilities‡

    10.6%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Nestle SA, Registered Shares

    2.4%  

Roche Holding AG

    1.7%  

ASML Holding NV

    1.5%  

Shell PLC

    1.5%  

Toyota Motor Corp.

    1.4%  

Novo Nordisk A/S, Class B

    1.4%  

Novartis AG, Registered Shares

    1.3%  

LVMH Moet Hennessy Louis Vuitton SE

    1.3%  

AstraZeneca PLC

    1.2%  

BHP Group Ltd.

    1.0%  
*

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

The WisdomTree International Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by primarily investing in international equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in international equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -20.44% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s positions in equities and exposure to fixed income both detracted from performance. Over the course of the fiscal year, international equities generally underperformed as investors grappled with high levels of inflation and Russia’s invasion of Ukraine. Developed market currencies generally depreciated against the U.S. dollar during the fiscal year. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the fiscal year as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the overall negative performance of the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 781.90        0.26   $ 1.15  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.51        0.26   $ 1.30  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       -20.44      -17.45

Fund Market Price Returns

       -20.70      -17.37

MSCI EAFE Index

       -17.77      -15.35
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on May 20, 2021.

 

LOGO

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

 

WisdomTree Trust      13  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree U.S. Efficient Core Fund (NTSX)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    24.8%  

Health Care

    13.4%  

Financials

    9.7%  

Consumer Discretionary

    9.5%  

Communication Services

    7.8%  

Industrials

    6.9%  

Consumer Staples

    6.1%  

Energy

    3.9%  

Real Estate

    2.6%  

Utilities

    2.5%  

Materials

    2.2%  

Other Assets less Liabilities‡

    10.6%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Apple, Inc.

    6.0%  

Microsoft Corp.

    5.4%  

Amazon.com, Inc.

    2.7%  

Alphabet, Inc., Class A

    1.7%  

Alphabet, Inc., Class C

    1.7%  

Tesla, Inc.

    1.6%  

UnitedHealth Group, Inc.

    1.3%  

Johnson & Johnson

    1.3%  

Exxon Mobil Corp.

    1.0%  

NVIDIA Corp.

    1.0%  
*

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

The WisdomTree U.S. Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by investing in large-capitalization U.S. equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in U.S. equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -16.95% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s positions in equities and exposure to fixed income both detracted from performance. Over the course of the fiscal year, U.S. equities generally underperformed as investors grappled with the impact that rate hikes from the U.S. Federal Reserve would have on the market. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the fiscal year as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the overall negative performance of the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 757.80        0.20   $ 0.87  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.80        0.20   $ 1.00  

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      Since Inception1  

Fund NAV Returns

     -16.95      8.35      8.87

Fund Market Price Returns

     -17.38      8.23      8.77

60% S&P 500® Index / 40% Bloomberg U.S. Aggregate Index Composite

     -9.80      6.35      6.64

S&P 500® Index

     -10.62      10.60      9.66
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on August 2, 2018.

 

LOGO

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

 

14   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Artificial Intelligence and Innovation Fund (WTAI)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    73.2%  

Consumer Discretionary

    11.9%  

Industrials

    5.9%  

Communication Services

    5.5%  

Health Care

    2.5%  

Financials

    0.8%  

Other Assets less Liabilities‡

    0.2%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

PROS Holdings, Inc.

    2.5%  

Macronix International Co. Ltd.

    2.2%  

BrainChip Holdings Ltd.

    2.2%  

Synopsys, Inc.

    2.1%  

Denso Corp.

    2.1%  

FANUC Corp.

    2.1%  

Cadence Design Systems, Inc.

    2.0%  

PKSHA Technology, Inc.

    2.0%  

QUALCOMM, Inc.

    2.0%  

ON Semiconductor Corp.

    1.9%  
*

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

The WisdomTree Artificial Intelligence and Innovation Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Artificial Intelligence & Innovation Index (the “Index”). In seeking to track the Index, the Fund primarily invests in equity securities of exchange-listed companies globally, including developed countries and emerging markets throughout the world, which are primarily involved in the investment theme of “Artificial Intelligence and Innovation”. Artificial intelligence refers to the application of computer systems or robotics to perform tasks that typically require human intelligence, discernment and adaption, such as decision-making, reasoning, learning from past experiences, visual perception, and speech recognition. Innovation refers to those companies that introduce a new, creative, or different (i.e., “innovative”) technologically enabled product or service in seeking to potentially change an industry landscape, as well as companies that service those innovative technologies. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -40.36% at net asset value (“NAV”) for the fiscal period ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal period, the Fund’s performance was negatively impacted by its majority allocation to the Information Technology sector, as the Fund concentrates on artificial intelligence and related innovative technologies. The Fund’s lack of exposure to the Energy, Consumer Staples, and Utilities sectors detracted from performance. Security selection within the Financials sector was another detractor, but the underweight allocation to Communication Services sector contributed to the Fund’s performance. The Fund’s exposure to companies with small- and mid-market capitalizations was an additional driver of negative relative performance.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 611.90        0.45   $ 1.80  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.56        0.45   $ 2.26  

Performance

 

   
        Cumulative Total Return  
        Since Inception1  

Fund NAV Returns

       -40.36

Fund Market Price Returns

       -40.17

WisdomTree Artificial Intelligence & Innovation Index

       -40.29

Nasdaq 100 Index

       -28.58

S&P 500® Information Technology Index

       -26.51
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on December 9, 2021.

 

LOGO

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

 

WisdomTree Trust      15  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Battery Value Chain and Innovation Fund (WBAT)

 

Sector Breakdown

 

Sector   % of Net Assets  

Materials

    40.0%  

Industrials

    36.5%  

Consumer Discretionary

    8.7%  

Information Technology

    8.0%  

Utilities

    3.6%  

Energy

    2.3%  

Health Care

    0.5%  

Other Assets less Liabilities‡

    0.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

TDK Corp.

    3.4%  

Contemporary Amperex Technology Co. Ltd., Class A

    3.2%  

Ganfeng Lithium Co. Ltd., Class A

    3.2%  

Camel Group Co. Ltd., Class A

    3.2%  

NARI Technology Co. Ltd., Class A

    2.9%  

BASF SE

    2.9%  

Umicore SA

    2.9%  

Alfen Beheer BV

    2.8%  

Vale Indonesia Tbk PT

    2.8%  

Ningbo Ronbay New Energy Technology Co. Ltd., Class A

    2.5%  
*

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

The WisdomTree Battery Value Chain and Innovation Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Battery Value Chain and Innovation Index (the “Index”). In seeking to track the Index, the Fund invests in companies primarily involved in battery and energy storage solutions that meet the index eligibility requirements. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund had less than six months of operating history at the end of the reporting period and therefore no discussion of Fund performance or comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.

Shareholder Expense Example (for the six-month period1 ended June 30, 2022)

 

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

Actual1

   $ 1,000.00      $ 858.00        0.45   $ 1.53  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.56        0.45   $ 2.26  
1 

Fund commenced operations on February 17, 2022. Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 134/365 (to reflect the period since commencement of operations).

 

16   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree BioRevolution Fund (WDNA)

 

Sector Breakdown

 

Sector   % of Net Assets  

Health Care

    81.8%  

Materials

    9.5%  

Consumer Staples

    5.4%  

Energy

    3.2%  

Other Assets less Liabilities‡

    0.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

 

Description   % of Net Assets  

AstraZeneca PLC, ADR

    3.0%  

Eli Lilly & Co.

    3.0%  

Pfizer, Inc.

    2.3%  

Vertex Pharmaceuticals, Inc.

    2.3%  

Thermo Fisher Scientific, Inc.

    2.0%  

GSK PLC

    1.9%  

Merck & Co., Inc.

    1.9%  

PerkinElmer, Inc.

    1.9%  

Archer-Daniels-Midland Co.

    1.9%  

Johnson & Johnson

    1.8%  
*

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

The WisdomTree BioRevolution Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree BioRevolution Index (the “Index”). In seeking to track the Index, the Fund primarily invests in equity securities of exchange-listed companies globally that will be significantly transformed by advancements in genetics and biotechnology. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -34.79% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund’s overweight allocation to the Biotechnology sub-industry was the biggest driver of negative performance in the fiscal year. Exposure to lower market capitalization companies was an additional driver of negative relative performance. The Fund’s lack of exposure to the Communication Services and Consumer Discretionary sectors was a modest benefit to Fund performance over the fiscal year.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 735.30        0.45   $ 1.94  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.56        0.45   $ 2.26  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       -34.79      -28.74

Fund Market Price Returns

       -34.93      -28.78

WisdomTree BioRevolution Index

       -34.51      -28.42

S&P Biotechnology Select Industry Index

       -44.72      -38.87

S&P 500® Health Care Index

       1.73      5.49
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on June 3, 2021.

 

LOGO

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

 

WisdomTree Trust      17  


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Cloud Computing Fund (WCLD)

 

Sector Breakdown

 

Sector   % of Net Assets  

Information Technology

    91.2%  

Health Care

    3.8%  

Communication Services

    2.9%  

Consumer Discretionary

    2.1%  

Other Assets less Liabilities‡

    0.0%

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

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

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

Sprout Social, Inc., Class A

    2.1%  

Qualys, Inc.

    2.1%  

2U, Inc.

    2.1%  

Definitive Healthcare Corp.

    2.0%  

Crowdstrike Holdings, Inc., Class A

    2.0%  

Tenable Holdings, Inc.

    1.9%  

Box, Inc., Class A

    1.9%  

Blackline, Inc.

    1.8%  

Dropbox, Inc., Class A

    1.8%  

Paycom Software, Inc.

    1.7%  
*

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

The WisdomTree Cloud Computing Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bessemer Venture Partners (“BVP”) Nasdaq Emerging Cloud Index (the “Index”). In seeking to track the Index, the Fund invests in emerging public companies primarily involved in providing cloud computing software and services to their customers, which derive the majority of their revenues from business-oriented software products, as determined by BVP. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -49.85% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund’s performance was negatively impacted by its allocation to the Information Technology sector, as the Fund concentrates nearly 100% of its weight in companies within the cloud computing industry. The Fund’s lack of exposure to the Energy, Consumer Staples, and Utilities sectors also detracted from performance. The Fund’s exposure to companies with smaller market capitalizations was an additional driver of negative relative performance. The Fund’s methodology also results in allocations to companies that are not yet profitable. In aggregate, unprofitable companies have not performed well during the fiscal year as the market environment was more favorable toward value-oriented investments.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 540.40        0.45   $ 1.72  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.56        0.45   $ 2.26  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       -49.85      4.05

Fund Market Price Returns

       -50.04      3.99

BVP Nasdaq Emerging Cloud Index

       -49.69      4.45

S&P 500® Information Technology Index

       -13.56      18.28

S&P 500® Growth Index

       -16.41      11.63
1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on September 6, 2019.

 

LOGO

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

 

18   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of June 30, 2022 (unaudited)

WisdomTree Cybersecurity Fund (WCBR)

 

Country Breakdown

 

Country   % of Net Assets  

United States

    83.6%  

Israel

    4.7%  

Japan

    3.7%  

United Kingdom

    3.5%  

South Korea

    3.1%  

Canada

    1.1%  

Other Assets less Liabilities‡

    0.3%  

Total

    100.0%  

 

The Fund’s country breakdown may change over time. It does not include derivatives (if any).

 

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

Top Ten Holdings*

 

Description   % of Net Assets  

Sailpoint Technologies Holdings, Inc.

    6.2%  

Palo Alto Networks, Inc.

    5.3%  

Crowdstrike Holdings, Inc., Class A

    5.1%  

Fortinet, Inc.

    4.4%  

ForgeRock, Inc., Class A

    4.4%  

Datadog, Inc., Class A

    4.4%  

Ping Identity Holding Corp.

    4.3%  

Elastic NV

    4.1%  

HashiCorp, Inc., Class A

    3.8%  

Tenable Holdings, Inc.

    3.8%  
*

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

The WisdomTree Cybersecurity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Team8 Cybersecurity Index (the “Index”). In seeking to track the Index, the Fund invests in equity securities of exchange-listed companies globally, which are primarily involved in cybersecurity and security-oriented technology that generate a meaningful part of their revenue from security protocols that prevent intrusion and attacks to systems, networks, applications, computers, and mobile devices and are experiencing revenue growth.

The Fund returned -26.79% at net asset value (“NAV”) for the fiscal year ended June 30, 2022 (for more complete performance information please see the table below). The Fund concentrates 100% of its weight in Information Technology sector stocks that participate in the cybersecurity industry. Exposure to the Information Technology sector was the biggest detractor from performance during the fiscal year as cyclical sectors like Energy, Consumer Staples, and Utilities outperformed. A lack of exposure to the Communication Services and Consumer Discretionary sectors were modestly relative positive contributors to Fund performance over the fiscal year. The Fund’s methodology also results in allocations to companies that are not yet profitable. In aggregate, unprofitable companies have not performed well during the fiscal year as the market environment was more favorable toward value-oriented investments.

Shareholder Expense Example (for the six-month period ended June 30, 2022)

 

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

Actual

   $ 1,000.00      $ 682.60        0.45   $ 1.88  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.56        0.45   $ 2.26  

Performance

 

   
        Average Annual Total Return  
        1 Year      Since Inception1  

Fund NAV Returns

       -26.79      -19.09

Fund Market Price Returns

       -27.05      -19.15

WisdomTree Team8 Cybersecurity Index

       -26.53      -18.73

S&P 500® Information Technology Index

       -13.56      -1.90

S&P 500® Growth Index

       -16.41      -3.74
1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on January 28, 2021.

 

LOGO

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

 

WisdomTree Trust      19  


Description of Terms and Indexes (unaudited)

 

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

The 60% S&P 500® Index/40% Bloomberg U.S. Aggregate Index Composite represents a 60% weight to the S&P 500® Index and a 40% weight to the Bloomberg U.S. Aggregate Index. The Bloomberg U.S. Aggregate Index measures the performance of the U.S. investment-grade bond market.

The BVP Nasdaq Emerging Cloud Index is an equally weighted index that is designed to track the performance of emerging public companies primarily involved in providing cloud software and services to their customers.

Cloud computing is a term used to describe the delivery, through the Internet, of computing services, which can include servers, storage, databases, networking, software, analytics, and intelligence.

The ICE BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar

denominated investment grade corporate debt publicly issued in the U.S.

The ICE BofA Merrill Lynch U.S. High Yield Index tracks the performance of U.S. dollar

denominated high yield corporate debt securities issued in the U.S.

The ICE BofA Merrill Lynch 1-5 Year U.S. Corporate Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all securities with a remaining term to final maturity less than 5 years.

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

The MSCI EAFE Index is a market cap-weighted index composed of companies

representative of the developed market structure of developed countries in Europe,

Australasia and Japan.

The MSCI EAFE Local Currency Index is a free float-adjusted market capitalization

weighted index that is designed to measure developed market equity performance, excluding the U.S. and Canada, in local currency.

The MSCI EAFE Small Cap Index is a free float-adjusted market capitalization equity index that is designed to measure the performance of small-cap stocks within the developed equity market, excluding the U.S. and Canada.

The MSCI EAFE Small Cap Local Currency Index is a free float-adjusted market capitalization equity index that is designed to measure the performance of small-cap stocks within the developed equity market, excluding the U.S. and Canada, in local currency.

The MSCI EAFE Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across Developed Markets countries, excluding the U.S. and Canada.

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

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

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index

that is designed to measure emerging markets equity performance.

The MSCI Extended ESG Focus Indexes (the “Indexes”) are designed to maximize their exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the underlying market capitalization weighted index.

 

20   WisdomTree Trust


Description of Terms and Indexes (unaudited) (continued)

 

The NASDAQ 100 Index is a large-cap growth index that includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

The S&P 500® Growth Index measures the performance of the large-capitalization growth sector of the U.S. equity market.

The S&P 500® Health Care Index is a capitalization weighted index that measures the performance of the members of the GICS Healthcare sector within the S&P 500 Index.

The S&P 500® Index is a capitalization-weighted index of 500 stocks selected by the Standard & Poor’s Index Committee designed to represent the performance of the

leading industries in the United States economy.

The S&P 500® Information Technology Index comprises companies included in the S&P 500® that are classified as members of the GICS® information technology sector.

The S&P Biotechnology Select Industry Index is designed to measure the performance of stocks from the S&P Total Market index that are classified in the GICS biotechnology sub-industry.

The WisdomTree Artificial Intelligence & Innovation Index is designed to measure the performance of companies primarily involved in artificial intelligence and innovation.

The WisdomTree Battery Value Chain and Innovation Index is designed to track the performance of companies primarily involved in battery and energy storage solutions that meet Index eligibility requirements. Battery and energy storage solutions can be defined as technology that captures electric energy in chemical form.

The WisdomTree BioRevolution Index is designed to track performance of companies that will be significantly transformed by advancements in genetics and biotechnology that meet index eligibility requirements.

The WisdomTree Dynamic Currency Hedged International Equity Index is a fundamentally weighted index that measures the performance of dividend-paying companies in the industrialized world, excluding Canada and the United States. To hedge the impact of changes to the value of foreign currencies relative to the U.S. dollar, a currency hedge ratio (ranging from 0% to 100%) is applied monthly using a rules-based process that combines momentum, value, and interest rate signals.

The WisdomTree Dynamic Currency Hedged International SmallCap Equity Index is a fundamentally weighted index that measures the performance of the small-capitalization segment of the dividend-paying market in the industrialized world, excluding Canada and the United States. To hedge the impact of changes to the value of foreign currencies relative to the U.S. dollar, a currency hedge ratio (ranging from 0% to 100%) is applied monthly using a rules-based process that combines momentum, value, and interest rate signals.

The WisdomTree Team8 Cybersecurity Index is designed to track the performance of companies primarily involved in providing cybersecurity-oriented products that meet index eligibility requirements.

The WisdomTree U.S. Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the U.S. investment grade corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $350 million in par amount outstanding and a remaining maturity of at least one year. Component securities must be rated investment grade.

 

WisdomTree Trust      21  


Description of Terms and Indexes (unaudited) (continued)

 

The WisdomTree U.S. High Yield Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the U.S. high yield corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $500 million in par amount outstanding and a remaining maturity of at least one year. Component securities must be rated non-investment grade by at least one rating agency.

The WisdomTree U.S. Short-Term Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the U.S.investment-grade corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $350 million in par amount outstanding and a remaining maturity of at least one year but not more than five years. Component securities must be rated investment grade.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS

classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

THE INFORMATION SET FORTH IN THE BVP NASDAQ EMERGING CLOUD INDEX IS NOT INTENDED TO BE, AND SHALL NOT BE REGARDED OR CONSTRUED AS, A RECOMMENDATION FOR A TRANSACTION OR INVESTMENT OR FINANCIAL, TAX, INVESTMENT OR OTHER ADVICE OF ANY KIND BY BESSEMER VENTURE PARTNERS. BESSEMER VENTURE PARTNERS DOES NOT PROVIDE INVESTMENT ADVICE TO WISDOMTREE OR THE FUND, IS NOT AN INVESTMENT ADVISER TO THE FUND AND IS NOT RESPONSIBLE FOR THE PERFORMANCE OF THE FUND.THE FUND IS NOT ISSUED, SPONSORED, ENDORSED OR PROMOTED BY BESSEMER VENTURE PARTNERS. BESSEMER VENTURE PARTNERS MAKES NO WARRANTY OR REPRESENTATION REGARDING THE QUALITY, ACCURACY OR COMPLETENESS OF THE BVP NASDAQ EMERGING CLOUD INDEX, INDEX VALUES OR ANY INDEX RELATED DATA INCLUDED HEREIN, PROVIDED HEREWITH OR DERIVED THEREFROM AND ASSUMES NO LIABILITY IN CONNECTION WITH ITS USE. BESSEMER VENTURE PARTNERS AND/OR POOLED INVESTMENT VEHICLES WHICH IT MANAGES, AND INDIVIDUALS AND ENTITIES

 

22   WisdomTree Trust


Description of Terms and Indexes (unaudited) (concluded)

 

AFFILIATED WITH SUCH VEHICLES, MAY PURCHASE, SELL OR HOLD SECURITIES OF ISSUERS THAT ARE CONSTITUENTS OF THE BVP NASDAQ EMERGING CLOUD INDEX FROM TIME TO TIME AND AT ANY TIME, INCLUDING IN ADVANCE OF OR FOLLOWING AN ISSUER BEING ADDED TO OR REMOVED FROM THE BVP NASDAQ EMERGING CLOUD INDEX.

Nasdaq® and the BVP Nasdaq Emerging Cloud Index are registered trademarks and service marks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by WisdomTree. The fund has not been passed on by the Corporations as to its legality or suitability. The fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

WisdomTree Investments, Inc. and WisdomTree Asset Management, Inc. (together, “WisdomTree”) and the Funds make no representation or warranty, express or implied, to the owners of shares of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the underlying Indexes to track the performance of their underlying securities. WisdomTree Investments is the licensor of certain trademarks, service marks and trade names of the Funds. WisdomTree Investments has no obligation to take the needs of the Funds or the owners of shares of the Funds into consideration in determining, composing, or calculating the underlying WisdomTree Indexes of the applicable Funds. WisdomTree Investments is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of shares of the Funds to be issued or in the determination or calculation of the equation by which the shares of the Funds are redeemable. WisdomTree and the Funds do not guarantee the accuracy, completeness, or performance of the underlying Indexes or the data included therein and shall have no liability in connection with the underlying Indexes or their calculation.

Index performance information assumes the reinvestment of dividends and excludes

management fees, transaction costs and expenses. You cannot directly invest in an index.

*     *     *     *     *    *

Abbreviations used in the schedules of investments and related tables included in this report are as follows:

 

CURRENCY ABBREVIATIONS:
AUD   Australian dollar    GBP   British pound    SEK   Swedish krona
BRL   Brazilian real    ILS   Israeli new shekel    SGD   Singapore dollar
CHF   Swiss franc    JPY   Japanese yen    TWD   New Taiwan dollar
CLP   Chilean peso    KRW   South Korean won    USD   U.S. dollar
DKK   Danish krone    MYR   Malaysian ringgit     
EUR   Euro    NOK   Norwegian krone     
OTHER ABBREVIATIONS:
ADR   American Depositary Receipt
CVA   Certificaten Van Aandelen (Certificate of Stock)
GDR   Global Depositary Receipt
NVDR   Non-Voting Depositary Receipt
RSP   Risparmio Italian Savings Shares

 

WisdomTree Trust      23  


Schedule of Investments

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 98.5%

 

Australia – 12.7%

 

Accent Group Ltd.

     9,902      $ 8,443  

Adairs Ltd.(a)

     6,612        8,684  

Adbri Ltd.

     14,515        24,155  

Ampol Ltd.

     3,331        78,406  

Ansell Ltd.

     2,615        39,992  

APA Group

     18,852        146,100  

ASX Ltd.

     2,312        129,906  

Aurizon Holdings Ltd.

     39,542        103,326  

Australia & New Zealand Banking Group Ltd.

     33,794        511,943  

Bank of Queensland Ltd.(a)

     20,379        93,471  

Beach Energy Ltd.

     31,328        37,161  

Bell Financial Group Ltd.

     67,749        44,957  

Bendigo & Adelaide Bank Ltd.

     20,781        129,611  

BHP Group Ltd.

     172,625        4,896,606  

Brambles Ltd.

     10,693        78,751  

Brickworks Ltd.

     1,928        24,580  

Cardno Ltd.

     1,588        1,758  

Centuria Capital Group

     7,239        9,010  

Cleanaway Waste Management Ltd.

     26,320        45,609  

Cochlear Ltd.

     233        31,836  

Coles Group Ltd.

     17,722        217,042  

Commonwealth Bank of Australia

     26,708        1,659,897  

Computershare Ltd.

     10,113        171,352  

Cromwell Property Group(a)

     191,680        99,516  

CSL Ltd.

     1,527        282,524  

CSR Ltd.

     13,999        39,083  

Dexus(a)

     21,387        130,596  

Dicker Data Ltd.(a)

     2,809        21,325  

Downer EDI Ltd.

     13,469        46,773  

Dusk Group Ltd.

     883        1,014  

Eagers Automotive Ltd.

     3,586        23,969  

Evolution Mining Ltd.

     18,157        29,716  

Fortescue Metals Group Ltd.

     116,488        1,404,205  

Goodman Group(a)

     14,360        176,164  

GPT Group

     34,108        98,977  

Growthpoint Properties Australia Ltd.(a)

     41,680        97,735  

Harvey Norman Holdings Ltd.(a)

     36,135        92,187  

Healius Ltd.

     9,942        25,090  

HT&E Ltd.

     14,796        11,395  

Iluka Resources Ltd.

     3,877        25,167  

Inghams Group Ltd.

     13,934        24,721  

Insignia Financial Ltd.

     13,849        25,618  

Insurance Australia Group Ltd.

     34,050        102,087  

IRESS Ltd.

     7,187        56,884  

IVE Group Ltd.

     9,928        11,742  

JB Hi-Fi Ltd.(a)

     3,037        80,320  

Lendlease Corp. Ltd.

     10,444        65,426  

Lovisa Holdings Ltd.

     2,073        19,686  

Macmahon Holdings Ltd.

     298,710        27,730  

Macquarie Group Ltd.

     3,008        340,281  

Magellan Financial Group Ltd.(a)

     3,131        27,817  

Medibank Pvt Ltd.

     46,074        102,969  

Metcash Ltd.(a)

     42,958      125,250  

Mineral Resources Ltd.

     6,079        201,780  

Mirvac Group(a)

     62,939        85,478  

MyState Ltd.

     7,475        20,972  

National Australia Bank Ltd.

     43,945        827,693  

New Hope Corp. Ltd.(a)

     10,926        25,996  

Newcrest Mining Ltd.

     6,226        89,437  

NIB Holdings Ltd.

     11,606        58,899  

Nick Scali Ltd.(a)

     1,689        9,594  

NRW Holdings Ltd.

     19,996        23,307  

Orora Ltd.

     35,877        90,049  

Pendal Group Ltd.(a)

     15,078        45,828  

Platinum Asset Management Ltd.

     16,571        19,827  

QBE Insurance Group Ltd.

     9,693        80,985  

Ramsay Health Care Ltd.

     2,477        124,750  

Reliance Worldwide Corp. Ltd.

     19,449        54,031  

Resimac Group Ltd.(a)

     44,131        34,899  

Rio Tinto Ltd.

     52,095        3,226,628  

Sandfire Resources Ltd.

     19,171        58,664  

Santos Ltd.

     22,626        115,446  

Scentre Group

     46,845        83,432  

Seven Group Holdings Ltd.

     7,125        81,381  

Sigma Healthcare Ltd.(a)

     9,633        3,842  

Sims Ltd.

     5,940        56,000  

Sonic Healthcare Ltd.

     5,525        125,414  

South32 Ltd.

     53,471        144,871  

Southern Cross Media Group Ltd.

     12,808        8,763  

Stockland(a)

     48,347        120,017  

Suncorp Group Ltd.

     27,367        206,632  

Super Retail Group Ltd.(a)

     12,636        73,771  

Tabcorp Holdings Ltd.

     36,835        26,976  

Telstra Corp. Ltd.

     212,269        561,972  

Ten Sixty Four Ltd.

     2,047        971  

Transurban Group

     29,685        293,537  

Vicinity Centres

     71,182        89,820  

Wesfarmers Ltd.

     16,743        482,524  

Westpac Banking Corp.

     36,426        488,443  

Woodside Energy Group Ltd.

     38,898        851,663  

Woolworths Group Ltd.

     13,643        333,985  

Worley Ltd.

     6,932        67,879  
     

 

 

 
Total Australia

 

     21,404,719  
Austria – 0.7%

 

BAWAG Group AG(b)

     4,205        176,548  

Erste Group Bank AG

     2,183        55,230  

Oesterreichische Post AG(a)

     2,994        85,138  

OMV AG

     6,175        288,955  

POLYTEC Holding AG(a)

     6,443        40,415  

Raiffeisen Bank International AG

     1,839        19,880  

S IMMO AG

     1,067        25,378  

Semperit AG Holding(a)

     1,452        28,022  

Strabag SE, Bearer Shares*

     6,804        288,442  

Telekom Austria AG*

     19,180        127,328  

UNIQA Insurance Group AG

     3,525        24,838  
     

 

 

 
Total Austria

 

     1,160,174  

 

See Notes to Financial Statements.

 

24   WisdomTree Trust


Schedule of Investments (continued)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

 

 

Investments    Shares      Value  
Belgium – 0.7%

 

Anheuser-Busch InBev SA/NV

     5,734      $ 307,883  

Bekaert SA

     2,561        83,160  

Cofinimmo SA

     1,088        117,840  

Econocom Group SA/NV

     13,181        46,025  

Etablissements Franz Colruyt NV

     1,698        46,066  

KBC Group NV

     1,235        69,127  

Proximus SADP

     8,206        120,663  

Solvay SA

     1,417        114,542  

Telenet Group Holding NV

     6,242        129,274  

UCB SA

     970        81,776  

Warehouses De Pauw CVA

     2,798        87,755  
     

 

 

 
Total Belgium

 

     1,204,111  
China – 1.7%

 

Beijing Enterprises Holdings Ltd.

     16,000        56,888  

BOC Hong Kong Holdings Ltd.

     161,500        638,019  

China Everbright Environment Group Ltd.

     114,666        67,657  

China Merchants Port Holdings Co. Ltd.

     90,000        153,002  

China Nonferrous Mining Corp. Ltd.

     81,000        37,367  

China Power International Development Ltd.

     163,000        103,447  

China Resources Pharmaceutical Group Ltd.(b)

     124,000        84,226  

China Resources Power Holdings Co. Ltd.

     48,000        99,096  

China Taiping Insurance Holdings Co. Ltd.

     50,000        61,680  

CITIC Ltd.

     593,000        600,788  

CSPC Pharmaceutical Group Ltd.

     66,320        65,839  

Fosun International Ltd.

     42,500        39,267  

Guangdong Investment Ltd.

     136,000        143,852  

Lenovo Group Ltd.

     176,000        164,405  

Shanghai Industrial Holdings Ltd.

     39,000        56,361  

Shoucheng Holdings Ltd.

     200,000        30,075  

Shougang Fushan Resources Group Ltd.

     240,000        99,708  

Simcere Pharmaceutical Group Ltd.(b)

     28,000        30,687  

Sino-Ocean Group Holding Ltd.

     277,000        46,949  

Wilmar International Ltd.

     71,100        206,398  

Zensun Enterprises Ltd.*(a)

     75,000        29,629  
     

 

 

 
Total China

 

     2,815,340  
Denmark – 1.5%

 

Alm Brand A/S

     19,884        29,099  

AP Moller — Maersk A/S, Class B

     75        174,549  

Carlsberg A/S, Class B

     646        82,097  

Coloplast A/S, Class B

     1,446        164,331  

D/S Norden A/S

     737        25,488  

Danske Bank A/S*

     7,934        111,871  

DSV A/S

     305        42,500  

Novo Nordisk A/S, Class B

     11,507        1,273,424  

Novozymes A/S, Class B

     1,480        88,633  

Orsted A/S(b)

     1,512        157,697  

Royal Unibrew A/S

     825        72,881  

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

     4,209        82,129  

Sydbank A/S

     802        24,488  

Topdanmark A/S

     640        33,236  

Tryg A/S

     8,663        194,065  

Vestas Wind Systems A/S

     2,087        43,979  
     

 

 

 
Total Denmark

 

     2,600,467  
Finland – 1.9%

 

Aktia Bank Oyj

     2,630      25,131  

Anora Group Oyj

     3,066        24,809  

Elisa Oyj

     3,402        190,706  

Fiskars Oyj Abp

     3,144        58,967  

Fortum Oyj

     17,782        266,119  

Huhtamaki Oyj

     861        34,025  

Kesko Oyj, Class B

     5,403        127,149  

Kone Oyj, Class B

     5,330        252,757  

Konecranes Oyj

     988        22,951  

Neste Oyj

     4,942        218,238  

Nokian Renkaat Oyj

     2,986        32,560  

Nordea Bank Abp

     124,145        1,090,330  

Orion Oyj, Class B

     2,349        104,615  

Sampo Oyj, Class A

     6,958        302,027  

Stora Enso Oyj, Class R

     5,721        89,506  

UPM-Kymmene Oyj

     7,503        227,555  

Uponor Oyj

     3,395        46,744  

Valmet Oyj

     3,507        85,830  
     

 

 

 
Total Finland

 

     3,200,019  
France – 9.1%

 

Air Liquide SA

     4,782        640,516  

Albioma SA

     487        25,396  

ALD SA(b)

     11,184        130,018  

Amundi SA(b)

     1,394        76,074  

Arkema SA

     802        71,201  

AXA SA

     65,864        1,491,454  

BNP Paribas SA

     17,887        848,324  

Bollore SE

     21,089        97,450  

Bouygues SA

     5,750        176,493  

Bureau Veritas SA

     4,636        118,502  

Capgemini SE

     1,001        171,050  

Carrefour SA(a)

     7,270        128,333  

Chargeurs SA

     637        9,836  

Cie de Saint-Gobain

     5,501        235,475  

Cie Generale des Etablissements Michelin SCA(a)

     5,679        154,216  

Cie Plastic Omnium SA

     2,159        37,310  

Coface SA

     1,240        12,918  

Covivio

     1,328        73,514  

Credit Agricole SA(a)

     56,749        517,995  

Danone SA

     7,222        402,126  

Dassault Systemes SE

     2,558        93,907  

Edenred

     1,874        88,104  

Eiffage SA

     1,774        159,275  

Electricite de France SA

     15,275        124,656  

Engie SA

     32,782        375,826  

EssilorLuxottica SA

     1,742        260,246  

Eurazeo SE

     933        57,646  

Eutelsat Communications SA

     7,187        80,697  

Gecina SA

     1,176        109,421  

Hermes International

     204        227,561  

ICADE

     1,718        83,590  

Ipsen SA

     260        24,477  

 

See Notes to Financial Statements.

 

WisdomTree Trust      25  


Schedule of Investments (continued)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

 

 

Investments    Shares      Value  

Kering SA

     509      $ 260,799  

Klepierre SA

     4,208        80,770  

L’Oreal SA

     2,732        940,536  

La Francaise des Jeux SAEM(b)

     2,800        96,658  

Legrand SA

     1,802        132,740  

LVMH Moet Hennessy Louis Vuitton SE

     2,513        1,528,251  

Metropole Television SA

     5,840        86,025  

Nexans SA

     309        23,889  

Nexity SA

     2,367        63,102  

Orange SA

     76,862        901,587  

Pernod Ricard SA

     1,441        264,088  

Publicis Groupe SA*

     4,171        203,464  

Remy Cointreau SA

     170        29,627  

Rexel SA

     4,955        76,019  

Rothschild & Co.

     407        13,722  

Rubis SCA

     2,200        51,244  

Sanofi

     14,983        1,509,067  

Schneider Electric SE

     4,880        575,993  

SEB SA

     502        48,047  

Societe BIC SA

     1,229        67,070  

Societe Generale SA

     4,650        101,553  

Teleperformance

     258        79,111  

Television Francaise 1

     5,801        40,967  

Thales SA

     1,654        202,400  

Trigano SA

     488        47,651  

Valeo

     1,756        33,825  

Veolia Environnement SA*(a)

     7,427        180,837  

Verallia SA(b)

     1,942        46,249  

Vinci SA

     5,277        468,711  

Wendel SE

     956        79,706  
     

 

 

 
Total France

 

     15,337,315  
Germany – 7.0%

 

adidas AG

     625        110,269  

Allianz SE, Registered Shares

     6,154        1,171,705  

BASF SE

     14,580        632,951  

Bayer AG, Registered Shares

     12,780        757,827  

Bayerische Motoren Werke AG

     4,626        355,271  

Beiersdorf AG

     952        97,019  

Bilfinger SE

     1,237        36,055  

Brenntag SE

     1,811        117,574  

Covestro AG(b)

     1,763        60,786  

Dermapharm Holding SE

     511        25,376  

Deutsche Boerse AG

     1,160        193,550  

Deutsche Post AG, Registered Shares

     14,921        557,514  

Deutsche Telekom AG, Registered Shares

     58,040        1,149,604  

Deutsche Wohnen SE, Bearer Shares

     2,426        55,646  

DIC Asset AG

     2,088        23,008  

DWS Group GmbH & Co. KGaA(b)

     2,998        78,231  

E.ON SE

     56,804        475,561  

Encavis AG

     1,329        24,280  

Evonik Industries AG

     5,497        117,006  

Freenet AG

     6,908        170,944  

Fresenius SE & Co. KGaA

     3,252        98,254  

GEA Group AG

     1,901        65,366  

Hannover Rueck SE

     1,585      229,500  

Hapag-Lloyd AG(b)

     1,647        425,298  

HeidelbergCement AG

     2,040        97,764  

Hella GmbH & Co. KGaA

     1,078        72,522  

Henkel AG & Co. KGaA

     2,006        122,475  

Hochtief AG

     1,957        95,034  

Infineon Technologies AG

     3,967        95,761  

Knorr-Bremse AG

     936        53,252  

LEG Immobilien SE

     987        81,641  

Mercedes-Benz Group AG, Registered Shares

     7,827        451,851  

Merck KGaA

     566        95,268  

METRO AG*

     9,742        81,987  

Muenchener Rueckversicherungs — Gesellschaft AG in Muenchen, Registered Shares

     1,826        427,996  

ProSiebenSat.1 Media SE

     6,555        60,374  

Rheinmetall AG

     701        161,449  

RWE AG

     5,131        188,176  

SAP SE

     5,900        536,198  

Siemens AG, Registered Shares

     6,730        683,113  

Siemens Healthineers AG(b)

     5,663        287,079  

Software AG

     748        24,727  

Stroeer SE & Co. KGaA

     1,614        72,388  

Suedzucker AG

     1,603        25,775  

TAG Immobilien AG

     1,885        21,461  

Talanx AG*

     4,073        154,655  

Telefonica Deutschland Holding AG

     70,225        201,162  

Traton SE

     3,964        57,852  

Vantage Towers AG

     3,341        92,910  

Volkswagen AG

     1,542        280,341  

Vonovia SE

     5,501        169,080  
     

 

 

 
Total Germany

 

     11,720,886  
Hong Kong – 3.1%

 

AIA Group Ltd.

     63,000        682,832  

Bank of East Asia Ltd.

     44,349        62,395  

CLP Holdings Ltd.

     50,500        418,959  

Dah Sing Banking Group Ltd.

     31,200        25,248  

Hang Lung Group Ltd.

     56,000        105,621  

Hang Lung Properties Ltd.

     73,000        138,428  

Hang Seng Bank Ltd.

     34,300        605,401  

Henderson Land Development Co. Ltd.

     82,000        307,228  

Hong Kong & China Gas Co. Ltd.

     174,816        188,251  

Hong Kong Exchanges & Clearing Ltd.

     8,759        430,865  

Hutchison Port Holdings Trust

     340,900        80,111  

Hysan Development Co. Ltd.

     30,000        90,417  

Link REIT

     26,700        217,766  

MTR Corp. Ltd.

     60,643        316,857  

Power Assets Holdings Ltd.

     60,000        377,344  

Singamas Container Holdings Ltd.

     30,000        4,550  

Sino Land Co. Ltd.

     100,000        147,573  

Sun Hung Kai Properties Ltd.

     43,000        507,981  

Swire Pacific Ltd., Class A

     17,500        104,260  

Swire Pacific Ltd., Class B

     50,000        49,892  

Swire Properties Ltd.

     77,800        193,138  

Techtronic Industries Co. Ltd.

     8,500        88,662  
     

 

 

 
Total Hong Kong

 

     5,143,779  

 

See Notes to Financial Statements.

 

26   WisdomTree Trust


Schedule of Investments (continued)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

 

 

Investments    Shares      Value  
Ireland – 0.3%

 

CRH PLC

     6,810      $ 234,944  

Kerry Group PLC, Class A

     596        56,913  

Kingspan Group PLC

     404        24,243  

Smurfit Kappa Group PLC(a)

     3,594        120,536  
     

 

 

 
Total Ireland

 

     436,636  
Israel – 0.4%

 

Azrieli Group Ltd.

     1,422        99,235  

Bank Hapoalim BM

     14,191        118,159  

Bank Leumi Le-Israel BM

     14,835        131,527  

Carasso Motors Ltd.

     4,883        23,745  

G City Ltd.

     9,730        55,232  

ICL Group Ltd.

     13,683        123,814  

Mizrahi Tefahot Bank Ltd.

     2,784        91,815  

Shapir Engineering and Industry Ltd.

     3,003        24,438  

Tiv Taam Holdings 1 Ltd.

     24,215        49,700  

Victory Supermarket Chain Ltd.*

     1,654        24,422  
     

 

 

 
Total Israel

 

     742,087  
Italy – 3.5%

 

A2A SpA

     91,300        115,685  

ACEA SpA

     6,382        94,143  

Alerion Cleanpower SpA(a)

     642        20,874  

Anima Holding SpA(a)(b)

     19,303        70,591  

Assicurazioni Generali SpA

     37,754        600,929  

Azimut Holding SpA

     3,639        63,096  

Banca Mediolanum SpA

     20,385        133,794  

Banco BPM SpA

     14,418        40,939  

BFF Bank SpA(b)

     8,593        57,630  

BPER Banca

     24,230        39,707  

Buzzi Unicem SpA

     1,495        24,398  

De’ Longhi SpA

     1,299        24,092  

DiaSorin SpA

     191        25,000  

Enel SpA

     154,135        841,153  

Eni SpA

     59,940        709,861  

ERG SpA

     2,841        88,034  

Esprinet SpA(a)

     1,396        9,975  

Ferrari NV

     509        93,230  

Hera SpA

     26,450        76,320  

Infrastrutture Wireless Italiane SpA(b)

     14,631        148,126  

Intesa Sanpaolo SpA

     407,620        758,540  

Iren SpA*

     45,676        99,515  

Italgas SpA(a)

     19,825        115,133  

Mediobanca Banca di Credito Finanziario SpA

     22,161        191,323  

Piaggio & C. SpA

     10,402        24,294  

Poste Italiane SpA(b)

     20,447        190,506  

Recordati Industria Chimica e Farmaceutica SpA

     2,056        89,223  

Snam SpA

     72,225        377,463  

Telecom Italia SpA*

     168,183        43,904  

Terna – Rete Elettrica Nazionale

     35,469        277,663  

UniCredit SpA

     6,658        63,098  

Unieuro SpA(a)(b)

     1,631        25,270  

Unipol Gruppo SpA

     22,579        102,352  

UnipolSai Assicurazioni SpA(a)

     73,320        175,074  

Webuild SpA(a)

     17,481        27,029  
     

 

 

 
Total Italy

 

     5,837,964  
Japan – 21.5%

 

&Do Holdings Co. Ltd.*

     5,600      33,842  

Advan Group Co. Ltd.

     7,200        41,868  

Advantest Corp.

     1,500        80,159  

Aeon Co. Ltd.

     4,400        76,240  

AEON Financial Service Co. Ltd.

     7,500        70,553  

AGC, Inc.(a)

     2,600        91,289  

Aica Kogyo Co. Ltd.

     1,300        27,099  

Aichi Steel Corp.

     1,100        16,874  

Aisin Corp.

     3,100        95,837  

Ajinomoto Co., Inc.

     4,500        109,308  

Akatsuki, Inc.(a)

     600        12,017  

Akita Bank Ltd.

     1,500        18,284  

Aruhi Corp.

     4,300        32,031  

Asahi Group Holdings Ltd.

     3,700        121,059  

Asahi Holdings, Inc.

     3,800        59,606  

Asahi Kasei Corp.

     15,900        121,250  

Asahi Net, Inc.

     6,600        28,177  

Astellas Pharma, Inc.

     15,300        238,191  

Autobacs Seven Co. Ltd.

     2,500        25,726  

Avex, Inc.

     2,400        23,814  

Azbil Corp.

     1,000        26,241  

Bandai Namco Holdings, Inc.

     1,100        77,560  

Bank of Iwate Ltd.

     2,700        39,907  

Bank of Nagoya Ltd.

     2,200        50,444  

BayCurrent Consulting, Inc.

     100        26,572  

BIPROGY, Inc.

     2,000        39,748  

Bridgestone Corp.(a)

     7,600        276,913  

Brother Industries Ltd.

     3,100        54,422  

Calbee, Inc.

     1,300        26,181  

Canon, Inc.(a)

     14,100        320,183  

Cawachi Ltd.

     1,600        25,239  

Central Security Patrols Co. Ltd.

     1,900        37,915  

Chiba Bank Ltd.

     16,300        88,906  

Chubu Electric Power Co., Inc.

     10,800        108,592  

Chugai Pharmaceutical Co. Ltd.

     8,800        224,769  

Chugoku Electric Power Co., Inc.

     7,500        48,195  

Chukyo Bank Ltd.

     3,000        37,253  

Concordia Financial Group Ltd.

     25,900        89,603  

Cosmo Energy Holdings Co. Ltd.

     3,300        91,333  

Cybernet Systems Co. Ltd.

     4,900        28,854  

Dai Nippon Printing Co. Ltd.

     3,700        79,689  

Dai-ichi Life Holdings, Inc.

     12,300        227,250  

Daifuku Co. Ltd.

     700        39,984  

Daiken Medical Co. Ltd.(a)

     12,000        43,016  

Daikin Industries Ltd.

     700        112,068  

Daikyonishikawa Corp.(a)

     7,400        28,379  

Daito Trust Construction Co. Ltd.

     900        77,575  

Daiwa House Industry Co. Ltd.

     8,000        186,199  

Daiwa Securities Group, Inc.

     29,100        129,805  

Daiwabo Holdings Co. Ltd.

     2,300        29,949  

Denso Corp.

     4,300        228,143  

Dentsu Group, Inc.(a)

     1,700        50,992  

Digital Holdings, Inc.(a)

     700        6,291  

 

See Notes to Financial Statements.

 

WisdomTree Trust      27  


Schedule of Investments (continued)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

Investments    Shares      Value  

Disco Corp.

     400      $ 94,807  

Ebara Corp.

     800        29,914  

Ehime Bank Ltd.

     3,400        22,499  

Electric Power Development Co. Ltd.

     4,700        77,633  

ENEOS Holdings, Inc.

     73,400        277,543  

FANUC Corp.

     1,200        187,612  

Fast Retailing Co. Ltd.

     300        156,961  

FIDEA Holdings Co. Ltd.

     1,500        14,199  

Fuji Electric Co. Ltd.

     1,500        62,051  

Fujicco Co. Ltd.(a)

     4,600        67,516  

FUJIFILM Holdings Corp.

     3,200        171,430  

Fujimi, Inc.

     800        33,506  

Fujitec Co. Ltd.

     1,200        26,543  

Fujitsu Ltd.

     700        87,413  

Fukui Bank Ltd.

     2,900        28,775  

Fukuoka Financial Group, Inc.

     6,700        120,531  

Furukawa Co. Ltd.

     4,700        41,446  

Futaba Industrial Co. Ltd.

     1,500        4,240  

GMO Financial Holdings, Inc.(a)

     12,100        69,204  

Gunma Bank Ltd.

     9,200        25,936  

H-One Co. Ltd.

     1,600        7,019  

H.U. Group Holdings, Inc.

     3,100        67,292  

Hagiwara Electric Holdings Co. Ltd.

     1,600        23,731  

Hakudo Co. Ltd.

     900        15,349  

Hamamatsu Photonics KK

     700        27,154  

Hankyu Hanshin Holdings, Inc.

     1,100        29,958  

Haseko Corp.

     9,200        107,606  

Hazama Ando Corp.

     4,200        26,062  

Hitachi Ltd.

     4,900        232,205  

Hitachi Transport System Ltd.

     500        31,504  

Hokkaido Gas Co. Ltd.

     2,700        33,329  

Hokkoku Financial Holdings, Inc.

     900        30,540  

Honda Motor Co. Ltd.

     18,600        450,847  

Hoya Corp.

     1,200        102,330  

Hulic Co. Ltd.

     9,300        71,878  

Hyakujushi Bank Ltd.

     1,300        16,200  

Ichinen Holdings Co. Ltd.

     3,200        28,807  

Idemitsu Kosan Co. Ltd.

     4,500        108,314  

IHI Corp.

     1,000        26,720  

Iida Group Holdings Co. Ltd.

     3,200        49,205  

Inpex Corp.

     20,300        219,653  

Internet Initiative Japan, Inc.

     800        27,942  

Isuzu Motors Ltd.

     8,600        95,018  

ITOCHU Corp.

     23,000        620,816  

Itochu Techno-Solutions Corp.

     1,400        34,264  

J-Oil Mills, Inc.(a)

     4,700        55,630  

J. Front Retailing Co. Ltd.

     7,600        64,893  

Japan Exchange Group, Inc.

     4,100        59,091  

Japan Post Holdings Co. Ltd.

     70,800        505,041  

Japan Post Insurance Co. Ltd.

     8,500        135,832  

Japan Property Management Center Co. Ltd.

     2,700        20,490  

Japan Tobacco, Inc.(a)

     61,900        1,068,915  

JDC Corp.(a)

     9,300        35,734  

JFE Holdings, Inc.

     7,000        73,682  

JM Holdings Co. Ltd.

     1,700      19,871  

JSR Corp.

     2,500        64,775  

Kajima Corp.

     8,700        99,709  

Kaken Pharmaceutical Co. Ltd.

     1,000        28,081  

Kansai Electric Power Co., Inc.

     14,300        141,469  

Kao Corp.(a)

     3,800        153,057  

KDDI Corp.

     37,200        1,174,420  

Keiyo Bank Ltd.

     22,000        77,244  

Keyence Corp.

     330        112,660  

Ki-Star Real Estate Co. Ltd.

     100        3,460  

Kikkoman Corp.

     800        42,398  

Kirin Holdings Co. Ltd.(a)

     11,500        180,937  

Kisoji Co. Ltd.(a)

     4,400        70,702  

Kobayashi Pharmaceutical Co. Ltd.

     500        30,768  

Kobe Steel Ltd.

     4,300        19,529  

Koito Manufacturing Co. Ltd.

     800        25,351  

Komatsu Ltd.

     8,300        183,772  

Konami Holdings Corp.

     600        33,168  

Kubota Corp.(a)

     8,100        120,855  

Kuraray Co. Ltd.(a)

     7,700        62,063  

Kyowa Kirin Co. Ltd.

     3,200        71,841  

Kyushu Electric Power Co., Inc.

     14,000        89,861  

Kyushu Railway Co.

     2,900        60,367  

Lawson, Inc.

     1,400        46,579  

LEC, Inc.

     2,500        11,777  

LIFULL Co. Ltd.

     16,700        20,037  

LIKE, Inc.

     500        8,494  

Lixil Corp.

     3,300        61,698  

Makita Corp.

     1,400        34,852  

Marubeni Corp.

     25,800        232,448  

Marvelous, Inc.

     7,700        38,088  

Matsui Securities Co. Ltd.

     10,000        59,254  

MatsukiyoCocokara & Co.

     600        24,246  

Mebuki Financial Group, Inc.

     45,500        89,423  

MEIJI Holdings Co. Ltd.

     1,900        93,143  

Mie Kotsu Group Holdings, Inc.

     9,400        34,111  

MINEBEA MITSUMI, Inc.

     3,100        52,711  

Ministop Co. Ltd.

     3,100        33,383  

MISUMI Group, Inc.

     1,200        25,262  

Mitsubishi Chemical Holdings Corp.

     13,400        72,694  

Mitsubishi Corp.

     19,700        585,395  

Mitsubishi Electric Corp.

     19,800        211,474  

Mitsubishi Estate Co. Ltd.

     10,500        152,181  

Mitsubishi Gas Chemical Co., Inc.

     3,200        46,049  

Mitsubishi HC Capital, Inc.

     25,900        119,343  

Mitsubishi Heavy Industries Ltd.

     4,000        139,708  

Mitsubishi Materials Corp.

     4,200        60,038  

Mitsubishi UFJ Financial Group, Inc.

     181,700        975,540  

Mitsui Chemicals, Inc.

     2,300        48,927  

Mitsui Fudosan Co. Ltd.

     5,300        113,818  

Mitsui OSK Lines Ltd.(a)

     11,100        253,693  

Miyazaki Bank Ltd.

     1,100        16,939  

Mizuho Financial Group, Inc.

     41,350        469,641  

Mizuho Medy Co. Ltd.(a)

     300        5,622  

 

See Notes to Financial Statements.

 

28   WisdomTree Trust


Schedule of Investments (continued)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

Investments    Shares      Value  

MS&AD Insurance Group Holdings, Inc.

     9,000      $ 275,455  

Murata Manufacturing Co. Ltd.

     4,800        261,314  

Nabtesco Corp.(a)

     1,400        32,667  

NEC Capital Solutions Ltd.

     800        12,007  

NEC Corp.

     1,700        65,945  

NET One Systems Co. Ltd.

     2,000        44,165  

NGK Insulators Ltd.

     4,400        59,204  

NGK Spark Plug Co. Ltd.

     3,600        65,267  

NH Foods Ltd.

     900        28,122  

NHK Spring Co. Ltd.

     3,800        24,978  

Nidec Corp.

     1,100        67,852  

Nihon Chouzai Co. Ltd.

     2,100        20,342  

Nihon Flush Co. Ltd.(a)

     1,500        11,008  

Nihon Tokushu Toryo Co. Ltd.

     1,500        11,118  

Nintendo Co. Ltd.

     1,500        647,897  

Nippon Aqua Co. Ltd.

     3,300        14,234  

Nippon Carbon Co. Ltd.

     1,500        44,054  

Nippon Electric Glass Co. Ltd.(a)

     2,300        43,967  

Nippon Express Holdings, Inc.

     1,200        65,099  

Nippon Gas Co. Ltd.

     2,800        39,654  

Nippon Sanso Holdings Corp.

     1,700        27,066  

Nippon Shinyaku Co. Ltd.

     500        30,363  

Nippon Steel Corp.

     9,200        128,599  

Nippon Telegraph & Telephone Corp.

     65,100        1,866,914  

Nippon Yusen KK

     3,800        259,291  

Nishimatsu Construction Co. Ltd.

     3,000        89,765  

Nissan Chemical Corp.

     1,100        50,605  

Nisshinbo Holdings, Inc.

     3,300        24,801  

Nissin Foods Holdings Co. Ltd.

     900        62,074  

Nitori Holdings Co. Ltd.

     400        37,967  

Nitto Denko Corp.

     1,700        109,867  

NOF Corp.

     1,900        70,347  

Nomura Real Estate Holdings, Inc.

     3,300        80,766  

Nomura Research Institute Ltd.

     3,000        79,717  

NTT Data Corp.

     6,400        88,377  

Oita Bank Ltd.

     1,700        23,375  

Oji Holdings Corp.

     8,900        38,521  

Okinawa Cellular Telephone Co.

     700        27,875  

Okinawa Financial Group, Inc.

     1,800        29,016  

Okumura Corp.

     1,200        26,631  

Okuwa Co. Ltd.(a)

     900        5,598  

Olympus Corp.

     2,700        54,187  

Omron Corp.

     1,100        55,796  

Ono Pharmaceutical Co. Ltd.

     4,600        117,899  

Open House Group Co. Ltd.

     1,300        51,673  

Oracle Corp.

     600        34,714  

Osaka Gas Co. Ltd.

     6,700        128,028  

Otsuka Holdings Co. Ltd.

     4,800        170,229  

Panasonic Holdings Corp.

     16,500        133,173  

Pigeon Corp.(a)

     2,500        34,246  

Pola Orbis Holdings, Inc.(a)

     2,700        33,210  

Premium Group Co. Ltd.

     200        5,734  

Procrea Holdings, Inc.

     3,200        45,814  

Recruit Holdings Co. Ltd.

     2,200        64,694  

Resona Holdings, Inc.

     34,300      128,283  

Rohm Co. Ltd.

     700        48,743  

Roland Corp.

     700        20,791  

Sala Corp.

     8,000        41,515  

Sanoh Industrial Co. Ltd.(a)

     800        3,851  

Sanshin Electronics Co. Ltd.

     1,200        13,559  

SBI Holdings, Inc.

     3,300        64,492  

Scala, Inc.(a)

     3,500        18,575  

Scroll Corp.(a)

     3,000        20,095  

SCSK Corp.

     8,700        147,033  

Secom Co. Ltd.

     2,000        123,411  

Sega Sammy Holdings, Inc.

     5,600        89,778  

Seikagaku Corp.

     4,600        27,629  

Seiko Epson Corp.

     4,500        63,597  

Sekisui Chemical Co. Ltd.

     8,600        117,553  

Sekisui House Ltd.

     10,700        187,174  

Senshu Ikeda Holdings, Inc.

     8,300        12,219  

Seven & I Holdings Co. Ltd.

     5,400        209,354  

Seven Bank Ltd.

     17,700        33,744  

SG Holdings Co. Ltd.

     3,700        62,341  

Shikoku Electric Power Co., Inc.

     4,500        26,201  

Shimadzu Corp.

     2,200        69,471  

Shimamura Co. Ltd.

     800        70,134  

Shimano, Inc.

     300        50,613  

Shimizu Corp.

     12,300        67,903  

Shin-Etsu Chemical Co. Ltd.

     2,000        225,240  

Shinko Electric Industries Co. Ltd.

     1,000        25,763  

Shinnihon Corp.

     2,000        10,408  

Shionogi & Co. Ltd.

     1,600        80,733  

Shiseido Co. Ltd.(a)

     1,100        44,096  

Shizuoka Bank Ltd.

     5,500        32,995  

SKY Perfect JSAT Holdings, Inc.

     6,700        26,631  

SMC Corp.

     200        89,021  

Sodick Co. Ltd.

     4,000        23,967  

SoftBank Corp.

     132,400        1,468,187  

SoftBank Group Corp.

     3,500        134,868  

Sojitz Corp.

     4,780        67,590  

Sompo Holdings, Inc.

     7,700        339,105  

Sony Group Corp.

     1,800        147,002  

Square Enix Holdings Co. Ltd.

     900        39,815  

Stanley Electric Co. Ltd.

     1,600        26,240  

Subaru Corp.

     7,000        124,254  

SUMCO Corp.

     2,000        25,895  

Sumitomo Bakelite Co. Ltd.

     900        26,929  

Sumitomo Chemical Co. Ltd.

     20,600        80,517  

Sumitomo Corp.

     16,300        222,804  

Sumitomo Electric Industries Ltd.

     7,200        79,444  

Sumitomo Forestry Co. Ltd.(a)

     2,500        35,387  

Sumitomo Heavy Industries Ltd.

     3,000        66,137  

Sumitomo Metal Mining Co. Ltd.

     3,700        115,748  

Sumitomo Mitsui Financial Group, Inc.

     23,200        688,546  

Sumitomo Mitsui Trust Holdings, Inc.

     4,400        135,380  

Sumitomo Pharma Co. Ltd.

     3,200        25,698  

Sumitomo Realty & Development Co. Ltd.

     3,000        79,121  

 

See Notes to Financial Statements.

 

WisdomTree Trust      29  


Schedule of Investments (continued)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

June 30, 2022

 

 

Investments    Shares      Value  

Sumitomo Rubber Industries Ltd.(a)

     9,900      $ 84,458  

Suncall Corp.

     2,400        10,829  

Suntory Beverage & Food Ltd.

     2,900        109,506  

Suzuki Motor Corp.

     3,000        94,159  

Sysmex Corp.

     600        36,065  

T&D Holdings, Inc.

     6,700        80,091  

Tachi-S Co. Ltd.

     1,000        8,060  

Taihei Dengyo Kaisha Ltd.

     1,800        39,099  

Taiheiyo Cement Corp.

     1,800        26,830  

Taiho Kogyo Co. Ltd.(a)

     1,900        9,342  

Taisei Corp.

     3,300        102,628  

Takeda Pharmaceutical Co. Ltd.

     28,700        806,570  

Tama Home Co. Ltd.(a)

     900        16,231  

TDK Corp.

     2,200        67,852  

Terumo Corp.

     2,500        75,227  

Toho Bank Ltd.

     20,500        31,386  

Toho Co. Ltd.

     800        28,884  

Toho Gas Co. Ltd.

     1,500