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What 10 Years of Real

Life Smart-Beta
Investing Has Taught
Me
LUCIANO SIRACUSANO
Chief Investment Strategist
WisdomTree Asset Management
Building Core Smart
The Great Migration Beta Portfolios with
ETFs
Snapshot of ETFs vs Mutual Funds
Exchange-Traded Funds Mutuals Funds
Bought and sold On an exchange throughout the day Through the mutual fund companies
Sales Charge None, though ordinary brokerage commissions apply May have sales load, purchase and/or redemption fees
Minimum Investments None, an investor can buy 1 share May have high minimum investments
Expense Ratios Traditionally low Dependent on management styles
Liquidity Intraday End of day
Ability to trade intraday Trades only executed once per day
Special trading orders are possible: Special trading not possible
Market-ETF shares are bought or sold at the market's Trading frequency restricted
current price at time of execution
Stop-Sets a specific price at which an ETF is to be
purchased or sold
Limit-Sets the maximum and minimum price,
Trading Flexibility respectively, at which you are willing to buy or sell shares
of an ETF
Short selling- Borrowing ETF shares to sell now in the
hopes of buying them back at a cheaper price, profiting
from the difference
Margin Trading-Taking out a loan to buy ETF shares, or
using ETF shares as collateral in an effort to leverage your
existing portfolio beyond your initial investment
Consequences of Purchases and Sales Purchases and sales of shares on the secondary market Purchases and redemptions of a large number of shares
generally: can:

Security Prices do not affect security prices impact the underlying security prices as the fund buys or
sells shares
impact the fund's NAV and returns

Tax Implications do not impact tax efficiency trigger capital gains or losses on the underlying securities
do not trigger capital gains or affect the fund's tax efficiency
losses on the underlying securities
Transparency Fund holding published daily Fund holdings typically published quarterly
Assets are typically fully invested as there is no need to Typically hold at least 5% of their assets in cash in order to
hold cash aside for redemptions handle day-to-day redemptions
Portfolio Investments

Source: WisdomTree 3
Equity Mutual Fund Data By Morningstar Category

Value Blend Growth

AUM: $968 Billion AUM: $2,093 Billion AUM: $1,220 Billion

Large Median Expense Ratio: 0.99% Median Expense Ratio: 0.95% Median Expense Ratio: 1.05%

5Yr Percent of Peers Beaten by Beta Index: 90% 5Yr Percent of Peers Beaten by Beta Index: 91% 5Yr Percent of Peers Beaten by Beta Index: 87%

AUM: $190 Billion AUM: $303 Billion AUM: $228 Billion

Mid Median Expense Ratio: 1.12% Median Expense Ratio: 1.06% Median Expense Ratio: 1.15%

5Yr Percent of Peers Beaten by Beta Index: 91% 5Yr Percent of Peers Beaten by Beta Index: 87% 5Yr Percent of Peers Beaten by Beta Index: 78%

AUM: $120 Billion AUM: $251 Billion AUM: $180 Billion

Small Median Expense Ratio: 1.25% Median Expense Ratio: 1.17% Median Expense Ratio: 1.22%

5Yr Percent of Peers Beaten by Beta Index: 68% 5Yr Percent of Peers Beaten by Beta Index: 63% 5Yr Percent of Peers Beaten by Beta Index: 76%

Total AUM: 5.6 Trillion


Source: Morningstar as of 3/31/2017. Beta Indexes (#managers in category): Large Value (905): Russell 1000 Value. Large Blend (1,075): S&P 500. Large
Growth (1,128): Russell 1000 Growth. Mid Value (289): Russell Midcap Value. Mid Blend (321): S&P MidCap 400. Mid Growth (488): Russell Midcap
Growth. Small Value (299): Russell 2000 Value. Small Blend (524): Russell 2000. Small Growth (520): Russell 2000 Growth. Past performance is not
indicative of future results. You cannot invest directly in an Index. Ranking based off total returns. 4
Instead of Categorizing by Style, Think in Terms of Factors

Factors Drive Alpha; Style Reports on Beta

Value Blend Growth

Value
Large

Size

Quality
Mid

Momentum
Small

Low
Volatility

5
Do Risk Premia Exist?

Time Period (6/30/1963 to 12/31/2016)1

Value (HML)2 Size (SMB)3 Profitability (RMW)4 Momentum (MOM)5 Low Volatility (Low Vol)8
High 30% 12.4% Smallest 30% 12.1% Highest 30% 11.1% Highest 30% 13.1% Least Volatile 30% 9.6%
Low 30% 9.7% Largest 30% 9.8% Lowest 30% 8.4% Lowest 30% 6.8% Most Volatile 30% 8.0%
Return Premia6 Excess Return 2.7% Excess Return 2.3% Excess Return 2.7% Excess Return 6.3% Excess Return 1.6%
Volatility 16.7% Volatility 21.2% Volatility 15.0% Volatility 16.7% Volatility 11.8%
Sharpe Ratio 0.45 Sharpe Ratio 0.35 Sharpe Ratio 0.42 Sharpe Ratio 0.50 Sharpe Ratio 0.41

U.S. Stock Market 10.1% U.S. Stock Market 10.1% U.S. Stock Market 10.1% U.S. Stock Market 10.1% U.S. Stock Market 10.1%
Market7
Volatility 15.3% Volatility 15.3% Volatility 15.3% Volatility 15.3% Volatility 15.3%
Sharpe Ratio 0.35 Sharpe Ratio 0.35 Sharpe Ratio 0.35 Sharpe Ratio 0.35 Sharpe Ratio 0.35
Trying to harvest return premia by grouping stocks with certain Factors together such as the Value, Size, Momentum and Profitability is known as Factor Investing and is widely studied
in both an academic and business setting. This slide aims to display the results of the research sourced below; categorizing by these factors does allow a return premium to be
observed. In the return premia category, the high 30% and low 30% is referring to the top 30% and bottom 30% respectively of a portfolio of stocks as a function of how well those
stocks exhibit the qualities of their respective factor category. By finding the difference between the top and bottom 30%, shown as excess return in the table, the premia of
concentrating on a certain factors qualities can be observed. In the case of the volatility and the Sharpe ratio, only the top 30%, or stocks that express their factory qualities the best,
are used for calculation.
1Time period: Selected due to the data availability of the Quality factor in Kenneth R. French Data Library.
2Value (HML): Measured as the ratio of book value of equity to market value of equity of a firm, with higher values indicating a lower market price relative to this fundamental factor.

Portfolio shown here is a large-cap portfolio.


3Size (SMB): Measured as the market value of equity, with smaller values indicating smaller market capitalization companies and larger values indicating larger market capitalization

companies.
4Profitability (RMW), often referred to as Quality: Measures aspects of operating profitability. Portfolio shown here is a large-cap portfolio.
5Momentum (MOM): Means of measuring resilience of positive trends in share price behavior, with stronger resilience in exhibiting positive trends leading to higher momentum.

Portfolio shown here is a large-cap portfolio.


6Return Premia: References the additional return generated by investing in securities with certain fundamental factors (or attributes) that have shown persistent outperformance over

long periods.
7Market (MK-RF): Refers to a market capitalization-weighted measure of the returns of all firms captured by the Center for Research in Security Prices and listed on the New York Stock

Exchange, American Stock Exchange or NASDAQ stock exchange. Volatility & Sharpe Ratio here are calculated on the returns of this measure.
Source: Kenneth R. French Data Library.
8Low Volatility(Low Vol)- References securities with low variance. Portfolio shown here is a large-cap portfolio.

Source: Kenneth R. French Data Library


Past performance is not indicative of future results.

6
Smart Beta Factor Portfolios, Style, Beta Returns, 20072017

10.00%

9.50%
Quality
Russell 1000 Growth
9.00%
Annualized Total Return

8.50% Low Volatility

8.00%

Momentum
7.50%
S&P 500
7.00%
Russell 2000
Size
6.50%

6.00%
Russell 1000 Value

5.50%

Value
5.00%
10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 22.00%
Annualized Standard Deviation

Source: WisdomTree, Zephyr StyleAdvisor, Kenneth R. French Data Library April 2007March 2017. Value: Top 30% of stocks by high book-to-market
and above the median market cap. Size: Lowest 30% by market cap. Quality: Top 30% of stocks by high operating profitability and above the
median market cap. Momentum Top 30% of stocks by prior price momentum and above the median market cap. Low Volatility: Bottom 20% of
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stocks by low variance and in the top 20% by market cap. Past performance is not indicative of future results. You cannot invest directly in an index.
Smart Beta Portfolio Factor Returns vs. Style/Beta Indexes:
Summary Statistics

10-Year Summary Statistics, April 2007March 2017

Sharpe Tracking Information


Portfolio/ Index Return (%) Std Dev1 (%) Beta2 Correlation6
Ratio3 Error4 (%) Ratio5

Fama and French Factor Portfolios Equal Weighted 7.90 15.32 0.98 0.48 3.01 0.13 0.98

Style/Beta Indexes Equal Weighted 7.49 16.37 1.06 0.42 2.44 -0.01 0.99

S&P 500 7.51 15.30 1.00 0.45 0.00 0.00 1.00

Source: WisdomTree, Bloomberg, Zephyr StyleAdvisor , Kenneth R. French Data Library as of 3/31/2017. Fama and French Factor Portfolios Equal Weighted consists of: Value:
Top 30% of stocks by high book-to-market and above the median market cap. Size: Lowest 30% by market cap. Quality: Top 30% of stocks by high operating profitability and
above the median market cap. Momentum Top 30% of stocks by prior price momentum and above the median market cap. Low Volatility: Bottom 20% of stocks by low
variance and in the top 20% by market cap, combined in equal weights and rebalanced annually beginning in April 2007. Style/Beta Indexes Equal Weighted consists of the
S&P 500, Russell 1000 Growth, Russell 1000 Value and Russell 2000 equally weighted and rebalancing annually beginning in April 2007. Past performance is not indicative of
future results. You cannot invest directly in an index. Std Dev=Standard Deviation.
1 Standard Deviation: measure of how widely an investment or investment strategys returns move relative to its average returns for an observed period. A higher value implies

more risk, in that there is more of a chance the actual return observed is farther away from the average return.
2 Beta: Measure of the volatility of an index or investment relative to a benchmark. A reading of 1.00 indicates that the investment has moved in lockstep with the benchmark; a reading of -1.00

indicates that the investment has moved in the exact opposite direction of the benchmark.
3 Sharpe Ratio: Measure of risk-adjusted return. Higher values indicate greater return per unit of risk, specifically standard deviation, which is viewed as being desirable.
4 Tracking Error: Standard deviation of excess returns relative to a benchmark.
5 Information Ratio: A risk-adjusted return measure calculated by taking the excess return against the benchmark and dividing by the tracking error.
6 Correlation: Statistical measure of how two sets of returns move in relation to each other. Correlation coefficients range from -1 to 1. A correlation of 1 means the two subjects of analysis move in

lockstep with each other. A correlation of -1 means the two subjects of analysis have moved in exactly the opposite direction.

8
Fama and French Factors Equal Weighted Rolling 10-Year
Performance vs S&P 500

Average of Rolling 10-Year Annualized Returns, Fama and French Factor Portfolios
Equal Weighted (March 1984March 2017)
14.00% 13.28%

12.00% 11.51%

10.00%
Average Returns

8.00%

6.00%

4.00%

1.78%
2.00%

0.00%
Average of Annualized Returns Average
Excess Returns
Fama and French Factor Portfolios Equal Weighted S&P 500

Source: WisdomTree, Bloomberg, Zephyr StyleAdvisor, Kenneth R. French Data Library as of 3/31/2017. Fama and French Factor Portfolios Equal Weighted
consists of: Value: Top 30% of stocks by high book-to-market and above the median market cap. Size: Lowest 30% by market cap. Quality: Top 30% of stocks by
high operating profitability and above the median market cap. Momentum Top 30% of stocks by prior price momentum and above the median market cap.
Low Volatility: Bottom 20% of stocks by low variance and in the top 20% by market cap, combined in equal weights and rebalanced annually beginning in
March 1984. Data time frame chosen based on S&P 500 Total Return data availability and Fama and French data availability. Past performance is not 9
indicative of future results. You cannot invest directly in an index.
Evaluating Smart Beta ETFs

+ Index Methodology
+ Factor Exposures
+ Sector Size Exposures
+ Factor Loadings
+ Track Record Over Full Market Cycles
+ 10-Year Summary Statistics
+ Active Risk
+Cost

10
Measuring Portfolios Sensitivity to Value

Loading to Value (HML), June 30, 1963 March 31, 2017)


1.00

0.83
0.80
0.71
Less Sensitive to Value More Sensitive to Value
0.60 0.60
Loading to Value Factor (HML)

0.60

0.40

0.20 0.16
0.05 0.07 0.07 0.08
0.04
0.00
0.00

-0.20 -0.11 -0.11

-0.30 -0.30
-0.40 -0.34

Sources: WisdomTree, Kenneth R. French Data Library. Data is based on monthly returns from 6/30/1963 to 12/31/2016. Loading refers to the numbers shown above. A
higher loading indicates greater positive sensitivity to a specific factors movements. Each portfolio is based on the top or bottom (depending on the characteristic) 20%
of stocks exhibiting the described characteristic from a broad universe of companies as defined by Fama and French.

Sources: WisdomTree, Kenneth R. French Data Library. Data is based on monthly returns from 6/30/1963 to 3/31/2017. Loading refers to the
numbers shown above. A higher loading indicates greater positive sensitivity to a specific factors movements. Each portfolio is based on the top
or bottom (depending on the characteristic) 20% of stocks exhibiting the described characteristic from a broad universe of companies as defined 11
by Fama and French.
Measuring Portfolios Sensitivity to Quality/Profitability

Loading to Quality (RMW), June 30, 1963 March 31, 2017)


0.60
Less Sensitive to Quality More Sensitive to Quality
0.39
0.40
0.27 0.28
0.25
0.20
0.20 0.16 0.16
Loading to Quality Factor (RMW)

0.13
0.09 0.09
0.03
0.00

-0.20 -0.13
-0.18
-0.24 -0.23
-0.40

-0.60

-0.80 -0.72

Sources: WisdomTree, Kenneth R. French Data Library. Data is based on monthly returns from 6/30/1963 to 3/31/2017. Loading refers to the
numbers shown above. A higher loading indicates greater positive sensitivity to a specific factors movements. Each portfolio is based on the top or
bottom (depending on the characteristic) 20% of stocks exhibiting the described characteristic from a broad universe of companies as defined by
12
Fama and French.
WisdomTrees Earnings Weighted and Quality ETFs:
Returns and Peer Group Performance
Average Annual Total Returns as of 3/31/2017
Fund Information NAV Returns (%) Market Price Returns (%)
Expense Inception Since Fund Since Fund
Fund/Index Ticker 1-Year 3-Year 5-Year 10-Year 1-Year 3-Year 5-Year 10-Year
Ratio Date Inception Inception
WisdomTree Earnings 500 Fund EPS 0.28% 2/23/2007 19.31% 9.74% 12.72% 7.35% 7.09% 19.35% 9.72% 12.72% 7.34% 7.09%
WisdomTree Earnings 500 Index 19.69% 10.03% 13.04% 7.66% 7.40% 19.69% 10.03% 13.04% 7.66% 7.40%
S&P 500 Index 17.17% 10.37% 13.30% 7.51% 7.22% 17.17% 10.37% 13.30% 7.51% 7.22%
Morningstar Category: LargeCap Blend EPS % of Peers Beaten 88% 79% 71% 77% 78%
WisdomTree MidCap Earnings Fund EZM 0.38% 2/23/2007 19.33% 7.52% 13.24% 9.54% 9.18% 19.61% 7.60% 13.25% 9.55% 9.21%
WisdomTree MidCap Earnings Index 19.69% 7.81% 13.52% 9.77% 9.41% 19.69% 7.81% 13.52% 9.77% 9.41%
S&P MidCap 400 Index 20.92% 9.36% 13.32% 8.96% 8.64% 20.92% 9.36% 13.32% 8.96% 8.64%
Morningstar Category: MidCap Blend EZM % of Peers Beaten 64% 61% 85% 99% 99%
WisdomTree SmallCap Earnings Fund EES 0.38% 2/23/2007 26.80% 7.10% 12.69% 8.57% 8.05% 26.97% 7.05% 12.65% 8.57% 8.04%
WisdomTree SmallCap Earnings Index 27.05% 7.27% 12.86% 8.67% 8.15% 27.05% 7.27% 12.86% 8.67% 8.15%
Russell 2000 Index 26.22% 7.22% 12.35% 7.12% 6.72% 26.22% 7.22% 12.35% 7.12% 6.72%
Morningstar Category: SmallCap Blend EES % of Peers Beaten 90% 60% 69% 91% 88%
WisdomTree U.S. Quality Dividend Growth Fund DGRW 0.28% 5/22/2013 15.99% 10.56% N/A N/A 11.89% 16.02% 10.55% N/A N/A 11.88%
WisdomTree U.S. Quality Dividend Growth Index 16.33% 10.85% N/A N/A 12.20% 16.33% 10.85% N/A N/A 12.20%
NASDAQ U.S. Dividend Achievers Select Index 13.19% 8.55% 11.44% 7.71% 9.66% 13.19% 8.55% 11.44% 7.71% 9.66%
Morningstar Category: LargeCap Blend DGRW % of Peers Beaten 47% 97% N/A N/A 91%
WisdomTree U.S. SmallCap Quality Dividend
DGRS 0.38% 7/25/2013 20.12% 7.56% N/A N/A 10.12% 20.25% 7.60% N/A N/A 10.10%
Growth Fund
WisdomTree U.S. SmallCap Quality Dividend
20.41% 7.75% N/A N/A 10.36% 20.41% 7.75% N/A N/A 10.36%
Growth Index
Russell 2000 Index 26.22% 7.22% 12.35% 7.12% 9.22% 26.22% 7.22% 12.35% 7.12% 9.22%
Morningstar Category: SmallCap Blend DGRS % of Peers Beaten 30% 71% N/A N/A 69%
#of peers (both Mutual Funds and ETFs) in each category: LargeCap Blend: 1409 (1yr), 1252 (3yr), 1118 (5yr), 828 (10yr), 826 (SI: EPS), 1,203 (SI: DRGW). MidCap Blend: 443 (1yr), 379 (3yr),
343 (5yr), 220 (10yr), 219 (SI). SmallCap Blend: 759 (1yr), 628 (3yr), 540 (5yr), 381 (10yr), 372(SI: EES), 597 (SI: DGRS). Since inception is based on the closest month-end from intra-month
inception date. Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and principal value of an
investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available at
www.wisdomtree.com. WisdomTree shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total returns are calculated using the daily
4:00 p.m. EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread 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. You cannot invest directly in an index. Index performance does not represent actual fund or
portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any
management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and
commissions could reduce returns. WisdomTree, its affiliates and their independent
providers are not liable for any informational errors, incompleteness or delays or for any actions taken in reliance on information contained herein.
Additional Index information is available at www.wisdomtree.com. Source: WisdomTree, Bloomberg, Morningstar as of 3/31/2017

13
Case Study: WisdomTree MidCap Earnings Fund (EZM)
+ Methodology Summary
Universe: Excludes the largest 500 stocks from only profitable companies in the U.S. stock market, and then selects
those within the top 75% of that universe by market capitalization.
Weighted by earnings and rebalances annually.
Sector Exposures and Sector Betas vs S&P MidCap 400 as of 3/31/2017 As of 3/31/2017 As of 3/31/2017
Relative Sector Weights 10-Yr Beta Market-Cap # of *Active Share Expense
Consumer Discretionary 8.20% 1.01 Breakdown stocks vs S&P 400 Ratio
Industrials 5.87% 1.15 Large Cap: 0% 572 53% 0.38%
Consumer Staples 0.47% 0.65 Mid Cap: 96%
Financials 0.04% 0.96 Small Cap: 4%
Telecommunications -0.19% 0.85
Real Estate -1.22% N/A
Health Care -1.32% 0.80 Factor Loadings April 2007March 2017
Utilities -1.47% 0.52 Mkt-RF SMB HML RMW CMA
(Beta) (Size) (Value) (Quality) (Investment)
Materials -2.09% 1.22
Energy -2.78% 1.39 1.06 0.52 0.11 0.19 -0.09
Information Technology -5.65% 1.10

10-Year Summary Statistics as of 3/31/2017


Sharpe Tracking Information
Fund/Index Return (%) Std Dev (%) Beta Correlation
Ratio Error (%) Ratio
WisdomTree MidCap Earnings Fund 9.54 19.05 1.03 0.47 3.88 0.15 0.98
S&P MidCap 400 8.96 18.07 1.00 0.46 0.00 0.00 1.00

Source: WisdomTree, Bloomberg, Zephyr StyleAdvisor, Kenneth R. French Data Library as of 3/31/2017. All Calculations done at NAV. Past performance is
not indicative of future results. *Active Share: percent of holdings not alike with the benchmark, taking into account the same holdings but with different
weights.100% active share would be no similarity, whereas 0% active share would indicate identical holdings and weights. Past performance is not 14
14
indicative of future results. You cannot invest directly in an index. Weights subject to change.
How Does WisdomTree Fit into Factor Investing?
Core Earnings and U.S. Quality Dividend Growth
Larger numbers suggest higher positive factor sensitivity or higher factor loadings
10-Year Regression Loadings as of 3/31/2017
Mkt-RF SMB HML RMW CMA
Fund/Index
(Beta) (Size) (Value) (Quality) (Investment)
WisdomTree Earnings 500 Fund (EPS) 0.98 -0.16 0.12 0.08 -0.07
S&P 500 Index 1.01 -0.14 0.02 0.04 0.02
WisdomTree MidCap Earnings Fund (EZM) 1.06 0.52 0.11 0.19 -0.09
S&P MidCap 400 Index 1.04 0.43 -0.03 0.08 -0.05
WisdomTree SmallCap Earnings Fund (EES) 1.02 0.94 0.44 0.27 -0.25
Russell 2000 Index 1.00 0.85 0.07 -0.04 -0.11
Top 30% of Firms by Operating Profitability 0.98 -0.06 -0.10 0.32 -0.01

6/1/20133/31/2017
Mkt-RF SMB HML RMW CMA
Fund/Index
(Beta) (Size) (Value) (Quality) (Investment)
WisdomTree U.S. Quality Dividend Growth Fund (DGRW) 1.01 -0.06 -0.11 0.30 0.23
S&P 500 Index 0.99 -0.13 -0.02 0.05 0.04
Top 30% of Firms by Operating Profitability 1.01 -0.02 -0.10 0.38 0.01
8/1/20133/31/2017
WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS) 0.93 0.92 0.12 0.44 0.33
Russell 2000 Index 1.00 0.85 0.10 -0.02 -0.21
Top 30% of Firms by Operating Profitability 1.01 -0.01 -0.10 0.38 0.01

Source: Kenneth R. French Data Library as of 3/31/2017. Quality or Profitability portfolio formed by Fama and French. Past performance is not indicative
of future results. You cannot invest directly in an Index. Time frame selected based on the common period between all funds and indexes. Mkt-RF:
refers to the sensitivity of each respective index to movements in the broad market. SMB: refers to small-minus-big and is the sensitivity or factor loading
to small caps. HML: refers to High-minus-low and is the sensitivity or factor loading to value, specifically the book value to market value ratio. RMW:
refers to Robust-minus-weak operating profitability and is the sensitivity or factor loading to Profitability (quality). CMA: refers to Conservative-minus- 15
aggressive and is the sensitivity or factor loading to Investment.
How Does WisdomTree Fit into Factor Investing?
Dividend Weighting the U.S. Equity Market

7/1/20063/31/2017

Mkt-RF SMB HML RMW CMA


Fund/Index
(Beta) (Size) (Value) (Quality) (Investment)

WisdomTree LargeCap Dividend Fund (DLN) 0.93 -0.29 0.24 0.13 0.09
Russell 1000 Value Index 0.99 -0.12 0.24 -0.01 0.09
Russell 1000 Growth Index 1.04 -0.05 -0.23 0.08 -0.09
S&P 500 Index 1.01 -0.14 0.02 0.05 0.02
WisdomTree MidCap Dividend Fund (DON) 1.01 0.20 0.30 0.21 0.05
Russell Midcap Value Index 1.05 0.24 0.17 0.05 0.02
Russell Midcap Growth Index 1.10 0.30 -0.27 -0.01 -0.16
S&P MidCap 400 Index 1.03 0.45 -0.02 0.09 -0.10
WisdomTree SmallCap Dividend Fund (DES) 0.93 0.72 0.54 0.30 0.05
Russell 2000 Value Index 0.96 0.79 0.36 0.09 0.04
Russell 2000 Growth Index 1.04 0.90 -0.24 -0.18 -0.23
Russell 2000 Index 1.00 0.85 0.06 -0.04 -0.10

Top 30% of Firms by Operating Profitability 0.98 -0.05 -0.10 0.32 -0.01

Source: Kenneth R. French Data Library as of 3/31/2017. Quality or Profitability portfolio formed by Fama and French. Past performance is not indicative
of future results. You cannot invest directly in an Index. Time frame selected based on the common period between all funds and indexes. Mkt-RF: refers
to the sensitivity of each respective index to movements in the broad market. SMB: refers to small-minus-big and is the sensitivity or factor loading to
small caps. HML: refers to High-minus-low and is the sensitivity or factor loading to value, specifically the book value to market value ratio. RMW: refers
to Robust-minus-weak operating profitability and is the sensitivity or factor loading to Profitability (quality). CMA: refers to Conservative-minus-aggressive
16
and is the sensitivity or factor loading to Investment.
WisdomTree U.S. Dividend-Weighted ETFs:
Returns and Peer Group Performance
Average Annual Total Returns as of 3/31/2017
Fund Information NAV Returns (%) Market Price Returns (%)
Expense Inception Since Fund Since Fund
Fund/Index Ticker 1-Year 3-Year 5-Year 10-Year 1-Year 3-Year 5-Year 10-Year
Ratio Date Inception Inception
WisdomTree LargeCap Dividend Fund DLN 0.28% 6/16/2006 16.13% 9.95% 12.40% 6.65% 7.69% 16.13% 9.92% 12.40% 6.64% 7.66%
WisdomTree LargeCap Dividend Index 16.48% 10.27% 12.72% 7.05% 8.03% 16.48% 10.27% 12.72% 7.05% 8.03%
Russell 1000 Value Index 19.22% 8.67% 13.13% 5.93% 7.17% 19.22% 8.67% 13.13% 5.93% 7.17%
S&P 500 Index 17.17% 10.37% 13.30% 7.51% 8.35% 17.17% 10.37% 13.30% 7.51% 8.35%
Morningstar Category: LargeCap Value DLN % of Peers Beaten 34% 94% 74% 77% 78%
WisdomTree MidCap Dividend Fund DON 0.38% 6/16/2006 16.52% 11.15% 14.84% 8.60% 9.59% 16.50% 11.15% 14.82% 8.60% 9.63%
WisdomTree MidCap Dividend Index 17.04% 11.57% 15.20% 8.71% 9.67% 17.04% 11.57% 15.20% 8.71% 9.67%
Russell MidCap Value Index 19.82% 8.94% 14.07% 7.47% 8.78% 19.82% 8.94% 14.07% 7.47% 8.78%
S&P MidCap 400 Index 20.92% 9.36% 13.32% 8.96% 9.75% 20.92% 9.36% 13.32% 8.96% 9.75%
Morningstar Category: MidCap Value DON % of Peers Beaten 22% 95% 97% 89% 89%
WisdomTree SmallCap Dividend Fund DES 0.38% 6/16/2006 21.22% 8.88% 13.96% 7.25% 8.26% 21.18% 8.88% 13.89% 7.27% 8.25%
WisdomTree SmallCap Dividend Index 21.57% 9.07% 14.04% 7.41% 8.34% 21.57% 9.07% 14.04% 7.41% 8.34%
Russell 2000 Value Index 29.37% 7.62% 12.54% 6.09% 7.30% 29.37% 7.62% 12.54% 6.09% 7.30%
Russell 2000 Index 26.22% 7.22% 12.35% 7.12% 8.11% 26.22% 7.22% 12.35% 7.12% 8.11%
Morningstar Category: SmallCap Value DES % of Peers Beaten 25% 87% 93% 71% 73%

#of peers (both Mutual Funds and ETFs) in each category: Large Value: 1259 (1yr), 1086 (3yr), 938 (5yr), 686 (10yr), 640 (SI). MidCap Value: 398 (1yr), 341 (3yr), 301 (5yr), 212 (10yr), 197
(SI). SmallCap Value: 413 (1yr), 356 (3yr), 314 (5yr), 203 (10yr), 193 (SI). Since inception is based on the closest month-end from intra-month inception date. Morningstar, Inc., 2016. All
rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be
accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance,
rankings and ratings are no guarantee of future results. The % of Peer Group Beaten is the funds total-return percentile rank compared to all funds within the same Morningstar
Category and is subject to change each month. Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment
returns and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Performance data for the most
recent month-end is available at www.wisdomtree.com. WisdomTree shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total
returns are calculated using the daily 4:00 p.m. EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread 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. You cannot invest directly in an index. Index
performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes
reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on
transactions in fund shares. Such fees, expenses and commissions could reduce returns. WisdomTree, its affiliates and their independent providers are not liable for any informational
errors, incompleteness or delays or for any actions taken in reliance on information contained herein.
Additional Index information is available at www.wisdomtree.com. Source: WisdomTree, Bloomberg, Morningstar as of 3/31/2017.

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Hypothetical Core Smart Beta Portfolio

+High Earnings Yield loads second highest to Value over 50 plus years and loads well to Quality.
+High Dividend loads second to Low Beta over 50 plus years, fourth highest to Value and loads well to Quality.
+Use the broadest LargeCap Dividend Index and the broadest LargeCap Earnings Index to get exposure to
Value and Quality. Use the broadest MidCap Dividend Index and the broadest MidCap Earnings Index to get
exposure to Size. Supplement with an index that provides exposure to Momentum.
+The WisdomTree Core Smart Beta Portfolio uses 80% Large Cap and 20% Mid/Small cap exposure in order to
create comparable size exposure to the Fama & French Factor Portfolios Equal Weighted

WisdomTree Core Smart Beta Portfolio, 4/1/20173/31/2017


Factor Sharpe *Tracking *Information
Index Weight Std Dev (%) *Beta *Correlation
Exposures Ratio Error (%) Ratio
WisdomTree LargeCap Dividend 26.7% Value/Quality 14.72 0.93 0.44 3.92 -0.12 0.97

WisdomTree Earnings 500 26.7% Value/Quality 15.12 0.98 0.47 1.73 0.09 0.99

S&P 500 Pure Growth 26.7% Momentum 17.65 1.10 0.56 5.68 0.52 0.95

WisdomTree MidCap Earnings 10.0% Size/Value/Quality 19.15 1.17 0.48 7.29 0.31 0.93

WisdomTree MidCap Dividend 10.0% Size/Value/Quality 18.18 1.11 0.45 6.84 0.18 0.93

Average Annual Total Returns as of 3/31/2017


Since
Index Inception 1-Year 3-Year 5-Year 10-Year
Inception
S&P 500 Pure Growth 12/16/2005 13.75% 8.07% 13.92% 10.47% 9.92%

Source: WisdomTree, Zephyr StyleAdvisor as of 3/31/2017. *These statistics are relative to the S&P 500 Index.
You cannot invest directly in an index. Past performance is not indicative of future results.
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Hypothetical Core Smart Beta Summary Statistics

10-Yr Summary Statistics as of 3/31/2017

Sharpe Tracking Information


Portfolio/Index Return (%) Std Dev (%) Beta Correlation
Ratio Error (%) Ratio

WisdomTree Core Smart Beta Portfolio 8.64 15.91 1.03 0.51 2.18 0.52 0.99

Fama and French Factor Portfolios Equal Weighted 7.90 15.3 0.98 0.48 3.01 0.13 0.98

S&P 500 Index 7.51 15.3 1.00 0.45 0.00 0.00 1.00

Source: WisdomTree, Bloomberg, Zephyr StyleAdvisor, Kenneth R. French Data Library as of 3/31/2017. Portfolios rebalance annually based on an April
2007 Inception date. Fama and French Factor Portfolios Equal Weighted consists of: Value: Top 30% of stocks by high book-to-market and above the
median market cap. Size: Lowest 30% by market cap. Quality: Top 30% of stocks by high operating profitability and above the median market cap.
Momentum Top 30% of stocks by prior price momentum and above the median market cap. Low Volatility: Bottom 20% of stocks by low variance
and in the top 20% by market cap, combined in equal weights and rebalanced annually beginning in April 2007. Past performance is not indicative
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of future results. You cannot invest directly in an index.
Portfolios Calendar Year Returns

Average % of Out/Under Performance


# Years
Portfolio/Index Outperforming Out Under
S&P 500
WisdomTree Core Smart Beta Portfolio 7 out of 9 2.80% -1.37%
Fama and French Factor Portfolios Equal Weighted 5 out of 9 3.23% -3.08%

Portfolio/Index 2008 2009 2010 2011 2012 2013 2014 2015 2016

WisdomTree Core Smart Beta Portfolio -36.52% 33.97% 20.12% 4.56% 15.07% 35.22% 13.80% -0.42% 13.12%

Fama and French Factor Portfolios Equal


-32.88% 22.36% 17.93% 0.11% 16.75% 36.67% 10.84% -2.00% 16.10%
Weighted

S&P 500 -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 1.38% 11.96%

Source: WisdomTree, Bloomberg, Zephyr StyleAdvisor, Kenneth R. French Data Library as of 3/31/2017. Portfolios rebalance annually based on an April
2007 Inception date. Fama and French Factor Portfolios Equal Weighted consists of: Value: Top 30% of stocks by high book-to-market and above the
median market cap. Size: Lowest 30% by market cap. Quality: Top 30% of stocks by high operating profitability and above the median market cap.
Momentum Top 30% of stocks by prior price momentum and above the median market cap. Low Volatility: Bottom 20% of stocks by low variance and in
the top 20% by market cap, combined in equal weights and rebalanced annually beginning in April 2007. Past performance is not indicative of future
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results. You cannot invest directly in an index.
Summary: Explore the Core

+Potential to Generate Passive Alpha in the Core


+Own Equity Markets Broadly; Potential to Capture Risk Premia
Through Factor-Based Rebalancing
+Will Creating Low-Cost Beta Be Enough to Compete?
+If not, Integrate Smart Beta to Create Low-Cost Alpha
+Use WisdomTree to Diagnose Your Existing Portfolio
+Use WisdomTree to Map and Overlap Your Existing Funds
+Or Use WisdomTree ETF Models as a More Integrated Solution

21
Glossary
WisdomTree Dividend Index: Measures the performance of dividend-paying companies incorporated in the United States that pay regular cash dividends and meet WisdomTrees
eligibility requirements. Weighted by indicated cash dividends.
WisdomTree Dynamic Currency Hedged International Equity Index: Fundamentally weighted Index that measures the performance of dividend-paying companies in the industrialized
world, excluding Canada and the United States, and is designed to remove from Index performance the impact of changes to the value of foreign currencies relative to the U.S. dollar
with a hedge ratio ranging from 0 to 100% on a monthly basis. The Index is comprised of companies incorporated in 15 developed European countries, Japan, Australia, New Zealand,
Hong Kong, Israel and Singapore. Companies are weighted in the Index based on annual cash dividends paid.
WisdomTree Earnings 500 Index: A fundamentally weighted index that measures the performance of earnings-generating companies within the large-capitalization segment of the U.S.
Stock Market. Companies in the index are incorporated and listed in the U.S and have generated positive cumulative earnings over their most recent four fiscal quarters prior to the index
measurement date. The index is comprised of the 500 largest companies ranked by market capitalization in the WisdomTree Earnings Index.
WisdomTree Earnings Index: Fundamentally-weighted index that measures the performance of earnings-generating companies within the broad U.S. stock market.
WisdomTree Emerging Markets Dividend Index: A cash dividend-weighted Index measuring the performance of dividend-paying equities incorporated within emerging markets.
WisdomTree International LargeCap Dividend Index: A fundamentally weighted index that measures the performance of the large-capitalization segment of the dividend-paying market
in the industrialized world outside the U.S. and Canada. The Index comprises the 300 largest companies ranked by market capitalization from the WisdomTree DEFA Index. Companies are
weighted in the Index based on annual cash dividends paid.
WisdomTree International MidCap Dividend Index: A fundamentally weighted index that measures the performance of the mid-capitalization segment of the US dividend-paying market.
The Index is comprised of the companies that compose the top 75% of the market capitalization of the WisdomTree Dividend Index after the 300 largest companies have been removed.
The index is dividend weighted annually to reflect the proportionate share of the aggregate cash dividends each component company is projected to pay in the coming year, based on
the most recently declared dividend per share.
WisdomTree International SmallCap Dividend Index: A fundamentally weighted index measuring the performance of the small-capitalization segment of the US dividend-paying market.
The Index is comprised of the companies that compose the bottom 25% of the market capitalization of the WisdomTree Dividend Index after the 300 largest companies have been
removed. The index is dividend weighted annually to reflect the proportionate share of the aggregate cash dividends each component company is projected to pay in the coming year,
based on the most recently declared dividend per share.
WisdomTree LargeCap Dividend Index: Measures the performance of the 300 largest companies in the WisdomTree Dividend Index ranked by market capitalization. Weighting is by
indicated cash dividends.
WisdomTree MidCap Dividend Index: A fundamentally weighted index that measures the performance of the mid-capitalization segment of the U.S. dividend-paying market. The Index
comprises the companies that constitute the top 75% of the market capitalization of the WisdomTree Dividend Index after the 300 largest companies have been removed. The index is
dividend weighted annually to reflect the proportionate share of the aggregate cash dividends each component company is projected to pay in the coming year, based on the most
recently declared dividend per share.
WisdomTree MidCap Earnings Index: Fundamentally-weighted index that measures the performance of the top 75% of the market capitalization of the WisdomTree Earnings Index after
the 500 largest companies have been removed.
WisdomTree SmallCap Dividend Index: A fundamentally weighted index measuring the performance of the small-capitalization segment of the U.S. dividend-paying market. The Index
comprises the companies that constitute the bottom 25% of the market capitalization of the WisdomTree Dividend Index after the 300 largest companies have been removed. The Index is
dividend weighted annually to reflect the proportionate share of the aggregate cash dividends each component company is projected to pay in the coming year, based on the most
recently declared dividend per share.
WisdomTree SmallCap Earnings Index (WTSEI): measures the performance of earnings-generating companies within the small-capitalization segment of the U.S. Stock Market. The index is
comprised of the companies in the bottom 25% of the market capitalization of the WisdomTree Earnings Index after the 500 largest companies have been removed.
WisdomTree U.S. Quality Dividend Growth Index: A fundamentally weighted index designed to track the performance of dividend-paying companies in the U.S. that WisdomTree believes
have the potential to increase their dividends due to certain factors, which include estimated earnings growth, return on equity and return on assets. Weighting is by indicated cash
dividends.
WisdomTree U.S. SmallCap Quality Dividend Growth Index (WTSDG): A fundamentally weighted index designed to track the performance of dividend-paying companies in the U.S. small-
cap equity universe that WisdomTree believes have the potential to increase their dividends due to certain factors, which include estimated earnings growth, return on equity and return
on assets. Weighting is by indicated cash dividends.

22
Glossary
Beta: Measure of the volatility of an index or investment relative to a benchmark. A reading of 1.00 indicates that the investment has moved in lockstep with the benchmark; a reading of -
1.00 indicates that the investment has moved in the exact opposite direction of the benchmark.
Beta benchmark: Characterized by measuring the performance of a particular universe of equities without attempting to utilize selection and weighting to generate differences in
performance relative to this universe.
Alpha: Measure of risk-adjusted performance that compares how the constituents move relative to a benchmark.
Active: Funds that attempt to outperform the market by selecting securities a portfolio manager believe to be the best.
Dividend yield: a financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Passive: Passive indexes take a rules-based approach with regular rebalancing schedules that are not changed due to market conditions.
Russell 1000 Growth Index: A measure of the large-cap growth segment of the U.S. equity universe, selecting from the Russell 1000 Index.
Russell 1000 Index: A measure of the performance of the 1,000 largest companies by market capitalization in the Russell 3000 Index.
Russell 1000 Value Index: A measure of the large-cap value segment of the U.S. equity universe, selecting from the Russell 1000 Index.
Russell 2000 Growth Index: Measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-book
ratios and higher forecasted growth values.
Russell 2000 Index: Measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of
the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
Russell 2000 Value Index: measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios
and lower forecasted growth values.
Russell 3000 Growth Index: Measures the performance of the Russell 3000 Index constituents with growth characteristics.
Russell 3000 Index: Measures the performance of the 3,000 largest U.S. companies based on total market capitalization.
Russell 3000 Value Index: Measures the performance of the Russell 3000 Index constituents with value characteristics.
Russell Midcap Growth Index: Measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-
book ratios and higher forecasted growth values.
Russell Midcap Index: The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It
includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
Russell MidCap Value Index: measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-
book ratios and lower forecasted growth values.
S&P 500 Index: Market capitalization-weighted benchmark of 500 stocks selected by the Standard and Poors Index Committee designed to represent the performance of the leading
industries in the United States economy.
S&P MidCap 400 Growth Index: Provides investors with a measure of the performance of the growth segment of the S&P MidCap 400 Index.
S&P MidCap 400 Index: provides investors with a benchmark for mid-sized companies. The index covers over 7% of the U.S. equity market, and seeks to remain an accurate measure of
mid-sized companies, reflecting the risk and return characteristics of the broader mid-cap universe on an on-going basis.
S&P MidCap 400 Value Index: Provides investors with a measure of the performance of the value segment of the S&P MidCap 400 Index.
Smart Beta: A term for rules-based investment strategies that dont use conventional market-cap weightings.

23
Glossary

MSCI EAFE 100% Hedged to USD Index: Achieves an index return very similar to the MSCI EAFE Index but with the addition of hedging its currency exposures
MSCI EAFE Enhanced Value Indexes: aims to reflect the performance of the Value factor with by focusing on companies with favorable price to book, price to forward earnings, and
enterprise value to cash flow numbers within the EAFE universe.
MSCI EAFE Financials Index: Captures large and mid cap representation across 21 of 23 Developed Markets (DM) countries around the world, excluding the US and Canada. All
securities in the index are classified in the Financials sector as per the Global Industry Classification Standard.
MSCI EAFE Growth Index: Market capitalization-weighted subset of stocks within the MSCI EAFE Index that have higher share prices relative to their earnings or dividends per share.
MSCI EAFE IMI Index: A free float adjusted market cap-weighted index composed of companies
representative of the developed market structure of developed countries in Europe, Australasia and Japan, covering the large-cap, mid-cap and small-cap segments of the
capitalization spectrum.
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.
MSCI EAFE Mid Cap Growth Index: A free float-adjusted market capitalization-weighted equity index that captures mid-cap representation across developed markets around the world,
excluding the U.S. and Canada, focusing on those with higher earnings growth characteristics.
MSCI EAFE Mid Cap Index: A free float-adjusted market capitalization equity index that captures mid-cap representation across developed market countries around the world,
excluding the U.S. and Canada.
MSCI EAFE Mid Cap Value Index: A free float-adjusted market capitalization-weighted equity index that captures mid-cap representation across developed markets around the world,
excluding the U.S. and Canada, focusing on those with higher book value-to-market value ratios.
MSCI EAFE Momentum: aims to reflect the performance of the Momentum factor with a simple and transparent methodology within the EAFE universe.
MSCI EAFE Quality Index: The index captures large and Mid cap representation across 21 Developed Market countries around the world, aims to represent the performance of quality,
value and low volatility factor strategies.
MSCI EAFE Small Cap Growth Index: A free float-adjusted market capitalization-weighted equity index that captures small-cap representation across developed market countries
around the world, excluding the U.S. and Canada, focusing on those with higher earnings growth characteristics.
MSCI EAFE Small Cap Index: A free float-adjusted market capitalization equity index that captures small-cap representation across developed market countries around the world,
excluding the U.S. and Canada.
MSCI EAFE Small Cap Value Index: A free float-adjusted market capitalization-weighted equity index that captures small-cap representation across developed market countries around
the world, excluding the U.S. and Canada, focusing on those with higher book value-to-market value ratios.
MSCI EAFE Value Index: Market capitalization-weighted subset of stocks within the MSCI EAFE Index that have lower share prices relative to their earnings or dividends per share.
MSCI Japan Index: A market cap-weighted subset of the MSCI EAFE Index that measures the performance of the Japanese equity market.
MSCI Europe Index: A free float-adjusted market capitalization-weighted index designed to measure the performance of developed equity markets in Europe.
MSCI Europe Small Cap Index: A free float-adjusted market capitalization-weighted index designed to measure the performance of developed equity markets in Europe, specifically
focusing on the small-cap segment of these equity markets.
MSCI Japan Small Cap Value Index: A free-float adjusted market capitalization-weighted index that is designed to measure small cap securities exhibiting overall value style
characteristics of the Japanese equity markets.
WisdomTree Japan SmallCap Dividend Index: Designed to provide exposure to dividend-paying small-capitalization companies in Japan.
WisdomTree Europe SmallCap Dividend Index: A fundamentally weighted index meant to measure the performance of small-cap European dividend-paying equities weighted by cash
dividends paid.
MSCI ACWI ex-U.S. Index (ACWX): A free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging
markets excluding companies based in the United States.

24
Important Information

Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a
prospectus containing this and other important information, please call 866.909.9473, or visit wisdomtree.com to view or download a
prospectus. Investors should read the prospectus carefully before investing.

There are risks associated with investing including possible loss of principal. Fund's focusing its investments on certain sectors and/or smaller
companies increase their vulnerability to any single economic or regulatory development. This may result in greater share price volatility.
Please read the Fund's prospectus for specific details regarding the Fund's risk profile.

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.

Dividends are not guaranteed, and a company currently paying dividends may cease paying dividends at any time.

WisdomTree Funds are distributed by Foreside Fund Services, LLC, in the U.S. only. WTGM-2659

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