# EDGAR Filing Document

**Accession Number:** 0001350487
**File Stem:** 0001214659-25-018684
**Filing Date:** 2025-12
**Character Count:** 1660302
**Document Hash:** d13e0e5c414222324ffdd5748a05f2e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-018684.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001214659-25-018684

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WisdomTree Trust
- **CENTRAL INDEX KEY:** 0001350487

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-132380
- **FILM NUMBER:** 251616043

**BUSINESS ADDRESS:**
- **STREET 1:** 250 WEST 34TH STREET
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119
- **BUSINESS PHONE:** 212.801.2080

**MAIL ADDRESS:**
- **STREET 1:** 250 WEST 34TH STREET
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119

## Series and Classes Contracts Data

### WisdomTree Emerging Currency Strategy Fund (Series ID: S000021346)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| WisdomTree Emerging Currency Strategy Fund | CEW           | C000060975 |

---

### WisdomTree Managed Futures Strategy Fund (Series ID: S000026387)

---

|  |  |  |
|:---|:---|:---|
| Class Name                               | Ticker Symbol | Class ID   |
| WisdomTree Managed Futures Strategy Fund | WTMF          | C000079238 |

---

### WisdomTree Emerging Markets Local Debt Fund (Series ID: S000028984)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                  | Ticker Symbol | Class ID   |
| WisdomTree Emerging Markets Local Debt Fund | ELD           | C000088998 |

---

### WisdomTree Emerging Markets Corporate Bond Fund (Series ID: S000033843)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| WisdomTree Emerging Markets Corporate Bond Fund | EMCB          | C000104506 |

---

### WisdomTree Bloomberg U.S. Dollar Bullish Fund (Series ID: S000042991)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                    | Ticker Symbol | Class ID   |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | USDU          | C000133150 |

---

### WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (Series ID: S000043384)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                               | Ticker Symbol | Class ID   |
| WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | AGZD          | C000134336 |

---

### WisdomTree Interest Rate Hedged High Yield Bond Fund (Series ID: S000043390)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                           | Ticker Symbol | Class ID   |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | HYZD          | C000134342 |

---

### WisdomTree Floating Rate Treasury Fund (Series ID: S000043966)

---

|  |  |  |
|:---|:---|:---|
| Class Name                             | Ticker Symbol | Class ID   |
| WisdomTree Floating Rate Treasury Fund | USFR          | C000136444 |

---

### WisdomTree Equity Premium Income Fund (Series ID: S000048315)

---

|  |  |  |
|:---|:---|:---|
| Class Name                            | Ticker Symbol | Class ID   |
| WisdomTree Equity Premium Income Fund | WTPI          | C000152580 |

---

### WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (Series ID: S000049575)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                         | Ticker Symbol | Class ID   |
| WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | AGGY          | C000156663 |

---

### WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (Series ID: S000057664)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                    | Ticker Symbol | Class ID   |
| WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | SHAG          | C000184315 |

---

### WisdomTree Mortgage Plus Bond Fund (Series ID: S000065063)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| WisdomTree Mortgage Plus Bond Fund | MTGP          | C000210706 |

---

### WisdomTree Enhanced Commodity Strategy Fund (Series ID: S000069359)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                  | Ticker Symbol | Class ID   |
| WisdomTree Enhanced Commodity Strategy Fund | GCC           | C000221364 |

---

### WisdomTree Target Range Fund (Series ID: S000069835)

---

|  |  |  |
|:---|:---|:---|
| Class Name                   | Ticker Symbol | Class ID   |
| WisdomTree Target Range Fund | GTR           | C000222596 |

---

### WisdomTree Private Credit and Alternative Income Fund (Series ID: S000071174)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                            | Ticker Symbol | Class ID   |
| WisdomTree Private Credit and Alternative Income Fund | HYIN          | C000225934 |

---

### WisdomTree Efficient Gold Plus Equity Strategy Fund (Series ID: S000073567)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                          | Ticker Symbol | Class ID   |
| WisdomTree Efficient Gold Plus Equity Strategy Fund | GDE           | C000230569 |

---

### WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (Series ID: S000073568)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                               | Ticker Symbol | Class ID   |
| WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | GDMN          | C000230570 |

---

### WisdomTree Voya Yield Enhanced USD Universal Bond Fund (Series ID: S000079043)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | UNIY          | C000239876 |

---

### WisdomTree Bianco Total Return Fund (Series ID: S000083851)

---

|  |  |  |
|:---|:---|:---|
| Class Name                          | Ticker Symbol | Class ID   |
| WisdomTree Bianco Total Return Fund | WTBN          | C000247881 |

---

### WisdomTree 1-3 Year Laddered Treasury Fund (Series ID: S000084254)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| WisdomTree 1-3 Year Laddered Treasury Fund | USSH          | C000248535 |

---

### WisdomTree 7-10 Year Laddered Treasury Fund (Series ID: S000084257)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                  | Ticker Symbol | Class ID   |
| WisdomTree 7-10 Year Laddered Treasury Fund | USIN          | C000248538 |

---

### WisdomTree High Income Laddered Municipal Fund (Series ID: S000091062)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                     | Ticker Symbol | Class ID   |
| WisdomTree High Income Laddered Municipal Fund | WTMY          | C000258457 |

---

### WisdomTree Core Laddered Municipal Fund (Series ID: S000091065)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| WisdomTree Core Laddered Municipal Fund | WTMU          | C000258460 |

---

### WisdomTree Inflation Plus Fund (Series ID: S000092513)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| WisdomTree Inflation Plus Fund | WTIP          | C000260544 |

---

## Series and Classes Contracts Data

### WisdomTree Emerging Currency Strategy Fund (Series ID: S000021346)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000060975 | WisdomTree Emerging Currency Strategy Fund | CEW             |

### WisdomTree Managed Futures Strategy Fund (Series ID: S000026387)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000079238 | WisdomTree Managed Futures Strategy Fund | WTMF            |

### WisdomTree Emerging Markets Local Debt Fund (Series ID: S000028984)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000088998 | WisdomTree Emerging Markets Local Debt Fund | ELD             |

### WisdomTree Emerging Markets Corporate Bond Fund (Series ID: S000033843)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000104506 | WisdomTree Emerging Markets Corporate Bond Fund | EMCB            |

### WisdomTree Bloomberg U.S. Dollar Bullish Fund (Series ID: S000042991)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000133150 | WisdomTree Bloomberg U.S. Dollar Bullish Fund | USDU            |

### WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (Series ID: S000043384)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000134336 | WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | AGZD            |

### WisdomTree Interest Rate Hedged High Yield Bond Fund (Series ID: S000043390)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000134342 | WisdomTree Interest Rate Hedged High Yield Bond Fund | HYZD            |

### WisdomTree Floating Rate Treasury Fund (Series ID: S000043966)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000136444 | WisdomTree Floating Rate Treasury Fund | USFR            |

### WisdomTree Equity Premium Income Fund (Series ID: S000048315)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000152580 | WisdomTree Equity Premium Income Fund | WTPI            |

### WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (Series ID: S000049575)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000156663 | WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | AGGY            |

### WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (Series ID: S000057664)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000184315 | WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | SHAG            |

### WisdomTree Mortgage Plus Bond Fund (Series ID: S000065063)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000210706 | WisdomTree Mortgage Plus Bond Fund | MTGP            |

### WisdomTree Enhanced Commodity Strategy Fund (Series ID: S000069359)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000221364 | WisdomTree Enhanced Commodity Strategy Fund | GCC             |

### WisdomTree Target Range Fund (Series ID: S000069835)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000222596 | WisdomTree Target Range Fund | GTR             |

### WisdomTree Private Credit and Alternative Income Fund (Series ID: S000071174)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000225934 | WisdomTree Private Credit and Alternative Income Fund | HYIN            |

### WisdomTree Efficient Gold Plus Equity Strategy Fund (Series ID: S000073567)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000230569 | WisdomTree Efficient Gold Plus Equity Strategy Fund | GDE             |

### WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (Series ID: S000073568)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000230570 | WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | GDMN            |

### WisdomTree Voya Yield Enhanced USD Universal Bond Fund (Series ID: S000079043)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000239876 | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | UNIY            |

### WisdomTree Bianco Total Return Fund (Series ID: S000083851)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000247881 | WisdomTree Bianco Total Return Fund | WTBN            |

### WisdomTree 1-3 Year Laddered Treasury Fund (Series ID: S000084254)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000248535 | WisdomTree 1-3 Year Laddered Treasury Fund | USSH            |

### WisdomTree 7-10 Year Laddered Treasury Fund (Series ID: S000084257)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000248538 | WisdomTree 7-10 Year Laddered Treasury Fund | USIN            |

### WisdomTree High Income Laddered Municipal Fund (Series ID: S000091062)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000258457 | WisdomTree High Income Laddered Municipal Fund | WTMY            |

### WisdomTree Core Laddered Municipal Fund (Series ID: S000091065)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258460 | WisdomTree Core Laddered Municipal Fund | WTMU            |

### WisdomTree Inflation Plus Fund (Series ID: S000092513)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000260544 | WisdomTree Inflation Plus Fund | WTIP            |

?xml version='1.0' encoding='ASCII'?

**WisdomTree Currency Strategy, Fixed <br> Income, Municipal Bond, Alternative, and Capital Efficient ETFs**

---

| |
|:---|
| **Prospectus** |
| January 1, 2026 |

---

![](wtt_logo.jpg)

WisdomTree Trust

WisdomTree Currency Strategy, Fixed Income, Municipal Bond, Alternative, and Capital Efficient ETFs<sup>\*</sup>

**WisdomTree Currency Strategy ETFs**

Bloomberg U.S. Dollar Bullish Fund (USDU)

Emerging Currency Strategy Fund (CEW)

**WisdomTree Fixed Income ETFs**

Emerging Markets Corporate Bond Fund (EMCB)

Emerging Markets Local Debt Fund (ELD)

Floating Rate Treasury Fund (USFR)

Interest Rate Hedged High Yield Bond Fund (HYZD)

Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD)

Mortgage Plus Bond Fund (MTGP)

Yield Enhanced U.S. Aggregate Bond Fund (AGGY)

Yield Enhanced U.S. Short-Term Aggregate Bond Fund (SHAG)

Voya Yield Enhanced USD Universal Bond Fund (UNIY)

Bianco Total Return Fund (WTBN)

1-3 Year Laddered Treasury Fund (USSH)

7-10 Year Laddered Treasury Fund (USIN)

**WisdomTree Municipal Bond ETFs**

Core Laddered Municipal Fund (WTMU)

High Income Laddered Municipal Fund (WTMY)

**WisdomTree Alternative ETFs**

Equity Premium Income Fund (WTPI) (formerly, PutWrite Strategy Fund (PUTW))

Enhanced Commodity Strategy Fund (GCC)

Managed Futures Strategy Fund (WTMF)

Private Credit and Alternative Income Fund (HYIN) (formerly, Alternative Income Fund)

Target Range Fund (GTR)

**WisdomTree Capital Efficient ETFs**

Efficient Gold Plus Gold Miners Strategy Fund (GDMN)

Efficient Gold Plus Equity Strategy Fund (GDE)

Inflation Plus Fund (WTIP)

<sup>\*</sup> Principal U.S. Listing Exchanges:

The Nasdaq Stock Market LLC ("Nasdaq"): EMCB, HYZD, AGZD, UNIY, WTBN, USSH, USIN, WTMU, WTMY, GTR, and WTIP

NYSE Arca, Inc. ("NYSE Arca"): USDU, CEW, ELD, USFR, MTGP, AGGY, WTPI, GCC, and WTMF

Cboe BZX Exchange, Inc. ("Cboe"): SHAG, HYIN, GDMN, and GDE

**THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") AND THE COMMODITY FUTURES TRADING COMMISSION HAVE NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

WisdomTree Trust

**Table of Contents**

---

| | |
|:---|:---|
| **WisdomTree Currency Strategy ETFs** |  |
| [WisdomTree Bloomberg U.S. Dollar Bullish Fund](#a1) | 2.0 |
| [WisdomTree Emerging Currency Strategy Fund](#a2) | 8.0 |
| **WisdomTree Fixed Income ETFs** |  |
| [WisdomTree Emerging Markets Corporate Bond Fund](#a3) | 14.0 |
| [WisdomTree Emerging Markets Local Debt Fund](#a4) | 20.0 |
| [WisdomTree Floating Rate Treasury Fund](#a5) | 26.0 |
| [WisdomTree Interest Rate Hedged High Yield Bond Fund](#a6) | 31.0 |
| [WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund](#a7) | 38.0 |
| [WisdomTree Mortgage Plus Bond Fund](#a8) | 45.0 |
| [WisdomTree Yield Enhanced U.S. Aggregate Bond Fund](#a9) | 52.0 |
| [WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund](#a10) | 58.0 |
| [WisdomTree Voya Yield Enhanced USD Universal Bond Fund](#a11) | 64.0 |
| [WisdomTree Bianco Total Return Fund](#a12) | 71.0 |
| [WisdomTree 1-3 Year Laddered Treasury Fund](#a13) | 78.0 |
| [WisdomTree 7-10 Year Laddered Treasury Fund](#a14) | 82.0 |
| **WisdomTree Municipal Bond ETFs** |  |
| [WisdomTree Core Laddered Municipal Fund](#a15) | 86.0 |
| [WisdomTree High Income Laddered Municipal Fund](#a16) | 91.0 |
| **WisdomTree Alternative ETFs** |  |
| [WisdomTree Equity Premium Income Fund (formerly, WisdomTree PutWrite Strategy Fund)](#a17) | 96.0 |
| [WisdomTree Enhanced Commodity Strategy Fund](#a18) | 103.0 |
| [WisdomTree Managed Futures Strategy Fund](#a19) | 110.0 |
| [WisdomTree Private Credit and Alternative Income Fund (formerly, WisdomTree Alternative Income Fund)](#a20) | 118.0 |
| [WisdomTree Target Range Fund](#a21) | 127.0 |
| **WisdomTree Capital Efficient ETFs** |  |
| [WisdomTree Efficient Gold Plus Gold Miners Strategy Fund](#a22) | 133.0 |
| [WisdomTree Efficient Gold Plus Equity Strategy Fund](#a23) | 140.0 |
| [WisdomTree Inflation Plus Fund](#a24) | 146.0 |

---

---

| | |
|:---|:---|
| [**Additional Information About the Funds**](#b1) | **154** |
| [Additional Information About the Funds' Investment Objectives](#b2) | 154 |
| [Additional Information About the Funds' Investment Strategies](#b3) | 154 |
| [Non-Principal Information About the Funds' Investment Strategies](#b4) | 160 |
| [Additional Principal Risk Information About the Funds](#b5) | 161 |
| [Additional Non-Principal Risk Information](#b6) | 194 |
| [Portfolio Holdings Information](#b7) | 195 |
| [**Management**](#b8) | **196** |
| [Investment Adviser](#b9) | 196 |
| [Sub-Advisers](#b10) | 197 |
| [Portfolio Managers](#b11) | 198 |
| [**Additional Information on Buying and Selling Fund Shares**](#b12) | **203** |
| [Share Trading Prices](#b13) | 203 |
| [Determination of Net Asset Value](#b14) | 203 |
| [Dividends and Distributions](#b15) | 204 |
| [Book Entry](#b16) | 204 |
| [Delivery of Shareholder Documents – Householding](#b17) | 205 |
| [Frequent Purchases and Redemptions of Fund Shares](#b18) | 205 |
| [Investments by Investment Companies](#b19) | 205 |
| [**Additional Tax Information**](#b20) | **206** |
| [Taxes on Distributions](#b21) | 206 |
| [Taxes When You Sell Fund Shares](#b22) | 207 |
| [Taxes on Creation and Redemption of Creation Units](#b23) | 208 |
| [Foreign Investments by the Funds](#b24) | 208 |
| [Commodity Investments](#b25) | 208 |
| [Foreign Currency Investments by the Funds](#b26) | 210 |
| [**Distribution**](#b27) | **211** |
| [**Premium/Discount and NAV Information**](#b28) | **211** |
| [**Additional Notices**](#b29) | **211** |
| [**Financial Highlights**](#b30) | **213** |

---

[**Table of Contents**](#toc)

**WisdomTree Bloomberg U.S. Dollar Bullish Fund**

**Investment Objective**

The WisdomTree Bloomberg U.S. Dollar Bullish Fund (the "Fund") seeks to provide total returns, before fees and expenses, that exceed the performance of the Bloomberg Dollar Total Return Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.50% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.01% |
| **Total Annual Fund Operating Expenses** | 0.51%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $52 | $164 | $285 | $640 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 185% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to provide total returns, before fees and expenses, that exceed the performance of the Index. The Index is structured to potentially benefit as the U.S. dollar appreciates relative to a basket of global currencies. The Index tracks a long position in the U.S. dollar measured against a basket of developed and emerging market currencies which (i) have the highest liquidity in the currency markets and (ii) represent countries that make the largest contribution to trade flows with the United States. The Index also incorporates levels and differences in short-term interest rates between the U.S. and the countries (or regions) represented by the foreign currencies. To implement its methodology, the Index combines a basket of one-month currency forward contracts between the U.S. dollar and the individual constituent currencies of the Index and a U.S. dollar cash component invested at the 4-week Treasury Bill funding rate.

The Fund will seek exposure to both the U.S. dollar and global currencies held by the Index through investing, under normal circumstances, at least 80% of its assets in money market securities and other liquid securities, such as short-term investment grade government and corporate debt securities, combined with currency forward contracts in the individual constituent currencies of the Index (a currency forward contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract). If a sufficiently liquid futures contract on the Index or related index is later developed, the Fund may invest in such futures contract as a substitute for or in combination with forward contracts on the individual currencies. The Fund also may enter into repurchase agreements, which are transactions in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. If, subsequent to an investment, the 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy.

**2**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

The Fund's positioning for a stronger U.S. dollar through a mixture of securities and financial instruments is intended to provide a return reflective of the change in the value of the U.S. dollar relative to the basket of global currencies while incorporating differences in money market rates between the U.S. and the countries (or regions) represented by the foreign currencies. The Fund can also generate return from investments into high quality, short-term U.S. fixed income investments held in support of its currency positions. The Fund expects its holdings to represent between 8 to 20 currencies at any given time, with the euro expected to represent the largest exposure in the global basket of currencies. Since its inception, the Index has included exposures to approximately 10 to 12 currencies per year. The Fund, similar to the Index, is not designed to benefit if the value of the basket of global currencies appreciates relative to the U.S. dollar.

The Fund generally will maintain a weighted average portfolio maturity with respect to short-term investment grade government and corporate debt securities of two (2) years or less and money market securities of 180 days or less on average (not to exceed 18 months) and will not purchase any money market securities with a remaining maturity of more than 397 calendar days. The "average portfolio maturity" of the Fund will be the average of all current maturities of the individual securities in the Fund's portfolio. The Fund's actual portfolio duration may be longer or shorter depending on market conditions.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Further, although the Fund invests primarily in money market securities, the Fund is NOT a money market fund and does NOT seek to maintain a stable net asset value per share ("NAV"). Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's NAV, trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **3**<br>

[**Table of Contents**](#toc)

**■** **Active Management Risk**. The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Capital Controls and Sanctions Risk.** Economic conditions,
such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior
warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic
sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also
include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions
include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially
include derivative instruments related thereto. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell,
transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity
of such instruments, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use forward currency contracts and futures contracts to implement its principal investment
 strategies. The successful use of forward currency contracts, in particular, depends in large
 part on the adviser's and the sub-adviser's ability to predict movements in the
 prices of relevant currencies, fluctuations in relevant markets, and movements in interest
 rates. Other risks specific to these types of derivatives instruments, as well as other risks
 of derivatives, generally, such as counterparty and issuer credit risk, interest rate risk,
 market risk, and issuer-specific risk, are described in greater detail elsewhere in the Fund's
 Prospectus.

■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

**4**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geographic Investment Risk.** To the extent the Fund invests a significant portion of its assets in
 securities of companies of a single country or region, it is more likely to be impacted by
 events or conditions affecting that country or region.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests have and may continue to experience
 security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty,
 sanctions or the threat of sanctions, natural and environmental disasters, the spread of
 infectious illness, widespread disease or other public health issues and/or systemic market
 dislocations that lead to increased short-term market volatility, have adverse long-term
 effects on the U.S. and world economies, and disrupt the orderly functioning of securities
 markets generally, which may negatively impact the Fund's investments.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **Repurchase Agreement Risk.** The Fund's investment
in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments
in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the
expiration of the repurchase agreement term.

■ **Sovereign Debt Risk.** The debt securities issued by
sovereign entities may decline as a result of default or other adverse credit event resulting from a sovereign debtor's unwillingness
or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash
flows, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of
the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political
constraints to which a sovereign debtor may be subject. The risk associated with sovereign debt is heightened with respect to emerging
market issuers.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **5**<br>

[**Table of Contents**](#toc)

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index, a broad-based securities market index intended to represent the global currency market. Performance also is shown for the Bloomberg Dollar Spot Index, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p6chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was (4.66)%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 8.50% | 4Q/2024 December 31, 2024 |
| Lowest Return | (5.68)% | 4Q/2022 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Bloomberg U.S. Dollar Bullish Fund** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV | 14.46% | 4.52% | 3.18% |
| Return After Taxes on Distributions | 12.67% | 3.08% | 2.12% |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.55% | 2.91% | 2.06% |
| Bloomberg Dollar Spot Index (Reflects no deduction for fees, expenses or taxes) | 7.98% | 2.02% | 1.48% |
| Bloomberg Dollar Total Return Index (Reflects no deduction for fees, expenses or taxes) | 15.03% | 4.79% | 3.28% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**6**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since November 2020.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since January 2021.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **7**<br>

[**Table of Contents**](#toc)

**WisdomTree Emerging Currency Strategy Fund**

**Investment Objective**

The WisdomTree Emerging Currency Strategy Fund (the "Fund") seeks to achieve total returns reflective of both money market rates in selected emerging market countries available to foreign investors and changes to the value of these currencies relative to the U.S. dollar.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.55% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.55% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $56 | $176 | $307 | $689 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to the currencies and money market rates of selected emerging market countries.

The Fund seeks to provide exposure to currencies and money market rates from emerging and developing economies in three regions of the world: (i) Asia, (ii) Latin America and (iii) Europe, the Middle East and Africa. Within these regions, the Fund intends to invest in a subset of the following countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Indonesia, Malaysia, Mexico, Nigeria, Peru, the Philippines, Poland, Romania, South Africa, South Korea, Taiwan, Thailand, and Turkey. This list may change based on market developments. The Fund attempts to achieve exposure to the most liquid currencies within each of the three broad regions, while at the same time maintaining geographic and economic diversity across these regions. The specific set of currencies is generally selected annually, typically in July or August. The selected currencies are equally weighted in terms of U.S. dollar value. The Fund is rebalanced quarterly in order to maintain this equal weighting. In order to maintain geographic diversity, the Fund's exposure to each of the three broad geographic regions is limited to 60% of its total asset value on the annual assessment date and at each quarterly rebalancing. More frequent rebalancing may occur in response to significant market events. A significant event might include, for example, market conditions that significantly disrupt liquidity or result in the reclassification of a currency (from emerging to developed, for example). Currencies that generally would be considered liquid may be ineligible for investment or dropped from the Fund as a result of government action or other market events if the Fund's adviser believes doing so would be in the best interest of the Fund.

**8**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

Because the market for money market securities in the selected emerging markets generally is less liquid and accessible to foreign investors than corresponding markets in more developed countries, the Fund intends to achieve exposure to these markets by investing primarily in short-term U.S. money market securities and forward currency contracts and swaps of the constituent currencies. The combination of U.S. money market securities with forward currency contracts and currency swaps is designed to provide exposure equivalent to money market securities denominated in currencies of the selected markets in which the Fund invests. In aggregate, the Fund's investments should create exposure that is economically similar to a basket of money market securities denominated in each of the selected currencies. The Fund also may enter into repurchase agreements.

The Fund generally will maintain a weighted average portfolio maturity of 90 days or less with respect to the money market securities in its portfolio. The Fund will not purchase any security with a remaining maturity of more than 397 calendar days. All U.S. money market securities acquired by the Fund will be rated in the upper two short-term ratings by at least two nationally recognized statistical rating organizations ("NRSROs") or, if unrated, deemed to be of equivalent quality. The Fund does not seek to preserve capital in U.S. dollars.

The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments whose combined performance is tied economically to selected emerging market countries. If, subsequent to an investment, the 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days' prior notice of any change to this policy for the Fund.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **9**<br>

[**Table of Contents**](#toc)

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Capital Controls and Sanctions Risk.** Economic conditions,
such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior
warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic
sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also
include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions
include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially
include derivative instruments related thereto. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell,
transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity
of such instruments, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use forward currency contracts and currency swaps to implement its principal investment
 strategies. A currency swap generally is an agreement between two parties to exchange fixed
 or floating interest rate, and sometimes principal, amounts in one currency for another on
 predetermined dates. The successful use of forward currency contracts, in particular, depends
 in large part on the adviser's and sub-adviser's ability to predict movements
 in the prices of relevant currencies, fluctuations in relevant markets, and movements in
 interest rates. Swaps are particularly subject to counterparty credit, valuation and liquidity
 risks. Other risks specific to these types of derivatives instruments, as well as other risks
 of derivatives, generally, such as counterparty and issuer credit risk, interest rate risk,
 market risk and issuer-specific risk, are described in greater detail elsewhere in the Fund's
 Prospectus.

**10**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geographic Investment Risk.** To the extent the Fund invests a significant portion of its assets in
 securities of companies of a single country or region, it is more likely to be impacted by
 events or conditions affecting that country or region.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests have and may continue to experience
 security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty,
 sanctions or the threat of sanctions, natural and environmental disasters, the spread of
 infectious illness, widespread disease or other public health issues and/or systemic market
 dislocations that lead to increased short-term market volatility, have adverse long-term
 effects on the U.S. and world economies, and disrupt the orderly functioning of securities
 markets generally, which may negatively impact the Fund's investments.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Repurchase Agreement Risk.** The Fund's investment
in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments
in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the
expiration of the repurchase agreement term.

■ **Sovereign Debt Risk.** The debt securities issued by
sovereign entities may decline as a result of default or other adverse credit event resulting from a sovereign debtor's unwillingness
or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash
flows, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of
the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political
constraints to which a sovereign debtor may be subject. The risk associated with sovereign debt is heightened with respect to emerging
market issuers.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **11**<br>

[**Table of Contents**](#toc)

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the JP Morgan Emerging Local Markets Index Plus, a broad-based securities market index intended to represent the overall emerging currency market. Performance also is shown for the Equal-Weighted Emerging Currency Composite, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p12chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 11.00%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 7.50% | 4Q/2020 |
| Lowest Return | (11.06)% | 1Q/2020 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Emerging Currency Strategy Fund** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV | (0.54)% | (0.09)% | 0.32% |
| Return After Taxes on Distributions | (2.61)% | (0.78)% | (0.18)% |
| Return After Taxes on Distributions and Sale of Fund Shares | (0.31)% | (0.36)% | 0.04% |
| Equal-Weighted Emerging Currency Composite (Reflects no deduction for fees, expenses or taxes) | 0.15% | (0.53)% | 0.53% |
| JP Morgan Emerging Local Markets Index Plus (Reflects no deduction for fees, expenses or taxes) | (1.08)% | (0.36)% | 0.64% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

**12**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since November 2020.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since January 2021.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **13**<br>

[**Table of Contents**](#toc)

**WisdomTree Emerging Markets Corporate Bond Fund**

**Investment Objective**

The WisdomTree Emerging Markets Corporate Bond Fund (the "Fund") seeks a high level of total return consisting of both income and capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.60% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.01% |
| **Total Annual Fund Operating Expenses** | 0.61%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $62 | $195 | $340 | $762 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 199% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective through investment in debt securities issued by corporate entities ("Corporate Debt") that are domiciled in, or economically tied to, emerging market countries. The issuers of such Corporate Debt will include public, private, and state-owned or sponsored corporations. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Corporate Debt. For these purposes, Corporate Debt includes fixed income securities, such as bonds, notes, money market securities and other debt obligations (such as loan participation notes) of emerging market issuers. Corporate Debt does not include derivatives.

The Fund intends to focus its investment on Corporate Debt issued in U.S. dollars. The Fund also may invest in Corporate Debt denominated in the local currency of emerging market countries. Non-U.S. dollar denominated debt is sometimes referred to as "local debt." Local debt provides exposure to changes in the value of such non-U.S. currencies against the U.S. dollar. Corporate Debt includes debt securities issued by supranational organizations, such as the European Investment Bank, International Bank for Reconstruction and Development or International Finance Corporation, or other regional development banks. The Fund may invest to a limited extent in debt securities of emerging market governments (also known as "sovereign debt") and debt securities linked to inflation rates in emerging market countries.

**14**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

The Fund intends to seek exposure to Corporate Debt from the following regions: Africa, Asia, Eastern Europe, Latin America and the Middle East. Within these regions, the Fund may invest in countries such as: Argentina, Bahrain, Barbados, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Egypt, El Salvador, Hong Kong, Hungary, India, Indonesia, Israel, Jamaica, Kazakhstan, Kuwait, Macau, Malaysia, Mexico, Mongolia, Morocco, Nigeria, Oman, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, Thailand, Turkey, Ukraine, and the United Arab Emirates. This list may change based on market developments. The Fund employs a structured investment approach that utilizes "top down" analysis of macroeconomic factors and "bottom up" analysis of emerging market countries and issuers. The Fund's credit exposures are monitored and may be modified, reduced or eliminated. The Fund's exposure to any single issuer generally will be limited to 10% of the Fund's net assets. The Fund's exposure to any single country generally will be limited to 30% of the Fund's net assets. The percentage of Fund assets invested in a specific region, country or issuer will change from time to time.

The universe of emerging market Corporate Debt currently includes securities that are rated "investment grade" as well as "non-investment grade" (commonly referred to as "junk bonds"). The Fund intends to provide a broad exposure to emerging market Corporate Debt and therefore will invest in both investment grade and non-investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss.

The Fund attempts to maintain an aggregate portfolio duration of between two and ten years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund's sensitivity to changes in interest rates. The Fund's actual portfolio duration may be longer or shorter depending upon market conditions. The Fund may also invest in short-term money market securities denominated in U.S. dollars or the currencies of countries in which the Fund invests.

The Fund may invest up to 20% of its net assets in derivatives, such as swaps, U.S. Treasury futures, and forward currency contracts. The Fund's use of derivatives will be underpinned by investments in cash or other liquid assets (typically short-term, high-quality money market securities). The Fund also may enter into repurchase agreements, which are transactions in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously agrees to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations.

The Fund must invest at least 80% of its net assets directly in Corporate Debt. The decision to secure exposure through direct investment in Corporate Debt or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the Fund's 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days' prior notice of any change to this policy for the Fund.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **15**<br>

[**Table of Contents**](#toc)

**■** **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk. For example, the price of a security with a ten-year duration would be expected to
drop by approximately 10% in response to a 1% increase in interest rates.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Capital Controls and Sanctions Risk.** Economic conditions,
such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior
warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic
sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also
include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions
include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially
include derivative instruments related thereto. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell,
transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity
of such instruments, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

**16**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund may invest
 in swaps, futures contracts, and forward currency contracts to a limited extent (*i.e.,* up to 20% of its net assets) to implement its principal investment strategies. Swaps are
 particularly subject to counterparty credit, valuation and liquidity risks. The successful
 use of forward currency contracts depends in large part on the adviser's and sub-adviser's
 ability to predict movements in the prices of relevant currencies, fluctuations in relevant
 markets, and movements in interest rates. Other risks specific to these types of derivatives
 instruments, as well as other risks of derivatives, generally, such as counterparty and issuer
 credit risk, interest rate risk, market risk and issuer-specific risk, are described in greater
 detail elsewhere in the Fund's Prospectus.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geographic Investment Risk.** To the extent the Fund
invests a significant portion of its assets in securities of companies of a single country or region, it is more likely to be impacted
by events or conditions affecting that country or region.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests have and may continue to experience
 security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty,
 sanctions or the threat of sanctions, natural and environmental disasters, the spread of
 infectious illness, widespread disease or other public health issues and/or systemic market
 dislocations that lead to increased short-term market volatility, have adverse long-term
 effects on the U.S. and world economies, and disrupt the orderly functioning of securities
 markets generally, which may negatively impact the Fund's investments.

■ **High Yield Securities Risk.** Higher yielding, high
risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and
present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific
operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may
be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **17**<br>

[**Table of Contents**](#toc)

**■** **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **Repurchase Agreement Risk.** The Fund's investment
in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments
in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the
expiration of the repurchase agreement term.

■ **Sovereign Debt Risk.** The debt securities issued by
sovereign entities may decline as a result of default or other adverse credit event resulting from a sovereign debtor's unwillingness
or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash
flows, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of
the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political
constraints to which a sovereign debtor may be subject. The risk associated with sovereign debt is heightened with respect to emerging
market issuers.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Performance also is shown for the JP Morgan CEMBI Diversified Index, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p18chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 7.66%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 12.57% | 2Q/2020 |
| Lowest Return | (11.51)% | 1Q/2020 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**18**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Emerging Markets Corporate Bond Fund** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV | 6.63% | 1.75% | 3.33% |
| Return After Taxes on Distributions | 4.36% | (0.05)% | 1.49% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.89% | 0.55% | 1.72% |
| JP Morgan CEMBI Diversified Index (Reflects no deduction for fees, expenses or taxes) | 7.34% | 1.82% | 3.99% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Voya Investment Management Co. LLC ("Voya IM") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by Voya IM's Emerging Markets Debt portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Anil Katarya, CFA, Global Head of the Investment Grade Credit Team and Senior Portfolio Manager, has been a portfolio manager of the Fund since May 2022.

Anthony A. Routh, Portfolio Manager, has been a portfolio manager of the Fund since August 2017.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **19**<br>

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**WisdomTree Emerging Markets Local Debt Fund**

**Investment Objective**

The WisdomTree Emerging Markets Local Debt Fund (the "Fund") seeks a high level of total return consisting of both income and capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.55% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.55% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $56 | $176 | $307 | $689 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective through investment in bonds and other debt instruments ("Local Debt") denominated in the local currencies of emerging market countries. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Local Debt. For these purposes, Local Debt includes fixed income securities, such as bonds, notes or other debt obligations denominated in local currencies of emerging market countries, as well as certain derivatives and other instruments described herein.

The Fund is designed to provide exposure to Local Debt of issuers from a broad range of emerging market regions and countries. The Fund intends to focus its investment on fixed income securities issued by emerging market governments, government agencies, and corporations. The Fund also may invest in fixed income securities denominated in an emerging market currency and issued by supranational organizations, such as the European Investment Bank, International Bank for Reconstruction and Development, International Finance Corporation, or other regional development banks. The Fund also may invest in debt securities linked to inflation rates outside the U.S., including securities or instruments linked to rates in emerging market countries.

**20**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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The Fund intends to provide exposure across several geographic regions and countries. The Fund intends to invest in Local Debt from the following regions: Asia, Latin America, Europe, the Middle East, and Africa. Within these regions, the Fund may invest in countries such as: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Dominican Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Nigeria, Peru, the Philippines, Poland, Romania, Russia, Serbia, South Africa, South Korea, Taiwan, Thailand, Turkey, and Uruguay. This list may change based on market developments. The Fund uses a structured investment approach that analyzes multiple factors. Countries are grouped into differentiated tiers based on an analysis of these factors. Subject to the Fund's general investment requirement to provide broad regional and country exposure, the Fund generally invests a higher percentage of its assets in countries that have larger and more liquid debt markets and that WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") believes are pursuing sustainable fiscal and monetary policies in light of economic and market conditions. The country exposures are monitored and may be modified, reduced or eliminated. The Fund's exposure to any single country generally will be limited to 20% of the Fund's assets. The percentage of Fund assets invested in a specific region, country or issuer will change from time to time.

The universe of Local Debt currently includes securities that are rated "investment grade" as well as "non-investment grade" (commonly referred to as "junk bonds"). The Fund intends to provide a broad-based exposure to emerging market debt and therefore will invest in both investment grade and non-investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss.

The Fund attempts to maintain an aggregate portfolio duration of between two and ten years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund's sensitivity to changes in interest rates. The Fund's actual portfolio duration may be longer or shorter depending upon market conditions. The Fund may also invest in short-term money market securities denominated in the currencies of countries in which the Fund invests.

The Fund may invest up to 30% of its net assets in derivatives such as forward currency contracts and swaps. The Fund's use of forward contracts and swaps will be underpinned by investments in cash or other liquid assets (typically short-term, high- quality U.S. money market securities) and is designed to provide exposure similar to investments in local currency debt. The Fund also may enter into repurchase agreements. Local Debt also includes fixed income securities denominated in an emerging market currency and issued by a supranational organization or regional development bank. Assets not invested in Local Debt generally will be invested in U.S. government securities and investment grade money market instruments. The Fund may invest up to 20% of its assets in debt instruments denominated in U.S. dollars issued by emerging market governments, government agencies, corporations, regional development banks and supranational issuers, as well as derivatives based on such instruments.

The decision to secure exposure through direct investment in bonds or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications and regulatory requirements applicable to U.S. investment companies. If, subsequent to an investment, the 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days' prior notice of any change to this policy for the Fund.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk. For example, the price of a security with a ten-year duration would be expected to
drop by approximately 10% in response to a 1% increase in interest rates.

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■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Capital Controls and Sanctions Risk.** Economic conditions,
such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior
warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic
sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also
include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions
include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially
include derivative instruments related thereto. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell,
transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity
of such instruments, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

**22**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to invest in derivatives, including in particular, swaps and forward currency contracts,
 to a limited extent (*i.e.,* up to 30% of its net assets) to implement its principal
 investment strategies. Swaps are particularly subject to counterparty credit, valuation and
 liquidity risks. The successful use of forward currency contracts depends in large part on
 the adviser's and sub-adviser's ability to predict movements in the prices of
 relevant currencies, fluctuations in relevant markets, and movements in interest rates. Other
 risks specific to these types of derivatives instruments, as well as other risks of derivatives,
 generally, such as counterparty and issuer credit risk, interest rate risk, market risk and
 issuer-specific risk, are described in greater detail elsewhere in the Fund's Prospectus.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geographic Investment Risk.** To the extent the Fund
invests a significant portion of its assets in securities of companies of a single country or region, it is more likely to be impacted
by events or conditions affecting that country or region.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests have and may continue to experience
 security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty,
 sanctions or the threat of sanctions, natural and environmental disasters, the spread of
 infectious illness, widespread disease or other public health issues and/or systemic market
 dislocations that lead to increased short-term market volatility, have adverse long-term
 effects on the U.S. and world economies, and disrupt the orderly functioning of securities
 markets generally, which may negatively impact the Fund's investments.

■ **High Yield Securities Risk.** Higher yielding, high
risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and
present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific
operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may
be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

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**■** **Repurchase Agreement Risk.** The Fund's investment
in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments
in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the
expiration of the repurchase agreement term.

■ **Sovereign Debt Risk.** The debt securities issued by
sovereign entities may decline as a result of default or other adverse credit event resulting from a sovereign debtor's unwillingness
or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash
flows, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of
the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political
constraints to which a sovereign debtor may be subject. The risk associated with sovereign debt is heightened with respect to emerging
market issuers.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Performance also is shown for the JP Morgan GBI-EM Global Diversified Index Unhedged USD, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p24chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 16.16%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 10.00% | 4Q/2020 |
| Lowest Return | (14.87)% | 1Q/2020 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Emerging Markets Local Debt Fund** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV | (3.75)% | (1.69)% | 0.21% |
| Return After Taxes on Distributions | (4.38)% | (2.42)% | (0.81)% |
| Return After Taxes on Distributions and Sale of Fund Shares | (2.10)% | (1.54)% | (0.23)% |
| JP Morgan GBI-EM Global Diversified Index Unhedged USD (Reflects no deduction for fees, expenses or taxes) | (2.38)% | (1.86)% | 0.43% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |

---

**24**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since November 2020.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since January 2021.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **25**<br>

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**WisdomTree Floating Rate Treasury Fund**

**Investment Objective**

The WisdomTree Floating Rate Treasury Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of an index that measures the performance of the market for floating rate public obligations of the U.S. Treasury.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.15% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.15% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $15 | $48 | $85 | $192 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 159% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Bloomberg U.S. Treasury Floating Rate Bond Index (the "Index"). 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. Under normal circumstances, at least 80% of the Fund's total assets (exclusive of collateral held from securities lending) will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.

Bloomberg Index Services Limited (the "Index Provider"), designed the Index to measure the performance of floating rate public obligations of the U.S. Treasury ("Floating Rate Notes" or "FRNs"). Unlike fixed-rate U.S. Treasury bonds, FRNs have interest rates that adjust periodically. FRN interest rates may be higher or lower than the interest rates of fixed-rate bonds of comparable quality with similar maturities. The FRN interest rate is the sum of an index (or coupon) rate and a spread. The FRN index rate is based on the highest accepted discount rate of the most recent 13-week T-bill and is reset daily based on a weekly rate according to the result of the most recent 13-week T-bill auction. The spread applied to an FRN is determined at its initial auction and is the highest accepted discount margin in that auction. The spread remains the same for the life of an FRN. Because FRN index rates reset daily based on a weekly rate, the value of an FRN generally fluctuates much less than that of a fixed-rate bond in response to market interest rate movements. FRN values, however, will decline if their index rates do not rise as much, or as quickly, as interest rates in general.

**26**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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The Index is rules-based and market capitalization weighted and comprised of FRNs that have a minimum amount outstanding of one billion as of the monthly rebalancing date, which falls on the last business day of each month. FRNs eligible for inclusion in the Index must have an issue date on or before the Index rebalancing date. The Index excludes fixed-rate securities, Treasury inflation-protected securities, convertible bonds and bonds with survivor put options. Both the FRNs and the FRNs' coupon and principal payments must be denominated in U.S. dollars. FRNs pay interest rates quarterly until maturity.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Floating Rate Notes Risk.** Securities with floating
rates can be less sensitive to interest rate changes than securities with fixed interest rates but may decline in value and negatively
affect the Fund's NAV, particularly if changes in prevailing interest rates are sudden or more frequent than the rate changes for
the Floating Rate Notes, which occur weekly currently.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **27**<br>

[**Table of Contents**](#toc)

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

**28**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. If WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") had not waived certain fees during certain periods, the Fund's returns would have been lower. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p29chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 3.18%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 1.44% | 1Q/2024 March 31, 2024 |
| Lowest Return | (0.08)% | 3Q/2015 September 30, 2015 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024** 

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Floating Rate Treasury Fund** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV | 5.40% | 2.59% | 1.84% |
| Return After Taxes on Distributions | 3.21% | 1.55% | 1.11% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.16% | 1.54% | 1.09% |
| Bloomberg U.S. Treasury Floating Rate Bond Index (Reflects no deduction for fees, expenses or taxes) | 5.60% | 2.77% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **29**<br>

[**Table of Contents**](#toc)

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since November 2020.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since January 2021.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**30**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**WisdomTree Interest Rate Hedged High Yield Bond Fund**

**Investment Objective**

The WisdomTree Interest Rate Hedged High Yield 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, Zero Duration Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.43% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.43% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $44 | $138 | $241 | $542 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 61% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, at least 80% of the Fund's total assets (exclusive of collateral held from securities lending) will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.

WisdomTree, Inc. (the "Index Provider"), the parent company of the Fund's investment adviser, WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser"), designed the Index to provide long exposure to the performance of selected issuers in the U.S. non-investment-grade corporate bond ("junk bond") market with favorable fundamental and income characteristics while seeking to manage interest rate risk through the use of short positions in U.S. Treasury securities ("U.S. Treasuries").

The Index is comprised of long and short positions. The long positions of the Index (the "Long Basket") intends to replicate the WisdomTree U.S. High Yield Corporate Bond Index. The Index employs a multi-step selection process to seek to identify bonds with favorable fundamentals and then tilts to those bonds with favorable risk-adjusted income characteristics.

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[**Table of Contents**](#toc)

The Long Basket of the Index is comprised of U.S. dollar-denominated corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, bonds must meet the following key criteria: (i) pay fixed-rate coupons; (ii) have at least $500 million in par amount outstanding; (iii) have a remaining maturity of at least one year; and (iv) have a non-investment-grade rating by Standard & Poor's or Moody's (*i.e.*, below BBB- or Baa3, respectively). In addition, a bond cannot be in default or otherwise be in distress (*e.g.*, the bond must be rated above C).

Once the Index universe is defined, each individual bond is assigned a factor score based on fundamental metrics that distinguish cash flow characteristics (*i.e.*, free cash flow), and momentum metrics based on relative equity market performance of the bond's issuer. The Index selects bonds principally based on their fundamental metrics. However, a bond issued by a company meeting the fundamental metrics but exhibiting significant negative momentum metrics would be excluded from the Index, while a bond with less desirable fundamental metrics but showcasing positive momentum metrics would be included in the Index. Bonds are assigned to one of five sectors (*i.e.*, industrial, financial, utility, consumer, or energy) and then assessed for liquidity against public bonds within their sector. Bonds deemed to be among the 5% least liquid are excluded from consideration.

Each remaining bond is then assigned an income tilt score. A bond's tilt score reflects, among other factors, its probability of default and recovery relative to the other bonds in its sector. Income tilt scores are then used to determine a bond's weight in the Index relative to its market value, with greater weight allocated to those bonds receiving higher income tilt scores. The Fund's exposure to any single bond issuer and any single bond is capped at the time of rebalance at 2% and 0.50%, respectively, with any excess exposure allocated across the remaining bonds on a pro-rata basis.

The short positions of the Index (the "Short Basket") holds short positions in U.S. Treasuries (or futures providing exposure to U.S. Treasuries in the case of the Fund) that seek to correspond to a duration exposure matching the duration of the Long Basket, with a targeted total duration exposure of approximately zero years (*e.g.*, if the average duration of bonds in the Long Basket is approximately two years, the Short Basket will seek an average duration of approximately two years among its short holdings of U.S. Treasuries, with an aggregate targeted Index duration of approximately zero years). Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. The Fund may also short U.S. Treasuries.

The Index weights the short exposure to U.S. Treasuries of differing maturities in an attempt to offset the sensitivity of the long exposure to overall moves in interest rates across the yield curve. The Long Basket and Short Basket of the Index are rebalanced on a monthly basis. During the intra-rebalance period, the Index may include constituents that no longer meet the Index's eligibility criteria as described above. Under certain circumstances, such as in response to a change in a bond's credit rating that causes it to no longer meet the Index eligibility criteria, the Index Provider may remove constituents from the Index intra-rebalance but on a delayed-basis.

The Index is designed to have greater returns than an equivalent non-interest rate hedged investment when U.S. Treasury rates are rising significantly. Conversely, the Index is designed to have lower returns than an equivalent non-interest rate hedged investment when U.S. Treasury rates are falling significantly.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

**32**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Hedging Risk.** The Index seeks to mitigate the potential
negative impact of using U.S. Treasury rates on the performance of bonds in the long portfolio of the Index. The Index's short positions
in U.S. Treasuries, as well as the Fund's holdings to obtain such exposure, are not intended to mitigate credit risk or mitigate
changes in bond values associated with investor perceptions regarding, or premiums placed on, credit risk (*i.e.*, credit risk premiums)
or otherwise mitigate risks associated with other factors influencing the price of such bonds, which may have a greater impact than rising
or falling interest rates. There is no guarantee that the short positions will completely eliminate the interest rate risk of the long
bond positions. The Index's short positions also may fail to provide the targeted duration in light of changes in the shape of the
U.S. Treasury curve. The interest rate profile between the long and short exposures of the Index and Fund could also evolve significantly
between monthly rebalancing. This could lead to temporary dislocations between the Fund's intended and actual sensitivity to interest
rates, which could impact performance. There may also be significant differences between the bond markets and U.S. Treasury markets (including
futures markets for U.S. Treasuries) that could result in the Fund's short positions performing ineffectively, exacerbating losses
or causing greater tracking error. In addition, when interest rates fall, an unhedged investment in the same long portfolio of bonds will
outperform the Fund.

■ **High Yield Securities Risk.** Higher yielding, high
risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and
present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific
operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may
be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** The financial
condition of an issuer of a debt security or other instrument or a counterparty to a derivative or other contract may cause such issuer
or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations or cause such issuer
or counterparty to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations.
Because the issuers of junk bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to
bad economic news, or even the expectation of bad news than investment grade debt securities. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **33**<br>

[**Table of Contents**](#toc)

**■** **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Other risks specific
 to futures contracts, as well as other risks of derivatives, generally, such as counterparty
 and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Interest Rate Risk.** Interest rate risk with respect
to the Fund is the risk that short exposure to fixed income securities will decline in value because of decreases in interest rates and
changes to other factors, such as perception of an issuer's creditworthiness.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

**34**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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■ **Short Sales Risk.** The Fund will engage in "short
sale" transactions. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value.
The Fund also may enter into short positions in U.S. Treasuries as well as a short derivative position through futures contracts on U.S.
Treasuries. If the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur a loss
equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to a third party
in connection with the short sale. The risk of loss on a shorted position arises from the increase in value of the security sold short
and is potentially unlimited unlike the risk of loss on a long position, which is limited to the amount paid for the investment plus transaction
costs. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the
investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the
Fund. Further, in times of unusual or adverse economic, market or political conditions, the Fund may not be able to fully or partially
implement its short selling strategy.

■ **U.S. Treasury Exposure Risk.** The methodology used
to select U.S. Treasuries for the Index (or U.S. Treasuries or U.S. Treasury futures, in the case of the Fund) for different maturities
within the short exposure could produce performance that is dissimilar from other U.S. Treasuries of similar maturities. For example,
unique supply and demand conditions could create a market whereby selected U.S. Treasuries or positions trade either more or less expensively
than other U.S. Treasuries or positions of the same maturity, which could negatively impact the performance of the Fund.

■ **Yield Curve Risk.** The Index and Fund will have short
exposure to U.S. Treasuries with different maturity dates and weightings. Interest rates do not change uniformly for U.S. Treasuries of
differing lengths of maturity in response to market and economic conditions. For example, interest rates for shorter maturity U.S. Treasuries
may rise or fall more or less than interest rates for longer maturity U.S. Treasuries and rates may rise for U.S. Treasuries of certain
maturities but fall for U.S. Treasuries of different maturities. Changes in interest rates among U.S. Treasuries with different maturities
could impact returns produced both by the long exposures and short exposures of the Index and Fund in different ways, which could lead
to unexpected performance, including Fund losses. The methodology of the Index and the investment approach of the Fund seek to address
this risk, but are subject to the constraints of providing the desired overall interest rate profile and evolving market conditions, and
there is no guarantee that any such risk will be reduced or the desired outcome will occur.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Universal Index, a broad-based securities market index intended to represent the overall domestic bond market, including the high yield segment of that market in which the Fund invests. The Bloomberg U.S. Universal Index replaced the Bloomberg U.S. Aggregate Bond Index, the performance of which is also shown below, as the Fund's broad-based securities market index. Performance also is shown for the ICE BofA Merrill Lynch U.S. High Yield Index, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

The Fund's objective, strategies and index changed effective June 1, 2020. Prior to June 1, 2020, Fund performance reflects the Fund's former investment objective and strategies, which tracked the performance, before fees and expenses, of the ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Zero Duration Index.

![](wtt1220250485bpos_p35chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 5.71%.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **35**<br>

[**Table of Contents**](#toc)

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 5.48% | 2Q/2016 |
| Lowest Return | (13.59)% | 1Q/2020 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Interest Rate Hedged High Yield Bond Fund\*** | **1 Year<sup>\*</sup>** | **5 Years<sup>\*</sup>** | **10 Years<sup>\*</sup>** |
| Return Before Taxes Based on NAV | 8.96% | 4.57% | 4.48% |
| Return After Taxes on Distributions | 6.27% | 2.33% | 2.26% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.24% | 2.48% | 2.41% |
| ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Zero Duration Index/ WisdomTree U.S. High Yield Corporate Bond, Zero Duration Spliced Index\*\* (Reflects no deduction for fees, expenses or taxes) | 9.22% | 5.57% | 5.25% |
| ICE BofA Merrill Lynch U.S. High Yield Index (Reflects no deduction for fees, expenses or taxes) | 8.22% | 4.04% | 5.08% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |
| Bloomberg U.S. Universal Index (Reflects no deduction for fees, expenses or taxes) | 2.04% | 0.06% | 1.73% |

---

\* The Fund's objective changed effective June 1, 2020. Prior to that date, the Fund sought to track the price and yield performance, before fees and expenses, of the ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Zero Duration Index. As of June 1, 2020, the Fund's objective seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index.

\*\* ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Zero Duration Index through June 1, 2020; WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index thereafter.

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Voya Investment Management Co. LLC ("Voya IM") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by Voya IM's High Yield portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Scott Frost, CFA, Senior Vice President and Portfolio Manager, has been a portfolio manager of the Fund since January 2026.

David Oberto, Senior Vice President and Lead Portfolio Manager, has been a portfolio manager of the Fund since January 2026.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

**36**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **37**<br>

[**Table of Contents**](#toc)

**WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund**

**Investment Objective**

The WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Rate Hedged U.S. Aggregate Bond Index, Zero Duration (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.23% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.23% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $24 | $74 | $130 | $293 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 112% of the average value of its portfolio, including TBA Transactions (as defined below), and 52% of the average value of its portfolio (excluding TBA Transactions).

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, at least 80% of the Fund's total assets (exclusive of collateral held from securities lending) will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.

Bloomberg Index Services Limited (the "Index Provider"), designed the Index to provide long exposure to the Bloomberg U.S. Aggregate Bond Index while seeking to manage interest rate risk through the use of short positions in U.S. Treasury securities ("U.S. Treasuries"). The Index is comprised of a long portfolio and short portfolio. The "long portfolio" of the Index intends to replicate the Bloomberg U.S. Aggregate Bond Index, which broadly captures the U.S. investment grade, fixed income securities market and is comprised of U.S. Treasuries and U.S. Government-related bonds (*e.g.*, obligations of the U.S. Government or its agencies or instrumentalities), corporate bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities and asset-backed securities that are publicly offered for sale in the United States. The "short portfolio" of the Index holds short positions in U.S. Treasuries (or futures providing exposure to U.S. Treasuries in the case of the Fund) that seek to correspond to a duration exposure matching the duration of the long portfolio, with a targeted total duration exposure of approximately zero years (*e.g.*, if the average duration of bonds in the long portfolio is approximately five years, the short portfolio will seek an average duration of approximately five years among its short holdings of U.S. Treasuries, with an aggregate targeted duration of Index holdings of approximately zero years). Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates.

**38**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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The Index methodology weights the short exposure to U.S. Treasuries of differing maturities in an attempt to offset the sensitivity of the long exposure to overall moves in interest rate. Additionally, the Index seeks to mitigate, to the extent possible, relative moves in interest rates across the yield curve. The long portfolio and short portfolio of the Index are rebalanced on a monthly basis.

The Index is designed to have greater returns than an equivalent non-interest rate hedged investment when U.S. Treasury rates are rising significantly. Conversely, the Index is designed to have lower returns than an equivalent non-interest rate hedged investment when U.S. Treasury rates are falling significantly.

A significant portion of the bonds represented in the long portion of the Index are U.S. agency mortgage-backed pass-through securities. U.S. agency mortgage-backed pass-through securities are securities issued by entities such as Government National Mortgage Association ("GNMA") and Federal National Mortgage Association ("FNMA") that are backed by pools of mortgages. Most transactions in mortgage-backed pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a "to-be-announced transaction" or "TBA Transaction." In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date; however, it is not anticipated that the Fund will receive pools, but instead will participate in rolling TBA Transactions. The Fund expects to enter into such contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short term instruments.

In seeking to track the short portfolio of the Index, the Fund will invest in short positions in futures contracts on U.S. Treasuries. The Fund may also short U.S. Treasuries.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its total assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Hedging Risk.** The Index seeks to mitigate the potential
negative impact of using U.S. Treasury rates on the performance of bonds in the long portfolio of the Index. The Index's short positions
in U.S. Treasuries, as well as the Fund's holdings to obtain such exposure, are not intended to mitigate credit risk or mitigate
changes in bond values associated with investor perceptions regarding, or premiums placed on, credit risk (*i.e.*, credit risk premiums)
or otherwise mitigate risks associated with other factors influencing the price of such bonds, which may have a greater impact than rising
or falling interest rates. There is no guarantee that the short positions will completely eliminate the interest rate risk of the long
bond positions. The Index's short positions also may fail to provide the targeted duration in light of changes in the shape of the
U.S. Treasury curve. The interest rate profile between the long and short exposures of the Index and Fund could also evolve significantly
between monthly rebalancing. This could lead to temporary dislocations between the Fund's intended and actual sensitivity to interest
rates, which could impact performance. There may also be significant differences between the bond markets and U.S. Treasury markets (including
futures markets for U.S. Treasuries) that could result in the Fund's short positions performing ineffectively, exacerbating losses
or causing greater tracking error. In addition, when interest rates fall, an unhedged investment in the same long portfolio of bonds will
outperform the Fund.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **39**<br>

[**Table of Contents**](#toc)

**■** **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Other risks specific
 to futures contracts, as well as other risks of derivatives, generally, such as counterparty
 and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

**40**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Interest Rate Risk.** Interest rate risk with respect
to the Fund is the risk that short exposure to fixed income securities will decline in value because of decreases in interest rates.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Mortgage- and Asset-Backed Securities Risk.** Movements
in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed
securities. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying mortgages or other assets.
Mortgage- and asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.
Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Fund to possible loss.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **Short Sales Risk.** The Fund will engage in "short
sale" transactions. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value.
The Fund also may enter into short positions in U.S. Treasuries as well as a short derivative position through futures contracts on U.S.
Treasuries. If the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur a loss
equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to a third party
in connection with the short sale. The risk of loss on a shorted position arises from the increase in value of the security sold short
and is potentially unlimited unlike the risk of loss on a long position, which is limited to the amount paid for the investment plus transaction
costs. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the
investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the
Fund. Further, in times of unusual or adverse economic, market or political conditions, the Fund may not be able to fully or partially
implement its short selling strategy.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **41**<br>

[**Table of Contents**](#toc)

■ **TBA Transactions Risk.** The Fund may enter into "TBA
Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller,
for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular
security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. There can be no assurance that a
security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period,
the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA Transactions do not require
the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the
security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss.
At the time of its acquisition, a TBA security may be valued at less than the purchase price.

■ **U.S. Treasury Exposure Risk.** The methodology used
to select U.S. Treasuries for the Index (or U.S. Treasuries or U.S. Treasury futures, in the case of the Fund) for different maturities
within the short exposure could produce performance that is dissimilar from other U.S. Treasuries of similar maturities. For example,
unique supply and demand conditions could create a market whereby selected U.S. Treasuries or positions trade either more or less expensively
than other U.S. Treasuries or positions of the same maturity, which could negatively impact the performance of the Fund.

■ **Yield Curve Risk.** The Index and Fund will have short
exposure to U.S. Treasuries with different maturity dates and weightings. Interest rates do not change uniformly for U.S. Treasuries of
differing lengths of maturity in response to market and economic conditions. For example, interest rates for shorter maturity U.S. Treasuries
may rise or fall more or less than interest rates for longer maturity U.S. Treasuries and rates may rise for U.S. Treasuries of certain
maturities but fall for U.S. Treasuries of different maturities. Changes in interest rates among U.S. Treasuries with different maturities
could impact returns produced both by the long exposures and short exposures of the Index and Fund in different ways, which could lead
to unexpected performance, including Fund losses. The methodology of the Index and the investment approach of the Fund seek to address
this risk, but are subject to the constraints of providing the desired overall interest rate profile and evolving market conditions, and
there is no guarantee that any such risk will be reduced or the desired outcome will occur.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p42chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 3.20%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 2.38% | 4Q/2023 |
| Lowest Return | (3.33)% | 1Q/2020 |

---

**42**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV | 6.78% | 3.17% | 2.44% |
| Return After Taxes on Distributions | 5.06% | 1.45% | 1.10% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.99% | 1.74% | 1.30% |
| Bloomberg Rate Hedged U.S. Aggregate Bond Index, Zero Duration (Reflects no deduction for fees, expenses or taxes) | 6.62% | 3.21% | 2.55% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since November 2020.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since January 2021.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **43**<br>

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**44**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**WisdomTree Mortgage Plus Bond Fund**

**Investment Objective**

The WisdomTree Mortgage Plus Bond Fund (the "Fund") seeks income and capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.45% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.01% |
| **Total Annual Fund Operating Expenses** | 0.46%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $47 | $148 | $258 | $579 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 188% of the average value of its portfolio, including TBA Transactions (as defined below), and 31% of the average value of its portfolio (excluding TBA Transactions).

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that utilizes an investment process combining both macro and fundamental research by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings, in mortgage-related debt and other securitized debt.

The Fund seeks to achieve its investment objective by primarily investing in mortgage-related fixed income securities issued or guaranteed by the U.S. government or its agencies or instrumentalities (collectively, "Agency Mortgage-Backed Securities"), such as the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("FNMA") or the Federal Home Loan Mortgage Corporation ("FHLMC"). Agency Mortgage-Backed Securities include residential mortgage-backed securities, commercial mortgage-backed securities, and structured products such as collateralized mortgage obligations and real estate mortgage investment conduits ("REMICs").

The Fund may invest up to 20% of its net assets, plus the amount of any borrowings, in other securitized credit securities such as non-agency or privately issued residential and commercial mortgage-backed securities, asset-backed securities, collateralized loan obligations and credit risk transfer securities (collectively, "Securitized Credit Securities").

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **45**<br>

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The Fund may purchase mortgage-backed securities through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a "to-be-announced transaction" or "TBA Transaction." In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date and the Fund has the option to either accept delivery or roll into another TBA Transaction. The Fund, pending settlement of such TBA Transaction, will invest its assets in high quality, liquid short-term instruments such as U.S. Treasury securities, securities issued by government agencies, repurchase agreements and commercial paper.

The universe of mortgage-related debt and other securitized debt currently includes securities that are rated "investment grade" as well as "non-investment grade" (commonly referred to as "junk bonds" or "high yield bonds," which are considered to be speculative). The Fund intends to provide a broad-based exposure and therefore intends to invest in both investment grade and non-investment grade securities, but will not invest more than 20% of its net assets, plus the amount of any borrowings, in non-investment grade securities. Securities rated investment grade generally are considered to be of higher credit quality and subject to lower default risk. Although securities rated below investment grade may offer the potential for higher yields, they generally are subject to a higher potential risk of loss.

The Fund may invest in securities of varying maturity or duration and with either fixed or adjustable rates. The Fund attempts to maintain an aggregate portfolio duration of up to seven years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund's sensitivity to changes in interest rates. The Fund's actual portfolio duration may be longer or shorter depending on market conditions.

The Fund's investments in mortgage-related debt and other securitized debt may be represented by derivatives such as futures contracts. The Fund may invest in derivatives for various investment purposes, including to hedge interest rate risk, as a substitute for, or to gain exposure to, a position in an underlying asset, to reduce transaction costs, to maintain full market exposure (*i.e.*, adjust investment characteristics to more closely approximate the characteristics of the market in which the Fund invests), to manage cash flows, or to preserve capital. The Fund's use of derivatives will be collateralized by investments in liquid assets.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Agency Mortgage-Backed Securities Risk.** The Fund primarily
invests in mortgage-related fixed income securities issued or guaranteed by the U.S. government or its agencies or instrumentalities such
as GNMA, FNMA and FHLMC. FNMA and FHLMC are generally backed only by the general creditworthiness and reputation of the U.S. government
agency, government-sponsored entity, or government corporation issuing the security and are not guaranteed by the U.S. Department of the
Treasury or backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of
many obligations of FNMA or FHLMC and other agencies that are placed under conservatorship of the U.S. government. GNMA securities are
generally backed by the full faith and credit of the U.S. government. Agency mortgage-backed securities may be more sensitive to changes
in interest rates than other types of debt securities. Movements in interest rates (both increases and decreases) may quickly and significantly
reduce the value of agency mortgage-backed securities. Agency mortgage-backed securities are subject to fluctuations in yield due to prepayment
rates that may be faster or slower than expected. Agency mortgage-backed securities can also be subject to the risk of default on the
underlying mortgages. Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Fund to possible loss.
These risks may reduce the Fund's returns.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

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[**Table of Contents**](#toc)

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be
 bought and sold in the secondary market at market prices. The market prices of the Fund's
 shares in the secondary market generally differ from the Fund's daily NAV, and there
 may be times when the market price of the shares is more than the NAV (premium) or less than
 the NAV (discount). This risk is heightened in times of market volatility or periods of steep
 market declines. Additionally, in stressed market conditions, the market for the Fund's
 shares may become less liquid in response to deteriorating liquidity in the markets for the
 Fund's underlying portfolio holdings.

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Other risks specific
 to futures contracts, as well as other risks of derivatives, generally, such as counterparty
 and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **47**<br>

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**■** **High Yield Securities Risk.** Higher yielding, high
risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and
present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific
operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may
be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk. For example, the price of a security with a seven-year duration would be expected
to drop by approximately 7% in response to a 1% increase in interest rates.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Liquidity Risk.** The Fund may be unable to sell illiquid
or less liquid securities at an advantageous time or price or achieve its desired level of exposure. Liquidity risk may result from the
lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities,
and may be magnified in a rising interest rate environment and/or with respect to particular types of securities, such as Securitized
Credit Securities.

■ **Non-Agency Mortgage-Backed Securities Risk.** Non-agency
mortgage-backed securities are subject to heightened risks as compared to agency mortgage-backed securities, including that non-agency
mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those
mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying
non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk, or other underwriting characteristics
than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate,
term, size, purpose, and borrower characteristics. There may be a limited market for such securities.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **Prepayment and Extension Risk.** Many issuers have a
right to prepay their fixed income securities. Issuers may be more likely to prepay their securities if interest rates fall. If this happens,
the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and
will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on
prepaid securities. The Fund may also lose any premium it paid on prepaid securities. Many issuers have a right to prepay their fixed
income securities. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the Fund will not benefit
from the rise in the market price of the securities that normally accompanies a decline in interest rates and will be forced to reinvest
prepayment proceeds at a time when yields on securities available in the market are lower than the yield on prepaid securities. If interests
rate rise, then issuers may extend the duration of a fixed income security so that it is paid off more slowly than expected and the value
of the security may decline.

■ **Repurchase Agreement Risk.** In the event that the other
party to a repurchase agreement defaults on its obligations, the Fund would generally seek to sell the underlying security serving as
collateral for the repurchase agreement. However, the value of collateral may be insufficient to satisfy the counterparty's obligation
and/or the Fund may encounter delay and incur costs before being able to sell the security. Such a delay may involve loss of interest
or a decline in price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured
creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.

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■ **Securitized Credit Securities Risk.** Movements in interest
rates (both increases and decreases) may quickly and significantly reduce the value of other types of Securitized Credit Securities, such
as asset-backed securities, collateralized loan obligations and credit risk transfer securities. Securitized Credit Securities can also
be subject to the risk of default on the underlying assets, while also being subject to greater liquidity risk than other types of asset-backed
securities. Many Securitized Credit Securities are also subject to prepayment risk in a declining interest rate environment and extension
risk in an increasing rate environment.

■ **TBA Transactions Risk.** The Fund may enter into "TBA
Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller,
for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular
security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. There can be no assurance that a
security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period,
the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA Transactions do not require
the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the
security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss.
At the time of its acquisition, a TBA security may be valued at less than the purchase price.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Performance also is shown for the Bloomberg U.S. Securitized MBS/ABS/CMBS Index, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p49chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 6.13%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 6.15% | 4Q/2023 |
| Lowest Return | (4.85)% | 3Q/2022 |

---

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Mortgage Plus Bond Fund** | **1 Year** | **5 Years** | **Since Inception<br> November 14, 2019** |
| Return Before Taxes Based on NAV | 2.39% | (0.32)% | (0.28)% |
| Return After Taxes on Distributions | 0.73% | (1.43)% | (1.37)% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.40% | (0.70)% | (0.66)% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index (Reflects no deduction for fees, expenses or taxes) | 1.46% | (0.59)% | (0.51)% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | (0.26)% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Voya Investment Management Co. LLC (the "Voya IM" or the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by Voya IM's Securitized Credit and Agency RMBS portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Dave Goodson, Managing Director, Head of Securitized Fixed Income and Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in November 2019.

Jonathan Abshire, CFA, Portfolio Manager, Structured Finance, has been a portfolio manager of the Fund since its inception in November 2019.

Justin McWhorter, CFA, CPA, Senior Portfolio Manager, Structured Finance, has been a portfolio manager of the Fund since its inception in November 2019.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**50**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **51**<br>

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**WisdomTree Yield Enhanced U.S. Aggregate Bond Fund**

**Investment Objective**

The WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of the Bloomberg U.S. Aggregate Enhanced Yield Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.12% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.12% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $12 | $39 | $68 | $154 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 110% of the average value of its portfolio, including TBA Transactions (as defined below), and 66% of the average value of its portfolio (excluding TBA Transactions).

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, at least 80% of the Fund's total assets (exclusive of collateral held from securities lending) will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.

Bloomberg Index Services Limited (the "Index Provider"), designed the Index to broadly capture the U.S. investment grade, fixed income securities market while seeking to enhance yield within desired risk parameters and constraints. Rather than re-weight individual securities, the Index uses a rules-based approach to re-weight subgroups of the Bloomberg US Aggregate Index with the aim of earning a higher yield while broadly retaining the risk characteristics of the Bloomberg US Aggregate Index. The subgroups identified in the Bloomberg US Aggregate Index generally reflect the different risk dimensions of investment grade securities such as sector (asset class) exposure (*i.e.*, treasuries, agency, credit, and securitized), interest rate risk (*i.e.*, duration) and credit risk (*i.e.*, spread). Yield can typically be increased by shifting exposure among any of a number of these risk dimensions and re-weighting the Index constituents. At the security level, the Index draws from the universe defined by the Bloomberg US Aggregate Index, which consists of investment grade debt securities denominated in U.S. dollars. To be eligible for inclusion in the Index, debt securities must have at least $250 million in par amount outstanding with the exception of asset-backed securities and commercial mortgage-backed securities which must have an original deal size of $500 million, a minimum tranche size of $25 million, and at least $300 million of the original transaction still outstanding. The Index consists of U.S. Treasuries and U.S. Government-related bonds (*e.g.*, obligations of the U.S. Government or its agencies or instrumentalities), corporate bonds, mortgage-backed pass- through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly offered for sale in the United States. Index constituents are U.S. dollar-denominated debt securities with fixed rate coupons that have at least one year to final maturity.

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The Index segments the eligible universe of U.S. investment grade fixed income securities into subgroups defined by sector, quality and maturity characteristics. The subgroups cover the treasury sector, agency sector, credit markets, and securitized securities. The Index employs a proprietary weighting methodology that seeks to enhance yield by allocating more weight to subgroups with higher yields while maintaining defined risk constraints designed to mitigate volatility and turnover drift from the eligible U.S. investment grade fixed income universe. Subgroups with higher yields are identified based on a subgroup's yield to worst measurements, rather than its yield to maturity. Yield to worst refers to the lowest potential yield that can be received on a bond without issuer default. The Index uses yield to worst measurements to determine the yield of each subgroup, except the mortgage-backed securities subgroups, which use yield to worst calculations of Treasury bonds whose maturities match the average life of their mortgage securities plus their option-adjusted spreads. However, to retain the broad risk characteristics of the Bloomberg US Aggregate Index, the Index also employs constraints that include caps on tracking error volatility, duration, sector and subgroup weights, and turnover. The Index's constraints are capped relative to the constraints of the Bloomberg US Aggregate Index. The weights are determined at the subgroup level (negative weights are not permitted) and passed down to the individual security level, where each security's weight is equal to the subgroup weight multiplied by its market capitalization weight within the subgroup. The Index is rebalanced on a monthly basis.

The duration range of the Index is expected to be within one year of the duration of the Bloomberg US Aggregate Index. Historically, such universe has had a duration range between approximately three and seven years. Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. For example, the value of a fund with a portfolio duration of seven years would be expected to drop by 7% for every 1% increase in interest rates.

A significant portion of the bonds represented in the Index are U.S. agency mortgage-backed pass-through securities. U.S. agency mortgage-backed pass-through securities are securities issued by entities such as Government National Mortgage Association ("GNMA") and Federal National Mortgage Association ("FNMA") that are backed by pool of mortgages. Most transactions in mortgage-backed pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a "to-be-announced transaction" or "TBA Transaction." In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date; however, it is not anticipated that the Fund will receive pools, but instead will participate in rolling TBA Transactions. The Fund expects to enter into such contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short term instruments.

The Fund may invest up to 20% of its assets in other fixed income securities and/or such other investments, including other exchange-traded funds ("ETFs") that invest in fixed income securities with characteristics similar to the Index constituents, that WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") and/or Mellon Investments Corporation ("Mellon" or the "Sub-Adviser") believe will help the Fund track the performance of the Index. Other fixed income securities will consist primarily of investment grade securities with similar risk characteristics as the Index constituents, but up to 5% of the Fund's total assets may be held in non-investment grade securities with credit ratings deemed to be of no less than BB.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its total assets) in such industry or group of industries to approximately the same extent as the Index.

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**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk. For example, the price of a security with a seven-year duration would be expected
to drop by approximately 7% in response to a 1% increase in interest rates.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be
 bought and sold in the secondary market at market prices. The market prices of the Fund's
 shares in the secondary market generally differ from the Fund's daily NAV, and there
 may be times when the market price of the shares is more than the NAV (premium) or less than
 the NAV (discount). This risk is heightened in times of market volatility or periods of steep
 market declines. Additionally, in stressed market conditions, the market for the Fund's
 shares may become less liquid in response to deteriorating liquidity in the markets for the
 Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

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■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Mortgage- and Asset-Backed Securities Risk.** Movements
in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed
securities. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying mortgages or other assets.
Mortgage- and asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.
Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Fund to possible loss.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **TBA Transactions Risk.** The Fund may enter into "TBA
Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller,
for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular
security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. There can be no assurance that a
security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period,
the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA Transactions do not require
the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the
security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss.
At the time of its acquisition, a TBA security may be valued at less than the purchase price.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **55**<br>

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**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p56chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 6.54%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 7.10% | 4Q/2023 |
| Lowest Return | (6.89)% | 1Q/2022 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Yield Enhanced U.S. Aggregate Bond Fund** | **1 Year** | **5 Years** | **Since Inception<br> July 9, 2015** |
| Return Before Taxes Based on NAV | 1.81% | (0.74)% | 1.56% |
| Return After Taxes on Distributions | 0.03% | (2.01)% | 0.26% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.06% | (1.07)% | 0.64% |
| Bloomberg U.S. Aggregate Enhanced Yield Index (Reflects no deduction for fees, expenses or taxes) | 1.91% | (0.60)% | 1.73% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.41% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Mellon serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since November 2020.

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Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since January 2021.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund**

**Investment Objective**

The WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (the "Fund") will seek to track the price and yield performance, before fees and expenses, of the Bloomberg U.S. Short Aggregate Enhanced Yield Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.12% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.12% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $12 | $39 | $68 | $154 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 106% of the average value of its portfolio, including TBA Transactions (as defined below), and 101% of the average value of its portfolio (excluding TBA Transactions).

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, at least 80% of the Fund's total assets (exclusive of collateral held from securities lending) will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.

Bloomberg Index Services Limited (the "Index Provider"), designed the Index to broadly capture the short-term U.S. investment grade, fixed income securities market while seeking to enhance yield within desired risk parameters and constraints. The Index is comprised of those subgroups of the Bloomberg US Aggregate Index (*i.e.*, Treasuries, agencies, credit and securitized) with effective maturities generally shorter than five years ("ST Agg Universe"). The Index uses a rules-based approach to re-weight these subgroups to achieve higher yields, while managing risk through constraints on expected tracking error and turnover, as well as sector, duration, and credit exposure relative to the market value-weighted ST Agg Universe. Individual securities within a subgroup are market value-weighted within the subgroup. The Index is rebalanced on a monthly basis.

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The Index draws from the ST Agg Universe, which consists of U.S. dollar-denominated securities, including U.S. Treasuries, U.S. Government-related bonds, corporate bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly offered for sale in the United States. These securities feature fixed rate coupons and have at least $300 million in par amount outstanding and one year to final maturity, with the exception of asset-backed securities and commercial mortgage-backed securities, which must have an original deal size of $500 million, a minimum tranche size of $25 million, and at least $300 million of the original transaction still outstanding.

The duration of the Index is generally expected not to exceed the duration of the ST Agg Universe by more than 0.5 years. The ST Agg Universe has historically had a duration range between approximately two and three years. Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. For example, the value of a fund with a portfolio duration of three years would be expected to drop by 3% for every 1% increase in interest rates.

The Index includes U.S. agency mortgage-backed pass-through securities, which are securities issued by entities such as Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") that are backed by pools of mortgages. Most transactions in mortgage-backed pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a "to-be-announced transaction" or "TBA Transaction." In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date; however, it is not anticipated that the Fund will receive pools, but instead will participate in rolling TBA Transactions. The Fund expects to enter into such contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short-term instruments.

The Fund may invest up to 20% of its assets in other fixed income securities and/or such other investments, with characteristics similar to the Index constituents, that WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") and/or Voya Investment Management Co. LLC ("Voya IM"), the investment sub-adviser, believe will help the Fund track the performance of the Index. Other fixed income securities will consist primarily of investment grade securities with similar risk characteristics as the Index constituents, but up to 5% of the Fund's total assets may be held in non-investment grade securities ("junk bonds") with credit ratings deemed to be of no less than BB.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its total assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk. For example, the price of a security with a three-year duration would be expected
to drop by approximately 3% in response to a 1% increase in interest rates.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

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**■** **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Mortgage- and Asset-Backed Securities Risk.** Movements
in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed
securities. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying mortgages or other assets.
Mortgage- and asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.
Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Fund to possible loss.

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■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **TBA Transactions Risk.** The Fund may enter into "TBA
Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller,
for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular
security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. There can be no assurance that a
security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period,
the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA Transactions do not require
the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the
security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss.
At the time of its acquisition, a TBA security may be valued at less than the purchase price.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Performance also is shown for the Bloomberg U.S. Short Aggregate Composite Index, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p61chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 5.16%.

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**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 3.67% | 2Q/2020 |
| Lowest Return | (3.87)% | 1Q/2022 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund** | **1 Year** | **5 Years** | **Since Inception<br> May 18, 2017** |
| Return Before Taxes Based on NAV | 4.18% | 1.12% | 1.69% |
| Return After Taxes on Distributions | 2.30% | 0.13% | 0.68% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.46% | 0.44% | 0.86% |
| Bloomberg U.S. Short Aggregate Enhanced Yield Index (Reflects no deduction for fees, expenses or taxes) | 4.49% | 1.06% | 1.75% |
| Bloomberg U.S. Short Aggregate Composite Index (Reflects no deduction for fees, expenses or taxes) | 3.77% | 1.25% | 1.67% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.08% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Voya IM serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by Voya IM's Multi-Sector Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Sean Banai, CFA, Head of Portfolio Management, Fixed Income, has been a portfolio manager of the Fund since its inception in May 2017.

Dave Goodson, Managing Director, Head of Securitized Fixed Income and Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in May 2017.

Vinay Viralam, CFA, Multi-Sector Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

Rajen Jadav, CFA, Senior Vice President and Portfolio Manager, has been a portfolio manager of the Fund since January 2026.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Cboe, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

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The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**WisdomTree Voya Yield Enhanced USD Universal Bond Fund**

**Investment Objective**

The WisdomTree Voya Yield Enhanced USD Universal Bond Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of the Bloomberg US Universal Enhanced Yield Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.15% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.15% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $15 | $48 | $85 | $192 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of the average value of its portfolio, including TBA Transactions (as defined below), and 27% of the average value of its portfolio (excluding TBA Transactions).

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, at least 80% of the Fund's net assets, plus the amount of any borrowings for investment purposes, will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially similar to the economic characteristics of such constituent securities, which may include to-be-announced ("TBA") transactions in mortgage-backed securities, U.S. Treasury futures, and credit default swaps.

Bloomberg Index Services Limited (the "Index Provider"), designed the Index to seek to provide comprehensive exposure to the U.S. dollar (USD)-denominated bond market, while enhancing yield within desired risk parameters and constraints, as described below.

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The Index is comprised of USD-denominated bonds. The Index deconstructs the USD-denominated bond market, as represented by USD-denominated, taxable bonds that are rated either investment grade (*i.e.*, rated Baa3/BBB-/BBB- or above by Moody's, S&P Global Ratings ("S&P"), and Fitch, respectively) or high yield (*i.e.*, rated Ba1/BB+/BB+ or below by Moody's, S&P, and Fitch, respectively), into one of the five categories of debt described below. The constituents in each category, except for US Investment Grade Debt, are weighted by market capitalization. The weighting of the constituents in the US Investment Grade Debt category is determined by the Index Provider's proprietary weighting methodology, which is described below.

■ **US Investment Grade Debt** – This category is
designed to broadly capture the USD-denominated investment grade bond market, which consists of Treasuries, government-related and corporate
bonds, mortgage-backed securities, and asset-backed securities publicly issued in the U.S. or global markets.

The weight of this category is determined by assigning 50% of a weight determined in accordance with the Index Provider's proprietary, rules-based weighting methodology to those issuers assigned to the Bloomberg US Aggregate Bond Index and the other 50% of the weight to those issuers assigned to the Bloomberg US Aggregate Enhanced Yield Index. This proprietary weighting methodology is designed to earn a greater yield while generally seeking to maintain the risk characteristics of the market capitalization-weighted US Investment Grade Debt exposure.

■ **Restricted Securities** – This category consists of investment grade, USD-denominated privately-placed
 securities, including those sold in reliance on the U.S. Securities and Exchange Commission's
 (the "SEC") Rule 144A and Regulation S, each of which is an exemption from the
 SEC registration requirements prescribed in Section 5 of the Securities Act of 1933 (the
 "Securities Act") permitting, subject to certain conditions, the public resale
 of restricted securities.

■ **Eurodollar Debt** – Designed to broadly capture
the USD-denominated investment grade Eurobond market, this category consists of investment grade debt denominated in U.S. dollars and
publicly issued in non-U.S. developed/Eurobond markets.

■ **US Corporate High Yield Debt** – This category
seeks to broadly capture the market of USD-denominated corporate bonds rated below investment grade, including debt issued by speculative
issuers.

■ **US Emerging Markets Debt** – This category captures
USD-denominated fixed-rate sovereign and corporate debt issued in emerging markets.

To be eligible for inclusion in the Index, Treasuries, government-related bonds, and investment grade corporate bonds must have at least $300 million par amount outstanding. Mortgage-backed securities must have at least $1 billion par amount outstanding. Commercial mortgage-backed securities must have at least a $500 million minimum deal size with at least $300 million outstanding remaining in the deal and a $25 million minimum tranche size. Asset-backed securities must have at least a $500 million minimum deal size and a $25 million minimum tranche size. Restricted securities and Eurodollar issues must have at least $300 million par outstanding. High yield corporate bonds must have at least $150 million par amount outstanding. Emerging markets issues must have at least $500 million par outstanding at the security level, and the corporate issuers of emerging market bonds must have at least $1 billion in outstanding debt trading in the market. The Index is rebalanced on a monthly basis.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its total assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

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**■** **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The
market prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV, and there may be times
when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of
market volatility or periods of steep market declines. Because securities held by the Fund may trade on, or have exposure to, foreign
exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums and discounts
greater than those of domestic ETFs. Additionally, in stressed market conditions, the market for the Fund's shares may become less
liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

■ **Capital Controls and Sanctions Risk.** Economic conditions,
such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior
warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic
sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also
include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions
include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially
include derivative instruments related thereto. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell,
transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity
of such instruments, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments
that derive their performance from an underlying reference asset, such as a commodity, index, interest rate or inflation rate. Generally,
derivatives are sophisticated investments that may pose risks that are different from or greater than those posed by investing directly
in the underlying reference asset. For example, the return on a derivative instrument may not correlate with that of its underlying reference
asset, and minimal requisite initial investments necessary to purchase derivatives positions may expose the Fund to losses in excess of
those amounts. Derivatives also can be volatile and may be less liquid than other investments. As a result, the value of an investment
in the Fund may change quickly and without warning and you may lose money. The Fund expects to use credit default swaps and Treasury futures
to implement its principal investment strategies. Credit default swaps are particularly subject to counterparty credit, valuation and
liquidity risks. Other risks specific to these types of derivatives instruments, as well as other risks of derivatives, generally, such
as market risk and issuer-specific risk, are described in greater detail elsewhere in the Fund's Prospectus.

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■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests may experience security concerns,
 war, threats of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions
 or the threat of sanctions, natural and environmental disasters, the spread of infectious
 illness, widespread disease or other public health issues and/or systemic market dislocations
 that lead to increased short-term market volatility, have adverse long-term effects on the
 U.S. and world economies, and disrupt the orderly functioning of securities markets generally,
 which may negatively impact the Fund's investments.

■ **High Yield Securities Risk.** Higher yielding, high
risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and
present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific
operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may
be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Large Shareholder Risk.** Certain shareholders, including
other funds or accounts advised by WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser")
or Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), may from time to time own a substantial
amount of the Fund's shares. Certain funds sub-advised by the Sub-Adviser and advised by an affiliate of the Sub-Adviser are expected
to own a substantial amount of the Fund's shares. There can be no assurance that any large shareholder would not redeem its investment,
that the size of the Fund would be maintained at such levels, or that the Fund would continue to meet applicable listing requirements.
Redemptions by large shareholders could have a significant negative effect on the Fund. The need to meet such redemptions also could cause
the Fund to increase its cash holdings, diluting its investment returns. In addition, transactions by large shareholders may account for
a significant percentage of the trading volume in the secondary market and may, therefore, have a material upward or downward effect on
the market price of the Fund's shares. Further, such sales may accelerate the realization of taxable income and/or gains to shareholders.

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■ **Mortgage- and Asset-Backed Securities Risk.** Movements
in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed
securities. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying mortgages or other assets.
Mortgage- and asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.
Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Fund to possible loss.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Restricted Securities Risk.** Restricted securities
generally cannot be sold to the public and as a result, typically are subject to heightened liquidity risk. Restricted securities also
may involve a high degree of business and financial risk, which may result in losses to the Fund.

■ **Sovereign Debt Risk.** The debt securities issued by
sovereign entities may decline as a result of default or other adverse credit event resulting from a sovereign debtor's unwillingness
or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash
flows, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of
the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political
constraints to which a sovereign debtor may be subject. The risk associated with sovereign debt is heightened with respect to emerging
market issuers.

■ **TBA Transactions Risk.** The Fund may enter into "TBA
Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller,
for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular
security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. There can be no assurance that a
security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period,
the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA Transactions do not require
the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the
security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss.
At the time of its acquisition, a TBA security may be valued at less than the purchase price.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

**68**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Universal Index, a broad-based securities market index intended to represent the overall domestic bond market, including the high yield segment of that market in which the Fund invests. The Bloomberg U.S. Universal Index replaced the Bloomberg U.S. Aggregate Bond Index, the performance of which is also shown below, as the Fund's broad-based securities market index. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p69chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 6.35%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 5.10% | 3Q/2024 September 30, 2024 |
| Lowest Return | (2.71)% | 4Q/2024 December 31, 2024 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | |
|:---|:---|:---|
| **WisdomTree Voya Yield Enhanced USD Universal Bond Fund** | **1 Year** | **Since Inception<br> February 6, 2023** |
| Return Before Taxes Based on NAV | 1.85% | 2.97% |
| Return After Taxes on Distributions | (0.12)% | 1.03% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.09% | 1.44% |
| Bloomberg US Universal Enhanced Yield Index (Reflects no deduction for fees, expenses or taxes) | 2.32% | 3.41% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | 2.29% |
| Bloomberg U.S. Universal Index (Reflects no deduction for fees, expenses or taxes) | 2.04% | 2.97% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Voya IM serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by Voya IM's Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Sean Banai, CFA, Head of Portfolio Management, has been a portfolio manager of the Fund since its inception in February 2023.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **69**<br>

[**Table of Contents**](#toc)

Dave Goodson, a Managing Director, Head of Securitized Investments and Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in February 2023.

Vinay Viralam, CFA, Multi-Sector Portfolio Manager, has been a portfolio manager of the Fund since January 2024.

Rajen Jadav, CFA, Senior Vice President and Portfolio Manager, has been a portfolio manager of the Fund since January 2026.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**70**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**WisdomTree Bianco Total Return Fund**

**Investment Objective**

The WisdomTree Bianco Total Return Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of the Bianco Research Fixed Income Total Return Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.50% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.14% |
| **Total Annual Fund Operating Expenses** | 0.64%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Fee Waivers | (0.04)%<sup>2</sup> |
| **Total Annual Fund Operating Expenses After Fee Waivers** | 0.60%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

---

| | |
|:---|:---|
| 2 | WisdomTree Asset Management Inc. ("WisdomTree Asset Management" or the "Adviser") has contractually agreed, through December 31, 2026, to reduce the Fund's Management Fee in an amount equal to the management fee paid to it by any WisdomTree Fund in which the Fund invests with respect to such investment. The amount waived may be reduced to offset the incremental costs related to an investment in an underlying fund and paid by WisdomTree Asset Management. This waiver agreement may be terminated by WisdomTree Asset Management upon advance notice at the conclusion of any one-year term or by the Fund's Board of Trustees at any time. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, except that the example assumes the Fee Waiver applies only in the first year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $61 | $192 | $335 | $750 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 154% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. The Fund generally uses a replication strategy to achieve its investment objective, meaning it generally invests in all of the securities of the Index in approximately the same proportion as the Index. However, the Fund also may use a representative sampling strategy to 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 generally will use a representative sampling strategy when the Adviser or Sub-Adviser believes it will better position the Fund to seek to achieve its investment objective, such as when buying each security in an Index is impracticable or inefficient, or when one or more securities in the Index becomes unavailable, including as a result of legal restrictions or limitations that apply to the Fund and/or a security in the Index. Under normal circumstances, the Fund primarily invests in the constituent exchange-traded funds ("ETFs") of the Index. However, the Fund also may invest directly in fixed-income securities.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **71**<br>

[**Table of Contents**](#toc)

To construct the Index, the Index Committee first selects a pool of fixed income ETFs, each of which must meet certain pre-determined criteria described herein and in the Index's methodology (the "Eligible ETF Pool"). To be eligible for inclusion in the Eligible ETF Pool, a fixed income ETF must (i) have at least 90% of its net assets invested in fixed income securities or exposed to the risk and return characteristics of fixed income securities, such as through investments in some or all of the following: fixed income securities, cash (including cash equivalents), senior loans, preferred securities, or derivatives that provide economic exposure similar to fixed income securities, (ii) have shares listed on a major U.S. national securities exchange, (iii) provide exposure to fixed-income assets, including but not limited to government bonds, corporate bonds, municipal bonds, mortgage-backed securities, high yield securities, inflation-protected securities, and international and emerging markets fixed income securities, and (iv) meet certain liquidity, cost effectiveness, and efficiency (*i.e.*, achieves its investment objective in an efficient manner) criteria. Generally, the Eligible ETF Pool is reconstituted annually using these criteria, but additions and deletions to the Eligible ETF Pool also may be made during the year if determined appropriate by the Index Provider. The Index Committee selects all Index constituents from the Eligible ETF Pool, including any new or replacement constituents needed during the course of a year to maintain the desired exposure of the Index and to accommodate any contingencies affecting Index constituents. WisdomTree ETFs may be included in the Eligible ETF Pool.

The Index Committee establishes a neutral portfolio of fixed income ETFs, selected from the Eligible ETF Pool, that reflects a baseline of aggregate exposures based on the duration, curve, credit and volatility risk (collectively, "Baseline Exposures") of a universe of U.S. dollar-denominated investment grade debt meeting certain criteria selected by the Index Committee (the "Baseline Universe"). Using the Baseline Universe, the Index Committee conducts a factor exposure analysis to estimate the factor exposures it believes are driving the Baseline Universe's returns (collectively, the "Factor Exposures") and calibrates tilts to those factors to produce the desired Index exposures.

The Index Committee then selects a group of fixed income ETFs from the Eligible ETF Pool that, in the aggregate, provide the desired factor exposure profile to serve as the Index constituents. The Index is reconstituted and rebalanced at the end of each month.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its net assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund (either incurred directly or through its investments in underlying funds), regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

**72**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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■ **Debt Securities Risk.** Investments in debt securities
subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security
will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely
with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower
than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received
by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested
in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less
liquid and more difficult to value than common stock.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Investment in Other ETFs Risk.** The Fund's investment
performance and risks may be directly related to the investment performance and risks of the fixed income ETFs in which the Fund invests.
In addition, the Fund will pay a proportional share of the fees and expenses of the ETFs in which it invests in addition to its own fees
and expenses, which will reduce the Fund's performance. Investments by the Fund in another ETF are subject to, among other risks,
the risk that trading in the ETF's shares may be halted or that the ETF's shares may trade at a discount or premium relative
to the NAV of the shares.

■ **Mortgage- and Asset-Backed Securities Risk.** Movements
in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed
securities. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying mortgages or other assets.
Mortgage- and asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.
Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Fund to possible loss.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund may trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary Listing Exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **73**<br>

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■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests may experience security concerns,
 war, threats of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions
 or the threat of sanctions, natural and environmental disasters, the spread of infectious
 illness, widespread disease or other public health issues and/or systemic market dislocations
 that lead to increased short-term market volatility, have adverse long-term effects on the
 U.S. and world economies, and disrupt the orderly functioning of securities markets generally,
 which may negatively impact the Fund's investments.

■ **High Yield Securities Risk.** Higher yielding, high
risk debt securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and
present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific
operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may
be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

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■ **Municipal Securities Risk.** Municipal securities are
subject to a variety of risks, including credit, interest rate, prepayment, and valuation risks. Issuers, including governmental issuers,
of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities that depend on a specific
revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated
by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source.
The values of municipal securities may also be adversely affected by local political and economic conditions and developments. Further,
many municipal securities are issued to finance projects in a specific industry (*e.g.*, education, health care, transportation,
or utilities). Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial
condition of local issuers as well as the value of municipal securities held by the Fund. In addition, income from municipal securities
held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by
the Internal Revenue Service (the "IRS") or state tax authorities, or noncompliant conduct of an issuer or other obligated
party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result
in a significant decline in the values of such municipal securities.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

■ **TIPS Risk.** TIPS are inflation-protected public obligations
of the U.S. Treasury. The interest and principal payments of TIPS are adjusted for inflation, typically on a monthly basis, in accordance
with changes to a designated inflation index, such as the Consumer Price Index. Due to their inflation adjustment feature, TIPS typically
have lower yields than conventional fixed-rate bonds. As inflation rises, the values of the TIPS' interest and principal payments
increase. Conversely, as inflation decreases, the values of the TIPS' interest and principal payments decrease. Accordingly, the
Fund's income from TIPS may decline due to deflation, a decline in inflation, or changes in inflation expectations.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **75**<br>

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**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p76chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 6.10%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 4.74% | 3Q/2024 |
| Lowest Return | (2.31)% | 4Q/2024 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | |
|:---|:---|:---|
| **WisdomTree Bianco Total Return Fund** | **1 Year** | **Since Inception<br> December 19, 2023** |
| Return Before Taxes Based on NAV | 2.32% | 2.75% |
| Return After Taxes on Distributions | 0.89% | 1.34% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.37% | 1.50% |
| Bianco Research Fixed Income Total Return Index (Reflects no deduction for fees, expenses or taxes) | 2.71% | 3.13% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | 1.89% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Equity Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since its inception in December 2023.

David France, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2023.

Todd Frysinger, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2023.

Vlasta Sheremeta, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2023.

**76**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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Michael Stoll, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2023.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **77**<br>

[**Table of Contents**](#toc)

**WisdomTree 1-3 Year Laddered Treasury Fund**

**Investment Objective**

The WisdomTree 1-3 Year Laddered Treasury Fund seeks to track the price and yield performance, before fees and expenses, of the Bloomberg US Treasury 1-3 Year Laddered Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.15% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.15% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $15 | $48 | $85 | $192 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 107% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. Treasuries that have a remaining maturity of one to three years and investments that have economic characteristics (*i.e.*, risk and return characteristics) that are substantially similar to the economic characteristics of such Treasuries. The Index is composed of fixed-rate coupon U.S. Treasury securities maturing in one to three years or with remaining maturities between one and three years.

The Index, which was created and is maintained by Bloomberg Index Services Limited (the "Index Provider"), is designed to measure the performance of a portfolio composed of public obligations of the U.S. Treasury that have a nominal fixed rate coupon and remaining maturities of one to three years (the "maturity range"), excluding amounts held by the Federal Reserve system. Treasury bills, inflation-linked bonds, floating rate bonds, Separate Trading of Registered Interest and Principal of Securities ("STRIPS"), and state and local government series bonds are excluded from the Index. The Index employs a "laddering" approach to select its constituents. Each month the Index selects one Treasury security maturing in each month represented in the maturity range. If there are two or more Treasury securities within a given maturity month, then the most recently issued security is selected for inclusion in the Index. As a result, the Index generally will be composed of 24 constituent securities at each rebalance date (unless there are no eligible securities for a given maturity month). The constituent securities are equally weighted at the time of selection and at each reconstitution. The Index is reconstituted and rebalanced on a monthly basis. On each monthly reconstitution date, the constituent securities with the shortest amount of time to maturity (*i.e.*, less than one year) are removed from the Index and new securities with a longer amount of time to maturity (*i.e.*, three years) are added to the Index. Additionally, the most recently issued two-year Treasury note is likely to replace a more seasoned note at the two-year maturity point of the Index.

**78**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its net assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **U.S. Treasuries Risk.** U.S. Treasuries may differ from
other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns
than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may
cause the value of the Fund's U.S. Treasuries to decline.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The
market prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV, and there may be times
when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of
market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for the Fund's shares
may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **79**<br>

[**Table of Contents**](#toc)

**■** **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Income Risk.** The Fund is subject to the risk that
its income will decline because of falling interest rates.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment
strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs
and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable
accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

**80**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Fund Performance**

The Fund commenced operations on March 14, 2024, and, therefore, does not yet have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing the Fund's performance to a broad measure of market performance. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since its inception in March 2024.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in March 2024.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since its inception in March 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **81**<br>

[**Table of Contents**](#toc)

**WisdomTree 7-10 Year Laddered Treasury Fund**

**Investment Objective**

The WisdomTree 7-10 Year Laddered Treasury Fund seeks to track the price and yield performance, before fees and expenses, of the Bloomberg US Treasury 7-10 Year Laddered Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.15% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.15% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $15 | $48 | $85 | $192 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. Treasuries that have a remaining maturity of seven to ten years and investments that have economic characteristics (*i.e.*, risk and return characteristics) that are substantially similar to the economic characteristics of such Treasuries. The Index is composed of fixed-rate coupon U.S. Treasury securities maturing in seven to ten years or with remaining maturities between seven to ten years.

The Index, which was created and is maintained by Bloomberg Index Services Limited (the "Index Provider"), is designed to measure the performance of a portfolio composed of public obligations of the U.S. Treasury that have nominal fixed rate coupons and remaining maturities of seven to ten years (the "maturity range"), excluding amounts held by the Federal Reserve system. Treasury bills, inflation-linked bonds, floating rate bonds, Separate Trading of Registered Interest and Principal of Securities ("STRIPS"), and state and local government series bonds are excluded from the Index.

**82**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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The Index employs a "laddering" approach to select its constituents. Each quarter the Index selects one Treasury security maturing in each quarter represented in the maturity range. If there are two or more Treasury securities within a given maturity quarter, then the most recently issued security is selected for inclusion in the Index. As a result, the Index generally will be composed of 12 constituent securities at each reconstitution (unless there are no eligible securities for a given maturity quarter). The constituent securities are equally weighted at the time of selection and then rebalanced at the end of each month. Each quarter, the Index is reconstituted, with a security being removed and replaced by another to maintain the ladder. For example, the constituent securities with the shortest amount of time to maturity (*i.e.*, less than seven years) are removed from the Index and new securities with a longer amount of time to maturity (*i.e.*, ten years) are added to the Index.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its net assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **U.S. Treasuries Risk.** U.S. Treasuries may differ from
other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns
than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may
cause the value of the Fund's U.S. Treasuries to decline.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The
market prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV, and there may be times
when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of
market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for the Fund's shares
may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **83**<br>

[**Table of Contents**](#toc)

**■** **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Income Risk.** The Fund is subject to the risk that
its income will decline because of falling interest rates.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

**Fund Performance**

The Fund commenced operations on March 14, 2024, and, therefore, does not yet have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing the Fund's performance to a broad measure of market performance. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

**84**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Fixed Income Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since June 2025.

David Nieman, Vice President and Portfolio Manager, has been a portfolio manager of the Fund since its inception in March 2024.

Gregg Lee, CFA, Senior Vice President and Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in March 2024.

William Newton, CFA, Vice President, Portfolio Manager, has been a portfolio manager of the Fund since its inception in March 2024.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **85**<br>

[**Table of Contents**](#toc)

**WisdomTree Core Laddered Municipal Fund**

**Investment Objective**

The WisdomTree Core Laddered Municipal Fund (the "Fund") seeks to generate current income that is exempt from federal income taxes.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.25% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00%<sup>1</sup> |
| **Total Annual Fund Operating Expenses** | 0.25% |

---

---

| | |
|:---|:---|
| 1 | Other Expenses are based on estimated amounts for the current fiscal year. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $26 | $80 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal period from April 3, 2025 (commencement of operations) until August 31, 2025, the Fund's portfolio turnover rate was 0% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund seeks to achieve its investment objective primarily through investments in municipal debt securities whose interest payments generally are exempt from U.S. federal income taxes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal debt securities. For these purposes, municipal debt securities include debt obligations issued by state and local governments, their political subdivisions, agencies, and public authorities, and certain other governmental issuers (such as the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands). Municipal debt securities in which the Fund may invest also include participations or other interests in municipal securities backed by banks, insurance companies, and other financial institutions. The Fund may invest up to 30% of its net assets in municipal securities subject to the federal alternative minimum tax. The federal alternative minimum tax is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but eliminates many deductions and exclusions. The federal alternative minimum tax system treats as taxable certain types of income that are nontaxable for regular income tax purposes, such as the interest on certain private activity municipal bonds, which are bonds issued by state or local governments to fund projects that primarily benefit private businesses or individuals rather than the general public.

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The Fund is an actively managed fund which utilizes a value-approach in identifying attractive securities and sectors within the municipal market (*i.e.*, securities or sectors the price of which represents their intrinsic value or an amount less than their intrinsic value and which are subject to an appropriate level of risk, each as determined by the Adviser or Sub-Adviser). The Fund seeks to select a portfolio of securities with an average duration between four and eight years. Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. For example, the value of a security with a duration of eight years would be expected to decrease by 8% for every 1% increase in interest rates. The Fund seeks to invest across maturity rungs in a structured manner, with a focus on securities that are expected to mature or have an option to be called or tendered inside of 15 years. The Fund anticipates generally investing a greater portion of its assets in revenue bonds relative to general obligation bonds.

The Fund intends to invest primarily in investment grade municipal debt securities (or if unrated, the equivalent thereof as determined by the sub-adviser in its sole discretion) but may also invest in non-investment grade municipal debt securities (or if unrated, the equivalent thereof, as determined by the sub-adviser in its sole discretion), as rated by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings, Inc. If a security has ratings available from all three ratings organizations, its final rating will be the middle rating. If a security has ratings available from only two of the ratings organizations, its final rating will be the lower rating. The Fund will limit its investments in non-investment grade municipal debt securities (or if unrated, the equivalent thereof as determined by the sub-adviser in its sole discretion) to 10% of the Fund's assets.

The Fund's exposure to any single obligor of a municipal debt security generally will be limited to 10% of the Fund's assets. Similarly, exposure to any single state is expected to be limited to 25% of the Fund's assets. The Fund may invest more than 25% of its assets in municipal debt securities that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities. The Fund also may invest more than 25% of its assets in industrial development bonds, which are revenue bonds issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, ports and parking.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Municipal Securities Risk.** Municipal securities are subject to a variety of risks, including credit,
 interest rate, prepayment, and valuation risks. Issuers, including governmental issuers,
 of municipal securities may be unable to pay their obligations as they come due. The values
 of municipal securities that depend on a specific revenue source to fund their payment obligations
 may fluctuate as a result of actual or anticipated changes in the cash flows generated by
 the revenue source or changes in the priority of the municipal obligation to receive the
 cash flows generated by the revenue source. The values of municipal securities may also be
 adversely affected by local political and economic conditions and developments. Further,
 many municipal securities are issued to finance projects in a specific industry (*e.g.*,
 education, health care, transportation, or utilities). Adverse conditions in an industry
 significant to a local economy could have a correspondingly adverse effect on the financial
 condition of local issuers as well as the value of municipal securities held by the Fund.
 In addition, income from municipal securities held by the Fund could be declared taxable
 because of, among other things, unfavorable changes in tax laws, adverse interpretations
 by the IRS or state tax authorities, or noncompliant conduct of an issuer or other obligated
 party. Loss of tax-exempt status may cause interest received and distributed to shareholders
 by the Fund to be taxable and may result in a significant decline in the values of such municipal
 securities.

■ **Interest Rate Risk.** Interest rate risk is the risk that fixed income securities will decline in
 value because of an increase in interest rates. Interest rates may change suddenly or unexpectedly
 and have unpredictable impacts on the financial markets and the Fund's investments,
 including increased market volatility and lower liquidity for certain investments. The Fund
 expects to hold fixed income securities with longer durations, which generally are more sensitive
 to interest rate changes and are subject to greater fluctuations in value, increasing interest
 rate risk.

■ **Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including
 the possible loss of the entire principal amount of an investment, over short or long periods
 of time.

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**■** **Market Risk.** The trading prices of securities and other instruments fluctuate in response to
 a variety of factors, such as economic, financial or political events that impact the entire
 market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate
 significantly in response to these and other factors. As a result, an investor could lose
 money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk**. The Fund is actively managed using proprietary investment strategies
 and processes. There can be no guarantee that these strategies and processes will be successful
 or that the Fund will achieve its investment objective.

■ **Call Risk.** Some debt securities may be redeemed, or "called," at the option of
 the issuer before their stated maturity date. In general, an issuer will call its debt securities
 if they can be refinanced by issuing new debt securities which bear a lower interest rate.
 The Fund is subject to the possibility that during periods of falling interest rates an issuer
 will call its high yielding debt securities. The Fund would then be forced to invest the
 proceeds at lower interest rates, likely resulting in a decline in the Fund's income.

■ **Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes cash
 as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio
 investments to obtain the cash needed to pay out redemption proceeds. This may cause the
 Fund to recognize capital gains that it might not have recognized if it had satisfied such
 redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in
 kind). As a result, the Fund may pay out higher annual capital gains distributions than a
 fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers may be susceptible to operational and information
 security risks resulting from a breach in cybersecurity, including cyber-attacks. A breach
 in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways,
 including, but not limited to, disruption of the Fund's operational capacity, loss
 of proprietary information, theft or corruption of data, denial-of-service attacks on websites
 or network resources, and the unauthorized release of confidential information. Cyber-attacks
 affecting the Fund's third-party service providers, market makers, institutional investors
 authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
 Participants), or the issuers of securities in which the Fund invests may subject the Fund
 to many of the same risks associated with direct cybersecurity breaches.

■ **Debt Securities Risk.** Investments in debt securities subject the holder to the credit risk
 of the issuer. Credit risk refers to the possibility that the issuer or other obligor of
 a security will not be able or willing to make payments of interest and principal when due.
 Generally, the value of debt securities will change inversely with changes in interest rates.
 To the extent that interest rates rise, certain underlying obligations may be paid off substantially
 slower than originally anticipated and the value of those securities may fall sharply. During
 periods of falling interest rates, the income received by the Fund may decline. If the principal
 on a debt security is prepaid before expected, the prepayments of principal may have to be
 reinvested in obligations paying interest at lower rates. Debt securities generally do not
 trade on a securities exchange making them generally less liquid and more difficult to value
 than common stock.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **High Yield Securities Risk.** Higher yielding, high risk debt securities, sometimes referred
 to as junk bonds, may present additional risk because these securities may be less liquid
 and present more credit risk than investment grade bonds. The price of high yield securities
 tends to be more susceptible to issuer-specific operating results and outlook and to real
 or perceived adverse economic and competitive industry conditions. High yield securities
 may be regarded as predominantly speculative with respect to the issuer's continuing
 ability to meet principal and interest payments.

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[**Table of Contents**](#toc)

■ **Income Risk.** The Fund is subject to the risk that its income will decline because of falling
 interest rates.

■ **Industrial Development Bonds Risk.** To the extent that investments in the industrial development
 sector represent a significant portion of the Fund's portfolio, the Fund will be sensitive
 to changes in, and its performance may depend to a greater extent on, the overall condition
 of the industrial development sector. These bonds are normally secured only by the revenues
 from the project (*i.e.*, revenue bonds) and are not general obligations of the issuer
 or otherwise secured by state or local government tax receipts (*i.e.*, general obligation
 bonds). Generally, the value and credit quality of these bonds are sensitive to the risks
 related to an economic slowdown.

■ **Issuer Credit Risk.** The financial condition of an issuer of a debt security or other instrument
 may cause such issuer to default, become unable to pay interest or principal due or otherwise
 fail to honor its obligations or cause such issuer to be perceived (whether by market participants,
 rating agencies, pricing services or otherwise) as being in such situations. The value of
 an investment in the Fund may change quickly and without warning in response to issuer defaults,
 changes in the credit ratings of the Fund's portfolio investments and/or perceptions
 related thereto.

■ **Issuer-Specific Risk.** Issuer-specific events, including changes in the actual or perceived financial
 condition of an issuer, can have a negative impact on the value of the Fund.

■ **Liquidity Risk.** The Fund may invest in municipal debt securities that may be less liquid than other
 types of investments. Investments that are less liquid or that trade less can be more difficult
 or more costly to buy, or to sell readily at a favorable time or price, compared to other
 more liquid or active investments. These securities may not always be liquid. This could
 have a negative effect on the Fund's ability to achieve its investment objective and
 may result in losses to Fund shareholders.

■ **Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more
 of its assets in the securities of a single issuer or a smaller number of issuers than if
 it were a diversified fund. To the extent the Fund invests a significant percentage of its
 assets in a limited number of issuers, the Fund is subject to the risks of investing in those
 few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence.
 As a result, changes in the market value of a single security could cause greater fluctuations
 in the value of Fund shares than would occur in a diversified fund.

■ **Prepayment and Extension Risk.** Many issuers have a right to prepay their fixed income securities.
 Issuers may be more likely to prepay their securities if interest rates fall. If this happens,
 the Fund will not benefit from the rise in the market price of the securities that normally
 accompanies a decline in interest rates and will be forced to reinvest prepayment proceeds
 at a time when yields on securities available in the market are lower than the yield on prepaid
 securities. The Fund may also lose any premium it paid on prepaid securities. Many issuers
 have a right to prepay their fixed income securities. Issuers may be more likely to prepay
 their securities if interest rates fall. If this happens, the Fund will not benefit from
 the rise in the market price of the securities that normally accompanies a decline in interest
 rates and will be forced to reinvest prepayment proceeds at a time when yields on securities
 available in the market are lower than the yield on prepaid securities. If interests rate
 rise, then issuers may extend the duration of a fixed income security so that it is paid
 off more slowly than expected and the value of the security may decline.

**Fund Performance**

The Fund commenced operations on April 3, 2025, and, therefore, does not yet have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing the Fund's performance to a broad measure of market performance. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Insight North America LLC ("Insight" or the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **89**<br>

[**Table of Contents**](#toc)

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Daniel Rabasco, CFA, Head of Municipal Bonds, has been a portfolio manager of the Fund since its inception in April 2025.

Jeffrey Burger, CFA, Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in April 2025.

Bo Wu, CFA, CAIA, Associate Portfolio Manager, has been a portfolio manager of the Fund since its inception in April 2025.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions of interest on municipal debt securities that are generally exempt from regular federal income tax; however, a portion of the Fund's distributions may be taxed as ordinary income, qualified dividend income, or capital gains. In addition, interest earned on certain debt securities may be subject to the federal alternative minimum tax. To the extent that the Fund's distributions are derived from interest on municipal debt securities that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local taxes.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**90**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**WisdomTree High Income Laddered Municipal Fund**

**Investment Objective**

The WisdomTree High Income Laddered Municipal Fund (the "Fund") seeks to generate a high level of current income that is exempt from federal income taxes.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.35% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00%<sup>1</sup> |
| **Total Annual Fund Operating Expenses** | 0.35% |

---

---

| | |
|:---|:---|
| 1 | Other Expenses are based on estimated amounts for the current fiscal year. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $36 | $113 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal period from April 3, 2025 (commencement of operations) until August 31, 2025, the Fund's portfolio turnover rate was 0% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund seeks to achieve its investment objective primarily through investments in municipal debt securities whose interest payments generally are exempt from U.S. federal income taxes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high income municipal debt securities. For these purposes, municipal debt securities include debt obligations issued by state and local governments, their political subdivisions, agencies, and public authorities, and certain other governmental issuers (such as the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands). Municipal debt securities in which the Fund may invest also include participations or other interests in municipal securities backed by banks, insurance companies, and other financial institutions. High income municipal debt securities include those securities rated at the time of purchase "A+" or below by S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch"), or A1 or below by Moody's Investors Service, Inc. ("Moody's"), or below a comparable rating by another nationally recognized statistical rating organization, or if unrated, securities of comparable quality as determined by the Fund's sub-adviser in its sole discretion. If a security has ratings available from all three ratings organizations, its final rating will be the middle rating. If a security has ratings available from only two of the ratings organizations, its final rating will be the lower rating. The Fund may invest up to 30% of its net assets in municipal securities subject to the federal alternative minimum tax. The federal alternative minimum tax is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but eliminates many deductions and exclusions. The federal alternative minimum tax system treats as taxable certain types of income that are nontaxable for regular income tax purposes, such as the interest on certain private activity municipal bonds, which are bonds issued by state or local governments to fund projects that primarily benefit private businesses or individuals rather than the general public.

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The Fund is an actively managed fund which utilizes a value-approach in identifying attractive securities and sectors within the municipal market (*i.e.*, securities or sectors the price of which represents their intrinsic value or an amount less than their intrinsic value and which are subject to an appropriate level of risk, each as determined by the Adviser or Sub-Adviser). The Fund invests in a portfolio of securities with an average duration between five and ten years. Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. For example, the value of a security with a duration of ten years would be expected to decrease by 10% for every 1% increase in interest rates. To the extent possible, the Fund seeks to diversify interest rate risk across the curve, with a focus on securities that are expected to mature or have an option to be called or tendered inside of 15 years. Specifically, the Fund will seek to invest in investment grade securities across maturity rungs, while its investments in non-investment grade securities could be limited by security availability among other factors as discussed below. The Fund also may assign greater weight in its portfolio to securities with longer stated maturities and potential calls of ten years or beyond. The Fund anticipates generally investing a greater portion of its assets in revenue bonds relative to general obligation bonds.

Although the Fund may invest in municipal debt securities in any rating category, the Fund expects to limit its investment in non-investment grade municipal debt securities to less than 50% of its assets. Non-investment grade rated municipal securities include securities rated Ba1/BB+/BB+ or lower, as rated by Moody's, S&P or Fitch, or if unrated, the equivalent thereof as determined by the sub-adviser in its sole discretion. The extent to which the Fund invests in non-investment grade securities is a function of availability, market conditions, and active selection. Under certain circumstances, the Fund may invest in non-investment grade securities to a limited extent only.

The Fund's exposure to any single obligor of a municipal debt security generally will be limited to 10% of the Fund's assets. Similarly, exposure to any single state is expected to be limited to 25% of the Fund's assets. The Fund may invest more than 25% of its assets in municipal debt securities that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities. The Fund also may invest more than 25% of its assets in industrial development bonds, which are revenue bonds issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, ports and parking.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Municipal Securities Risk.** Municipal securities are subject to a variety of risks, including credit,
 interest rate, prepayment, and valuation risks. Issuers, including governmental issuers,
 of municipal securities may be unable to pay their obligations as they come due. The values
 of municipal securities that depend on a specific revenue source to fund their payment obligations
 may fluctuate as a result of actual or anticipated changes in the cash flows generated by
 the revenue source or changes in the priority of the municipal obligation to receive the
 cash flows generated by the revenue source. The values of municipal securities may also be
 adversely affected by local political and economic conditions and developments. Further,
 many municipal securities are issued to finance projects in a specific industry (*e.g.*,
 education, health care, transportation, or utilities). Adverse conditions in an industry
 significant to a local economy could have a correspondingly adverse effect on the financial
 condition of local issuers as well as the value of municipal securities held by the Fund.
 In addition, income from municipal securities held by the Fund could be declared taxable
 because of, among other things, unfavorable changes in tax laws, adverse interpretations
 by the IRS or state tax authorities, or noncompliant conduct of an issuer or other obligated
 party. Loss of tax-exempt status may cause interest received and distributed to shareholders
 by the Fund to be taxable and may result in a significant decline in the values of such municipal
 securities.

■ **Interest Rate Risk.** Interest rate risk is the risk that fixed income securities will decline in
 value because of an increase in interest rates. Interest rates may change suddenly or unexpectedly
 and have unpredictable impacts on the financial markets and the Fund's investments,
 including increased market volatility and lower liquidity for certain investments. The Fund
 expects to hold fixed income securities with longer durations, which generally are more sensitive
 to interest rate changes and are subject to greater fluctuations in value, increasing interest
 rate risk.

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■ **High Yield Securities Risk.** Higher yielding, high risk debt securities, sometimes referred
 to as junk bonds, may present additional risk because these securities may be less liquid
 and present more credit risk than investment grade bonds. The price of high yield securities
 tends to be more susceptible to issuer-specific operating results and outlook and to real
 or perceived adverse economic and competitive industry conditions. High yield securities
 may be regarded as predominantly speculative with respect to the issuer's continuing
 ability to meet principal and interest payments.

■ **Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including
 the possible loss of the entire principal amount of an investment, over short or long periods
 of time.

■ **Market Risk.** The trading prices of securities and other instruments fluctuate in response to
 a variety of factors, such as economic, financial or political events that impact the entire
 market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate
 significantly in response to these and other factors. As a result, an investor could lose
 money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk**. The Fund is actively managed using proprietary investment strategies
 and processes. There can be no guarantee that these strategies and processes will be successful
 or that the Fund will achieve its investment objective.

■ **Call Risk.** Some debt securities may be redeemed, or "called," at the option of
 the issuer before their stated maturity date. In general, an issuer will call its debt securities
 if they can be refinanced by issuing new debt securities which bear a lower interest rate.
 The Fund is subject to the possibility that during periods of falling interest rates an issuer
 will call its high yielding debt securities. The Fund would then be forced to invest the
 proceeds at lower interest rates, likely resulting in a decline in the Fund's income.

■ **Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes cash
 as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio
 investments to obtain the cash needed to pay out redemption proceeds. This may cause the
 Fund to recognize capital gains that it might not have recognized if it had satisfied such
 redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in
 kind). As a result, the Fund may pay out higher annual capital gains distributions than a
 fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers may be susceptible to operational and information
 security risks resulting from a breach in cybersecurity, including cyber-attacks. A breach
 in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways,
 including, but not limited to, disruption of the Fund's operational capacity, loss
 of proprietary information, theft or corruption of data, denial-of-service attacks on websites
 or network resources, and the unauthorized release of confidential information. Cyber-attacks
 affecting the Fund's third-party service providers, market makers, institutional investors
 authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
 Participants), or the issuers of securities in which the Fund invests may subject the Fund
 to many of the same risks associated with direct cybersecurity breaches.

■ **Debt Securities Risk.** Investments in debt securities subject the holder to the credit risk
 of the issuer. Credit risk refers to the possibility that the issuer or other obligor of
 a security will not be able or willing to make payments of interest and principal when due.
 Generally, the value of debt securities will change inversely with changes in interest rates.
 To the extent that interest rates rise, certain underlying obligations may be paid off substantially
 slower than originally anticipated and the value of those securities may fall sharply. During
 periods of falling interest rates, the income received by the Fund may decline. If the principal
 on a debt security is prepaid before expected, the prepayments of principal may have to be
 reinvested in obligations paying interest at lower rates. Debt securities generally do not
 trade on a securities exchange making them generally less liquid and more difficult to value
 than common stock.

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■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Income Risk.** The Fund is subject to the risk that its income will decline because of falling
 interest rates.

■ **Industrial Development Bonds Risk.** To the extent that investments in the industrial development
 sector represent a significant portion of the Fund's portfolio, the Fund will be sensitive
 to changes in, and its performance may depend to a greater extent on, the overall condition
 of the industrial development sector. These bonds are normally secured only by the revenues
 from the project (*i.e.*, revenue bonds) and are not general obligations of the issuer
 or otherwise secured by state or local government tax receipts (*i.e.*, general obligation
 bonds). Generally, the value and credit quality of these bonds are sensitive to the risks
 related to an economic slowdown.

■ **Issuer Credit Risk.** The financial condition of an issuer of a debt security or other instrument
 may cause such issuer to default, become unable to pay interest or principal due or otherwise
 fail to honor its obligations or cause such issuer to be perceived (whether by market participants,
 rating agencies, pricing services or otherwise) as being in such situations. The value of
 an investment in the Fund may change quickly and without warning in response to issuer defaults,
 changes in the credit ratings of the Fund's portfolio investments and/or perceptions
 related thereto.

■ **Issuer-Specific Risk.** Issuer-specific events, including changes in the actual or perceived financial
 condition of an issuer, can have a negative impact on the value of the Fund.

■ **Liquidity Risk.** The Fund may invest in municipal debt securities that may be less liquid than other
 types of investments. Investments that are less liquid or that trade less can be more difficult
 or more costly to buy, or to sell readily at a favorable time or price, compared to other
 more liquid or active investments. These securities may not always be liquid. This could
 have a negative effect on the Fund's ability to achieve its investment objective and
 may result in losses to Fund shareholders.

■ **Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more
 of its assets in the securities of a single issuer or a smaller number of issuers than if
 it were a diversified fund. To the extent the Fund invests a significant percentage of its
 assets in a limited number of issuers, the Fund is subject to the risks of investing in those
 few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence.
 As a result, changes in the market value of a single security could cause greater fluctuations
 in the value of Fund shares than would occur in a diversified fund.

■ **Prepayment and Extension Risk.** Many issuers have a right to prepay their fixed income securities.
 Issuers may be more likely to prepay their securities if interest rates fall. If this happens,
 the Fund will not benefit from the rise in the market price of the securities that normally
 accompanies a decline in interest rates and will be forced to reinvest prepayment proceeds
 at a time when yields on securities available in the market are lower than the yield on prepaid
 securities. The Fund may also lose any premium it paid on prepaid securities. Many issuers
 have a right to prepay their fixed income securities. Issuers may be more likely to prepay
 their securities if interest rates fall. If this happens, the Fund will not benefit from
 the rise in the market price of the securities that normally accompanies a decline in interest
 rates and will be forced to reinvest prepayment proceeds at a time when yields on securities
 available in the market are lower than the yield on prepaid securities. If interests rate
 rise, then issuers may extend the duration of a fixed income security so that it is paid
 off more slowly than expected and the value of the security may decline.

**Fund Performance**

The Fund commenced operations on April 3, 2025, and, therefore, does not yet have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing the Fund's performance to a broad measure of market performance. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

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**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Insight North America LLC ("Insight" or the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Daniel Rabasco, CFA, Head of Municipal Bonds, has been a portfolio manager of the Fund since its inception in April 2025.

Jeffrey Burger, CFA, Senior Portfolio Manager, has been a portfolio manager of the Fund since its inception in April 2025.

Bo Wu, CFA, CAIA, Associate Portfolio Manager, has been a portfolio manager of the Fund since its inception in April 2025.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions of interest on municipal debt securities that are generally exempt from regular federal income tax; however, a portion of the Fund's distributions may be taxed as ordinary income, qualified dividend income, or capital gains. In addition, interest earned on certain debt securities may be subject to the federal alternative minimum tax. To the extent that the Fund's distributions are derived from interest on municipal debt securities that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local taxes.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**WisdomTree Equity Premium Income Fund (formerly, WisdomTree PutWrite Strategy Fund)**

**Investment Objective**

The WisdomTree Equity Premium Income Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of the Volos U.S. Large Cap Target 2.5% PutWrite Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.44% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.44% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $45 | $141 | $246 | $555 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. The Fund generally expects to invest in investments whose risk, return, and other characteristics resemble the risk, return, and other characteristics of the constituents of the Index or the Index as a whole. The Fund also may invest in a sample of the constituents of the Index whose risk, return, and other characteristics resemble those of the Index as a whole. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments that provide the Fund with equity exposure, including equity securities, derivative instruments that provide exposure to equity securities or equity indices, as well as other instruments that in combination have economic characteristics similar or equivalent to those of equity securities.

The Index is provided by Volos Portfolio Solutions, Inc. ("Volos" or the "Index Provider"). The Index tracks the value of a cash-secured (*i.e.*, collateralized) put option sales strategy, which consists of (1) selling (or "writing") put options on the SPDR S&P 500<sup>®</sup> ETF Trust ("SPY") (the "SPY Puts") and (2) a cash collateral account that accrues interest at a theoretical three-month Treasury bill rate on a daily basis. SPY Puts are derivative instruments that typically rise in value when the price of SPY falls because SPY Puts are options to sell SPY at a designated strike price. All SPY Puts are exchange-listed standardized options. The Index's put option sales strategy is designed to generate income when SPY exhibits neutral to positive performance with low volatility, as such performance is expected to decrease the hypothetical price of the sold SPY Puts. The Index selects SPY Puts that target a premium of 2.5% (*i.e.,* the SPY Put costs approximately 2.5% of the official daily price of SPY). At any given time, the Index references two SPY Puts with expiration dates that are two weeks apart.

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In seeking to track the price and yield performance, before fees and expenses, of the Index, the Fund expects to sell put options on the S&P 500<sup>®</sup> Index ("Index Options") and hold U.S. Treasury bills. The Fund also may use SPY Puts and any other call or put option or futures contracts WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") or Newton Investment Management North America, LLC ("NIMNA" or the "Sub-Adviser") believes will enable the Fund to implement its investment strategy and achieve its investment objective. By selling an Index Option, the Fund receives a premium from the option buyer. The premium will increase the Fund's return if the sold Index Option has decreased in price on the Roll Date (as defined in the next paragraph) relative to the premium received by the Fund from writing the Index Option. The Index Option will decrease in price if the S&P 500<sup>®</sup> Index experiences positive performance because the Index Option is more valuable when the value of the S&P 500<sup>®</sup> Index decreases and/or experiences high volatility. If, however, the price of the sold Index Option increases compared to the price of the Index Option when written by the Fund (*e.g.*, in response to the S&P 500<sup>®</sup> Index decreasing in value and/or experiencing high volatility), the Fund pays the buyer the difference between the Index Option price on the Roll Date and the Index Option price when written by the Fund. The Fund's sale of cash-secured Index Options serves to partially offset a decline in the value of the S&P 500<sup>®</sup> Index to the extent of the premiums received. However, if the value of the S&P 500<sup>®</sup> Index increases beyond the premiums received, Fund returns would not be expected to increase accordingly. The Fund's potential return is limited to the amount of the option premiums it receives.

The Index Options sold by the Fund are selected to target a premium of 2.5% (*i.e.*, the cash received by the Fund from the buyer of the Index Option is approximately 2.5% of the daily value of the S&P 500<sup>®</sup> Index). At any given time, the Fund holds at least two Index Options (or other investments designed to achieve the same effect) with different expiration dates. The Fund generally closes out the Index Options prior to their expiration dates, and newly selected Index Options are sold by the Fund on the same day (the "Roll Date") in a process known as "rolling". Rolling refers to the practice of closing out one options position and opening another with a different expiration date and/or a different strike price. When an Index Option is closed out by the Fund on the Roll Date, the Fund generally selects a new Index Option with a target expiration date in the following month. Each new Index Option will also have a strike price that is the higher of (i) the "at the money" strike price (*i.e.*, a strike price that is closest to but greater than the current market value of the S&P 500<sup>®</sup> Index), or (ii) the strike price for an Index Option that has a premium closest to 2.5%.

By following the Index's put option sales strategy, as described above, the Fund expects to operate in a manner similar to, and subject to the same risks as, the Index. The number of Index Options sold by the Fund varies but is limited by the amount held by the Fund in U.S. Treasury bills. At each Roll Date, any settlement from the existing Index Options is paid from the U.S. Treasury bills investment proceeds and new Index Options are sold. The revenue from their sale is added to the Fund's U.S. Treasury bills account.

The Fund is managed in a way that seeks, under normal circumstances, to provide monthly distributions at a relatively stable level.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Put Options Risk.** Options may be subject to volatile
swings in price influenced by changes in the value of the underlying instrument. The Fund assumes the risk that it must purchase the underlying
instrument at a strike price that may be higher than the market price of the instrument when it writes a put option. The Fund will receive
a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised options as
of the Roll Date (*i.e.*, the Fund, as the seller of the put option, owes the buyer of the put option). Put options, including the
Index Options, sold by the Fund may have imperfect correlation to the returns of the reference asset. If there is a broad market decline
and the Fund is not able to close out its written put options, it may result in substantial losses. The Fund's potential return
is limited to the amount of option premiums it receives; however, the Fund can potentially lose up to the entire strike price of each
option it sells.

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■ **Limited Upside Return Risk.** By virtue of its put option
sales strategy, Fund returns will be subject to an upside limitation on returns attributable to the S&P 500 <sup>®</sup> Index, and the Fund will not participate in gains beyond such
upside limitation. In the event an investor purchases Fund shares between Roll Dates, and the value of the S&P 500 <sup>®</sup> Index falls to a level near or below the strike price, there
may be little or no ability for that investor to experience a gain on an investment in Fund shares until the next Roll Date.

■ **Rolling Risk.** The Fund's investment strategy
is subject to risks related to rolling. To the extent the Fund's portfolio managers are unable to roll the Index Options as described
in the Fund's principal investment strategy, the Fund may be unable to achieve its investment objective. In addition, because of
the frequency with which the Fund expects to roll option contracts, this risk may be greater than the impact would otherwise be if the
Fund experienced less portfolio turnover. The price of options contracts further from expiration may be higher, which can impact the Fund's
returns.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The
market prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV, and there may be times
when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of
market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for the Fund's shares
may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

■ **Assignment Risk.** In response to a notification of
an option holder's desire to exercise the option held, the Options Clearing Corporation ("OCC") may randomly assign
the exercise notice to a clearing member, which must then assign, randomly or on a first-in-first-out basis, the obligation to a customer
who has written that particular option. If the Fund is assigned an exercise notice, the Fund pays the buyer the difference between the
Index Option price on the exercise date and the Index Option price when written by the Fund. As a result, the Fund may be forced to settle
a written option position at an inopportune time and at a cost to the Fund, both of which could adversely affect the Fund's performance
and ability to track the Index.

■ **Call Options Risk.** Call options may be subject to
volatile swings in price influenced by changes in the value of the underlying asset. The call options purchased by the Fund may have imperfect
correlation to the returns of their underlying assets. If the price of the underlying asset's shares do not appreciate above the
strike price prior to the expiration date, the Fund may lose the entire amount of the premium that it paid for the call options. With
respect to call options written (sold) by the Fund, if the price of the underlying asset's shares appreciate above the strike price
prior to the expiration date, the Fund's losses may outweigh the gains to the Fund from the receipt of options premiums.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

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■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use put options to implement its principal investment strategies. Other risks specific
 to put options, as well as other risks of derivatives, generally, such as counterparty and
 issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

■ **Equity Securities Risk.** Equity securities may be more
volatile than other asset classes, and their market prices may change quickly and without warning. The value of an equity security may
decrease as a result of the issuer or due to general industry or market conditions unrelated to the issuer. If the value of equity securities
included in the S&P 500 <sup>®</sup> Index
decreases or fluctuates, causing the value of the S&P 500 <sup>®</sup> Index on the Roll Date to fall below the strike price of the
Index Options sold by the Fund, the NAV of the Fund will decrease or fluctuate, respectively, as the Index Options increase in value to
their owners.

■ **Futures Contracts Risk.** A futures contract may generally
be described as an agreement for the future sale by one party and the purchase by another of a specified currency, commodity, security
or other instrument at a future price and time. The risks of futures contracts include but are not limited to: (1) the success of the
adviser's and sub-adviser's ability to predict movements in the prices of individual currencies, commodities or securities,
fluctuations in markets and movements in interest rates; (2) an imperfect or no correlation between the changes in market value of the
currencies, commodities or securities and the prices of futures contracts; and (3) no guarantee that an active market will exist for the
contracts at any particular time.

■ **Geopolitical Risk.** The United States has and may continue
to experience security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
of sanctions, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues
and/or systemic market dislocations that lead to increased short-term market volatility and have adverse long-term effects on the U.S.
and world economies and markets generally. Any one of these geopolitical risks could contribute to a decline in the value of the S&P
500 <sup>®</sup> Index,
which in turn could increase the price of the Index Options sold by the Fund, adversely affecting Fund performance.

■ **Implied Volatility Risk.** Upon selling an Index Option,
the Fund gains the amount of premium it receives; however, the Fund also incurs a liability that represents the value of the Index Option
it has sold until the Index Option is exercised or expires. The value of the Index Options in which the Fund invests is partly based on
the volatility used by market participants to price such options (*i.e.*, implied volatility). Consequently, increases in the implied
volatility of the Index Options will cause the value of such options to increase (even if the prices of stocks in the S&P 500 <sup>®</sup> Index do not change), which will result in a corresponding increase
in the liabilities of the Fund under the Index Options and thus decrease the Fund's NAV. The Fund is therefore exposed to implied
volatility risk before the Index Options expire or are struck at-the-money. The implied volatility of the Index Options sold by the Fund
may increase due to general market and economic conditions, perceptions regarding the industries of companies included in the S&P
500 <sup>®</sup> Index,
or factors relating to certain of those companies.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index, in turn, seeks to track the performance of a cash-secured
 put option sales strategy. The Index may not successfully track the value of the strategy
 and, as a result, may not achieve its objective, potentially causing losses to the Fund,
 which generally seeks to follow the same strategy. There is also no assurance that the Index
 Provider will determine, compose or calculate the Index accurately. The Index Provider has
 the right to make adjustments to the Index or to the strategy, or to cease making the Index
 available without regard to the particular interests of the Fund or its shareholders. If
 the computers or other facilities of the Index Provider, data providers and/or relevant stock
 exchange malfunction for any reason, calculation and dissemination of Index values may be
 delayed and trading in Fund shares may be suspended for a period of time. Errors in Index
 data, Index calculations and/or the construction of the Index may occur from time to time
 and may not be identified and/or corrected by the Index Provider or other applicable party
 for a period of time or at all, which may have an adverse impact on the Index, as well as
 the Fund and its shareholders. The potential risk of a continuing error may be particularly
 heightened in the case of the Index, which is currently not used as a benchmark by other
 funds or managers.

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■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Correlation Risk.** As with all index funds, the
performance of the Fund and that of the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating
expenses and portfolio transaction costs, while also managing cash flows and potential operational inefficiencies, not incurred by its
Index. In addition, when markets are volatile, the ability to sell securities at fair market prices may be adversely affected and may
result in additional trading costs and/or increase the non-correlation risk. The Fund's use of sampling techniques or investment
in instruments not included in the Index but which are designed to provide similar exposure also may affect its ability to achieve close
correlation with its Index.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Purchase and Sale Timing Risk.** Although the Fund seeks
to implement a strategy similar to that used by the Index, the Fund has multiple Roll Dates each month and, as a result, no matter when
an investor purchases Fund shares, even on a Roll Date, the value of the investor's investment in the Fund may not be protected
against a decline in the value of the S&P 500 <sup>®</sup> Index and may not benefit from a gain in the value of the S&P
500 <sup>®</sup> Index.
The value of the options written by the Fund is dependent on various factors, including, but not limited to, the value and implied volatility
of the S&P 500 <sup>®</sup> Index.
Each of these factors may vary significantly during the period between Roll Dates and affect the Fund's ability to achieve its investment
objective between Roll Dates.

■ **Return of Capital Risk.** The Fund expects to make monthly
distributions regardless of its performance. All or a portion of such distributions may represent a return of capital. A return of capital
is the portion of the distribution representing the return of your investment in the Fund. A return of capital is generally tax-free to
the extent of a shareholder's basis in the Fund's shares and reduces the shareholder's basis in their shares and results
in a higher capital gain or lower capital loss when the shares on which the return of capital distribution was received are sold. After
a shareholder's basis in the shares has been reduced to zero, return of capital distributions will be treated as gain from the sale
of the shareholder's shares.

■ **U.S. Treasuries Risk.** U.S. Treasuries may differ from
other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns
than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may
cause the value of the Fund's U.S. Treasuries to decline.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the S&P 500<sup>®</sup> Index, a broad-based securities market index intended to represent the overall domestic equity market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

**100**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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The Fund's investment objective and principal investment strategies changed effective October 24, 2022. Fund performance prior to October 24, 2022 reflects the Fund's investment objective and principal investment strategies when it sought to track the price and yield performance of the CBOE S&P 500<sup>®</sup> PutWrite Index.

![](wtt1220250485bpos_p101chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 9.97%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 10.89% | 2Q/2020 |
| Lowest Return | (20.65)% | 1Q/2020 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Equity Premium Income Fund (formerly, WisdomTree PutWrite Strategy Fund)\*** | **1 Year<sup>\*</sup>** | **5 Years<sup>\*</sup>** | **Since Inception<sup>\*</sup><br> February 24, 2016** |
| Return Before Taxes Based on NAV | 17.02% | 8.40% | 7.75% |
| Return After Taxes on Distributions | 14.06% | 7.19% | 6.54% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.03% | 6.03% | 5.65% |
| Cboe S&P 500<sup>®</sup> PutWrite Index/Volos U.S. Large Cap Target 2.5% PutWrite Spliced Index\*\* (Reflects no deduction for fees, expenses or taxes) | 17.88% | 9.26% | 8.49% |
| S&P 500<sup>®</sup> Index (Reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 15.44% |

---

<sup>\*</sup> Prior to October 24, 2022, the Fund's performance reflects the Fund's prior investment objective and principal investment strategies when it sought to track the price and yield performance of the CBOE S&P 500<sup>®</sup> PutWrite Index. As of October 24, 2022, the Fund's objective seeks to track the price and yield performance, before fees and expenses, of the Volos U.S. Large Cap Target 2.5% PutWrite Index.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | This Index represents the performance of the CBOE S&P 500<sup>®</sup> PutWrite Index through October 24, 2022 and the Volos U.S. Large Cap Target 2.5% PutWrite Index thereafter. |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. NIMNA serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by NIMNA's Multi-Asset Solutions portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **101**<br>

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James Stavena, Head of Portfolio Management, Multi-Asset Solutions, has been a portfolio manager of the Fund since its inception in February 2016.

Torrey Zaches, a Portfolio Manager, Multi-Asset Solutions team, has been a portfolio manager of the Fund since September 2021.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**102**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**WisdomTree Enhanced Commodity Strategy Fund**

**Investment Objective**

The WisdomTree Enhanced Commodity Strategy Fund (the "Fund") seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.55% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.03% |
| **Total Annual Fund Operating Expenses** | 0.58%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Fee Waivers | (0.01)%<sup>2</sup> |
| **Total Annual Fund Operating Expenses After Fee Waivers** | 0.57%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

---

| | |
|:---|:---|
| 2 | WisdomTree Asset Management Inc. ("WisdomTree Asset Management" or the "Adviser") has contractually agreed, through December 31, 2026, to waive a portion of its advisory fee associated with investments in WisdomTree Bitcoin Fund ("BTCW"). The amount of the waiver will be equal to the sponsor fee, currently 0.25% of net assets per annum, paid to WisdomTree Digital Commodity Services by BTCW with respect to Fund assets invested in BTCW. This waiver agreement may be terminated by WisdomTree Asset Management upon advance notice at the conclusion of any one-year term or by the Fund's Board of Trustees at any time. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $58 | $183 | $318 | $714 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that intends to provide broad-based exposure to the following four commodity sectors: Energy, Agriculture, Industrial Metals, and Precious Metals primarily through investments in futures contracts. Within these four sectors, the Fund intends to invest in the following commodities: Brent Crude Oil, West Texas Intermediate (WTI) Crude Oil, Natural Gas, RBOB Gasoline, Low Sulfur Gas Oil, ULS Diesel, Live Cattle, Feeder Cattle, Lean Hogs, Soybeans, Soybean Oil, Soybean Meal, Wheat, Kansas Wheat (Hard Red Wheat), Sugar, Corn, Coffee, Cocoa, Cotton, Copper, Tin, Aluminum, Zinc, Nickel, Lead, Gold, Platinum, and Silver. Weighting among the commodities focuses on liquidity (*i.e.,* commodities with more liquid futures contracts will generally have a higher weighting) combined with qualitative considerations and applicable market views derived from WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") in seeking broad-based exposure among the Energy, Agriculture, Industrial Metals and Precious Metals sectors. Exposure to any particular commodity, as well as potentially additional commodities, are generally determined annually but will vary over time based on the foregoing considerations. The Fund will not invest directly in physical commodities.

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Futures contracts on commodities generally are agreements between two parties where one party agrees to buy, and the counterparty to sell, a set amount of a physical commodity (or, in some contracts, the cash equivalent) at a future date and price. The value of commodity futures contracts is based upon the price movements of the underlying commodities.

In addition to commodity futures contracts, the Fund may invest up to 10% of its net assets in any combination of shares of one or more exchange-traded products that primarily hold bitcoin (each, a "bitcoin ETP" and collectively, "bitcoin ETPs") and bitcoin futures contracts. The Fund will invest only in cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange, which is a futures exchange registered with the Commodity Futures Trading Commission, and shares of bitcoin ETPs listed on a U.S. national securities exchange. The Fund currently obtains investment exposure to the WisdomTree Bitcoin Fund (BTCW), a bitcoin ETP sponsored by an affiliate of the Adviser. Bitcoin is a digital asset (*i.e.*, a cryptocurrency) whose ownership and behavior are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the Bitcoin network. For ease of reference, disclosure related to commodities and commodity-linked derivatives in this Prospectus is intended to also apply to the Fund's indirect investments in bitcoin, bitcoin ETPs, and bitcoin futures. **The Fund will not invest in bitcoin directly.**

In order to maintain exposure to a futures contract on a particular commodity, the Fund must sell the position in the expiring contract and buy a new position in a contract with a later delivery month, which is referred to as "rolling." The Fund expects to employ an "enhanced roll" process by attempting to roll from an expiring futures contract to another futures contract in seeking to generate a greater yield for the Fund. This roll process, generally implemented monthly, aims to maximize the potential roll benefits in backwardated markets and minimize potential losses in contango markets by rolling, as applicable, to the futures contract on a particular commodity which generates the maximum implied yield. Commodity futures contracts trade either in contango, where forward month futures contracts cost more than the current month (leading to negative roll yield) or in backwardation, where forward month futures contracts trade at a discount to the current month (leading to positive roll yield). It is generally the supply and demand factor that determines whether a commodity futures contract is in contango or backwardation.

The Fund may invest in Treasury securities and other liquid short-term investments as collateral for its commodity futures contracts.

The Fund seeks to gain exposure to commodity markets, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (the "WisdomTree Subsidiary"). The WisdomTree Subsidiary is wholly-owned and controlled by the Fund. The Fund's investment in the WisdomTree Subsidiary may not exceed 25% of the Fund's total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to commodity returns while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended (the "Code"). Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary. References to the Fund include the WisdomTree Subsidiary.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

**104**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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■ **Commodity Risk.** The value of commodities and commodity-linked
derivative instruments typically is based upon the price movements of a physical commodity or an economic variable linked to such price
movements. The prices of commodities and commodity-related investments may fluctuate quickly and dramatically and may not correlate to
price movements in other asset classes. An active trading market may not exist for certain commodities. Prices of commodity-linked derivatives
instruments have a historically low correlation with the returns of the stock and bond markets and are subject to change based on a variety
of factors that may not be anticipated. In addition, bitcoin and bitcoin futures are a relatively new asset class. They are subject to
unique and substantial risks, and historically, have been subject to significant price volatility. The market for bitcoin futures is also
relatively new and commenced trading on the Chicago Mercantile Exchange in 2017. As a result, the market for bitcoin futures may be less
developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin futures market has
grown substantially since bitcoin futures commenced trading, there can be no assurance that this growth will continue. The price of bitcoin
could drop precipitously (including to zero), which would be expected to have a similar impact on the bitcoin futures price. Each of these
factors and events could have a significant negative impact on the Fund.

■ **Futures Rolling Risk**. The Fund's investment
strategy is subject to risks related to rolling (*i.e.*, replacing expiring futures contracts with new futures contracts). The price
of futures contracts further from expiration may be higher (a condition known as "contango") or lower (a condition known as
"backwardation"), which can impact the Fund's returns. Because of the frequency with which the Fund expects to roll
futures contracts, the impact of such contango or backwardation may be greater than the impact would be if the Fund experienced less portfolio
turnover.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid in response
to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk**. The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Bitcoin ETPs Risk.** The Fund currently obtains investment exposure to one or more bitcoin ETPs,
 which are exchange-traded, pooled investment vehicles that primarily hold bitcoin. Bitcoin
 ETPs are new products that commenced trading in January 2024 and, therefore, have limited
 financial and operating histories. The Fund's investment exposure to bitcoin ETPs subjects
 the Fund to many of the same risks as an investment in bitcoin, including those described
 herein. As a shareholder in a bitcoin ETP, the WisdomTree Subsidiary (and indirectly, the
 Fund) will hold shares representing a fractional undivided beneficial interest in the net
 assets of the bitcoin ETP and bear its ratable share of the bitcoin ETP's expenses.
 As a result, Fund shareholders will indirectly pay the fees of any bitcoin ETP to which the
 Fund has investment exposure, including the WisdomTree Bitcoin Fund, in addition to the Fund's
 total annual fund operating expenses. The Fund expects to purchase shares of bitcoin ETPs
 in the secondary market at their market prices, which may be highly volatile and may not
 closely correspond to either the NAV per share of the bitcoin ETP or the price of bitcoin.
 Shares of bitcoin ETPs may trade at premiums (*i.e.*, the market price of the shares
 is more than the NAV) or discounts (*i.e.*, the market price of the shares is less than
 the NAV), which may be significant. The risk that share prices differ from the bitcoin ETP's
 NAV and/or the price of bitcoin is likely to increase during times of market volatility or
 stressed market conditions. Under such conditions, the market for shares of bitcoin ETPs
 may become less liquid making it difficult for the Fund to either increase or decrease its
 investment exposure to bitcoin ETPs. The shares of bitcoin ETPs in which the WisdomTree Subsidiary
 may invest and to which the Fund may have investment exposure are generally not registered
 under the Investment Company Act of 1940, and therefore, do not afford the WisdomTree Subsidiary
 and the Fund the investor protections typical of investments in registered funds.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **105**<br>

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■ **Bitcoin Risk.** Bitcoin is a digital asset (also referred to as a "cryptocurrency",
 "virtual currency", and "digital currency") designed to act as a
 medium of exchange. Cryptocurrencies like bitcoin are a relatively new asset class. They
 are subject to unique and substantial risks, and historically, have been subject to significant
 price volatility. Bitcoin futures and bitcoin ETPs are also relatively new and commenced
 trading in 2017 and in January 2024, respectively. As a result, the markets for bitcoin futures
 and bitcoin ETPs may be less developed, and at times, potentially less liquid and more volatile,
 than more established commodity futures and ETP markets. While the bitcoin futures and bitcoin
 ETP markets have grown substantially and are characterized by significant trading volume,
 there can be no assurance that this growth will continue or that the trading volume will
 be maintained. The value of bitcoin is determined primarily by its supply and demand in the
 global market, which is supported almost exclusively by transactions on digital asset trading
 platforms. The price of bitcoin may drop precipitously (including to zero) for a variety
 of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw
 or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies.
 Any such event would be expected to have a similar effect on the prices of bitcoin futures
 and bitcoin ETPs and thus, could have a significant adverse effect on the Fund. Cryptocurrency
 is a new technological innovation with a limited history; it is a highly speculative asset,
 and the Fund's exposure to bitcoin-linked assets could result in substantial losses
 to the Fund.

The digital asset trading platforms on which bitcoin trades are largely unregulated and, therefore, more vulnerable to acts of fraud and commercial or operational failure than established, regulated exchanges for securities, derivatives, and other currencies. Digital asset trading platforms have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users' cryptocurrency or other market disruptions. Digital asset trading platforms are more exposed to the risk of market manipulation than exchanges for traditional assets. Digital asset trading platforms that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent as regulated securities exchanges or futures exchanges. Furthermore, many digital asset trading platforms lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as circuit breakers or similar measures designed to prevent sudden drops in trading value (*i.e.*, "flash crashes"). As a result, the price of bitcoin on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, digital asset trading platforms are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of bitcoin or other cryptocurrencies. A cyber or other security breach or a business failure of a digital asset trading platform or related custodian may affect the prices of cryptocurrencies generally or bitcoin specifically. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of bitcoin and the value of bitcoin futures and bitcoin ETPs. Regulation of bitcoin continues to be a priority in both the U.S. and certain foreign jurisdictions and to evolve with the passage of new regulatory initiatives. Future regulation may restrict the use of bitcoin or otherwise adversely affect the supply and demand for bitcoin.

■ **Cash Redemption Risk.** The Fund's investment
strategy will require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required
to sell or unwind its portfolio investments to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize
capital gains that it might not have recognized if it had satisfied such redemption requests with securities held by the Fund (*i.e.*,
redeemed its shares in kind). As a result, the Fund may pay out higher annual capital gains distributions than a fund that redeems its
shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

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■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Other risks specific
 to futures contracts, as well as other risks of derivatives, generally, such as counterparty
 and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Liquidity Risk.** The Fund may invest in derivatives
and other instruments that may be less liquid than other types of investments. The derivatives in which the Fund invests may not always
be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses
to Fund shareholders.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Subsidiary Investment Risk.** Changes in the laws of
the United States and/or the Cayman Islands, under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result
in the inability of the WisdomTree Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

■ **Tax Risk.** To qualify for the favorable U.S. federal income tax treatment accorded to RICs,
 the Fund must, among other things, derive in each taxable year at least 90% of its gross
 income from certain prescribed sources. The Fund may obtain exposure to the commodities markets
 by directly entering into commodity-linked derivative instruments, such as listed futures
 contracts, forward currency contracts, swaps, and structured notes. Income from certain commodity-linked
 derivative instruments and bitcoin ETPs in which the Fund invests may not be considered qualifying
 income under the 90% test noted above. The Fund intends to invest in such commodity-linked
 derivative instruments and bitcoin ETPs indirectly through the WisdomTree Subsidiary. The
 Fund's investment in the WisdomTree Subsidiary is expected to provide the Fund with
 exposure to the commodities markets within the limitations of the federal tax requirements
 of the Code for qualification as a RIC. The "Subpart F" income (defined in Section
 951 of the Code to include passive income, including from commodity-linked derivatives and
 futures) of the Fund attributable to the Fund's investment in the WisdomTree Subsidiary
 is "qualifying income" to the Fund to the extent that such income is derived
 with respect to the Fund's business of investing in stock, securities or currencies.
 The Fund expects its "Subpart F" income attributable to its investment in the
 WisdomTree Subsidiary to be derived with respect to the Fund's business of investing
 in stock, securities or currencies and to be treated as "qualifying income".
 The Adviser intends to conduct the Fund's investments in the WisdomTree Subsidiary
 in a manner consistent with the terms and conditions of the regulations promulgated by the
 U.S. Treasury, and will monitor the Fund's investments in the WisdomTree Subsidiary
 to ensure that no more than 25% of the Fund's assets are invested in the WisdomTree
 Subsidiary. To the extent the Fund makes a direct investment in commodity-linked derivative
 instruments and bitcoin ETPs, it will seek to restrict the resulting income from such instruments
 so that, when combined with its other non-qualifying income, the Fund's non-qualifying
 income is less than 10% of its gross income. However, the Fund may generate more non-qualifying
 income than anticipated, may not be able to generate qualifying income in a particular taxable
 year at levels sufficient to meet the 90% test noted above, or may not be able to accurately
 predict the non-qualifying income from these investments. Failure to comply with this restriction
 would have significant negative tax consequences to Fund shareholders.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **107**<br>

[**Table of Contents**](#toc)

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the S&P GSCI Index, a broad-based securities market index intended to represent the overall commodity market. Performance also is shown for the Bloomberg Commodity Index Total Return, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p108chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 13.20%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 21.85% | 1Q/2022 |
| Lowest Return | (8.82)% | 3Q/2022 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**108**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | |
|:---|:---|:---|
| **WisdomTree Enhanced Commodity Strategy Fund** | **1 Year** | **Since Inception<br> December 21, 2020** |
| Return Before Taxes Based on NAV | 15.26% | 9.77% |
| Return After Taxes on Distributions | 13.62% | 5.90% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.01% | 5.85% |
| Bloomberg Commodity Index Total Return (Reflects no deduction for fees, expenses or taxes) | 5.38% | 9.56% |
| S&P GSCI Index (Reflects no deduction for fees, expenses or taxes) | 9.25% | 16.55% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Newton Investment Management North America, LLC ("NIMNA") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by NIMNA's Multi-Asset Solutions portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

James Stavena, Head of Portfolio Management, Multi-Asset Solutions, has been a portfolio manager of the Fund since its inception in December 2020.

Torrey Zaches, a Portfolio Manager, Multi-Asset Solutions team, has been a portfolio manager of the Fund since September 2021.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **109**<br>

[**Table of Contents**](#toc)

**WisdomTree Managed Futures Strategy Fund**

**Investment Objective**

The WisdomTree Managed Futures Strategy Fund (the "Fund") seeks to provide investors with positive total returns in rising or falling markets.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.65% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.02% |
| **Total Annual Fund Operating Expenses** | 0.67%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Fee Waivers | (0.01)%<sup>2</sup> |
| **Total Annual Fund Operating Expenses After Fee Waivers** | 0.66%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

---

| | |
|:---|:---|
| 2 | WisdomTree Asset Management Inc. ("WisdomTree Asset Management" or the "Adviser") has contractually agreed, through December 31, 2026, to waive a portion of its advisory fee associated with investments in WisdomTree Bitcoin Fund ("BTCW"). The amount of the waiver will be equal to the sponsor fee, currently 0.25% of net assets per annum, paid to WisdomTree Digital Commodity Services by BTCW with respect to Fund assets invested in BTCW. This waiver agreement may be terminated by WisdomTree Asset Management upon advance notice at the conclusion of any one-year term or by the Fund's Board of Trustees at any time. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $67 | $211 | $368 | $822 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 96% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns. The Fund is managed using a quantitative, rules-based strategy designed to capture rising and falling price trends in the commodity, currency, equity, and U.S. Treasury futures markets through long and short positions on U.S. listed futures contracts.

The Fund can invest in U.S. listed futures contracts on the following twenty-one (21) commodities: West Texas Intermediate (WTI) Crude Oil, Brent Crude Oil, Heating Oil, Gasoil, RBOB Gasoline, Natural Gas, Gold, Silver, Copper, Aluminum, Lead, Nickel, Tin, Zinc, Live Cattle, Feeder Cattle, Lean Hogs, SRW Wheat, HRW Wheat, Corn, and Unrefined Sugar. A model that evaluates momentum signals specific to each commodity sector is used to select commodity futures and to determine whether a long or short position is taken by the Fund.

**110**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

In addition to commodity futures contracts, the Fund may invest up to 10% of its net assets in any combination of shares of one or more exchange-traded products that primarily hold bitcoin (each, a "bitcoin ETP" and collectively, "bitcoin ETPs") and bitcoin futures contracts. As noted above, the model that evaluates momentum signals specific to each commodity sector is used to determine whether the Fund should take a long position in bitcoin ETPs and/or bitcoin futures contracts. The Fund will invest only in cash-settled bitcoin futures traded on the Chicago Mercantile Exchange, which is a futures exchange registered with the Commodity Futures Trading Commission, and shares of bitcoin ETPs listed on a U.S. national securities exchange. The Fund currently obtains investment exposure to the WisdomTree Bitcoin Fund (BTCW), a bitcoin ETP sponsored by an affiliate of the Adviser. Bitcoin is a digital asset (*i.e.*, a cryptocurrency) whose ownership and behavior are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the Bitcoin network. For ease of reference, disclosure related to commodities and commodity-linked derivatives in this Prospectus is intended to also apply to the Fund's indirect investments in bitcoin, bitcoin ETPs, and bitcoin futures. **The Fund will not invest in bitcoin directly.**

The Fund may also hold financial futures contracts on developed and emerging markets currencies as well as on 10-year U.S. Treasury notes and 30-year U.S. Treasury bonds.

The Fund relies on a risk indicator, a correlation signal, and a short-term momentum signal to determine its allocation to equity futures contracts. The Fund has the ability to enter into both long and short positions on equity futures contracts. Excess cash after determining effective weights for equity contracts is allocated to U.S. Treasury futures contracts.

The Fund is rebalanced monthly.

The Fund invests substantially all of its assets in a combination of commodity, currency, and equity linked investments, U.S. government securities and money market instruments. With the exception of any investments in bitcoin ETPs, the Fund's commodity and currency-linked investments generally are limited to investments in listed futures contracts, forward currency contracts, and swap transactions that provide exposure to commodity and non-U.S. currency returns. The Fund will invest in listed equity and U.S. Treasury futures and also may invest directly in U.S. Treasury notes and bonds. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. The Fund also may invest in structured notes based on commodities. The Fund does not invest in physical commodities directly.

The Fund seeks to gain exposure to commodity, currency, fixed income, and equity markets, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (the "WisdomTree Subsidiary"). The WisdomTree Subsidiary is wholly-owned and controlled by the Fund. The Fund's investment in the WisdomTree Subsidiary may not exceed 25% of the Fund's total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to commodity returns while enabling the Fund to satisfy source-of-income requirements that apply to RICs under the Code. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary.

The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in "managed futures." For these purposes, "managed futures" are investments in equity-linked, commodity-linked, currency-linked and financial-linked instruments, as well as U.S. government securities and money market instruments, that taken together have economic characteristics similar or equivalent to those of the listed equity, commodity, currency and financial futures contracts described in the Fund's Prospectus. If, subsequent to an investment, the 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy. The Trust will provide shareholders with sixty (60) days' prior notice of any change to this policy for the Fund.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **111**<br>

[**Table of Contents**](#toc)

■ **Futures Contracts Risk.** A futures contract may generally
be described as an agreement for the future sale by one party and the purchase by another of a specified currency, commodity, security
or other instrument at a future price and time. The risks of futures contracts include but are not limited to: (1) the success of the
adviser's and sub-adviser's ability to predict movements in the prices of individual currencies, commodities or securities,
fluctuations in markets and movements in interest rates; (2) an imperfect or no correlation between the changes in market value of the
currencies, commodities or securities and the prices of futures contracts; and (3) no guarantee that an active market will exist for the
contracts at any particular time.

■ **Commodity Risk.** The value of commodities and commodity-linked
derivative instruments typically is based upon the price movements of a physical commodity or an economic variable linked to such price
movements. The prices of commodities and commodity-related investments may fluctuate quickly and dramatically and may not correlate to
price movements in other asset classes. An active trading market may not exist for certain commodities. Prices of commodity-linked derivatives
instruments have a historically low correlation with the returns of the stock and bond markets and are subject to change based on a variety
of factors that may not be anticipated. In addition, bitcoin and bitcoin futures are a relatively new asset class. They are subject to
unique and substantial risks, and historically, have been subject to significant price volatility. The market for bitcoin futures is also
relatively new and commenced trading on the Chicago Mercantile Exchange in 2017. As a result, the market for bitcoin futures may be less
developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin futures market has
grown substantially since bitcoin futures commenced trading, there can be no assurance that this growth will continue. The price of bitcoin
could drop precipitously (including to zero), which would be expected to have a similar impact on the bitcoin futures price. Each of these
factors and events could have a significant negative impact on the Fund.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Bitcoin ETPs Risk.** The Fund currently obtains investment exposure to one or more bitcoin ETPs,
 which are exchange-traded, pooled investment vehicles that primarily hold bitcoin. Bitcoin
 ETPs are new products that commenced trading in January 2024 and, therefore, have limited
 financial and operating histories. The Fund's investment exposure to bitcoin ETPs subjects
 the Fund to many of the same risks as an investment in bitcoin, including those described
 herein. As a shareholder in a bitcoin ETP, the WisdomTree Subsidiary (and indirectly, the
 Fund) will hold shares representing a fractional undivided beneficial interest in the net
 assets of the bitcoin ETP and bear its ratable share of the bitcoin ETP's expenses.
 As a result, Fund shareholders will indirectly pay the fees of any bitcoin ETP to which the
 Fund has investment exposure, including the WisdomTree Bitcoin Fund, in addition to the Fund's
 total annual fund operating expenses. The Fund expects to purchase shares of bitcoin ETPs
 in the secondary market at their market prices, which may be highly volatile and may not
 closely correspond to either the NAV per share of the bitcoin ETP or the price of bitcoin.
 Shares of bitcoin ETPs may trade at premiums (*i.e.*, the market price of the shares
 is more than the NAV) or discounts (*i.e.*, the market price of the shares is less than
 the NAV), which may be significant. The risk that share prices differ from the bitcoin ETP's
 NAV and/or the price of bitcoin is likely to increase during times of market volatility or
 stressed market conditions. Under such conditions, the market for shares of bitcoin ETPs
 may become less liquid making it difficult for the Fund to either increase or decrease its
 investment exposure to bitcoin ETPs. The shares of bitcoin ETPs in which the WisdomTree Subsidiary
 may invest and to which the Fund may have investment exposure are generally not registered
 under the Investment Company Act of 1940, and therefore, do not afford the WisdomTree Subsidiary
 and the Fund the investor protections typical of investments in registered funds.

**112**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Bitcoin Risk.** Bitcoin is a digital asset (also referred to as a "cryptocurrency",
 "virtual currency", and "digital currency") designed to act as a
 medium of exchange. Cryptocurrencies like bitcoin are a relatively new asset class. They
 are subject to unique and substantial risks, and historically, have been subject to significant
 price volatility. Bitcoin futures and bitcoin ETPs are also relatively new and commenced
 trading in 2017 and in January 2024, respectively. As a result, the markets for bitcoin futures
 and bitcoin ETPs may be less developed, and at times, potentially less liquid and more volatile,
 than more established commodity futures and ETP markets. While the bitcoin futures and bitcoin
 ETP markets have grown substantially and are characterized by significant trading volume,
 there can be no assurance that this growth will continue or that the trading volume will
 be maintained. The value of bitcoin is determined primarily by its supply and demand in the
 global market, which is supported almost exclusively by transactions on digital asset trading
 platforms. The price of bitcoin may drop precipitously (including to zero) for a variety
 of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw
 or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies.
 Any such event would be expected to have a similar effect on the prices of bitcoin futures
 and bitcoin ETPs and thus, could have a significant adverse effect on the Fund. Cryptocurrency
 is a new technological innovation with a limited history; it is a highly speculative asset,
 and the Fund's exposure to bitcoin-linked assets could result in substantial losses
 to the Fund.

The digital asset trading platforms on which bitcoin trades are largely unregulated and, therefore, more vulnerable to acts of fraud and commercial or operational failure than established, regulated exchanges for securities, derivatives, and other currencies. Digital asset trading platforms have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users' cryptocurrency or other market disruptions. Digital asset trading platforms are more exposed to the risk of market manipulation than exchanges for traditional assets. Digital asset trading platforms that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent as regulated securities exchanges or futures exchanges. Furthermore, many digital asset trading platforms lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as circuit breakers or similar measures designed to prevent sudden drops in trading value (*i.e.*, "flash crashes"). As a result, the price of bitcoin on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, digital asset trading platforms are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of bitcoin or other cryptocurrencies. A cyber or other security breach or a business failure of a digital asset trading platform or related custodian may affect the prices of cryptocurrencies generally or bitcoin specifically. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of bitcoin and the value of bitcoin futures and bitcoin ETPs. Regulation of bitcoin continues to be a priority in both the U.S. and certain foreign jurisdictions and to evolve with the passage of new regulatory initiatives. Future regulation may restrict the use of bitcoin or otherwise adversely affect the supply and demand for bitcoin.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of
its financial condition, the issuer of a debt security or other instrument, or the counterparty to a derivative or other contract, may
default, become unable to pay interest or principal due or otherwise fail to honor its obligations or be perceived (whether by market
participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may
change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund's portfolio
investments and/or perceptions related thereto.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **113**<br>

[**Table of Contents**](#toc)

**■** **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts and structured notes to implement its principal investment strategies.
 Structured notes are particularly subject to counterparty credit, valuation and liquidity
 risks. Other risks specific to these derivatives, as well as other risks of derivatives,
 generally, such as counterparty and issuer credit risk, interest rate risk, market risk and
 issuer-specific risk, are described in greater detail elsewhere in the Fund's Prospectus.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Liquidity Risk.** The Fund may invest in derivatives
and other instruments that may be less liquid than other types of investments. The derivatives in which the Fund invests may not always
be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses
to Fund shareholders.

■ **Models and Data Risk.** The Fund uses an investment
model to implement its investment strategy. The Fund is subject to the risk that the investment model may not perform as intended, including
because the model may not adequately take into consideration certain factors relevant to the Fund's investment strategy, investments,
or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data.
Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected
by the Sub-Adviser (defined below) or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund
of any investment decisions made in reliance on the erroneous model results. Any of these circumstances may lead to investment decisions
or the inclusion or exclusion of securities that adversely affect the value of the Fund.

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■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Repurchase Agreement Risk.** The Fund's investment
in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments
in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the
expiration of the repurchase agreement term.

■ **Short Sales Risk.** The Fund may engage in "short
sale" transactions. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value.
The Fund also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions
on currency forwards. If the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur
a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to a third
party in connection with the short sale. The risk of loss on a shorted position arises from the increase in value of the security sold
short and is potentially unlimited unlike the risk of loss on a long position, which is limited to the amount paid for the investment
plus transaction costs. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the
actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing
a loss to the Fund.

■ **Subsidiary Investment Risk.** Changes in the laws of
the United States and/or the Cayman Islands, under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result
in the inability of the WisdomTree Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

■ **Tax Risk.** To qualify for the favorable U.S. federal income tax treatment accorded to RICs,
 the Fund must, among other things, derive in each taxable year at least 90% of its gross
 income from certain prescribed sources. The Fund may obtain exposure to the commodities markets
 by directly entering into commodity-linked derivative instruments, such as listed futures
 contracts, forward currency contracts, swaps, and structured notes. Income from certain commodity-linked
 derivative instruments and bitcoin ETPs in which the Fund invests may not be considered qualifying
 income under the 90% test noted above. The Fund intends to invest in such commodity-linked
 derivative instruments and bitcoin ETPs indirectly through the WisdomTree Subsidiary. The
 Fund's investment in the WisdomTree Subsidiary is expected to provide the Fund with
 exposure to the commodities markets within the limitations of the federal tax requirements
 of the Code for qualification as a RIC. The "Subpart F" income (defined in Section
 951 of the Code to include passive income, including from commodity-linked derivatives and
 futures) of the Fund attributable to the Fund's investment in the WisdomTree Subsidiary
 is "qualifying income" to the Fund to the extent that such income is derived
 with respect to the Fund's business of investing in stock, securities or currencies.
 The Fund expects its "Subpart F" income attributable to its investment in the
 WisdomTree Subsidiary to be derived with respect to the Fund's business of investing
 in stock, securities or currencies and to be treated as "qualifying income".
 The Adviser intends to conduct the Fund's investments in the WisdomTree Subsidiary
 in a manner consistent with the terms and conditions of the regulations promulgated by the
 U.S. Treasury, and will monitor the Fund's investments in the WisdomTree Subsidiary
 to ensure that no more than 25% of the Fund's assets are invested in the WisdomTree
 Subsidiary. To the extent the Fund makes a direct investment in commodity-linked derivative
 instruments and bitcoin ETPs, it will seek to restrict the resulting income from such instruments
 so that, when combined with its other non-qualifying income, the Fund's non-qualifying
 income is less than 10% of its gross income. However, the Fund may generate more non-qualifying
 income than anticipated, may not be able to generate qualifying income in a particular taxable
 year at levels sufficient to meet the 90% test noted above, or may not be able to accurately
 predict the non-qualifying income from these investments. Failure to comply with this restriction
 would have significant negative tax consequences to Fund shareholders.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **115**<br>

[**Table of Contents**](#toc)

**■** **Volatility Risk.** The Fund is designed to capture the
long-term economic benefits of rising or declining market trends. Frequent or significant short-term price movements could adversely impact
the performance of the Fund.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart that follows shows the annual total returns of the Fund for each full calendar year for the past 10 years. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the ICE BofA US 3-Month Treasury Bill Index, a broad-based securities market index intended to represent the overall U.S. short-term Treasury securities market. Performance also is shown for the 60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Aggregate Index Composite, a blended index that represents a 60/40 allocation to the large cap stock market and the U.S. bond market, respectively, and the S&P GSCI Index, each of which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. If WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") had not waived certain fees during certain periods, the Fund's returns would have been lower. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

On June 4, 2021, the Fund's principal investment strategies were revised; therefore, the performance and average annual total returns shown for periods prior to that date may have differed had the Fund's current principal investment strategies been in effect during those periods. Fund performance prior to June 4, 2021, reflects the Fund's previous investment strategy when it sought to provide returns that corresponded to the performance of the WisdomTree Managed Futures Index.

![](wtt1220250485bpos_p116chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 8.51%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 7.23% | 1Q/2024 |
| Lowest Return | (3.72)% | 1Q/2017 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Managed Futures Strategy Fund\*** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes Based on NAV<sup>\*</sup> | 3.31% | 4.33% | 1.04% |
| Return After Taxes on Distributions<sup>\*</sup> | 1.85% | 2.08% | (0.26)% |
| Return After Taxes on Distributions and Sale of Fund Shares<sup>\*</sup> | 1.96% | 2.34% | 0.22% |
| 60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Aggregate Index Composite (Reflects no deduction for fees, expenses or taxes)<sup>\*</sup> | 15.31% | 8.45% | 8.35% |
| S&P GSCI Index (Reflects no deduction for fees, expenses or taxes)<sup>\*</sup> | 9.25% | 7.12% | 1.24% |
| ICE BofA US 3-Month Treasury Bill Index (Reflects no deduction for fees, expenses or taxes)<sup>\*</sup> | 5.25% | 2.46% | 1.77% |

---

\* Prior to June 4, 2021, Fund performance reflects the strategies of the Fund when it sought to provide returns that correspond to the performance of the WisdomTree Managed Futures Index.

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Newton Investment Management North America, LLC ("NIMNA") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by NIMNA's Multi-Asset Solutions portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

James Stavena, Head of Portfolio Management, Multi-Asset Solutions, has been a portfolio manager of the Fund since its inception in January 2011.

Torrey Zaches, a Portfolio Manager, Multi-Asset Solutions team, has been a portfolio manager of the Fund since September 2021.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently NYSE Arca, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**WisdomTree Private Credit and Alternative Income Fund (formerly, WisdomTree Alternative Income Fund)**

**Investment Objective**

The WisdomTree Private Credit and Alternative Income Fund (the "Fund") seeks to track the price and yield performance, before fees and expenses, of the Gapstow Private Credit and Alternative Income Index (the "Index").

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.50% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 3.84% |
| **Total Annual Fund Operating Expenses** | 4.34%<sup>1</sup> |

---

---

| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $435 | $1315 | $2206 | $4486 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund employs a "passive management" – or indexing – investment approach designed to track the performance of the Index. 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. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in constituents of the Index and/or investments that have economic characteristics that are substantially similar to the economic characteristics of such constituents.

The Index is provided by Gapstow Capital Partners, L.P. (the "Index Provider") and is designed to provide diversified exposure to private credit and other alternative credit investments. The Index is composed of registered closed-end investment companies ("CEFs"), including CEFs that have elected to be regulated as "business development companies" ("BDCs" and, together with CEFs, the "Underlying Funds") under the Investment Company Act of 1940 (the "1940 Act"), and real estate investment trusts regulated under the Code ("REITs" and, together with Underlying Funds, the "Vehicles" and individually a "Vehicle") that are listed and publicly traded on a major U.S. stock exchange.

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To be eligible for inclusion in the Index, a Vehicle must: (i) be registered under the Securities Act of 1933, as amended (the "Securities Act"), (ii) be listed and publicly traded on a major U.S. stock exchange, (iii) have intra-day pricing provided by such exchange, (iv) have traded for at least the most recent 90 calendar days, (v) have a permanent capital structure (*i.e.*, Vehicles that have a relatively stable number of shares outstanding, such as a CEF that rarely issues new shares or redeems existing shares), (vi) be perpetual (*i.e.*, without set maturity or termination dates such as target or term funds), (vii) not invest primarily in other Vehicles (*e.g.*, not be a CEF that invests primarily in other CEFs), (viii) have a stated objective of investing primarily in private credit loans (including corporate loans, commercial real estate loans, and non-agency residential mortgages) or other forms of alternative credit investments (including public high-yield corporate bonds ("junk bonds"), broadly-syndicated loans, collateralized loan obligations, mortgage-backed securities, and other asset-backed securities), (ix) have a six-month average daily market capitalization of greater than $100 million, and (x) have a six-month average daily trading volume greater than $750,000.

Vehicles meeting the foregoing requirements are classified based on the Vehicle's investment holdings in the following private credit and alternative credit sectors: (i) private corporate lending, (ii) commercial real estate lending, (iii) non-agency real estate debt, (iv) public corporate debt, (v) agency real estate debt, and (vi) multi-sector alternative credit. The number of Vehicles representing each sector in the Index may vary. On each rebalancing date, the Index seeks to allocate its assets across private credit investments and alternative credit investments such that at least 60% of the constituent Vehicles are focused on private credit investments (private corporate lending, commercial real estate lending, and non-agency real estate debt) and the remaining constituent Vehicles are focused primarily on other alternative credit investments. The allocation of constituents in the Index may vary from this target allocation between rebalancing dates.

At the time of inclusion in the Index, at least 75% of a Vehicle's investment holdings must provide exposure to a foregoing sector to be classified within that sector. Within each sector, eligible Vehicles are selected based on market capitalization until the desired allocation is achieved. The Index seeks to include approximately 30 Vehicles at the time of rebalance. The number of constituent Vehicles may vary in response to market conditions and other factors considered by the Index Provider.

Constituents in the Index are equal-weighted. The Index is rebalanced quarterly and reconstituted semi-annually.

To the extent the Index is concentrated in the securities of companies assigned to a particular industry or group of industries, the Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its total assets) in such industry or group of industries to approximately the same extent as the Index.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund (either incurred directly or through its investments in Vehicles), regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **CEF Investing Risk.** The value of the underlying securities held by a CEF could decrease or
 the portfolio could become illiquid. CEFs that are financially leveraged may create an opportunity
 for greater total return, but with more volatility than other investments, and greater potential
 for loss. Shares of CEFs frequently trade at a discount from their NAV. There can be no assurance
 that the market discount on shares of any CEF purchased by the Fund will ever decrease. In
 fact, it is possible that this market discount may increase, and the Fund may suffer realized
 or unrealized capital losses due to further decline in the market price of the securities
 of such CEF, thereby adversely affecting the Fund's NAV.

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■ **BDC Investing Risk.** Federal securities laws impose restraints upon the organization and operations
 of BDCs that can limit or negatively impact the performance of a BDC. BDCs generally invest
 in less mature private companies, which involve greater risk than well-established, publicly
 traded companies, and BDCs are subject to high failure rates among the companies in which
 they invest. BDCs may have relatively concentrated portfolios, which include a small number
 of investments. A significant portion of a BDC's investments are recorded at fair value
 as determined by its board of directors, which may potentially result in material differences
 between a BDC's NAV and its market price. As a result, shares of BDCs may trade at
 a discount from their NAV. There can be no assurance that the market discount on shares of
 any BDC purchased by the Fund will ever decrease. In fact, it is possible that this market
 discount may increase, and the Fund may suffer realized or unrealized capital losses due
 to further decline in the market price of the securities of such BDC, thereby adversely affecting
 the Fund's NAV.

■ **Interest Rate Risk.** Interest rate risk is the risk
that fixed income securities will decline in value because of an increase in interest rates and changes to other factors, such as perception
of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly and have unpredictable impacts on the financial
markets and the Fund's investments. To the extent that the Fund holds fixed income securities with longer durations, such securities
generally are subject to greater interest rate risk.

■ **REIT Investing Risk.** By investing in REITs, the Fund will be exposed to the risks of owning
 real estate, such as decreases in real estate values, overbuilding, increased competition
 and other risks related to local or general economic conditions and developments, increases
 in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses,
 possible environmental liabilities, regulatory limitations on rent and fluctuations in rental
 income. In addition, U.S. REITs are subject to the possibility of failing to qualify for
 the favorable U.S. federal income tax treatment generally available to them under the Code,
 and failing to maintain exemption from the registration requirements of the 1940 Act. REITs
 may use leverage (and some may be highly leveraged), which increases investment risk and
 the risk normally associated with debt financing and could adversely affect a REIT's
 operations and market value in periods of rising interest rates. Rising interest rates could
 result in higher costs of capital for REITs, which could negatively affect a REIT's
 ability to meet its payment obligations or its financing activity and could decrease the
 market prices for REITs and for properties held by such REITs. The U.S. residential and commercial
 real estate markets may, in the future, experience and have, in the past, experienced a decline
 in value, with certain regions experiencing significant losses in property values. Exposure
 to such real estate may adversely affect Fund performance. In addition, to the extent a REIT
 has its own expenses, the Fund (and indirectly, its shareholders) will bear its proportionate
 share of such expenses.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Cybersecurity Risk.** The Fund and its service providers may be susceptible to operational and information
 security risks resulting from a breach in cybersecurity, including cyber-attacks. A breach
 in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways,
 including, but not limited to, disruption of the Fund's operational capacity, loss
 of proprietary information, theft or corruption of data, denial-of-service attacks on websites
 or network resources, and the unauthorized release of confidential information. Cyber-attacks
 affecting the Fund's third-party service providers, market makers, institutional investors
 authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
 Participants), or the issuers of securities in which the Fund invests may subject the Fund
 to many of the same risks associated with direct cybersecurity breaches.

■ **Dividend Paying Securities Risk.** Securities that pay dividends, as a group, may be out of favor
 with the market and underperform the overall equity market or stocks of companies that do
 not pay dividends. In addition, changes in the dividend policies of the companies held by
 the Fund or the capital resources available for such company's dividend payments may
 adversely affect the Fund.

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■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Index and Data Risk.** The Fund seeks to track the price and yield performance, before fees and
 expenses, of the Index. The Index may not perform as intended. The Index Provider has the
 right to make adjustments to the composition and/or operation of the Index or to cease making
 the Index available without regard to the particular interests of the Fund or its shareholders.
 If the computers or other facilities of the Index Provider, index calculation agent, data
 providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination
 of index values may be delayed and trading in Fund shares may be suspended for a period of
 time. Errors in index data, index calculations and/or the construction of the Index may occur
 from time to time and may not be identified and/or corrected by the Index Provider, index
 calculation agent, or any other party for a period of time or at all, which may have an adverse
 impact on the Index as well as the Fund and its shareholders. The potential risk of a continuing
 error may be particularly heightened in the case of the Index, which is generally not used
 as a benchmark by other funds or managers.

■ **Investment Style Risk.** The Fund invests in the securities included in, or representative of, the
 Index regardless of their investment merit. The Fund does not attempt to outperform the Index
 or take defensive positions in declining markets. As a result, the Fund's performance
 may be adversely affected by a general decline in the market segments represented in the
 Index.

■ **Issuer-Specific Risk.** Issuer-specific events, including changes in the actual or perceived financial
 condition of an issuer, can have a negative impact on the value of the Fund.

■ **Non-Correlation Risk.** As with all index funds, the performance of the Fund and that of the Index may
 differ from each other for a variety of reasons. For example, the Fund incurs operating expenses
 and portfolio transaction costs, while also managing cash flows and potential operational
 inefficiencies, not incurred by the Index. In addition, when markets are volatile, the ability
 to sell securities at fair market prices may be adversely affected and may result in additional
 trading costs and/or increase the non-correlation risk. The Fund's use of sampling
 techniques also may affect its ability to achieve close correlation with the Index.

■ **Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more
 of its assets in the securities of a single issuer or a smaller number of issuers than if
 it were a diversified fund. To the extent the Fund invests a significant percentage of its
 assets in a limited number of issuers, the Fund is subject to the risks of investing in those
 few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence.
 As a result, changes in the market value of a single security could cause greater fluctuations
 in the value of Fund shares than would occur in a diversified fund.

■ **Underlying Investments Risk.** Because the Fund invests in Vehicles, its investment performance largely
 depends on the investment performance of the Vehicles in which it invests. The Fund will
 pay indirectly a proportional share of the fees and expenses of the Vehicles in which it
 invests, including their investment advisory and administration fees, in addition to its
 own fees and expenses. In addition, at times certain segments of the market represented by
 constituent Vehicles may be out of favor and underperform other segments. Investments by
 the Fund in a Vehicle are subject to, among other risks, the risk that the listing exchange
 may halt trading of the Vehicle's shares. In addition, the Fund may be subject to the
 following risks as a result of investments and strategies pursued by the Vehicles:

**Adverse Developments in the Debt Capital Markets.** Recent market and economic conditions have been unprecedented and challenging. Continued concerns about the systemic impact of inflation, energy costs, the pandemic, geopolitical issues, the availability and cost of credit, sovereign debt levels, the mortgage market and a declining real estate market in the U.S. have contributed to increased market volatility and diminished expectations for the U.S. economy. These conditions, combined with volatile oil prices, declining business and consumer confidence and increased unemployment have contributed to volatility of unprecedented levels. The factors described above have led to an overall reduction in liquidity in the debt capital markets, including sources of liquidity that a Vehicle may wish to utilize. Such conditions could reduce the availability of leverage to a Vehicle, its investments, and potential purchasers of its investments or make such leverage more expensive to obtain, thereby adversely affecting the performance of the Vehicle.

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**Agency Mortgage-Backed Securities Risk.** A Vehicle may invest in mortgage-related fixed income securities issued or guaranteed by the U.S. government or its agencies or instrumentalities such as the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). FNMA and FHLMC are generally backed only by the general creditworthiness and reputation of the U.S. government agency, government-sponsored entity, or government corporation issuing the security and are not guaranteed by the U.S. Department of the Treasury or backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations of FNMA or FHLMC and other agencies that are placed under conservatorship of the U.S. government. GNMA securities are generally backed by the full faith and credit of the U.S. government. Agency mortgage-backed securities may be more sensitive to changes in interest rates than other types of debt securities. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of agency mortgage-backed securities. Agency mortgage-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected. Agency mortgage-backed securities can also be subject to the risk of default on the underlying mortgages. Default or bankruptcy of a counterparty to a mortgage-related transaction would expose the Vehicle to possible loss. These risks may reduce a Vehicle's returns.

**Asset-Backed Securities Risk.** Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of asset-backed securities. Asset-backed securities can also be subject to the risk of default on underlying assets. Asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.

**Collateralized Loan Obligation Risk.** A collateralized loan obligation is a trust collateralized by a pool of credit-related assets. Accordingly, collateralized loan obligation securities present risks similar to those of other types of credit investments, including credit and interest rate risks. The extent of these risks depend largely on the type of securities used as collateral and the class of the collateralized loan obligation in which a Vehicle invests. Collateralized loan obligations are typically leveraged, and such leverage will magnify the loss on collateralized loan obligation investments, which may result in investment loss. The cumulative effect of the use of leverage with respect to any investments in a market that moves adversely to such investments could result in a substantial loss that would be greater than if a Vehicle's investments were not leveraged.

**High Yield Securities Risk.** Higher yielding securities, sometimes referred to as junk bonds, may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. High yield securities may be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments.

**Highly Leveraged Portfolio Companies.** Certain BDCs in which the Fund invests may invest in highly leveraged portfolio companies with no restriction on the amount of debt the portfolio companies can incur. Substantial indebtedness may add additional risk with respect to a portfolio company, and could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. In some cases, proceeds of debt incurred by a portfolio company could be paid as a dividend to stockholders rather than retained by the portfolio company for its working capital. Leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of such companies or their industries. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

If a portfolio company is unable to generate sufficient cash flow to meet principal and interest payments to its lenders, it may be forced to take other actions to satisfy such obligations under its indebtedness. These alternative measures may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of a BDC's investment(s) in such portfolio company. If such strategies are not successful and do not permit the portfolio company to meet its scheduled debt service obligations, the portfolio company may also be forced into liquidation, dissolution or insolvency, and the value of the BDC's investment in such portfolio company could be significantly reduced or even eliminated.

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**Illiquid Investments Risk.** Illiquid investments may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss. Investments that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions and/or investor perception.

**Investment in Private and Middle-Market Investments Risk.** Certain Vehicles may make investments in private and middle-market companies, which involve a number of significant risks. Generally, little public information exists about these companies, and if the respective vehicle is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and may lose money. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities that a Vehicle holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Vehicle realizing any guarantees the Vehicle may have obtained in connection with the Vehicle's investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a Vehicle's investment and, in turn, on the Vehicle. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence.

**Issuer Credit Risk.** The financial condition of an issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations. The value of a Vehicle's investment may change quickly and without warning in response to issuer defaults, changes in the credit ratings of the portfolio investments and/or perceptions related thereto.

**Micro-Capitalization Investing Risk.** Micro cap companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Micro cap companies may be less financially secure and may be more vulnerable to key personnel losses. Micro cap stock prices may be more volatile than large-, mid-, and small-capitalization companies and such stocks may be more thinly traded and thus difficult to buy and sell in the market.

**Non-Agency Mortgage-Backed Securities Risk.** Non-agency mortgage-backed securities are subject to heightened risks as compared to agency mortgage-backed securities, including that non-agency mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk, or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose, and borrower characteristics. There may be a limited market for such securities.

**Private Credit Risk.** Investments in private securities are not traded in public markets, are illiquid, and can be subject to various restrictions on resale, and there can be no assurance that a Vehicle will be able to realize the value of such investments in a timely manner. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations. The companies in which a Vehicle invests may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

**Restricted Securities Risk.** A Vehicle may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability and may prevent the Vehicle from disposing of them promptly at reasonable prices. The Vehicle may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.

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**Senior Secured Loan Risk.** There is a risk that any collateral pledged by portfolio companies in which certain Vehicles may have taken a security interest may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Substantial increases in interest rates and market volatility may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. The value of a Vehicle's assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or affecting borrowers generally. Moreover, the security for a Vehicle's investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the Vehicle may not have priority over other creditors as anticipated. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss.

**Small-Capitalization Investing Risk.** A Vehicle may invest a percentage of its assets in the securities of small-capitalization companies. As a result, the Vehicle may be more volatile than it would be if it invested in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to adverse economic developments as well as changes in interest rates, government regulation, borrowing costs, and earnings.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index intended to represent the overall domestic bond market. Performance also is shown for the ICE BofA Merrill Lynch U.S. High Yield Index and the S&P 500<sup>®</sup> Index, each of which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

Effective July 18, 2025, the Fund revised its investment objective and principal investment strategies to reflect a change in the Fund's index from the Gapstow Liquid Alternative Credit Index to the Gapstow Private Credit and Alternative Income Index. Fund performance shown for periods prior to July 18, 2025 reflects the performance of the Fund when it sought to track the price and yield performance of the Gapstow Liquid Alternative Credit Index.

![](wtt1220250485bpos_p124chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 1.27%.

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**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

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| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 9.34% | 4Q/2022 |
| Lowest Return | (14.83)% | 2Q/2022 |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

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| | | |
|:---|:---|:---|
| **WisdomTree Private Credit and Alternative Income Fund (formerly, WisdomTree Alternative Income Fund)\*** | **1 Year<sup>\*</sup>** | **Since Inception<br> May 6, 2021<sup>\*</sup>** |
| Return Before Taxes Based on NAV | 7.35% | 1.56% |
| Return After Taxes on Distributions | 2.18% | (2.14)% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.28% | (0.37)% |
| Gapstow Private Credit and Alternative Income Index\*\* (Reflects no deduction for fees, expenses or taxes) | 7.86% | 2.02% |
| ICE BofA Merrill Lynch U.S. High Yield Index (Reflects no deduction for fees, expenses or taxes) | 8.22% | 3.25% |
| S&P 500<sup>®</sup> Index (Reflects no deduction for fees, expenses or taxes) | 25.02% | 11.57% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) | 1.25% | (1.75)% |

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\* Fund performance shown for periods prior to July 18, 2025 reflects the performance of the Fund when it sought to track the price and yield performance of the Gapstow Liquid Alternative Credit Index.

\*\* Index performance shown for periods prior to July 18, 2025 reflects the performance of the Gapstow Liquid Alternative Credit Index.

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Equity Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since its inception in May 2021.

David France, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since June 2021.

Todd Frysinger, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since June 2021.

Vlasta Sheremeta, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since June 2021.

Michael Stoll, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since June 2021.

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**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Cboe, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**WisdomTree Target Range Fund**

**Investment Objective**

The WisdomTree Target Range Fund (the "Fund") seeks to provide capital appreciation, with a secondary objective of hedging risk.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.70% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.70% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $72 | $224 | $390 | $871 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 0% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

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Each January the Index selects call options with a target expiration date of approximately one year. The long call options have a strike price that is approximately 85% of the current market price of the Underlying ETF at the time of purchase, and the short call options have a strike price that is approximately 115% of the current market price of the Underlying ETF at the time of sale. The Adviser maintains the ability to purchase and sell underlying call spread positions opportunistically on dates determined by the Sub-Adviser. The Sub-Adviser also may restrike underlying call spread positions more frequently than the Index. Restriking underlying positions more frequently than the Index may cause different payoff profiles for underlying positions than those of the Index.

Under normal conditions, approximately 80-85% of the Fund's assets are expected to be invested in the cash collateral component upon the annual roll date in January. As the value of the options fluctuate, the percentage of overall fund value represented by the cash collateral component will fluctuate as well. The cash collateral component of the Fund not invested in long and short call options on Underlying ETFs may be invested in options that differ from those included in the Index (*e.g.*, an S&P Index option instead of S&P 500<sup>®</sup> ETF option), FLexible EXchange<sup>®</sup> Options ("FLEX Options"), which are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation, index futures contracts and ETFs that provide investment exposure comparable to the options used by the Index, fixed-income securities, including U.S. Treasury or other short-term instruments, such as commercial paper, and cash.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund (either incurred directly or through its investments in Underlying ETFs), regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Call Options Risk.** Call options may be subject to
volatile swings in price influenced by changes in the value of the Underlying ETF or other reference asset. The call options purchased
and sold by the Fund may have imperfect correlation to the returns of the Underlying ETFs, which may in turn adversely affect the Fund's
ability achieve its investment objective. With respect to the "in the money" call options purchased by the Fund, if the price
of the Underlying ETF's shares or other reference asset does not appreciate above the strike price prior to the expiration date,
the Fund may lose the entire amount of the premium that it paid for the call options. With respect to any "out of the money"
call options written (sold) by the Fund, if the price of the Underlying ETF's shares or other reference asset appreciate above the
strike price prior to the expiration date, the Fund's risk of loss from its obligation to deliver shares of the Underlying ETF or
other reference asset to the buyer are limited to the extent the Fund purchased call options on the same Underlying ETF or other reference
asset through its call spread strategy, but the Fund's losses may outweigh the gains to the Fund from the receipt of options premiums.

■ **Rolling Risk.** The Fund's investment strategy
is subject to risks related to rolling. Because of the frequency with which the Fund expects to roll option contracts, this risk may be
greater than the impact would be if the Fund experienced less portfolio turnover. The price of options contracts further from expiration
may be higher, which can impact the Fund's returns.

■ **Limited Upside Return Risk.** By virtue of its cash-secured
call spread option strategy, Fund returns will be subject to an upside limitation on returns attributable to an Underlying ETF or other
reference asset and the Fund will not participate in gains beyond such upside limitation. In the event an investor purchases Fund shares
after the date on which the Fund implements the call spread strategy and the share price of the relevant Underlying ETF or other reference
asset has risen in value to a level near the strike price, there may be little or no ability for that investor to experience an investment
gain on an investment in Fund shares with respect to that Underlying ETF or other reference asset.

■ **Downside Loss Risk.** There can be no guarantee that
an investor in the Fund will experience limited downside protection, particularly short-term investors, investors that seek to time the
market and/or investors that invest over a period other than the annual period. The Fund does not protect an investor against the loss
of principal, and an investor may experience significant losses on its investment in the Fund, including the loss of his or her entire
investment.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

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■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market prices of the Fund's shares
in the secondary market generally differ from the Fund's daily NAV, and there may be times when the market price of the shares is
more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep
market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges that are closed when the Fund's
primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. Additionally,
in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in
the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Commercial Paper Risk.** The value of the Fund's
investment in commercial paper, which is an unsecured promissory note that generally has a maturity date between one and 270 days and
is issued by a U.S. or foreign entity, is susceptible to changes in the issuer's financial condition or credit quality. Investments
in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be
adversely affected by changes in interest rates.

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of certain of the Fund's investments and the value of
your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an
investment in the Fund may also change quickly, unpredictably, and without warning, and you may lose money.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use call options and futures contracts to implement its principal investment strategies.
 Other risks specific to these derivatives, as well as other risks of derivatives, generally,
 such as counterparty and issuer credit risk, interest rate risk, market risk and issuer-specific
 risk, are described in greater detail elsewhere in the Fund's Prospectus.

■ **Emerging Markets Risk.** Investment exposure to securities
and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional
risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or
investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer
securities, adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

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■ **FLEX Options Risk.** The Fund may invest in FLEX Options
issued and guaranteed for settlement by The Options Clearing Corporation (the "OCC"). The Fund bears the risk that the OCC
will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent
or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may become
illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geographic Investment Risk.** To the extent the Fund invests a significant portion of its assets in
 securities of companies of a single country or region, it is more likely to be impacted by
 events or conditions affecting that country or region.

■ **Geopolitical Risk.** Some countries and regions in which the Fund invests have and may continue to experience
 security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty,
 sanctions or the threat of sanctions, natural and environmental disasters, the spread of
 infectious illness, widespread disease or other public health issues and/or systemic market
 dislocations that lead to increased short-term market volatility, have adverse long-term
 effects on the U.S. and world economies, and disrupt the orderly functioning of securities
 markets generally, which may negatively impact the Fund's investments.

■ **Index Construction Risk.** The Index, and consequently
the Fund, may not succeed in its objective and may not be optimal in its construction, causing losses to the Fund.

■ **Index Provider Risk.** The Fund generally seeks to follow
the methodology of the Index. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will
be determined, composed or calculated accurately. While the Index Provider gives descriptions of what the Index is designed to achieve,
the Index Provider does not provide any warranty or accept any liability in relation to the quality, accuracy or completeness of data
in the Index, and does not guarantee that the Index will be in line with its methodology.

■ **Issuer Credit Risk.** The financial condition of an
issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise
fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services
or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to
issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of shares of the Underlying
ETFs as well as the Fund.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Portfolio Turnover Risk.** The Fund's investment strategy may result in a high portfolio turnover
 rate. Higher portfolio turnover may result in the Fund paying higher transaction costs and
 the distribution of additional capital gains, which may generate greater tax liabilities
 for shareholders who hold the shares in taxable accounts. Increased transaction costs and
 distributions of capital gains may negatively affect the Fund's performance.

**130**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Purchase and Sale Timing Risk.** Although the Fund seeks
to implement a strategy similar to that used by the Index, if an investor purchases Fund shares on any day other than the roll date at
the beginning of an annual period or holds shares for more or less than the annual period, the value of the investor's investment
in the Fund may not be protected against a decline in the value of an Underlying ETF or other reference asset and may not benefit from
a gain in the value of the Underlying ETF or other reference asset. The value of the options purchased (and written) by the Fund is dependent
on various factors, including, but not limited to, the value, implied volatility, and implied dividend rate of the Underlying ETFs and
interest rates. Each of these factors may vary significantly during the annual period and affect the Fund's ability to achieve its
investment objective between roll dates.

■ **Underlying Fund Risk.** Each Underlying Fund is subject
to specific risks, depending on its investments. Underlying Funds are also subject to investment advisory fees and other expenses, which
are indirectly borne by the Fund. As a result, your overall cost of investing in the underlying stocks, bonds and other basic assets will
be higher than the cost of investing directly in them, and may be higher than other mutual funds that invest directly in stocks and bonds.

■ **U.S. Government Securities Risk.** U.S. government securities
may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated
with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed
by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.

■ **U.S. Treasuries Risk.** U.S. Treasuries may differ from
other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns
than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may
cause the value of the Fund's U.S. Treasuries to decline.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the Index and the MSCI AC World Index, a broad-based securities market index intended to represent the overall global equity market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p131chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 10.83%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 8.72% | 4Q/2023 |
| Lowest Return | (10.76)% | 2Q/2022 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **131**<br>

[**Table of Contents**](#toc)

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | |
|:---|:---|:---|
| **WisdomTree Target Range Fund** | **1 Year** | **Since Inception<br> October 7, 2021** |
| Return Before Taxes Based on NAV | 8.81% | 1.00% |
| Return After Taxes on Distributions | 6.58% | (0.07)% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.23% | 0.31% |
| TOPS<sup>®</sup> Global Equity Target Range<sup>®</sup> Index (Reflects no deduction for fees, expenses or taxes) | 9.36% | 1.87% |
| MSCI AC World Index (Reflects no deduction for fees, expenses or taxes) | 17.49% | 7.13% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. NIMNA serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by NIMNA's Multi-Asset Solutions portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

James Stavena, Head of Portfolio Management, Multi-Asset Solutions, has been a portfolio manager of the Fund since its inception in October 2021.

Torrey Zaches, a Portfolio Manager, Multi-Asset Solutions team, has been a portfolio manager of the Fund since its inception in October 2021.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**132**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**WisdomTree Efficient Gold Plus Gold Miners Strategy Fund**

**Investment Objective**

The WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.45% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.45% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $46 | $144 | $252 | $567 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is actively managed using a model-based approach. The Fund seeks to achieve its investment objective by investing, either directly or through a wholly-owned subsidiary, in a portfolio comprised of (i) U.S.-listed gold futures contracts and (ii) global equity securities issued by companies that derive at least 50% of their revenue from the gold mining business ("Gold Miners"). The Fund uses U.S.-listed gold futures contracts to enhance the capital efficiency of the Fund. Capital efficiency is the ability for an investment to gain exposure to a particular market while using fewer assets.

The Fund will invest in a representative basket of global equity securities issued by Gold Miners generally weighted by market capitalization. To be eligible for inclusion in the Fund, Gold Miners, including companies in developed and emerging market countries throughout the world, must be listed on an eligible global stock exchange. As of September 30, 2025, the Fund invests a significant portion of its assets in Gold Miners domiciled in Canada and the United States.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **133**<br>

[**Table of Contents**](#toc)

The Fund may invest in U.S. Treasury securities and other liquid short-term investments as collateral for its U.S.-listed gold futures contracts. The Fund will not invest directly in physical commodities.

The Fund seeks to gain exposure to the commodity market for gold, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (the "WisdomTree Subsidiary"). To provide such exposure, the WisdomTree Subsidiary will invest primarily in U.S.-listed gold futures contracts. The WisdomTree Subsidiary is wholly owned and controlled by the Fund. The Fund's investment in the WisdomTree Subsidiary may not exceed 25% of the Fund's total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to the investment returns of gold while enabling the Fund to satisfy source-of-income requirements that apply to RICs under the Code. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary.

The Fund will seek to concentrate its investments (*i.e.*, invest more than 25% of its net assets) in companies in the metals and mining industry and the gold mining sub-industry.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Gold Commodity Risk.** The value of commodities, such
as gold, and commodity-linked derivative instruments, such as gold futures contracts, typically is based upon the price movements of the
physical commodity or an economic variable linked to such price movements. Price movements in gold and gold futures contracts may fluctuate
quickly and dramatically, have a historically low correlation with the returns of the stock and bond markets, and may not correlate to
price movements in other asset classes. Some factors that impact the price of gold and gold futures contracts include, but are not limited
to, overall market movements, changes in interest rates, changes in the global supply and demand for gold, the quantity of gold imports
and exports, factors that impact gold production, such as drought, floods and weather conditions, technological advances in the processing
and mining of gold, an increase in the hedging of precious metals, such as gold, and changes in economic and/or political conditions,
including regulatory developments.

■ **Gold Mining Companies Risk.** By investing in the equity
securities of Gold Miners, the Fund may be susceptible to financial, economic, political, or market events that impact the gold mining
industry. Additional factors that affect Gold Miners and the gold mining industry include, but are not limited to: commodity prices; tax
and government regulations, central bank operations; competitive pressures; the success of exploration projects; and adverse environmental
developments. The profitability of Gold Miners can be dramatically affected by the fluctuation in the price of gold, which can be impacted
by the factors set forth under Gold Commodity Risk.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Other risks specific
 to futures contracts, as well as other risks of derivatives, generally, such as counterparty
 and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

**134**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Concentration Risk.** The Fund will concentrate in securities
in the metals and mining industry and the gold mining sub-industry, and the Fund may be more susceptible to loss due to adverse occurrences
that affect the price of gold and the metals and mining industry more than the market as a whole. These sub-industries can be significantly
affected by, among other things, commodity price volatility, demand for basic materials, world economic growth, depletion of natural resources,
technological progress, and government regulations.

■ **Leveraging Risk.** Certain transactions of the Fund,
such as the use of derivative instruments, will give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile
than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The
market prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV, and there may be times
when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of
market volatility or periods of steep market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges
that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums and discounts greater
than those of domestic ETFs. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid
in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Capital Controls and Sanctions Risk.** Economic conditions,
such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior
warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic
sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also
include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions
include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially
include derivative instruments related thereto. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell,
transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity
of such instruments, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Currency Exchange Rate Risk.** Changes in currency exchange
rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your Fund shares.
Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the
Fund may also change quickly, unpredictably, and without warning, and you may lose money.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **135**<br>

[**Table of Contents**](#toc)

■ **Emerging Markets Risk.** Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks
relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments
in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities,
adversely affect the trading market and price for Fund shares and cause the Fund to decline in value.

■ **Foreign Securities Risk.** Investments in non-U.S. securities involve political, regulatory, and
 economic risks that may not be present in investments in U.S. securities. For example, investments
 in non-U.S. securities may be subject to risk of loss due to currency fluctuations, political
 or economic instability, or geographic events that adversely impact issuers of foreign securities.
 Investments in non-U.S. securities also may be subject to withholding or other taxes and
 may be subject to additional trading, settlement, custodial, and operational risks. These
 additional risks may make investments in the Fund more volatile and potentially less liquid
 than other types of investments. These risks may be heightened to the extent the Fund invests
 in companies domiciled in or otherwise tied to developing or emerging market countries.

■ **Geographic Investment Risk.** To the extent the Fund
invests a significant portion of its assets in securities of companies of a single country or region, it is more likely to be impacted
by events or conditions affecting that country or region.

**Investments in Canada** Although Canada is a major producer of commodities, including gold, Canada's economy is heavily dependent on the demand for natural resources and agricultural products, and a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. In particular, the U.S. is Canada's largest trading partner and foreign investor and, as a result, changes to the U.S. economy may significantly affect the Canadian economy.

**Investments in the United States** The economic, political, regulatory and other events and conditions that affect issuers and investments in the United States differ significantly from those associated with other countries and regions. For example, routine political events, such as a presidential election, can have a significant effect on the U.S. markets and lead to periods of increased volatility. U.S. financial markets also have become increasingly globalized, hosting participants from all over the world and on a more macro level, becoming more tightly integrated with financial markets around the world. As a result, U.S. financial markets are also increasingly vulnerable to the risks that may affect non-U.S. financial markets. Any event or condition that affects the U.S. economy, whether originating from within or outside of the United States may have an adverse effect on the Fund's investments in the United States and thus, the Fund's performance.

■ **Geopolitical Risk.** The United States, as well as other countries and regions in which the Fund invests
 have and may continue to experience security concerns, war, threats of war, aggression and/or
 conflict, terrorism, economic uncertainty, sanctions or the threat of sanctions, natural
 and environmental disasters, the spread of infectious illness, widespread disease or other
 public health issues and/or systemic market dislocations that lead to increased short-term
 market volatility, have adverse long-term effects on the U.S. and world economies, and disrupt
 the orderly functioning of securities markets generally, which may negatively impact the
 Fund's investments.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Large-Capitalization Investing Risk.** The Fund may
invest in the securities of large-capitalization companies. As a result, the Fund's performance may be adversely affected if securities
of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies
may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.

■ **Mid-Capitalization Investing Risk.** The Fund may invest
in the securities of mid-capitalization companies. As a result, the Fund's performance may be adversely affected if securities of
these companies underperform securities of other capitalization ranges or the market as a whole. Securities of mid-capitalization companies
are often less stable and more vulnerable to market volatility and adverse economic developments than securities of larger companies,
but mid-capitalization companies may also underperform the securities of small-capitalization companies because mid-capitalization companies
are more mature and are subject to slower growth during economic expansion.

**136**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

■ **Models and Data Risk.** The Fund uses an investment
model to implement its investment strategy. The Fund is subject to the risk that the investment model may not perform as intended, including
because the model may not adequately take into consideration certain factors relevant to the Fund's investment strategy, investments,
or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data.
Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected
by the Sub-Adviser (defined below) or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund
of any investment decisions made in reliance on the erroneous model results. Any of these circumstances may lead to investment decisions
or the inclusion or exclusion of securities that adversely affect the value of the Fund.

■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Subsidiary Investment Risk.** Changes in the laws of
the United States and/or the Cayman Islands, under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result
in the inability of the WisdomTree Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

■ **Tax Risk.** To qualify for the favorable U.S. federal income tax treatment accorded to RICs,
 the Fund must, among other things, derive in each taxable year at least 90% of its gross
 income from certain prescribed sources. The Fund may obtain exposure to the commodities markets
 by directly entering into commodity-linked derivative instruments, such as listed futures
 contracts. Income from certain commodity-linked derivative instruments in which the Fund
 invests may not be considered qualifying income under the 90% test noted above. The Fund
 intends to invest in such commodity-linked derivative instruments indirectly through the
 WisdomTree Subsidiary. The Fund's investment in the WisdomTree Subsidiary is expected
 to provide the Fund with exposure to the commodities markets within the limitations of the
 federal tax requirements of the Code for qualification as a RIC. The "Subpart F"
 income (defined in Section 951 of the Code to include passive income, including from commodity-linked
 derivatives and futures) of the Fund attributable to the Fund's investment in the WisdomTree
 Subsidiary is "qualifying income" to the Fund to the extent that such income
 is derived with respect to the Fund's business of investing in stock, securities or
 currencies. The Fund expects its "Subpart F" income attributable to its investment
 in the WisdomTree Subsidiary to be derived with respect to the Fund's business of investing
 in stock, securities or currencies and to be treated as "qualifying income".
 The Adviser intends to conduct the Fund's investments in the WisdomTree Subsidiary
 in a manner consistent with the terms and conditions of the regulations promulgated by the
 U.S. Treasury, and will monitor the Fund's investments in the WisdomTree Subsidiary
 to ensure that no more than 25% of the Fund's assets are invested in the WisdomTree
 Subsidiary. To the extent the Fund makes a direct investment in commodity-linked derivative
 instruments, it will seek to restrict the resulting income from such instruments so that,
 when combined with its other non-qualifying income, the Fund's non-qualifying income
 is less than 10% of its gross income. However, the Fund may generate more non-qualifying
 income than anticipated, may not be able to generate qualifying income in a particular taxable
 year at levels sufficient to meet the 90% test noted above, or may not be able to accurately
 predict the non-qualifying income from these investments. Failure to comply with this restriction
 would have significant negative tax consequences to Fund shareholders.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **137**<br>

[**Table of Contents**](#toc)

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the S&P 500<sup>®</sup>Index, a broad-based securities market index intended to represent the overall domestic equity market. Performance also is shown for the NYSE ARCA Gold Miners Index, which more closely represents the investment exposure sought by the Fund. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p138chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 177.27%.

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 26.93% | 3Q/2024 |
| Lowest Return | (31.11)% | 2Q/2022 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | |
|:---|:---|:---|
| **WisdomTree Efficient Gold Plus Gold Miners Strategy Fund** | **1 Year** | **Since Inception<br> December 16, 2021** |
| Return Before Taxes Based on NAV | 27.89% | 11.22% |
| Return After Taxes on Distributions | 24.30% | 9.01% |
| Return After Taxes on Distributions and Sale of Fund Shares | 17.18% | 7.88% |
| NYSE ARCA Gold Miners Index (Reflects no deduction for fees, expenses or taxes) | 11.08% | 7.49% |
| S&P 500<sup>®</sup> Index (Reflects no deduction for fees, expenses or taxes) | 25.02% | 9.24% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Equity Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since its inception in December 2021.

David France, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2021.

Todd Frysinger, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2021.

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Vlasta Sheremeta, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2021.

Michael Stoll, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in December 2021.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Cboe, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **139**<br>

[**Table of Contents**](#toc)

**WisdomTree Efficient Gold Plus Equity Strategy Fund**

**Investment Objective**

The WisdomTree Efficient Gold Plus Equity Strategy Fund (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.20% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.20% |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $20 | $64 | $113 | $255 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is actively managed using a model-based approach. The Fund seeks to achieve its investment objective by investing, either directly or through a wholly-owned subsidiary, in a portfolio comprised of (i) U.S.-listed gold futures contracts and (ii) U.S. equity securities. The Fund uses U.S.-listed gold futures contracts to enhance the capital efficiency of the Fund. Capital efficiency is the ability for an investment to gain exposure to a particular market while using fewer assets.

The Fund will invest in a representative basket of U.S. equity securities of large-capitalization companies generally weighted by market capitalization.

Under normal circumstances, the Fund will have approximately equal exposure to U.S.-listed gold futures contracts and U.S. equity securities. The Fund's portfolio will be rebalanced quarterly to implement the results of the model. As a result, between quarterly rebalances, the Fund's allocations to U.S.-listed gold futures contracts and U.S. equity securities will vary from the targeted equal exposure, and the Fund's basket of equity securities will vary from the targeted market capitalization weighting. To the extent exposure of the Fund deviates from the targeted allocation by greater than 5%, it is anticipated that the Fund will be rebalanced intra-quarter to more closely align its portfolio with the target allocations. Between rebalances, the Fund's portfolio may temporarily include securities of companies that no longer meet the model's investment criteria.

The Fund may invest in U.S. Treasury securities and other liquid short-term investments as collateral for its U.S.-listed gold futures contracts. The Fund will not invest directly in physical commodities.

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The Fund seeks to gain exposure to the commodity market for gold, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (the "WisdomTree Subsidiary"). To provide such exposure, the WisdomTree Subsidiary will invest primarily in U.S.-listed gold futures contracts. The WisdomTree Subsidiary is wholly owned and controlled by the Fund. The Fund's investment in the WisdomTree Subsidiary may not exceed 25% of the Fund's total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to the investment returns of gold while enabling the Fund to satisfy source-of-income requirements that apply to RICs under the Code. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Gold Commodity Risk.** The value of commodities, such
as gold, and commodity-linked derivative instruments, such as gold futures contracts, typically is based upon the price movements of the
physical commodity or an economic variable linked to such price movements. Price movements in gold and gold futures contracts may fluctuate
quickly and dramatically, have a historically low correlation with the returns of the stock and bond markets, and may not correlate to
price movements in other asset classes. Some factors that impact the price of gold and gold futures contracts include, but are not limited
to, overall market movements, changes in interest rates, changes in the global supply and demand for gold, the quantity of gold imports
and exports, factors that impact gold production, such as drought, floods and weather conditions, technological advances in the processing
and mining of gold, an increase in the hedging of precious metals, such as gold, and changes in economic and/or political conditions,
including regulatory developments.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Other risks specific
 to futures contracts, as well as other risks of derivatives, generally, such as counterparty
 and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described
 in greater detail elsewhere in the Fund's Prospectus.

■ **Leveraging Risk.** Certain transactions of the Fund,
such as the use of derivative instruments, will give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile
than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

■ **Investment Risk.** As with all investments, an investment
in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods
of time.

■ **Market Risk.** The trading prices of securities and
other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire
market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and
other factors. As a result, an investor could lose money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The
market prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV, and there may be times
when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of
market volatility or periods of steep market declines. Because securities held by the Fund trade on, or have exposure to, foreign exchanges
that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums and discounts greater
than those of domestic ETFs. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid
in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

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■ **Active Management Risk.** The Fund is actively managed
using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful
or that the Fund will achieve its investment objective.

■ **Cash Redemption Risk.** The Fund generally redeems shares
for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments
to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized
if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result,
the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

■ **Cybersecurity Risk.** The Fund and its service providers
may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A
breach in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption
of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites
or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund's third-party service
providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
Participants), or the issuers of securities in which the Fund invests may subject the Fund to many of the same risks associated with direct
cybersecurity breaches.

■ **Geographic Investment Risk.** To the extent the Fund
invests a significant portion of its assets in securities of companies of a single country or region, it is more likely to be impacted
by events or conditions affecting that country or region.

**Investments in the United States** The economic, political, regulatory and other events and conditions that affect issuers and investments in the United States differ significantly from those associated with other countries and regions. For example, routine political events, such as a presidential election, can have a significant effect on the U.S. markets and lead to periods of increased volatility. U.S. financial markets also have become increasingly globalized, hosting participants from all over the world and on a more macro level, becoming more tightly integrated with financial markets around the world. As a result, U.S. financial markets are also increasingly vulnerable to the risks that may affect non-U.S. financial markets. Any event or condition that affects the U.S. economy, whether originating from within or outside of the United States may have an adverse effect on the Fund's investments in the United States and thus, the Fund's performance.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Issuer-Specific Risk.** Issuer-specific events, including
changes in the actual or perceived financial condition of an issuer, can have a negative impact on the value of the Fund.

■ **Large-Capitalization Investing Risk.** The Fund invests
in the securities of large-capitalization companies. As a result, the Fund's performance may be adversely affected if securities
of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies
may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.

■ **Models and Data Risk.** The Fund uses an investment
model to implement its investment strategy. The Fund is subject to the risk that the investment model may not perform as intended, including
because the model may not adequately take into consideration certain factors relevant to the Fund's investment strategy, investments,
or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data.
Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected
by the Sub-Adviser (defined below) or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund
of any investment decisions made in reliance on the erroneous model results. Any of these circumstances may lead to investment decisions
or the inclusion or exclusion of securities that adversely affect the value of the Fund.

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■ **Non-Diversification Risk.** The Fund is considered to
be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers
than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers,
the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory
occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares
than would occur in a diversified fund.

■ **Subsidiary Investment Risk.** Changes in the laws of
the United States and/or the Cayman Islands, under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result
in the inability of the WisdomTree Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

■ **Tax Risk.** To qualify for the favorable U.S. federal
income tax treatment accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income
from certain prescribed sources. The Fund may obtain exposure to the commodities markets by directly entering into commodity-linked derivative
instruments, such as listed futures contracts. Income from certain commodity-linked derivative instruments in which the Fund invests may
not be considered qualifying income under the 90% test noted above. The Fund intends to invest in such commodity-linked derivative instruments
indirectly through the WisdomTree Subsidiary. The Fund's investment in the WisdomTree Subsidiary is expected to provide the Fund
with exposure to the commodities markets within the limitations of the federal tax requirements of the Code for qualification as a RIC.
The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives
and futures) of the Fund attributable to the Fund's investment in the WisdomTree Subsidiary is "qualifying income" to
the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies.
The Fund expects its "Subpart F" income attributable to its investment in the WisdomTree Subsidiary to be derived with respect
to the Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income". The
Adviser intends to conduct the Fund's investments in the WisdomTree Subsidiary in a manner consistent with the terms and conditions
of the regulations promulgated by the U.S. Treasury, and will monitor the Fund's investments in the WisdomTree Subsidiary to ensure
that no more than 25% of the Fund's assets are invested in the WisdomTree Subsidiary. To the extent the Fund makes a direct investment
in commodity-linked derivative instruments, it will seek to restrict the resulting income from such instruments so that, when combined
with its other non-qualifying income, the Fund's non-qualifying income is less than 10% of its gross income. However, the Fund may
generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels
sufficient to meet the 90% test noted above, or may not be able to accurately predict the non-qualifying income from these investments.
Failure to comply with this restriction would have significant negative tax consequences to Fund shareholders.

**Fund Performance**

Historical Fund performance, which varies over time, can provide an indication of the risks of investing in the Fund. The bar chart below shows the annual total returns of the Fund for each full calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund's average annual total returns, both before and after taxes. This table also shows how the Fund's performance compares to that of the S&P 500<sup>®</sup> Index, a broad-based securities market index intended to represent the overall domestic equity market. Index returns do not reflect deductions for fees, expenses, or taxes. All returns assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

![](wtt1220250485bpos_p144chart.jpg)

The Fund's year-to-date total return as of September 30, 2025 was 54.85%.

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**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 20.37% | 4Q/2023 |
| Lowest Return | (7.34)% | 3Q/2023 |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ending December 31, 2024**

---

| | | |
|:---|:---|:---|
| **WisdomTree Efficient Gold Plus Equity Strategy Fund** | **1 Year** | **Since Inception<br> March 17, 2022** |
| Return Before Taxes Based on NAV | 45.39% | 18.63% |
| Return After Taxes on Distributions | 41.66% | 17.10% |
| Return After Taxes on Distributions and Sale of Fund Shares | 27.08% | 14.02% |
| S&P 500<sup>®</sup> Index (Reflects no deduction for fees, expenses or taxes) | 25.02% | 13.06% |

---

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") serves as investment adviser to the Fund. Mellon Investments Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Equity Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been a portfolio manager of the Fund since its inception in March 2022.

David France, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in March 2022.

Todd Frysinger, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in March 2022.

Vlasta Sheremeta, CFA, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in March 2022.

**144**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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Michael Stoll, a Senior Vice President, Senior Portfolio Manager and Team Manager, has been a portfolio manager of the Fund since its inception in March 2022.

**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Cboe , and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**WisdomTree Inflation Plus Fund**

**Investment Objective**

The WisdomTree Inflation Plus Fund (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** The fees are expressed as a percentage of the Fund's average net assets.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.65% |
| &nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.00%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.01%<sup>1</sup> |
| **Total Annual Fund Operating Expenses** | 0.66%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Fee Waivers | (0.01)%<sup>3</sup> |
| **Total Annual Fund Operating Expenses After Fee Waivers** | 0.65%<sup>2</sup> |

---

---

| | |
|:---|:---|
| 1 | Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. |

---

---

| | |
|:---|:---|
| 2 | The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. |

---

---

| | |
|:---|:---|
| 3 | WisdomTree Asset Management Inc. ("WisdomTree Asset Management" or the "Adviser") has contractually agreed, through December 31, 2026, to waive a portion of its advisory fee associated with investments in WisdomTree Bitcoin Fund ("BTCW"). The amount of the waiver will be equal to the sponsor fee, currently 0.25% of net assets per annum, paid to WisdomTree Digital Commodity Services by BTCW with respect to Fund assets invested in BTCW. This waiver agreement may be terminated by WisdomTree Asset Management upon advance notice at the conclusion of any one-year term or by the N/A Board of Trustees at any time. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $66 | $208 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Fund's Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal period from June 18, 2025 (commencement of operations) until August 31, 2025, the Fund's portfolio turnover rate was 7% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

**Principal Investment Strategies of the Fund**

The Fund is actively managed using a model-based approach. The Fund seeks to achieve its investment objective by investing, either directly or through a wholly-owned subsidiary, in a portfolio primarily composed of (i) inflation-protected U.S. Treasury Bonds ("TIPS") and other debt securities issued by the U.S. Treasury, including bills, notes, bonds, and floating rate public obligations of the U.S. Treasury ("Floating Rate Notes"), (ii) investments that provide exposure to a basket of 15 to 20 commodities across six sectors, which include energy, industry metals, grains, precious metals, and soft or agricultural commodities (*e.g.*, coffee, sugar, and cocoa), and (iii) investments that provide exposure to bitcoin.

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The TIPS in which the Fund invests are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS are income-generating securities whose interest and principal payments are adjusted for inflation, which is defined as a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment follows a designated inflation index, such as the Consumer Price Index ("CPI"), and is applied to the TIPS' principal payments according to changes in CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that, as inflation rises, both the principal value and the interest payments increase. This inflation adjustment feature can provide investors with a hedge against inflation while preserving the purchasing power of their investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. The Fund's debt securities investments must have a fixed coupon schedule and be denominated in U.S. dollars.

Under normal circumstances, the Fund will have approximately equal exposure to TIPS and commodities. The Fund will generally invest in investments that provide exposure to a basket of 15 to 20 commodities. The basket may include one or more of the following commodities: brent crude oil, west Texas intermediate crude oil, heating oil, gasoil, RBOB gasoline, natural gas, gold, silver, copper, aluminum, lead, nickel, tin, zinc, live cattle, feeder cattle, lean hogs, SRW wheat, HRW wheat, corn, unrefined sugar, cocoa, coffee, cotton, low sulfur gas oil, platinum, soybean meal, soybean oil, soybeans, and ULS diesel. The Fund will not invest directly in physical commodities.

The Fund expects to primarily use U.S. listed futures contracts to obtain long and short exposure to commodities and bitcoin to enhance the capital efficiency of the Fund. Capital efficiency is the ability for an investment to gain exposure to a particular market while using fewer assets. The Fund also may invest in other investment vehicles, including mutual funds, ETFs, and exchange-traded products ("ETPs") to obtain exposure to any of the investments described above, including ETPs that primarily hold bitcoin, and mutual funds, ETFs and ETPs managed or sponsored by an affiliate of WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser"). Between rebalances, the Fund's portfolio may temporarily include investments that no longer meet the model's investment criteria. The Fund's long and short positions are decided by a composite momentum signal produced by a proprietary model maintained by the Adviser.

In addition to TIPS and commodity futures contracts, the Fund may invest up to 10% of its net assets in any combination of shares of one or more ETPs that primarily hold bitcoin (each, a "bitcoin ETP" and collectively, "bitcoin ETPs") and bitcoin futures contracts (with bitcoin ETPs, "Bitcoin Investments"). The Fund will invest only in cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange, which is a futures exchange registered with the Commodity Futures Trading Commission, and shares of bitcoin ETPs listed on a U.S. national securities exchange. The Fund currently obtains investment exposure to the WisdomTree Bitcoin Fund (BTCW), a bitcoin ETP sponsored by an affiliate of the Adviser. Bitcoin is a digital asset (*i.e.*, a cryptocurrency) whose ownership and behavior are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the Bitcoin network.

**The Fund will not invest directly in bitcoin.**

Futures contracts on commodities or bitcoin generally are agreements between two parties where one party agrees to buy, and the counterparty to sell, a set amount of a physical commodity or bitcoin (or, in some contracts, the cash equivalent) at a future date and price. The value of a commodity or bitcoin futures contract is based upon the price movement of the underlying commodity or bitcoin.

To maintain exposure to a futures contract, the Fund must sell the position in the expiring contract and buy a new position in a contract with a later delivery month, which is referred to as "rolling." The Fund expects to employ an "enhanced roll" process by attempting to roll from an expiring futures contract to another futures contract in seeking to generate a greater yield for the Fund. This roll process, generally implemented monthly, aims to maximize the potential roll benefits in backwardated markets and minimize potential losses in contango markets by rolling, as applicable, to the futures contract that generates the maximum implied yield. Futures contracts trade either in contango, where forward month futures contracts cost more than the current month (leading to negative roll yield) or in backwardation, where forward month futures contracts trade at a discount to the current month (leading to positive roll yield). It is generally the supply and demand factor that determines whether a futures contract is in contango or backwardation.

The Fund intends to utilize its investment in TIPS or other debt securities issued by the U.S. Treasury as collateral for its futures contracts.

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The Fund seeks to gain exposure to commodity markets, in whole or in part, and bitcoin through investments in a subsidiary organized in the Cayman Islands (the "WisdomTree Subsidiary"). The WisdomTree Subsidiary is wholly-owned and controlled by the Fund. The Fund's investment in the WisdomTree Subsidiary may not exceed 25% of the Fund's total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the WisdomTree Subsidiary is intended to provide the Fund with exposure to commodity and bitcoin returns while enabling the Fund to satisfy source-of-income requirements that apply to RICs under the Code. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the WisdomTree Subsidiary.

**Principal Risks of Investing in the Fund**

You can lose money on your investment in the Fund. While certain of the risks are prioritized in terms of their relevance to the Fund's investment strategies, most risks are presented in alphabetical order. This ordering approach is designed to both facilitate an investor's understanding of the Fund's risks and enable an investor to easily locate and compare risks among funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the sections in the Fund's Prospectus titled "Additional Principal Risk Information About the Funds" and "Additional Non-Principal Risk Information."

■ **Inflation Risk.** An increase in the principal amount of an inflation-linked bond will be considered
 taxable ordinary income, even though investors do not receive the increased principal until
 maturity. As a result, in certain circumstances, the Fund may be required to make annual
 distributions to shareholders that exceed the cash received by the Fund on its investments.
 This may cause the Fund to liquidate investments when it might not be advantageous to do
 so and may have negative tax consequences.

■ **TIPS Risk.** TIPS are inflation-protected public obligations of the U.S. Treasury. The interest
 and principal payments of TIPS are adjusted for inflation, typically on a monthly basis,
 in accordance with changes to a designated inflation index, such as the Consumer Price Index.
 Due to their inflation adjustment feature, TIPS typically have lower yields than conventional
 fixed-rate bonds. As inflation rises, the values of the TIPS' interest and principal
 payments increase. Conversely, as inflation decreases, the values of the TIPS' interest
 and principal payments decrease. Accordingly, the N/A income from TIPS may decline due
 to deflation, a decline in inflation, or changes in inflation expectations.

■ **Commodity Risk.** The value of commodities and commodity-linked derivative instruments typically
 is based upon the price movements of a physical commodity or an economic variable linked
 to such price movements. The prices of commodities and commodity-related investments may
 fluctuate quickly and dramatically and may not correlate to price movements in other asset
 classes. An active trading market may not exist for certain commodities. Prices of commodity-linked
 derivatives instruments have a historically low correlation with the returns of the stock
 and bond markets and are subject to change based on a variety of factors that may not be
 anticipated. In addition, bitcoin and bitcoin futures are a relatively new asset class. They
 are subject to unique and substantial risks, and historically, have been subject to significant
 price volatility. The market for bitcoin futures is also relatively new and commenced trading
 on the Chicago Mercantile Exchange in 2017. As a result, the market for bitcoin futures may
 be less developed, and potentially less liquid and more volatile, than more established futures
 markets. While the bitcoin futures market has grown substantially since bitcoin futures commenced
 trading, there can be no assurance that this growth will continue. The price of bitcoin could
 drop precipitously (including to zero), which would be expected to have a similar impact
 on the bitcoin futures price. Each of these factors and events could have a significant negative
 impact on the Fund.

■ **Derivatives Risk.** Derivatives are financial instruments that derive their performance from an underlying
 reference asset, such as a commodity, index, interest rate, or inflation rate. Generally,
 derivatives are sophisticated investments that may pose risks that are different from or
 greater than those posed by investing directly in the underlying reference asset. For example,
 the return on a derivative instrument may not correlate with that of its underlying reference
 asset, and minimal requisite initial investments necessary to purchase derivatives positions
 may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile
 and may be less liquid than other investments. As a result, the value of an investment in
 the Fund may change quickly and without warning and you may lose money. The Fund expects
 to use futures contracts to implement its principal investment strategies. Risks specific
 to futures contracts, as well as other risks related to the use of derivatives, generally,
 such as counterparty and issuer credit risk, are described in greater detail elsewhere in
 the Fund's Prospectus.

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■ **Futures Rolling Risk**. The Fund's investment strategy is subject to risks related to rolling
 (*i.e.*, replacing expiring futures contracts with new futures contracts). The price
 of futures contracts further from expiration may be higher (a condition known as "contango")
 or lower (a condition known as "backwardation"), which can impact the Fund's
 returns. Because of the frequency with which the Fund expects to roll futures contracts,
 the impact of such contango or backwardation may be greater than the impact would be if the
 Fund experienced less portfolio turnover.

■ **Bitcoin ETPs Risk.** The Fund currently obtains investment exposure to one or more bitcoin ETPs,
 which are exchange-traded, pooled investment vehicles that primarily hold bitcoin. Bitcoin
 ETPs are new products that commenced trading in January 2024 and, therefore, have limited
 financial and operating histories. The Fund's investment exposure to bitcoin ETPs subjects
 the Fund to many of the same risks as an investment in bitcoin, including those described
 herein. As a shareholder in a bitcoin ETP, the WisdomTree Subsidiary (and indirectly, the
 Fund) will hold shares representing a fractional undivided beneficial interest in the net
 assets of the bitcoin ETP and bear its ratable share of the bitcoin ETP's expenses.
 As a result, Fund shareholders will indirectly pay the fees of any bitcoin ETP to which the
 Fund has investment exposure, including the WisdomTree Bitcoin Fund, in addition to the Fund's
 total annual fund operating expenses. The Fund expects to purchase shares of bitcoin ETPs
 in the secondary market at their market prices, which may be highly volatile and may not
 closely correspond to either the NAV per share of the bitcoin ETP or the price of bitcoin.
 Shares of bitcoin ETPs may trade at premiums (*i.e.*, the market price of the shares
 is more than the NAV) or discounts (*i.e.*, the market price of the shares is less than
 the NAV), which may be significant. The risk that share prices differ from the bitcoin ETP's
 NAV and/or the price of bitcoin is likely to increase during times of market volatility or
 stressed market conditions. Under such conditions, the market for shares of bitcoin ETPs
 may become less liquid making it difficult for the Fund to either increase or decrease its
 investment exposure to bitcoin ETPs. The shares of bitcoin ETPs in which the WisdomTree Subsidiary
 may invest and to which the Fund may have investment exposure are generally not registered
 under the Investment Company Act of 1940 (the "1940 Act"), and therefore, do not
 afford the WisdomTree Subsidiary and the Fund the investor protections typical of investments
 in registered funds.

■ **Bitcoin Risk.** Bitcoin is a digital asset (also referred to as a "cryptocurrency",
 "virtual currency", and "digital currency") designed to act as a
 medium of exchange. Cryptocurrencies like bitcoin are a relatively new asset class. They
 are subject to unique and substantial risks, and historically, have been subject to significant
 price volatility. Bitcoin futures and bitcoin ETPs are also relatively new and commenced
 trading in 2017 and in January 2024, respectively. As a result, the markets for bitcoin futures
 and bitcoin ETPs may be less developed, and at times, potentially less liquid and more volatile,
 than more established commodity futures and ETP markets. While the bitcoin futures and bitcoin
 ETP markets have grown substantially and are characterized by significant trading volume,
 there can be no assurance that this growth will continue or that the trading volume will
 be maintained. The value of bitcoin is determined primarily by its supply and demand in the
 global market, which is supported almost exclusively by transactions on digital asset trading
 platforms. The price of bitcoin may drop precipitously (including to zero) for a variety
 of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw
 or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies.
 Any such event would be expected to have a similar effect on the prices of bitcoin futures
 and bitcoin ETPs and thus, could have a significant adverse effect on the Fund. Cryptocurrency
 is a new technological innovation with a limited history; it is a highly speculative asset,
 and the Fund's exposure to bitcoin-linked assets could result in substantial losses
 to the Fund.

The digital asset trading platforms on which bitcoin trades are largely unregulated and, therefore, more vulnerable to acts of fraud and commercial or operational failure than established, regulated exchanges for securities, derivatives, and other currencies. Digital asset trading platforms have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users' cryptocurrency or other market disruptions. Digital asset trading platforms are more exposed to the risk of market manipulation than exchanges for traditional assets. Digital asset trading platforms that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent as regulated securities exchanges or futures exchanges. Furthermore, many digital asset trading platforms lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as circuit breakers or similar measures designed to prevent sudden drops in trading value (*i.e.*, "flash crashes"). As a result, the price of bitcoin on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, digital asset trading platforms are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of bitcoin or other cryptocurrencies. A cyber or other security breach or a business failure of a digital asset trading platform or related custodian may affect the prices of cryptocurrencies generally or bitcoin specifically. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of bitcoin and the value of bitcoin futures and bitcoin ETPs. Regulation of bitcoin continues to be a priority in both the U.S. and certain foreign jurisdictions and to evolve with the passage of new regulatory initiatives. Future regulation may restrict the use of bitcoin or otherwise adversely affect the supply and demand for bitcoin.

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■ **Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including
 the possible loss of the entire principal amount of an investment, over short or long periods
 of time.

■ **Market Risk.** The trading prices of securities and other instruments fluctuate in response to
 a variety of factors, such as economic, financial or political events that impact the entire
 market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate
 significantly in response to these and other factors. As a result, an investor could lose
 money over short or long periods of time.

■ **Shares of the Fund May Trade at Prices Other Than NAV.** As with all exchange-traded funds ("ETFs"),
 Fund shares may be bought and sold in the secondary market at market prices. The market prices
 of the Fund's shares in the secondary market generally differ from the Fund's
 daily NAV, and there may be times when the market price of the shares is more than the NAV
 (premium) or less than the NAV (discount). This risk is heightened in times of market volatility
 or periods of steep market declines. Additionally, in stressed market conditions, the market
 for the Fund's shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings.

■ **Active Management Risk**. The Fund is actively managed using proprietary investment strategies
 and processes. There can be no guarantee that these strategies and processes will be successful
 or that the Fund will achieve its investment objective.

■ **Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes cash
 as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio
 investments to obtain the cash needed to pay out redemption proceeds. This may cause the
 Fund to recognize capital gains that it might not have recognized if it had satisfied such
 redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in
 kind). As a result, the Fund may pay out higher annual capital gains distributions than a
 fund that redeems its shares in kind.

■ **Counterparty and Issuer Credit Risk.** As a result of its financial condition, the issuer of a debt
 security or other instrument, or the counterparty to a derivative or other contract, may
 default, become unable to pay interest or principal due or otherwise fail to honor its obligations
 or be perceived (whether by market participants, rating agencies, pricing services or otherwise)
 as being in such situations. The value of an investment in the Fund may change quickly and
 without warning in response to issuer or counterparty defaults, changes in the credit ratings
 of the Fund's portfolio investments and/or perceptions related thereto.

■ **Cybersecurity Risk.** The Fund and its service providers may be susceptible to operational and information
 security risks resulting from a breach in cybersecurity, including cyber-attacks. A breach
 in cybersecurity, intentional or unintentional, may adversely impact the Fund in many ways,
 including, but not limited to, disruption of the Fund's operational capacity, loss
 of proprietary information, theft or corruption of data, denial-of-service attacks on websites
 or network resources, and the unauthorized release of confidential information. Cyber-attacks
 affecting the Fund's third-party service providers, market makers, institutional investors
 authorized to purchase and redeem shares directly from the Fund (*i.e.*, Authorized
 Participants), or the issuers of securities in which the Fund invests may subject the Fund
 to many of the same risks associated with direct cybersecurity breaches.

■ **Debt Securities Risk.** Investments in debt securities subject the holder to the credit risk
 of the issuer. Credit risk refers to the possibility that the issuer or other obligor of
 a security will not be able or willing to make payments of interest and principal when due.
 Generally, the value of debt securities will change inversely with changes in interest rates.
 To the extent that interest rates rise, certain underlying obligations may be paid off substantially
 slower than originally anticipated and the value of those securities may fall sharply. During
 periods of falling interest rates, the income received by the Fund may decline. If the principal
 on a debt security is prepaid before expected, the prepayments of principal may have to be
 reinvested in obligations paying interest at lower rates. Debt securities generally do not
 trade on a securities exchange making them generally less liquid and more difficult to value
 than common stock.

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■ **Floating Rate Notes Risk.** Securities with floating rates can be less sensitive to interest rate
 changes than securities with fixed interest rates but may decline in value and negatively
 affect the Fund's NAV, particularly if changes in prevailing interest rates are sudden
 or more frequent than the rate changes for the Floating Rate Notes, which occur weekly currently.

■ **Geopolitical Risk.** The United States has and may continue to experience security concerns, war, threats
 of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat
 of sanctions, natural and environmental disasters, the spread of infectious illness, widespread
 disease or other public health issues and/or systemic market dislocations that lead to increased
 short-term market volatility, have adverse long-term effects on the U.S. and world economies,
 and disrupt the orderly functioning of securities markets generally, which may negatively
 impact the Fund's investments.

■ **Interest Rate Risk.** Interest rate risk is the risk that fixed income securities will decline in
 value because of an increase in interest rates and changes to other factors, such as perception
 of an issuer's creditworthiness. Interest rates may change suddenly or unexpectedly
 and have unpredictable impacts on the financial markets and the Fund's investments.
 To the extent that the Fund holds fixed income securities with longer durations, such securities
 generally are subject to greater interest rate risk.

■ **Investment in Investment Companies Risk.** Investing in other investment companies, including ETFs,
 closed-end funds, and other mutual funds, certain of which may be managed by the Adviser
 or an affiliate of the Adviser subjects the Fund to those risks affecting the other investment
 company, including the possibility that the value of the underlying securities held by the
 investment company could decrease or the portfolio becomes illiquid. Moreover, the Fund and
 its shareholders will incur its pro rata share of an underlying investment company's
 expenses, which will reduce the Fund's performance. In addition, investments in an
 ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares
 may trade at a discount or premium relative to the NAV of the shares and the listing exchange
 may halt trading of the shares.

■ **Leveraging Risk.** Certain transactions of the Fund, such as the use of derivative instruments, will
 give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile
 than if it had not been leveraged. This means that leverage entails a heightened risk of
 loss.

■ **Liquidity Risk.** The Fund may invest in derivatives and other instruments that may be less liquid
 than other types of investments. The derivatives in which the Fund invests may not always
 be liquid. This could have a negative effect on the Fund's ability to achieve its investment
 objective and may result in losses to Fund shareholders.

■ **Models and Data Risk.** The Fund uses an investment model to implement its investment strategy.
 The Fund is subject to the risk that the investment model may not perform as intended, including
 because the model may not adequately take into consideration certain factors relevant to
 the Fund's investment strategy, investments, or the market environment, contains design
 flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data.
 Errors in the data, assumptions and/or the design of the model may occur from time to time
 and may not be identified and/or corrected by the Sub-Adviser (defined below) or the Adviser
 for a significant period or at all, which may magnify the adverse effect on the Fund of any
 investment decisions made in reliance on the erroneous model results. Any of these circumstances
 may lead to investment decisions or the inclusion or exclusion of securities that adversely
 affect the value of the Fund.

■ **Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more
 of its assets in the securities of a single issuer or a smaller number of issuers than if
 it were a diversified fund. To the extent the Fund invests a significant percentage of its
 assets in a limited number of issuers, the Fund is subject to the risks of investing in those
 few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence.
 As a result, changes in the market value of a single security could cause greater fluctuations
 in the value of Fund shares than would occur in a diversified fund.

■ **Subsidiary Investment Risk.** Changes in the laws of the United States and/or the Cayman Islands,
 under which the Fund and the WisdomTree Subsidiary are organized, respectively, could result
 in the inability of the WisdomTree Subsidiary to operate as intended and could negatively
 affect the Fund and its shareholders.

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■ **Tax Risk.** To qualify for the favorable U.S. federal income tax treatment accorded to RICs,
 the Fund must, among other things, derive in each taxable year at least 90% of its gross
 income from certain prescribed sources. The Fund may obtain exposure to the commodities markets
 by directly entering into commodity-linked derivative instruments, such as futures contracts.
 Income from certain commodity-linked derivative instruments and Bitcoin Investments in which
 the Fund invests may not be considered qualifying income under the 90% test noted above.
 The Fund intends to invest in such commodity-linked derivative instruments and Bitcoin Investments
 indirectly through the WisdomTree Subsidiary. The Fund's investment in the WisdomTree
 Subsidiary is expected to provide the Fund with exposure to the commodities markets and Bitcoin
 Investments within the limitations of the federal tax requirements of the Code for qualification
 as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include
 passive income, including from commodity-linked derivatives and futures) of the Fund attributable
 to the Fund's investment in the WisdomTree Subsidiary is "qualifying income"
 to the Fund to the extent that such income is derived with respect to the Fund's business
 of investing in stock, securities or currencies. The Fund expects its "Subpart F"
 income attributable to its investment in the WisdomTree Subsidiary to be derived with respect
 to the Fund's business of investing in stock, securities or currencies and to be treated
 as "qualifying income". The Adviser intends to conduct the Fund's investments
 in the WisdomTree Subsidiary in a manner consistent with the terms and conditions of the
 regulations promulgated by the U.S. Treasury, and will monitor the Fund's investments
 in the WisdomTree Subsidiary to ensure that no more than 25% of the Fund's assets are
 invested in the WisdomTree Subsidiary. To the extent the Fund makes a direct investment in
 commodity-linked derivative instruments or Bitcoin Investments, it will seek to restrict
 the resulting income from such instruments so that, when combined with its other non-qualifying
 income, the Fund's non-qualifying income is less than 10% of its gross income. However,
 the Fund may generate more non-qualifying income than anticipated, may not be able to generate
 qualifying income in a particular taxable year at levels sufficient to meet the 90% test
 noted above, or may not be able to accurately predict the non-qualifying income from these
 investments. Failure to comply with this restriction would have significant negative tax
 consequences to Fund shareholders.

■ **U.S. Government Securities Risk.** U.S. government securities may or may not be backed by the
 full faith and credit of the U.S. government. U.S. government securities are subject to the
 risks associated with fixed income and debt securities, particularly interest rate risk and
 credit risk. In addition, U.S. government securities not backed by the full faith and credit
 of the U.S. government involve credit risk that is greater than other types of U.S. government
 securities.

■ **U.S. Treasuries Risk.** U.S. Treasuries may differ from other securities in their interest rates,
 maturities, times of issuance and other characteristics and may provide relatively lower
 returns than those of other securities. Similar to other issuers, changes to the financial
 condition or credit rating of the U.S. government may cause the value of the Fund's
 U.S. Treasuries to decline.

**Fund Performance**

The Fund commenced operations on June 18, 2025, and, therefore, does not yet have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing the Fund's performance to a broad measure of market performance. Updated performance information for the Fund is available online on the Fund's website at www.wisdomtree.com/investments.

**Management**

**Investment Adviser and Sub-Adviser**

WisdomTree Asset Management serves as investment adviser to the Fund. Newton Investment Management North America, LLC ("NIMNA" or the "Sub-Adviser") serves as the investment sub-adviser to the Fund.

**Portfolio Managers**

The Fund is managed by the Sub-Adviser's Multi-Asset Solutions portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are identified below.

James Stavena, Head of Multi-Asset Solutions, has been a portfolio manager of the Fund since its inception in June 2025.

Torrey Zaches, a Portfolio Manager, Multi-Asset Solutions team, has been a portfolio manager of the Fund since its inception in June 2025.

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**Buying and Selling Fund Shares**

The Fund is an ETF. This means that individual shares of the Fund are listed for trading on a national securities exchange, currently Nasdaq, and may only be purchased and sold in the secondary market through a broker-dealer at market prices. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). In addition, an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the "bid/ask spread"). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.wisdomtree.com/investments.

The Fund issues and redeems shares at NAV only in large blocks of shares ("Creation Units"), which only certain institutions or large investors (typically market makers or other broker-dealers) may purchase or redeem. The Fund issues and redeems Creation Units in exchange for a portfolio of securities and/or U.S. cash.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), WisdomTree Asset Management or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**Additional Information About the Funds**

**Additional Information About the Funds' Investment Objectives**

The WisdomTree Interest Rate Hedged High Yield Bond Fund seeks to track the performance of an Index developed and maintained by WisdomTree, Inc. ("WisdomTree"), the parent company of WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser"), which may give rise to potential conflicts of interest. For example, a potential conflict could arise between an affiliated person of WisdomTree Asset Management and a Fund if that entity attempted to use information regarding changes to, and the composition of, its Index to the detriment of the Fund. Additionally, potential conflicts could arise with respect to the personal trading activity of personnel of the affiliated person who may have access to, or knowledge of, pending changes to an Index's composition methodology or the constituent securities in an Index prior to the time that information is made publicly available. If shared, such knowledge could facilitate "front-running" (which describes an instance in which other persons trade ahead of a Fund). Although the Adviser and WisdomTree have taken steps designed to ensure that these potential conflicts are mitigated (*e.g.*, via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and the implementation of informational barriers designed to minimize the potential for the misuse of information about an Index), there can be no assurance that such measures will be successful.

Each Fund's investment objective may be changed without a vote of shareholders upon 60 days' written notice to shareholders.

**Additional Information About the Funds' Investment Strategies**

If subsequent to an investment, a Fund's 80% investment policy is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with its policy. A Fund will provide shareholders with sixty (60) days' prior written notice of any change to its 80% investment policy or obtain shareholders' approval of such policy change, to the extent required. Additional information about each Fund's investment strategies follows below.

**Bloomberg U.S. Dollar Bullish Fund.** The Bloomberg U.S. Dollar Bullish Fund may invest in additional instruments and below is a brief description of these instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Futures contract – a standardized contract traded on
a recognized exchange in which two parties agree to exchange either a specified financial asset or the cash equivalent of said asset of
standardized quantity and quality for a price agreed to today (the futures price or the strike price) with delivery occurring at a specified
future date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Listed currency option – a call or put option on a
foreign currency, either on an exchange or in the over-the-counter market, that gives the purchaser of the option the right to buy or
sell, respectively, the foreign currency at the exercise price until the option expires.

The Bloomberg U.S. Dollar Bullish Fund's investments in listed currency options and futures contracts will be backed by investments in U.S.-issued money market securities, U.S. government securities or other liquid assets in an amount equal to the exposure of such contracts. The Fund may invest directly in foreign currencies in the form of bank and financial institution deposits, certificates of deposit, and bankers acceptances denominated in a specified non-U.S. currency and may enter into foreign currency exchange transactions. The Fund may also conduct its foreign currency exchange transactions on a spot (*i.e.*, cash) basis at the spot rate prevailing in the foreign currency exchange market.

Although the Fund may invest in listed currency options, currency swaps, and spot currencies, investments in such instruments are expected to be limited, in each case to not more than 20% of the Bloomberg U.S. Dollar Bullish Fund's net assets.

**Emerging Currency Strategy Fund.** The decision to secure investment exposure directly or indirectly will be a function of, among other things, market accessibility, credit exposure, and tax ramifications for foreign investors. If the Fund pursues direct investment, eligible investments include short-term securities issued by emerging market governments and their agencies or instrumentalities, bank debt obligations and time deposits, bankers' acceptances, commercial paper, short-term corporate debt obligations, mortgage-backed securities, and asset-backed securities.

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**Fixed Income Active Funds.** The Emerging Markets Local Debt Fund, Emerging Markets Corporate Bond Fund, Core Laddered Municipal Fund, High Income Laddered Municipal Fund, and Mortgage Plus Bond Fund may sometimes be referred to collectively as the "Fixed Income Active Funds." The Emerging Markets Local Debt Fund intends to provide a broad-based exposure to local currency debt. The Emerging Markets Corporate Bond Fund intends to provide a broad-based exposure to emerging market corporate debt and therefore will invest in both investment grade and non- investment grade securities. The degree of credit risk for a particular security may be reflected in its credit rating. Investment grade debt securities are generally those rated Baa3 or higher by Moody's Investors Services, Inc. ("Moody's"), or equivalently rated by S&P Global Ratings ("S&P") or Fitch, and typically subject to less credit risk than non-investment grade debt securities. The Emerging Markets Local Debt Fund generally does not expect to have more than 35% of its assets invested in non-investment grade securities, and the Emerging Markets Corporate Bond Fund expects to have 50% or more of its net assets invested in investment grade securities and not more than 50% of its net assets invested in non-investment grade securities. This may change from time to time, including to a higher percentage of non-investment grade securities, based on market conditions and the condition of specific issuers and securities. Within the non-investment grade category, some issuers and instruments are considered to be of lower credit quality and at higher risk of default (commonly referred to as "junk bonds").

The Mortgage Plus Bond Fund may invest in other investments that the Fund believes will help it achieve its investment objective, including cash and cash equivalents, as well as in shares of other investment companies (including WisdomTree ETFs).

**Emerging Markets Corporate Bond Fund.** The Emerging Markets Corporate Bond Fund may invest in loan participation notes. A loan participation note is a type of short-term debt instrument. They typically are issued by an offshore special purpose vehicle for the purpose of funding a loan by the special purpose vehicle to an offshore corporation or other entity. Loan participation notes are sometimes used by companies in non-U.S. markets to raise money because tax regulations or other laws make it difficult or expensive for such companies to issue debt directly into the global bond market. If the company fails to repay the loan received from the special purpose vehicle, the special purpose vehicle generally will not be able to honor its obligation to repay the notes.

The decision to secure exposure through direct investment in Corporate Debt or indirectly through derivative transactions will be a function of, among other things, market accessibility, credit exposure, tax ramifications, and regulatory requirements applicable to U.S. investment companies.

**Fixed Income Index Funds.** The Interest Rate Hedged U.S. Aggregate Bond Fund and Interest Rate Hedged High Yield Bond Fund may sometimes be referred to together as the "Duration Funds". The 1-3 Year Laddered Treasury Fund and 7-10 Year Laddered Treasury Fund may sometimes be referred to together as the "Laddered Treasury Funds". The Duration Funds, Floating Rate Treasury Fund, Yield Enhanced U.S. Aggregate Bond Fund, Yield Enhanced U.S. Short-Term Aggregate Bond Fund, Voya Yield Enhanced USD Universal Bond Fund, Bianco Total Return Fund, and the Laddered Treasury Funds may sometimes be referred to collectively as the "Fixed Income Index Funds."

The quantity of holdings in each Fixed Income Index Fund using a representative sampling strategy will be based on a number of factors, including asset size of the Fund. As discussed above, the Bianco Total Return Fund generally uses a replication strategy, but may use a representative sampling strategy in certain scenarios. Each Fixed Income Index Fund (except for the Bianco Total Return Fund) may sell securities that are represented in its underlying Index, or purchase securities that are not yet represented in its underlying Index, in anticipation of their removal from, or addition to, the underlying Index or to reflect various other changes to the underlying Index.

Further, each Fixed Income Index Fund (except for the Bianco Total Return Fund) may overweight or underweight securities in its underlying Index, purchase or sell securities not in its underlying Index, or utilize various combinations of other available techniques, in seeking to track its underlying Index.

Each Fixed Income Index Fund (except for the Bianco Total Return Fund) may invest in other investments (generally up to 20% of its assets) that the Adviser and/or the Sub-Adviser believe will help the Fund track its Index, including cash and cash equivalents, and other fixed income securities, as well as in shares of other investment companies (including affiliated investment companies, such as ETFs), forward contracts, futures contracts, options on futures contracts, options, and swaps.

**Voya Yield Enhanced USD Universal Bond Fund.** For purposes of the Fund's investment strategy, the Fund defines an "emerging market" country consistently with the Index, which defines an emerging market country to include: (i) a country that meets one of the following two criteria: (1) World Bank Income group classifications of low/middle income or (2) International Monetary Fund ("IMF") classification as a non-advanced country, or (ii) additional countries that bond investors classify as emerging markets due to factors such as investability concerns, the presence of capital controls, and/or geographic considerations. The Index Provider reviews this definition on an annual basis and it is subject to change based on such reviews.

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WisdomTree Asset Management and Voya IM collaborated on the creation of the Fund, which is designed, in part, to meet certain of the investment needs of the Voya Index Solution Portfolios. As such, the Fund expects the Voya Index Solution Portfolios to be significant investors in the Fund. The Fund, Voya Index Solution Portfolios, and their respective service providers will collectively coordinate the provision of investor services with respect to the shareholders of the Voya Index Solution Portfolios. Voya Investments, LLC, an affiliate of Voya IM, and Voya IM serve as adviser and sub-adviser, respectively, to the Voya Index Solution Portfolios. Due to the investment and servicing relationship between the Fund and the Voya Index Solution Portfolios and their common sub-adviser, Voya IM, the Fund and the Voya Index Solution Portfolios are considered to be part of the "same group of investment companies" or "related funds" for purposes of the Investment Company Act of 1940 (the "1940 Act") and the rules thereunder.

**Bianco Total Return Fund.** The quantity of holdings in the Fund, which generally uses a replication strategy, will be based on a number of factors, including the number of Index constituents and the asset size of the Fund. In addition, from time to time, securities are added to or removed from the Index and consequently the attributes of the Index, such as sectors, industries, or countries represented in the Index and weightings, may change. The Fund may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal from or addition to the Index or to reflect various corporate actions or other changes to the Index. Further, the Fund may overweight or underweight securities in the Index, purchase or sell securities not in the Index, or utilize various combinations of other available techniques, in seeking to track the Index.

*The Bianco Research Fixed Income Total Return Index.* To determine the desired factor exposure of the Index constituents, the Index Committee generally applies tilts to one or more of the factors listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Duration – Option-adjusted modified duration, or a
measure of the Index's sensitivity to interest rate movements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Curve – Yield curve weightings, or how the option-adjusted
modified duration is owned across the yield curve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Credit – Credit weightings, or the Index weighting
of credit-related exposure relative to that of the Baseline Exposures and Baseline Universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Volatility – Structure/MBS weightings, or the Index
weighting of structure/mortgage exposure relative to that of the Baseline Exposures and Baseline Universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Diversification and High Conviction – Outlier exposure
or Index constituents not included in the neutral portfolio.

In calibrating the tilts to the factors listed above, the Index Committee considers both quantitative inputs (*e.g.*, statistical studies of past relationships, valuation measures, and momentum) and qualitative inputs (*e.g.*, a historical understanding of government policy and interpretations of economic statistics and central bank communications).

The Index generally is rebalanced and reconstituted monthly, however, it may be rebalanced and/or reconstituted other than on a monthly basis in response to certain circumstances, such as significant market events or changes in government policy. With each rebalance, the Index Committee will consider the Baseline Exposures and its quantitative and qualitative assessment of current market conditions to calculate desired tilts to the Baseline Exposures. The Index Committee will then assess the current weightings of the Index constituents to determine if they are appropriately aligned to deliver these exposures. If necessary, the Index Committee will adjust the weight of the existing Index constituents and/or add or remove constituents to improve the Index's ability to deliver the desired exposures. The Index Committee may add and/or remove Index constituents in conjunction with any rebalance or reconstitution of the Index, including any rebalance or reconstitution undertaken to address significant market events. To the extent constituents are added to the Index they will be selected from the Eligible ETF Pool and thus, subject to the same eligibility criteria as all other Index constituents.

In deteriorating market environments, the Index Committee may, but is not obligated to, modify the composition of the Index to be more defensive, such as by selecting only Treasury securities as constituents of the Index. In such circumstances, the Fund may similarly modify its holdings to continue to seek to track the Index.

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**Equity Premium Income Fund.** To the extent the Fund's investments in derivatives are included within its 80% investment policy, such derivatives generally will be valued at their notional value for purposes of calculating the Fund's compliance with the 80% investment policy.

The *Volos U.S. Large Cap Target 2.5% PutWrite Index* tracks the performance of a systematic collateralized putwrite strategy. At any point, the Index strategy has two SPY Puts, with different expiration dates, and a collateral account that accrues interest at a theoretical Treasury bill rate on a daily basis. The Fund expects to sell put options on the S&P 500<sup>®</sup> Index to seek to track the performance of the Index. The Fund may also sell put options on the SPDR S&P 500<sup>®</sup> ETF Trust and invest in other call or put options or futures contracts the Adviser or the Sub-Adviser believes will enable the Fund to achieve its investment objective.

**Managed Futures Strategy Fund.** The Fund may invest in other investments that the Fund believes will help it achieve its investment objective, including cash and cash equivalents, as well as in shares of other investment companies (including WisdomTree ETFs).

Unlike the Fund, the WisdomTree Subsidiary is not an investment company registered under the 1940 Act, and therefore may invest in commodities and commodity-linked derivatives to a greater extent than the Fund. The WisdomTree Subsidiary, however, is required to invest in commodity-linked derivatives in a manner consistent with the terms of its private letter ruling and certain provisions of the 1940 Act. The WisdomTree Subsidiary is otherwise subject to the same general investment policies and investment restrictions as the Fund.

**Enhanced Commodity Strategy Fund.** The Fund may invest in other investments that the Fund believes will help it achieve its investment objective, including cash and cash equivalents, as well as in shares of other investment companies (including WisdomTree ETFs).

Unlike the Fund, the WisdomTree Subsidiary is not an investment company registered under the 1940 Act, and therefore may invest in commodities and commodity-linked derivatives to a greater extent than the Fund. The WisdomTree Subsidiary, however, is required to invest in commodity-linked derivatives in a manner consistent with the terms of its private letter ruling and certain provisions of the 1940 Act. The WisdomTree Subsidiary is otherwise subject to the same general investment policies and investment restrictions as the Fund.

**Private Credit and Alternative Income Fund.** The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it 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 quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. In addition, from time to time, securities are added to or removed from the Index and consequently the attributes of the Index, such as sectors, industries, or countries represented in the Index and weightings, may change. The Fund may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal from or addition to the Index or to reflect various corporate actions or other changes to the Index. Further, the Fund may overweight or underweight securities in the Index, purchase or sell securities not in the Index, or utilize various combinations of other available techniques, in seeking to track the Index.

The Index is an equal-weighted index that tracks the performance of 35 publicly-traded Vehicles selected because of their individual exposure to a range of U.S. alternative credit sectors. The Vehicles in the Index are classified based on their investment holdings into one of the six alternative credit sectors defined in the table below:

---

| | |
|:---|:---|
| **Alternative Credit Sector** | **Primary Alternative Credit Investments** |
| Private Corporate Lending | Private loans made to middle market corporations and/or any other type of private middle market corporate lending or financing |
| Public Corporate Debt | High yield bonds ("junk bonds"), broadly syndicated loans and/or collateralized loan obligations ("CLOs") |
| Commercial Real Estate Lending | Commercial real estate-backed loans, non-agency commercial mortgage-backed securities, and/or commercial real estate CLOs |
| Agency Real Estate Debt | Agency residential mortgage-backed securities (including mortgage servicing rights) and/or agency commercial mortgage-backed securities |
| Non-Agency Real Estate Debt | Real estate-backed debt including residential and commercial real estate loans and/or non-agency mortgage-backed securities |
| Multi-Sector Alternative Credit | Combination of investments in the above-referenced five sectors |

---

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Sector reclassification of Vehicles occurs semi-annually and reclassification with respect to a Vehicle generally occurs only if the Vehicle has less than 63.75% exposure to the applicable sector (75% with respect to non-agency real estate debt), among other factors, for the last two reclassification cycles.

Under the 1940 Act, the Fund's investments in BDCs and CEFs are subject to the aggregate limits contained in Section 12(d)(1)(A)(iii). In order for the Fund's investment strategy to be fully implemented, the Fund intends to rely on either Section 12(d)(1)(F) of the 1940 Act or Rule 12d1-4 thereunder to permit the Fund to invest in BDCs and/or CEFs in excess of this limitation, subject to certain conditions.

**Target Range Fund.** The TOPS<sup>®</sup> Global Equity Target Range<sup>®</sup> Index's cash-secured call spread option strategy consists of buying and selling call options on each of the Underlying ETFs, each of which is described below.

Information About the Underlying ETFs

SPDR S&P 500<sup>®</sup> ETF Trust (SPY) - SPY seeks to provide investment results that, before expenses, correspond generally to the performance of the S&P 500<sup>®</sup> Index, which measures the performance of the large capitalization sector of the U.S. equity market.

iShares Russell 2000 ETF (IWM) - IWM seeks to provide investment results that, before expenses, correspond generally to the performance of the Russell 2000 Index, which measures the performance of the small capitalization sector of the U.S. equity market.

iShares MSCI EAFE ETF (EFA) - EFA seeks to provide investment results that, before expenses, correspond generally to the performance of the MSCI EAFE Index, which measures the performance of large- and mid-capitalization developed market equities, excluding the U.S. and Canada.

iShares MSCI Emerging Markets ETF (EEM) - EEM seeks to provide investment results that, before expenses, correspond generally to the performance of the MSCI Emerging Markets Index, which measures the performance of large- and mid-capitalization emerging market equities.

A call spread includes the purchase and sale of a call option on the same Underlying ETF with the same expiration date but the written (*i.e.,* sold short) call option has a higher strike price (*i.e.*, the price at which the Underlying ETF is bought or sold). When a call option is sold, the Fund will receive a premium. The premium received from the sale of a call option generally is expected to offset the cost to the Fund of the purchased call option. As a general example (not indicative of actual cost, which will vary), if the premium received for selling a call option was 1.5% and the marginal cost of purchasing a long call option (difference between the options premium and the intrinsic value) was 2.0%, the net cost of the call spread strategy would be assumed to be near 0.50%. The buyer of a long call option (*e.g.,* the Index or the Fund) pays a premium for the right to purchase shares of the Underlying ETF at a specified price ("strike price") until a specified date ("expiration date"). By writing call options as part of the strategy, maximum returns will be limited compared to what maximum returns could be if the Fund held only long call options. However, if shares of the Underlying ETF do not appreciate above the strike price prior to the expiration date, the call option may become worthless and the buyer's loss is limited to the amount of premium it paid. For example, if a 2% premium were received for writing a 15% out of the money call and the Underlying ETF does not appreciate beyond the original strike price, then the Fund would have no further obligation regarding the option and it would expire worthless (a call option is "out of the money" if the price of the Underlying ETF is less than the strike price of the option). The assumed return to the Fund for writing in this particular option, in this example, would be the 2% premium received less any reflected brokerage expenses.

The seller (writer) of a call option (*e.g.,* the Index or the Fund) receives a premium from the buyer and, in turn, the short call option obligates the seller to deliver shares of the Underlying ETF to the buyer at the strike price until the expiration date. If shares of the Underlying ETF appreciate above the strike price at the time of the expiration date, the option may be exercised against the seller, and the seller may have to deliver shares of the Underlying ETF or close the position. However, if shares of the Underlying ETF do not appreciate above the strike price prior to the expiration date, the call option may become worthless and the seller retains the premium it received.

As options expire, new options are purchased by the Index (and the Fund as well) on the same date, a process known as "rolling." However, in between annual roll dates the Index determines, on a monthly basis, whether to sell the call spread and purchase a new call spread at a different strike price, a process known as "restriking." Restriking refers to the practice of selling an options position and purchasing a new position with a different strike price. Each month the options of each Underlying ETF may be restruck if the price of such Underlying ETF is greater than the strike price of the relevant short call option as of the last business day of each month, excluding the months of January and December (a "Restrike Event"). Following a Restrike Event for an Underlying ETF, new options are selected for such Underlying ETF as of the last business day of the month using the same process as used in January for the annual restrike.

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*Definition of Target Range.* The Fund does not offer what other types of funds refer to as "target outcome" strategies. Target outcome strategies generally seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index and include a buffer against a certain percentage of losses and a cap on potential returns over a defined "Outcome Period" based upon the fund's net asset value per share ("NAV") at the beginning of an Outcome Period.

Because the Fund targets returns only within a prescribed range, in the event that the price of an Underlying ETF were to decline over the annual period, the Fund would typically sustain losses of up to the sum of the total value of the long call option and the short option per the value of the target allocation to each Underlying ETF (before fees, expenses, and taxes), *i.e.,* the lower boundary. Each Underlying ETF will perform differently and may or may not reach its lower boundary during the annual period.

If an Underlying ETF appreciates during the annual period and causes a Restrike Event, the Fund will continue to benefit from the potential for further capital appreciation during the annual period within the upper and lower bounds of the revised range.

The value of an Underlying ETF relative to the Target Range can affect shareholder returns depending on the time of purchase of Fund shares. An investor acquiring Fund shares after the start of the annual period will typically have a different return potential than an investor who purchased Fund shares at the start of the annual period if the position of an Underlying ETF relative to its floor has changed. If during an annual period the price of an Underlying ETF has declined below the floor, the allocation to that Underlying ETF exposure will not realize any appreciation during that time. However, an investor also could potentially earn greater returns relative to an investor that owned shares at the start of the annual period because the investor may experience gains from an exposure to an Underlying ETF from the floor if the Fund recovers the value it lost from the beginning of the annual period through the date the investor purchased his or her Shares.

An illustration of the Index's target range payoff over an annual period is included below. In the table below, Investor Return amounts are shown in percentages and Price of the ETF amounts are in U.S. dollars.

![](wtt1220250485bpos_p159chart.jpg)

**Efficient Gold Plus Gold Miners Strategy Fund.** The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by the Fund's name, including a combination of U.S.-listed gold futures contracts and equity securities issued by Gold Miners, as well as other investments that, combined, have economic characteristics similar or equivalent to those of gold and equity securities issued by Gold Miners.

Unlike the Fund, the WisdomTree Subsidiary is not an investment company registered under the 1940 Act, and therefore may invest in commodities and commodity-linked derivatives to a greater extent than the Fund. The WisdomTree Subsidiary, however, is required to invest in commodity-linked derivatives in a manner consistent with the terms of applicable Treasury Regulations and certain provisions of the 1940 Act. The WisdomTree Subsidiary is otherwise subject to the same general investment policies and investment restrictions as the Fund.

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**Efficient Gold Plus Equity Strategy Fund.** The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by the Fund's name, including a combination of U.S.-listed gold futures contracts and U.S. equity securities, as well as other investments that, combined, have economic characteristics similar or equivalent to those of gold and U.S. equity securities.

Unlike the Fund, the WisdomTree Subsidiary is not an investment company registered under the 1940 Act, and therefore may invest in commodities and commodity-linked derivatives to a greater extent than the Fund. The WisdomTree Subsidiary, however, is required to invest in commodity-linked derivatives in a manner consistent with the terms of applicable Treasury Regulations and certain provisions of the 1940 Act. The WisdomTree Subsidiary is otherwise subject to the same general investment policies and investment restrictions as the Fund.

**Inflation Plus Fund.** The Fund seeks to achieve its investment objective by investing in a portfolio primarily composed of (i) TIPS and other debt securities issued by the U.S. Treasury, (ii) a basket of 15 to 20 commodities futures across the energy, industry metals, grains, precious metals, and soft or agricultural commodities (*e.g.*, coffee, sugar, and cocoa) sectors, and (iii) bitcoin futures and bitcoin ETPs.

The Fund's long and short positions are decided by a composite momentum signal produced by a proprietary model maintained by the Adviser, and consisting of moving average and trend breadth signals at each monthly model rebalance. Contract selection is based on implied carry (*i.e.*, the cost of the futures contract). Generally, the Fund will select long contracts with the highest implied carry, and short contracts with the lowest implied carry, after liquidity and seasonality (*i.e.*, the direction in which futures contract prices are trending) considerations. Positions in precious metals and bitcoin will be either long or flat (not short).

The nominal weight for each commodity with a long or short momentum signal is equal. For example, if every commodity had a long or short signal, weights would be 80% across 16 commodities, or 5% each. If only 14 commodities had a long/short signal, each commodity weight would be approximately 5.7%. For those commodities that have both long and short signals, the maximum weight will be 10% per commodity. The Fund's portfolio is rebalanced monthly to implement the results of the model.

Unlike the Fund, the WisdomTree Subsidiary is not an investment company registered under the 1940 Act, and therefore may invest in commodities, commodity-linked derivatives, and Bitcoin Investments to a greater extent than the Fund. The WisdomTree Subsidiary, however, is required to invest in commodity-linked derivatives and Bitcoin Investments in a manner consistent with the terms of applicable Treasury Regulations and certain provisions of the 1940 Act. The WisdomTree Subsidiary is otherwise subject to the same general investment policies and investment restrictions as the Fund.

From time to time, securities may be added to or removed from any of the Indexes described above and consequently, the attributes of an Index, such as the sectors, industries or countries represented in the Index and/or the weights of individual Index constituents, may change. Investors should also understand that an Index Provider may make changes to an Index with no notice to or input from the Adviser. In addition, between rebalances, an Index (and the Fund seeking to track the Index) may temporarily include constituents that no longer meet the Index's eligibility criteria.

**Non-Principal Information About the Funds' Investment Strategies**

Each Fund may invest in certain other investments that the Adviser and/or the Sub-Adviser believe will help the Fund achieve its investment objective, consistent with the N/A principal investment strategy, including shares of other investment companies (including affiliated investment companies, such as ETFs and ETPs).

***Equity Premium Income Fund.*** The Equity Premium Income Fund may also invest in short-term, high-quality securities issued or guaranteed by non-U.S. governments, agencies and instrumentalities, repurchase agreements backed by U.S. government and non-U.S. government securities, money market mutual funds, deposits, and other obligations of U.S. and non-U.S. banks and financial institutions ("Money Market Securities"). All Money Market Securities acquired by the Fund will be rated investment grade, except that the Fund may invest in unrated Money Market Securities that are deemed by the Adviser or Sub-Adviser to be of comparable quality to Money Market Securities rated investment grade. The term "investment grade," for purposes of Money Market Securities only, is intended to mean securities rated A1 or A2 by one or more nationally recognized statistical rating organizations.

The Equity Premium Income Fund may invest in derivative instruments or other investments not included in the Index, which the Adviser or Sub-Adviser believes will help the Fund to track the Index and whose collective performance is intended to correspond to the Index, including but not limited to put options on the SPDR S&P 500<sup>®</sup> ETF Trust, total return swaps on the S&P 500<sup>®</sup> Index, S&P 500<sup>®</sup> Index futures, and options on S&P 500<sup>®</sup> Index futures. For example, the Fund may invest in total return swaps that create positions equivalent to investments in SPY Puts and three-month Treasury bills.

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**Temporary Defensive Strategies.** Each of the Fixed Income Active Funds, Target Range Fund, Efficient Gold Plus Equity Strategy Fund, Efficient Gold Plus Gold Miners Strategy Fund, Inflation Plus Fund, Enhanced Commodity Strategy Fund, and Managed Futures Strategy Fund (collectively, the "Actively Managed Funds") reserves the right to invest in U.S. government securities, money market instruments, and cash, without limitation, as determined by the Adviser or Sub-Adviser in response to adverse market, economic, political or other conditions. However, the investment processes of the Efficient Gold Plus Equity Strategy Fund, Efficient Gold Plus Gold Miners Strategy Fund, and Inflation Plus Fund (collectively, the "Capital Efficient Funds") are heavily dependent on quantitative models, which do not adjust to take temporary defensive positions. Further, the investment process of the Target Range Fund provides exposure to a cash-secured call spread option strategy similar to its Index, which does not adjust to take temporary defensive positions. Each Actively Managed Fund, except the Target Range Fund and Capital Efficient Funds, also may "hedge" or minimize its exposure to one or more foreign currencies in response to such conditions. In the event that an Actively Managed Fund engages in temporary defensive strategies that are inconsistent with its investment strategies, the Actively Managed Fund's ability to achieve its investment objective may be limited.

**Securities Lending.** Each Fund participates in a securities lending program administered by a third-party securities lending agent, The Bank of New York, pursuant to which it may lend its portfolio securities in an amount not to exceed one-third (33 1/3%) of the value of its total assets to brokers, dealers and other financial institutions desiring to borrow those securities for a variety of reasons, including to facilitate the pursuit of certain investment strategies or to complete transactions to which the borrower may be committed. To protect a Fund, in part, from the risk of borrower default, the borrowing party provides collateral in an amount at least equal to the market value (plus accrued interest) of the borrowed securities. The collateral will be maintained and marked to market daily by the Fund's securities lending agent, who will request any shortfall from the borrower. Each Fund has permitted the securities lending agent to invest any collateral received in short-term, highly liquid investments, such as U.S. government securities, repurchase agreements collateralized by U.S. government securities, and government money market funds, including affiliated government money market funds. The terms of the securities lending program provide that a Fund will receive a portion of the income generated from the loan of its securities and the investment of the collateral received in connection with such loan. In exchange for its services, the securities lending agent also receives a portion of the revenue generated by the securities lending program. While a Fund's portfolio securities are on loan, the borrower has the right to exercise any voting rights associated with those securities and the right to receive dividends and other distributions on those securities. However, each Fund has the right to recall loaned securities in time to vote on any matter of importance to it, and a borrower is obligated to repay to the Fund the amount of any dividends or distributions received on the loaned securities. Generally, a Fund would recall a loaned security to vote a proxy only if the Adviser believes the matter to be voted on could have a material effect on the Fund or its investment in the loaned securities.

**Additional Principal Risk Information About the Funds**

This section provides additional information regarding the principal risks described under "Principal Risks of Investing in the Fund" in the Fund Summaries. Risk information may not be applicable to each Fund. Please consult each Fund's Summary sections to determine which risks are applicable to a particular Fund. Each of the factors below could have a negative impact on Fund performance and trading prices.

**Active Management Risk**

All of the Actively Managed Funds are actively managed using proprietary investment strategies and processes. Each Actively Managed Fund is subject to active management or security-selection risk and its performance therefore will reflect, in part, the ability of the Sub-Adviser to select investments and to make investment decisions that are suited to achieving a Fund's investment objective. The Sub-Adviser's assessment of a particular investment, company, sector, country, state, or municipality and/or assessment of broader economic, financial, or other macro views, may prove incorrect, including because of factors that were not adequately foreseen, and the selection of investments may not perform as well as expected when those investments were purchased or as well as the markets generally, resulting in Fund losses or underperformance. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Actively Managed Funds will achieve their investment objectives or outperform other investment strategies over the short- or long-term market cycles. This risk is exacerbated when an investment or multiple investments made as a result of such decisions are significant relative to an Actively Managed Fund's net assets.

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**Agency Mortgage-Backed Securities Risk**

Certain Funds may invest in agency mortgage-backed securities. Fixed income securities issued by U.S. government agencies, government-sponsored entities, or government corporations, including, among others, FNMA and FHLMC, are generally backed only by the general creditworthiness and reputation of the U.S. government agency, government-sponsored entity, or government corporation issuing the security and are not guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations of FNMA, FHLMC, and other agencies that are placed under conservatorship of the U.S. government. Ginnie Mae securities are generally backed by the full faith and credit of the U.S. government. Some U.S. government agencies, including FNMA and FHLMC, purchase and guarantee residential mortgages and form mortgage-backed securities that they issue to the market. These securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the U.S. (*e.g*., U.S. Treasury bonds). If a U.S. government agency that is the issuer of securities in which a Fund invests is unable to meet its obligations or ceases to exist and no plan is made for repayment of securities, the performance of the Fund will be adversely impacted. Defaults on, or low credit quality or liquidity of, the underlying assets of the mortgage-backed securities may impair the value of these securities and result in losses. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Because of prepayment risk and extension risk, small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of mortgage-backed securities. The value of longer-term securities generally changes more in response to changes in market interest rates than shorter term securities. These securities may be significantly affected by government regulation, market interest rates, market perception of the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying mortgages. During an economic downturn, the mortgages may experience an increase in defaults as borrowers experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile and may reduce the value of such securities.

**Asset-Backed Securities Risk**

Certain Funds may invest in asset-backed securities. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of asset-backed securities. Asset-backed securities can also be subject to the risk of default on the underlying assets. Asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected.

**Assignment Risk**

*Equity Premium Income Fund Only:* In response to a notification of an option holder's desire to exercise the option held, the OCC may randomly assign the exercise notice to a clearing member, which must then assign, randomly or on a first-in-first-out basis, the obligation to a customer who has written that particular option. If the Fund is assigned an exercise notice, the Fund pays the buyer the difference between the Index Option price on the exercise date and the Index Option price when written by the Fund. An exercise notice may be assigned on an open short option position at any time prior to expiration, but more commonly occurs when the option is in the money. As a result, the Fund may be forced to settle a written option position at an inopportune time and at a cost to the Fund, both of which could adversely affect the Fund's performance and ability to track its Index.

**BDC Investing Risk**

*Private Credit and Alternative Income Fund Only*: The Fund will invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in and lend capital to privately held companies. The 1940 Act imposes certain restraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities, and high-quality debt investments that mature in one year or less. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy.

Additionally, a BDC may incur indebtedness only in amounts such that the BDC's asset coverage equals at least 200% after such incurrence. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly traded companies. Investments made by BDCs generally are less liquid than publicly traded securities. The illiquidity of these investments may make it difficult to sell such investments, and the Fund may realize a loss on its investments. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the investment performance of a small number of investments, or even a single investment. Market disruptions, including a downturn in capital markets in general, or a downgrade of the credit rating of a BDC held by the Fund may increase the cost of borrowing to that company, thereby adversely impacting the Fund's returns. Credit downgrades also may result in requirements on a company to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

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Since many of the assets of BDCs do not have readily ascertainable market values, such assets are most often recorded at fair value, in good faith, in accordance with valuation procedures adopted by such companies. Due to the absence of a readily ascertainable market value, and because of the inherent uncertainty of fair valuation, fair value of a BDC's investments may differ significantly from the values that would be reflected if the securities were traded in an established market, potentially resulting in material differences between a BDC's NAV per share and its market value. As a result, shares of BDCs may trade at a discount from their NAV. There can be no assurance that the market discount on shares of any BDC purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase, and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such BDC, thereby adversely affecting the Fund's NAV.

Investment advisers to BDCs may be entitled to compensation based on the BDC's performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. BDCs generally qualify as RICs for U.S. federal tax purposes and, provided they distribute all of their income in the time and manner as required by the tax law, generally will not pay federal income taxes. To the extent that a BDC fails to qualify as a RIC, such a BDC would be subject to U.S. corporate income tax at the regular 21% corporate rate.

**Bitcoin ETPs Risk**

*Enhanced Commodity Fund, Managed Futures Strategy Fund, and Inflation Plus Fund Only:* The Funds currently obtain investment exposure to one or more bitcoin ETPs, which are exchange-traded, pooled investment vehicles that primarily hold bitcoin. Bitcoin ETPs are new products that commenced trading in January 2024 and, therefore, have limited financial and operating histories. The Fund's investment exposure to bitcoin ETPs subjects the Fund to many of the same risks as an investment in bitcoin, including those described herein. As a shareholder in a bitcoin ETP, each WisdomTree Subsidiary (and indirectly, each Fund) holds shares representing a fractional undivided beneficial interest in the net assets of the bitcoin ETP and bear its ratable share of the bitcoin ETP's expenses. As a result, Fund shareholders will indirectly pay the fees of any bitcoin ETP to which a Fund has investment exposure, including the WisdomTree Bitcoin Fund, in addition to a Fund's total annual fund operating expenses. Each Fund expects to purchase shares of bitcoin ETPs in the secondary market at their market prices, which may be highly volatile and may not closely correspond to either the NAV per share of the bitcoin ETP or the price of bitcoin. Shares of bitcoin ETPs may trade at premiums (*i.e.*, the market price of the shares is more than the NAV) or discounts (*i.e.*, the market price of the shares is less than the NAV), which may be significant. The risk that share prices differ from the bitcoin ETP's NAV and/or the price of bitcoin is likely to increase during times of market volatility or stressed market conditions. Under such conditions, the market for shares of bitcoin ETPs may become less liquid making it difficult for the Funds to either increase or decrease its investment exposure to bitcoin ETPs. The shares of bitcoin ETPs in which each WisdomTree Subsidiary may invest and to which each Fund may have investment exposure are generally not registered under the 1940 Act, and therefore, do not afford each WisdomTree Subsidiary and each Fund the investor protections typical of investments in registered funds.

**Bitcoin Risk**

*Enhanced Commodity Fund, Managed Futures Strategy Fund, and Inflation Plus Fund Only:* Bitcoin is a digital asset (also referred to as a "cryptocurrency", "virtual currency", and "digital currency") designed to act as a medium of exchange. Cryptocurrencies like bitcoin are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. Bitcoin futures and bitcoin ETPs are also relatively new and commenced trading in 2017 and in January 2024, respectively. As a result, the markets for bitcoin futures and bitcoin ETPs may be less developed, and at times, potentially less liquid and more volatile, than more established commodity futures and ETP markets. While the bitcoin futures and bitcoin ETP markets have grown substantially and are characterized by significant trading volume, there can be no assurance that this growth will continue or that the trading volume will be maintained. The value of bitcoin is determined primarily by its supply and demand in the global market, which is supported almost exclusively by transactions on digital asset trading platforms. The price of bitcoin may drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. Any such event would be expected to have a similar effect on the prices of bitcoin futures and bitcoin ETPs and thus, could have a significant adverse effect on the Fund. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Fund's exposure to bitcoin-linked assets could result in substantial losses to the Fund.

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The exchanges on which bitcoin trades are largely unregulated and, therefore, more vulnerable to acts of fraud and commercial or operational failure than established, regulated exchanges for securities, derivatives, and other currencies. Digital asset trading platforms have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users' cryptocurrency or other market disruptions. Digital asset trading platforms are more exposed to the risk of market manipulation than exchanges for traditional assets. Digital asset trading platforms that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent as regulated securities exchanges or futures exchanges. Furthermore, many digital asset trading platforms lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as circuit breakers or similar measures designed to prevent sudden drops in trading value (*i.e.*, "flash crashes"). As a result, the price of bitcoin on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, digital asset trading platforms are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of bitcoin or other cryptocurrencies. A cyber or other security breach or a business failure of a digital asset trading platform or related custodian may affect the prices of cryptocurrencies generally or bitcoin specifically. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of bitcoin and the value of bitcoin futures and bitcoin ETPs. Regulation of bitcoin continues to be a priority in both the U.S. and certain foreign jurisdictions and to evolve with the passage of new regulatory initiatives. Future regulation may restrict the use of bitcoin or otherwise adversely affect the supply and demand for bitcoin.

**Call Risk**

*Municipal Bond Funds Only:* Debt securities are subject to call risk. Many bonds may be redeemed at the option of the issuer, or "called," before their stated maturity date. In general, an issuer will call its bonds if they can be refinanced by issuing new bonds which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, a bond issuer will call its high yielding bonds. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates or in securities with a higher risk of default, which may adversely impact the Fund's performance. Such redemptions and subsequent reinvestments would also increase the Fund's portfolio turnover. If the called bond was purchased or is currently valued at a premium, the value of the premium may be lost in the event of prepayment.

**Call Options Risk**

*Target Range Fund Only:* Call options may be subject to volatile swings in price influenced by changes in the value of the Underlying ETF. The call options purchased and sold by the Fund may have imperfect correlation to the returns of their Underlying ETFs, which may in turn adversely affect a Fund's ability achieve its investment objective. With respect to the "in the money" call options purchased by the Fund, if the price of the Underlying ETF's shares do not appreciate above the strike price prior to the expiration date, the Fund may lose the entire amount of the premium that it paid for the call options. With respect to any "out of the money" call options written (sold) by the Fund, if the price of the Underlying ETF's shares appreciate above the strike price prior to the expiration date, the Fund's risk of loss from its obligation to deliver shares of the Underlying ETF to the buyer are limited to the extent the Fund purchased call options on the same Underlying ETF through its call spread strategy, but the Fund's losses may outweigh the gains to the Fund from the receipt of options premiums. In addition, there is no guarantee that an active market will exist for the options at any particular time. Further, trading restrictions or limitations may be imposed on options by an exchange or as a result of government regulations.

*Equity Premium Income Fund Only:* Call options may be subject to volatile swings in price influenced by changes in the value of the underlying asset. The call options purchased and sold by the Fund may have imperfect correlation to the returns of their underlying assets, which may in turn adversely affect the Fund's ability achieve its investment objective. With respect to "in the money" call options purchased by the Fund, if the price of the underlying asset's shares do not appreciate above the strike price prior to the expiration date, the Fund may lose the entire amount of the premium that it paid for the call options. The Fund's losses may outweigh the gains to the Fund from the receipt of options premiums. In addition, there is no guarantee that an active market will exist for the options at any particular time. Further, trading restrictions or limitations may be imposed on options by an exchange or as a result of government regulations.

**Capital Controls and Sanctions Risk**

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action, such as Russia's invasion of Ukraine, and other conditions, may, without prior warning, lead to government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to own or transfer currency, securities or other assets, which may potentially include derivative instruments related thereto. Levies may be placed on profits repatriated by foreign entities (such as the Funds). Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell, transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for shares of a Fund, and cause a Fund to decline in value. A Fund may also be forced to sell or otherwise dispose of foreign investments at inopportune times or prices due to sanctions. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that have been imposed against Russia and other countries and that may further be imposed could vary broadly in scope, and their impact is impossible to predict. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice.

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**Cash Redemption Risk**

When a Fund redeems shares for cash or otherwise includes cash as part of its redemption proceeds, it may be required to sell or unwind its portfolio investments to obtain the cash needed to pay out redemption proceeds. This may cause a Fund to recognize capital gains that it might not have recognized if it had made an in-kind redemption (*i.e.*, distribute securities as payment of redemption proceeds). The Funds generally redeem shares for cash or otherwise includes cash as part of their redemption proceeds. As a result, the Funds may pay out higher annual capital gains distributions than if they redeemed shares in kind. Additionally, a Fund's sale of non-U.S. denominated securities to satisfy a redemption request may generate realized foreign exchange losses that could impact the income distributions paid by a Fund.

**CEF Investing Risk**

*Private Credit and Alternative Income Fund Only:* The Fund will invest in CEFs. The value of the underlying securities held by a CEF could decrease or the portfolio could become illiquid. CEFs may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the CEF's common shares in an attempt to enhance the current return to such CEF's common shareholders. The Fund's investment in the common shares of CEFs that are financially leveraged may create an opportunity for greater total return, but with more volatility than other investments, and greater potential for loss. CEFs are also able to utilize leverage to a greater degree than other investment companies, such as mutual funds or ETFs. As a result, the Fund may be exposed indirectly to leverage through an investment in CEFs, which may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns may be lower. Shares of CEFs frequently trade at a discount from their NAV. There can be no assurance that the market discount on shares of any CEF purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase, and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such CEF, thereby adversely affecting the Fund's NAV.

**Commercial Paper Risk**

*Target Range Fund Only:* The value of the Target Range Fund's investment in commercial paper, which is an unsecured promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer's financial condition or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates. As with other debt securities, there is a risk that the issuer of commercial paper will default completely on its obligations, which risk is heightened under current conditions. Commercial paper is generally unsecured and, thus, is subject to increased credit risk. The Fund may have limited or no recourse against the issuer of commercial paper in the event of default.

**Commodity Risk**

*Enhanced Commodity Fund, Managed Futures Strategy Fund, and Inflation Plus Fund Only:* The Funds may invest in commodities. The value of commodities and commodity-linked derivative instruments typically is based upon the price movements of a physical commodity or an economic variable linked to such price movements. Therefore, the value of commodities and commodity-linked derivative instruments may be affected by, for example, changes in overall market movements, economic conditions, changes in interest rates, or factors affecting a particular commodity or industry, such as production, supply, demand, drought, floods, weather, and political, economic and regulatory developments. The prices of commodities and commodity-related investments may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes, such as stocks, bonds, and cash. An active trading market may not exist for certain commodities. Prices of commodity-linked derivatives instruments have a historically low correlation with the returns of the stock and bond markets and are subject to change based on a variety of factors that may not be anticipated. In addition, bitcoin and bitcoin futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The market for bitcoin futures is also relatively new and commenced trading on the Chicago Mercantile Exchange in 2017. As a result, the market for bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin futures market has grown substantially since bitcoin futures commenced trading, there can be no assurance that this growth will continue. The price of bitcoin could drop precipitously (including to zero), which would be expected to have a similar impact on the bitcoin futures price. Each of these factors and events could have a significant negative impact on a Fund. These factors may impair the ability of a Fund to sell its portfolio holdings quickly or for full value. Commodity derivatives, such as commodity-linked swaps and notes, are subject to the risk that the counterparty to the transaction may default or otherwise fail to perform. Each of these factors and events could have a significant negative impact on the Managed Futures Strategy, Enhanced Commodity Strategy, and Inflation Plus Funds.

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In addition to the factors set forth above, each commodity has risks that are inherent in the investment in such commodity:

*Metals Commodities:* Price movements in commodity futures held by a Fund in metals commodities such as gold, silver, platinum, and copper are affected by many specific additional factors. Some of these metal specific factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A
 change in economic conditions, such as a recession, can adversely affect the price of both
 industrial and precious metals. An economic downturn may have a negative impact on the usage and demand of metals, which
 may result in a loss for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A sudden shift in political conditions of the world's
leading metal producers may have a negative effect on the global pricing of metals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ An increase in the hedging of precious metals may result
in a decline in the price of precious metals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Changes in global supply and demand for industrial and precious
metals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The price and quantity of imports and exports of industrial
and precious metals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Technological advances in the processing and mining of industrial
and precious metals.

*Agricultural Commodities:* Price movements in commodity futures held by a Fund in agricultural commodities, such as wheat, corn and soybeans, are affected by many factors. Some of these agricultural specific factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Farmer planting decisions, and general economic, market,
and regulatory factors all influence the price of agricultural commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Weather conditions, including hurricanes, tornadoes, storms,
and droughts, may have a material adverse effect on crops, live cattle, live hogs, and lumber, which may result in significant fluctuations
in prices in such commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Changes in global supply and demand for agriculture products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The price and quantity of imports and exports of agricultural
commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Political conditions, including embargoes and war, in or
affecting agricultural production, imports, and exports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Technological advances in agricultural production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The price and availability of alternative agricultural commodities.

*Energy Commodities:* Price movements in commodity futures held by a Fund in energy commodities, such as crude oil, heating oil, and natural gas, are subject to risks due to frequent and often substantial fluctuations in energy commodity prices. In the past, the prices of natural gas and crude oil have been extremely volatile, and volatility is expected to continue. The markets and prices for energy commodities are affected by many factors. Some of these factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Changes in global supply and demand for oil and natural gas.
By way of example, the oil market has recently experienced fluctuations in supply and demand, significantly impacting the price and volatility
of oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The price and quantity of imports and exports of oil and
natural gas.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Political conditions, including embargoes and war, in or
affecting other oil producing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The level of global oil and natural gas exploration, inventories,
production, or pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Weather conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Technological advances effecting energy consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The price and availability of alternative fuels.

*Bitcoin.* Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes and uncertainty. Bitcoin's lack of a physical form, reliance on technology for its creation, existence and transactional validation and its decentralization may subject its integrity to the threat of malicious attacks and technological obsolescence. Bitcoin is subject to the risk of fraud, theft, manipulation, security failures, or operational or other problems that impact bitcoin trading venues. In particular, the market for bitcoin futures is relatively new and commenced trading on the Chicago Mercantile Exchange in December 2017. As a result, the market for bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. These factors may increase the likelihood that the price of bitcoin futures will be volatile and/or will deviate from the price of bitcoin. Bitcoin futures may experience significant price volatility. Exchange-specified collateral for bitcoin futures is substantially higher than for most other futures contracts, and collateral may be set as a percentage of the value of the contract, which means that collateral requirements for long positions can increase if the price of the contract rises. While the bitcoin futures market has grown substantially since the futures commenced trading, there can be no assurance that it will continue to grow. This may increase the chance that a Fund will experience increased trading costs when it sells bitcoin futures that are near expiration and purchases bitcoin futures that are further from expiration (a process known as "rolling").

None of these specific commodity factors can be controlled in managing a Fund. Even if current and correct information as to substantially all factors are known or thought to be known, prices still will not always react as predicted.

**Concentration Risk**

*Efficient Gold Plus Gold Miners Strategy Fund Only:* The Fund will concentrate in securities in the metals and mining industry and gold mining sub-industry, and the Fund may be more susceptible to loss due to adverse occurrences that affect the price of gold and the metals and mining industry more than the market as a whole. These sub-industries can be significantly affected by, among other things, commodity price volatility, demand for basic materials, world economic growth, depletion of natural resources, technological progress, and government regulations.

**Counterparty and Issuer Credit Risk**

To the extent that each Fund engages in investment transactions or enters into derivative or other contracts with third parties (*i.e.*, "counterparties") then each Fund bears the risk that the counterparty to such contracts may default on its obligations or otherwise fail to honor its obligations or be perceived (whether by market participants, rating agencies, pricing services, or otherwise) as being in such situations. If a counterparty defaults on its payment obligations, a Fund will lose money and the value of an investment in Fund shares may decrease. In addition, a Fund may engage in such investment transactions with a limited number of counterparties, which may increase a Fund's exposure to counterparty credit risk. Listed futures contracts can be traded on futures exchanges without material counterparty credit. After a trade is cleared, the exchange is the ultimate counterparty for all contracts, so the counterparty risk on a listed futures contract ultimately is the creditworthiness of the exchange's clearing corporation.

The financial condition of an issuer of a debt security or other issuer may cause it to default or become unable to pay interest or principal due on the security. A Fund cannot collect interest and principal payments on a security if the issuer defaults. Recent events in the financials sector have resulted in increased concerns about credit risk and exposure. Well-known financial institutions have experienced significant liquidity and other problems and have defaulted on their debt. The degree of credit risk for a particular debt security or other issuer may be reflected in its credit rating. A credit rating is a measure of a bond issuer's ability to make timely payments of interest and principal. Rating agencies (such as Moody's, S&P, or Fitch) assign letter designations typically ranging from AAA to A- (lower default risk) through CCC to C (higher default risk) or D (in default). A credit rating of BBB- or higher generally is considered "investment grade." Credit ratings are subjective, do not remove market risk, and represent the opinions of the rating agencies as to the quality of the securities they rate. Credit ratings can change quickly and may not accurately reflect the risk of an issuer. Generally, investment risk and price volatility increase as the credit rating of a security declines. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. The value of an investment in a Fund may change quickly and without warning in response to issuer defaults, changes in the credit ratings of the Fund's portfolio investments and/or perceptions related thereto.

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**Currency Exchange Rate Risk**

Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of a Fund's investments and the value of a Fund's shares. Because each Fund's NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in a Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. This is true even if the local currency value of securities in the Fund's holdings goes up. Conversely, the dollar value of your investment in the Fund may go up if the value of the local currency appreciates against the U.S. dollar.

The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include interest rates, national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention, and restrictive or opaque business and investment policies may also reduce the value of a country's currency. Government monetary policies and the buying or selling of currency by a country's government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in a Fund may change quickly, unpredictably, and without warning, and you may lose money.

**Cybersecurity Risk**

The Funds and their service providers may be susceptible to operational and information security risks resulting from a breach in cybersecurity, including cyber-attacks. A breach in cybersecurity, intentional or unintentional, may adversely impact the Funds in many ways, including, but not limited to, disruption of a Fund's operational capacity, loss of proprietary information, theft or corruption of data maintained online or digitally, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information. Cyber-attacks affecting a Fund's third-party service providers, including the Adviser, Sub-Adviser, administrator, custodian, and transfer agent, may subject a Fund to many of the same risks associated with direct cybersecurity breaches and adversely impact the Fund. For instance, cyber-attacks may impact a Fund's ability to calculate its NAV, cause the release of confidential business information, impede trading, cause a Fund to incur additional compliance costs associated with corrective measures, subject a Fund to regulatory fines or other financial losses, and/or cause reputational damage to a Fund. Cybersecurity breaches of market makers, Authorized Participants, or the issuers of securities in which a Fund invests also could have material adverse consequences on a Fund's business operations and cause financial losses for a Fund and its shareholders. While the Funds and their service providers have established business continuity plans and risk management systems designed to address cybersecurity risks, prevent cyber-attacks, and mitigate the impact of cybersecurity breaches, there are inherent limitations on such plans and systems. In addition, the Funds have no control over the cybersecurity protections put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders.

**Debt Securities Risk**

*Bianco Total Return Fund, Inflation Plus Fund, and Municipal Bond Funds Only:* Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a centralized securities exchange making them generally less liquid and more difficult to value than common stock. The values of debt securities may also increase or decrease as a result of market fluctuations, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets generally.

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**Derivatives Risk**

Certain Funds may invest in derivatives, such as forward contracts, futures contracts, and/or swaps, to pursue their investment objectives and implement their principal investment strategies. The use of such derivatives may expose the Fund to risks in addition to and greater than those associated with investing directly in the instruments underlying those derivatives, including risks relating to leverage, correlation (imperfect correlations with underlying instruments or the Fund's other portfolio holdings), volatility, lack of availability, counterparty credit, liquidity, and valuation. The use of such derivatives also may expose the Funds to the performance of investments that they do not own. To the extent a Fund engages in derivatives in an attempt to hedge certain exposures or risks, there can be no assurance that such hedging investments or transactions will be effective. In addition, hedging investments or transactions involve costs and may reduce gains or result in losses, which may adversely affect the Funds. The skills necessary to successfully execute derivatives strategies may be different from those for more traditional portfolio management techniques, and if the Adviser or Sub-Adviser is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited.

Funds that invest in derivatives are also subject to the risk that a change in U.S. law and related regulations will impact the way they operate, increase the particular costs of their operation and/or change the competitive landscape. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which governs a fund's use of derivatives. Among other things, the rule generally requires a fund to adopt a derivatives risk management program, appoint a derivatives risk manager to oversee the program, and comply with an outer limit on fund leverage risk based on value at risk, or "VaR." The rule significantly changes the regulatory framework applicable to a fund's use of derivatives, including by replacing the existing asset segregation regulatory framework in its entirety.

**Forward Contracts**

A forward contract is a private, customizable agreement to buy or sell a specified security or instrument at a future date at a price set at the time of the contract. Forward contracts settle at the end of the agreement and trade over-the-counter. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. A non-deliverable forward currency contract is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies, a net cash settlement will be made by one party to the other. The risks of forward contracts include, but are not limited to: (1) the success of the Adviser's and Sub-Adviser's ability to predict movements in the prices of individual currencies or securities, fluctuations in markets, and movements in interest rates; (2) an imperfect or no correlation between the changes in market value of the currencies or securities and the prices of such contracts; and (3) the risk that the counterparty will default on its obligations.

**Futures Contracts**

A futures contract may generally be described as an agreement for the future sale by one party and the purchase by another of a specified security or instrument at a specified price and time. Futures contracts have standardized terms and trade on an exchange, where prices are settled on a daily basis until the end of the contract. A currency futures contract is a contract to exchange one currency for another at a specified date in the future at an agreed upon exchange rate. An interest rate futures contract is an agreement between a buyer and seller for the future delivery of an interest-bearing asset at a specified date in the future at an agreed upon exchange rate. The risks of futures contracts include, but are not limited to: (1) the success of the Adviser's and Sub-Adviser's ability to predict movements in the prices of individual currencies or securities, fluctuations in markets, and movements in interest rates; (2) an imperfect or no correlation between the changes in market value of the currencies or securities and the prices of futures contracts; and (3) no guarantee that an active market will exist for the contracts at any particular time.

In addition, for the Enhanced Commodity Strategy Fund and Inflation Plus Fund, as the Fund's futures contracts near expiration, they are replaced by contracts that have a later expiration. For example, a contract purchased and held in December 2025 may specify a February 2026 expiration. As that contract nears expiration, it may be replaced by selling the February 2026 contract and purchasing the contract expiring in April 2026. This process is referred to as "rolling." Historically, the prices of crude oil and heating oil have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as "backwardation." In these circumstances, absent other factors, the sale of the February 2026 contract would take place at a price that is higher than the price at which the April 2026 contract is purchased, thereby creating a gain in connection with rolling. While crude oil and heating oil have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. For instance, in May 2020, futures for oil to be delivered in June 2020 traded at times at approximately half of the value of futures for oil to be delivered in January 2021 – or in "contango", as further described below. The absence of backwardation in crude oil and heating oil could adversely affect the value of a Fund.

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Conversely, gold, corn, soybeans, and wheat historically exhibit "contango" markets rather than backwardation. Contango markets are those in which the prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors. Although gold, corn, soybeans, and wheat have historically exhibited consistent periods of contango, contango will likely not exist in these markets at all times. The persistence of contango in gold, corn, soybeans, and wheat could adversely affect the value of a Fund.

**Structured Notes**

Commodity-linked structured notes provide exposure, which may include long and/or short exposure, to the investment returns of individual commodities or commodities markets without investing directly in the underlying physical commodities. The performance of these notes is determined by the price movement of the commodities or commodity indexes underlying the note. The commodities markets are volatile, and small movements in market prices could cause large losses. Further, the prices of commodity-linked structured notes have a historically low correlation with the returns of the stock and bond markets and are subject to change based on a variety of factors that may not be anticipated by the Fund's adviser or sub-adviser. Structured notes are subject to the credit risk of the issuing party and may be less liquid than other types of securities. This means that a Fund may lose all, or substantially all, of its money invested in a commodity-linked structured note if the issuer of the note defaults. If this occurs, a Fund may not be able to readily close out its investment in such note without incurring losses. A Fund may not invest more than 30% of its net assets in swaps and structured notes.

**Swaps**

A swap is an agreement between two parties to exchange the cash flows or values of one asset for another. A currency swap is an agreement between two parties to exchange one currency for another at a future rate. An interest rate swap typically involves the exchange of a floating interest rate payment for a fixed interest payment. A total return swap is an agreement between two parties in which one party agrees to make payments of the total return of a reference asset in return for payments equal to a rate of interest on another reference asset. The risks of swaps include, but are not limited to, the potential to increase or decrease the overall volatility of the Fund's investments and its share price.

A credit default swap is an agreement between two parties: a buyer of credit protection and a seller of credit protection. The Voya Yield Enhanced USD Universal Bond Fund may be either the buyer of credit protection against a designated event of default, restructuring or other credit related event (each a "Credit Event") or the seller of credit protection in a credit default swap. The buyer of credit protection in a credit default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the swap agreement. If no Credit Event occurs, the seller of credit protection will have received a fixed rate of income throughout the term of the swap agreement. If a Credit Event occurs, the seller of credit protection must pay the buyer of credit protection the full notional value of the reference obligation either through physical settlement or cash settlement. If no Credit Event occurs, the buyer of credit protection will have made a series of periodic payments through the term of the swap agreement. However, if a Credit Event occurs, the buyer of credit protection will receive the full notional value of the reference obligation either through physical settlement or cash settlement from the seller of credit protection. A credit default swap may involve greater risks than if the Fund invested directly in the underlying reference obligations. Like all swaps, credit default swaps are particularly vulnerable to counterparty credit, correlation, valuation (*i.e.*, they may require fair valuation involving subjective analysis), liquidity (*i.e.*, they may be considered less liquid or illiquid at times), and leverage (*i.e.*, certain swaps may give rise to leverage which can magnify gains and losses and increase the Fund's sensitivity to market volatility) risks. In addition, a credit default swap may increase the Fund's credit risk because it has exposure to both the issuer of the underlying reference obligation and the counterparty to the credit default swap. Valuation risk also may be increased if there is not an active market for the credit default swaps in which the Fund invests, which makes the credit default swaps more difficult for the Fund to value accurately.

**Downside Loss Risk**

*Target Range Fund Only:* There can be no guarantee that an investor in the Fund will experience limited downside protection, particularly short-term investors, investors that seek to time the market and/or investors that invest over a period other than the annual period. The Fund does not protect an investor against the loss of principal, and an investor may experience significant losses on its investment in the Fund, including the loss of his or her entire investment. The Fund seeks to provide the limited downside protection prior to taking into account the Fund's fees and expenses and costs of investment.

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**Equity Securities Risk**

*Equity Premium Income Fund Only:* The Fund may invest in equity securities. The value of equity securities may fall due to general market and economic conditions, perceptions regarding the markets in which the issuers of equity securities participate, or factors relating to specific issuers of equity securities. For example, an adverse event, such as an unfavorable earnings report, may result in a decline in the value of an issuer's equity securities; the price of an issuer's equity securities may be particularly sensitive to general movements in the securities markets; or a drop in the securities markets may depress the price of an issuer's equities securities. In addition, the equity securities of an issuer may decline in price if the issuer fails to make anticipated dividend payments. Equity securities are subordinated to preferred securities and debt in a company's capital structure with respect to priority in right to a share of corporate income, and therefore will be subject to greater dividend risk than preferred securities or debt instruments. In addition, while broad market measures of equity securities have historically generated higher average returns than fixed income securities, equity securities have generally also experienced significantly more volatility in those returns, although under certain market conditions fixed income securities may have comparable or greater price volatility. A change in the financial condition, market perception or the credit rating of an issuer of securities may cause the value of its securities to decline. With respect to the Equity Premium Income Fund, if the value of equity securities included in the S&P 500<sup>®</sup> Index decrease or fluctuate, causing the value of the S&P 500<sup>®</sup> Index on the Roll Date to fall below the strike price of the Index Options sold by the Fund, the NAV of the Fund will decreases or fluctuates, respectively, as the Index Options increase in value to their owners.

**FLEX Options Risk**

*Target Range Fund Only:* The Target Range Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. Also, since the Fund is not a member of the OCC (a "clearing member"), and only clearing members can participate directly in the OCC, the Fund will hold FLEX Options through commingled omnibus accounts at clearing members. As a result, Fund assets deposited with a clearing member as margin for FLEX Options may, in certain circumstances, be used to satisfy losses of other clients of the Fund's clearing member. Although clearing members guarantee performance of their clients' obligations to the OCC, there is a risk that Fund assets might not be fully protected in the event of the clearing member's bankruptcy.

**Floating Rate Notes Risk**

The Floating Rate Treasury Fund and Inflation Plus Fund invest in floating rate notes. Securities with floating rates can be less sensitive to interest rate changes than securities with fixed interest rates but may decline in value and negatively affect the Fund's NAV, particularly if changes in prevailing interest rates are sudden or more frequent than the rate changes for the Floating Rate Notes, which occur weekly currently. Unlike fixed-rate notes, Floating Rate Notes will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from Floating Rate Notes held by the Floating Rate Treasury Fund or Inflation Plus Fund and may adversely affect the Fund's NAV per share. Generally, Floating Rate Notes carry lower yields than fixed-rate securities of the same maturity. The first Floating Rate Note was issued in 2014 making the issuance of Floating Rate Notes relatively new compared to the broader offering of U.S. Treasury instruments. As a result, the market for Floating Rate Notes generally is not as developed as the markets for certain of the other U.S. Treasury instruments. In addition, there is no guarantee that an active trading market will be maintained.

**Foreign Securities Risk**

Certain Funds may invest in foreign securities. Investments in non-U.S. securities and instruments involve political, regulatory, and economic risks that may not be present in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations, political or economic instability, or geographic events that adversely impact issuers of foreign securities. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting, and investor protection standards than U.S. issuers. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. With respect to certain countries, there is the possibility of government intervention and expropriation or nationalization of assets. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in certain countries. Since foreign exchanges may be open on days when a Fund does not price its shares, the value of the securities in a Fund's portfolio may change on days when shareholders will not be able to purchase or sell a Fund's shares. Conversely, Fund shares may trade on days when foreign exchanges are closed. Each of these factors can make investments in a Fund more volatile and potentially less liquid than other types of investments and may be heightened in connection with investments in developing or emerging market countries. Foreign securities include American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are issued by U.S. banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Global Depositary Receipts ("GDRs"), which are similar to ADRs, represent shares of foreign-based corporations and are generally issued by international banks in one or more markets around the world. Investments in ADRs and GDRs may be less liquid and more volatile than underlying shares in their primary trading markets.

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**Futures Rolling Risk**

*Enhanced Commodity Strategy Fund and Inflation Plus Fund Only:* The Fund invests in or has exposure to commodities futures contracts and is subject to costs associated with and risks related to "rolling." The contractual obligations of a buyer or seller holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. Alternatively, futures contracts may be closed out prior to expiration by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of settlement. Once this date is reached, the futures contract "expires." As the futures contracts held by the Fund near expiration, they are generally closed out and replaced by contracts with a later expiration. This process is referred to as "rolling."

When the market for these contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the "rolling process" of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures prices for longer expiration futures contracts is often referred to as "contango." Alternatively, when the market for these contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the "rolling process" of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as "backwardation." The presence of contango in the relevant futures contracts at the time of rolling would be expected to adversely affect the Fund. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to positively affect the Fund.

There have been extended periods in which contango or backwardation has existed in the futures contracts markets, and such periods can be expected to occur in the future. These extended periods can cause significant losses for the Fund.

Additionally, because of the frequency with which the Fund expects to roll its futures contracts, the impact of such contango or backwardation may be greater than the impact would be if the Fund experienced less portfolio turnover.

**Geographic Investment Risk**

Funds that are less diversified across countries or geographic regions generally are riskier than more geographically diversified funds. To the extent that a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on the Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility.

**Investments in Emerging Markets**

Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. For example, emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political, and economic uncertainty, (iv) governmental controls on foreign investments, market manipulation concerns, and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, accounting, auditing, financial reporting, and recordkeeping standards, (vi) fewer protections of property rights, (vii) limited investor rights and legal or practical remedies available to a Fund against portfolio companies, (viii) restrictions on the transfer of securities or currency or payment of dividends, and (ix) settlement and trading practices that differ from U.S. markets. Each of these factors may impact a Fund's ability to buy, sell, transfer, receive, deliver, or otherwise obtain exposure to, emerging market securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for shares of a Fund and cause a Fund to decline in value. The volatility of emerging markets may be heightened by the actions (such as significant buying and selling) of a few major investors. For example, substantial increases or decreases in cash flows of funds investing in these markets could significantly affect local securities' prices and cause Fund share prices to decline. For these and other reasons, investments in emerging markets are often considered speculative. Risks to foreign investors, such as a Fund, from the restrictive actions of emerging market governments may impact the ability of an Index Fund to track its Index, which is not subject to such restrictions. If an Index Fund is no longer able to seek to track the yield and price performance of its Index, the Index Fund will consider all options available to it, including possibly changing its Index, the performance of which it seeks to track, or its investment objective.

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**Investments in Canada**

The economy of Canada is heavily dependent on the demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Canada is also a top producer of gold as well as nickel, aluminum, and lead. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. The U.S. is Canada's largest trading partner and foreign investor. As a result, changes to the U.S. economy may also significantly affect the Canadian economy.

**Investments in the United States**

The economic, political, regulatory, and other events and conditions that affect issuers and investments in the United States differ significantly from those associated with other countries and regions. For example, routine political events, such as a presidential election, can have a significant effect on the U.S. markets and lead to periods of increased volatility. U.S. financial markets also have become increasingly globalized, hosting participants from all over the world and on a more macro level, becoming more integrated with financial markets around the world. As a result, U.S. financial markets are also increasingly vulnerable to the risks that may affect non-U.S. financial markets. A Fund's investments in the United States are particularly subject to the risk that they, and the U.S. economy more generally, will be adversely affected by a decrease in imports or exports, changes in trade regulations, inflation, and/or an economic recession in the United States. Relatedly, the extensive economic sanctions levied against Russia by a multilateral coalition, including the United States, in response to Russia's invasion of Ukraine in February 2022, have adversely affected and may continue to adversely affect specific U.S. companies and sectors that previously engaged with Russia, such as certain financial institutions with exposure to Russia and companies dependent on raw materials previously sourced from Russia. There also remains a concern that reduced energy supplies from Russia could lead to higher gas prices and exacerbate inflation in the United States. In addition, proposed and adopted policy and legislative changes in the United States have changed and may continue to change many aspects of financial, public health, environmental, and other regulation. Certain of these changes may have a significant effect, either positive or negative, on U.S. markets and issuers, including issuers in which a Fund may invest. A Fund's investments in the United States also may be adversely affected by any one of several geopolitical risks to which the United States is subject, including its precarious strategic competitive relationship with China, increasing environmental and climate risk, and the ever-increasing threat of damaging cyberattacks. The United States has also experienced elevated debt levels and increased internal political discord, as well as significant challenges in managing and containing the outbreak of COVID-19. If these trends were to continue or any of the other risks were to manifest, whether due to conditions or an event originating from within or outside of the United States, it may have an adverse effect on a Fund's investments in the United States and thus, a Fund's performance.

**Geopolitical Risk**

The United States and some countries and regions in which the Funds invest have and may continue to experience security concerns, war, threats of war, aggression and/or conflict, terrorism, economic uncertainty, sanctions or the threat of sanctions, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues, and/or systemic market dislocations (including due to events outside of such countries or regions) that have led, and in the future may lead, to increased short-term market volatility and have adverse long-term effects on the U.S. and world economies and markets generally. Such geopolitical events also may disrupt the orderly functioning of the securities markets globally. Each of the foregoing may negatively impact a Fund's investments.

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**Gold Commodity Risk**

*Efficient Gold Plus Equity Fund and Efficient Gold Plus Gold Miners Strategy Fund Only:* The value of commodities, such as gold, and commodity-linked derivative instruments, such as gold futures contracts, typically is based upon the price movements of the physical commodity or an economic variable linked to such price movements. Price movements in gold and gold futures contracts may fluctuate quickly and dramatically, have a historically low correlation with the returns of the stock and bond markets, and may not correlate to price movements in other asset classes. Some factors that impact the price of gold and gold futures contracts include, but are not limited to, overall market movements, changes in interest rates, changes in the global supply and demand for gold, the quantity of gold imports and exports, factors that impact gold production, such as drought, floods and weather conditions, technological advances in the processing and mining of gold, and changes in economic and/or political conditions, including regulatory developments. A change in economic conditions, such as a recession or economic downturn, may adversely affect the price of precious metals, such as gold, and have a negative impact on the usage and demand for gold, which may result in a loss for the Fund. In addition, a sudden shift in political conditions of the world's leading gold producers may have a negative effect on the global pricing of gold. Further, an increase in the hedging of precious metals, such as gold, may also result in a decline in the price of gold. Each of these factors and events could have a significant negative impact on the Fund. None of these specific commodity factors can be controlled in managing the Fund. Even if current and correct information as to substantially all factors are known or thought to be known, prices still will not always react as predicted.

**Gold Mining Companies Risk**

*Efficient Gold Plus Gold Miners Strategy Fund Only:* By investing in the equity securities of Gold Miners, the Fund may be susceptible to financial, economic, political, or market events that impact the gold mining industry. Additional factors that affect Gold Miners and the gold mining industry include, but are not limited to: commodity prices; tax and government regulations; central bank operations; competitive pressures; the success of exploration projects; and adverse environmental developments. The profitability of Gold Miners can be dramatically affected by the fluctuation in the price of gold, which can be impacted by the factors set forth under Gold Commodity Risk. The price of gold bullion fluctuates substantially over short periods, and as such, the Fund's share price may be more volatile than other types of investments.

**Hedging Risk**

*Duration Funds Only:* The Funds are subject to hedging risk. The short positions in U.S. Treasuries contained in each Fund's underlying Index, as well as the Funds' holdings to obtain such exposure, are not intended to mitigate credit risk or mitigate changes in bond values associated with investor perceptions regarding, or premiums placed on, credit risk (*i.e.*, credit risk premiums) or otherwise mitigate risks associated with other factors influencing the price of such bonds, which may have a greater impact than rising or falling interest rates.

The underlying Index of each Duration Fund seeks to mitigate the potential negative impact of rising U.S. Treasury rates on the performance of bonds in the long portfolio of the Index. There is no guarantee that the short positions will completely eliminate the interest rate risk of the long bond positions.

Each Duration Fund's underlying Index's short positions also may fail to provide the targeted duration in light of changes in the shape of the U.S. Treasury curve. The interest rate profile between the long and short exposures of an index and fund could also evolve significantly between monthly rebalancing. This could lead to temporary dislocations between a Fund's intended and actual sensitivity to interest rates, which could impact performance. There may also be significant differences between the bond markets and U.S. Treasury markets (including futures markets for U.S. Treasuries) that could result in a Fund's short positions performing ineffectively, exacerbating losses, or causing greater tracking error. In addition, when interest rates fall, an unhedged investment in the same long portfolio of bonds will outperform the Fund.

**High Yield Securities Risk**

Certain Funds may invest in high yield securities. The Interest Rate Hedged High Yield Bond Fund invests primarily in high yield securities, rated lower than Baa3 by Moody's, or equivalently rated by S&P or Fitch. Such securities are sometimes referred to as "high yield securities" or "junk bonds." In addition, each Fixed Income Active ETF and the Voya Yield Enhanced USD Universal Bond Fund may invest a limited portion of their assets in securities rated lower than Baa3 by Moody's, or equivalently rated by S&P or Fitch. Investing in high yield securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential for capital appreciation and higher yields, high yield securities typically entail higher price volatility and may be less liquid than securities with higher ratings. Less liquid high yield securities may be more difficult to value accurately and more challenging to sell at an advantageous price or time. The price of high yield securities tends to be more susceptible to issuer-specific operating results and outlook as well as real or perceived adverse economic and competitive industry conditions and, therefore, subject to greater volatility. High yield securities may be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Issuers of securities in default may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.

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**Illiquid Investments Risk**

*Private Credit and Alternative Income Fund Only:* Illiquid investments may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Investments acquired by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the investments, market events, economic conditions, and/or investor perception.

**Implied Volatility Risk**

*Equity Premium Income Fund Only:* When the Fund sells an Index Option, the Fund gains the amount of premium it receives; however, the Fund also incurs a liability that represents the value of the Index Option it has sold until the Index Option is exercised or expires. The value of the Index Options in which the Fund invests is partly based on the volatility used by market participants to price such options (*i.e.*, implied volatility). Consequently, increases in the implied volatility of the Index Options will cause the value of such options to increase (even if the prices of stocks in the S&P 500<sup>®</sup> Index do not change), which will result in a corresponding increase in the liabilities of the Fund under the Index Options and thus decrease the Fund's NAV. The Fund is therefore exposed to implied volatility risk before the Index Options expire or are struck at-the-money. The implied volatility of the Index Options sold by the Fund may increase due to general market and economic conditions, perceptions regarding the industries of companies included in the S&P 500<sup>®</sup> Index, or factors relating to certain of those companies.

**Income Risk**

*Laddered Treasury Funds and Municipal Bond Funds Only:* The Fund is subject to income risk, which is the chance that the Fund's income will decline because of falling interest rates. The Fund's income would decline when interest rates fall because the Fund then must invest new cash flow and cash from maturing bonds in lower-yielding bonds. Income risk is generally higher for short-term bond funds and lower for long-term bond funds.

**Index and Data Risk**

*All Index Funds*: The Index Funds, which employ a "passive management" – or indexing – investment approach (the Fixed Income Index Funds, Equity Premium Income Fund, and Private Credit and Alternative Income Fund, collectively, the "Index Funds"), seek to track the price and yield performance, before fees and expenses, of the applicable Index. Each Index Provider has developed an index methodology that describes both the objective of the Index and the rules pursuant to which the Index is constructed and maintained to seek to achieve its objective. Each Index, however, may not achieve its objective or perform as intended for a variety of reasons, even when constructed and maintained consistently with its rules-based index methodology. As a result, none of the Index Providers, their affiliates or agents, or any contributor of data considered in determining the composition or price of an Index, including the independent index calculation agent, provide any warranty or accept any liability with regard to the quality, accuracy or completeness of an Index, its calculation, its valuation, or any related data, nor does any such entity guarantee that an Index will achieve its objective. While the index provider to the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index is related to the Adviser, no Index Provider is obligated to consider a Fund's interests or those of its shareholders when administering an Index. In addition, each Index Provider may make adjustments to an Index or cease making an Index available without regard to the particular interests of a Fund or its shareholders. Any such decision by an Index Provider may be disruptive to the management of a Fund and adversely affect its performance. The structure and composition of an Index will affect the performance, volatility, and risk of the Index, but also the applicable Fund. Errors in index data, index computations, or the construction or adjustment of an Index in accordance with its index methodology may occur from time to time and may not be identified and/or corrected by the Index Provider, index calculation agent, or other appropriate party for a period of time or at all, which may have an adverse impact on an Index Fund and its shareholders. Each Index may be particularly vulnerable to the risk of an ongoing or sustained error because it generally is not used as a benchmark by other funds or managers. An index error may result in the inclusion or exclusion of constituent securities in the Index or the weighting of constituent securities in the Index that would have been different had data or other information been correct or complete, which may lead to a different investment outcome than would have been the case had such error not occurred. Index errors, as well as the length of time between an Index's and a Fund's regular rebalance and/or reconstitution events, may result in the Fund holding for a period of time, securities or other investments that have become inconsistent with its investment strategies and/or investment criteria. The Adviser and Sub-Adviser seek to manage each Index Fund to track the performance of its Index even in circumstances where it may be determined that the Index composition was not accurate. Consequently, losses or costs associated with an Index error and other related risks may be borne by the applicable Fund and its shareholders, and neither the Adviser, Sub-Advisers, nor their affiliates or agents make any representations or warranties regarding the performance or administration of an Index. The management of each Index Fund is dependent on the operation of its Index. If the computers or other facilities of the Index Provider, index calculation agent, index data providers, if any, and/or other index-related service provider malfunction for any reason, calculation and dissemination of Index values and any scheduled adjustments to the composition of the Index may be delayed. Depending on the duration of the delay, such event may necessitate suspending trading in an Index Fund's shares until normal operation of the Index resumes.

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**Index Construction Risk**

*Target Range Fund Only:* The TOPS<sup>®</sup> Global Equity Target Range<sup>®</sup> Index, and consequently the Target Range Fund, may not succeed in its objective and may not be optimal in its construction, causing losses to the Fund.

**Index Provider Risk**

*Target Range Fund Only:* The Index Provider has the right to make adjustments to the Index or to cease making the Index available without regard to the particular interests of the Fund or the Fund's shareholders. While the Index Provider provides a rules-based methodology that describes what the Index is designed to achieve within a particular set of rules, neither the Index Provider, its agents, nor data providers provide any warranty or accept any liability in relation to the quality, accuracy, or completeness of the Index, its calculation, valuation, or related data, and they do not guarantee that the Index will be in line with the Index Provider's methodology. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, composed, or calculated accurately. If the computers or other facilities of the Index Provider, index calculation agent, and/or data providers malfunction for any reason, calculation and dissemination of Index values may be delayed, which may adversely affect the Fund's implementation of its principal investment strategy. Similarly, if there are errors in index data, index computations, and/or the construction of the Index, such errors may have an adverse impact on the Fund and its shareholders.

**Industrial Development Bonds Risk**

*Municipal Bond Funds Only:* Industrial development bonds are revenue bonds issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, port and parking facilities. To the extent that investments in the industrial development sector represent a significant portion of a Fund's portfolio, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, the overall condition of the industrial development sector. These bonds are normally secured only by the revenues from the project (*i.e.*, revenue bonds) and are not general obligations of the issuer or otherwise secured by state or local government tax receipts (*i.e.*, general obligation bonds). Consequently, the credit quality of these securities is dependent upon the ability of the private business utilizing the facilities financed by the bonds and any guarantor to meet its financial obligations. Payment of interest on and repayment of principal on such bonds are the responsibility of the private business and any guarantor. These bonds are subject to a wide variety of risks, many of which relate to the nature of the specific project maintaining the tax-exempt nature of the securities. The interest earned on these bonds may be subject to the federal alternative minimum tax. Generally, the value and credit quality of these bonds are sensitive to the risks related to an economic slowdown.

**Inflation Risk**

*Inflation Plus Fund Only:* Inflation risk is the risk that an asset, or the cash flow from an asset, will diminish in purchasing power because of future increases in the prices of goods or services (*i.e.*, inflation). Because the principal amount of and the coupon payments on inflation-linked bonds increase with inflation, inflation-linked bonds help protect against increases in inflation rates. An increase in the principal amount of an inflation-linked bond will be considered taxable ordinary income, even though investors do not receive the increased principal until maturity. As a result, in certain circumstances, the Inflation Plus Fund may be required to make annual distributions to shareholders that exceed the cash received by the Fund on its investments. This may cause the Fund to liquidate investments when it might not be advantageous to do so and may have negative tax consequences.

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**Interest Rate Risk**

The market value of fixed income securities, and financial instruments related to fixed income securities, will change in response to changes in interest rates and may change in response to other factors, such as perception of an issuer's creditworthiness. As interest rates rise, the value of certain fixed income securities is likely to decrease. Conversely, as interest rates decline, the value of fixed income securities is likely to increase. Duration is a measure commonly used to determine the sensitivity of a security's price to changes in interest rates. While securities with longer durations tend to produce higher yields, the prices of longer duration securities tend to be more sensitive to changes in interest rates and thus subject to greater volatility than securities with shorter durations. A substantial increase in interest rates also may adversely affect the liquidity of a security, especially those with longer durations. Falling interest rates may give rise to the potential for a decline in a Fund's income and yield. Interest rate changes can be sudden and unpredictable, and are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for bonds. Changes in interest rates could lead to increased volatility and heightened liquidity risk for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund's investments.

**Investment in Other ETFs Risk**

*Bianco Total Return Fund Only:* Because the Fund invests a substantial portion of its assets in other ETFs, the Fund's investment performance and risks may be directly related to the investment performance and risks of the fixed income ETFs in which the Fund invests. In addition, the Fund will pay a proportional share of the fees and expenses of the ETFs in which it invests in addition to its own fees and expenses, which will reduce the Fund's performance. Investments by the Fund in another ETF are subject to, among other risks, the risk that the ETF's listing exchange may halt trading of the ETF's shares, the ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, the ETF may not replicate exactly the performance of the benchmark index it seeks to track, or that the ETF's shares may trade at a discount or premium relative to the NAV of the shares.

**Investment Risk**

As with all investments, an investment in a Fund is subject to loss. Investors in a Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. An investment in a Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Investment in Investment Companies Risk**

*Inflation Plus Fund and Bloomberg U.S. Dollar Bullish Fund Only:* The Fund may purchase shares of investment companies, such as ETFs, mutual funds, and closed-end funds, including affiliated WisdomTree Funds, to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly or when such investments present a more cost-efficient alternative to investing directly in securities. When the Fund invests in another investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the other investment company's expenses. Further, in part because of these additional expenses, the performance of an investment company may differ from the performance the Fund would achieve if it invested directly in the underlying investments of the investment company. While the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, shares of an ETF are traded at market prices, which may vary from the NAV of its underlying investments. Also, the lack of liquidity in an ETF can contribute to the increased volatility of its value in comparison to the value of the underlying portfolio securities. The trading in shares of a listed fund, such as an ETF, also may be halted unexpectedly and for varying periods.

**Investment Style Risk**

Each Index Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. An Index Fund does not attempt to outperform its Index or take defensive positions in declining markets unless the Index is taking similar positions. As a result, each Index Fund's performance may be adversely affected by a general decline in the market segments represented in its Index. The returns from the types of securities in which an Index Fund invests may underperform returns from the various general securities markets or different asset classes. This may cause an Index Fund to underperform other investment vehicles that invest in different asset classes. Different types of securities (*e.g.*, large-, mid-, and small-capitalization stocks) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.

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**Dividend Paying Securities Risk**

*Private Credit and Alternative Income Fund Only:* There is a chance that the ability to pay dividends by the issuer of a preferred stock held by the Fund may deteriorate or the issuer may default (*i.e*., fail to make scheduled dividend payments on the preferred stock or scheduled interest payments on other obligations of the issuer not held by the Fund), which would negatively affect the value of any such holding.

**Issuer Credit Risk**

The financial condition of an issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due on the security, or otherwise fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations. The Funds cannot collect interest and principal payments on a security if the issuer defaults. Recent events in the financials sector have resulted in increased concerns about credit risk and exposure. Well-known financial institutions have experienced significant liquidity and other problems and have defaulted on their debt. The degree of credit risk for a particular debt security or other issuer may be reflected in its credit rating. A credit rating is a measure of a bond issuer's ability to make timely payments of interest and principal. Rating agencies (such as Moody's or S&P) assign letter designations typically ranging from AAA to A- (lower default risk) through CCC to C (higher default risk) or D (in default). A credit rating of BBB- or higher generally is considered "investment grade." Credit ratings are subjective, do not remove market risk, and represent the opinions of the rating agencies as to the quality of the securities they rate. Credit ratings can change quickly and may not accurately reflect the risk of an issuer. Generally, investment risk and price volatility increase as the credit rating of a security declines. The value of an investment in the Funds may change quickly and without warning in response to issuer defaults and changes in the credit ratings of the Funds' portfolio investments.

**Issuer-Specific Risk**

Changes in the actual or perceived financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security's or instrument's value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of a Fund.

**Large Shareholder Risk**

*Voya Yield Enhanced USD Universal Bond Fund Only:* Certain shareholders, including other funds or accounts advised by the Adviser or Sub-Adviser, may from time to time own a substantial amount of the shares of Voya Yield Enhanced USD Universal Bond Fund. Certain funds sub-advised by the Sub-Adviser and advised by an affiliate of the Sub-Adviser are expected to own a substantial amount of the Fund's shares. In addition, a third-party investor, the Adviser or its affiliate, the Sub-Adviser or its affiliate, an Authorized Participant, a lead market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund achieving a specified size or scale (*i.e.*, a seed investor). There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels, or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative effect on the Fund. Such redemptions could adversely affect the ability of the Fund to conduct its investment program, including by causing the Fund to dispose of investments at unfavorable times or its more liquid investments to raise cash sufficient to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. The need to meet such redemptions also could cause the Fund to increase its cash holdings, diluting its investment returns. In addition, transactions by large shareholders may account for a significant percentage of the trading volume in the secondary market and may, therefore, have a material upward or downward effect on the market price of the Fund's shares. Further, such sales may accelerate the realization of taxable income and/or gains to shareholders. To the extent the Fund permits cash purchases, large cash purchases of shares may adversely affect the Fund's performance if the Fund is not able to invest the cash in a timely manner and required to maintain a larger cash position than it would ordinarily.

**Leveraging Risk**

*Capital Efficient Funds Only:* Certain transactions of the Fund such as the use of derivative instruments, will give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if they had not been leveraged. This means that leverage entails a heightened risk of loss.

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**Limited Upside Return Risk**

*Target Range Fund Only:* To the extent the Target Range Fund employs a call spread strategy by selling an "out of the money" short call option on an Underlying ETF, its returns will be limited in the event the Underlying ETF's share price exceeds the strike price of the short call option sold. In the event an investor purchases Fund shares after the date on which the Fund implements the call spread strategy and the share price of the relevant Underlying ETF has risen in value to a level near the cap, there may be little or no ability for that investor to experience an investment gain on an investment in Fund shares with respect to that Underlying ETF, but such investor will remain vulnerable to downside risks. The maximum potential upside return will be further reduced by the Fund's fees and expenses, costs of investment and any shareholder transaction fees.

*Equity Premium Income Fund Only:* By virtue of its put option sales strategy, Equity Premium Income Fund's returns will be subject to an upside limitation on returns attributable to S&P 500<sup>®</sup> Index, and the Fund will not participate in gains beyond such upside limitation. In the event an investor purchases Fund shares between Roll Dates, and the value of the S&P 500<sup>®</sup> Index falls to a level near or below the strike price, there may be little or no ability for that investor to experience a gain on an investment in Fund shares until the next Roll Date.

**Liquidity Risk**

The Funds may invest in municipal debt securities, derivatives, and other instruments that may be less liquid than other types of investments. Investments that are less liquid or that trade less can be more difficult or more costly to buy, or to sell readily at a favorable time or price, compared to other more liquid or active investments. This liquidity risk is a factor of the trading volume of a particular investment, as well as the size and liquidity of the market for such an investment. The derivatives in which the Fund invests may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

**Market Capitalization Risk**

**Large-Capitalization Investing**

The securities of large-capitalization companies may underperform securities of smaller companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Mid-Capitalization Investing**

The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies, but mid-capitalization companies may also underperform the securities of small-capitalization companies because mid-capitalization companies are more mature and are subject to slower growth during economic expansion. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole. Some mid-capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.

**Small-Capitalization Investing**

The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

**Market Risk**

The trading prices of securities, including shares of a Fund, and other instruments may fluctuate, at times significantly, in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market, and economic developments, including, but not limited to, changes in interest rates, government regulation, and the outlook for economic growth or recession, as well as events that impact specific issuers, such as changes to an issuer's actual or perceived creditworthiness. As a result of these and other factors, investors could lose money on their investment in a Fund.

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**Recent Events**

The value of a Fund's investments may be adversely affected by recent and current events occurring outside of the United States, including those affecting foreign markets (including extreme volatility, depressed valuations, and decreased liquidity), significant geopolitical events (including armed conflicts, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies (including pandemics such as the COVID-19 pandemic), among other events. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas, and other militant groups in the Middle East, and related sanctions and trading restrictions have caused significant market disruptions and volatility within the markets in Russia, Europe, the Middle East, and the United States. Similarly, changes in U.S. policy may also introduce heightened risks, including economic policy and market risks, such as with the imposition of tariffs and other trade-related initiatives that could disrupt the market globally. Trade disputes and retaliatory actions, such as embargoes and other trade limitations, may reduce the profitability of companies in which a Fund invests, lead to a significant reduction in international trade, and adversely affect the growth of the global economy. The extent and duration of these and similar conflicts, policy initiatives, and tensions are impossible to predict, and they could result in significant market disruptions, including with respect to certain industries or sectors, such as the oil and the natural gas markets, and may negatively affect global supply chains, inflation, and global growth. These conflicts, policy initiatives, and tensions could adversely affect the value of certain Fund investments, as well as a Fund's performance and liquidity, even if the Fund does not have direct investment exposure to a country involved in a particular conflict or industry directly affected by trade restrictions.

**Models and Data Risk**

*Managed Futures Strategy Fund and Capital Efficient Funds Only:* In implementing the Funds' investment strategies, the Adviser utilizes investment models that may be proprietary or developed by third parties. These models are used to help select a Fund's investments. A Fund is subject to the risk that its investment model may not perform as intended, including because the model may not adequately take into consideration certain factors relevant to a Fund's investment strategy, investments, or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data, any of which may adversely affect the value of a Fund. Models rely on accurate market data inputs among other inputs. If inaccurate or incomplete market data is entered into a model, the results produced by the models will be incorrect. Inaccurate or incomplete data could be attributable to a variety of causes, including lack of publicly available data, data entry errors or incorrect calculations, the application of erroneous or incomplete criteria screens to collect and compile model data, or an interruption in a third party's ability to provide such data for use by a model. Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected by the Sub-Adviser or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund of any investment decisions made in reliance on the erroneous model results. In addition, those models that include a predictive element may incorrectly assess future events or market conditions, and models that seek to evaluate securities or securities markets based on certain market-related assumptions may not be able to precisely evaluate a particular security affected by events unforeseen or not assumed by the model.

**Mortgage- and Asset-Backed Securities Risk**

Certain Funds may invest in mortgage- and asset-backed securities. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed securities. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying mortgages or other assets. Mortgage- and asset-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected. The Funds may invest in mortgage- and asset-backed securities issued by legal entities that are sponsored by banks, investment banks, other financial institutions, or funds and are specifically created for the purpose of issuing such asset-backed securities. Investors in asset-backed securities generally receive payments that are part interest and part return of principal. Certain asset-backed securities may be interest-only securities or principal-only securities. These payments typically depend upon the cash flows generated by an underlying pool of assets and vary based on the rate at which the underlying obligors pay off their liabilities with respect to those underlying assets. The pooled assets provide cash flow to the issuer, which then makes interest and principal payments to investors. Investments in asset-backed securities are subject to many of the same risks that are applicable to investments in fixed income securities generally, including high yield and unrated securities risk, leverage risk, prepayment and extension risk, and regulatory risk. However, asset-backed securities are particularly subject to interest rate, credit, liquidity, and valuation risks. With respect to liquidity and valuation risks, asset-backed securities may be difficult to value accurately or sell at an advantageous time or price and involve greater transaction costs and wider bid/ask spreads than certain other instruments. In addition, the assets or collateral underlying an asset-backed security may be insufficient or unavailable in the event of a default and enforcing and investor's rights with respect to these assets or collateral may be difficult and costly. These risks may be heightened under current economic and market conditions. Investments in asset-backed securities also are subject to risks relating to the underlying pools of assets, including credit risk, default risk (such as a borrower's default on its mortgage obligation and the default or failure of a guarantee underlying the asset-backed security), and prepayment and extension risk with respect to the underlying pool or individual assets represented in the pool. With respect to a mortgage loan backing mortgage-backed securities, when an underlying obligor, such as a homeowner, makes a prepayment, an investor in the securities receives a larger portion of its principal investment back, which means that there will be a decrease in monthly interest payments and the investor may not be able to reinvest the principal it receives as a result of such prepayment in a security with a similar risk, return or liquidity profile. In addition to prepayments, the underlying assets are subject to the risk of defaults, and both defaults and prepayments may shorten the securities' weighted average life and may lower their return, which, in turn, may adversely affect a Fund's investment in the asset-backed securities. The value of asset-backed securities held by a Fund also may change because of actual or perceived changes in the creditworthiness of the underlying asset obligors, the originators, the servicing agents, the financial institutions, if any, providing credit support, or swap counterparties in the case of synthetic asset-backed securities. In addition, there is no guarantee that the insurer or guarantor of mortgage or mortgage-related securities, such as mortgage-backed securities, will meet their obligations.

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**Commercial Mortgage-Backed Securities**

Commercial mortgage-backed securities ("CMBS") are collateralized by one or more commercial mortgage loans. Commercial mortgage loans may be secured by office properties, retail properties, hotels, mixed use properties, or multi-family apartment buildings. Investments in CMBS are subject to the risks of asset-backed securities generally and particularly subject to credit risk, interest rate risk, and liquidity and valuation risk. These risks may be significantly heightened under certain economic and market conditions. Economic downturns, rises in unemployment and other events that limit the activities of and demand for commercial retail and office spaces adversely impact the value of such securities. In addition, adverse developments in local, regional, and national economies generally adversely affect consumer spending, which, in turn, can have a significant negative effect on the economic success of retail space. Retail properties also are subject to other conditions that generally negatively affect the retail sector, such as increased unemployment, increased federal income and payroll taxes, increased health care costs, increased state and local taxes, increased real estate taxes, industry slowdowns, lack of availability of consumer credit, weak income growth, increased levels of consumer debt, poor housing market conditions, adverse weather conditions, natural disasters, plant closings, and other factors. CMBS also are subject to the risk that the value of such securities will decline because, among other things, the securities are not issued or guaranteed as to principal or interest by the U.S. government or a government sponsored enterprise. CMBS often are issued in multiple tranches, each typically characterized by a different seniority. Depending on their respective seniority, individual tranches are subject to increased (and sometimes different) credit, prepayment, liquidity, and valuation risks as compared to other tranches. CMBS may experience greater price volatility than other types of asset-backed securities or mortgage-backed securities.

**Mortgage-Backed Securities**

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**Municipal Securities Risk**

*Bianco Total Return Fund and Municipal Bond Funds Only:* Municipal securities are subject to a variety of risks, including credit, interest rate, prepayment, and valuation risks. Issuers, including governmental issuers, of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may be adversely affected by local political and economic conditions and developments. Further, many municipal securities are issued to finance projects in a specific industry (*e.g.*, education, health care, transportation, or utilities). Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers as well as the value of municipal securities held by the Fund. Other factors that could affect municipal securities include a change in the local, state, or national economy, demographic factors, ecological or environmental concerns, statutory limitations on the issuer's ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in bonds issued pursuant to similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds, or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business, or political events. Changes in a municipality's financial health may also make it difficult for the municipality to make interest and principal payments when due. The values of municipal securities that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Municipal securities may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund's investments. In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality's debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund's investments. In addition, income from municipal securities held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the IRS or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of municipal securities, each with its own unique risk profile. Some of these risks include:

■ *General Obligation Bonds Risk* - timely payments depend
on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

■ *Revenue Bonds (including Industrial Development Bonds) Risk* - timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived
from another source, and may be negatively impacted by the general credit of the user of the facility;

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■ *Private Activity Municipal Bonds Risk* - municipalities and other public authorities issue private
 activity municipal bonds to finance development of industrial facilities for use by a private
 enterprise, which is solely responsible for paying the principal and interest on the bonds,
 and payment under these bonds depends on the private enterprise's ability to do so;

■ *Moral Obligation Bonds Risk* - moral obligation bonds
are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations,
repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality;

■ *Municipal Notes Risk* - municipal notes are shorter-term
municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally
excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes
of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated
proceeds, the notes may not be fully repaid and the Fund may lose money; and

■ *Municipal Lease Obligations Risk* - in a municipal
lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited
taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

**Non-Agency Mortgage-Backed Securities Risk**

*Mortgage Plus Bond Fund and Private Credit and Alternative Income Fund Only:* The Funds may invest in non-agency mortgage-backed securities. Non-agency mortgage-backed securities are mortgage-backed securities issued or guaranteed by private issuers. Non-agency issued mortgage-backed securities are not backed by the full faith and credit of the U.S. government and must rely only on the creditworthiness of the issuer and the underlying mortgages for repayment. As a result, non-agency mortgage-backed securities are subject to heightened risks as compared to agency mortgage-backed securities, including that non-agency mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. Therefore, the mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk, or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose, and borrower characteristics. There may be a limited market for such securities.

**Non-Correlation Risk**

As with all index funds, the performance of an Index Fund and its Index may vary somewhat for a variety of reasons. For example, each Index Fund incurs operating expenses and portfolio transaction costs, while also managing cash flows and potential operational inefficiencies, not incurred by its Index. In addition, an Index Fund may not be fully invested in the securities of its Index at all times or may hold securities not included in its Index or may be subject to pricing differences, differences in the timing of dividend accruals, tax gains or losses, currency convertibility and repatriation, operational inefficiencies, and the need to meet various new or existing regulatory requirements. For example, it may take several business days for additions and deletions to an Index to be reflected in the portfolio composition of an Index Fund. The use of sampling techniques may affect an Index Fund's ability to achieve close correlation with its Index. By using a representative sampling strategy, an Index Fund generally can be expected to have a greater non-correlation risk and this risk may be heightened during times of market volatility or other unusual market conditions. In addition, when markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the Index tracking risk.

**Non-Diversification Risk**

Each Fund is considered to be non-diversified. This means that each Fund may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase a Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on a Fund's performance. However, each Fund intends to satisfy the asset diversification requirements under Subchapter M of the Code, for qualification as a RIC. See the "Taxes – Qualification as a Regulated Investment Company" section of the Statement of Additional Information (the "SAI") for detail regarding the asset diversification requirements.

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**Portfolio Turnover Risk**

The investment strategies of the Bianco Total Return Fund, Bloomberg U.S. Dollar Bullish Fund, Emerging Markets Corporate Bond Fund, Floating Rate Treasury Fund, Interest Rate Hedged U.S. Aggregate Bond Fund, 1-3 Year Laddered Treasury Fund, Mortgage Plus Bond Fund, Yield Enhanced U.S. Aggregate Bond Fund, and Yield Enhanced U.S. Short-Term Aggregate Bond Fund may result in high portfolio turnover rates. High portfolio turnover would result in correspondingly greater transaction expenses and may result in the distribution to shareholders of additional capital gains for tax purposes. These factors may negatively affect a Fund's performance.

**Prepayment and Extension Risk**

*Municipal Bond Funds and Mortgage Plus Bond Fund Only:* Many fixed income securities give the issuer the option to repay or call the security prior to its maturity date. Issuers often exercise this right when interest rates fall. Accordingly, if a Fund holds a fixed income security subject to prepayment or call risk, it will not benefit fully from the increase in value that other fixed income securities generally experience when interest rates fall. Upon prepayment of the security, a Fund would also be forced to reinvest the proceeds at then current yields, which would be lower than the yield of the security that was paid off. This may adversely affect a Fund's NAV. In addition, if a Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), a Fund may lose the amount of the premium paid in the event of prepayment. Many issuers have a right to prepay their fixed income securities. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on prepaid securities. If interests rate rise, then issuers may extend the duration of a fixed income security so that it is paid off more slowly than expected and the value of the security may decline.

**Purchase and Sale Timing Risk**

*Equity Premium Income Fund Only:* Although the Equity Premium Income Fund seeks to implement a strategy similar to that used by the Index, the Fund has multiple Roll Dates each month and, as a result, no matter when an investor purchases Fund shares, even on a Roll Date, the value of the investor's investment in the Fund may not be protected against a decline in the value of the S&P 500<sup>®</sup> Index and may not benefit from a gain in the value of the S&P 500<sup>®</sup> Index. For example, if an investor purchases Fund shares between Roll Dates for one of the Index Options and the value of the S&P 500<sup>®</sup> Index had already decreased below the strike price for those Index Options, the Fund would not seek to protect the investor from any additional decline in the value of the S&P 500<sup>®</sup> Index with respect to that Index Option. The value of the options written by the Fund is dependent on various factors, including, but not limited to, the value and implied volatility of the S&P 500<sup>®</sup> Index. Each of these factors may vary significantly during the period between Roll Dates and affect the Fund's ability to achieve its investment objective between Roll Dates.

*Target Range Fund Only:* Although the Target Range Fund seeks to implement a strategy similar to that used by the Index, which seeks to provide downside protection against Underlying ETF price declines of 15% or less during the annual period while also providing for participation in Underlying ETF gains subject to the upside return limit discussed herein, if an investor purchases Fund shares on any day other than the roll date at the beginning of an annual period or holds shares for more or less than the annual period, the value of the investor's investment in the Fund may not be protected against a decline in the value of an Underlying ETF or other reference asset and may not benefit from a gain in the value of the Underlying ETF or other reference asset. For example, if an investor purchases Fund shares in between roll dates and the price of the shares of each Underlying ETF held by the Fund had already decreased by 10% since the last roll date, the Fund would not seek to protect the new investor from an additional 15% decline in the Underlying ETFs' prices because the Fund strategy to provide limited downside protection is based on the performance of the Underlying ETFs during the annual period, not a shorter or longer period based on when an investor purchases Fund shares. In addition, if there is significant intra-month volatility in the market price of an Underlying ETF (*e.g.,* a significant increase followed by a significant decrease) and an investor purchases and sells the Fund's shares within that month, the investor may experience losses that are greater than the target range performance it seeks. The value of the options purchased (and written) by the Fund is dependent on various factors, including, but not limited to, the value, implied volatility, and implied dividend rate of the Underlying ETFs and interest rates. Each of these factors may vary significantly during the annual period and affect the Fund's ability to implement its strategy and to exceed the performance of the Index in between roll dates.

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**Put Options Risk**

*Equity Premium Income Fund Only:* Options may be subject to volatile swings in price influenced by changes in the value of the underlying instrument. The Fund assumes the risk that it must purchase the underlying instrument at a strike price that may be higher than the market price of the instrument when it writes a put option. Although the Fund collects premiums on the put options that it writes, the premium received may not be sufficient to offset the Fund's losses if the value of the put option's strike price is higher than the market value of the put option and the put option is exercised as of the Roll Date (*i.e.*, the Fund, as the seller of the put option, owes the buyer of the put option). If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses. The Fund's potential return is limited to the amount of option premiums it receives, while the Fund can potentially lose up to the entire strike price of each option it sells. Furthermore, it could be the case that the Index Options sold by the Fund may not perfectly correlate with the returns of their underlying reference assets.

**REIT Investing Risk**

*Private Credit and Alternative Income Fund Only:* The Fund will invest in both equity REITs and mortgage REITs. Equity REITs generally derive their income from rents paid by tenants renting properties directly owned and operated by the REITs. Mortgage REITs generally derive their income from interest payments made on mortgages originated or purchased by the REITs. By investing in REITs, the Fund will be exposed to the risks of owning real estate, such as decreases in real estate values, overbuilding, increased competition, other risks related to local or general economic conditions and developments, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, and fluctuations in rental income. In addition, U.S. REITs are subject to the possibility of failing to qualify for the favorable U.S. federal income tax treatment generally available to them under the Code, and failing to maintain exemption from the registration requirements of the 1940 Act. REITs may use leverage (and some may be highly leveraged), which increases investment risk and the risk normally associated with debt financing and could adversely affect a REIT's operations and market value in periods of rising interest rates. Rising interest rates could result in higher costs of capital for REITs, which could negatively affect a REIT's ability to meet its payment obligations or its financing activity and could decrease the market prices for REITs and for properties held by such REITs. The U.S. residential and commercial real estate markets may, in the future, experience and have, in the past, experienced a decline in value, with certain regions experiencing significant losses in property values. As the demand for, or prices of, real estate increase, the value of the Fund's investments in REITs generally would be expected to also increase. Conversely, declines in the demand for, or prices of, real estate generally would be expected to contribute to declines in the value of the real estate market and REITs. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.

**Repurchase Agreement Risk**

Certain Funds may invest in repurchase agreements. A repurchase agreement is a transaction in which a Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. The Funds will enter into repurchase agreements only with counterparties that are deemed to present acceptable credit risks, and the collateral securing the repurchase agreements generally will be limited to U.S. government securities and cash. If the market value of the underlying obligations of a repurchase agreement declines, the counterparty must provide additional collateral so that at all times the value of the collateral is greater than the repurchase price of the underlying obligations. Nonetheless, should a counterparty become insolvent or otherwise default, there could be a delay before a Fund is able to liquidate the collateral, which would subject the collateral and the Fund to market risk during that period.

**Restricted Securities Risk**

*Voya Yield Enhanced USD Universal Bond Fund Only:* The Fund may invest in restricted securities. Restricted securities cannot be sold to the public without registration with the SEC pursuant to the Securities Act. Unless registered, restricted securities can be sold only in privately negotiated transactions or pursuant to an exemption from registration requirements. There is no guarantee that an active trading market will exist at any time for a particular restricted security and as a result, restricted securities may be classified as illiquid investments. The lack of an active trading market may cause the Voya Yield Enhanced USD Universal Bond Fund to be unable to sell its restricted securities at an advantageous time or at all. The lack of liquidity also may cause restricted securities to be more difficult to value. In addition, to the extent the Fund sells a restricted security holding in a privately negotiated transaction, the price realized from any such sale may be less than that paid by the Fund for such restricted security. Restricted securities also may involve a high degree of business and financial risk, which may result in substantial losses. The Fund may invest in restricted securities, including securities initially offered and sold without registration pursuant to Rule 144A under the Securities Act ("Rule 144A Securities") and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States without registration with the SEC pursuant to Regulation S under the Securities Act ("Regulation S Securities"). Rule 144A Securities and Regulation S Securities generally may be traded freely among certain qualified institutional investors, such as the Fund, and non-U.S. persons. However, the sale of such securities to other U.S. investors is permitted only under limited circumstances, may give rise to resale-related costs, and may take a considerable amount of time to complete.

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**Return of Capital Risk**

*Equity Premium Income Fund Only:* The Fund expects to make monthly distributions regardless of its performance. All or a portion of such distributions may represent a return of capital. A return of capital is the portion of the distribution representing the return of your investment in the Fund. A return of capital is generally tax-free to the extent of a shareholder's basis in the Fund's shares and reduces the shareholder's basis in their shares and results in a higher capital gain or lower capital loss when the shares on which the return of capital distribution was received are sold. After a shareholder's basis in the shares has been reduced to zero, return of capital distributions will be treated as gain from the sale of the shareholder's shares.

**Rolling Risk**

*Equity Premium Income Fund and Target Range Fund Only*: Each Fund's investment strategy is subject to risks related to rolling options. Each Fund may engage in rolling to adjust the strike price or the expiration date of the Fund's options and may roll the options positions in different ways depending on market conditions. Each Fund's ability to realize benefits from rolling its options positions depends in large part on the skill of the Fund's adviser and sub-adviser and their ability to accurately gauge market conditions and forecast market movements. Each Fund expects to frequently roll its options contracts, which will result in increased transaction costs for the Fund. These costs may be further increased to the extent a Fund purchases options contracts farther from expiration, which generally are priced higher than options approaching their expiration. When holding options approaching their expiration, a Fund bears the risk that it may be required to post additional margin for such options positions despite its declining value. In addition, to the extent a Fund elects to roll its options contracts by adjusting its strike prices downward thereby extending its time until expiration, the Fund risks limiting its ability to fully realize upside returns. There is no guarantee that a Fund's options rolling will produce the desired results or expected returns and it may cause the Fund to lose value or fail to meet its investment objective.

**Securitized Credit Securities Risk**

*Mortgage Plus Bond Fund Only:* Securitized Credit Securities are securities typically collateralized by pools of obligations or assets. The value of the Mortgage Plus Bond Fund's investments in Securitized Credit Securities (other than mortgage-backed securities), such as asset-backed securities, collateralized loan obligations and credit risk transfer securities, may be adversely affected by changes in interest rates (whether increasing or decreasing), factors concerning the interests in and structure of the issuer or originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds, or other credit or liquidity enhancements, and/or the market's assessment of the quality of the underlying assets. Securitized Credit Securities can also be subject to the risk of default on the underlying assets, while also being subject to greater liquidity risk than other types of asset-backed securities, and a Fund could incur losses. Many Securitized Credit Securities are also subject to prepayment risk in a declining interest rate environment and extension risk in an increasing rate environment.

**Shares of the Funds May Trade at Prices Other Than NAV**

As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a Fund will not materially differ from a Fund's NAV, there may be times when the market price and the NAV vary significantly, including due to timing reasons, perceptions about the NAV, supply and demand of a Fund's shares (including disruptions in the creation/redemption process), during periods of market volatility and/or other factors. Because securities held by the Bloomberg U.S. Dollar Bullish Fund, Emerging Currency Strategy Fund, Emerging Markets Corporate Bond Fund, Emerging Markets Local Debt Fund, Efficient Gold Plus Equity Strategy Fund, Efficient Gold Plus Gold Miners Strategy Fund, Managed Futures Strategy Fund, and Target Range Fund (collectively, the "Foreign Funds") trade on foreign exchanges that are closed when the Foreign Funds' primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the security's last quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those experienced by domestic ETFs. Thus, you may pay more (or less) than NAV when you buy shares of a Fund in the secondary market, and you may receive more (or less) than NAV when you sell those shares in the secondary market. If an investor purchases Fund shares at a time when the market price is at a premium to the NAV of the Fund's shares or sells at a time when the market price is at a discount to the NAV of the Fund's shares, an investor may sustain losses. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

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**Short Sales Risk**

*Duration Funds and Managed Futures Strategy Fund Only:* The Duration Funds will, and the Managed Futures Strategy Fund may, engage in "short sale" transactions. A short sale involves the sale by a Fund of an instrument or security that it does not own with the hope of purchasing the same security at a later date at a lower price. Short sales are designed to profit from a decline in the price of a security or instrument. A Fund will lose value if the security or instrument that is the subject of a short sale increases in value. This is the opposite of traditional "long" investments where the value of the Fund increases as the value of a portfolio security or instrument increases. A Fund may enter into short positions in U.S. Treasuries as well as short derivative positions through futures contracts on U.S. Treasuries. The Managed Futures Strategy Fund may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards. If the price of the security or derivative that is the subject of a short sale increases, then a Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to a third party in connection with the short sale. The risk of loss on a shorted position arises from the increase in value of the security sold short and is potentially unlimited unlike the risk of loss on a long position, which is limited to the amount paid for the investment plus transaction costs. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to a Fund. Further, in times of unusual or adverse economic, market or political conditions, the Fund may not be able to fully or partially implement its short selling strategy.

**Sovereign Debt Risk**

The Currency Strategy Funds, Emerging Markets Corporate Bond Fund, Emerging Markets Local Debt Fund, and Voya Yield Enhanced USD Universal Bond Fund each may invest a significant portion of its assets in sovereign debt. Investments in sovereign debt securities, such as foreign government debt, involve special risks, including the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the relevant foreign economy as a whole, the government debtor's policy toward the International Monetary Fund or international lenders, any political constraints to which the debtor may be subject, and other political considerations. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of sovereign debt securities held by the Fund. The governmental authority that controls the repayment of sovereign debt may be unwilling or unable to repay the principal and/or interest in accordance with the terms of such securities for a variety of reasons, including if its foreign reserves are limited or otherwise constrained. If an issuer of sovereign debt defaults on payments of principal and/or interest, the Fund may have limited or no legal recourse against the issuer and/or guarantor. In certain cases, remedies must be pursued in the courts of the defaulting party itself. For example, there may be no bankruptcy or similar proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Certain issuers of sovereign debt may be dependent on disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. Such disbursements may be conditioned upon a debtor's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. A failure on the part of the debtor to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the debtor, which may impair the debtor's ability to service its debts on a timely basis. As a holder of sovereign debt, the Fund may be requested to participate in the restructuring of such sovereign indebtedness, including the rescheduling of payments and the extension of further loans to debtors, which may adversely affect the Fund, and there can be no assurance that such restructuring will result in the repayment of all or even part of the debt. Sovereign debt risk is increased for emerging market issuers and certain emerging market countries have declared moratoria on the payment of principal and interest on external debt.

**Subsidiary Investment Risk**

The WisdomTree Subsidiaries are not registered under the 1940 Act and are not subject to all of the investor protections of the 1940 Act. Thus, the Enhanced Commodity Strategy Fund, Capital Efficient Funds, and Managed Futures Strategy Fund (collectively, the "Subsidiary Strategy Funds"), each an investor in its corresponding WisdomTree Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Subsidiary Strategy Funds and the WisdomTree Subsidiaries are organized, respectively, could result in the inability of an Subsidiary Strategy Fund and/or a WisdomTree Subsidiary to operate as intended and could negatively affect an Subsidiary Strategy Fund and its shareholders.

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**Tax Risk**

The Subsidiary Strategy Funds expect to obtain exposure to the commodities markets by entering into commodity-linked derivative instruments, such as listed futures contracts, forward currency contracts, swaps, and structured notes. The Subsidiary Strategy Funds each intend to invest in such commodity-linked derivative instruments, in whole or in part, indirectly through its WisdomTree Subsidiary. In order for a Fund to qualify as a RIC, a Fund must, amongst other requirements detailed in the SAI, derive at least 90% of its gross income each taxable year from "qualifying income." Income from certain commodity-linked derivative instruments in which a Fund invests may not be considered qualifying income. To the extent a Fund makes direct investments in commodity-linked derivative instruments, it will seek to restrict the resulting income from such instruments so that, when combined with its other non-qualifying income, a Fund's non-qualifying income is less than 10% of its gross income. A Fund might generate more non-qualifying income than anticipated, might not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or might not be able to determine the percentage of qualifying income it derives for a taxable year until after year-end. Failure to comply with the qualifying income test would have significant negative tax consequences to Fund shareholders. Under certain circumstances, a Fund may be able to cure a failure to meet the qualifying income test, but in order to do so a Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) a Fund's returns. Important tax information is described in more detail below in the section on "Additional Tax Information."

**TBA Transactions Risk**

The Interest Rate Hedged U.S. Aggregate Bond Fund, Yield Enhanced U.S. Aggregate Bond Fund, Yield Enhanced U.S. Short-Term Aggregate Bond Fund, Mortgage Plus Bond Fund, and Voya Yield Enhanced USD Universal Bond Fund may enter into "TBA Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller, for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. TBA Transactions involving purchase commitments are subject to a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty does not deliver the securities as promised. TBA Transactions involving sale commitments are subject to a risk of loss if the value of the securities to be sold goes up prior to the settlement date. At the time of its acquisition, a TBA security may be valued at less than the purchase price. TBA Transactions also are subject to regulatorily-imposed mandatory margin requirements that will require the Fund to post collateral in connection with its TBA Transactions, which could increase the Fund's cost of investment.

**TIPS Risk**

TIPS are inflation-protected public obligations of the U.S. Treasury. The interest and principal payments of TIPS are adjusted for inflation, typically on a monthly basis, in accordance with changes to a designated inflation index, such as the Consumer Price Index. Due to their inflation adjustment feature, TIPS typically have lower yields than conventional fixed-rate bonds. Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments adjust for inflation. As inflation rises, the values of the TIPS' interest and principal payments increase. Conversely, as inflation decreases, the values of the TIPS' interest and principal payments decrease. Accordingly, the N/A income from TIPS may decline due to deflation, a decline in inflation, or changes in inflation expectations. In addition, TIPS are subject to credit risk and interest rate risk.

**Underlying Fund Risk**

*Target Range Fund Only:* Each Underlying Fund of the Fund is subject to specific risks, depending on its investments. Underlying Funds also are subject to investment advisory fees and other expenses, which are indirectly borne by the Target Range Fund. As a result, your overall cost of investing in the underlying stocks, bonds and other basic assets will be higher than the cost of investing directly in them and may be higher than other mutual funds that invest directly in stocks and bonds.

**Investment in ETFs Risk**

The Target Range Fund may purchase shares of ETFs to gain exposure comparable to that of its Index or certain options while awaiting an opportunity to purchase the options in the Index or when such investments present a beneficial alternative to investing directly in such options. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Further, in part because of these additional expenses, the performance of an ETF may differ from the performance the Fund would achieve if it invested directly in the underlying investments of the ETF or the options in the Index. While the risks of owning shares of an ETF generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, while shares of an ETF generally trade at market prices that are at or near the NAV of the ETF's underlying investments, shares may trade below their NAV. The NAV of shares will fluctuate with changes in the market value of the ETF's holdings. The trading prices of shares will fluctuate in accordance with changes in NAV as well as market supply and demand. The difference between the bid price and ask price, commonly referred to as the "spread," also will vary for an ETF depending on the ETF's trading volume and market liquidity. Generally, the greater the trading volume and market liquidity, the smaller the spread is and vice versa. Any of these factors may lead to an ETF's shares trading at a premium or a discount to NAV.

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**Underlying Investments Risk**

*Private Credit and Alternative Income Fund Only:* Because the Fund invests in Vehicles, its investment performance largely depends on the investment performance of the Vehicles in which it invests. The Fund will pay indirectly a proportional share of the fees and expenses of the Vehicles in which it invests, including their investment advisory and administration fees, in addition to its own fees and expenses. In addition, at times certain segments of the market represented by constituent Vehicles may be out of favor and underperform other segments. Investments by the Fund in a Vehicle are subject to, among other risks, the risk that the listing exchange may halt trading of the Vehicle's shares. In addition, the Fund may be subject to the following risks as a result of investments and strategies pursued by the Vehicles:

**Adverse Developments in the Debt Capital Markets**

Recent market and economic conditions have been unprecedented and challenging. Continued concerns about the systemic impact of inflation, energy costs, the pandemic, geopolitical issues, the availability and cost of credit, sovereign debt levels, the mortgage market and a declining real estate market in the U.S. have contributed to increased market volatility and diminished expectations for the U.S. economy. These conditions, combined with volatile oil prices, declining business and consumer confidence and increased unemployment have contributed to volatility of unprecedented levels. The factors described above have led to an overall reduction in liquidity in the debt capital markets, including sources of liquidity that a Vehicle may wish to utilize. Such conditions could reduce the availability of leverage to a Vehicle, its investments, and potential purchasers of its investments or make such leverage more expensive to obtain, thereby adversely affecting the performance of the Vehicle.

**Agency Mortgage-Backed Securities Risk**

Certain Vehicles may invest in agency mortgage-backed securities. Fixed income securities issued by U.S. government agencies, government-sponsored entities, or government corporations, including, among others, FNMA and FHLMC, are generally backed only by the general creditworthiness and reputation of the U.S. government agency, government-sponsored entity, or government corporation issuing the security and are not guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations of FNMA, FHLMC, and other agencies that are placed under conservatorship of the U.S. government. Ginnie Mae securities are generally backed by the full faith and credit of the U.S. government. Some U.S. government agencies, including FNMA and FHLMC, purchase and guarantee residential mortgages and form mortgage-backed securities that they issue to the market. These securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the U.S. (*e.g.*, U.S. Treasury bonds). If a U.S. government agency that is the issuer of securities in which a Vehicle invests is unable to meet its obligations or ceases to exist and no plan is made for repayment of securities, the performance of the Vehicle will be adversely impacted. Defaults on, or low credit quality or liquidity of, the underlying assets of the mortgage-backed securities may impair the value of these securities and result in losses. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Because of prepayment risk and extension risk, small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of mortgage-backed securities. The value of longer-term securities generally changes more in response to changes in market interest rates than shorter term securities. These securities may be significantly affected by government regulation, market interest rates, market perception of the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying mortgages. During an economic downturn, the mortgages may experience an increase in defaults as borrowers experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile and may reduce the value of such securities.

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**Asset-Backed Securities Risk**

Certain Vehicles may invest in asset-backed securities. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of as-set-backed securities. Asset-backed securities can also be subject to the risk of default on the underlying assets. Asset-backed securities are subject to fluctuations in yield due to pre-payment rates that may be faster or slower than expected.

**Collateralized Loan Obligation Risk**

Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Fund, through its investments in the Vehicles, may invest in collateralized loan obligations that hold loans of uncreditworthy borrowers or in subordinate tranches of a collateralized loan obligation, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

**High Yield Securities Risk**

Investing in high yield securities or junk bonds involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential for capital appreciation and higher yields, high yield securities typically entail higher price volatility and may be less liquid than securities with higher ratings. High yield securities may be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Issuers of securities in default may fail to resume principal or interest payments, in which case the Vehicle may lose its entire investment.

**Highly Leveraged Portfolio Companies**

Certain BDCs in which the Fund invests may invest in highly leveraged portfolio companies with no restriction on the amount of debt the portfolio companies can incur. Substantial indebtedness may add additional risk with respect to a portfolio company, and could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. In some cases, proceeds of debt incurred by a portfolio company could be paid as a dividend to stockholders rather than retained by the portfolio company for its working capital. Leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of such companies or their industries. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

If a portfolio company is unable to generate sufficient cash flow to meet principal and interest payments to its lenders, it may be forced to take other actions to satisfy such obligations under its indebtedness. These alternative measures may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of a BDC's investment(s) in such portfolio company. If such strategies are not successful and do not permit the portfolio company to meet its scheduled debt service obligations, the portfolio company may also be forced into liquidation, dissolution or insolvency, and the value of the BDC's investment in such portfolio company could be significantly reduced or even eliminated.

**Illiquid Investments Risk**

Illiquid investments may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to a Vehicle. Investments acquired by a Vehicle that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the investments, market events, economic conditions, and/or investor perception.

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**Investment in Private and Middle-Market Investments Risk**

Certain Vehicles may make investments in private and middle-market companies, which involve a number of significant risks. Generally, little public information exists about these companies, and if the respective vehicle is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and may lose money. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities that a Vehicle holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Vehicle realizing any guarantees the Vehicle may have obtained in connection with the Vehicle's investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a Vehicle's investment and, in turn, on the Vehicle. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence.

**Issuer Credit Risk**

The financial condition of an issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due on the security, or otherwise fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations. A Vehicle cannot collect interest and principal payments on a security if the issuer defaults. Recent events in the financial sector have resulted in increased concerns about credit risk and exposure. Well-known financial institutions have experienced significant liquidity and other problems and have defaulted on their debt. The degree of credit risk for a particular debt security or other issuer may be reflected in its credit rating. A credit rating is a measure of a bond issuer's ability to make timely payments of interest and principal. Rating agencies (such as Moody's, S&P, or Fitch) assign letter designations typically ranging from AAA to A- (lower default risk) through CCC to C (higher default risk) or D (in default). A credit rating of BBB- or higher generally is considered "investment grade." Credit ratings are subjective, do not remove market risk, and represent the opinions of the rating agencies as to the quality of the securities they rate. Credit ratings can change quickly and may not accurately reflect the risk of an issuer. Generally, investment risk and price volatility increase as the credit rating of a security declines. The value of an investment in a Vehicle may change quickly and without warning in response to issuer defaults and changes in the credit ratings of the Vehicle's portfolio investments.

**Micro-Capitalization Investing Risk**

Micro cap companies may be newly formed or in the early stages of development with limited product lines, markets, or financial resources. Therefore, micro cap companies may be less financially secure than large-, mid-, and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro cap stock prices may be more volatile than large-, mid-, and small-capitalization companies and such stocks may be more thinly traded and thus difficult for a Vehicle to buy and sell in the market.

**Non-Agency Mortgage-Backed Securities Risk**

Certain Vehicles may invest in non-agency mortgage-backed securities. Non-agency mort-gage-backed securities are mortgage-backed securities issued or guaranteed by private issuers. Non-agency issued mortgage-backed securities are not backed by the full faith and credit of the U.S. government and must rely only on the creditworthiness of the issuer and the underlying mortgages for repayment. As a result, non-agency mortgage-backed securities are subject to heightened risks as compared to agency mortgage-backed securities, including that non-agency mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. Therefore, the mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk, or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose, and borrower characteristics. There may be a limited market for such securities.

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**Private Credit Risk**

Private credit investments are restricted securities that are not traded in public markets and are subject to substantial holding periods, so that a Vehicle may not be able to resell some of its holdings for extended periods, which may be several years. A Vehicle may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of the Vehicle. The Vehicle's investments are also subject to the risks associated with investing in private securities. Investments in private securities are not traded in public markets, are illiquid, can be subject to various restrictions on resale, and there can be no assurance that a Vehicle will be able to realize the value of such investments in a timely manner. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt, and the degree to which such assets cover the subject company's debt obligations. The companies in which a Vehicle invests may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

**Restricted Securities Risk**

A Vehicle may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability and may prevent the Vehicle from disposing of them promptly at reasonable prices. The Vehicle may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.

**Senior Secured Loan Risk**

There is a risk that any collateral pledged by portfolio companies in which certain Vehicles may have taken a security interest may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Substantial increases in interest rates and market volatility may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. The value of a Vehicle's assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or affecting borrowers generally. Moreover, the security for a Vehicle's investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees, or other responsible parties and, as a result, a Vehicle may not have priority over other creditors as anticipated. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss. In addition, second lien debt is granted a second priority security interest in collateral, which means that any realization of collateral will generally be applied to pay senior secured debt in full before second lien debt is paid. Similarly, investments in "last out" pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the "first out" piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Senior loans usually include restrictive covenants, which must be maintained by the borrower. A Vehicle may have an obligation with respect to certain senior secured term loan investments to make additional loans upon demand by the borrower.

Senior loans generally are not registered with the SEC and are not listed on any national securities exchange. There is less readily available or reliable information about most senior loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act, or registered under the Securities Exchange Act of 1934, as amended. No active trading market may exist for some senior loans, and some senior loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, which may impair a Vehicle's ability to realize full value and thus cause a material decline in the Vehicle's value. In addition, a Vehicle may not be able to readily dispose of its senior loans at prices that approximate those at which the Vehicle could sell such loans.

**Small-Capitalization Investing Risk**

The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

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**U.S. Government Securities Risk**

U.S. government securities may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. The U.S. government and its agencies and instrumentalities do not guarantee the market value of their securities, which may fluctuate in value and are subject to investment risks, and certain U.S. government securities not backed by the full faith and credit of the United States government are subject to greater credit risk than other types of U.S. government securities. The value of U.S. government obligations may be adversely affected by changes in interest rates. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. Securities issued by the U.S. government historically have been considered to present minimal credit risk. The downgrade in the long-term U.S. credit rating by at least two major rating agencies has introduced greater uncertainty about the ability of the U.S. government to repay its obligations. Further credit rating downgrades or a U.S. credit default could decrease the value and increase the volatility of a Fund's investments.

**U.S. Treasuries Risk**

U.S. Treasuries differ from other securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasuries to decline. A further downgrade of the ratings of U.S. government debt obligations, could result in higher interest rates for individual and corporate borrowers, cause disruptions in the international bond markets and have a substantial negative effect on the U.S. economy. A downgrade of U.S. Treasury obligations from another ratings agency or a further downgrade may cause the value of a Fund's U.S. Treasuries to decline. Additionally, a high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause the U.S. government to issue additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. government will not be able to make principal or interest payments when they are due. In the worst case, unsustainable debt levels can cause a decline in the value of the dollar (which may lead to inflation), and can prevent the U.S. government from implementing effective counter-cyclical fiscal policy in economic downturns.

**U.S. Treasury Exposure Risk**

*Duration Funds Only:* The methodology used to select U.S. Treasuries for the underlying Indexes of the Funds (or U.S. Treasuries or U.S. Treasury futures, in the case of the Funds) for different maturities within the short exposure could produce performance that is dissimilar from other U.S. Treasuries of similar maturities. For example, unique supply and demand conditions could create a market whereby selected U.S. Treasuries or positions trade either more or less expensively than other U.S. Treasuries or positions of the same maturity, which could negatively impact the performance of the Funds.

**Volatility Risk**

*Managed Futures Strategy Fund Only:* The Fund is designed to capture the long-term economic benefits of rising or declining market trends. Frequent or significant short-term price movements could adversely impact the performance of the Fund. "Whipsaw" markets (as opposed to choppy or stable markets), in which significant price movements develop but then repeatedly reverse, could cause substantial losses due to prices moving against the Fund's long or short positions (which are based on prior trends) and generally are not adjusted on an intra-month basis.

**Yield Curve Risk**

*Duration Funds Only:* The Funds and their underlying Indexes will have short exposure to U.S. Treasuries with different maturity dates and weightings. Interest rates do not change uniformly for U.S. Treasuries of differing lengths of maturity in response to market and economic conditions. For example, interest rates for shorter maturity U.S. Treasuries may rise or fall more or less than interest rates for longer maturity U.S. Treasuries and rates may rise for U.S. Treasuries of certain maturities but fall for U.S. Treasuries of different maturities. Changes in interest rates among U.S. Treasuries with different maturities could impact returns produced both by the long exposures and short exposures of the Index and Fund in different ways, which could lead to unexpected performance, including Fund losses. The methodology of each Duration Fund Index and the investment approach of the Duration Funds seek to address this risk, but are subject to the constraints of providing the desired overall interest rate profile and evolving market conditions, and there is no guarantee that any such risk will be reduced or the desired outcome will occur.

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**Additional Non-Principal Risk Information**

**Trading.** Although each Fund's shares are listed for trading on NYSE Arca, Nasdaq, or Cboe (each, a "Listing Exchange") and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Listing Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. The trading market in a Fund's shares may become less liquid in response to deteriorating liquidity in the markets for a Fund's holdings or due to irregular trading activity in the markets. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Listing Exchange, make trading in shares inadvisable. In addition, trading in shares on the Listing Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Listing Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of a Fund will continue to be met or will remain unchanged or that Fund shares will trade with any volume, or at all, on any stock exchange.

**Costs of Buying or Selling Shares.** Investors buying or selling a Fund's shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of a Fund's shares. In addition, secondary market investors also will incur the cost of the difference between the price that an investor is willing to buy shares (the "bid" price) and the price at which an investor is willing to sell shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread for a Fund's shares varies over time based on the trading volume and market liquidity of a Fund's shares and in some cases, the trading volume and market liquidity of a Fund's holdings. Increased trading volume and market liquidity generally have the effect of reducing a fund's bid/ask spread. Further, a relatively small investor base, asset swings, and/or increased market volatility may increase a fund's bid/ask spread. Shares of the Funds, similar to shares of other issuers listed on a securities exchange, may be sold short and are, therefore, subject to the risk of increased volatility associated with short selling. Due to the costs of buying or selling a Fund's shares, including bid/ask spreads, frequent trading of a Fund's shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly trading small investments.

**Securities Lending.** Securities lending subjects the Funds to the risk that the borrower of its securities may fail to return the loaned securities or deliver the proper amount of collateral, which may result in a loss to the Funds. In addition, in the event of the bankruptcy of or other default by the borrower, the Funds could experience losses or delays in recovering the loaned securities or foreclosing on collateral. In some cases, these risks may be mitigated by the indemnification provided by a Fund's securities lending agent. It also is possible that a Fund's securities lending agent could experience financial difficulties or bankruptcy. Should such circumstances arise, the Funds may not receive the fees it has earned and is owed under the securities lending program, and may have difficulty and confront delays in retrieving its loaned securities and/or collateral. In addition, although a Fund receives and invests cash collateral in a conservative manner, it is possible that it could lose money from such an investment or fail to earn sufficient income from its investment to cover the fee or rebate that it has agreed to pay the borrower. A Fund's investment of cash collateral is subject to market appreciation or depreciation and the Fund will bear any loss on the investment of its cash collateral.

**Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.** The Funds may have a limited number of financial institutions that may serve as Authorized Participants. Only Authorized Participants who have entered into agreements with the Distributor (as defined below) may engage in creation or redemption transactions directly with the Funds. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. A Fund's shares may trade at a prolonged and material premium or discount to NAV (or not trade at all) and possibly face trading halts and/or delisting if either of the following events occur: (i) Authorized Participants exit the business, experience a significant business disruption (including through the types of disruptions described under "Cybersecurity Risk" and "Operational Risk"), or otherwise become unable or unwilling to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business, experience a significant business disruption (including through the types of disruptions described under "Cybersecurity Risk" and "Operational Risk"), or significantly reduce their business activities and no other entities step forward to make and support markets in a Fund's shares or otherwise facilitate liquidity in the markets.

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This risk may be heightened to the extent that a Fund invests in derivatives or securities that trade on foreign exchanges or in markets that require foreign securities settlement and/or because Authorized Participants may be required to post collateral in relation to securities settlement, which only certain Authorized Participants may be able to do or are interested in doing.

**Operational Risk.** The Funds and their service providers, including the Adviser, Sub-Adviser, administrator, custodian, and transfer agent, may experience disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, and technology or systems failures, any of which may have an adverse effect on the management or operations of the Funds, including its ability to create and redeem shares. Although the Funds and their service providers seek to mitigate these operational risks through their internal controls and operational risk management processes, these measures may not identify or may be inadequate to address all such risks.

**Portfolio Holdings Information**

Information about each Fund's daily portfolio holdings, including their identities and quantities, is available at www.wisdomtree.com/investments. Each Fund also discloses its complete portfolio holdings as of the end of its fiscal year (August 31) and its second fiscal quarter (February 28) in its reports to shareholders. Each Fund files its complete portfolio holdings as of the end of its first and third fiscal quarters (November 30 and May 31, respectively) with the SEC in Part F of Form N-PORT no later than 60 days after the relevant fiscal period. You can find the SEC filings on the SEC's website, www.sec.gov, or by calling WisdomTree Trust at 1-866-909-WISE (9473). A summary of each Fund's portfolio holdings disclosure policies and procedures is included in the SAI.

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**Management**

**Investment Adviser**

As the Adviser, WisdomTree Asset Management has overall responsibility for the general management and administration of the WisdomTree Trust (the "Trust"), including each of its separate investment portfolios called "Funds." WisdomTree Asset Management is a registered investment adviser with offices located at 250 West 34<sup>th</sup> Street, 3<sup>rd</sup> Floor, New York, New York 10119, and is a leader in ETF management. As of November 30, 2025, WisdomTree Asset Management had assets under management totaling approximately $138.6 billion. WisdomTree\* is the parent company of WisdomTree Asset Management.

WisdomTree Asset Management provides and oversees the implementation of an investment program for each Fund. WisdomTree Asset Management also provides proactive oversight of the Sub-Advisers, defined below, including daily monitoring of each Sub-Adviser's purchase and sale of Fund holdings, and regular review of each Sub-Adviser's investment performance. In addition, WisdomTree Asset Management arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution-related services necessary for the Funds to operate.

\* "WisdomTree" is a registered mark of WisdomTree and has been licensed for use by the Trust.

For the fiscal year or period ended August 31, 2025, the Funds paid management fees to the Adviser, as a percentage of average daily net assets, in the amounts listed below.

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| | |
|:---|:---|
| **Name of Fund** | **Management Fee** |
| Bloomberg U.S. Dollar Bullish Fund | 0.50% |
| Emerging Currency Strategy Fund | 0.55% |
| Emerging Markets Corporate Bond Fund | 0.60% |
| Emerging Markets Local Debt Fund | 0.55% |
| Floating Rate Treasury Fund | 0.15% |
| Interest Rate Hedged High Yield Bond Fund | 0.43% |
| Interest Rate Hedged U.S. Aggregate Bond Fund | 0.23% |
| Mortgage Plus Bond Fund | 0.45% |
| Yield Enhanced U.S. Aggregate Bond Fund | 0.12% |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | 0.12% |
| Voya Yield Enhanced USD Universal Bond Fund | 0.15% |
| Bianco Total Return Fund | 0.50% |
| 1-3 Year Laddered Treasury Fund | 0.15% |
| 7-10 Year Laddered Treasury Fund | 0.15% |
| Core Laddered Municipal Fund | 0.25% |
| High Income Laddered Municipal Fund | 0.35% |
| Equity Premium Income Fund | 0.44% |
| Enhanced Commodity Strategy Fund | 0.55% |
| Managed Futures Strategy Fund | 0.65% |
| Private Credit and Alternative Income Fund | 0.50% |
| Target Range Fund | 0.70% |
| Efficient Gold Plus Gold Miners Strategy Fund | 0.45% |
| Efficient Gold Plus Equity Strategy Fund | 0.20% |
| Inflation Plus Fund | 0.65% |

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Pursuant to the terms of the Investment Advisory Agreement between the Trust, on behalf of the Funds, and the Adviser (the "Investment Advisory Agreement")for each Fund, WisdomTree Asset Management has agreed to pay generally all expenses of each Fund, subject to certain exceptions. For a detailed description of the Investment Advisory Agreement, please see the "Management of the Trust" section of the SAI. Pursuant to a separate contractual arrangement, WisdomTree Asset Management arranges for the provision of chief compliance officer ("CCO") services with respect to each Fund, and is liable and responsible for, and administers payments to the CCO, the Independent Trustees, and counsel to the Independent Trustees. WisdomTree Asset Management receives a fee of up to 0.0044% of each Fund's average daily net assets for providing such services and paying such expenses. WisdomTree Asset Management provides CCO services to the Trust.

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The basis for the Board of Trustees' (the "Board") approval of the Investment Advisory Agreement for each Fund, except the Municipal Bond Funds and the Inflation Plus Fund, is available in the Trust's Semi-Annual Financial Statements and Other Information for the period ended February 28, 2025, which is included as part of the Funds' N-CSR. The basis for the Board's approval of the Investment Advisory Agreement for the Municipal Bond Funds and the Inflation Plus Fund is available in the Trust's Annual Financial Statements and Other Information for the period ended August 31, 2025, which is included as part of each Fund's Form N-CSR.

WisdomTree Asset Management is also responsible for the general management and administration of each WisdomTree Subsidiary's investment program pursuant to a separate investment advisory agreement between the Adviser and each WisdomTree Subsidiary. Under the advisory agreements, the Adviser provides each WisdomTree Subsidiary with the same type of management, for the same fee and under essentially the same terms, as is provided to the Fund. Each WisdomTree Subsidiary has also entered into separate contracts for the provision of custody, transfer agency, and accounting services with the same service providers that provide those services to the Funds.

**Bianco Total Return Fund.** WisdomTree Asset Management has contractually agreed, through December 31, 2026, to reduce the Fund's Management Fee in an amount equal to the management fee paid to it by any WisdomTree Fund in which the Fund invests with respect to such investment. The amount waived may be reduced to offset the incremental costs related to an investment in an underlying fund and paid by WisdomTree Asset Management (*e.g.*, fund accounting, safekeeping, transaction fees, etc.). This waiver agreement may be terminated by WisdomTree Asset Management upon advance notice at the conclusion of any one-year term or by the Fund's Board of Trustees at any time.

WisdomTree Asset Management entered into an agreement with Bianco Research Advisors LLC ("Bianco Research"), pursuant to which Bianco Research agreed to (i) collaborate with WisdomTree Asset Management on the development of the Index and provide certain Index-related support, and (ii) pay WisdomTree Asset Management a flat annual fee to offset certain operational expenses. The agreement further generally provides that Bianco Research is entitled to a license fee, to be paid by WisdomTree Asset Management, equal to half of WisdomTree Asset Management's Management Fee after the payment of the Fund's operational expenses.

**Index Funds.** The Index Provider to each Index Fund, except the WisdomTree Interest Rate Hedged High Yield Bond Fund, is not affiliated with WisdomTree Asset Management, WisdomTree, the Fund's administrator, custodian, transfer agent or the Distributor (defined below), or any of their respective affiliates. No Index Provider makes investment decisions or provides investment advice with respect to a Fund's portfolio holdings or otherwise acts in the capacity of an investment adviser to a Fund.

**Sub-Advisers**

**Mellon Investments Corporation ("Mellon"):** Mellon is responsible for the day-to-day management of each Fund, except for the Voya IM Managed Funds (defined below), NIMNA Managed Funds (defined below), and Insight Managed Funds (defined below) (collectively, the "Mellon Funds"). Mellon, a registered investment adviser, is a leading innovator in the investment industry and manages global quantitative-based investment strategies for institutional and private investors. Its principal office is located at 500 Ross Street, Pittsburgh, Pennsylvania 15258. As of September 30, 2025, Mellon had assets under management totaling approximately $988.3 billion. Mellon is an independently operated indirect subsidiary of The Bank of New York Mellon Corporation, a publicly traded financial holding company. Mellon chooses each Fund's portfolio investments and places orders to buy and sell the portfolio investments. WisdomTree Asset Management pays Mellon for providing sub-advisory services to each of the Mellon Funds.

**Voya Investment Management Co. LLC ("Voya IM"):** Voya IM is responsible for the day-to-day management of the Emerging Markets Corporate Bond Fund, Interest Rate Hedged High Yield Bond Fund, Mortgage Plus Bond Fund, Yield Enhanced U.S. Short-Term Aggregate Bond Fund, and Voya Yield Enhanced USD Universal Bond Fund (collectively, the "Voya IM Managed Funds"). Voya IM, a registered investment adviser, is a leading innovator in the investment industry and manages global quantitative-based investment strategies for institutional and private investors. Its principal office is located at 200 Park Avenue, New York, New York 10166. As of September 30, 2025, Voya IM had assets under management totaling approximately $365 billion.<sup>\*</sup> Voya IM is a wholly-owned indirect subsidiary of Voya Financial, Inc., a publicly traded financial holding company. Voya IM chooses the portfolio investments of each Voya IM Managed Fund and places orders to buy and sell the portfolio investments. WisdomTree Asset Management pays Voya IM for providing sub-advisory services to the Voya IM Managed Funds.

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**Newton Investment Management North America, LLC ("NIMNA"):** NIMNA is responsible for the day-to-day management of the Equity Premium Income Fund, Enhanced Commodity Strategy Fund, Managed Futures Strategy Fund, Target Range Fund, and Inflation Plus Fund (collectively, the "NIMNA Managed Funds"). NIMNA also serves as sub-adviser for each WisdomTree Subsidiary and is responsible for each WisdomTree Subsidiary's day-to-day management. NIMNA chooses each WisdomTree Subsidiary's portfolio investments and place orders to buy and sell each WisdomTree Subsidiary's portfolio investments. NIMNA, a registered investment adviser, is an indirect subsidiary of BNY Mellon, a banking and financial services company. Its offices are located at 201 Washington Street, Boston, Massachusetts 02108. As of September 30, 2025, NIMNA's assets under management totaled approximately $66.3 billion. NIMNA is part of a group of affiliated companies that provide investment advisory services under the brand name "Newton Investment Management." Investment advisory services are provided in the United States by NIMNA and in the United Kingdom by Newton Investment Management Ltd. WisdomTree Asset Management pays NIMNA for providing sub-advisory services to the NIMNA Managed Funds.

**Insight North America LLC ("Insight"):** Insight is responsible for the day-to-day management of the Core Laddered Municipal Fund and High Income Laddered Municipal Fund (together, the "Insight Managed Funds"). Its principal office is located at 200 Park Avenue, 7th Floor, New York, New York 10166-0005. As of September 30, 2025, Insight had assets under management totaling approximately $808.7 billion. Insight chooses the portfolio investments of each Insight Managed Fund and places orders to buy and sell the portfolio investments. WisdomTree Asset Management pays Insight for providing sub-advisory services to the Insight Managed Funds.

*All Funds.* The basis for the Board's approval of the Investment Sub-Advisory Agreement for each Fund, except the Municipal Bond Funds and the Inflation Plus Fund, is available in the Trust's Semi-Annual Financial Statements and Other Information for the period ended February 28, 2025. The basis for the Board's approval of the Sub-Advisory Agreement for the Municipal Bond Funds and the Inflation Plus Fund is available in the Trust's Annual Financial Statements and Other Information for the period ended August 31, 2025, which is included as part of each Fund's Form N-CSR.

WisdomTree Asset Management may hire one or more sub-advisers to perform the day-to-day portfolio management activities for the Funds, subject to its oversight. WisdomTree Asset Management and the Trust have received an exemptive order from the SEC that permits, among other things, WisdomTree Asset Management, with the approval of the Independent Trustees of the Trust, to hire unaffiliated investment sub-advisers for each Fund, except the Private Credit and Alternative Income Fund, Efficient Gold Plus Gold Miners Strategy Fund, and Efficient Gold Plus Equity Strategy Fund, without submitting the sub-advisory agreement to a vote of the Fund's shareholders. The Trust, however, would notify shareholders in the event a new sub-adviser is hired or an existing sub-adviser is terminated and/or replaced. WisdomTree Asset Management has ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee any sub-adviser and recommend its hiring, termination, and replacement.

\* Voya IM assets of $365 billion are calculated on a market value basis for all accounts. Voya IM assets of $366 billion, as reported in Voya Financial SEC filings, represent revenue generating assets for which Voya Investment Management LLC and the registered investment advisers it wholly owns, has full discretionary investment management responsibility.

**Portfolio Managers**

**Mellon**

Mellon utilizes teams of investment professionals acting together to manage the assets of the Mellon Funds. The teams meet regularly to review portfolio holdings and to discuss purchase and sale activity. The teams adjust holdings in each Fund's portfolio as they deem appropriate in the pursuit of the Fund's investment objective.

The individual members of the team who are jointly and primarily responsible for the day-to-day management of each Mellon Fund's portfolio, except the Bianco Total Return Fund, Private Credit and Alternative Income Fund, Efficient Gold Plus Equity Strategy Fund, and Efficient Gold Plus Gold Miners Strategy Fund, are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been with Mellon since 1995. Ms. Walker-Smith leads a team of portfolio managers covering domestic and international index portfolios, as well as corporate actions. Previously, she served as an equity index portfolio manager and equity trader for Mellon. Prior to joining the firm, Ms. Walker-Smith was a trader for Banc One Investment Advisors Corporation and a brokerage services manager for Mid Atlantic Capital Corporation. She has been in the investment industry since 1990. Ms. Walker-Smith earned an MBA in finance from the University of Pittsburgh and a BA in history and Russian from Washington & Jefferson College.

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David Nieman, a Vice President and Portfolio Manager, has been with the Sub-Adviser since 2013. Mr. Nieman is responsible for managing global aggregate, high yield, and emerging market local currency funds, as well as duration hedged strategies. Prior to joining the Sub-Adviser, Mr. Nieman worked for State Street Global Advisors where he managed credit and interest rate strategies. Mr. Nieman earned a Master's Degree in International Economics and Finance from Brandeis University and a Bachelor's Degree in Economics from Brigham Young University.

Gregg Lee, CFA, a Senior Vice President and Senior Portfolio Manager, has been with the Sub-Adviser since 1989. Mr. Lee is responsible for domestic and international fixed income portfolios. He oversees the MBS/securitized sector and helps with the refinement and implementation of the portfolio management process. Mr. Lee also manages global aggregate portfolios, including all constituents and custom indexes, and fixed income ETFs. Previously, Mr. Lee managed and traded active fixed income portfolios, with an emphasis on MBS and asset-backed securities, and co-managed fixed income hedge funds. Prior to that, he served as head of fixed income trading, managed credit portfolios, worked in equity and multi-strategy portfolio management, and traded equities and derivatives. Mr. Lee joined the investment industry in 1989. Mr. Lee earned a BS in managerial economics from the University of California at Davis. He holds the CFA<sup>®</sup> designation and is a member of the CFA Institute and CFA Society San Francisco.

William Newton, CFA, a Vice President and Portfolio Manager, has been with the Sub-Adviser since 2012. Mr. Newton is responsible for domestic and international fixed income index portfolio management. Mr. Newton began at the Sub-Adviser as a portfolio analyst responsible for overseeing implementation across emerging market debt, core and core plus fixed income, and interest rate strategies. Prior to becoming a portfolio manager, Mr. Newton worked as a quantitative research analyst responsible for modeling valuations and asset allocations as well as modeling risk, ratings, and ESG factors for developed and emerging market economies. Mr. Newton has been in the investment industry since 2006 and began his career as a trading assistant for Rampart Investment Management, Co. Mr. Newton earned his BA from St. Lawrence University and holds the CFA<sup>®</sup> designation.

The Bianco Total Return Fund, Private Credit and Alternative Income Fund, Efficient Gold Plus Equity Strategy Fund, and Efficient Gold Plus Gold Miners Strategy Fund are managed by Mellon's Equity Index Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Funds' portfolios are identified below.

Marlene Walker-Smith, a Senior Director and Chief Investment Officer, has been with Mellon since 1995. Ms. Walker-Smith leads a team of portfolio managers covering domestic and international index portfolios, as well as corporate actions. Previously, she served as an equity index portfolio manager and equity trader for Mellon. Prior to joining the firm, Ms. Walker-Smith was a trader for Banc One Investment Advisors Corporation and a brokerage services manager for Mid Atlantic Capital Corporation. She has been in the investment industry since 1990. Ms. Walker-Smith earned an MBA in finance from the University of Pittsburgh and a BA in history and Russian from Washington & Jefferson College.

David France, CFA, a Senior Vice President, has been with Mellon since 2009. Mr. France is a senior portfolio manager and team manager in the equity index portfolio management group. He manages and leads a team of portfolio managers responsible for U.S. and non-U.S. equity index portfolios. Prior to joining the firm, he was an investment advisor with PNC Wealth Management. Previously, he worked as an investment analyst with Greycourt, an independent advisory firm serving wealthy families and foundations, and before that he held various fixed income and equity support positions at T. Rowe Price. He has been in the investment industry since 1995. Mr. France earned an MS in finance from Loyola University Maryland and a BSBA in accounting from Duquesne University. He holds the CFA<sup>®</sup> designation and is a member of CFA Institute and CFA Society Pittsburgh.

Todd Frysinger, CFA, a Senior Vice President, has been with Mellon since 2007. Mr. Frysinger is a senior portfolio manager and team manager in the equity index portfolio management group. He manages and leads a team of portfolio managers responsible for U.S. and non-U.S. equity index portfolios. Prior to joining the firm, Mr. Frysinger served as assistant portfolio manager for Mellon Financial Corporation's Corporate Treasury group, managing fixed income investment portfolios. He has been in the investment industry since 1996. Mr. Frysinger earned an MS in finance from Boston College and a BS in finance and management from Elizabethtown College. He holds the CFA<sup>®</sup> designation and is a member of CFA Institute and CFA Society Pittsburgh.

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Vlasta Sheremeta, CFA, a Senior Vice President, has been with Mellon since 2011. Ms. Sheremeta is a senior portfolio manager and team manager in the equity index portfolio management group. She manages and leads a team of portfolio managers responsible for U.S. and non-U.S. equity index portfolios. Prior to joining the firm, she provided trade execution support to the FX trading desk at BNY Mellon. She has been in the investment industry since 2010. Ms. Sheremeta earned an MBA from Carnegie Mellon University and a BS in business administration from the University of Pittsburgh. She holds the CFA<sup>®</sup> designation and is a member of the CFA Institute and the CFA Society of Pittsburgh.

Michael Stoll, a Senior Vice President, has been with Mellon since 2005. Mr. Stoll is a senior portfolio manager and team manager in equity index portfolio management group. He manages and leads a team of portfolio managers responsible for U.S. and non-U.S. equity index portfolios. Prior to joining the firm, he was a senior manager in consulting engineering at Northgate Environmental Management. He has been in the investment industry since 2005. Mr. Stoll earned an MBA and an MS in geotechnical engineering from the University of California at Berkeley and a BS in civil engineering from the University of California at Irvine.

**Voya IM**

The Emerging Markets Corporate Bond Fund is managed by Voya IM's Emerging Markets Debt portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Anil Katarya and Anthony Routh.

The Interest Rate Hedged High Yield Bond Fund is managed by Voya IM's High Yield portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Scott Frost and David Oberto.

The Mortgage Plus Bond Fund is managed by Voya IM's Securitized Credit and Agency RMBS portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Dave Goodson, Jonathan Abshire, and Justin McWhorter.

The Yield Enhanced U.S. Short-Term Aggregate Bond Fund is managed by Voya IM's Multi-Sector Fixed Income portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Sean Banai, Dave Goodson, Vinay Viralam, and Rajen Jadav.

The Voya Yield Enhanced USD Universal Bond Fund is managed by Voya IM's Fixed Income Strategies portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Sean Banai, Dave Goodson, Vinay Viralam, and Rajen Jadav.

Jonathan Abshire, CFA, Senior Vice President, Portfolio Manager, Structured Finance, is a senior portfolio manager on the non-agency RMBS and ABS securities team at Voya IM. Previously, Mr. Abshire completed a four-year expatriate assignment with the European ABS team in the Netherlands, overseeing a structured finance portfolio. Mr. Abshire began his career with Voya IM in the structured finance group, working on the non-agency RMBS and credit card ABS portfolios. He received a BBA with a concentration in finance from the Goizueta Business School at Emory University and is a CFA<sup>®</sup> Charterholder.

Sean Banai, CFA, is head of multi-sector for the fixed income platform at Voya IM. Previously, Mr. Banai was a senior portfolio manager and before that head of quantitative research for proprietary fixed income. Prior to joining Voya IM in 1999, he was a partner in a private sector company. Mr. Banai received a BA and an MS in actuarial science from Georgia State University. He holds the Chartered Financial Analyst<sup>®</sup> designation.

Scott Frost, CFA, is a Senior Vice President and high yield Portfolio Manager at Voya IM. Prior to joining Voya, he was a sell-side high yield analyst at PNC Capital Markets. Mr. Frost earned an MSIA from Carnegie Mellon University and a BS with honors in business administration from Bowling Green State University. He is a CFA<sup>®</sup> Charterholder.

Dave Goodson, a Managing Director, Head of Securitized Fixed Income and a Senior Portfolio Manager for non-agency and agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities strategies at Voya IM. Prior to joining Voya IM, he was a principal at an independent investment bank focused on asset-backed commercial paper transactions. Previously, Mr. Goodson began his career as a vice president in Wachovia Securities' asset-backed finance group, marketing and executing securitizations for the bank's corporate clients. He earned a BS in management from the Georgia Institute of Technology.

Rajen Jadav, CFA, is a Senior Vice President and Portfolio Manager for the fixed income team at Voya IM. Prior to joining Voya, Mr. Jadav was a senior product specialist at Allianz Global Investors where he was responsible for covering and supporting sales and distribution of the global fixed income team's product offering in North America. Prior to that, Mr. Jadav was a portfolio manager at AllianceBernstein where he held various positions managing US multi-sector, US TIPS, stable value, global multi-sector and municipal money market portfolios. Mr. Jadav earned a MA in economics from New York University and a BS in business management and economics from SUNY at Stony Brook. He is a CFA<sup>®</sup> Charterholder.

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Anil Katarya, CFA is Global Head of the Investment Grade Credit Team and Senior Portfolio Manager at Voya IM. Previously, Mr. Katarya was the head of credit portfolio management and also served as a portfolio manager and credit analyst on the investment grade team since joining Voya IM in 2000. Prior to joining the firm, Mr. Katarya was a financial analyst for Mirant Inc. He received a BS in mechanical engineering from Kurukshetra University, India, and an MBA from Georgia State University. Mr. Katarya holds the Chartered Financial Analyst<sup>®</sup> designation.

Justin McWhorter, CFA, CPA, is a Senior Portfolio Manager at Voya IM. For most of his investment career, he has specialized in agency mortgage-backed securities and collateralized mortgage obligations. Currently, Mr. McWhorter manages several mortgage-only funds, in addition to the agency mortgage sleeves of multi-sector fixed income products for Voya. Current and previous areas of focus include mortgage derivatives, agency debentures, mortgage repurchase agreements, dollar rolls, and the mortgage financing desk. Mr. McWhorter earned both an MA and a BS from the University of Georgia. He is a CFA<sup>®</sup> Charterholder and Certified Public Accountant.

David Oberto is a Lead Portfolio Manager, Income and Growth at Voya IM. He joined the firm following Voya's integration of certain assets and teams comprising the substantial majority of Allianz Global Investors U.S. ("AllianzGI") business, where he was a portfolio manager and director with portfolio management, research and trading responsibilities for the income and growth strategies team. Mr. Oberto served as portfolio manager for the U.S. High Yield Bond strategy and was also responsible for managing multiple closed-end and open-end mutual funds. Prior to that, he was a portfolio administrator, a credit default swaps (CDS) account manager and a trade-closer at Bain Capital. Mr. Oberto earned a BSBA with a concentration in finance and a minor in economics from Fordham University and an MS in finance from the D'Amore-McKim School of Business at Northeastern University.

Anthony Routh is a Portfolio Manager on the emerging markets debt team at Voya IM. Previously at Voya, he was a portfolio manager on the structured finance team, covering non-agency mortgages and asset-backed securities. Prior to that, Mr. Routh was an analyst for the non-agency MBS trading desk at Voya. He earned a BBA in finance from the University of Georgia.

Vinay Viralam, CFA, is a Senior Vice President, Asset Allocation Strategist for the fixed income team at Voya IM. Prior to joining Voya, he worked at Goldman Sachs Asset Management, focused on cross-sector research and portfolio management. Mr. Viralam earned a BS in finance, economics, and electrical & systems engineering from the University of Pennsylvania. He is a CFA<sup>®</sup> Charterholder.

**NIMNA**

NIMNA utilizes teams of investment professionals acting together to manage the assets of the NIMNA Managed Funds. The individual members of the team who are jointly and primarily responsible for the day-to-day management of each NIMNA Managed Funds' portfolio, are identified below.

James Stavena is the Head of Portfolio Management, Multi-Asset Solutions at NIMNA since September 2021. Prior thereto, James was a portfolio manager and senior portfolio manager at Mellon Investments Corporation and Mellon Capital (both BNY Mellon group companies). James joined the BNY Mellon group of companies in 1998. Earlier in his career, James was a currency options trader with both Credit Suisse First Boston and HSBC in New York and London, respectively. He received his M.B.A. from Rice University and has over 30 years of investment experience.

Torrey Zaches is a Portfolio Manager, Multi-Asset Solutions team at NIMNA since September 2021. Prior thereto, Torrey was a portfolio manager and senior portfolio manager at Mellon Investments Corporation and Mellon Capital (both BNY Mellon group companies). Prior to joining BNY Mellon in 1998, Torrey worked at Mercer Global Advisors providing global asset allocation investment solutions to small businesses and high net worth clients. He earned an MBA from the University of Southern California and a BA in economics from the University of California at Santa Barbara. He holds the CFA<sup>®</sup> designation and is a member of the CFA Institute.

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**Insight**

The Insight Managed Funds are managed by the Insight's portfolio management team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Insight Managed Funds' portfolios are identified below.

Daniel Rabasco, CFA, Head of Municipal Bonds. Mr. Rabasco joined Insight in September 2021 following the transition of Mellon Investments' fixed income strategies to Insight. He has worked in the investment industry since 1987. Mr. Rabasco is the head of municipal bonds, overseeing and guiding the investment management process for the firm's tax-exempt strategies. Previously, he was the chief investment officer for tax-exempt bonds and prior to that position, Mr. Rabasco was the head of trading for tax-exempt bonds, responsible for managing the municipal bond trading desk. Before joining Mellon Investments, Mr. Rabasco directed the municipal bond group at Fleet where he was responsible for managing mutual fund, common trust fund and high net worth client assets. Previously, he was a portfolio manager at Evergreen Investments, where he managed national and state-specific mutual funds. His other responsibilities included hospital and high yield credit analysis. Mr. Rabasco began his career as a municipal analyst at Liberty Insurance Company. He holds a BA from Boston College and an MBA from Suffolk University. Mr. Rabasco has served as a member of the Municipal Securities Rulemaking Board's Investor Advisory Group (2004-2008). He is a CFA charterholder and is a member of the CFA Institute.

Jeffrey Burger, CFA, Senior Portfolio Manager. Mr. Burger joined Insight in September 2021 following the transition of Mellon Investments' fixed income strategies to Insight. He has been in the investment industry since 1998 and joined Mellon Investments in 2009 as a senior analyst specializing in land-secured and special tax bonds. He is now a senior portfolio manager for US municipal bond strategies. He is responsible for managing US municipal bond strategies for institutional, high net worth and mutual fund clients. Previously, Mr. Burger worked at Columbia Management as a portfolio manager and senior research analyst and at Fitch Ratings as a senior-level analyst. Mr. Burger was elected to the Society of Municipal Analysts in 2019 and is a former chairman and member of the executive committee and board of governors for the National Federation of Municipal Analysts. He is also a former president of the Boston Municipal Analysts Forum. Mr. Burger earned an MPA from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a BA degree, cum laude, in policy studies and public relations from Syracuse University. He is a CFA charterholder and is a member of the CFA Institute.

Bo Wu, CFA, CAIA, Associate Portfolio Manager. Mr. Wu joined Insight in November 2021 as a Senior Portfolio Analyst within the Fixed Income Group, focusing on municipal bonds. He became an Associate Portfolio Manager in February 2024. Prior to Insight, Mr. Wu held a number of positions from 2013 to 2021 at the KeyState Companies, where he started his investment career. He was most recently an Assistant Vice President in the Financial Institution Group. Prior to this, he held investment analyst and investment officer roles at KeyState Companies. Mr. Wu earned a Master of Science in Finance degree from Pepperdine University and a BA from Shanghai University of International Business and Economics. He is a CFA charterholder and is a member of the CFA Institute. Mr. Wu also holds a CAIA charter from the Chartered Alternative Investment Analyst Association.

The Funds' SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of shares in the Funds.

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**Additional Information on Buying and Selling Fund Shares**

Most investors will buy and sell shares of the Funds in secondary market transactions through broker-dealers at market prices, which may be greater than (premium) or less than (discount) the NAV of the Funds' shares. Shares of the Funds trade on the Listing Exchange and elsewhere during the trading day and can be bought and sold throughout the trading day like other shares of publicly traded securities. When buying or selling shares through a broker, most investors will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. Shares of the Funds trade under the trading symbols listed on the cover of this Prospectus. Recent information regarding a Fund's NAV, market price, premiums and discounts, and bid/ask spreads is available on the Fund's website at www.wisdomtree.com/investments.

**Share Trading Prices**

Transactions in Fund shares will be priced at NAV only if you are an institutional investor (*e.g.*, broker-dealer) that has signed an agreement with the Distributor (as defined below) and you thereafter purchase or redeem shares directly from a Fund in Creation Units. As with other types of securities, the trading prices of shares in the secondary market can be affected by market forces such as supply and demand, economic conditions and other factors. The price you pay or receive when you buy or sell your shares in the secondary market may be more or less than the NAV of such shares.

**Determination of Net Asset Value**

The NAV of each Fund's shares is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the Listing Exchange, generally 4:00 p.m., New York Time (the "NAV Calculation Time"). NAV per share is calculated by dividing a Fund's net assets by the number of Fund shares outstanding.

Each Fund's net assets are comprised of its portfolio securities and other investments and assets, including cash and net investment income and realized and unrealized capital gains that have previously been earned but not yet distributed. As a result, when a shareholder purchases shares of a Fund, part of the NAV is often comprised of such income and gains prior to the purchase, which are included in the purchase price paid by the shareholder. Further, any payment of an income dividend or distribution of capital gains will result in a decrease in a Fund's NAV.

In calculating its NAV, a Fund generally values: (i) equity securities (including common stocks and preferred stock) traded on any recognized U.S. exchange at the last sale price or official closing price on the exchange or system on which they are principally traded; (ii) unlisted equity securities (including preferred stock) at the last quoted sale price or, if no sale price is available, at the mean between the highest bid and lowest ask price; (iii) fixed income securities at current market quotations or mean prices obtained from broker-dealers or independent pricing service providers; (iv) foreign equity securities at the last sale price or official closing price on the exchange or system on which they are principally traded or, as determined necessary, at fair value (*i.e.*, a good faith approximation of the value of a security determined based on limited inputs and the consideration of a number of subjective factors) under the circumstances described below; (v) money market funds at their NAV per share; and (vi) derivatives investments at fair value using a variety of information (*e.g.*, futures contracts are generally fair valued based on the last sale price). In addition, a Fund may invest in affiliated ETFs which are valued at their last sale or official closing price on the exchange on which they are principally traded or at their NAV per share in instances where the affiliated ETF has not traded on its principal exchange.

The values of foreign securities generally are determined at the close of such foreign markets or the NAV Calculation Time, if earlier. Investments quoted in foreign currencies are valued in U.S. dollars at the prevailing currency exchange rates. If a Fund holds securities primarily listed on foreign exchanges that trade on weekends or days when the Fund does not price its shares, the Fund's NAV will reflect the foreign market changes at the next NAV Calculation Time. Similarly, if a Fund holds securities primarily listed on foreign exchanges that are closed while U.S. markets are open, the Fund's NAV will reflect the fair value of those securities as determined by the Valuation Designee (as defined below).

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than the NAV Calculation Time, the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until the NAV Calculation Time to determine if fair valuation would provide a more accurate valuation.

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Pursuant to Board-approved valuation procedures established by the Trust and the Adviser, the Board has appointed the Adviser as each Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Adviser has established procedures for its fair valuation of each Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Fair value pricing is used by the Valuation Designee when reliable market quotations are not readily available or are not deemed to reflect current market values and when the instrument to be priced is not a security. Fund holdings that may be valued using fair value pricing may include, but are not limited to, foreign securities due to the time difference between the close of the relevant foreign exchanges and the NAV Calculation Time, securities for which there are no current market quotations or whose issuer is in default or bankruptcy, securities subject to corporate actions (such as mergers or reorganizations), securities subject to non-U.S. investment limits or currency controls, and securities affected by "significant events." An example of a significant event is an event occurring after the close of the market in which a security trades but before a Fund's next NAV Calculation Time that may materially affect the value of the Fund's investment (*e.g.*, government action, natural disaster, or significant market fluctuation).

When fair value pricing is employed by the Valuation Designee, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.

**Dividends and Distributions**

Each of the Fixed Income Funds, Equity Premium Income Fund, Inflation Plus Fund, Core Laddered Municipal Fund, High Income Laddered Municipal Fund, and Private Credit and Alternative Income Fund intends to pay out dividends, if any, on a monthly basis but in any event no less frequently than annually. The Target Range Fund intends to pay out dividends, if any, on a quarterly basis but in any event no less frequently than annually. The Enhanced Commodity Strategy Fund, Managed Futures Strategy Fund, Efficient Gold Plus Equity Strategy Fund, and Efficient Gold Plus Gold Miners Strategy Fund intend to pay out dividends, if any, twice a year, and at least annually. Each of the Currency Strategy Funds intends to pay out dividends, if any, on an annual basis. Nonetheless, a Fund may not make a dividend payment every month, quarter, or year, as applicable.

Each Fund intends to distribute its net realized capital gains, if any, to investors annually. On occasion, a Fund may be required or determine to make one or more supplemental distributions of its net realized capital gains during the year. Distributions in cash may be reinvested automatically in additional whole shares of a Fund only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing any income and capital gains distributions to you.

*Equity Premium Income Fund.* The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by the Fund typically varies from period to period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of premium generated from writing Index Options for the applicable month and the accrued interest from the cash collateral account during that period. As a result of such distribution strategy, the Fund's distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Fund shares on which the distribution was received are sold. After a shareholder's basis in the Fund shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's shares of the Fund.

**Book Entry**

Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares of each Fund.

Investors owning shares of the Funds are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares of the Funds. Participants include DTC, securities brokers and dealers, banks, trust companies, clearing corporations, and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any securities that you hold in book-entry or "street name" form. Your broker will provide you with account statements, confirmations of your purchases and sales, and tax information.

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**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Funds. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Funds is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Frequent Purchases and Redemptions of Fund Shares**

The Funds have adopted policies and procedures with respect to frequent purchases and redemptions of Creation Units of Fund shares. Only Authorized Participants are authorized to purchase and redeem shares directly from the Funds, and their purchase and redemption transactions are essential to the operation of the Funds. In addition to helping to ensure there is an adequate supply of Fund shares to meet secondary market trading demand, Authorized Participants' purchase and redemption transactions also generally help to keep the trading prices of the Fund shares in line with their NAV per share. The Funds may engage in in-kind transactions with Authorized Participants. In-kind purchase and redemption transactions generally do not give rise to the adverse consequences commonly associated with frequent purchases and redemptions of fund shares because they do not require a fund to sell portfolio holdings to raise cash to meet redemptions, which may increase portfolio transaction costs and potentially result in adverse tax consequences, such as the realization of capital gains, or to hold a significant amount of cash to meet redemptions or while awaiting investment opportunities to invest share purchase proceeds, which can lead to increased tracking error or reduced returns. Accordingly, it is the policy of each Fund to accommodate frequent purchases and redemptions of Fund shares by Authorized Participants. To mitigate any adverse consequences of frequent purchases and redemptions, particularly for those Funds that transact with Authorized Participants on a cash-basis, the Funds employ fair value pricing and impose transaction fees on purchases and redemptions of Creation Units to cover the costs incurred by the Funds in executing such trades. In addition, each Fund reserves the right to impose restrictions on disruptive, excessive, or short-term trading as well as to reject any purchase order at any time.

**Investments by Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other registered investment companies, including shares of the Funds. Registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section 12(d)(1) of the 1940 Act subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act, including that such investment companies enter into an agreement with the Fund. However, a Fund may not be permitted to accept such an investment by another investment company if the Fund is currently invested in the securities of other investment companies beyond the limits set forth in Section 12(d)(1)(A). Any investment company interested in purchasing shares of a Fund in amounts that would cause it to exceed the restrictions of Section 12(d)(1) should first contact the Trust to determine if the Fund may accept such investment. With respect to each of the Private Credit and Alternative Income Fund and Bianco Total Return Fund, which invest in Underlying Funds and other ETFs to a significant extent, respectively, investing funds must adhere to the limits set forth in Section 12(d)(1) of the 1940 Act when investing in the Private Credit and Alternative Income Fund and Bianco Total Return Fund.

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**Additional Tax Information**

The following discussion is a summary of certain important U.S. federal income tax considerations generally applicable to investments in the Funds. Your investment in a Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws.

Each Fund has elected or intends to elect to qualify each year for treatment as a RIC. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Fund-level taxation and consequently a reduction in income available for distribution to shareholders.

Unless you are a tax-exempt entity or your investment in Fund shares is made through a tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A Fund makes distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ You sell Fund shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ You purchase or redeem Creation Units (Authorized Participants
only).

**Taxes on Distributions**

For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains (if any) are determined by how long a Fund owned the assets that generated them, rather than how long a shareholder has owned Fund shares. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains. For non-corporate shareholders, long-term capital gains are generally subject to tax at reduced rates. Distributions of short-term capital gains will generally be taxable as ordinary income. Distributions reported by a Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met. Distributions that an applicable Fund receives from an Underlying Fund will be treated as qualified dividend income only to the extent so designated by such Underlying Fund. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a Fund received in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. However, to the extent a Fund lends its securities and receives substitute dividend payments, such payments are not expected to generate qualified dividend income when distributed to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders. Since the income of each Fund is derived primarily from investments other than stock of U.S. corporations, it is not expected that dividends paid by certain Funds will qualify for the reduced rates applicable to qualified dividend income for individual shareholders or the dividends received deduction for corporate shareholders.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, but declared by a Fund in October, November or December of the previous year, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the price you paid for your shares).

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Dividends and distributions from the Funds and capital gains on the sale of Fund shares are generally taken into account in determining a shareholder's "net investment income" for purposes of the 3.8% tax on net investment income applicable to certain individuals, estates and trusts.

Certain positions undertaken by the Funds, including its variable hedging strategy and its use of derivatives may result in "straddles" for federal income tax purposes. Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders as ordinary income or long-term capital gain may be increased or decreased substantially as compared to a Fund that did not engage in such transactions.

Distributions (other than Capital Gain Dividends) paid to shareholders that are neither citizens nor residents of the U.S. or to foreign entities will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies, but Capital Gain Dividends generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is physically present in the United States for 183 days or more per year. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest related dividend" or a "short term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Different tax consequences may result if you are a non-U.S. shareholder engaged in a trade or business within the United States.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

The Private Credit and Alternative Income Fund may invest in U.S. REITs. "Qualified REIT dividends" (*i.e.,* ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by such Fund and which such Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

The Funds (or financial intermediaries, such as brokers, through which shareholders own Fund shares) generally are required to withhold and to remit to the U.S. Treasury a percentage of the taxable distributions and the sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify that he, she or it is not subject to such withholding.

**Taxes When You Sell Fund Shares**

Assuming you hold Fund shares as capital assets, any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term gain or loss if you held the shares you sold for more than one year. Any capital gain or loss realized upon a sale of Fund shares held for one year or less is generally treated as a short-term gain or loss, except that any capital loss on a sale of shares held for six months or less is treated as a long-term capital loss to the extent of Capital Gain Dividends paid with respect to such shares. The ability to deduct capital losses may be limited depending on your circumstances.

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**Taxes on Creation and Redemption of Creation Units**

An Authorized Participant having the U.S. dollar as its functional currency for U.S. federal income tax purposes that exchanges securities for Creation Units generally will recognize a gain or loss equal to the difference between (i) the sum of the market value of the Creation Units at the time of the exchange and any amount of cash received by the Authorized Participant in the exchange and (ii) the sum of the exchanger's aggregate basis in the securities surrendered and any amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate U.S. dollar market value of the securities plus the amount of any cash received for such Creation Units. The IRS, however, may assert that a loss that is realized upon an exchange of securities for Creation Units may not be permitted to be currently deducted under the rules governing "wash sales" (for a person who does not mark-to-market their holdings), or on the basis that there has been no significant change in economic position.

Gain or loss recognized by an Authorized Participant upon an issuance of Creation Units in exchange for non-U.S. currency will generally be treated as ordinary income or loss. Gain or loss recognized by an Authorized Participant upon an issuance of Creation Units in exchange for securities, or upon a redemption of Creation Units, may be capital or ordinary gain or loss depending on the circumstances. Any capital gain or loss realized upon an issuance of Creation Units in exchange for securities will generally be treated as long-term capital gain or loss if the securities have been held for more than one year. Any capital gain or loss realized upon the redemption of a Creation Unit will generally be treated as long-term capital gain or loss if the Fund shares comprising the Creation Unit have been held for more than one year. Otherwise, such capital gains or losses are treated as short-term capital gains or losses.

A Fund may include cash when paying the redemption price for Creation Units in addition to, or in place of, the delivery of a basket of securities. A Fund and/or its WisdomTree Subsidiary may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. This may cause such Funds to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, such Funds may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used.

Persons exchanging securities or non-U.S. currency for Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rules apply and when a loss might be deductible. If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many Fund shares you purchased or redeemed and at what price.

A person subject to U.S. federal income tax with the U.S. dollar as its functional currency who receives non-U.S. currency upon a redemption of Creation Units and does not immediately convert the non-U.S. currency into U.S. dollars may, upon a later conversion of the non-U.S. currency into U.S. dollars, recognize any gains or losses resulting from fluctuations in the value of the non-U.S. currency relative to the U.S. dollar since the date of the redemption. Any such gains or losses will generally be treated as ordinary income or loss.

**Foreign Investments by the Funds**

Dividends, interest and other income received by a Fund and/or its WisdomTree Subsidiary with respect to foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Funds may need to file special claims for refunds to secure the benefits of a reduced rate. If as of the close of a taxable year more than 50% of the total assets of a Fund consist of stock or securities of foreign corporations, the Fund intends to elect to "pass through" to investors the amount of foreign income and similar taxes (including withholding taxes) paid by the Fund during that taxable year. If a Fund elects to "pass through" such foreign taxes, then investors will be considered to have received as additional income their respective shares of such foreign taxes, but may be entitled to either a corresponding tax deduction in calculating taxable income, or, subject to certain limitations, a credit in calculating federal income tax.

**Commodity Investments**

One of the requirements for qualification as a RIC under Subchapter M of the Code is that each Fund must derive at least 90% of its gross income for each taxable year from "qualifying income." Qualifying income includes dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "90% Test").

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In 2006, the IRS issued a revenue ruling which concludes that income derived from certain commodity-linked swaps is not qualifying income under Subchapter M of the Code. In a subsequent revenue ruling, the IRS provided that income from certain alternative investments that create commodity exposure, such as certain commodity index-linked or structured notes, may be considered qualifying income under Subchapter M of the Code. The Subsidiary Strategy Funds, however, will invest in certain commodity-linked notes only to the extent it obtains an opinion of counsel confirming that income from such investments should be qualifying income. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the requirements of Subchapter M of the Code, which each Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with such requirements would have significant negative tax consequences. Under certain circumstances, a Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns.

In addition, a RIC may gain exposure to commodities through an investment in a qualified publicly traded partnership, such as an ETF that is classified as a partnership or trust and which invests in commodities, or through investment in a wholly-owned subsidiary that is treated as a controlled foreign corporation (a "CFC") for federal income tax purposes, such as a WisdomTree Subsidiary. References herein to "the WisdomTree Subsidiary" refer to the applicable WisdomTree Subsidiary of each of the Subsidiary Strategy Funds. A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the CFC provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of their investments in the WisdomTree Subsidiary, the Subsidiary Strategy Funds are U.S. Shareholders in a CFC. As U.S. Shareholders, the Subsidiary Strategy Funds are required to include in gross income for U.S. federal income tax purposes for each taxable year their pro rata share of the CFC's "Subpart F" income (discussed further below) and any "global intangible low-taxed income" or ("GILTI") for the CFC's taxable year ending within the Subsidiary Strategy Funds' taxable years whether or not such income is actually distributed by the CFC. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets. A Subsidiary Strategy Fund's investment in the WisdomTree Subsidiary is expected to provide a Subsidiary Strategy Fund with exposure to the commodities markets within the limitations of the federal tax requirements of the Code. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Subsidiary Strategy Fund attributable to its investment in the WisdomTree Subsidiary is "qualifying income" to the Subsidiary Strategy Fund to the extent that such income is derived with respect to the Subsidiary Strategy Fund's business of investing in stock, securities or currencies and, as a result, the Subsidiary Strategy Fund expects its "Subpart F" income attributable to its investment in the WisdomTree Subsidiary to be treated as "qualifying income". The Adviser intends to conduct the Subsidiary Strategy Funds' investments in the WisdomTree Subsidiary in a manner consistent with the terms and conditions of the applicable Treasury Regulations, and will monitor the Subsidiary Strategy Funds' investments in the WisdomTree Subsidiary to ensure that no more than 25% of a Fund's assets are invested in the WisdomTree Subsidiary.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to a Fund and thus will not be available to offset income or capital gain generated from a Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent the Subsidiary Strategy Funds invest in the WisdomTree Subsidiary and recognize "Subpart F" income or GILTI in excess of actual cash distributions from the WisdomTree Subsidiary, if any, such Funds may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to their shareholders all of their income and gains and therefore to eliminate any tax liability at the Fund level. Income realized by a WisdomTree Subsidiary with respect to bitcoin ETPs is expected to be treated as "Subpart F" income or GILTI.

Recognition of any "Subpart F" income or GILTI from an investment in the WisdomTree Subsidiary will increase a Subsidiary Strategy Fund's tax bases in the WisdomTree Subsidiary. Distributions by the WisdomTree Subsidiary to a Subsidiary Strategy Fund, including in redemption of the WisdomTree Subsidiary's shares, will be tax free, to the extent of the WisdomTree Subsidiary's previously undistributed "Subpart F" income or GILTI, and will correspondingly reduce the Subsidiary Strategy Fund's tax bases in the WisdomTree Subsidiary, and any distributions in excess of the Subsidiary Strategy Fund's tax bases in the WisdomTree Subsidiary will be treated as realized gain. Any losses with respect to a Subsidiary Strategy Fund's shares of the WisdomTree Subsidiary will not be currently recognized. A Subsidiary Strategy Fund's investment in the WisdomTree Subsidiary will potentially have the effect of accelerating the Fund's recognition of income and causing their income to be treated as ordinary income, regardless of the character of the WisdomTree Subsidiary's income. If a net loss is realized by the WisdomTree Subsidiary, such loss is generally not available to offset the income earned by the Subsidiary Strategy Fund. In addition, the net losses incurred during a taxable year by the WisdomTree Subsidiary cannot be carried forward by the WisdomTree Subsidiary to offset gains realized by it in subsequent taxable years. A Subsidiary Strategy Fund will not receive any credit in respect of any non-U.S. tax borne by the WisdomTree Subsidiary.

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The extent to which a Subsidiary Strategy Fund invests in commodities or commodity-linked derivatives directly may be limited by the 90% Test, which the Fund must continue to satisfy to maintain its status as a RIC. As such, a Subsidiary Strategy Fund might cease to qualify as a RIC or could be required to reduce the exposure to such investments, which may result in difficulty in implementing the Fund's investment strategy. If a Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. If a Fund fails to qualify as a RIC in any year, it would be required to pay out its earnings and profits accumulated in that year in order to qualify again as a RIC. Under certain circumstances, a Fund may be able to cure a failure to qualify as a RIC, but in order to do so the Fund may incur significant Fund-level taxes and may be forced to dispose of certain assets. If a Fund fails to qualify as a RIC for a period greater than two taxable years, the Fund will generally be required to recognize any net built-in gains with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. A failure to qualify as a RIC could cause investors to incur higher tax liabilities than they otherwise would have incurred and could have a negative impact on Fund returns. In such event, a Fund's Board of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies.

Changes in the laws of the United States and/or the Cayman Islands, under which a Subsidiary Strategy Fund and each WisdomTree Subsidiary is organized, respectively, could result in the inability of the Fund and/or the WisdomTree Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the WisdomTree Subsidiary. If Cayman Islands law changes such that the WisdomTree Subsidiary must pay Cayman Islands governmental authority taxes, the Subsidiary Strategy Funds' shareholders would likely suffer decreased investment returns. There remains a risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked notes, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Subsidiary Strategy Funds' taxable income or gains and distributions.

**Foreign Currency Investments by the Funds**

As described above, each Fund intends to qualify as a RIC as defined in Section 851 of the Code. Gains from the sale or other disposition of foreign currencies and other income (including but not limited to gains from options, futures or forward contracts) derived from investing in stock, securities, or foreign currencies generally are included as qualifying income in applying the 90% Test described above. It should be noted, however, that for purposes of the 90% Test, the Secretary of the Treasury is authorized to issue Treasury Regulations that would exclude from qualifying income foreign currency gains which are not directly related to a RIC's principal business of investing in stock or securities (or options and futures with respect to stock or securities). No Treasury Regulations have been issued pursuant to this authorization. It is possible, however, that such Treasury Regulations may be issued in the future and that such Treasury Regulations could have a negative impact on a Fund's ability to qualify as a RIC.

Under the Code, special rules are provided for certain transactions in a foreign currency other than the taxpayer's functional currency (*i.e.*, unless certain special rules apply, currencies other than the U.S. dollar). In general, foreign currency gains or losses from forward contracts, from futures contracts that are not "regulated futures contracts," and from unlisted options will be treated as ordinary income or loss under the Code. Also, certain foreign exchange gains derived with respect to foreign fixed-income securities are subject to special treatment. In general, any such gains or losses will increase or decrease the amount of a Fund's net investment income available to be distributed to shareholders as ordinary income, rather than increasing or decreasing the amount of the Fund's net capital gains. Additionally, if such losses exceed other investment income during a taxable year, the Fund would not be able to make any ordinary dividend distributions.

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More information about taxes related to each Fund and its investments is included in the SAI.

The foregoing discussion summarizes some of the consequences under current U.S. federal income tax law of an investment in a Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in a Fund under all applicable tax laws.

**Distribution**

Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group (d/b/a ACA Group) (the "Distributor"), serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor has no role in determining the policies of any Fund or the securities that are purchased or sold by any Fund.

**Premium/Discount and NAV Information**

Information regarding a Fund's NAV and how often shares of each Fund traded on the Listing Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Fund during the past calendar year and most recent calendar quarter is available at www.wisdomtree.com/investments.

**Additional Notices**

**Listing Exchange**

Shares of the Funds are not sponsored, endorsed, or promoted by the Listing Exchange. The Listing Exchange makes no representation or warranty, express or implied, to the owners of the shares of any Fund or any member of the public regarding the ability of a Fund to track the total return performance of any Index or the ability of any Index identified herein to track stock market performance. The Listing Exchange is not responsible for, nor has it participated in, the determination of the compilation or the calculation of any Index, nor in the determination of the timing of, prices of, or quantities of the shares of any Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. The Listing Exchange has no obligation or liability to owners of the shares of any Fund in connection with the administration, marketing, or trading of the shares of the Fund.

The Listing Exchange does not guarantee the accuracy and/or the completeness of any Index or any data included therein. The Listing Exchange makes no warranty, express or implied, as to results to be obtained by the Trust on behalf of the Funds, owners of the shares, or any other person or entity from the use of the Indexes or any data included therein. The Listing Exchange makes no express or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to any Index or any data included therein. Without limiting any of the foregoing, in no event shall the Listing Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**WisdomTree and the Funds**

WisdomTree and WisdomTree Asset Management (together, "WT") 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 shares of the Funds particularly or, with respect to the Index Funds, the ability of any Index to track general stock market performance. WisdomTree is the licensor of the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index, and all WisdomTree trademarks, service marks, and trade names of the Funds. WisdomTree has no obligation to take the needs of the Interest Rate Hedged High Yield Bond Fund or the owners of shares of the Interest Rate Hedged High Yield Bond Fund into consideration in determining, composing, or calculating the Index. WisdomTree is not responsible for, and has not participated in, the determination of the timing, prices, or quantities of shares of the Interest Rate Hedged High Yield Bond Fund to be issued, or the determination or calculation of the equation by which shares of the Interest Rate Hedged High Yield Bond Fund are redeemable. Neither WT nor any of the Index Funds guarantee the accuracy, completeness, or performance of any Index or the data included therein or related thereto and neither shall have any liability in connection with any Index, including its calculation. Without limiting any of the foregoing, in no event shall WT have any liability for any special, punitive, indirect, or consequential damages (including but not limited to, lost profits), even if notified of the possibility of such damages. WisdomTree has contracted with an independent calculation agent to calculate each WisdomTree Index.

**Bloomberg**

"Bloomberg<sup>®</sup>" and each of the Bloomberg Dollar Total Return Index, Bloomberg US Treasury Floating Rate Bond Index, Bloomberg Rate Hedged U.S. Aggregate Bond Index, Zero Duration, Bloomberg U.S. Aggregate Enhanced Yield Index, Bloomberg U.S. Short Aggregate Enhanced Yield Index, Bloomberg U.S. Aggregate Index, Bloomberg US Universal Enhanced Yield Index, Bloomberg US Treasury 1-3 Year Laddered Index, and Bloomberg US Treasury 7-10 Year Laddered Index (the "Bloomberg Indexes") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of each Bloomberg Index (collectively, "Bloomberg"), and have been licensed for use for certain purposes by WisdomTree (the "Licensee").

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The Funds are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly. The only relationship between Bloomberg and the Licensee is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Indexes, each of which is determined, composed and calculated by BISL without regard to the Licensee or the Funds. Bloomberg has no obligation to take the needs of the Licensee or the owners of the Funds into consideration in determining, composing or calculating the Bloomberg Indexes. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Funds to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to the customers of the Funds, or in connection with the administration, marketing or trading of the Funds.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES – WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, CAUSED BY NEGLIGENCE OR OTHERWISE – ARISING IN CONNECTION WITH THE FUNDS OR BLOOMBERG INDEXES OR ANY DATA OR VALUES RELATING THERETO – WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

**Gapstow Capital Partners L.P.**

The Private Credit and Alternative Income Fund's underlying Index, the Gapstow Private Credit and Alternative Income Index (the "Gapstow Index") is a registered service mark of Gapstow Capital Partners L.P. and has been licensed for use by WisdomTree Asset Management and WisdomTree Trust as the issuer of the Fund. The Fund is not sponsored, endorsed, sold, or promoted by Gapstow Capital Partners L.P., and it makes no representation regarding the advisability of investing in the Fund. GAPSTOW CAPITAL PARTNERS L.P. AND ITS AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND. Gapstow contracts with a calculation agent to independently calculate and publish the Gapstow Index, and Gapstow cannot assure its accuracy. The publication of the Gapstow Index does not constitute a recommendation by Gapstow Capital Partners L.P. to invest in the Fund. Gapstow Capital Partners L.P. offers no guarantee or assurance with regard to the results of using the Gapstow Index.

**Volos**

Neither Volos nor any other party guarantees the accuracy and/or the completeness of the Index or any Index data included herein. Neither Volos nor any other party makes any warranty, express or implied, as to results to be obtained from the use of the Index or any Index data included herein. Volos expressly disclaims any liability for any errors or omissions in the Index or Index data and no party may rely on the Index or Index data contained in this communication. Volos does not promote, sponsor or endorse the content of this communication.

**Valmark**

Neither Valmark nor any other party makes any representation or warranty, express or implied, to the shareholders of the Target Range Fund, regarding its performance or the ability of the Index to track general stock market performance. Valmark is the licensor of certain trademarks, service marks and trade names of Valmark, including TOPS<sup>®</sup>, and of the Index which is created, maintained and published without regard to the issuer of the Target Range Fund. Valmark is not responsible for and has not participated in the determination of the timing, prices, or quantities of the Target Range Fund to be issued or in the determination or calculation of the equation by which the Target Range Fund is redeemable for cash. Valmark does not have any obligation or liability to shareholders of the Target Range Fund in connection with the advisory, administration, marketing or trading of the Target Range Fund.

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**Bianco Research Advisors LLC**

**NEITHER BIANCO RESEARCH ADVISORS LLC ("BIANCO") NOR ANY OTHER PARTY AFFILIATED WITH BIANCO ("BIANCO AFFILIATE") GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY INDEX DATA INCLUDED THEREIN. NEITHER BIANCO NOR ANY OTHER BIANCO AFFILIATE MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM THE USE OF THE INDEX OR ANY INDEX DATA INCLUDED HEREIN. BIANCO EXPRESSLY DISCLAIMS ANY LIABILITY FOR ANY ERRORS OR OMISSIONS IN THE INDEX OR INDEX DATA AND NO THIRD PARTY MAY RELY ON THE INDEX OR INDEX DATA REFERENCED OR CONTAINED IN THIS PROSPECTUS. NEITHER BIANCO NOR ANY BIANCO AFFILIATE PROMOTES, SPONSORS OR ENDORSES THE CONTENT OF THIS PROSPECTUS.**

**Financial Highlights**

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five fiscal years or, if shorter, the period since a Fund's inception. The total return in the table represents the rate that an investor would have earned (or lost) on an investment in the respective Fund (assuming reinvestment of all dividends and distributions). This information has been derived from the financial statements audited by Ernst & Young LLP, an independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' Annual Financial Statements and Other Information, which is available on the Funds' website and as part of the Funds' most recent Form N-CSR, which can be located on the SEC's website.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **213**<br>

[**Table of Contents**](#toc)

**Financial Highlights**

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Bloomberg<br> U.S. Dollar Bullish Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $26.63 | $26.93 | $28.81 | $25.57 | $26.23 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 1.08 | 1.29 | 0.96 | 0.06 | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.34) | 0.17<sup>2</sup> | (0.80) | 3.18 | (0.37) |
| &nbsp;&nbsp;&nbsp;Net increase from payment by sub-adviser |  |  |  | 0.00<sup>3</sup> |  |
| Total from investment operations | 0.74 | 1.46 | 0.16 | 3.24 | (0.49) |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.10) | (1.76) | (0.28) |  | (0.17) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  | (1.76) |  |  |
| Total dividends and distributions to shareholders | (1.10) | (1.76) | (2.04) |  | (0.17) |
| Net asset value, end of year | $26.27 | $26.63 | $26.93 | $28.81 | $25.57 |
| **TOTAL RETURN** **<sup>4</sup>** | 2.59% | 5.77% | 0.71% | 12.67%<sup>5</sup> | (1.85)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $154968 | $222330 | $196577 | $397582 | $143168 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses<sup>6,7</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.99% | 4.84% | 3.52% | 0.21% | (0.45)% |
| Portfolio turnover rate<sup>8,9</sup> | 185% | 106% | 78% | 156% | 55% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Emerging<br> Currency Strategy Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $18.39 | $17.68 | $16.47 | $18.19 | $17.55 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.68 | 0.85 | 0.63 | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.54 | 0.22 | 0.71 | (1.68) | 0.85 |
| Total from investment operations | 1.22 | 1.07 | 1.34 | (1.72) | 0.76 |
| Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.92) | (0.36) | (0.13) |  | (0.12) |
| Net asset value, end of year | $18.69 | $18.39 | $17.68 | $16.47 | $18.19 |
| **TOTAL RETURN** **<sup>4</sup>** | 7.09% | 6.11% | 8.20% | (9.46)% | 4.31% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $9344 | $7356 | $8839 | $8235 | $12732 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses<sup>6,7</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.78% | 4.74% | 3.67% | (0.21)% | (0.51)% |
| Portfolio turnover rate<sup>8</sup> | 12%<sup>9</sup> | 132%<sup>9</sup> | 0% | 36%<sup>9</sup> | 26%<sup>9</sup> |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> The amount of net realized and unrealized loss per share does not correspond with the amounts reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year.

<sup>3</sup> Amount represents less than $0.005.

<sup>4</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. For the periods in which the investment advisor waived advisory fees, the total return would have been lower if certain expenses had not been waived.

<sup>5</sup> Includes a voluntary reimbursement from the sub-advisor for investment losses on certain foreign exchange transactions during the period. Excluding this voluntary reimbursement, total return would have been unchanged.

<sup>6</sup> The expense ratio includes investment advisory fee waivers. Without these investment advisory fee waivers, the expense ratio would have been unchanged.

<sup>7</sup> Does not include expenses of the underlying investment companies in which the Fund invests.

<sup>8</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>9</sup> During the periods noted, the WisdomTree Floating Rate Treasury Fund was the only long-term security held or transacted during the period. It is considered a long-term security for portfolio turnover calculation and therefore the variability in the portfolio turnover was primarily caused by transactions in this security alone (see the "Investment Affiliates" supplementary table included in the Schedule of Investments in the Fund's Financial Statements and Other Information, which is included as part of the N/A Form N-CSR, for transaction activity related to this security for the current fiscal year).

**214**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

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**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | |
|:---|:---|:---|
| **WisdomTree 1-3 Year Laddered Treasury Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the Period<br> March 14, 2024\*<br> through<br> August 31, 2024** |
| Net asset value, beginning of period | $50.52 | $49.97 |
| Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.93 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.16 | 0.48 |
| Total from investment operations | 2.09 | 1.55 |
| Dividends and distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.81) | (1.00) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.02) |  |
| Total dividends and distributions to shareholders | (1.83) | (1.00) |
| Net asset value, end of period | $50.78 | $50.52 |
| **TOTAL RETURN** **<sup>2</sup>** | 4.24% | 3.14% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (000's omitted) | $17265 | $2021 |
| Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.15% | 0.15%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 3.85% | 4.61%<sup>3</sup> |
| Portfolio turnover rate<sup>4</sup> | 107% | 53% |

---

---

| | | |
|:---|:---|:---|
| **WisdomTree 7-10 Year Laddered Treasury Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the Period<br> March 14, 2024\*<br> through<br> August 31, 2024** |
| Net asset value, beginning of period | $51.06 | $49.89 |
| Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.92 | 0.94 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.55) | 1.16 |
| Total from investment operations | 1.37 | 2.10 |
| Dividends and distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.91) | (0.93) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.03) |  |
| Total dividends and distributions to shareholders | (1.94) | (0.93) |
| Net asset value, end of period | $50.49 | $51.06 |
| **TOTAL RETURN** **<sup>2</sup>** | 2.80% | 4.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (000's omitted) | $3030 | $3064 |
| Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.15% | 0.15%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 3.86% | 4.09%<sup>3</sup> |
| Portfolio turnover rate<sup>4</sup> | 38% | 19% |

---

\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **215**<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | |
|:---|:---|:---|
| **WisdomTree Bianco Total Return Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the Period<br> December 20, 2023\*<br> through<br> August 31, 2024** |
| Net asset value, beginning of period | $25.50 | $24.97 |
| Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.04 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.10) | 0.50 |
| Total from investment operations | 0.94 | 1.00 |
| Dividends and distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.47) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.02) |  |
| Total dividends and distributions to shareholders | (0.97) | (0.47) |
| Net asset value, end of period | $25.47 | $25.50 |
| **TOTAL RETURN** **<sup>2</sup>** | 3.79% | 4.06% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (000's omitted) | $72595 | $6886 |
| Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers<sup>3</sup> | 0.47% | 0.48%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers<sup>3</sup> | 0.50% | 0.50%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.17% | 2.90%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 154% | 72% |

---

---

| | |
|:---|:---|
| **WisdomTree Core Laddered Municipal Fund** | **For the Period<br> April 3, 2025\*<br> through<br> August 31, 2025** |
| Net asset value, beginning of period | $25.05 |
| Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.16 |
| Total from investment operations | 0.51 |
| Dividends and distributions to shareholders: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.00)<sup>6</sup> |
| Total dividends and distributions to shareholders | (0.29) |
| Net asset value, end of period | $25.27 |
| **TOTAL RETURN** **<sup>2</sup>** | 2.03% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of period (000's omitted) | $5054 |
| Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.25%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 3.34%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 0% |

---

\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the periods in which the investment advisor waived advisory fees for the WisdomTree Bianco Total Return Fund, the total return would have been lower if certain expenses had not been waived.

<sup>3</sup> Does not include expenses of the underlying investment companies in which the Fund invests.

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>6</sup> Amount represents less than $0.005.

**216**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Emerging Markets<br> Corporate Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $66.01 | $62.27 | $61.95 | $76.11 | $74.14 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 3.65 | 3.32 | 2.74 | 2.53 | 2.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 | 3.88 | 0.33 | (14.16) | 1.94 |
| Total from investment operations | 4.24 | 7.20 | 3.07 | (11.63) | 4.57 |
| Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (3.74) | (3.46) | (2.75) | (2.53) | (2.60) |
| Net asset value, end of year | $66.51 | $66.01 | $62.27 | $61.95 | $76.11 |
| **TOTAL RETURN** **<sup>2</sup>** | 6.67% | 11.92% | 5.11% | (15.52)% | 6.26% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $86466 | $66007 | $40474 | $52655 | $53279 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Net investment income | 5.57% | 5.22% | 4.45% | 3.70% | 3.48% |
| Portfolio turnover rate<sup>3</sup> | 199% | 147% | 142% | 36% | 56% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Emerging Markets Local Debt Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $27.33 | $27.39 | $25.75 | $32.48 | $32.70 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.63 | 1.66 | 1.50 | 1.57 | 1.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.75 | (0.28) | 1.46 | (6.89) | (0.33) |
| Total from investment operations | 2.38 | 1.38 | 2.96 | (5.32) | 1.31 |
| Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.67) | (0.21) | (0.79) | (0.48) | (0.52) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.83) | (1.23) | (0.53) | (0.93) | (1.01) |
| Total dividends and distributions to shareholders | (1.50) | (1.44) | (1.32) | (1.41) | (1.53) |
| Net asset value, end of year | $28.21 | $27.33 | $27.39 | $25.75 | $32.48 |
| **TOTAL RETURN** **<sup>2</sup>** | 9.11% | 5.24% | 11.83% | (16.69)% | 4.06% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $73347 | $73795 | $102701 | $87544 | $134784 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Net investment income | 6.04% | 6.12% | 5.68% | 5.47% | 4.97% |
| Portfolio turnover rate<sup>3</sup> | 38% | 14% | 21% | 31% | 31% |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period.

<sup>3</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **217**<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Floating<br> Rate Treasury Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022**<sup>1</sup>** | **For the<br> Year Ended<br> August 31, 2021**<sup>1</sup>** |
| Net asset value, beginning of year | $50.25 | $50.31 | $50.24 | $50.21 | $50.23 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 2.22 | 2.70 | 2.37 | 0.56 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.05 | (0.04) | (0.04)<sup>3</sup> | (0.24) | 0.01 |
| Total from investment operations | 2.27 | 2.66 | 2.33 | 0.32 | 0.00<sup>4</sup> |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.23) | (2.72) | (2.26) | (0.29) | (0.01) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  | (0.00)<sup>4</sup> | (0.00)<sup>4</sup> | (0.01) |
| Total dividends and distributions to shareholders | (2.23) | (2.72) | (2.26) | (0.29) | (0.02) |
| Net asset value, end of year | $50.29 | $50.25 | $50.31 | $50.24 | $50.21 |
| **TOTAL RETURN** **<sup>7</sup>** | 4.60% | 5.41% | 4.75% | 0.63% | 0.00%<sup>5</sup> |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $18801671 | $17366485 | $18055898 | $8052243 | $1086455 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.40% | 5.37% | 4.71% | 1.12% | (0.02)% |
| Portfolio turnover rate<sup>6</sup> | 159% | 157% | 167% | 170% | 147% |

---

---

| | |
|:---|:---|
| **WisdomTree High Income Laddered Municipal Fund** | **For the Period<br> April 3, 2025\*<br> through<br> August 31, 2025** |
| Net asset value, beginning of period | $25.04 |
| Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>2</sup> | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (0.36) |
| Total from investment operations | 0.03 |
| Dividends to shareholders: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) |
| Net asset value, end of period | $24.74 |
| **TOTAL RETURN** **<sup>7</sup>** | 0.13% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of period (000's omitted) | $3959 |
| Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.35%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 3.79%<sup>8</sup> |
| Portfolio turnover rate<sup>6</sup> | 0% |

---

\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Per share amounts were adjusted to reflect a 1:2 reverse share split effective March 24, 2022.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> The amount of net realized and unrealized loss per share does not correspond with the amounts reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year.

<sup>4</sup> Amount represents less than $0.005.

<sup>5</sup> Amount represents less than 0.005%.

<sup>6</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>7</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>8</sup> Annualized.

**218**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | |
|:---|:---|
| **WisdomTree Inflation Plus Fund** (consolidated) | **For the Period<br> June 18, 2025\*<br> through<br> August 31, 2025** |
| Net asset value, beginning of period | $30.06 |
| Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.17 |
| Total from investment operations | 0.43 |
| Dividends to shareholders: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) |
| Net asset value, end of period | $30.33 |
| **TOTAL RETURN** **<sup>2</sup>** | 1.43% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of period (000's omitted) | $1516 |
| Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers<sup>4</sup> | 0.64%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers<sup>4</sup> | 0.65%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 3.78%<sup>3</sup> |
| Portfolio turnover rate<sup>5</sup> | 7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Interest Rate<br> Hedged High Yield Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $22.04 | $21.29 | $20.57 | $22.19 | $21.40 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.37 | 1.34 | 1.20 | 0.98 | 0.96 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.38 | 0.76 | 0.74 | (1.65) | 0.78 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by sub-adviser |  |  |  |  | 0.01 |
| Total from investment operations | 1.75 | 2.10 | 1.94 | (0.67) | 1.75 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.39) | (1.35) | (1.22) | (0.95) | (0.96) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.00)<sup>8</sup> |  |  |  |  |
| Total dividends and distributions to shareholders | (1.39) | (1.35) | (1.22) | (0.95) | (0.96) |
| Net asset value, end of year | $22.40 | $22.04 | $21.29 | $20.57 | $22.19 |
| **TOTAL RETURN** **<sup>2</sup>** | 8.19% | 10.14% | 9.74% | (3.11)% | 8.33%<sup>6</sup> |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $183665 | $147644 | $151181 | $183042 | $166447 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| &nbsp;&nbsp;&nbsp;Net investment income | 6.18% | 6.18% | 5.77% | 4.53% | 4.40% |
| Portfolio turnover rate<sup>7</sup> | 61% | 49% | 21% | 23% | 40% |

---

\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Does not include expenses of the underlying investment companies in which the Fund invests.

<sup>5</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>6</sup> Includes a voluntary reimbursement from the sub-advisor for an operational error that resulted in investment transaction losses. Excluding the voluntary reimbursement, total return would have been 0.05% lower.

<sup>7</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>8</sup> Amount represents less than $0.005.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **219**<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Interest Rate Hedged<br> U.S. Aggregate Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023<sup>1</sup>** | **For the<br> Year Ended<br> August 31, 2022<sup>1</sup>** | **For the<br> Year Ended<br> August 31, 2021<sup>1</sup>** |
| Net asset value, beginning of year | $22.26 | $22.19 | $22.90 | $23.41 | $23.52 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>2</sup> | 0.90 | 0.85 | 0.74 | 0.42 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.61 | 0.63 | (0.51) | (0.03) |
| Total from investment operations | 1.04 | 1.46 | 1.37 | (0.09) | 0.32 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.88) | (0.77) | (0.42) | (0.43) |
| &nbsp;&nbsp;&nbsp;Capital gains |  | (0.51) | (1.31) |  |  |
| Total dividends and distributions to shareholders | (0.95) | (1.39) | (2.08) | (0.42) | (0.43) |
| Net asset value, end of year | $22.35 | $22.26 | $22.19 | $22.90 | $23.41 |
| **TOTAL RETURN** **<sup>3</sup>** | 4.75% | 6.82% | 6.35% | (0.39)% | 1.34% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $94987 | $158030 | $200830 | $366368 | $215330 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.00% | 3.84% | 3.34% | 1.79% | 1.47% |
| Portfolio turnover rate<sup>4</sup> | 112% | 111% | 171% | 131% | 81% |
| Portfolio turnover rate excluding TBA roll transactions<sup>4</sup> | 52% | 57% | 132% | 42% | 23% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Mortgage<br> Plus Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $44.60 | $42.82 | $45.57 | $50.94 | $51.64 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>2</sup> | 1.78 | 1.60 | 1.21 | 0.50 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.32) | 1.68 | (2.51) | (5.19) | 0.06 |
| Total from investment operations | 1.46 | 3.28 | (1.30) | (4.69) | 0.51 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.83) | (1.50) | (1.45) | (0.68) | (0.88) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  |  |  | (0.32) |
| &nbsp;&nbsp;&nbsp;Tax return of capital |  |  |  |  | (0.01) |
| Total dividends and distributions to shareholders | (1.83) | (1.50) | (1.45) | (0.68) | (1.21) |
| Net asset value, end of year | $44.23 | $44.60 | $42.82 | $45.57 | $50.94 |
| **TOTAL RETURN** **<sup>3</sup>** | 3.42% | 7.87% | (2.87)% | (9.27)% | 0.99% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $66344 | $53525 | $25691 | $36458 | $40754 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.07% | 3.72% | 2.77% | 1.02% | 0.88% |
| Portfolio turnover rate<sup>4</sup> | 188% | 106% | 93% | 373% | 430% |
| Portfolio turnover rate excluding TBA roll transactions<sup>4</sup> | 31% | 23% | 41% | 19% | 47% |

---

<sup>1</sup> Per share amounts were adjusted to reflect a 2:1 share split effective August 10, 2023.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period.

<sup>4</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

**220**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | |
|:---|:---|:---|:---|
| **WisdomTree Voya Yield Enhanced<br> USD Universal Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the Period<br> February 7, 2023\*<br> through<br> August 31, 2023** |
| Net asset value, beginning of period | $49.54 | $48.14 | $49.64 |
| Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 2.42 | 2.28 | 1.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.65) | 1.37 | (1.54) |
| Total from investment operations | 1.77 | 3.65 | (0.30) |
| Dividends to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.48) | (2.25) | (1.20) |
| Net asset value, end of period | $48.83 | $49.54 | $48.14 |
| **TOTAL RETURN** **<sup>2</sup>** | 3.71% | 7.81% | (0.61)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| Net assets, end of period (000's omitted) | $1381872 | $1353536 | $1153363 |
| Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.15% | 0.15% | 0.15%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.97% | 4.73% | 4.51%<sup>3</sup> |
| Portfolio turnover rate<sup>4</sup> | 29% | 85% | 57% |
| Portfolio turnover rate excluding TBA roll transactions<sup>4</sup> | 27% | 72% | 53% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Yield Enhanced<br> U.S. Aggregate Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $44.23 | $42.63 | $44.46 | $52.61 | $53.93 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.93 | 1.82 | 1.49 | 0.96 | 0.85 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.48) | 1.62 | (1.80) | (8.05) | (0.76) |
| Total from investment operations | 1.45 | 3.44 | (0.31) | (7.09) | 0.09 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.98) | (1.84) | (1.52) | (1.04) | (1.14) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.02) | (0.27) |
| Total dividends and distributions to shareholders | (1.98) | (1.84) | (1.52) | (1.06) | (1.41) |
| Net asset value, end of year | $43.70 | $44.23 | $42.63 | $44.46 | $52.61 |
| **TOTAL RETURN** **<sup>5</sup>** | 3.39% | 8.28% | (0.66)% | (13.62)% | 0.18% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $808534 | $933175 | $899548 | $951406 | $1089075 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers | 0.12% | 0.12% | 0.12% | 0.12% | 0.12%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers | 0.12% | 0.12% | 0.12% | 0.12% | 0.15% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.44% | 4.24% | 3.46% | 1.97% | 1.61% |
| Portfolio turnover rate<sup>7</sup> | 110% | 83% | 117% | 293% | 148% |
| Portfolio turnover rate excluding TBA roll transactions<sup>7</sup> | 66% | 51% | 50% | 40% | 41% |

---

\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>5</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. For the periods in which the investment advisor waived advisory fees, the total return would have been lower if certain expenses had not been waived.

<sup>6</sup> The investment advisor had contractually agreed to limit the advisory fee to 0.12% through December 31, 2020. On December 31, 2020, the contractual waiver expired and the advisory fee was permanently reduced to 0.12%.

<sup>7</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **221**<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Yield Enhanced U.S.<br> Short-Term Aggregate Bond Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $47.76 | $46.64 | $47.32 | $51.23 | $51.60 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 2.18 | 1.78 | 1.19 | 0.49 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.26 | 1.24 | (0.74) | (3.81) | (0.14) |
| Total from investment operations | 2.44 | 3.02 | 0.45 | (3.32) | 0.36 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.22) | (1.90) | (1.13) | (0.53) | (0.51) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.06) | (0.22) |
| Total dividends and distributions to shareholders | (2.22) | (1.90) | (1.13) | (0.59) | (0.73) |
| Net asset value, end of year | $47.98 | $47.76 | $46.64 | $47.32 | $51.23 |
| **TOTAL RETURN** **<sup>2</sup>** | 5.25% | 6.62% | 0.96% | (6.52)% | 0.69% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $43186 | $38205 | $97944 | $94645 | $199802 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers | 0.12% | 0.12% | 0.12% | 0.12% | 0.12%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers | 0.12% | 0.12% | 0.12% | 0.12% | 0.15% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.59% | 3.79% | 2.54% | 1.00% | 0.97% |
| Portfolio turnover rate<sup>4</sup> | 106% | 179% | 124% | 193% | 224% |
| Portfolio turnover rate excluding TBA roll transactions<sup>4</sup> | 101% | 114% | 19% | 21% | 49% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WisdomTree Efficient Gold Plus Equity Strategy Fund**<br> (consolidated) | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the Period<br> March 17, 2022\*<br> through<br> August 31, 2022** |
| Net asset value, beginning of period | $36.33 | $25.30 | $20.89 | $25.31 |
| Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.53 | 0.40 | 0.34 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 16.43 | 11.24 | 4.24 | (4.55) |
| Total from investment operations | 16.96 | 11.64 | 4.58 | (4.42) |
| Dividends to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.65) | (0.61) | (0.17) |  |
| Net asset value, end of period | $50.64 | $36.33 | $25.30 | $20.89 |
| **TOTAL RETURN** **<sup>5</sup>** | 49.14% | 47.24% | 22.14% | (17.46)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of period (000's omitted) | $298748 | $39965 | $11386 | $3133 |
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.20% | 0.20% | 0.20% | 0.20%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.21% | 1.32% | 1.46% | 1.26%<sup>6</sup> |
| Portfolio turnover rate<sup>7</sup> | 30% | 30% | 20% | 12% |

---

<sup>\*</sup> Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the periods in which the investment advisor waived advisory fees, the total return would have been lower if certain expenses had not been waived.

<sup>3</sup> The investment advisor had contractually agreed to limit the advisory fee to 0.12% through December 31, 2020. On December 31, 2020, the contractual waiver expired and the advisory fee was permanently reduced to 0.12%.

<sup>4</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>5</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

**222**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WisdomTree Efficient Gold Plus Gold Miners Strategy Fund**<br> (consolidated) | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the Period<br> December 16, 2021\*<br> through<br> August 31, 2022** |
| Net asset value, beginning of period | $32.98 | $23.60 | $18.90 | $24.49 |
| Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.55 | 0.43 | 0.38 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 30.65 | 10.79 | 4.65 | (5.85) |
| Total from investment operations | 31.20 | 11.22 | 5.03 | (5.59) |
| Dividends to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.69) | (1.84) | (0.33) |  |
| Net asset value, end of period | $61.49 | $32.98 | $23.60 | $18.90 |
| **TOTAL RETURN** **<sup>2</sup>** | 100.89% | 51.48% | 26.95% | (22.83)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of period (000's omitted) | $58411 | $9895 | $7080 | $6616 |
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.45% | 0.45% | 0.45% | 0.45%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.28% | 1.72% | 1.62% | 1.40%<sup>3</sup> |
| Portfolio turnover rate<sup>4</sup> | 20% | 17% | 16% | 27% |

---

\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **223**<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Post-Reorganization** | **Post-Reorganization** | **Post-Reorganization** | **Post-Reorganization** | **Post-Reorganization** | **Pre-Reorganization** | **Pre-Reorganization** |
| <br>**WisdomTree Enhanced Commodity Strategy Fund**<br> (consolidated)^ | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the Period<br> December 19,<br> 2020 through<br> August 31,<br> 2021** | **For the Period<br> January 1,<br> 2020 through<br> December 18,<br> 2020** | **For the<br> Year Ended<br> December 31, 2019** |
| Net asset value, beginning of year | $18.48 | $18.03 | $22.74 | $22.12 | $18.74 | $18.80 | $17.50 |
| Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.70 | 0.80 | 0.53 | (0.01) | (0.08) | (0.03) | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.11 | 0.27<sup>2</sup> | (1.14) | 2.66 | 3.46 | (0.03) | 1.07 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by sub-adviser |  |  |  |  | 0.00<sup>3</sup> | 0.00<sup>3</sup> |  |
| Total from investment operations | 2.81 | 1.07 | (0.61) | 2.65 | 3.38 | (0.06) | 1.30 |
| Dividends and distributions to shareholders: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (0.62) | (4.10) | (2.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.00)<sup>3</sup> |  |  |  |
| Total dividends and distributions to shareholders | (0.66) | (0.62) | (4.10) | (2.03) |  |  |  |
| Net asset value, end of year | $20.63 | $18.48 | $18.03 | $22.74 | $22.12 | $18.74 | $18.80 |
| **TOTAL RETURN** **<sup>4</sup>** | 15.64% | 6.18% | (2.56)% | 12.81% | 18.04%<sup>5</sup> | (0.32)%<sup>5</sup> | 7.43% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $147507 | $124708 | $166737 | $296724 | $193552 | $99333 | $127836 |
| Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers | 0.54%<sup>6</sup> | 0.55%<sup>6</sup> | 0.55%<sup>6</sup> | 0.55%<sup>6</sup> | 0.55%<sup>6,7</sup> | 0.75%<sup>7</sup> | 0.75% |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers | 0.55%<sup>6</sup> | 0.55%<sup>6</sup> | 0.55%<sup>6</sup> | 0.55%<sup>6</sup> | 0.55%<sup>6,7</sup> | 0.85%<sup>7</sup> | 0.85% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.60% | 4.40% | 2.87% | (0.06)% | (0.52)%<sup>7</sup> | (0.18)%<sup>7</sup> | 1.30% |
| Portfolio turnover rate<sup>8</sup> | 26%<sup>9</sup> | 42%<sup>9</sup> | 0% | 47%<sup>9</sup> | 22%<sup>9</sup> | 0% | 0% |

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| | |
|:---|:---|
| ^ | After the close of business on December 18, 2020, the WisdomTree Continuous Commodity Index Fund (the "Predecessor Fund"), a commodity pool that was not registered under the Investment Company Act of 1940, as amended ("1940 Act"), was reorganized into the WisdomTree Enhanced Commodity Strategy Fund (the "Successor Fund"), an investment company registered under the 1940 Act. The Successor Fund adopted the financial information for the Predecessor Fund. Accordingly, information presented prior to the close of business on December 18, 2020 is that of the Predecessor Fund prior to the reorganization into a regulated investment company under the 1940 Act. |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> The amount of net realized and unrealized gain per share does not correspond with the amounts reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year.

<sup>3</sup> Amount represents less than $0.005.

<sup>4</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. For the periods in which the investment advisor waived advisory fees, the total return would have been lower if certain expenses had not been waived.

<sup>5</sup> Includes a voluntary reimbursement from the advisor for brokerage commissions incurred in connection with the Reorganization. Excluding this reimbursement, total return would have been unchanged.

<sup>6</sup> Does not include expenses of the underlying investment companies in which the Fund invests.

<sup>7</sup> Annualized.

<sup>8</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

<sup>9</sup> During the periods noted, the WisdomTree Floating Rate Treasury Fund was the only security held or transacted during the period. It is considered a long-term security for portfolio turnover calculation and therefore the variability in the portfolio turnover was primarily caused by transactions in this security alone (see the "Investment in Affiliates" supplementary table included in the Schedule of Investments in the Fund's Financial Statements and Other Information, which is included as part of the Fund's Form N-CSR, for transaction activity related to this security for the current fiscal year). During the fiscal year ended August 31, 2024, the WisdomTree Enhanced Commodity Strategy Fund additionally began investing in another long-term security, the WisdomTree Bitcoin Fund.

**224**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

**Financial Highlights** (continued)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Equity Premium Income Fund <br> (formerly, WisdomTree PutWrite Strategy <br> Fund)** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023<sup>1</sup>** | **For the<br> Year Ended<br> August 31, 2022<sup>1</sup>** | **For the<br> Year Ended<br> August 31, 2021<sup>1</sup>** |
| Net asset value, beginning of year | $32.90 | $31.87 | $31.61 | $32.79 | $26.64 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 1.31 | 1.56 | 1.14 | 0.01 | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.33 | 2.89 | 2.14 | (1.19) | 6.67 |
| Total from investment operations | 3.64 | 4.45 | 3.28 | (1.18) | 6.56 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.62) | (1.57) | (1.09) |  | (0.41) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.61) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.66) | (1.85) | (1.93) |  |  |
| Total dividends and distributions to shareholders | (3.89) | (3.42) | (3.02) |  | (0.41) |
| Net asset value, end of year | $32.65 | $32.90 | $31.87 | $31.61 | $32.79 |
| **TOTAL RETURN** **<sup>3</sup>** | 11.79% | 14.68% | 11.06% | (3.60)% | 24.87% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $295514 | $125033 | $98797 | $104322 | $63940 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers<sup>4</sup> | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers<sup>4</sup> | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.05% | 4.83% | 3.64% | 0.02% | (0.38)% |
| Portfolio turnover rate<sup>5,9</sup> | 11% | 32% | 12%<sup>1</sup> | 8% | 18% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Managed Futures Strategy Fund**<br> (consolidated) | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the<br> Year Ended<br> August 31, 2021** |
| Net asset value, beginning of year | $35.77 | $35.03 | $34.72 | $41.41 | $35.31 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 1.30 | 1.55 | 1.02 | (0.09) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.83 | 0.85 | 0.96 | (1.39) | 6.50 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by sub-adviser |  |  |  |  | 0.00<sup>6</sup> |
| Total from investment operations | 2.13 | 2.40 | 1.98 | (1.48) | 6.27 |
| Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.25) | (1.66) | (1.67) | (5.21) | (0.17) |
| Net asset value, end of year | $36.65 | $35.77 | $35.03 | $34.72 | $41.41 |
| **TOTAL RETURN** **<sup>3</sup>** | 6.12% | 7.16% | 6.00% | (3.91)% | 17.83%<sup>7</sup> |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $164939 | $207447 | $154145 | $140599 | $147001 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of expense waivers<sup>4</sup> | 0.64% | 0.65% | 0.65% | 0.65% | 0.65%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Expenses, prior to expense waivers<sup>4</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.68% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.70% | 4.35% | 3.05% | (0.24)% | (0.60)% |
| Portfolio turnover rate<sup>5,9</sup> | 96% | 37% | 16% | 7% | 25% |

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<sup>1</sup> The information reflects the investment objective and strategy of the WisdomTree CBOE S&P 500<sup>®</sup> PutWrite Strategy Fund through October 24, 2022 and the investment objective and strategy of the WisdomTree Equity Premium Income Fund thereafter.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period.

<sup>4</sup> Does not include expenses of the underlying investment companies in which the Fund invests.

<sup>5</sup> During the periods noted, the WisdomTree Floating Rate Treasury Fund was the only security held or transacted during the period. It is considered a long-term security for portfolio turnover calculation and therefore the variability in the portfolio turnover was primarily caused by transactions in this security alone (see the "Investment in Affiliates" supplementary table included in the Schedule of Investments in the Fund's Financial Statements and Other Information, which is included as part of the Fund's Form N-CSR, for transaction activity related to this security for the current fiscal year). During the fiscal year ended August 31, 2024, the WisdomTree Managed Futures Strategy Fund additionally began investing in another long-term security, the WisdomTree Bitcoin Fund.

<sup>6</sup> Amount represents less than $0.005.

<sup>7</sup> Includes a voluntary reimbursement from the sub-advisor for investment losses on certain foreign exchange transactions during the period. Excluding this voluntary reimbursement, total return would have been unchanged.

<sup>8</sup> The investment advisor had contractually agreed to limit the advisory fee to 0.65% through December 31, 2020. On December 31, 2020, the contractual waiver expired and the advisory fee was permanently reduced to 0.65%.

<sup>9</sup> Portfolio turnover rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

WisdomTree Trust Prospectus&nbsp;&nbsp;&nbsp;&nbsp; **225**<br>

[**Table of Contents**](#toc)

**Financial Highlights** (concluded)

 

*Selected data for a share of beneficial interest outstanding throughout the period is presented below:*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WisdomTree Private Credit and Alternative<br> Income Fund (formerly, WisdomTree Alternative<br> Income Fund)** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the<br> Year Ended<br> August 31, 2022** | **For the Period<br> May 6, 2021\*<br> through<br> August 31, 2021** |
| Net asset value, beginning of period | $19.09 | $18.85 | $20.39 | $25.79 | $24.96 |
| Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 1.64 | 1.90 | 1.94 | 1.49 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.11) | 0.61 | (1.15) | (4.82) | 0.40 |
| Total from investment operations | 0.53 | 2.51 | 0.79 | (3.33) | 0.83 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.79) | (1.97) | (1.97) | (1.66) |  |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.28) | (0.30) | (0.36) | (0.40) |  |
| Total dividends and distributions to shareholders | (2.07) | (2.27) | (2.33) | (2.07) |  |
| Net asset value, end of period | $17.55 | $19.09 | $18.85 | $20.39 | $25.79 |
| **TOTAL RETURN** **<sup>2</sup>** | 3.21% | 14.54% | 5.28% | (13.50)% | 3.33% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $62120 | $20233 | $12063 | $10193 | $10315 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 9.33% | 10.30% | 10.64% | 6.35% | 5.39%<sup>3</sup> |
| Portfolio turnover rate<sup>4</sup> | 33% | 33% | 33% | 52% | 2% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **WisdomTree Target Range Fund** | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** | **For the<br> Year Ended<br> August 31, 2023** | **For the Period<br> October 7, 2021\*<br> through<br> August 31, 2022** |
| Net asset value, beginning of period | $24.65 | $22.47 | $21.99 | $24.99 |
| Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.64 | 0.73 | 0.53 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.20 | 2.48 | 0.05 | (2.99) |
| Total from investment operations | 1.84 | 3.21 | 0.58 | (3.00) |
| Dividends and distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (1.03) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.52) |  |  |  |
| Total dividends and distributions to shareholders | (1.16) | (1.03) | (0.10) |  |
| Net asset value, end of period | $25.33 | $24.65 | $22.47 | $21.99 |
| **TOTAL RETURN** **<sup>2</sup>** | 7.68% | 14.74% | 2.65% | (12.00)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of period (000's omitted) | $59535 | $62246 | $64046 | $51675 |
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | 0.70% | 0.70% | 0.70% | 0.70%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.64% | 3.19% | 2.42% | (0.06)%<sup>3</sup> |
| Portfolio turnover rate<sup>4</sup> | 0% | 0% | 5% | 0% |

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\* Commencement of operations. The commencement of operations date is considered to be the date that the Fund began trading in the secondary market.

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

**226**&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Trust Prospectus<br>

[**Table of Contents**](#toc)

WisdomTree Trust

250 West 34<sup>th</sup> Street, 3<sup>rd</sup> Floor

New York, NY 10119

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| | |
|:---|:---|
| ![](wtt_logo.jpg) | ![](gopaperless.jpg) |

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| | | | |
|:---|:---|:---|:---|
| The Funds' current SAI provides additional detailed information about the Funds. The Trust has electronically filed the SAI with the SEC. It is incorporated by reference in this Prospectus.<br>Additional information about the Funds' investments is or will be available in the Funds' annual and semi-annual reports to shareholders and the Funds' Financial Statements and Other Information, each of which is included as part of the Funds' Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year. In the Funds' Financial Statements and Other Information, you will find the Fund's annual and semi-annual financial statements.<br>To make shareholder inquiries, for more detailed information on the Funds, or to request the SAI, annual or semi-annual shareholder reports, or financial statements, as applicable, free of charge, please: | The Funds' current SAI provides additional detailed information about the Funds. The Trust has electronically filed the SAI with the SEC. It is incorporated by reference in this Prospectus.<br>Additional information about the Funds' investments is or will be available in the Funds' annual and semi-annual reports to shareholders and the Funds' Financial Statements and Other Information, each of which is included as part of the Funds' Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year. In the Funds' Financial Statements and Other Information, you will find the Fund's annual and semi-annual financial statements.<br>To make shareholder inquiries, for more detailed information on the Funds, or to request the SAI, annual or semi-annual shareholder reports, or financial statements, as applicable, free of charge, please: | The Funds' current SAI provides additional detailed information about the Funds. The Trust has electronically filed the SAI with the SEC. It is incorporated by reference in this Prospectus.<br>Additional information about the Funds' investments is or will be available in the Funds' annual and semi-annual reports to shareholders and the Funds' Financial Statements and Other Information, each of which is included as part of the Funds' Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year. In the Funds' Financial Statements and Other Information, you will find the Fund's annual and semi-annual financial statements.<br>To make shareholder inquiries, for more detailed information on the Funds, or to request the SAI, annual or semi-annual shareholder reports, or financial statements, as applicable, free of charge, please: | The Funds' current SAI provides additional detailed information about the Funds. The Trust has electronically filed the SAI with the SEC. It is incorporated by reference in this Prospectus.<br>Additional information about the Funds' investments is or will be available in the Funds' annual and semi-annual reports to shareholders and the Funds' Financial Statements and Other Information, each of which is included as part of the Funds' Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year. In the Funds' Financial Statements and Other Information, you will find the Fund's annual and semi-annual financial statements.<br>To make shareholder inquiries, for more detailed information on the Funds, or to request the SAI, annual or semi-annual shareholder reports, or financial statements, as applicable, free of charge, please: |
| **Call:** | **1-866-909-9473 <br> Monday through Friday <br> 9:00 a.m. to 5:30 p.m. <br> (Eastern time)** | **Write:** | **WisdomTree Trust<br> c/o Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101** |
| **Visit:** | **www.wisdomtree.com/investments** |  |  |
| Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.<br>No person is authorized to give any information or to make any representations about any Fund and its shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference. | Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.<br>No person is authorized to give any information or to make any representations about any Fund and its shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference. | Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.<br>No person is authorized to give any information or to make any representations about any Fund and its shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference. | Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.<br>No person is authorized to give any information or to make any representations about any Fund and its shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.<br>© 2025 WisdomTree Trust<br>WisdomTree Funds are distributed in the U.S. by<br> Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101<br>WisdomTree<sup>®</sup> is a registered mark of WisdomTree, Inc.<br>INVESTMENT COMPANY ACT FILE NO. 811-21864<br> WIS-PR-0831-0126 |

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[**Table of Contents**](#toc2)

**WISDOMTREE<sup>®</sup> TRUST**

**STATEMENT OF ADDITIONAL INFORMATION** 

**Dated January 1, 2026**

This Statement of Additional Information (the "SAI") is not a prospectus. It should be read in conjunction with the current prospectus (the "Prospectus") for the following separate investment portfolios (each, a "Fund" and, collectively, the "Funds") of WisdomTree Trust (the "Trust"), as such Prospectus may be revised from time to time:

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| |
|:---|
| **WISDOMTREE CURRENCY STRATEGY ETFs<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. Dollar Bullish Fund (USDU) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Currency Strategy Fund (CEW) |
| **WISDOMTREE FIXED INCOME ETFs**<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Corporate Bond Fund (EMCB) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Local Debt Fund (ELD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Treasury Fund (USFR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Hedged High Yield Bond Fund (HYZD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Plus Bond Fund (MTGP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Enhanced U.S. Aggregate Bond Fund (AGGY) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Enhanced U.S. Short-Term Aggregate Bond Fund (SHAG) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Yield Enhanced USD Universal Bond Fund (UNIY) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bianco Total Return Fund (WTBN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-3 Year Laddered Treasury Fund (USSH) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-10 Year Laddered Treasury Fund (USIN) |
| **WISDOMTREE MUNICIPAL BOND ETFs**<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Laddered Municipal Fund (WTMU) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Income Laddered Municipal Fund (WTMY) |
| **WISDOMTREE ALTERNATIVE ETFs**<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Premium Income Fund (WTPI)<br> *formerly known as PutWrite Strategy Fund (PUTW)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Commodity Strategy Fund (GCC) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed Futures Strategy Fund (WTMF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Credit and Alternative Income Fund (HYIN)<br> *formerly known as Alternative Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Range Fund (GTR) |
| **WISDOMTREE CAPITAL EFFICIENT ETFs**<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficient Gold Plus Gold Miners Strategy Fund (GDMN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficient Gold Plus Equity Strategy Fund (GDE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Plus Fund (WTIP) |

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The current Prospectus for each Fund is dated January 1, 2026. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. The Funds' [audited financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350487/000121465925016126/wtt103125ncsr.htm) for the most recent fiscal year are incorporated in this SAI by reference to the Funds' Annual Financial Statements and Other Information, which is available on the Funds' website and as part of the Funds' most recent Form N-CSR, which can be located on the SEC's website. You may obtain a copy of each Fund's Prospectus, Financial Statements and Other Information, and Annual and Semi-Annual Reports to Shareholders at no charge by request to the Funds by calling 1-866-909-9473, visiting www.wisdomtree.com/investments, or writing to WisdomTree Trust, c/o Foreside Fund Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101.

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THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") AND THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTC") HAVE NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS SAI. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

\* Principal U.S. Listing Exchanges: The Nasdaq Stock Market LLC ("Nasdaq") (EMCB, HYZD, AGZD, UNIY, WTBN, USSH, USIN, WTMU, WTMY, GTR, and WTIP); NYSE Arca, Inc. ("NYSE Arca") (USDU, CEW, ELD, USFR, MTGP, AGGY, WTPI, GCC, and WTMF); and Cboe BZX Exchange, Inc. ("Cboe") (SHAG, HYIN, GDMN, and GDE).

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
| [General Description of the Trust and the Funds](#toc3) | 1 |
| [General Information about Strategies and Risks](#toc4) | 2 |
| [Specific Investment Strategies and Risks](#toc5) | 5 |
| [Proxy Voting Policy](#toc6) | 37 |
| [Portfolio Holdings Disclosure Policies and Procedures](#toc7) | 44 |
| [Index Descriptions](#toc8) | 45 |
| [Investment Limitations](#toc9) | 47 |
| [Continuous Offering](#toc10) | 51 |
| [Management of the Trust](#toc11) | 52 |
| [Investment Advisory and Other Services](#toc12) | 60 |
| [Brokerage Transactions](#toc13) | 83 |
| [Additional Information Concerning the Trust](#toc14) | 86 |
| [Creation and Redemption of Creation Unit Aggregations](#toc15) | 88 |
| [Regular Holidays and Other Settlement Matters](#toc16) | 94 |
| [Taxes](#toc17) | 95 |
| [Determination of NAV](#toc18) | 107 |
| [Dividends and Distributions](#toc19) | 108 |
| [Financial Statements](#toc20) | 109 |
| [Appendix A](#toc21) | 110 |

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**GENERAL DESCRIPTION OF THE TRUST AND THE FUNDS**

The Trust was organized as a Delaware statutory trust on December 15, 2005, and is authorized to issue multiple series or portfolios. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The offering of the Trust's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). WisdomTree Asset Management, Inc. ("WisdomTree Asset Management" or the "Adviser") is the investment adviser to each Fund. WisdomTree, Inc. ("WisdomTree") is the parent company of WisdomTree Asset Management. Mellon Investments Corporation ("Mellon") is the investment sub-adviser to each Fund, except for the NIMNA Managed Funds, the Voya IM Managed Funds, and the Insight Managed Funds, as defined below (collectively, the "Mellon Managed Funds"). Voya Investment Management Co. LLC ("Voya IM") is the investment sub-adviser to the Yield Enhanced U.S. Short-Term Aggregate Bond Fund, Emerging Markets Corporate Bond Fund, Mortgage Plus Bond Fund, Interest Rate Hedged High Yield Bond Fund, and Voya Yield Enhanced USD Universal Bond Fund (collectively, the "Voya IM Managed Funds"). Newton Investment Management North America, LLC ("NIMNA") is the investment sub-adviser to the Equity Premium Income Fund, Target Range Fund, Managed Futures Strategy Fund, Enhanced Commodity Strategy Fund, and Inflation Plus Fund (collectively, the "NIMNA Managed Funds"). Insight North America LLC ("Insight") is the investment sub-adviser to the Core Laddered Municipal Fund and High Income Laddered Municipal Fund (together, the "Insight Managed Funds"). Mellon, Voya IM, NIMNA, and Insight (each, a "Sub-Adviser" and, collectively, the "Sub-Advisers") and the Adviser may be referred to herein collectively as the "Advisers." Foreside Fund Services, LLC serves as the distributor (the "Distributor") of the shares of each Fund.

The Funds are exchange-traded funds ("ETFs"). Each Fund issues and redeems shares at net asset value per share ("NAV") only in large blocks of shares ("Creation Unit Aggregations"). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutions or large investors (typically market makers or other broker-dealers) purchase or redeem Creation Unit Aggregations. Except when aggregated in Creation Unit Aggregations, shares of each Fund are not redeemable securities.

Shares of each Fund are listed on a national securities exchange, such as Cboe, NYSE Arca, or Nasdaq (each, a "Listing Exchange"), and trade throughout the day on the Listing Exchange and other secondary markets at market prices that may be greater than (premium) or less than (discount) their NAV. As in the case of other publicly traded securities, brokers' commissions on transactions will be based on commission rates charged by the applicable broker.

The Trust reserves the right to adjust the prices of shares in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the applicable Fund.

The Bloomberg U.S. Dollar Bullish Fund and Emerging Currency Strategy Fund may sometimes be referred to together as the "Currency Strategy Funds". The Interest Rate Hedged U.S. Aggregate Bond Fund and Interest Rate Hedged High Yield Bond Fund may sometimes be referred to together as the "Duration Funds". The 1-3 Year Laddered Treasury Fund and 7-10 Year Laddered Treasury Fund may sometimes be referred to together as the "Laddered Treasury Funds". The Core Laddered Municipal Fund and High Income Laddered Municipal Fund may sometimes be referred to together as the "Municipal Bond Funds". The Duration Funds, Floating Rate Treasury Fund, Yield Enhanced U.S. Aggregate Bond Fund, Yield Enhanced U.S. Short-Term Aggregate Bond Fund, Voya Yield Enhanced USD Universal Bond Fund, and the Laddered Treasury Funds may sometimes be referred to together as the "Fixed Income Index Funds". The Emerging Markets Local Debt Fund, Emerging Markets Corporate Bond Fund, Municipal Bond Funds, and Mortgage Plus Bond Fund may sometimes be referred to together as the "Fixed Income Active Funds". The Fixed Income Index Funds, Bianco Total Return Fund, and the Fixed Income Active Funds may sometimes be referred to together as the "Fixed Income Funds". The Equity Premium Income Fund, Managed Futures Strategy Fund, Enhanced Commodity Strategy Fund, Private Credit and Alternative Income Fund, and Target Range Fund may sometimes be referred to together as the "Alternative Funds". The Efficient Gold Plus Gold Miners Strategy Fund, Efficient Gold Plus Equity Strategy Fund, and Inflation Plus Fund may sometimes be referred together as the "Capital Efficient Funds". The Managed Futures Strategy Fund, Enhanced Commodity Strategy Fund, Efficient Gold Plus Gold Miners Strategy Fund, Efficient Gold Plus Equity Strategy Fund, and Inflation Plus Fund may sometimes be referred together as the "Subsidiary Strategy Funds". The Fixed Income Index Funds, Bianco Total Return Fund, Equity Premium Income Fund, and Private Credit and Alternative Income Fund may sometimes be referred together as the "Index Funds". All of the Funds in this SAI that are not Index Funds may sometimes be referred together as the "Active Funds".

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"WisdomTree" is a registered mark of WisdomTree and has been licensed for use by the Trust. WisdomTree has received a patent and has a patent application pending on the methodology and operation of its Indexes and the Funds.

**GENERAL INFORMATION ABOUT STRATEGIES AND RISKS**

**All Funds** 

Each Fund's investment objective, principal investment strategies and associated risks are described in the Fund's Prospectus. The sections below supplement these principal investment strategies and risks and describe the Funds' additional investment policies, and the different types of investments that may be made by a Fund as a part of its non-principal investment strategies. With respect to each Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

All U.S. money market securities acquired by the Funds will be rated in the upper two short-term ratings by at least two Nationally Recognized Statistical Rating Organizations ("NRSROs") or, if unrated, deemed to be of equivalent quality. A First Tier security is (i) a rated security that has received a short-term rating from the NRSROs in the highest short-term rating category for debt obligations (within which there may be sub-categories or gradations indicating relative standing); (ii) an unrated security that is of comparable quality to a security, as determined by the Adviser and/or Sub-Adviser; (iii) a security issued by a registered investment company that is a money market fund; or (iv) a security issued by the U.S. government or any of its agencies or instrumentalities. A Second Tier security is a rated security that has received a short-term rating other than a first tier rating from an NRSRO for debt obligations (within which there may be sub-categories or gradations indicating relative standing) or is an unrated security that is of comparable quality. Each Fund intends to limit its overall exposure to Second Tier money market securities to 5% of total assets. Any security originally issued as a long-term obligation (more than 397 days from maturity at issuance) will be rated A or higher (or the equivalent) at the time of purchase by at least two NRSROs or, if unrated, deemed to be of equivalent quality.

An investment in a Fund should be made with an understanding that the value of a Fund's portfolio securities may fluctuate (including significant decreases) in accordance with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer, changes in general economic or political conditions, local, regional or global events such as war, threats of war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, natural and environmental disasters, systemic market dislocations, supply disruptions, or other events. Such events may disparately impact a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector, or asset class. In addition, a Fund may not outperform other investment strategies over short- or long-term market cycles and the Fund may decline in value. Fund shares may trade above or below their NAV. An investor in a Fund could lose money over short or long periods of time. The price of the securities and other investments held by a Fund, and thus the value of a Fund's portfolio, is expected to fluctuate in accordance with general economic conditions, interest rates, political events, and other factors. For more information about these and other risks, please see "Specific Investment Strategies and Risks" below and "Principal Risks of Investing in the Fund" in each Fund's Prospectus.

Each Fund intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), so that it will not be subject to federal income tax on income and gains that are timely distributed to Fund shareholders. Each Fund will invest its assets, and otherwise conduct its operations, in a manner that is intended to satisfy the qualifying income, diversification and distribution requirements necessary to establish and maintain eligibility for such treatment.

Each Fund is considered "non-diversified," as such term is used in the 1940 Act. Each Index Fund may become diversified for periods of time solely as a result of tracking its Index (*e.g.*, changes in weightings of one or more constituent securities). Each Active Fund also may become diversified for limited periods.

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A Fund may be included in model portfolios developed by WisdomTree Asset Management for use by financial advisors and/or investors. The market price of shares of a Fund, costs of purchasing or selling shares of a Fund, including the bid/ask spread, and liquidity of a Fund may be impacted by purchases and sales of such Fund by one or more model-driven investment portfolios.

The Trust's Board of Trustees (the "Board") may, in the future, authorize a Fund to invest in securities and investments other than those listed in this SAI and in the Fund's Prospectus, provided they are consistent with the Fund's investment objective and do not violate any investment restrictions or policies.

**Additional Information Regarding Certain Funds**

<u>Weighted Average Portfolio Maturity – Emerging Currency Strategy Fund.</u> In order to reduce interest rate risk, the Fund generally expects to maintain a weighted average portfolio maturity of 90 days or less with respect to the money market securities in its portfolio. This may change from time to time. The "average weighted portfolio maturity" of a Fund is the average of all the current maturities of the individual securities in the Fund's portfolio adjusted by the dollar amount of such securities held by the Fund. Average portfolio maturity is important to investors as an indication of the Fund's sensitivity to changes in interest rates. Funds with longer average portfolio maturities generally are subject to greater interest rate risk. The Fund may engage in forward currency contracts and swap transactions. The use of such contracts and transactions may extend the weighted average maturity of the Fund's entire portfolio beyond 90 days. Such transactions increase the Fund's exposure to interest rate risk.

<u>Weighted Average Portfolio Maturity - Equity Premium Income Fund</u>. In order to reduce interest rate risk, the Fund generally expects to maintain a weighted average portfolio maturity of 180 days or less on average (not to exceed 18 months) and will not purchase any money market instruments with a remaining maturity of more than 397 calendar days. This may change from time to time. The "average weighted portfolio maturity" of a Fund is the average of all the current maturities of the individual securities in the Fund's portfolio. Average portfolio maturity is important to investors as an indication of the Fund's sensitivity to changes in interest rates. Funds with longer average portfolio maturities generally are subject to greater interest rate risk.

***Subsidiary Strategy Funds***

Each Subsidiary Strategy Fund may seek to gain exposure to the commodity markets and, to the extent it is consistent with its investment objective and principal investment strategies, certain other investments, including bitcoin and bitcoin-linked investments, in whole or in part, through investments in a subsidiary organized in the Cayman Islands (each, a "WisdomTree Subsidiary"). Such investments are intended to enable each Subsidiary Strategy Fund to satisfy the source-of-income requirements that apply to RICs under the Code. Each WisdomTree Subsidiary may invest in commodities and other non-security investments and related derivatives to a greater extent than its Subsidiary Strategy Fund. Unlike the Subsidiary Strategy Funds, the WisdomTree Subsidiaries generally are not investment companies under the 1940 Act or registered with the SEC. As a result, each Subsidiary Strategy Fund is not afforded the same investor protections with respect to its investment in its WisdomTree Subsidiary as are afforded to shareholders of the Subsidiary Strategy Fund. Each WisdomTree Subsidiary's investments in derivatives and use of leverage are subject to the limits on leverage imposed by the 1940 Act. In addition, each WisdomTree Subsidiary generally is subject to the same investment policies and investment restrictions as its Subsidiary Strategy Fund.

***Emerging Markets Corporate Bond Fund and Emerging Markets Local Debt Fund***

In general, emerging market countries are characterized by developing commercial and financial infrastructure with significant potential for economic growth and increased capital market participation by foreign investors. The Adviser and Sub-Adviser look at a variety of commonly used factors when determining whether a country is an "emerging" market. In general, for investing in corporate debentures, the Adviser and Sub-Adviser consider a country to be an emerging market if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it is either (a) classified by the World Bank in the lower middle or upper middle income designation
 for one of the past 5 years, (b) has not been a member of OECD for the past five years, or (c) classified by the World Bank
 as high income and a member in OECD in each of the last five years, but with a currency that has been primarily traded on a non-delivered
 basis by offshore investors (*e.g.*, South Korea and Taiwan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the country's debt market is considered relatively accessible by foreign investors in terms of capital
 flow and settlement considerations.

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The criteria used to evaluate whether a country is an "emerging market" will change from time to time based on economic and other events.

Each Fund will invest only in corporate bonds (including loan participation notes) that the Adviser or Sub-Adviser deems to be sufficiently liquid. Each Fund's investment in corporate bonds generally will be limited to bonds with $200 million or more par value outstanding and a significant volume traded (as determined by the Adviser or Sub-Adviser). Each Fund may invest up to 5% of its net assets in corporate bonds with less than $200 million par amount outstanding only if such bonds are sufficiently liquid (as determined by the Adviser or Sub-Adviser). Under normal circumstances, each Fund may invest up to 25% of its net assets in money market securities for investment purposes (generally short-term, high quality obligations issued by U.S. or non-U.S. governments, agencies or instrumentalities), although it may exceed this amount where the Adviser or Sub-Adviser deems such investment necessary or advisable due to market conditions. In addition, each Fund may hold money market securities as collateral for derivative or other instruments.

***Emerging Markets Local Debt Fund***

Under normal market conditions, the Fund generally will not invest more than 20% of its net assets in corporate bonds (or derivatives based on such bonds).

***Bloomberg U.S. Dollar Bullish Fund***

The Fund is an actively managed ETF that seeks to provide total returns, before fees and expenses, that exceed the performance of the Bloomberg Dollar Total Return Index (the "Index"). Although the Fund is not an index fund, the Fund anticipates providing exposure to currencies in the Index. The Index follows a strict, rules-based process aimed at capturing important currencies with the highest liquidity and biggest trade flows with the United States. The following table provides additional information with respect to the Index's methodology:

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| | |
|:---|:---|
| Currency Selection | The Index selects the basket of developed and emerging markets currencies to be measured against the U.S. dollar by:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Identifying the top 20 currencies in terms of global trading activity versus the U.S. dollar (as defined by the Federal Reserve in its Broad Index of the Foreign Exchange Value of the Dollar).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Identifying the top 20 currencies in terms of global foreign exchange volume (from the BIS Triennial Central Bank Survey).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Selecting the top 10 currencies of both lists, after removing currencies pegged to the U.S. dollar (such as the Hong Kong dollar or Saudi riyal) and using average weights from each set. |
| Final Weightings | The final Index weights are derived by: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Capping the exposure of Chinese renminbi to 3% and distributing the extra weight to other currencies on a pro-rata basis.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Removing currency positions with weights of less than 2%, and distributing their weights to other currencies on a pro-rata basis. |

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|:---|:---|
| Rebalancing | The Index is rebalanced as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; On a monthly basis, the Index rebalances back to target weights.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; On an annual basis, the Index reconstitutes to capture the current top currencies in terms of global trading activity and global foreign exchange volume. |

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**SPECIFIC INVESTMENT STRATEGIES AND RISKS** 

Although each Currency Strategy Fund invests in short-term U.S. and/or non-U.S. money market securities, the Currency Strategy Funds do not seek to maintain a constant NAV and are not traditional money market funds. Each Fixed Income Fund also invests in intermediate and long-term U.S. and/or non-U.S. money market securities.

An investment in the Efficient Gold Plus Gold Miners Strategy Fund or Efficient Gold Plus Equity Strategy Fund should also be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of a Fund's portfolio securities and therefore a decrease in the value of shares of the Fund). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change.

The Municipal Bond Funds seek to generate a high level of current income that is exempt from federal income taxes.

The Active Funds are actively managed using proprietary investment strategies and processes. There can be no guarantees that these strategies and processes will produce the intended results. The Funds may not outperform other investment strategies over short or long term cycles and may decline in value.

A description of certain investment strategies and types of investments used by some or all of the Funds (to the extent consistent with their principal investment strategies), and various related risks, is set forth below. A discussion of the principal strategies and risks associated with an investment in a Fund is contained in each Fund's Prospectus.

**BANK DEPOSITS AND OBLIGATIONS.** Each Fund may invest in deposits and other obligations of U.S. and non-U.S. banks and financial institutions. Deposits and obligations of banks and financial institutions include certificates of deposit, time deposits, and bankers' acceptances. Certificates of deposit and time deposits represent an institution's obligation to repay funds deposited with it that earn a specified interest rate. Certificates of deposit are negotiable certificates, while time deposits are non-negotiable deposits. A banker's acceptance is a time draft drawn on and accepted by a bank that becomes a primary and unconditional liability of the bank upon acceptance. Investments in obligations of non-U.S. banks and financial institutions may involve risks that are different from investments in obligations of U.S. banks. These risks include future unfavorable political and economic developments, seizure or nationalization of foreign deposits, currency controls, interest limitations or other governmental restrictions that might affect the payment of principal or interest on the securities held in a Fund.

**BITCOIN RISK.** The Managed Futures Strategy Fund, Enhanced Commodity Strategy Fund, and Inflation Plus Fund may invest in bitcoin futures contracts and shares of one or more bitcoin exchange-traded products ("bitcoin ETPs," and together with bitcoin futures contracts, "Bitcoin Investments"), which are exchange-traded, pooled investment vehicles that primarily hold bitcoin and which generally seek to reflect the performance of the price of bitcoin before the payment of the bitcoin ETP's expenses. The Funds will invest only in cash-settled bitcoin futures traded on the Chicago Mercantile Exchange, which is a futures exchange registered with and regulated by the Commodity Futures Trading Commission, and shares of bitcoin ETPs listed on a U.S. national securities exchange. The Funds' investment in bitcoin ETPs may include or consist entirely of an investment in the shares of the WisdomTree Bitcoin Fund (BTCW), a bitcoin ETP sponsored by an affiliate of the Adviser. The Funds will not invest in bitcoin directly.

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Bitcoin futures and bitcoin ETPs are relatively new investments and commenced trading on the Chicago Mercantile Exchange in 2017 and January 2024, respectively. As a result, the markets for bitcoin futures and bitcoin ETPs may be less developed, and potentially less liquid and more volatile, than more established futures and securities markets. While the bitcoin futures and bitcoin ETP markets have grown substantially since each investment commenced trading, there can be no assurance that this growth will continue. The price of bitcoin could drop precipitously (including to zero), which would be expected to have a similar impact on the prices of bitcoin futures and bitcoin ETPs. In addition, unlike the exchanges for more traditional assets, such as equity securities and futures contracts (including the Chicago Mercantile Exchange with respect to bitcoin futures), bitcoin and bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of bitcoin trading venues have been closed due to fraud, failure or security breaches. Legal or regulatory changes may negatively impact the operation of the decentralized, open-source protocol and network that bitcoin is based on (the "Bitcoin network") or restrict the use of bitcoin. The Bitcoin network is in the early stages of development and has a limited history, and there is no assurance that usage of Bitcoin network, and bitcoin itself, will continue to grow. Regulation of bitcoin and the Bitcoin network continues to evolve in both the U.S. and foreign jurisdictions, which may result in restrictions on the use of bitcoin or otherwise impact the demand for bitcoin. The value of bitcoin is, in part, determined by the supply of, and demand for, bitcoin in the global markets for the trading of bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment, and the volume of peer-to-peer transactions, among other factors. The trading prices of bitcoin have experienced extreme volatility in recent periods and may continue to do so. The prevalence of bitcoin a relatively recent trend, and its long-term adoption by investors, consumers and businesses is unpredictable.

**BORROWING.** Although the Funds do not intend to borrow money as part of their principal investment strategies, a Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, a Fund may borrow up to 33% of its net assets, but under normal market conditions, no Fund expects to borrow greater than 10% of such Fund's net assets. A Fund will borrow only for short-term or emergency purposes. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of a Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A Fund may also be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**BUSINESS DEVELOPMENT COMPANIES.** The Private Credit and Alternative Income Fund will invest in business development companies ("BDCs"), whose principal business is to invest in and lend capital to privately held companies. The 1940 Act imposes certain restraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may incur indebtedness only in amounts such that the BDC's asset coverage equals at least 200% after such incurrence. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly-traded companies. Investments made by BDCs generally are less liquid than publicly traded securities. The illiquidity of these investments may make it difficult to sell such investments, and the Fund may realize a loss on its investments. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the investment performance of a small number of investments, or even a single investment. Market disruptions, including a downturn in capital markets in general, or a downgrade of the credit rating of a BDC held by the Fund may increase the cost of borrowing to that company, thereby adversely impacting the Fund's returns. Credit downgrades also may result in requirements on a company to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

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**Capital Controls and Sanctions Risk.** Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action, such as Russia's invasion of Ukraine in 2022, and other conditions may, without prior warning, lead to government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, or other assets, which may potentially include derivative instruments related thereto. Countries use these controls to, among other reasons, restrict movements of capital entering (inflows) and exiting (outflows) their country to respond to certain economic or political conditions. By way of example, such controls may be applied to short-term capital transactions to counter speculative flows that threaten to undermine the stability of the exchange trade and deplete foreign exchange reserves. Levies may be placed on profits repatriated by foreign entities (such as the Funds). Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell, transfer, receive, deliver (*i.e.,* create and redeem Creation Unit Aggregations) or otherwise obtain exposure to, foreign securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for shares of a Fund (*e.g.,* cause a Fund to trade at prices materially different from its NAV), and cause the Fund to decline in value. A Fund may also be forced to sell or otherwise dispose of foreign investments at inopportune times or prices due to sanctions. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that have been imposed against Russia and other countries and that may further be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures would likely cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, which in turn may increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could significantly delay or prevent the settlement of securities transactions or their valuation and, as a result, significantly impact a Fund's liquidity and performance. A Fund may change its creation and or redemption procedures without notice in response to the imposition of capital controls or sanctions. There can be no assurance a country in which a Fund invests, whether it is the U.S. or a foreign country, will not impose a form of capital control or sanction to the possible detriment of a Fund and its shareholders. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice.

*Risks Related to Russia's Invasion of Ukraine.* Russia's military invasion of Ukraine initiated in February 2022 and the economic and diplomatic responses by the United States and other countries have led to increased volatility and uncertainty in the financial markets and could continue to adversely affect regional and global economies for the foreseeable future. In response to Russia's actions, the governments of the United States, Canada, Japan, the European Union, the United Kingdom, and many other countries collectively imposed heavy and broad-ranging economic sanctions on certain Russian individuals, corporate and banking entities, and other industries and businesses. The sanctions restrict companies from doing business with Russia and Russian companies, prohibit transactions with the Russian central bank and other key Russian financial institutions and entities, ban Russian airlines and ships from using many other countries' airspace and ports, respectively, and place a freeze on certain Russian assets. The sanctions also removed some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally to facilitate cross-border payments. In addition, the United States has banned oil and other energy imports from Russia, as well as other popular Russian exports, such as diamonds, seafood, and vodka. The European Union, the United Kingdom and other countries have also placed restrictions on certain oil, energy, and luxury good imports from Russia.

These sanctions, as well as other economic consequences related to the invasion, such as additional sanctions, boycotts, changes in consumer or purchaser preferences, or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities as well as securities of issuers in other countries that are subject to or otherwise adversely affected by economic sanctions related to Russia's invasion of Ukraine, including Russian counter measures. To the extent a Fund has exposure to Russian investments or investments in countries affected by the invasion or the sanctions, the Fund's ability to price, buy, sell, receive, or deliver, or receive dividends and interest payments on such investments may be impaired. In certain circumstances, such as when there is no market for a security or other means of valuing or disposing of a security, a Fund may determine to value the affected security at zero. In addition, any exposure a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively affect the Fund's portfolio. The extent and duration of Russia's military actions and the repercussions of such actions are impossible to predict, but could result in continued significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation, and global growth. Further, an escalation of the military conflict beyond Ukraine's borders could result in significant, long-lasting damage to the economies of Eastern and Western Europe as well as the global economy. These and any related events could significantly and adversely affect a Fund's performance and the value of an investment in the Fund, even in the absence of direct exposure to Russian issuers or issuers in other countries affected by the invasion.

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**CASH AND CASH EQUIVALENTS.** Each Fund may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) shares of money market or similar funds managed by the investment adviser or its affiliates; (b) shares of other money market funds; (c) commercial paper; (d) short-term bank obligations (for example, certificates of deposit, bankers' acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (e) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (f) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; and (g) higher quality corporate bonds and notes that mature, or that may be redeemed, in one year or less.

**CLOSED-END INVESTMENT COMPANIES.** The Private Credit and Alternative Income Fund will invest in closed-end investment companies ("CEFs"). The value of the underlying securities held by a CEF could decrease or the portfolio could become illiquid. CEFs may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the CEF's common shares in an attempt to enhance the current return to such CEF's common shareholders. The Fund's investment in the common shares of CEFs that are financially leveraged may create an opportunity for greater total return, but with more volatility than other investments, and greater potential for loss. CEFs are also able to utilize leverage to a greater degree than other investment companies, such as mutual funds or ETFs. As a result, the Fund may be exposed indirectly to leverage through an investment in CEFs, which may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns may be lower. Shares of CEFs frequently trade at a discount from their NAV. There can be no assurance that the market discount on shares of any CEF purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase, and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such CEF, thereby adversely affecting the Fund's NAV.

**COMMERCIAL PAPER.** The Fixed Income Funds may invest in commercial paper. Commercial paper is an unsecured short-term promissory note with a fixed maturity of no more than 270 days issued by corporations, generally to finance short-term business needs. The commercial paper purchased by the Fund generally will be rated in the upper two short-term ratings by at least two Nationally Recognized Statistical Rating Organizations ("NRSROs") or, if unrated, deemed to be of equivalent quality by the Adviser or the Sub-Adviser. If a security satisfies the rating requirement upon initial purchase and is subsequently downgraded, the Fund is not required to dispose of the security. In the event of such an occurrence, the Adviser or the Sub-Adviser will determine what action, including potential sale, is in the best interest of the Fund. The Currency Strategy Funds may also purchase unrated commercial paper provided that such paper is determined to be of comparable quality by the Adviser or the Sub-Adviser. Commercial paper issuers in which the Fund may invest include securities issued by corporations without registration under the Securities Act in reliance on the exemption from such registration afforded by Section 3(a)(3) thereof, and commercial paper issued in reliance on the so-called "private placement" exemption from registration, which is afforded by Section 4(2) of the Securities Act ("Section 4(2) paper"). Section 4(2) paper is restricted as to disposition under the federal securities laws in that any resale must similarly be made in an exempt transaction. Section 4(2) paper is normally resold to other institutional investors through or with the assistance of investment dealers who make a market in Section 4(2) paper, thus providing liquidity.

**COMMODITY RISK.** A Fund's investments in commodities or commodity-linked investments, either directly or through its WisdomTree Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The prices of commodities and commodity-linked investments may be affected by a number of factors, including overall market movements, foreign currency exchange rates, changes in interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. The prices of commodities and commodity-linked investments may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes, such as stocks, bonds, and cash. Investments in commodities and commodity-linked investments can also present risks associated with delivery, custody, storage and maintenance, illiquidity, and the inability to accurately value a commodity or commodity-linked investment. These risks may be compounded by the impairment of a Fund's ability to sell its commodity and commodity-linked portfolio holdings in a timely manner or for full value. Each of these factors and events could have a significant negative impact on a Fund.

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**CORPORATE DEBT OBLIGATIONS.** The Duration Funds and Emerging Markets Corporate Bond Fund invest in corporate debt obligations, and each Fixed Income Fund, the Bloomberg U.S. Dollar Bullish Fund, the Enhanced Commodity Strategy Fund and the Equity Premium Income Fund may invest in corporate debt obligations. The Currency Strategy Funds may invest in corporate debt obligations with less than 397 calendar days remaining to maturity. Corporate debt obligations are interest bearing securities in which the corporate issuer has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal periodically or on a specified maturity date. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities. The primary differences between the different types of corporate debt securities are their maturities and secured or un-secured status. Commercial paper has the shortest term and is usually unsecured. The Currency Strategy Funds will be limited to obligations rated at the time of purchase in the top three long-term rating categories by at least one NRSRO, or if unrated, deemed to be of equivalent quality. The Fixed Income Funds may invest in rated and unrated debt, subject to the credit quality restrictions set forth in the description of the Funds' "Principal Investment Strategies" herein. If a security satisfies the rating requirement upon initial purchase and is subsequently downgraded, a Fund is not required to dispose of the security. In the event of such an occurrence, WisdomTree Asset Management or the Sub-Adviser will determine what action, including potential sale, is in the best interest of the Fund. See also "High Yield Risk" under "General Risks."

Corporate debt may be issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest.

Because of the wide range of types, and maturities, of corporate debt obligations, as well as the range of creditworthiness of its issuers, corporate debt obligations have widely varying potentials for return and risk profiles. For example, commercial paper issued by a large established domestic corporation that is rated investment-grade may have a modest return on principal, but carries relatively limited risk. On the other hand, a long-term corporate note issued by a small foreign corporation from an emerging market country that has not been rated may have the potential for relatively large returns on principal, but carries a relatively high degree of risk.

Like most fixed income securities, corporate debt obligations carry both credit risk and interest rate risk. Credit risk is the risk that the Fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer terms tend to fall more in value when interest rates rise than corporate debt securities with shorter terms. The Emerging Markets Corporate Bond Fund intends to limit interest rate risk by maintaining aggregate portfolio duration of between two and ten years under normal market conditions. Aggregate portfolio duration is important to investors as an indication of the Fund's sensitivity to changes in interest rates. Funds with higher durations generally are subject to greater interest rate risk. For example, the value of a fund with a portfolio duration of ten years would be expected to drop by 10% for every 1% increase in interest rates. The Fund's actual portfolio duration may be longer or shorter depending upon market conditions.

**CURRENCY EXCHANGE RATE RISK.** Investments denominated in non-U.S. currencies and investments in securities or derivatives that provide exposure to such currencies, currency exchange rates or interest rates are subject to non-U.S. currency risk. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of a Fund's investment and the value of your Fund shares. Because a Fund's NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. This is true even if the local currency value of securities in a Fund's holdings goes up. Conversely, the U.S. dollar value of your investment in a Fund may go up if the value of the local currency appreciates against the U.S. dollar.

The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include interest rates, national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country's currency. Government monetary policies and the buying or selling of currency by a country's government may also influence exchange rates.

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Currencies of emerging or developing market countries may be subject to significantly greater risks than currencies of developed countries. Many developing market countries have experienced steady declines or even sudden devaluations of their currencies relative to the U.S. dollar. Some non-U.S. market currencies may not be traded internationally, may be subject to strict limitations on foreign investment and may be subject to frequent and unannounced government intervention. Government intervention and currency controls can decrease the value and significantly increase the volatility of an investment in non-U.S. currency. Although the currencies of some developing market countries may be convertible into U.S. dollars, the achievable rates may differ from those experienced by domestic investors because of foreign investment restrictions, withholding taxes, lack of liquidity or other reasons.

**CYBERSECURITY RISK.** Investment companies, such as the Funds, and their service providers may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cybersecurity breaches. Cyber-attacks affecting a Fund or the Adviser, Sub-Advisers, accountant, custodian, transfer agent, index providers, market makers, Authorized Participants and other third-party service providers may adversely impact a Fund. For instance, cyber-attacks may interfere with the processing of Authorized Participant transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject a Fund to regulatory fines or financial losses, and cause reputational damage. A Fund could incur extraordinary expenses for cybersecurity risk management purposes, prevention and/or resolution. Similar types of cybersecurity risks also are present for issuers of securities in which a Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**DEPOSITARY RECEIPTS**. To the extent a Fund invests in stocks of foreign corporations, the Fund's investment in such stocks may be in the form of depositary receipts or other similar securities convertible into securities of foreign issuers. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. American Depositary Receipts ("ADRs") are receipts typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. European Depositary Receipts ("EDRs") are receipts issued in Europe that evidence a similar ownership arrangement. Global Depositary Receipts ("GDRs") are receipts issued throughout the world that evidence a similar arrangement. Non-Voting Depository Receipts ("NVDRs") are receipts issued in Thailand that evidence a similar arrangement. Generally, ADRs, in registered form, are designed for use in the U.S. securities markets, and EDRs, in bearer form, are designed for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. NVDRs are tradable on the Stock Exchange of Thailand. See "Non-U.S. Securities" below for information about the risks associated with depositary receipts.

A Fund will not generally invest in any unlisted depositary receipts or any depositary receipt that WisdomTree Asset Management or the relevant Sub-Adviser deems to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored; however, a Fund may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts. The use of depositary receipts may increase tracking error relative to an underlying Index.

**DERIVATIVES.** To the extent consistent with its principal investment strategies, each Fund may use derivative instruments. The Emerging Currency Strategy Fund, Duration Funds, Voya Yield Enhanced USD Universal Bond Fund, Equity Premium Income Fund, Enhanced Commodity Strategy Fund, Managed Futures Strategy Fund, Target Range Fund and Capital Efficient Funds will likely have a greater portion of their assets invested through derivative instruments than the other Funds. The Emerging Markets Local Debt Fund expects that no more than 30% of the value of net assets will be invested in derivative instruments. The Emerging Markets Corporate Bond Fund, under normal circumstances, will invest no more than 20% of the value of its net assets in derivative instruments. No Fund will use derivatives to increase leverage, and each Fund will provide margin or collateral, as applicable, with respect to investments in derivatives in such amounts as determined under applicable law, regulatory guidance or related interpretations.

Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to bonds, interest rates, currencies, commodities, and related indexes. Examples of derivative instruments include forward currency contracts, currency and interest rate swaps, currency options, futures contracts, options on futures contracts, swap agreements, and credit-linked notes.

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A Fund that utilizes derivatives is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund's operation, and/or change the competitive landscape. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which governs a fund's use of derivatives. Among other things, the rule generally requires a fund to adopt a derivatives risk management program, appoint a derivatives risk manager to oversee the program, and comply with an outer limit on fund leverage risk based on value at risk, or VaR. Certain funds may be exempted from these requirements if they use derivatives only to a limited extent and in a limited manner and comply with certain other conditions set forth in the rule. The rule significantly changed the regulatory framework applicable to a fund's use of derivatives, including by replacing the prior asset segregation regulatory framework in its entirety.

Forwards, swaps, and certain other derivatives are subject to regulation under The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") in the U.S. and certain non-U.S. jurisdictions. Physically-settled forwards entered into between eligible contract participants, such as the Fund, are generally subject to fewer regulatory requirements in the U.S. than non-deliverable forwards. Under the Dodd-Frank Act, non-deliverable forwards are regulated as swaps and are subject to rules requiring central clearing and mandatory trading on an exchange or facility that is regulated by the CFTC. Under the Dodd-Frank Act, non-deliverable forwards, swaps, and certain other derivatives traded in the over the counter ("OTC") market are subject to initial and variation margin requirements. A Fund's counterparties may be subject to additional regulatory requirements and/or apply the regulatory requirements more broadly than is required for administrative and other reasons, including, for example, by (i) applying the stricter regulatory requirements to physically-settled forwards that are applicable to non-deliverable forwards even though the stricter rules are not technically applicable to such physically-settled forwards; and (ii) applying smaller thresholds for the delivery of variation margin than required. As such, a Fund using currency forwards may need to hold additional cash to meet regulatory requirements, which may include raising cash by selling securities and/or obtaining cash through other arrangements in order to meet margin requirements, which may, among other potential consequences, cause increased index tracking error (if applicable), cause an increase in expense ratio, lead to the realization of taxable gains, increase costs to a Fund of trading or otherwise affect returns to investors in such Fund.

With regard to the Subsidiary Strategy Funds, and each WisdomTree Subsidiary, WisdomTree Asset Management is registered with the CFTC as a commodity pool operator ("CPO") under the Commodity Exchange Act ("CEA"). The CFTC has adopted amendments to its regulations of commodity pool operators ("CPOs") under the CEA with regard to the Subsidiary Strategy Funds, and their WisdomTree Subsidiaries. The CFTC has adopted amendments to its regulations of CPOs managing funds registered under the 1940 Act that "harmonize" the SEC's and the CFTC's regulatory schemes. The adopted amendments to the CFTC regulations allow CPOs to registered investment companies to satisfy certain recordkeeping, reporting and disclosure requirements that would otherwise apply to them under Part 4 of the CFTC's regulations by continuing to comply with comparable SEC requirements. To the extent that the CFTC recordkeeping, disclosure and reporting requirements deviate from the comparable SEC requirements, such deviations are not expected to materially adversely affect the ability of the Subsidiary Strategy Funds to continue to operate and achieve their investment objectives. If, however, these requirements or future regulatory changes result in the Subsidiary Strategy Funds having difficulty in achieving their investment objectives, the Trust may determine to reorganize or close the Subsidiary Strategy Funds, materially change the Subsidiary Strategy Funds' investment objectives and strategies, or operate the Subsidiary Strategy Funds as a regulated commodity pool pursuant to WisdomTree Asset Management's CPO registration.

With regard to the Funds other than the Subsidiary Strategy Funds, WisdomTree Asset Management expects to claim relief from the definition of CPO under revised CFTC Rule 4.5. Specifically, pursuant to CFTC Rule 4.5, WisdomTree Asset Management may claim exclusion from the definition of CPO, and thus from having to register as a CPO, with regard to a Fund that enters into commodity futures, commodity options or swaps solely for "bona fide hedging purposes," or that limits its investment in commodities to a "de minimis" amount, as defined in CFTC rules, so long as the shares of such Fund are not marketed as interests in a commodity pool or other vehicle for trading in commodity futures, commodity options or swaps. It is expected that, other than Subsidiary Strategy Funds, the Funds will be able to operate pursuant to the limitations under the revised CFTC Rule 4.5 without materially adversely affecting their ability to achieve their investment objectives. If, however, these limitations were to make it difficult for a Fund to achieve its investment objective in the future, the Trust may determine to operate the Fund as a regulated commodity pool pursuant to WisdomTree Asset Management's CPO registration or to reorganize or close the Fund or to materially change the Fund's investment objectives and strategies.

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**Swap Agreements and Options on Swap Agreements.** Each Fund may enter into swap agreements, including currency swaps, interest rate swaps, credit default swaps, and total return swaps. A typical foreign currency swap involves the exchange of cash flows based on the notional differences among two or more currencies (*e.g.*, the U.S. dollar and the euro). A typical interest rate swap involves the exchange of a floating interest rate payment for a fixed interest payment. A typical credit default swap ("CDS") involves an agreement to make a series of payments by the buyer in exchange for receipt of payment by the seller if the loan defaults. In the event of default, the buyer of the CDS receives compensation (usually the face value of the loan), and the seller of the CDS takes possession of the defaulted loan. In the event that a Fund acts as a CDS protection seller, the Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the CDS, provided that there is no credit event. In the event that a Fund acts as a CDS protection buyer and no credit event occurred during the term of the CDS, the Fund would recover nothing. Where a Fund is the protection buyer, CDS involve the risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. A Fund's obligations under a CDS will be accrued daily (offset against any amounts owing to the Fund). Total return swaps involve the exchange of payments based on the total return on an underlying reference asset. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Swap agreements can be structured to provide for periodic payments over the term of the swap contract or a single payment at maturity (also known as a "bullet swap"). Swap agreements may be used to hedge or achieve exposure to, for example, currencies, interest rates, and money market securities without actually purchasing such currencies or securities. Each Fund may use swap agreements to invest in a market without owning or taking physical custody of the underlying securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another or from one payment stream to another.

Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates (in the United States or abroad), foreign currencies, corporate borrowing rates, or other factors, and may increase or decrease the overall volatility of a Fund's investments and its share price.

*Swaptions.* The Funds may also enter into options with respect to swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, on specified terms at a designated future time. Depending on the particular terms, a Fund will generally incur a greater degree of risk when it writes (sells) a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing the amount of premium paid should the option expire unexercised, but when a Fund writes a swaption, upon exercise of the swaption the Fund will become obligated according to the terms of the underlying agreement.

**Futures, Options, and Options on Futures Contracts.** Each Fund may use futures contracts, options, and related options on futures contracts: (i) to attempt to gain exposure to U.S. Treasury futures contracts and foreign currencies, and (ii) to attempt to gain exposure to a particular market, instrument, or index. The Inflation Plus Fund will use futures contracts to seek to gain exposure to the commodities markets and to bitcoin. To the extent a Fund uses futures and options, it will do so only in accordance with applicable requirements of the CEA and the rules thereunder. Each Fund may also use options to gain exposure to individual securities or security indices. The Target Range Fund will buy long call options and sell short call options on the Underlying ETFs as part of its principal investment strategy.

*Futures Contracts.* A futures contract is a standardized contract traded on a recognized exchange in which two parties agree to exchange either a specified financial asset or the cash equivalent of said asset of standardized quantity and quality for a price agreed to today (the futures price or the strike price) with delivery occurring at a specified future date. The Fund is required to deposit with the broker an amount of cash or cash equivalents known as "initial margin," which is similar to a performance bond or good faith deposit on the contract and is returned to the Fund upon termination of the futures contract if all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," will be made to and from the broker daily as the price of the instrument or index underlying the futures contract fluctuates, a process known as "marking-to-market." Each Fund may take long or short positions in listed futures contracts.

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Each Fund may transact in listed currency futures contracts and listed U.S. Treasury futures contracts. The Subsidiary Strategy Funds also may transact in listed commodity futures contracts. When a Fund purchases a listed futures contract, it agrees to purchase a specified reference asset (*i.e.*, commodity, currency, or Treasury security) at a specified future date. When a Fund sells a listed futures contract, it agrees to sell a specified reference asset (*i.e.*, commodity, currency, or Treasury security) at a specified future date. The price at which the purchase and sale will take place is fixed when a Fund enters into the contract. The exchange clearing corporation is the ultimate counterparty for all exchange listed contracts, so credit risk is limited to the creditworthiness of the exchange's clearing corporation. Margin deposits are posted as performance bonds with the clearing broker and, in turn, with the exchange clearing corporation.

Each Fund may buy and sell index futures contracts with respect to any index traded on a recognized exchange or board of trade. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made. Instead, settlement in cash must occur upon the termination of the contract, with the settlement being the difference between the contract price, and the actual level of the stock index at the expiration of the contract. Generally, contracts are closed out prior to the expiration date of the contract.

There are significant risks associated with a Fund's use of futures contracts, including the following: (1) the success of a strategy may depend on the Adviser's and/or Sub-Advisers' ability to predict movements in the prices of individual commodities, currencies or securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the changes in market value of the commodities, currencies, or securities and the prices of futures contracts; (3) although the Fund intends to enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist for the contracts at any particular time; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts.

*Risks Associated with Commodity Futures Contracts.* There are additional risks associated with transactions in commodity futures that are not applicable to other types of futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Storage.* Unlike the financial futures markets, in the commodity futures markets there are costs of
 physical storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage
 costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the
 storage costs for an underlying commodity change while the Fund is invested in futures contracts on that commodity, the value of the futures
 contracts may change proportionately. The Fund intends to "roll out" of futures contracts prior to settlement and does not
 intend to deliver or accept physical commodities upon settlement of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reinvestment.* In the commodity futures markets, producers of the underlying commodity may decide to
 hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow.
 In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the
 futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing
 futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher
 futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity
 markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications
 for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund to reinvest the proceeds
 of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other
 investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Economic Factors.* The commodities which underlie commodity futures contracts may be subject to
 additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international
 economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments,
 including futures contracts, than on traditional securities. Certain commodities are also subject to limited pricing flexibility because
 of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw
 materials and the instability of supplies of other materials. These additional variables may create additional investment risks which
 subject the Fund's investments to greater volatility than investments in traditional securities.

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*Options on Futures Contracts.* Each Fund reserves the right to buy or sell options on listed futures contracts, though the Managed Futures Strategy Fund does not intend to do so. An option on a futures contract gives the purchaser the right, in exchange for payment of a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security or instrument at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security or instrument at any time during the option period. A premium is paid to the writer of an option as consideration for undertaking the obligation in the contract.

*Options.* Each Fund may purchase and write options on an exchange or OTC. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options.

There are significant risks associated with a Fund's use of options contracts, including the following: (1) the success of a strategy may depend on the Adviser's and/or Sub-Adviser's ability to predict movements in the prices of individual commodities, currencies, or securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the changes in market value of the commodities, currencies, or securities and the price of options; (3) although the Fund intends to enter into options contracts only if there is an active market for such contracts, there is no assurance that an active market will exist for the contracts at any particular time; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in options contracts.

*Currency Options.* Each Fund may buy or sell put and call options on foreign currencies either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires.

**Structured Notes.** The Subsidiary Strategy Funds may invest in notes, sometimes called "structured notes," linked to the performance of commodities or commodity indexes. Commodity-linked structured notes provide exposure, which may include long and/or short exposure, to the investment returns of commodities markets without investing directly in the underlying physical commodities. The performance of these notes is determined by the price movement of the commodities underlying the note. These notes are subject to the credit risk of the issuing party and may be less liquid than other types of securities. This means that a Fund may lose money if the issuer of the note defaults and that a Fund may not be able to readily close out its investment in such notes without incurring losses. A Fund may not invest more than 30% of its net assets in swap transactions and structured notes.

**Credit-Linked Notes.** Each Fund may invest in credit-linked notes. A credit-linked note is a type of structured note whose value is linked to an underlying reference asset. Credit-linked notes typically provide periodic payments of interest as well as payment of principal upon maturity. The value of the periodic payments and the principal amount payable upon maturity are tied (positively or negatively) to a reference asset, such as an index, government bond, interest rate or currency exchange rate. The ongoing payments and principal upon maturity typically will increase or decrease depending on increases or decreases in the value of the reference asset. A credit-linked note typically is issued by a special purpose trust or similar entity and is a direct obligation of the issuing entity. The entity, in turn, invests in bonds or derivative contracts in order to provide the exposure set forth in the credit-linked note. The periodic interest payments and principal obligations payable under the terms of the note typically are conditioned upon the entity's receipt of payments on its underlying investment. If the underlying investment defaults, the periodic payments and principal received by a Fund will be reduced or eliminated. The buyer of a credit-linked note assumes the risk of default by the issuer and the underlying reference asset or entity. Generally, investors in credit-linked notes assume the risk of default by the issuer and the reference entity in return for a potentially higher yield on their investment or access to an investment that they could not otherwise obtain. In the event the issuer defaults or there is a credit event that relates to the reference asset, the recovery rate is generally less than a Fund's initial investment and the Fund may lose money.

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**Currency Transactions**. The Currency Strategy Funds use foreign currency futures contracts and/or forward foreign currency contracts as part of their principal investment strategies, which are designed to provide exposure to currencies. The other Funds, except the Floating Rate Treasury Fund, Duration Funds and the Voya Yield Enhanced USD Universal Bond Fund, which do not expect to invest in foreign currency futures contracts and/or forward foreign currency contracts, may enter into foreign currency futures contracts and/or forward foreign currency contracts to facilitate local securities settlements or to protect against currency exposure. These Funds, other than the Currency Strategy Funds, do not expect to engage in currency transactions for the purpose of hedging against declines in the value of a Fund's total assets that are denominated in one or more foreign currencies.

*Foreign Currency Futures Contracts.* A foreign currency futures contract is a contract involving an obligation to deliver or acquire the specified amount of a specific currency, at a specified price and at a specified future time. Futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency.

*Forward Foreign Currency Contracts*. A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. Forward contracts are contracts between parties in which one party agrees to make a payment to the other party (the counterparty) based on the market value or level of a specified currency. In return, the counterparty agrees to make payment to the first party based on the return of a different specified currency. A forward contract generally has no margin deposit requirement, and no commissions are charged at any stage for trades. These contracts typically are settled by physical delivery of the underlying currency or currencies in the amount of the full contract value to the extent they are not agreed to be carried forward to another expiration date (*i.e.,* rolled over).

A non-deliverable forward contract is a forward contract where there is no physical settlement of two currencies at maturity. Non-deliverable forward contracts will usually be done on a net basis, with a Fund receiving or paying only the net amount of the two payments. The net amount of the excess, if any, of each Fund's obligations over its entitlements with respect to each non-deliverable forward contract is accrued on a daily basis and an amount of cash or liquid securities having an aggregate value at least equal to the accrued excess is maintained to cover such obligations. The risk of loss with respect to non-deliverable forward contracts generally is limited to the net amount of payments that a Fund is contractually obligated to make or receive.

Currency exchange transactions involve a significant degree of risk and the markets in which currency exchange transactions are effected are highly volatile, highly specialized, and highly technical. Significant changes, including changes in liquidity and prices, can occur in such markets within very short periods of time, often within minutes. Currency exchange trading risks include, but are not limited to, exchange rate risk, maturity gap, interest rate risk, and potential interference by foreign governments through regulation of local exchange markets, foreign investment, or particular transactions in foreign currency. If a Fund utilizes foreign currency transactions at an inappropriate time, such transactions may not serve their intended purpose and may lower the Fund's return. A Fund could experience losses if the value of any currency forwards and futures positions is poorly correlated with its other investments or if it could not close out its positions because of an illiquid market. Such contracts are subject to the risk that the counterparty will default on its obligations. In addition, each Fund will incur transaction costs, including trading commissions, in connection with certain foreign currency transactions.

**EQUITY SECURITIES.** Equity securities, such as the common stocks or preferred stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in a Fund's portfolio may also cause the value of a Fund's shares to decline.

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Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

**Investments in the United States.** The economic, political, regulatory, and other events and conditions that affect issuers and investments in the United States differ significantly from those associated with other countries and regions. For example, routine political events, such as a presidential election, can have a significant effect on the U.S. markets and lead to periods of increased volatility. U.S. financial markets also have become increasingly globalized, hosting participants from all over the world and on a more macro level, becoming more integrated with financial markets around the world. As a result, U.S. financial markets are also increasingly vulnerable to the risks that may affect non-U.S. financial markets. A Fund's investments in the United States are particularly subject to the risk that they, and the U.S. economy more generally, will be adversely affected by a decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States. In addition, proposed and adopted policy and legislative changes in the United States have changed and may continue to change many aspects of financial, public health, environmental, and other regulation. Certain of these changes may have a significant effect, either positive or negative, on U.S. markets and issuers, including issuers in which a Fund may invest. A Fund's investments in the United States may also be adversely affected by any one of several geopolitical risks to which the United States is subject, including its precarious strategic competitive relationship with China, Russia's invasion of Ukraine and related economic sanctions, increasing environmental and climate risk, and the ever-increasing threat of damaging cyberattacks. The United States has also experienced elevated debt levels, increased internal political discord, and significant challenges in managing and containing inflation. If these trends were to continue or any of the other risks were to manifest, whether due to conditions or an event originating from within or outside of the United States, it may have an adverse effect on a Fund's investments in the United States and thus, a Fund's performance.

**EXCHANGE-TRADED PRODUCTS.** To the extent consistent with its principal investment strategies, a Fund may invest in one or more types of exchange-traded products ("ETPs"), which may include ETFs registered under the 1940 Act, exchange-traded commodity trusts regulated by the CFTC, exchange-traded notes ("ETNs"), ETPs registered under the Securities Act only (*e.g.*, bitcoin ETPs), as well as instruments that provide exposure to ETPs. Certain of the ETPs in which a Fund may invest may be managed, sponsored, or serviced by the Adviser or an affiliate ("Affiliated ETPs"), and in such capacity, the Adviser or affiliate may receive management or other fees from the ETPs in which a Fund invests. Any such fees would be in addition to the management fee earned by the Adviser for its management of an investing Fund. These fees may create a conflict of interest by influencing the Adviser to invest in the shares of Affiliated ETPs. While the Adviser takes steps to address such conflicts of interest, including subjecting Affiliated ETPs to the same investment criteria or conditions as unaffiliated ETPs, it is possible that such conflicts of interest could impact a Fund.

Generally, a Fund's investment in an ETP will subject the Fund to all of the risks associated with the assets or holdings of such ETP, as well as the general risks of investing in an ETP. For example, a Fund may invest in new ETPs or ETPs that have not yet established a deep trading market at the time of investment. Shares of such ETPs may experience limited trading volume and less liquidity, which may increase the spread (the difference between bid price and ask price) associated with the ETP's share price. In addition, the market price of ETP shares may be more (*i.e.*, a premium) or less (*i.e.*, a discount) than the NAV of the ETP shares and may not correlate to the market price of the ETP's reference asset.

*Exchange-Traded Funds.* ETFs are investment companies regulated pursuant to the 1940 Act and registered with the SEC that trade like stocks on a securities exchange at market prices rather than NAV. As a result, ETF shares may trade at a price greater than NAV (premium) or less than NAV (discount). A Fund, if investing in an ETF, indirectly bears the fees and expenses charged by the ETF in addition to the Fund's direct fees and expenses. Investments in ETFs also are subject to brokerage and other trading costs that could result in greater expenses for the Fund.

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*Exchange-Traded Commodity Trusts.* An exchange-traded commodity trust is a pooled trust that invests in physical commodities or commodity futures, and issues shares that trade on a securities exchange at a discount or premium to the value of the trust's holdings. Investments in exchange-traded commodity trusts also are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Exchange-traded commodity trusts are not investment companies registered under the 1940 Act. As a result, in connection with any such investments, a Fund will not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. Investments in exchange-traded commodity trusts, like investments in other commodities, may increase the risk that a Fund may not qualify as RIC under the Code. If the Fund fails to qualify as a RIC, the Fund will be subject to tax, which will reduce returns to shareholders. Such a failure also will alter the treatment of distributions to its shareholders. To the extent a Fund seeks investment exposure to an exchange-traded commodity trust, it may invest in the shares of such trust indirectly through its WisdomTree Subsidiary to mitigate its tax risk.

*Bitcoin ETPs.* The WisdomTree Managed Futures Strategy Fund, WisdomTree Enhanced Commodity Strategy Fund, and WisdomTree Inflation Plus Fund currently obtain investment exposure to one or more bitcoin ETPs. Bitcoin ETPs are new products that commenced trading in January 2024 and, therefore, have limited financial and operating histories. To the extent a Fund invests in bitcoin ETPs, such investment exposure subjects the Fund to many of the same risks as an investment in bitcoin, including those described elsewhere in this SAI. As a shareholder in a bitcoin ETP, the Fund's WisdomTree Subsidiary (and indirectly, the Fund) will hold shares representing a fractional undivided beneficial interest in the net assets of the bitcoin ETP and bear its ratable share of the bitcoin ETP's expenses. As a result, Fund shareholders will indirectly pay the fees of any bitcoin ETP to which the Fund has investment exposure, including the WisdomTree Bitcoin Fund (BTCW), in addition to the Fund's total annual fund operating expenses. The Fund expects to purchase shares of bitcoin ETPs in the secondary market at their market prices, which may be highly volatile and may not closely correspond to either the NAV of the bitcoin ETP or the price of bitcoin. Shares of bitcoin ETPs may trade at premiums (*i.e.*, the market price of the shares is more than the NAV) or discounts (*i.e.*, the market price of the shares is less than the NAV), which may be significant. The risk that share prices differ from the bitcoin ETP's NAV and/or the price of bitcoin is likely to increase during times of market volatility or stressed market conditions. Under such conditions, the market for shares of bitcoin ETPs may become less liquid making it difficult for the Fund to either increase or decrease its investment exposure to bitcoin ETPs. The shares of bitcoin ETPs in which a WisdomTree Subsidiary may invest and to which the Fund may have investment exposure are generally not registered under the 1940 Act, and therefore, do not afford the WisdomTree Subsidiary and the Fund the investor protections typical of investments in registered funds. For example, the provisions of the 1940 Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under certain limited circumstances) or limit sales loads, among others, do not apply to bitcoin ETPs. The sponsors of bitcoin ETPs generally are not registered with the SEC as investment advisers and are not subject to regulation by the SEC as such in connection with their activities in support of the bitcoin ETPs. Consequently, a WisdomTree Subsidiary (and the Fund) do not have the regulatory protections provided to advisory clients of SEC-registered investment advisers. Bitcoin ETPs are also not commodity pools for purposes of the CEA and are not otherwise regulated by the CEA or subject to registration with or oversight by the CFTC.

*Exchange-Traded Notes*. ETNs generally are senior, unsecured, unsubordinated debt securities issued by a sponsor, such as an investment bank. ETNs are traded on exchanges and the returns are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a periodic basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced market. Because ETNs are debt securities, they are subject to credit risk. If the issuer has financial difficulties or goes bankrupt, a Fund may not receive the return it was promised. If a rating agency lowers an issuer's credit rating, the value of the ETN may decline and a lower credit rating reflects a greater risk that the issuer will default on its obligation. There may be restrictions on a Fund's right to redeem its investment in an ETN. There are no periodic interest payments for ETNs, and principal is not protected. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market.

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**FINANCIAL SECTOR INVESTMENTS.** To the extent consistent with its principal investment strategies, a Fund may engage in transactions with or invest in companies that are considered to be in the financial sector, including commercial banks, brokerage firms, diversified financial services, a variety of firms in all segments of the insurance industry (such as multi-line, property and casualty, and life insurance) and real estate-related companies. There can be no guarantee that these strategies may be successful. A Fund may lose money as a result of defaults or downgrades within the financial sector.

Events in the financial sector have resulted in increased concerns about credit risk and exposure. Well-known financial institutions have experienced significant liquidity and other problems and have defaulted on their debt obligations. Issuers that have exposure to real estate, mortgage and credit markets have been particularly affected. It is uncertain whether or how long these conditions will continue. These events and possible continuing market turbulence may have an adverse effect on Fund performance.

Rule 12d3-1 under the 1940 Act limits the extent to which a fund may invest in the securities of any one company that derives more than 15% of its revenues from brokerage, underwriting or investment management activities. A Fund may purchase securities of an issuer that derived more than 15% of its gross revenues in its most recent fiscal year from securities-related activities, subject to the following conditions: (1) the purchase cannot cause more than 5% of the Fund's total assets to be invested in securities of that issuer; (2) for any equity security, the purchase cannot result in the Fund owning more than 5% of the issuer's outstanding securities in that class; and (3) for a debt security, the purchase cannot result in the Fund owning more than 10% of the outstanding principal amount of the issuer's debt securities. A Fund, in seeking to comply with this rule, may experience greater index tracking error because an Index is not subject to the rule.

In applying the gross revenue test, an issuer's own securities-related activities must be combined with its ratable share of securities-related revenues from enterprises in which it owns a 20% or greater voting or equity interest. All of the above percentage limitations, as well as the issuer's gross revenue test, are applicable at the time of purchase. With respect to warrants, rights, and convertible securities, a determination of compliance with the above limitations shall be made as though such warrant, right, or conversion privilege had been exercised. A Fund will not be required to divest its holdings of a particular issuer when circumstances subsequent to the purchase cause one of the above conditions to not be met. The purchase of a general partnership interest in a securities-related business is prohibited.

**FIXED INCOME SECURITIES.** The Fixed Income Funds and the Capital Efficient Funds invest in, and to the extent consistent with its principal investment strategies, any Fund may invest in, fixed income securities, such as corporate debt, notes and bonds, and/or instruments related to fixed income securities. Fixed income securities change in value in response to interest rate changes and other factors, such as the perception of the issuer's creditworthiness. For example, the value of fixed income securities will generally decrease when interest rates rise, which may cause the value of the Fund to decrease. Fixed income securities with short-term maturities are generally less sensitive to such changes than are fixed-income securities with longer-term maturities, which will generally fluctuate more in response to interest rate changes. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the bond market's growth and dealer inventories of bonds are at or near historic lows relative to market size. Because market makers provide stability to fixed income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress. In addition, liquidity risk may be magnified in a rising interest rate environment in which investor redemptions (or selling of fund shares in the secondary market) from fixed income funds may be higher than normal.

**FLOATING AND ADJUSTABLE RATE NOTES.** To the extent consistent with its principal investment strategies, each Fund may purchase floating-rate and adjustable rate obligations, such as demand notes, bonds, and commercial paper. The Floating Rate Treasury Fund invests primarily in floating rate public obligations of the U.S. Treasury. Variable- and floating-rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating-rate securities will not generally increase in value if interest rates decline. When a Fund holds variable- or floating-rate securities, a decrease (or, in the case of inverse floating-rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of a Fund's shares.

These securities may bear interest at a rate that resets based on standard money market indices or are remarketed at current market rates. They may permit the holder to demand payment of principal at any time or at specified intervals not exceeding 397 days. The issuer of such obligations may also have the right to prepay, in its discretion, the principal amount of the obligations plus any accrued interest. The "reset date" of securities held by a Fund may not be longer than 397 days (and therefore would be considered to be within a Fund's general maturity restriction of 397 days). Given that most floating-rate securities reset their interest rates prior to their final maturity date, the Fund uses the period to the next reset date to calculate the securities contribution to the average portfolio maturity of a Fund.

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**HIGH YIELD RISK.** The Interest Rate Hedged High Yield Bond Fund invests primarily, and each Fixed Income Fund and the Voya Yield Enhanced USD Universal Bond Fund may invest a limited portion of its assets, in non-investment grade securities rated lower than Baa3 by Moody's Investors Services, Inc. ("Moody's") or rated lower than BBB- by S&P Global Ratings ("S&P"). Such securities are sometimes referred to as "high yield securities" or "junk bonds." Investing in these securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential for capital appreciation and higher yields, high yield securities typically entail higher price volatility and may be less liquid than securities with higher ratings. High yield securities may be regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Issuers of securities in default may fail to resume principal or interest payments, in which case a Fund may lose its entire investment.

**ILLIQUID INVESTMENTS.** Although the Funds do not intend to do so, as a matter of policy, each Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. Illiquid investments include securities subject to contractual or other restrictions on resale and other instruments that lack readily available markets to the extent the Adviser or Sub-Adviser has not deemed such securities to be liquid. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. The liquidity of a security will be determined based on the relevant market, trading, and investment specific conditions. Illiquid investments include securities subject to contractual or other restrictions on resale and other instruments that lack readily available markets to the extent the Adviser or Sub-Adviser has not deemed such securities to be liquid. The inability of a Fund to dispose of illiquid or not readily marketable investments readily or at a reasonable price could impair a Fund's ability to raise cash for redemptions or other purposes. The liquidity of securities purchased by a Fund which are eligible for resale pursuant to Rule 144A, except for certain 144A bonds, will be monitored by each Fund on an ongoing basis. In the event that more than 15% of the Fund's net assets are invested in illiquid investments, the Fund, in accordance with Rule 22e-4(b)(1)(iv) of the 1940 Act, will report the occurrence to both the Board and the SEC and seek to reduce its holdings of illiquid investments within a reasonable period of time.

**INFLATION-LINKED BONDS.** The Bloomberg U.S. Dollar Bullish Fund, Mortgage Plus Bond Fund, Voya Yield Enhanced USD Universal Bond Fund, Inflation Plus Fund, and Enhanced Commodity Strategy Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. However, the current market value of the bonds is not guaranteed and will fluctuate with market conditions. Investments in other inflation-linked bonds may not provide a similar guarantee and the principal amount repaid could be less than the original principal if inflation falls over the period.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rise in inflation exceeds the rise in nominal rates, real rates are likely to decline, leading to an increase in the market value of the bonds. Conversely, if the rise in nominal interest rates outpaces the pickup in the rate of inflation, real interest might rise, generating a decline in the market value of the inflation-linked security.

The periodic adjustment of U.S. inflation-indexed bonds generally is tied to the Consumer Price Index for Urban Consumers (the "CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable country or regional inflation measure calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

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Inflation-linked bonds held by a Fund may experience an increase in original issue value due to inflation-linked adjustments. The inflation-linked growth in the value of these bonds may be reflected in the Fund's gross income. While inflation-adjusted growth does not result in cash payments to the Fund, the Fund may be required to make distributions to shareholders for any increase in value in excess of the cash actually received by the Fund during the then-current taxable year. The Fund may be required to sell portfolio securities to make these distribution payments. This may lead to higher transaction costs, losses from sale during unfavorable market conditions and higher capital gains taxes. If deflation-linked adjustments decrease the value of inflation-linked bonds held by the Fund, income distributions previously made by the Fund during the taxable year may be deemed a return of capital.

**INVESTMENT COMPANY SECURITIES.** Each Fund, to the extent consistent with its principal investment strategies, may invest in the securities of other investment companies (including money market funds) and certain ETPs as well as instruments that provide exposure to other investment companies. The 1940 Act generally prohibits a fund from acquiring more than 3% of the outstanding voting shares of an investment company and limits such investments to no more than 5% of the fund's total assets in any single investment company and no more than 10% in any combination of two or more investment companies. A Fund may invest in other investment companies beyond these statutory limits in pursuit of its investment objective to the extent it enters into agreements and abides by certain conditions of Rule 12d1-4 under the 1940 Act. Each of the Private Credit and Alternative Income Fund and Bianco Total Return Fund may invest in other investment companies beyond certain or all of these statutory limits in pursuit of its investment objective to the extent it (i) enters into agreements and abides by the conditions of Rule 12d1-4 under the 1940 Act or (ii) it can rely on a statutory exemption in the 1940 Act (for example, Section 12(d)(1)(F)). A Fund may purchase or otherwise invest in shares of affiliated ETFs and money market funds.

**INVESTMENT IN A WISDOMTREE SUBSIDIARY.** Each Subsidiary Strategy Fund intends to gain exposure to commodity markets, in whole or in part, including bitcoin through investment in its WisdomTree Subsidiary. Each Fund's investment in its WisdomTree Subsidiary may not exceed 25% of the Fund's total assets at each quarter-end of the Fund's fiscal year. A WisdomTree Subsidiary may invest in derivatives including futures, forwards, option and swap contracts, notes, and other investments intended to serve as margin or collateral or otherwise support the WisdomTree Subsidiary's derivatives positions. A WisdomTree Subsidiary is not registered under the 1940 Act. Each Subsidiary Strategy Fund, as the sole shareholder of its WisdomTree Subsidiary, will not have all of the protections afforded to investors in registered investment companies. However, because each Subsidiary Strategy Fund intends to wholly own and maintain voting control over its WisdomTree Subsidiary, and each Subsidiary Strategy Fund and each WisdomTree Subsidiary is managed by the Adviser and Sub-Adviser together, it is unlikely that a WisdomTree Subsidiary will take action contrary to the interests of a Fund or a Fund's shareholders. The Board has oversight responsibility for the investment activities of the Subsidiary Strategy Funds, including each Fund's investment in its WisdomTree Subsidiary, and each Fund's role as the sole shareholder of its WisdomTree Subsidiary.

Changes in the laws of the United States and/or the Cayman Islands, under which the Funds and the WisdomTree Subsidiaries are organized, respectively, could result in the inability of a Fund and/or its WisdomTree Subsidiary to operate as described in this SAI and could negatively affect a Fund and its shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a WisdomTree Subsidiary. If Cayman Islands law changes such that a WisdomTree Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

**LACK OF DIVERSIFICATION.** Each Fund is considered to be "non-diversified." A "non-diversified" classification means that a Fund is not limited by the 1940 Act with regard to the percentage of its total assets that may be invested in the securities of a single issuer. As a result, each of the Funds may invest more of its total assets in the securities of a single issuer or a smaller number of issuers than if it were classified as a diversified fund. Therefore, each Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a small number of issuers than a fund that invests more widely, which may have a greater impact on the Fund's volatility and performance. However, the Funds intend to satisfy the diversification requirements necessary to qualify as a RIC under the Code. For more information, see "Taxes" below.

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**LOAN PARTICIPATION NOTES.** The Emerging Markets Corporate Bond Fund and Bloomberg U.S. Dollar Bullish Fund may invest in loan participation notes ("LPNs"). Loan Participation Notes are notes issued through a special purpose vehicle offshore for the sole purpose of funding a loan to final obligor. Corporate issuers have commonly utilized this structure in jurisdictions where tax regulations make it difficult to access the global bond markets with directly issued debt. LPNs are subject to the same risks as other Corporate Debt, including credit risk, interest rate risk and market risk Many LPNs are highly traded and denominated in dollars. The notes do, however, have limited recourse to the issuer, to the extent of the amount received by the issuer from the ultimate borrower in paying the principal and interest amounts as defined under the loan agreement. The Fund may be exposed to the credit risk of both the lender and the borrower, and may not benefit from any collateral supporting the underlying loan.

**MONEY MARKET INSTRUMENTS.** Each Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The instruments in which a Fund may invest include: (i) short-term obligations issued by the U.S. government; (ii) negotiable certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances of U.S. and foreign banks and similar institutions; (iii) commercial paper rated at the date of purchase "Prime-1" by Moody's, or "A-1+" or "A-1" by S&P Global Ratings ("S&P") or, if unrated, of comparable quality as determined by the Fund; and (iv) repurchase agreements. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker's acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**MORTGAGE-BACKED AND ASSET-BACKED SECURITIES.** To the extent consistent with its principal investment strategies, each Fund may invest, and the Private Credit and Alternative Income Fund will invest, in mortgage-backed and asset-backed securities. Mortgage-backed securities are secured (or backed) by pools of commercial or residential mortgages. Asset-backed securities are secured (or backed) by other types of assets, such as automobile loans, installment sale contracts, credit card receivables or other similar assets. Mortgage-backed and asset-backed securities are issued by entities such as Ginnie Mae, Fannie Mae, the Federal Home Loan Mortgage Corporation, commercial banks, trusts, special purpose entities, finance companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. Investing in mortgage-backed and asset-backed securities is subject to credit risk and interest rate risk. They also are subject to the risk of prepayment, which can change the nature and extent of the Fund's interest rate risk. The market for mortgage-backed securities may not be liquid under all interest rate scenarios, which may prevent the Fund from selling such securities held in its portfolio at times or prices that it desires.

The Federal Housing Finance Agency (the "FHFA") developed a new securitization infrastructure for Fannie Mae and Freddie Mac (the "Enterprises") for mortgage loans backed by single-family properties. A Common Securitization Platform ("CSP") has been created to facilitate issuance of single-family mortgage securities, release related at-issuance and ongoing disclosures, and administer the securities post-issuance. In addition, CSP will support the Enterprises' single-family mortgage securitization activities, including the issuance by both Enterprises of a common single mortgage-backed security to be known as the Uniform Mortgage-Backed Security ("UMBS"). The issuance of UMBS has a goal of improving the overall liquidity of the Enterprises' securities and helping ensure liquidity of the nation's housing finance markets.

The Single Security Initiative, which affects To-Be-Announced ("TBA")-eligible and non-TBA eligible securities issued by the Enterprises, was implemented on June 3, 2019. All new or exchanged 55-day TBA-eligible securities issued by either Enterprise are referred to as UMBS or Supers. Fannie Mae TBA-eligible mortgage-backed securities have automatically become UMBS with the implementation of the Single Security Initiative. Freddie Mac has:

• changed the payment delay for all new issue fixed-rate securities from 45 days to 55 days;

• stopped issuing Gold participation certificates ("PCs") after June 3, 2019; and

• permitted investors to exchange legacy Gold PCs into UMBS beginning May 2019. Freddie Mac will provide compensation
 payments for lengthening the payment delay from 45 days to 55 days.

Implementation of CSP and the exchange of legacy Gold PCs for UMBS is a complex undertaking that has important accounting, tax, and/or regulatory implications which could impact a Fund and its investments.

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Beginning in June 2019, legacy Gold PCs can be converted into UMBS. Conversions are NOT mandatory. Conversions are optional at the discretion of the individual investor, such as a Fund and the extent of a Fund's conversions, if any, may vary over time.

**MUNICIPAL SECURITIES**. The Interest Rate Hedged U.S. Aggregate Bond Fund, Mortgage Plus Bond Fund, Yield Enhanced U.S. Aggregate Bond Fund, Yield Enhanced U.S. Short-Term Aggregate Bond Fund and Voya Yield Enhanced USD Universal Bond Fund may invest in taxable municipal securities, the interest payments of which are subject to U.S. federal income tax. The Municipal Bond Funds will invest primarily in municipal securities generally exempt from federal income taxes, but are also permitted to invest in municipal securities that generate income subject to the alternative minimum tax. Municipal securities may include securities issued in the U.S. market by U.S. states and territories, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities. The municipal securities which the Fund may purchase also include general obligation bonds and limited obligation bonds (or revenue bonds), including industrial development bonds issued pursuant to former U.S. federal tax law. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable from such issuer's general revenues and not from any particular source. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Industrial development bonds generally also are revenue bonds and thus are not payable from the issuer's general revenues. The credit and quality of industrial development bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds is the responsibility of the corporate user (and/or any guarantor). The Fund may invest in private activity bonds, which are bonds issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current U.S. federal tax laws place substantial limitations on the size of such issues.

**NON-U.S. GOVERNMENT SECURITIES.** Each Fund (except the Floating Rate Treasury Fund) may invest in short-term securities issued or guaranteed by non-U.S. governments, agencies and instrumentalities. The Emerging Markets Local Debt Fund, Emerging Markets Corporate Bond Fund, and Bloomberg U.S. Dollar Bullish Fund may also purchase intermediate and long-term obligations issued or guaranteed by non-U.S. governments, agencies and instrumentalities. Non-U.S. government securities include direct obligations, as well as obligations guaranteed by a foreign government including state, territory or local governments.

**NON-U.S. SECURITIES.** To the extent consistent with its principal investment strategies, each Fund may invest in non-U.S. equity securities and other instruments that provide exposure to such securities. Investments in non-U.S. equity securities involve certain risks that may not be present in investments in U.S. securities. For example, non-U.S. securities may be subject to currency risks or to foreign government taxes. There may be less information publicly available about a non-U.S. issuer than about a U.S. issuer, and a foreign issuer may or may not be subject to uniform accounting, auditing, and financial reporting standards and practices comparable to those in the U.S. Other risks of investing in such securities include political or economic instability in the country involved, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. The prices of such securities may be more volatile than those of domestic securities. With respect to certain foreign countries, there is a possibility of expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments, difficulty in obtaining and enforcing judgments against foreign entities or diplomatic developments which could affect investment in these countries. Investor protection regimes in foreign countries may also not be comparable to that in the U.S. For example, it may be more difficult to bring claims common in the U.S., including securities class action and fraud claims, or for U.S. regulators to bring enforcement actions against issuers in foreign countries. As a result, the Fund and its shareholders may encounter substantial difficulties in obtaining and enforcing judgments against individuals residing outside of the U.S. and companies domiciled outside of the U.S. This risk may be heightened in emerging market countries where legal regimes are generally less developed and legal protections governing private and foreign investments may not yet exist or be in the early stages of development. Losses and other expenses may be incurred in converting between various currencies in connection with purchases and sales of foreign securities.

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Non-U.S. stock markets may not be as developed or efficient as, and may be more volatile than, those in the U.S. While the volume of shares traded on non-U.S. stock markets generally has been growing, such markets usually have substantially less volume than U.S. markets. Therefore, a Fund's investment in non-U.S. equity securities may be less liquid and subject to more rapid and erratic price movements than comparable securities listed for trading on U.S. exchanges. Non-U.S. equity securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. There may be less government supervision and regulation of foreign stock exchanges, brokers, banks, and listed companies abroad than in the U.S. Moreover, settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences may include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt of payment, that increase the likelihood of a failed settlement, which can result in losses to a Fund. The value of non-U.S. investments and the investment income derived from them may also be affected unfavorably by changes in currency exchange control regulations. Foreign brokerage commissions, custodial expenses and other fees also are generally higher than for securities traded in the U.S. This may cause a Fund to incur higher portfolio transaction costs than domestic equity funds. Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing a security, even one denominated in U.S. dollars. Dividend and interest payments may be repatriated based on the exchange rate at the time of disbursement, and restrictions on capital flows may be imposed.

Foreign securities include depositary receipts such as ADRs, which are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are issued by U.S. banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. GDRs are similar to ADRs and represent shares of foreign-based corporations and are generally issued by international banks in one or more markets around the world. EDRs are similar to ADRs and GDRs and represent shares of foreign-based corporations that are generally issued by European banks in one or more markets in Europe. Investments in depositary receipts may be less liquid and more volatile than underlying shares in their primary trading markets.

Since foreign exchanges may be open on days when a Fund does not price its shares, the value of the securities in a Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares. Conversely, Fund shares may trade on days when foreign exchanges are closed. Each of these factors can make investments in a Fund more volatile and potentially less liquid than other types of investments and may be heightened in connection with investments in developing or emerging market countries.

Investments in non-U.S. securities may be subject to additional trading, settlement, custodial, and operational risks including restrictions on the transfers of securities. A Fund may change its creation or redemption procedures without notice in connection with restrictions on the transfer of securities. For more information on creation and redemption procedures, see "Creation and Redemption of Creation Unit Aggregations" herein.

Set forth below for certain markets in which certain Funds may invest, consistent with their principal investment strategies, are brief descriptions of some of the conditions and risks in each such market.

**Investments in Asia.** Many countries in the region have historically faced political uncertainty, corruption, military intervention, and social unrest. Examples include military threats in South Korea and Taiwan, the ethnic, sectarian, and separatist violence found in Indonesia, and the nuclear arms threats between India and Pakistan. To the extent that such events continue in the future, they can be expected to have an unpredictable effect on economic and securities market conditions in the region.

The economies of many Asian countries are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners, principally, the U.S., Japan, China, and the European Union. The recent global economic crisis has impacted Asia, significantly lowering its exports and foreign investments, which are driving forces of its economic growth. Current economic conditions are also significantly affecting consumer confidence and local stock markets.

In addition to general risks affecting Asian countries, certain Asian countries, including China, Hong Kong, and Taiwan, are subject to additional risks that are based on each country's history, economy and geography. Certain risks associated with investments in these countries are discussed below.

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**Investments in Australia.** The economy of Australia is heavily dependent on the economies of Asian countries and the price and demand for natural resources and commodities as well as its exports from the agricultural and mining sectors. Conditions that weaken demand for such products worldwide could have a negative impact on the Australian economy as a whole. Australia also is increasingly dependent on the economies of its key trading partners, including China, the United States, and Japan. These and other factors could have a negative impact on a Fund's performance.

**Investments in Brazil.** Investing in securities of Brazilian companies involves certain considerations not typically associated with investing in securities of U.S. companies or the U.S. Government. These risks include: (i) investment and repatriation controls, which could make it harder for a Fund to track its underlying Index and decrease the Fund's tax efficiency; (ii) fluctuations in the rate of exchange between the Brazilian Real and the U.S. dollar; (iii) the generally greater price volatility and lesser liquidity that characterize Brazilian securities markets, as compared with U.S. markets; (iv) the effect that a trade deficit could have on economic stability and the Brazilian government's economic policy; (v) high rates of inflation and unemployment; (vi) governmental involvement in and influence on the private sector; (vii) Brazilian accounting, auditing and financial standards and requirements, which differ from those in the United States; and (viii) political and other considerations, including changes in applicable Brazilian tax laws. The Brazilian economy may also be significantly affected by the economies of other Latin American countries. These and other factors could have a negative impact on a Fund's performance.

**Investments in Canada.** The U.S. is Canada's largest trading partner and foreign investor. As a result, changes to the U.S. economy may significantly affect the Canadian economy. The economy of Canada is also heavily dependent on the demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. Canada is a top producer of zinc and uranium and a global source of many other natural resources, such as gold, nickel, aluminum, and lead. Conditions that weaken demand for such products worldwide could have a negative impact on the Canadian economy as a whole. These and other factors could have a negative impact on a Fund's performance.

**Investments in Chile.** Investing in Chile involves certain considerations not typically associated with investing in securities of U.S. companies or the U.S. government. The Chilean economy is subject to risks of social unrest, high unemployment, governmental control and heavy regulation of the labor industry. Historically, Chile has experienced periods of political instability, and certain sectors and regions of Chile have experienced high unemployment. Any recurrence of these events may cause downturns in the Chilean market and adversely impact investments in the Fund. Heavy regulation of labor and product markets is pervasive in Chile and may stifle Chilean economic growth or contribute to prolonged periods of recession. Chile is located in a part of the world that has historically been prone to natural disasters such as earthquakes and volcanoes and is economically sensitive to environmental events. Any such event could result in a significant adverse impact on the Chilean economy. The Chilean economy is affected by the economies of other Central and South American countries, some of which have experienced high interest rates, economic volatility, inflation, currency devaluations and high unemployment rates. Any adverse economic event in one country can have a significant effect on other countries of this region. In addition, commodities (such as oil, gas and minerals) represent a significant percentage of the region's exports, and many economies in this region, including Chile's, are particularly sensitive to fluctuations in commodity prices. These and other factors could have a negative impact on a Fund's performance.

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**Investments in China and Hong Kong.** In addition to the aforementioned risks of investing in non-U.S. securities, investing in securities listed and traded in Hong Kong involves special considerations not typically associated with investing in countries with more democratic governments or more established economies or securities markets. Such risks may include: (i) the risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater social, economic and political uncertainty (including the risk of war); (iii) dependency on exports and the corresponding importance of international trade; (iv) increasing competition from Asia's other low-cost emerging economies; (v) currency exchange rate fluctuations and the lack of available currency hedging instruments; (vi) higher rates of inflation; (vii) controls on foreign investment and limitations on repatriation of invested capital and on a Fund's ability to exchange local currencies for U.S. dollars; (viii) greater governmental involvement in and control over the economy; (ix) the risk that the Chinese government may decide not to continue to support the economic reform programs implemented since 1978 and could return to the prior, completely centrally planned, economy; (x) the fact that Chinese companies, particularly those located in China, may be smaller, less seasoned and newly organized; (xi) the differences in, or lack of, auditing and financial reporting standards which may result in unavailability of material information about issuers, particularly in China; (xii) the fact that statistical information regarding the economy of China may be inaccurate or not comparable to statistical information regarding the U.S. or other economies; (xiii) the less extensive, and still developing, regulation of the securities markets, business entities and commercial transactions; (xiv) the fact that the settlement period of securities transactions in foreign markets may be longer; (xv) the fact that the willingness and ability of the Chinese government to support the Chinese and Hong Kong economies and markets is uncertain; (xvi) the risk that it may be more difficult, or impossible, to obtain and/or enforce a judgment than in other countries; (xvii) the rapid and erratic nature of growth, particularly in China, resulting in inefficiencies and dislocations; (xviii) the risk that, because of the degree of interconnectivity between the economies and financial markets of China and Hong Kong, any sizable reduction in the demand for goods from China, or an economic downturn in China, could negatively affect the economy and financial market of Hong Kong as well; and (xix) the risk that certain companies in a Fund's Index may have dealings with countries subject to sanctions or embargoes imposed by the U.S. Government or identified as state sponsors of terrorism.

While China's economy has experienced past periods of rapid growth, there are no assurances that such growth rates will be repeated in the future. In particular, the growth rate of China's economy had slowed over the years leading up to the global economic recession in 2020. Although China's economy rebounded in 2021 as China recovered from the COVID-19 pandemic, China's economy grew at a slower rate in both 2022 and 2023 than any year in the decade leading up to 2020. It remains unclear though whether these trends will continue in the future. In addition, China's economic slowdown has negatively impacted the once rapidly growing Chinese real estate market, leading to the financial collapse of China's largest real estate company. The slowdown in China's real estate market has also left local Chinese governments with fewer viable means to raise revenue, especially with the fall in demand for housing.

Despite its attempts to restructure its economy towards consumption, China remains heavily dependent on exports. Accordingly, China is susceptible to economic downturns abroad, including any weakness in demand from its major trading partners, including the United States, Japan, and Europe. In addition, China's aging infrastructure, worsening environmental conditions, rapid and inequitable urbanization, quickly widening urban and rural income gap, domestic unrest, and provincial separatism all present major challenges to the country. Further, China's territorial claims, including its land reclamation projects and the establishment of an Air Defense Identification Zone over islands claimed and occupied by Japan, are another source of tension and present risks to diplomatic and trade relations with certain of China's regional trade partners.

Investments in Hong Kong also are subject to certain political risks not associated with other investments. Following the establishment of the People's Republic of China by the Communist Party in 1949, the Chinese government renounced various debt obligations incurred by China's predecessor governments, which obligations remain in default, and expropriated assets without compensation. There can be no assurance that the Chinese government will not take similar action in the future. Investments in China and Hong Kong involve risk of a total loss due to government action or inaction. China has committed by treaty to preserve Hong Kong's autonomy and its economic, political, and social freedoms for 50 years from the July 1, 1997 transfer of sovereignty from the United Kingdom to China. However, if China would exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance. In addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or, is "pegged" to) the U.S. dollar, which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the establishment of an alternative exchange rate system would have on the Hong Kong economy. Because each Fund's NAV is denominated in U.S. dollars, the establishment of an alternative exchange rate system could result in a decline in a Fund's NAV. These and other factors could have a negative impact on a Fund's performance.

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*Investments in Variable Interest Entities ("VIEs")*. In seeking exposure to Chinese companies, a Fund may invest in VIE structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to exercise control over and obtain economic benefits from the Chinese company. Although the U.S.-listed company in a VIE structure has no equity ownership in the underlying Chinese company, the VIE contractual arrangements permit the VIE structure to consolidate its financial statements with those of the underlying Chinese company. The VIE structure enables foreign investors, such as a Fund, to obtain investment exposure similar to that of an equity or debt interest in a Chinese company in situations in which the Chinese government has restricted the non-Chinese ownership of such company. As a result, an investment in a VIE structure subjects a Fund to the risks associated with the underlying Chinese company. In its efforts to monitor, regulate and/or control foreign investment and participation in the ownership and operation of Chinese companies, including in particular those within the technology, telecommunications and education industries, the Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including VIEs, to the disadvantage of foreign investors, such as a Fund. Intervention by the Chinese government with respect to a VIE could significantly and adversely affect the Chinese company's performance or the enforceability of the company's contractual arrangements with the VIE and thus, the value of a Fund's investment in the VIE. In addition to the risk of government intervention, a Fund's investment in a VIE structure is subject to the risk that the underlying Chinese company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements with the other entities in the VIE structure, or that Chinese law changes in a way that affects the enforceability of these arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its VIE investments with little or no recourse available.

**Investments in Colombia.** The Colombian economy is subject to risks of social unrest, high unemployment, governmental control and heavy regulation of the labor industry. Historically, Colombia has experienced periods of political instability, and certain sectors and regions of Colombia have experienced high unemployment. Any recurrence of these events may cause downturns in the Colombian market and adversely impact investments in a Fund. Heavy regulation of labor and product markets is pervasive in Colombia and may stifle Colombian economic growth or contribute to prolonged periods of recession. Colombia is located in a part of the world that has historically been prone to natural disasters such as earthquakes and volcanoes and is economically sensitive to environmental events. Any such event could result in a significant adverse impact on the Colombian economy. The Colombian economy is affected by the economies of other Central and South American countries, some of which have experienced high interest rates, economic volatility, inflation, currency devaluations and high unemployment rates. Any adverse economic event in one country can have a significant effect on other countries of this region. In addition, commodities (such as oil, gas and minerals) represent a significant percentage of the region's exports and many economies in this region, including Colombia's, are particularly sensitive to fluctuations in commodity prices. These and other factors could have a negative impact on a Fund's performance.

**Investments in Czech Republic.** The Czech Republic may experience effects of declining exports, especially to EU countries, inflation and increasing taxes. A significant portion of the workforce in Eastern Europe is unionized and certain regions and sectors of these countries have experienced very high unemployment rates and periods of labor and social unrest. Despite significant recent reform and privatization, Eastern European governments continue to control a large share of economic activity in the region. Government spending in these countries remains high compared to that of other European countries. These and other factors, including the potential consequences of sanctions related to the Russian invasion of Ukraine and the withdrawal of the United Kingdom from the EU as described under "Investments in Europe," could have a negative impact on a Fund's performance.

**Investments in Emerging Markets Securities.** Investments in securities listed and traded in emerging markets are subject to additional risks that may not be present for U.S. investments or investments in more developed non-U.S. markets. Such risks may include: (i) greater market volatility; (ii) lower trading volume; (iii) greater social, political and economic uncertainty; (iv) governmental controls on foreign investments and limitations on repatriation of invested capital; (v) the risk that companies may be held to lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets; (vi) the risk that there may be less protection of property rights than in other countries; and (vii) limited investor rights and legal or practical remedies. Emerging markets are generally less liquid and less efficient than developed securities markets. Some emerging markets have experienced and may continue to experience high inflation rates, currency devaluations and economic recessions. Each of these factors may cause a Fund to decline in value. Unanticipated political or social developments may result in sudden and significant investment losses, and may affect the ability of governments and government agencies in these markets to meet their debt obligations. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in the Fund.

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**Investments in Europe.** Most developed countries in Western Europe are members of the European Union ("EU"), many also are members of the European Economic and Monetary Union ("EMU"), and most EMU members are part of the euro zone, a group of EMU countries that share the euro as their common currency. Members of the EMU must comply with restrictions on inflation rates, deficits, debt levels, and fiscal and monetary controls. The implementation of any of these EMU restrictions or controls, as well as any of the following events in Europe, may have a significant impact on the economies of some or all European countries: (i) the default or threat of default by an EU member country on its sovereign debt, (ii) economic recession in an EU member country, (iii) changes in EU or governmental regulations on trade, (iv) changes in currency exchange rates of the euro, the British pound, and other European currencies, (v) changes in the supply and demand for European imports or exports, and (vi) high unemployment rates. In the recent past, European financial markets have experienced volatility and adverse trends due to concerns about economic downturns and/or rising government debt levels in certain European countries, which in turn negatively affected the euro's exchange rate. A significant decline in the value of the euro may produce unpredictable effects on trade and commerce generally and could lead to increased volatility in financial markets worldwide. In the event that an EMU member defaults on its sovereign debt or exits from the EMU, especially if either such event occurs in a disorderly manner, the default or exit may adversely affect the value of the euro as well as the performance of other European economies and issuers.

Adverse economic and political events in one European country, including war, may have adverse effects across Europe. For example, the extent and duration of Russia's military invasion of Ukraine, initiated in February 2022, and the broad-ranging economic sanctions levied against Russia by the United States, the European Union, the United Kingdom, and other countries, remain unknown, but these events could have a significant adverse impact on Europe's overall economy. For more information on the war in Ukraine and its impact on Europe, see "Capital Controls and Sanctions Risk" herein.

On January 31, 2020, the United Kingdom formally withdrew from the EU (commonly referred to as "Brexit") and entered an 11-month transition period. The transition period concluded on December 31, 2020, and the United Kingdom left the EU single market and customs union under the terms of a new trade agreement. The agreement governs the new relationship between the United Kingdom and the EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Certain aspects of Brexit have had an adverse impact on the region, leading to increased inflation, labor shortages and business closures, among others. The full scope and nature of the consequences of the exit are not at this time known and are unlikely to be known for a significant period of time. It is also unknown whether the United Kingdom's exit will increase the likelihood of other countries also departing the EU. Any additional exits from the EU, or the possibility of such exits, may have a significant impact on the United Kingdom, Europe, and global economies, which may result in increased volatility and illiquidity, new legal and regulatory uncertainties, and potentially lower economic growth for such economies that could potentially have an adverse effect on the value of a Fund's investments.

**Investments in France.** Investments in French issuers may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to France. France, as a member of the EMU, must comply with certain restrictions on inflation rates, deficits, debt levels, and fiscal and monetary controls. The implementation of any such restrictions or controls, the default of an EU member country on its sovereign debt, significant fluctuations in the euro's exchange rate, or a change in EU or governmental trade regulations could each have a significant impact on the French economy as well as the economies of some or all European countries. France also depends on the strength of its agricultural exports and, thus, is vulnerable to fluctuations in demand for agricultural products. These and other factors could have a negative impact on a Fund's performance.

**Investments in Germany.** Investments in German issuers may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to Germany. Germany, as a member of the EMU, must comply with certain restrictions on inflation rates, deficits, debt levels, and fiscal and monetary controls. The implementation of any such restrictions or controls, the default of an EU member country on its sovereign debt, significant fluctuations in the euro's exchange rate, or a change in EU or governmental trade regulations could each have a significant impact on the German economy as well as the economies of some or all European countries. Furthermore, the German economy has become dependent on the economies of certain key trading partners, including the U.S. and other European countries, due to its large manufacturing and industrials sectors. These and other factors could have a negative impact on a Fund's performance.

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**Investments in India.** Investments in India involve special considerations not typically associated with investing in countries with more established economies or currency markets. Political and economic conditions and changes in regulatory, tax, or economic policy in India could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance.

Investments in India may be more volatile and less liquid and may offer higher potential for gains and losses than investments in more developed markets. Economic and political structures in India may lack the stability of those of more developed nations. Unanticipated political, social, or economic developments in India and surrounding regions may affect the value of a Fund's investments and the value of Fund shares. Monsoons and other natural disasters in India and surrounding regions also can affect the value of Fund investments.

The laws relating to limited liability of corporate shareholders, fiduciary duties of officers and directors, protection of investor interest and the bankruptcy of enterprises are generally less well developed than or different from such laws in the United States. In the recent past, there have been several significant proposals to tax regulations that could significantly increase the level of taxes on investment. Additional risks include imposition or modification of foreign exchange controls on foreign investment. It may be more difficult to obtain a judgment or undertake enforcement in Indian courts than it is in the United States.

The market for securities in India may be less liquid and transparent than the markets in more developed countries. In addition, strict restrictions on foreign investment may decrease the liquidity of a Fund's portfolio or inhibit a Fund's ability to achieve its investment objective. A Fund may be unable to buy or sell securities or receive full value for such securities. Settlement of securities transactions in the Indian subcontinent are subject to risk of loss, may be delayed and are generally less efficient than in the United States. In addition, disruptions due to work stoppages and trading improprieties in these securities markets have caused such markets to close. If extended closings were to occur in stock markets where a Fund was heavily invested, the Fund's ability to redeem Fund shares could become correspondingly impaired. Each of these events could have a negative impact on the liquidity and value of the Fund's investments. To mitigate these risks, a Fund may maintain a higher cash position than it otherwise would, or a Fund may have to sell more liquid securities that it would not otherwise choose to sell, possibly diluting its return and inhibiting its ability to track its Index.

In recent years, exchange-listed companies in the technology sector and related sectors (such as software) have grown so as to represent a significant portion of the total capitalization of the Indian market. The value of these companies will generally fluctuate in response to technological and regulatory developments. The stock markets in the region are undergoing a period of growth and change, which may result in trading or price volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying the relevant laws and regulations. The securities industry in India is comparatively underdeveloped, and stockbrokers and other intermediaries may not perform as well as their counterparts in the United States and other more developed securities markets. In some cases, physical delivery of securities in small lots has been required in India and a shortage of vault capacity and trained personnel has existed among qualified custodial Indian banks. These and other factors could have a negative impact on a Fund's performance.

**Investments in Indonesia.** Southeast Asia is heavily dependent on exports and is thus particularly vulnerable to any weakening in global demand for these products. As the current global economic crisis intensifies, the economies of Southeast Asian countries could be severely impacted once the effects of this crisis fully unfold. Indonesia has restored financial stability and pursued sober fiscal policies since the 1997-1998 Asian financial crisis, but many economic development problems remain, including high unemployment, a fragile banking sector, endemic corruption, inadequate infrastructure, a poor investment climate, and unequal resource distribution among regions. These problems may limit the country's ability to contain the increasingly severe and negative impact of the current global economic crisis on its economy. Economic growth of Indonesia has slowed as a result of the current global economic crisis and could be more severely impacted once the full effects of the crisis fully unfold. Keys to future growth remain internal reform, peaceful resolution of internal conflicts, building up the confidence of international and domestic investors, and strong global economic growth. These and other factors could have a negative impact on a Fund's performance.

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**Investments in Israel**. Investments in Israeli issuers subject a Fund to risks that are specific to Israel, including regulatory, legal, political, security, and economic risks. Israel's economy is particularly dependent on imports of key resources, such as crude oil, natural gas, grains, and military equipment. Israel's economy is also dependent upon external trade with other economies, notably the United States, China, Japan, Canada, and European Union countries. A reduction in Israel's trading with these and other countries could adversely affect the health of Israel's economy and, in turn, have an adverse effect on the Fund's investments. It also is possible that the government of Israel may change its corporate taxation practices or regulations in a manner that negatively affects companies domiciled or operating in Israel, or may impose taxes on foreign investment, each of which could adversely affect a Fund's performance.

Israel's history and present is marked by strained relations with the Palestinian Authority and certain neighboring countries, including Lebanon, Syria and Iran, due to territorial disputes, historical animosities or security concerns. Periods of heightened tensions or conflict may cause uncertainty in or disrupt the Israeli markets and adversely affect the overall economy. In addition, Israel and its citizens have been the target of periodic acts of terrorism, including from U.S.-designated terrorist groups, such as Hezbollah, the "Islamic State," and Hamas, each of which operate in close proximity to Israel's borders and frequently threaten Israel with attack. Most recently, Hamas militants launched a brutal terror attack against southern Israel on October 7, 2023. In response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Events in Israel, Gaza, and the greater Middle East region are rapidly evolving, and the extent and duration of the Israel-Hamas war are impossible to predict. Both actual hostilities, including the Israel-Hamas war described above, and the threat of future hostilities may have a significant adverse effect on Israel's economy, including increased volatility in the share price of companies based in or with operations in Israel, local securities trading suspensions, local securities market closures, including for extended periods, a lack of transparency concerning Israeli issuers or other local market information, and increased restrictions on foreign investment or repatriation of capital. Such hostilities or an attack also may escalate into a more wide-scale conflict with the potential for greater and far-reaching adverse effects in the region and globally. While it is not possible to predict the extent and duration of any such conflict, the resulting market disruptions could be significant, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation, and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Israeli issuers or issuers in other countries affected by the war.

**Investments in Italy.** Investments in Italian issuers may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to Italy. Italy, as a member of the EMU, must comply with certain restrictions on inflation rates, deficits, debt levels, and fiscal and monetary controls. The implementation of any such restrictions or controls, the default of an EU member country on its sovereign debt, significant fluctuations in the euro's exchange rate, or a change in EU or governmental trade regulations could each have a significant impact on the Italian economy as well as the economies of some or all European countries. These and other factors could have a negative impact on a Fund's performance.

**Investments in Japan**. Japan's economic growth rate has remained relatively low and it may remain low in the future and/or continue to lag the growth rates of other developed nations and its Asian neighbors. Economic growth in Japan is heavily dependent on international trade, government support of the financial services sector and other troubled sectors, and consistent government policy supporting its export market. In the past, Japanese exports have been adversely affected by trade tariffs and other protectionist measures as well as increased competition from developing nations. Japan has few natural resources and is heavily dependent on oil imports. Higher commodity prices could therefore have a negative impact on the Japanese economy. Slowdowns in the economies of key trading partners such as the United States, China and/or countries in Southeast Asia, including economic, political, or social instability in such countries, could also have a negative impact on the Japanese economy as a whole. Despite the emergence of China as an important trading partner of Japan, strained relationships between Japan and its neighboring countries, including China, Russia, South Korea, and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also inject uncertainty into Japanese markets. Increased political tension between countries in the region could adversely affect the Japanese economy and, in the event of a crisis, destabilize the region. The Japanese economy also is vulnerable to concerns of economic slowdown from within the Japanese financial system, including high levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits. Japanese currency fluctuations may also adversely impact the Japanese economy and its export market. In the past, the Japanese government has intervened in its currency market to maintain or reduce the value of the yen. Any such intervention in the currency markets could cause the value of the yen to fluctuate sharply and unpredictably and could cause losses to investors. In addition, Japan's labor market is adapting to an aging workforce, declining population, and demand for increased labor mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan's economic competitiveness.

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**Investments in Malaysia**. The Malaysian economy is dependent on the economies of Southeast Asia and the United States as key trading partners. Reduction in spending by these countries on Malaysian products and services or negative changes in any of these economies may cause an adverse impact in the Malaysian economy. Certain Asian economies experience over-extension of credit, currency devaluations and restrictions, rising unemployment, high inflation, decreased exports and economic recessions. Economic events in any one country can have a significant effect on the entire Asian region as well as on major trading partners outside Asia and any adverse event in the Asian markets may have a significant adverse effect on the Malaysian economy. The United States is a significant trading and investment partner of Malaysia. A decrease in U.S. imports, new trade regulations, changes in the U.S. dollar exchange rates or a recession in the U.S. may have an adverse impact on the Malaysian economy. These and other factors could have a negative impact on a Fund's performance.

**Investments in Mexico.** Investing in Mexico involves risks that are specific to the Mexican market. The Mexican economy is dependent upon trade with other economies, specifically with the United States and certain Latin American countries. As a result, Mexico is dependent on, among other things, the United States economy, and any change in the price or demand for Mexican exports may have an adverse impact on the Mexican economy. Mexico has experienced adverse economic impacts as a result of earthquakes and hurricanes, as well as outbreaks of violence. Incidents involving Mexico's security may have an adverse effect on the Mexican economy and cause uncertainty in its financial markets. In the past, Mexico has experienced high interest rates, economic volatility, and high unemployment rates.

**Investments in the Philippines.** The Philippines' economy is heavily dependent on exports and subject to high interest rates, economic volatility, inflation, currency devaluations, high unemployment rates and high level of debt and public spending. As an emerging country, the Philippines' economy is susceptible to economic, political and social instability; unanticipated economic, political or social developments could impact economic growth. The Philippines is subject to natural disaster risk. These and other factors could have a negative impact on a Fund's performance.

**Investments in Poland.** Poland, a rapidly growing EU economy, has successfully transitioned from a centrally planned to a market economy, avoiding GDP decline during the late 2000s recession. However, investing in Polish securities carries heightened risks typical of emerging markets including, among others, a relatively short history of democracy, expropriation and/or nationalization of assets, confiscatory taxation, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. In addition, Poland faces many economic development problems, including high unemployment, inadequate infrastructure, endemic corruption, poverty, and intensifying global competition from neighboring countries. The securities market of Poland is considered an emerging market characterized by a small number of listed companies and a relatively illiquid secondary trading market, particularly for corporate bonds. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment by a Fund. The government of Poland may also withdraw or decline to renew a license that enables a Fund to invest in Poland, and international developments, including sanctions and Brexit, could negatively affect investments in Poland. These and other factors could have a negative impact on a Fund's performance.

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**Investments in Russia.** This section discusses the risks of investing in Russian securities. Generally, Russian securities are currently subject to a number of sanctions that prevent or prohibit a Fund from transacting in such securities. To the extent a Fund held such securities prior to the imposition of such sanctions, the Fund may continue to hold, but may not be able to transact in, such securities. The risks described below may affect existing holdings and any future investments once sanctions are eased or lifted. Investing in securities of Russian companies involves a high degree of risk and special considerations not typically associated with investing in securities of U.S. companies or the U.S. Government. These risks include: (i) investment and repatriation controls, which could make it harder for a Fund to track its underlying Index, if applicable, and decrease a Fund's tax efficiency; (ii) unfavorable action by the Russian government, such as expropriation, dilution, devaluation, or default from excessive taxation; (iii) fluctuations in the currency rate exchange between the Russian ruble and the U.S. dollar; (iv) smaller securities markets with greater price volatility, less liquidity, and fewer issuers with a larger percentage of market capitalization or trading volume than in U.S. markets; (v) continued governmental involvement in and influence over the private sector as Russia undergoes a transition from central control to market-oriented democracy; (vi) less reliable financial information available concerning Russian issuers that may not be prepared and audited in accordance with U.S. or Western European generally accepted accounting principles and auditing standards; (vii) unfavorable political and economic developments, social instability, and changes in government policies; and (viii) the continued imposition of economic sanctions on Russian individuals and business sectors, or the threat of further sanctions, from Western countries in response to Russia's recent political and military actions. In addition, investing in Russian securities involves risks of delayed settlement of portfolio transactions and the loss of a Fund's ownership rights in its securities due to the Russian system of custody and share registration. Investments in Russia also are subject to the risk that a natural disaster, such as an earthquake, drought, flood, fire, or tsunami, could cause a significant adverse impact on the Russian economy. These and other factors could have a negative impact on a Fund's performance.

Economic sanctions imposed on Russia by the United States, EU, the United Kingdom, Canada, Japan, and other countries in response to Russia's military invasion of Ukraine (see "Capital Controls and Sanctions Risk" herein for more details) and in response to other events (*e.g.*, cyber activities) may also negatively affect the performance of Russian companies and the overall Russian economy. The Ukraine sanctions target Russian individuals and the Russian financial, energy, and defense sectors, while other sanctions impact other sectors and popular Russian exports, such as diamonds, seafood, and vodka, but the sanctions also have caused capital flight, a loss of confidence in Russian sovereign debt, and a retaliatory import ban by Russia that has led to ruble inflation. Sanctions have had the effect of slowing the entire Russian economy, contributing to a recession. In addition, other sanctions may be imposed in the future based on negative actions perpetrated (or believed to have been perpetrated) by Russia.

The sanctions imposed on Russia have had and may continue to have significant impacts on a Fund's ability to transact in certain securities. Certain transactions have or may become prohibited and existing investments have or may become illiquid (*e.g.*, because transacting in certain existing investments may be prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet redemptions to the extent that such redemptions are made in cash. These sanctions could impair or eliminate a Fund's ability to invest in accordance with its investment strategy and/or to meet its investment objective. Further, due to closures of certain markets and restrictions on trading, certain Russian securities held by the Funds have been difficult to value or are valued at zero. It is unknown when, or if, sanctions will be lifted in the future.

**Investments in Singapore.** The economy of Singapore is heavily dependent on international trade and export. Conditions that weaken demand for such products worldwide or in the Asian region could have a negative and significant impact on the Singaporean economy as a whole. In addition, the economy of Singapore may be particularly vulnerable to external market changes because of its smaller size. These and other factors could have a negative impact on a Fund's performance.

**Investments in South Africa.** Investing in South Africa involves special considerations not typically associated with investing in countries with more established economies or currency markets. Although South Africa is a developing country with a solid economic infrastructure (in some regards rivaling other developed countries), certain issues, such as unemployment, access to health care, limited economic opportunity, and other financial constraints, continue to present obstacles to full economic development. Disparities of wealth, the pace and success of democratization and capital market development and religious and racial disaffection also have led to social and political unrest. South Africa's currency has recently fluctuated significantly and may be vulnerable to significant devaluation. There can be no assurance that initiatives by the government to address these issues will achieve the desired results. South Africa's economy is heavily dependent on natural resources and commodity prices. South Africa's currency may be vulnerable to devaluation. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in a Fund.

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**Investments in South Korea.** Investments in South Korean issuers involve risks that are specific to South Korea, including legal, regulatory, political, currency, security, and economic risks. The economy of South Korea is heavily dependent on exports and the demand for certain finished goods. South Korea's main industries include electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, and food processing. Conditions that weaken demand for such products worldwide or in other Asian countries could have a negative impact on the South Korean economy as a whole. The South Korean economy's reliance on international trade makes it highly sensitive to fluctuations in international commodity prices, currency exchange rates and government regulation, and vulnerable to downturns of the world economy, particularly with respect to its four largest export markets (the EU, Japan, United States, and China). South Korea has experienced modest economic growth during recent years, but such continued growth may slow down due, in part, to the slower economic growth in China and the increased competition from Japanese exports. In addition, South Korea's economic growth potential has recently been on a decline, mainly because of a rapidly aging population and structural problems. Relations with North Korea could also have a significant impact on the economy of South Korea. Relations between South Korea and North Korea remain tense, as exemplified by periodic acts or threats of hostility, and the possibility of serious military engagement still exists. These and other factors could have a negative impact on a Fund's performance.

**Investments in Spain.** Investments in Spanish issuers may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to Spain. Spain, as a member of the EMU, must comply with certain restrictions on inflation rates, deficits, debt levels, and fiscal and monetary controls. The implementation of any such restrictions or controls, the default of an EU member country on its sovereign debt, significant fluctuations in the euro's exchange rate, or a change in EU or governmental trade regulations could each have a significant impact on the Spanish economy as well as the economies of some or all European countries. The Spanish economy has been characterized by slow growth in recent years due to factors such as low housing sales, construction declines, and the international credit crisis. Moreover, the Spanish government is involved in a long-running campaign against terrorism. Therefore, acts of terrorism on Spanish soil or against Spanish interests abroad may cause uncertainty in the Spanish financial markets. These and other factors could have a negative impact on a Fund's performance.

**Investments in Taiwan.** The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources, and, as such, price increases, shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. The Chinese government is engaged in a longstanding dispute with Taiwan, and continually threatens invasion. Continued deterioration of the political and economic relations between the United States and China could exacerbate the tensions between China and Taiwan and cause China to act upon its threat of invasion. Such escalation could adversely affect Taiwan's economy, as well as the value of a Fund. These and other factors could have a negative impact on a Fund's performance.

**Investments in Thailand.** The Thai economy is dependent on commodity prices and trade with the economies of Asia, Europe, and the United States. Reduction in spending by these economies on Thai products and services or negative changes in any of these economies, may cause an adverse impact on the Thai economy. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased exports and economic recessions. Thailand has historically experienced acts of terrorism and strained international relations related to border disputes, historical animosities, and other defense concerns. These situations may cause uncertainty in the Thai market and adversely affect the Thai economy. The Thai economy has experienced periods of substantial inflation, currency devaluations and economic recessions, any of which may have a negative effect on the Thai economy and securities markets. Thailand has at times been destabilized by frequent government turnover and significant political changes, including military coups. Economic and political instability have contributed to high price volatility in the Thai equity and currency markets, which could affect investments in a Fund. Recurrence of these conditions may result in sudden and significant investment losses potentially having a negative impact on a Fund's performance.

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**Investments in Turkey.** The Turkish economy relies heavily on trade with key partners, making it vulnerable to changes in these economies. Privatization efforts have sometimes led to losses due to companies struggling to adapt or facing re-nationalization. The U.S. is a major trading partner, and changes in U.S. trade policies or economic conditions can adversely affect Turkey. Turkey has historically experienced acts of terrorism and strained international relations related to border disputes, historical animosities, and other defense concerns. These situations may cause uncertainty in the Turkish market and adversely affect the performance of the Turkish economy. Historically, Turkey's national politics have been unpredictable and subject to influence by the military, and its government may be subject to sudden change. Turkey has faced inflation, currency devaluations, and economic recessions, which can negatively impact its economy and securities market. High debt levels and public spending may hinder growth and affect Turkey's sovereign debt rating. These and other factors could have a negative impact on a Fund's performance.

**Investments in the United Kingdom.** Investments in issuers from the United Kingdom may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe and trades heavily with other European countries and the United States. The economy of the United Kingdom, as well as the strength of its currency, the British pound, may be impacted by changes to the economic health of its primary trade partners, which include other European countries as well as the United States. The United Kingdom also relies heavily on the export of financial services. Accordingly, a slowdown in the financial services sector may have an adverse impact on the United Kingdom's economy. On January 31, 2020, the United Kingdom formally exited the EU. For more information about Brexit and the associated risks, see the above description of "Investments in Europe." These and other factors could have a negative impact on a Fund's performance.

**Withholding Tax Reclaims Risk.** To the extent a Fund receives investment income from a source in a foreign country, such income may be subject to foreign income tax withheld at the source. The amount of tax withheld is generally treated as a Fund expense. The Fund may be entitled to a reduced tax rate, or an exemption from tax on such income, if the United States has entered into a tax treaty with the applicable foreign country. To receive this benefit, the Fund may be required by the applicable country to file a tax reclaim. Whether or when a Fund will receive a withholding tax refund is within the control of the tax authorities in the individual country. Information required on these forms may not be available, such as shareholder information, and some countries have restrictive timing requirements for these forms and/or conflicting or changing form instructions. Accordingly, such Fund may not receive reduced tax rates or potential reclaims to which it is entitled under a tax treaty.

A Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Each Fund regularly evaluates the probability of recovery. If a Fund expects to recover withholding taxes, the NAV of the Fund generally includes accruals for such tax refunds. If a Fund does not expect to recover withholding taxes, or the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the applicable country, accruals in a Fund's NAV for such refunds may be written down partially or in full, which will negatively impact the Fund's NAV. Shareholders in a Fund at the time an accrual is written down will bear the impact of the resulting reduction in NAV regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's NAV. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's NAV.

**OPERATIONS RISK.** As part of the Equity Premium Income Fund's principal investment strategy of selling put options on the S&P 500<sup>®</sup> Index ("Index Options"), the Trust, on behalf of the Equity Premium Income Fund, has entered into an options trading agreement with a counterparty through which the Fund can sell Index Options. In the event the counterparty terminates the options trading agreement, which may occur immediately upon certain events of default by the Fund or otherwise on prior 60 days' written notice by the counterparty, the Fund may be unable to enter into a new options trading agreement for an indeterminate period of time and therefore may be unable to meet its investment objective during such period.

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**REAL ESTATE INVESTMENT TRUSTS.** Each Fund may invest in the securities of real estate investment trusts ("REITs") and the Private Credit and Alternative Income Fund will invest in the securities of REITs. REITs are classified as equity REITs, mortgage REITs, or hybrid REITs. Investments in REITs may be adversely affected by general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, the appeal of properties to tenants, and increases in interest rates. In addition, equity REITs may be affected by changes in the values of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of credit extended. REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects. REITs also are subject to heavy cash-flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to maintain exemption from the 1940 Act, and, for U.S. REITs, the possibility of failing to qualify for the favorable U.S. federal income tax treatment available to U.S. REITs under the Code. If an issuer of debt securities collateralized by real estate defaults, it is conceivable that the REITs could end up holding the underlying real estate.

**REPURCHASE AGREEMENTS.** Each Fund may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which a Fund purchases securities or other obligations from a bank or securities dealer (or its affiliate) and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. This is designed to result in a fixed rate of return for a Fund insulated from market fluctuations during the holding period. Because they are collateralized by securities, including mortgage-backed securities, repurchase agreements are subject to market and credit risk. A repurchase agreement maturing in more than seven days may be considered an illiquid investment. A Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains separate accounts for both the Fund and its counterparty. Thus, the obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is, in effect, secured by such obligations.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that at all times the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Fund upon acquisition is accrued as interest and included in its net investment income. Repurchase agreements involving obligations other than U.S. government securities (such as commercial paper and corporate bonds) may be subject to special risks and may not have the benefit of certain protections in the event of the counterparty's insolvency. If the seller or guarantor becomes insolvent, the Fund may suffer delays, costs, and possible losses in connection with the disposition of collateral.

**REVERSE REPURCHASE AGREEMENTS.** Each Fund may enter into reverse repurchase agreements, which involve the sale of securities held by a Fund subject to its agreement to repurchase the securities at an agreed-upon date or upon demand and at a price reflecting a market rate of interest. Reverse repurchase agreements are subject to each Fund's limitation on borrowings and may be entered into only with banks or securities dealers or their affiliates. While a reverse repurchase agreement is outstanding, a Fund will, for all of its reverse repurchase agreements, either (i) consistent with Section 18 of the 1940 Act, maintain asset coverage of at least 300% of the value of the repurchase agreement or (ii) treat the reverse repurchase agreement as a derivatives transaction for purposes of Rule 18f-4, including, as applicable, the VaR-based limit on leverage risk.

Reverse repurchase agreements involve the risk that the buyer of the securities sold by a Fund might be unable to deliver them when that Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer or trustee or receiver may receive an extension of time to determine whether to enforce a Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

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**SECURITIES LENDING.** Each Fund participates in a securities lending program administered by The Bank of New York ("BNY"), in its capacity as a third-party securities lending agent, pursuant to which it may lend its portfolio securities in an amount not to exceed one-third (33 1/3%) of the value of its total assets to certain creditworthy borrowers, including brokers, dealers, and other financial institutions. Loans of portfolio securities provide the Funds with the opportunity to earn additional income on the Fund's portfolio securities. All securities loans will be made pursuant to agreements requiring the loans to be continuously secured by collateral in an amount at least equal to the market value (plus accrued interest) of the loaned securities. The collateral will be maintained and marked to market daily by the Fund's securities lending agent, which will request any shortfall from the borrower. Each Fund has permitted the securities lending agent to invest any collateral received in short-term, highly liquid investments, such as U.S. government securities, repurchase agreements collateralized by U.S. government securities, and government money market funds, including affiliated government money market funds. The terms of the securities lending program provide that a Fund will receive a portion of the income generated from the loan of its securities and the investment of the collateral received in connection with such loan. In exchange for its services, the securities lending agent also receives a portion of the revenue generated by the securities lending program. Lending portfolio securities involves risks of delay in recovery of the loaned securities or in some cases loss of rights in the collateral should the borrower fail financially. Furthermore, because of the risks of delay in recovery, the Fund may lose the opportunity to sell the securities at a desirable price. While a Fund's portfolio securities are on loan, the borrower has the right to exercise any voting rights associated with those securities and the right to receive dividends and other distributions on those securities. However, each Fund has the right to recall loaned securities in time to vote on any matter of importance to it, and a borrower is obligated to repay to the Fund the amount of any dividends or distributions received on the loaned securities. Generally, a Fund would recall a loaned security to vote a proxy only if the matter to be voted on could have a material effect on the Fund or its investment in the loaned securities.

**SENIOR LOANS.** The Bianco Total Return Fund may invest in senior loans through the underlying ETFs. Substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. The value of an underlying ETF's assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or affecting borrowers generally. Moreover, the security for the underlying ETF's investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the underlying ETF may not have priority over other creditors as anticipated. Senior loans usually include restrictive covenants, which must be maintained by the borrower. The underlying ETF may have an obligation with respect to certain senior secured term loan investments to make additional loans upon demand by the borrower.

Senior loans generally are not registered with the SEC and are not listed on any national securities exchange. There is less readily available or reliable information about most senior loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act, or registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). No active trading market may exist for some senior loans, and some senior loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, which may impair the underlying ETF's ability to realize full value and thus cause a material decline in the underlying ETF's NAV. In addition, the underlying ETF may not be able to readily dispose of its senior loans at prices that approximate those at which the underlying ETF could sell such loans.

**SHORT SALE TRANSACTIONS.** Each Fund may engage in "short sale" transactions. A short sale involves the sale by a Fund of a listed futures contract, security or commodity that it does not own at a specified price on a future date. Entering into a short sale transaction, the Fund would generally expect the trading price of the subject listed futures contract, security or commodity to be lower on the specified future date than the price at which it agreed to sell the security or commodity. The Fund would hope to acquire the listed futures contract, security or commodity at a lower price on such date, thereby realizing a gain equal to the difference in the acquisition price and the sale price (less any costs). The Fund may also enter into a short derivative position through a futures contract or swap agreement. If the price of the listed futures contract, security, commodity or derivative subject to a short sale transaction increases during the period covered by the contract, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered (plus any costs). Because it requires little or no money to enter into a short sale transaction, a Fund could potentially lose more money than the actual cost of entering into the transaction.

Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to a Fund. A Fund engaging in short sale transactions may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. A Fund's investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund is required to segregate cash and other assets on its books to cover its short sale obligations. This means that such cash and other assets may not be available to meet the Fund's needs for immediate cash or other liquidity.

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**SOVEREIGN DEBT OBLIGATIONS.** Sovereign debt obligations involve special risks that are not present in corporate debt obligations. The foreign issuer of the sovereign debt or the foreign governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, to the extent it invests in such securities, may be more volatile than prices of debt obligations of U.S. issuers. In the past, certain foreign countries have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debt. A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor's policy toward principal international lenders and local political constraints. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and other entities to reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its debts.

**SUPRANATIONAL SECURITIES.** A supranational entity is formed by two or more central governments to promote economic development for the member countries. Supranational entities finance their activities by issuing bond debt and are usually considered part of the sub-sovereign debt market. Some well-known examples of supranational entities are the World Bank, International Monetary Fund, European Investment Bank, Asian Development Bank, Inter-American Development Bank and other regional multilateral development banks. These securities are subject to varying degrees of credit risk and interest rate risk.

**TAX RISK.** To qualify for the favorable U.S. federal income tax treatment accorded to RICs, each Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources. The U.S. Treasury Department has authority to issue Treasury Regulations that would exclude foreign currency gains from qualifying income if such gains are not directly related to a Fund's business of investing in stock or securities. Accordingly, Treasury Regulations may be issued in the future that could treat some or all of a Fund's foreign currency gains as nonqualifying income, which might jeopardize the Fund's status as a RIC for all years to which the Treasury Regulations are applicable. If for any taxable year a Fund does not qualify as a RIC, all of its taxable income (including its net capital gain) for that year would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and such distributions would be taxable to shareholders as dividend income to the extent of the Fund's current and accumulated earnings and profits.

The Subsidiary Strategy Funds may also obtain exposure to the commodities markets by directly entering into commodity-linked derivative instruments, such as listed futures contracts, forward currency contracts, swaps, and structured notes. Income from certain commodity-linked derivative instruments and certain Bitcoin Investments in which a Fund invests directly may not be considered qualifying income under the 90% test noted above. Each of the Subsidiary Strategy Funds also intends to invest in such Bitcoin Investments and/or commodity-linked derivative instruments indirectly through its WisdomTree Subsidiary. Each Fund's investment in its WisdomTree Subsidiary is expected to provide the Fund with exposure to the Bitcoin Investments and/or commodities markets within the limitations of the federal tax requirements of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Fund attributable to its investment in its WisdomTree Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund expects its "Subpart F" income attributable to its investment in its WisdomTree Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income". The Adviser intends to conduct each Fund's investments in its WisdomTree Subsidiary in a manner consistent with the terms and conditions of the Treasury regulations, and the Adviser will monitor each Fund's investments in its WisdomTree Subsidiary to ensure that no more than 25% of the Fund's assets are invested in the WisdomTree Subsidiary.

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To the extent a Subsidiary Strategy Fund makes a direct investment in certain Bitcoin Investments and/or commodity-linked derivative instruments, it will seek to restrict the resulting income from such instruments so that, when combined with its other non-qualifying income, the Subsidiary Strategy Fund's non-qualifying income is less than 10% of its gross income. However, the Subsidiary Strategy Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the 90% test noted above, or may not be able to accurately predict the non-qualifying income from these investments. Failure to comply with this restriction would have significant negative tax consequences to a Subsidiary Strategy Fund's shareholders. Please refer to the section of this SAI entitled "Taxes - Qualification as a Regulated Investment Company" for a more detailed explanation of the tax risks associated with the Subsidiary Strategy Funds' commodity investments.

**TRACKING STOCKS.** Each Fund may invest in tracking stocks. A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to "track" the performance of such business unit or division. A Fund may also purchase intermediate and long-term obligations issued or guaranteed by the U.S. Treasury or the agencies or instrumentalities of the U.S. government. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

**U.S. GOVERNMENT SECURITIES.** Each Fund may invest in obligations issued or guaranteed by the U.S. Treasury or the agencies or instrumentalities of the U.S. government. Such obligations may be short-, intermediate-, or long-term. The Funds may also purchase intermediate and long-term obligations issued or guaranteed by the U.S. Treasury or the agencies or instrumentalities of the U.S. government. U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market and interest rate risk, and may be subject to varying degrees of credit risk. U.S. government securities include inflation-indexed fixed income securities, such as U.S. Treasury Inflation Protected Securities (TIPS). U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.

**PROXY VOTING POLICY**

The Trust has adopted as its proxy voting policy for each Fund the proxy voting policy and guidelines of each Fund's Sub-Adviser. The Trust has delegated to each Sub-Adviser the authority and responsibility for voting proxies related to the portfolio securities held by each Fund it sub-advises. The remainder of this section discusses the Funds' proxy voting policies and guidelines that each Sub-Adviser complies with when voting proxies related to the Funds' portfolio holdings.

***All Mellon Managed Funds.*** As a registered investment adviser, Mellon is often entrusted with the fiduciary responsibility to vote proxies for shares of corporate stock held on behalf of its clients, including each Fund it sub-advises. Proxy voting is an integral part of the management of the investment in those shares. In voting proxies, Mellon takes into account long-term economic value as it evaluates issues relating to corporate governance, including structures and practices, the nature of long-term business plans, including sustainability policies and practices to address environmental and social factors that are likely to have an impact on shareholder value, and other financial and nonfinancial measures of corporate performance.

Mellon, through its Proxy Voting Committee (the "Proxy Voting Committee"), applies detailed, pre-determined, written proxy voting guidelines for specific types of proposals and matters commonly submitted to shareholders of U.S. and Japanese companies and those other companies established in non-U.S. jurisdictions that have significant operations occurring within the U.S. (the "Mellon Voting Guidelines"). For non-U.S. companies without significant U.S. operations, Mellon seeks to vote proxies through application of the ISS Global Voting Principles and Regional Policies/Principles (the "ISS Voting Guidelines" and, collectively with the Mellon Voting Guidelines, each as in effect from time-to-time, the "Voting Guidelines"). Mellon, in voting proxies, will seek to act solely in the best financial and economic interests of its clients, including the Funds.

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Mellon takes seriously its responsibility to vote proxies on behalf of its clients as a prudent fiduciary. In general, we employ proxy voting to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· align the
 interests of a company's management and board of directors with those of the company's shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote the accountability
 of a company's management to its board of directors, as well as the accountability of the board of directors to the company's
 shareholders and stakeholders regarding matters that could affect the long-term value of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uphold the rights of a company's
 shareholders to affect change by voting on those matters submitted to shareholders for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote adequate disclosure
 about a company's business operations and financial activity

***Securities of Non-U.S. Companies.*** With regard to voting proxies with respect to shares of non-U.S. companies, Mellon weighs the cost of voting, and potential inability to sell, the shares against the benefit of voting the shares to determine whether or not to vote. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the markets in which the Funds may invest. In these markets, Mellon generally seeks to submit proxy votes in a manner consistent with the ISS Voting Guidelines, while taking into account the different legal and regulatory requirements. For example, proxy voting in certain countries requires "share blocking" pursuant to which a fund must deposit before the meeting date its holdings of securities with a designated depositary in order to vote proxies with respect to such securities. During this time, the shares cannot be sold until the meeting has taken place and the shares are returned to the fund's custodian bank. Mellon generally believes that the benefit of exercising the vote in these countries is outweighed by the cost of voting (*i.e.*, the funds' portfolio managers not being able to sell the funds' shares of such securities while the shares are blocked). Therefore, if share blocking is required, Mellon typically elects not to vote the shares. Voting proxies of issuers in non-U.S. markets also raises administrative issues that may prevent voting such proxies. For example, meeting notices may be received with insufficient time to fully consider the proposal(s) or after the deadline for voting has passed. Other markets require the provision of local agents with a power of attorney before acting on the voting instructions. In some cases the power of attorney may be unavailable prior to the meeting date or rejected by the local agent on a technical basis. Additionally, the costs of voting in certain non-U.S. markets may be substantially higher than in the United States.

***Securities Out on Loan.*** For securities that a Fund has loaned to another party, any voting rights that accompany the loaned securities generally pass to the borrower of the securities, but the Fund retains the right to recall a security and may then exercise the security's voting rights. In order to vote the proxies of securities out on loan, the securities must be recalled prior to the established record date. A Fund may recall the loan to vote proxies if a material issue affecting the Fund's investment is to be voted upon. Generally, a Fund would recall a loaned security to vote a proxy only if the Adviser believes the matter to be voted on could have a material effect on the Fund or its investment in the loaned securities.

***Material Conflicts of Interest.*** Mellon seeks to avoid material conflicts of interest between a Fund and the Fund's shareholders, on the one hand, and BNYM Investment Adviser, Mellon, the Distributor, or any affiliated person of the fund, BNYM Investment Adviser, Mellon or the Distributor, on the other, through several layers of controls, including its participation in the Proxy Voting Committee. The Proxy Voting Committee seeks to avoid material conflicts of interest through the establishment of the committee structure, the members of which are senior officers and investment professionals, and do not include individuals whose primary duties relate to sales, marketing or client services. The Proxy Committee applies detailed, pre-determined proxy voting guidelines (the applicable Voting Guidelines) in an objective and consistent manner across client accounts, based on, as applicable, internal and external research and recommendations provided by third party proxy advisory services (including ISS and Glass Lewis, together the "Proxy Advisors") and without consideration of any client relationship factors. When proxies are voted in accordance with these pre-determined Voting Guidelines, it is Mellon's view that these votes do not present the potential for a material conflict of interest and no additional safeguards are needed. In addition, Mellon engages a third party as an independent fiduciary to vote all proxies for securities of BNY and may engage an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law. These instances typically arise due to relationships between proxy issuers or companies and BNY, a BNY affiliate, a BNY executive, or a member of BNY's Board of Directors, but material conflicts of interests may also arise due to relationships involving Mellon and/or Mellon employees, officers and directors. When an independent fiduciary is engaged, the fiduciary either will vote the involved proxy, or provide Mellon with instructions as to how to vote such proxy. In the latter case, Mellon will vote the proxy in accordance with the independent fiduciary's determination. Other possible conflict resolutions may include: (1) voting in proportion to other shareholders ("mirror voting"); (2) erecting informational barriers around, or recusal from the vote decision making process by, the person or persons making voting decisions; and (3) voting in other ways that are consistent with our obligation to vote in our clients' best interest.

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***Operations of the Proxy Voting Committee.*** The Proxy Voting Committee also has engaged ISS as its proxy voting agent to administer the ministerial, non-discretionary elements of proxy voting and reporting. In that role, ISS is required to follow the Voting Guidelines and apply them to the corresponding proxy proposals or matters on which a shareholder vote is sought. Accordingly, proxies that can be appropriately categorized and matched will be voted in accordance with the applicable Voting Guideline, or a proxy proposal will be referred to the Proxy Voting Committee if the Voting Guidelines so require, and generally for those proxy proposals or shareholder voting matters that are contested or similarly controversial and require a case-by-case analysis, as determined by the Committee in its discretion (*e.g.*, proxy contests, potentially excessive executive compensation issues, or certain shareholder proposals). In addition, the Proxy Voting Committee has directed ISS to refer to it for discussion and vote all proxy proposals of those issuers: (1) where the percentage of their outstanding voting securities held in the aggregate in accounts managed Mellon is deemed significant or (2) that are at or above a certain specified market capitalization size (each, as determined by the Proxy Voting Committee in its discretion). For items referred to it, the Proxy Voting Committee may determine to accept or reject any recommendation based on the Voting Guidelines, research and analysis provided by its Proxy Advisors, or on any independent research and analysis obtained or generated by Mellon.

 ****

***All Voya IM Managed Funds.*** The Trust has adopted as its proxy voting policies for each Voya IM Managed Fund the proxy voting guidelines of Voya IM. Voya IM has adopted a Proxy Policy, related procedures, and voting guidelines which are applied to those client accounts over which it has been delegated the authority to vote proxies. In voting proxies, Voya IM seeks to act in the best interest of its clients and in accordance with its fiduciary duties. Specific votes depend on the particular facts and circumstances of each proxy vote. Voya IM generally votes in support of decisions reached by independent boards of directors. The policy establishes additional guidance to promote independence, alignment of compensation with long-term performance, and prudent fiscal management with respect to votes on specific matters, such as individual board elections, executive compensation, and capitalization. Voya IM seeks to avoid material conflicts of interest through the application of detailed predetermined proxy voting guidelines in an objective and consistent manner across client accounts, based on internal and external research and recommendations provided by a third-party vendor, and without consideration of any client relationship factors.

 ***All NIMNA Managed Funds.*** As a fiduciary and to meet its obligations as an SEC registered investment adviser, NIMNA, a subsidiary of BNY, owes its clients, including each NIMNA Managed Fund, a duty of care and a duty of loyalty with respect to all services undertaken on the client's behalf including (where applicable) the exercise of voting rights. This summary describes NIMNA's approach to exercising voting rights, where discretion over the voting decisions has been delegated to NIMNA by its clients, including each NIMNA Managed Fund.

Where applicable, NIMNA will use its best efforts to exercise voting rights as part of its authority to manage, acquire and dispose of Fund assets. NIMNA will exercise voting rights in a prudent and diligent manner and in the best interests of the NIMNA Managed Funds.

NIMNA has established overarching voting guidelines which inform its ultimate voting decision, based on guidance established by internationally recognized governance principles, including the OECD Corporate Governance Principles, the ICGN Global Governance Principles, the UK Investment Association's Principles of Remuneration, and the UK Corporate Governance Code, in addition to other local governance codes.

NIMNA has used the services of an independent voting service provider to translate these guidelines into explicit voting actions forming a bespoke voting policy for NIMNA. This policy will be applied to all NIMNA's votable holdings, enabling a universal approach to NIMNA's voting while allowing it to deploy in-depth case-by-case analysis from NIMNA's stewardship team for those issuers and/or proposals which merit greater focus due to the materiality of NIMNA's investment or the importance of the issue at hand (*e.g.*, shareholder resolution, corporate action, related-party transactions). In these instances, communication with or input from the wider investment team may be sought, as well as, if relevant, engagement with the company. The stewardship team retains the ultimate discretion to deviate the vote instruction from NIMNA's bespoke policy's recommendation.

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NIMNA's active approach to voting means that its voting decisions reflect its investment rationale and take into consideration engagement activity and the company's approach to relevant codes, market practices, and regulations. These are applied to the company's unique situation, while also taking into account any explanations offered for why the company has adopted a certain position or policy.

NIMNA seeks to make proxy voting decisions that are in the best long-term financial interests of the NIMNA Managed Funds, and which seek to support investor value creation by supporting proposals that are consistent with NIMNA's corporate governance views and investment case.

In general, voting decisions are taken consistently across all NIMNA's clients that are invested in the same underlying company. This is in line with NIMNA's investment process that focuses on the long-term success of the investee company. Further, it is NIMNA's intention to exercise voting rights in all circumstances where it retains voting authority.

All voting opportunities are communicated to NIMNA by way of an electronic voting platform.

NIMNA's Responsible Investment team reviews all resolutions for matters of concern. Any such contentious issues identified may be referred to the appropriate global fundamental equity analyst or portfolio manager for comment. Where an issue remains contentious, NIMNA may also decide to confer or engage with the company or other relevant stakeholders.

An electronic voting service is employed to submit voting decisions. Each voting decision is submitted via the electronic voting service by a member of NIMNA's Responsible Investment team but can only be executed by way of an alternate member of the team approving the vote within the same system.

Members of certain BNY operations teams are responsible for administrative elements surrounding the exercise of voting rights by ensuring the right to exercise clients' votes is available and that these votes are exercised.

NIMNA utilizes an independent voting service provider for the purposes of managing upcoming meetings and instructing voting decisions via its electronic platform, and for providing research. The external voting service provider's voting recommendations are not routinely followed; rather, it is only in the event that NIMNA recognizes a potential material conflict of interest that the recommendation of NIMNA's external voting service provider will be applied.

NIMNA's external voting provider is subject to the requirements set by NIMNA's Vendor Management Oversight Group. As such, regular due diligence meetings are held which include reviews of its operational performance, service quality, and robustness of research and its internal controls, including management of its potential material conflicts of interest. In addition, and along with its other clients, NIMNA participates in consultations that seek specific feedback on proxy voting matters. This helps ensure alignment of interest between NIMNA's expectations and the voting recommendations provided by the external provider.

Where NIMNA acts as a proxy for the NIMNA Managed Funds, a conflict could arise between NIMNA, the investee company, and/or the Fund when exercising voting rights. NIMNA has in place procedures for ensuring potential material conflicts of interests are mitigated, while the NIMNA Managed Funds' voting rights are exercised in their best interests. NIMNA seeks to avoid potential material conflicts of interest through the application of the proxy voting guidelines in an objective and consistent manner across client accounts, based on, as applicable, internal, and external research and recommendations provided by third party proxy advisory services and without consideration of any NIMNA client relationship factors, among other considerations.

Where a potential material conflict of interest exists between NIMNA, the underlying company, and/or a NIMNA Managed Fund, the voting recommendations of an independent third-party proxy service provider will be applied.

NIMNA publishes various items related to its approach, engagements, and proxy voting decisions. NIMNA's proxy voting policy and procedures are also summarized in its Form ADV, which is filed with the SEC and furnished to clients. Upon request, NIMNA will provide clients, including the NIMNA Managed Funds, with information on how their proxies were voted by NIMNA. In addition, NIMNA will submit any applicable regulatory filings related to its proxy voting approach and decisions as required. Records are kept of all voting decisions, including evidence of the submission and approval process, which are subject to external audit. In addition, the NIMNA Corporate Actions team reports monthly on critical risk indicators in relation to voting matters.

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***All Insight Managed Funds.*** Fixed income securities generally do not have voting rights. As a result, Insight does not expect to have occasion to vote proxies associated with the Fund's security holdings given the Fund holds primarily municipal bonds.

Insight seeks to actively exercise its rights and responsibilities in regard to proxy voting on behalf of the Fund and is an essential part of maximizing shareholder value, ensuring good governance, and delivering investment performance aligned with the Fund's long-term economic interests. The Insight Proxy Voting Policy (the "Proxy Voting Policy") sets out the arrangements employed by Insight Investment Management (Global) Limited, Insight Investment Management (Europe) Limited, Insight North America LLC, and Insight Investment International Limited (collectively "Insight IM").

Insight IM is committed to supporting good governance practices and also voting all proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight IM's objective is to vote proxies in the best interests of the Fund.

Insight IM is committed to integrating governance and voting all proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight IM's objective is to vote proxies in the best interests of the Fund.

Insight IM's proxy voting activity adheres to best-practice standards and is a component of Insight IM's Stewardship and Responsible Investment Policies. In implementing its Proxy Voting Policy, Insight IM will take into account a number of factors used to provide a framework for voting each proxy. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Leadership: Every company should be led by an effective
 board whose approach is consistent with creating sustainable long-term growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Strategy: Company leadership should define a clear purpose and set long term objectives for delivering value
 to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Culture: The board should promote a diverse and inclusive culture which strongly aligns to the values of the
 company. It should seek to monitor culture and ensure that it is regularly engaging with its workforce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Engagement with Shareholders: The board and senior management should be transparent and engaged with existing
 shareholders. The board should have a clear understanding of the views of shareholders. The board should seek to minimize unnecessary
 dilution of equity and preserve the rights of existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sustainability: The board should aim to take account of environmental, social, and governance risks and opportunities
 when setting strategy and in their company monitoring role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Structure: The board should have clear division of
 responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chair: The Independent Chair, or Lead Independent Director, of the board should demonstrate objective
 judgment and promote transparency and facilitate constructive debate to promote overall effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Board: There should be an appropriate balance of executive and non-executive directors. Non-executive
 directors should be evaluated for independence. No one individual should have unfettered decision-making powers. There should be a clear
 division of responsibilities between the independent board members and the executive leadership of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Resources: The board should ensure it has sufficient governance policies, influence, and resources to function
 effectively. Non-executive directors should have sufficient time to fulfil their obligations to the company as directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Effectiveness: The board should seek to build strong
 institutional knowledge to ensure long term efficient and sustainable operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Appointment: There should be a formal appointment process, which ensures that the most qualified individuals
 are selected for the board. This process should be irrespective of bias to ensure appropriate diversity of the board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Knowledge: The board should be comprised of those with the knowledge, skills and experience to effectively
 discharge their duties. The board should have sufficient independence to serve as an effective check on company management and ensure
 the best outcomes for shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Evaluation: The board should be evaluated for effectiveness on a regular basis. Board member's contributions
 should be considered individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independence: The board should present a fair and
 balanced view of the company's position and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Integrity: The board should ensure that all reports produced accurately reflect the financial position, prospects
 and risks relevant to the company. The board should ensure the independence and effectiveness of internal and external audit functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Audit: The board should ensure that clear, uncontentious accounts are produced. These should conform to the
 relevant best accountancy practices and accurately represent the financial position of the company. Deviations from standard accounting
 practices should be clearly documented with a corresponding rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Risk: The board should ensure the company has sound risk management and internal control systems. There should
 be a regular assessment and communication of the company's emerging and principal risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Remuneration: Levels of remuneration should be sufficient
 to attract, retain, and motivate talent of the quality required to run the company successfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Goal Based: The board should base remuneration on goal-based, qualitative, discretionary cash incentives.
 Remuneration should consider underlying industry and macroeconomic conditions and not be structured in a tax oriented manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transparent: Remuneration arrangements should be transparent and should avoid complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sustainable: Remuneration should not be excessively share based and should be accurately represented and controlled
 as an operational cost. The remuneration of executives should promote long term focus and respect the interests of existing shareholders.

The relevant factors are used by Insight IM to develop Voting Guidelines enabling a consistent approach to proxy voting, which are reviewed annually by the Proxy Voting Group (the "PVG") (see discussion below). Voting activity is most usually performed by the Chair of the PVG, a senior portfolio manager with no day-to-day investment discretion. This creates an independent governance structure for voting, helping to mitigate actual and potential conflicts of interest. The Chair of the PVG can seek support from portfolio managers, who have active discretion over the securities, to provide additional input into the voting decision such as company background. However, the vote will be cast by the Chair of the PVG or their delegate. Insight IM seeks to vote on all holdings with associated voting rights in one of three ways: in support of, against, or in abstention. If the chair is unable to cast a vote, the decision will be cast by the deputy chair. Insight IM uses a Voting Agent (defined below) to assist in the analysis and administration of the vote. The rationale for voting for, against, or abstaining is retained on a case-by-case basis as appropriate and reviewed by the PVG on a regular basis.

To assist Insight IM professionals with implementing its proxy voting strategy, Insight IM retains the services of an independent proxy voting service, namely Minerva ("Voting Agent"). The Voting Agent's responsibilities include, but are not limited to, monitoring company meeting agendas and items to be voted on, reviewing each vote against Insight IM's Voting Guidelines, and providing a voting analysis based upon the Voting Guidelines. The Voting Agent also identifies resolutions that require specific shareholder judgment—often relating to corporate transactions or shareholder resolutions. This enables Insight IM to review situations where the Voting Guidelines require additional consideration or assist in the identification of potential conflicts of interest impacting the proxy vote decision. The Chair of the PVG will review for contentious resolutions and in the event of one will determine these will be escalated to the PVG. Voting decisions are communicated by Insight IM to the Voting Agent and submitted to shareholder meetings through a specific proxy. On a monthly basis, the Voting Agent provides reports on voting activity to Insight IM. Voting data is available to the Fund upon request and is posted on Insight IM website. Insight IM conducts an annual due diligence to review the Voting Guidelines and the Voting Agent's related services.

Effective stewardship requires protecting the Fund against any potential conflicts of interest and managing them with appropriate governance. To comply with applicable legal and regulatory requirements, Insight IM believes managing perceived conflicts is as important as managing actual conflicts. In the course of normal business, Insight IM and its personnel may encounter situations where it faces a conflict of interest or a conflict of interest could be perceived. A conflict of interest occurs whenever the interests of Insight IM or its personnel could diverge from those of the Fund or when Insight IM or its personnel could have obligations to more than one party whose interests are different to each other or those of Insight IM's.

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In identifying a potential conflict situation, as a minimum, consideration will be made as to whether Insight IM, or a

member of staff, is likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make a financial gain or avoid a financial loss at the expense of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• present material differences in the thoughts of two portfolio managers who own the same security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• benefit if it puts the interest of one fund over the interests of another fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gain an interest from a service provided to, or transaction carried out on behalf of a fund which may not
 be in, or which may be different from, the Fund's interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain a higher than usual benefit from a third party in relation to a service provided to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive an inducement in relation to a service provided to the Fund, in the form of monies, goods, or services
 other than standard commission or fee for that service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a personal interest that could be seen to conflict with their duties at Insight IM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create a conflict where Insight IM invests in firms which are clients or potential clients of Insight IM.
 Insight IM might give preferential treatment in its research (including external communication of the same) and/or investment management
 to issuers of publicly traded debt or equities which are also clients or closely related to clients (*e.g.,* sponsors of pension
 schemes). This includes financial and ESG considerations; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create a conflict between investment teams with fixed income holdings in publicly listed firms or material
 differences in the thoughts of two portfolio managers who own the same security.

When a contentious voting issue is identified, the PVG chairman or delegate will review, evaluate, and determine whether an actual material conflict of interest exists and, if so, will escalate the matter to the PVG voting committee. Depending upon the nature of the material conflict of interest, Insight IM may elect to take one or more of the following measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• removing certain Insight IM personnel from the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• walling off personnel with knowledge of the material conflict to ensure that such personnel do not influence
 the relevant proxy vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• voting in accordance with the applicable Voting Guidelines, if any, if the application of the Voting Guidelines
 would objectively result in the casting of a proxy vote in a predetermined manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an unconflicted contentious resolution will be voted by the Chair or their delegate. Where a conflict is deemed
 to exist the vote, widened to the PVG voting committee, will be determined by majority vote; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the resolution of all contentious voting issues will be documented in order to demonstrate that Insight IM
 acted in the best interests of its clients, including the Fund. Any voting decision not resolved by the PVG will be escalated to the Insight
 IM Chief Investment Officer or their delegate for additional input.

The PVG is responsible for overseeing the implementation of voting decisions where Insight IM has voting authority on behalf of the Fund. The PVG meets at least quarterly, or more frequently as required. In ensuring that votes casted are in the best interest of Insight IM's clients, the PVG will oversee the following proxy voting activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Casting votes on behalf of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting Policy: Oversee and set the Proxy Voting Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting Guidelines: Oversee and set the Voting Guidelines which are reviewed and approved on an annual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stewardship Code & Engagement Policy: Review for consistency with Proxy Voting Policy and Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of interest: Manage conflicts when making voting instructions in line with Insight IM's Conflict
 of Interest Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resolution Assessment: Review upcoming votes that cannot be made using Voting Guidelines and make voting decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting Agent: Appoint and monitor third-party proxy agencies, including the services they perform for Insight
 IM in implementing its voting strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting: Ensure voting activity aligns with local regulations and standards. The PVG is chaired by a Senior
 Portfolio Manager (who has no direct day to day investment discretion) and attended by portfolio management personnel, the Senior Stewardship
 Analyst (Deputy Chair), Corporate Risk, Compliance and Operations personnel. The PVG is accountable to and provides quarterly updates
 to the Investment Management Group.

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In certain foreign jurisdictions, the voting of proxies can result in additional restrictions that have an economic impact to the security, such as "share-blocking." If Insight IM votes on the proxy share-blocking may prevent Insight IM from selling the shares of the security for a period of time. In determining whether to vote proxies subject to such restrictions Insight IM, in consultation with the PVG, considers whether the vote, either in itself or together with the votes of other shareholders, is expected to affect the value of the security that outweighs the cost of voting. If Insight IM votes on a proxy and during the "share-blocking period" Insight IM would like to sell the affected security Insight IM, in consultation with the PVG, will attempt to recall the shares (as allowable within the market time-frame and practices). Insight IM publishes its voting activity in full on its website. This can be found at https://www.insightinvestment.com/investing-responsibly/insights-equity-voting-records.

Insight IM will review its Proxy Voting arrangements regularly through the PVG. Insight IM reviews the Proxy Voting Policy at least annually or whenever a material change occurs and will notify the Fund of any material change that affects Insight IM's ability to vote in line with the best interests of its clients, including the Fund. A material change shall be a significant event that could impact Insight IM's ability to vote proxies such as a change in voting agent.

***All Funds.*** A complete copy of each Sub-Adviser's proxy voting policy may be obtained by calling 1-866-909-9473 or by writing to: WisdomTree Trust, c/o Foreside Fund Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101.

The Trust is required to disclose annually the Funds' complete proxy voting record on Form N-PX covering the period from July 1 of one year through June 30 of the next year and to file Form N-PX with the SEC no later than August 31 of each year. The current Form N-PX for the Funds may be obtained at no charge upon request by calling 1-866-909-9473 or by visiting the Funds' website at www.wisdomtree.com/investments or the SEC's website at www.sec.gov.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Trust has adopted a Portfolio Holdings Policy (the "Policy") designed to govern the disclosure of Fund portfolio holdings and the use of material non-public information about Fund holdings. The Policy applies to all officers, employees, and agents of the Funds, including the Advisers. The Policy is designed to ensure that the disclosure of information about each Fund's portfolio holdings is consistent with applicable legal requirements and otherwise in the best interest of each Fund.

As ETFs, information about each Fund's portfolio holdings is made available each Business Day in accordance with the provisions of any regulations of a Fund's Listing Exchange and other applicable SEC regulations, orders, and no-action relief. A "Business Day" with respect to each Fund is any day on which its respective Listing Exchange is open for business. As of the date of this SAI, each Listing Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

This information is used in connection with the creation and redemption process and is disseminated on a daily basis through the facilities of the Listing Exchange, the National Securities Clearing Corporation ("NSCC") and/or third-party service providers.

Daily access to each Fund's portfolio holdings with no lag time is permitted to personnel of the Advisers, the Distributor and the Fund's administrator (the "Administrator"), custodian and accountant and other agents or service providers of the Trust who have need of such information in connection with the ordinary course of their respective duties to the Fund. The Funds' Chief Compliance Officer ("CCO") may authorize disclosure of portfolio holdings.

Each Fund will disclose its complete portfolio holdings online at www.wisdomtree.com/investments/etfs. Online disclosure of such holdings is publicly available at no charge.

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Each Fund also will disclose its complete portfolio holdings schedule in public filings with the SEC on a quarterly basis, based on the Fund's fiscal year end, within sixty (60) days of the end of the quarter, and will provide that information to shareholders, as required by federal securities laws and regulations thereunder.

No person is authorized to disclose a Fund's portfolio holdings or other investment positions except in accordance with the Policy. The Board reviews the implementation of the Policy on a periodic basis.

**INDEX DESCRIPTIONS**

A description of each Index on which an Index Fund's investment strategy is based is provided in the relevant Fund's Prospectus under "Principal Investment Strategies of the Fund" with certain additional details provided below. Additional information about each Index, including the constituents and weightings of the Indexes and the Index methodologies, which contain the rules that govern, among other things, the security selection criteria for the Indexes and the weighting of selected securities in each of the Indexes, is available on each respective Index Provider's website. This information with respect to the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index, which tracks an index provided by WisdomTree is available at www.wisdomtree.com/investments/index.

***Fixed Income Indexes and Bianco Total Return Index***

 ****

*Bloomberg U.S. Universal Enhanced Yield Index.* The Bloomberg U.S. Universal Enhanced Yield Index seeks to provide comprehensive exposure to the USD-denominated bond market, while enhancing yield within desired risk parameters and constraints. The Index includes the USD-denominated constituents from each of the following categories: (1) investment grade bond market; (2) investment grade, privately-placed, restricted securities; (3) investment grade Eurobond market; (4) corporate bonds rated below investment grade; and (5) fixed-rate sovereign and corporate debt issued in emerging markets.

*Bloomberg US Treasury 1-3 Year Laddered and Bloomberg US Treasury 7-10 Year Laddered Indexes.* The Bloomberg US Treasury 1-3 Year Laddered Index is composed of fixed-rate coupon U.S. Treasury securities maturing in one to three years or with remaining maturities between one and three years. The Bloomberg US Treasury 7-10 Year Laddered Index is composed of fixed-rate coupon U.S. Treasury securities maturing in seven to ten years or with remaining maturities between seven to ten years. Treasury bills, inflation-linked bonds, floating rate bonds, Separate Trading of Registered Interest and Principal of Securities ("STRIPS"), and state and local government series bonds are excluded from each Bloomberg US Treasury Laddered Index.

*WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index.* The U.S. High Yield Corporate Bond, Zero Duration Index is composed of high-yield U.S. dollar denominated corporate bonds of public issuers domiciled in the United States with at least one year to maturity. Each issue is classified into one of five sectors: Industrial, Financial, Utility, Consumer, or Energy. Government, quasi-government, foreign agencies, or supra-national issuers are not eligible for inclusion in the Index.

*Index Rebalance*. Each underlying Index (with the exception of the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index and Bloomberg US Treasury 7-10 Year Laddered Index) is "rebalanced" or "reconstituted" on a monthly basis. Except as otherwise indicated by the Index Provider, securities are added to or removed from an Index only during the rebalance. During the monthly rebalance, securities are screened to determine whether they comply with the index methodology and are eligible to be included in the Index. However, the Bianco Research Fixed Income Total Return Index may be rebalanced and/or reconstituted other than on a monthly basis in response to certain circumstances, such as significant market events or changes in government policy.

The WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index is "rebalanced" or "reconstituted" on a semi-annual basis on the last business days of May and November. New securities are added to the Index only during the semi-annual rebalance, however, bonds are removed monthly due to ratings changes, if any.

The Bloomberg US Treasury 7-10 Year Laddered Index is "reconstituted" at the end of each quarter and "rebalanced" at the end of each month.

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The date of the determination is sometimes referred to as the "Index measurement date" or the "Screening Point." Based on this screening, securities that meet index requirements are added to the applicable Index, and securities that do not meet such requirements are dropped from the applicable Index. In response to market conditions, security weights and the weights of short positions and long positions, as applicable, may fluctuate above or below a specified cap between Index rebalance dates.

*Index Maintenance*. Index maintenance occurs throughout the year between reconstitutions and rebalances and includes monitoring and implementing the adjustments for deletions, company additions, stock splits, stock dividends, spin-offs, corporate restructurings, and other corporate actions, as applicable.

*Changes to the Index Methodology.* The WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index is governed by a published, rules-based methodology. Changes to this Index's methodology will be publicly disclosed at www.wisdomtree.com/investments/wisdomtree-etfs/index-notices prior to implementation.

*Index Calculation Agent.* Each Fixed Income Index Fund and the Bianco Total Return Fund has a Calculation Agent that will calculate, maintain, and disseminate the underlying Index on a daily basis. For each Fixed Income Index Fund (except the Interest Rate Hedged High Yield Bond Fund) and the Bianco Total Return Fund, the Fund's Index Provider is the Calculation Agent. In order to minimize any potential for conflicts caused by the fact that WisdomTree and its affiliates act as Index Provider and investment adviser to the Interest Rate Hedged High Yield Bond Fund, WisdomTree has retained an unaffiliated third party to calculate the Index (the "Calculation Agent"). The Calculation Agent, using the applicable rules-based methodology for the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index, will calculate and disseminate the Index on a daily basis. WisdomTree will monitor the results produced by the Calculation Agent to help ensure that the Index is being calculated in accordance with the applicable rules-based methodology. In addition, WisdomTree and WisdomTree Asset Management have established policies and procedures designed to prevent non-public information about pending changes to the Index from being used or disseminated in an improper manner. Furthermore, WisdomTree and WisdomTree Asset Management have established policies and procedures designed to prevent improper use and dissemination of non-public information about the Fund's portfolio strategies.

***Gapstow Private Credit and Alternative Income Index***

*Index Screening/Rebalance Dates.* The Gapstow Private Credit and Alternative Income Index is rebalanced on a quarterly basis in January, April, July, and October. The Index is reclassified and reconstituted on a semi-annual basis in April and October.

At each reconstitution of the Index, BDCs, CEFs, and REITs (collectively, the "Vehicles") eligible for inclusion in the Index are added to each alternative credit sector of the Index in descending order of six-month average daily market capitalization until either that sector's target number of Vehicles is reached, or the list of Vehicles in that sector is exhausted.

***Volos US Large Cap Target 2.5% PutWrite Index***

The Index tracks the value of a cash-secured (*i.e.*, collateralized) put option sales strategy, which consists of (1) selling (or "writing") put options on the SPDR S&P 500 ETF ("SPY") (the "SPY Puts") and (2) a cash collateral account that accrues interest at a theoretical three-month Treasury bill rate on a daily basis. All SPY Puts are exchange-listed standardized options. The Index selects SPY Puts that target a premium of 2.5% (*i.e.*, the cash received from the buyer of the SPY Put is approximately 2.5% of the official daily price of SPY). At any given time, the Index references two SPY Puts with expiration dates that are two weeks apart. The SPY Puts are closed out one week prior to expiry, either the first Friday or third Friday each month, and newly selected SPY Puts are sold on the same day (the "Roll Date") in a process known as "rolling". When a SPY Put is closed out on the Roll Date, the Index will select a new SPY Put with a target expiration date of either the first Friday or the third Friday of the following month. Each new SPY Put selected will also have a strike price that is the higher of (i) the "at the money" strike price (*i.e.*, a strike price that is closest to but greater than the current market price of SPY), and (ii) the strike price for a SPY Put that has a premium closest to 2.5%.

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**INVESTMENT LIMITATIONS**

The following fundamental and non-fundamental investment policies and limitations supplement those set forth in each Fund's Prospectus. Unless otherwise noted, whenever a fundamental or non-fundamental investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset. Accordingly, other than with respect to a Fund's limitations on borrowings, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with a Fund's investment policies and limitations.

Each Fund's fundamental investment policies cannot be changed without the approval of the holders of a majority of that Fund's outstanding voting securities as defined under the 1940 Act. Each Fund, however, may change the non-fundamental investment policies described below, its investment objective, and its underlying Index, if applicable, without a shareholder vote provided that it obtains Board approval and where required, provides its shareholders with at least sixty (60) days' prior written notice of any such change.

**Fundamental Policies.** The investment policies and limitations set forth below are fundamental and may not be changed without shareholder approval. As a general matter, a Fund may not engage in the activities described in the policies below except to the extent permitted by the 1940 Act.

Each Fund, as a fundamental investment policy, may not:

***Senior Securities***

Issue senior securities, except as permitted under the 1940 Act.

***Borrowing***

Borrow money, except as permitted under the 1940 Act.

***Underwriting***

Act as an underwriter of another issuer's securities, except to the extent that each Fund may be considered an underwriter within the meaning of the Securities Act in the disposition of portfolio securities.

***Concentration***

*Currency Strategy Funds, Efficient Gold Plus Gold Miners Strategy Fund, Efficient Gold Plus Equity Strategy Fund, Target Range Fund, and Equity Premium Income Fund only:*

Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry, except that the Efficient Gold Plus Gold Miners Strategy Fund will concentrate (*i.e.*, invest more than 25% of its net assets) in securities in the metals and mining industry and the gold mining sub-industry.

*Managed Futures Strategy Fund, Emerging Markets Corporate Bond Fund, Emerging Markets Local Debt Fund, Mortgage Plus Bond Fund, and Enhanced Commodity Strategy Fund only:*

Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government, or any non-U.S. government, or their respective agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry. For these purposes, the components of the Managed Futures Strategy Fund's Benchmark (*e.g*., gold, silver, natural gas) are considered to be separate industries.\*

\*As of June 4, 2021, the Managed Futures Strategy Fund changed its principal investment strategy and no longer seeks to provide returns that correspond to the performance of the WisdomTree Managed Futures Index (the "Benchmark"). As a result, the Fund will no longer concentrate its investments to the same extent as the Benchmark.

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*Fixed Income Index Funds and Private Credit and Alternative Income Fund only:*

Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry, except that each Fund will invest more than 25% of its total assets in securities of the same industry to approximately the same extent that each Fund's underlying Index concentrates in the securities of a particular industry or group of industries.

*Municipal Bond Funds only:* 

Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's net assets would be invested in the securities of issuers in a particular industry. For purposes of this limitation, securities of the U.S. Government (including its agencies and instrumentalities) and securities of state or municipal governments and their political subdivisions (except to the extent the income from a municipal bond is derived principally from the assets and revenues of non-governmental users) are not considered to be issued by members of any industry.

*Inflation Plus Fund only:* 

Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's net assets would be invested in the securities of companies whose principal business activities are in the same industry.

***Real Estate***

Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts or securities of companies engaged in the real estate business).

***Commodities***

Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent each Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).

***Loans***

Lend any security or make any other loan except as permitted under the 1940 Act. This means that no more than 33 1/3% of the Fund's total assets would be lent to other parties. This limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments, permissible under each Fund's investment policies.

***Additional Fundamental Policies***

 ****

*Core Laddered Municipal Fund only:*

The Fund has adopted a fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal debt securities.

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*High Income Laddered Municipal Fund only:*

The Fund has adopted a fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high income municipal debt securities.

**Non-Fundamental Policies.** The investment policies set forth below may be changed without shareholder approval. Prior to any change in a Fund's 80% policy, the Fund will provide shareholders with 60 days' notice.

*Emerging Currency Strategy Fund only:*

 

The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in investments that are tied economically to the particular country or geographic region suggested by the Fund's name, including certain derivatives described herein and in the Fund's Prospectus.

*Fixed Income Index Funds (except Voya Yield Enhanced USD Universal Bond Fund, the Laddered Treasury Funds and Bianco Total Return Fund) only:* 

 

Under normal circumstances, in accordance with Rule 35d-1 under the 1940 Act, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by the Fund's name, including investments that are tied economically to the particular country or geographic region suggested by the Fund's name.

*Voya Yield Enhanced USD Universal Bond Fund only:*

The Fund has adopted a non-fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by the Fund's name.

*1-3 Year Laddered Treasury Fund only:* 

 

The Fund has adopted a non-fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. Treasuries that have a remaining maturity of one to three years and investments that have economic characteristics (*i.e.*, risk and return characteristics) that are substantially similar to the economic characteristics of such Treasuries.

 

*7-10 Year Laddered Treasury Fund only:* 

 

The Fund has adopted a non-fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. Treasuries that have a remaining maturity of seven to ten years and investments that have economic characteristics (*i.e.*, risk and return characteristics) that are substantially similar to the economic characteristics of such Treasuries.

*Emerging Markets Corporate Bond Fund only:* 

 

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Corporate Debt. For these purposes, Corporate Debt includes fixed income securities, such as bonds, notes, money market securities and other debt obligations of emerging market issuers, as well as other instruments described herein and in the Fund's Prospectus.

 

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*Emerging Markets Local Debt Fund only:* 

 

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Local Debt. For these purposes, Local Debt includes fixed income securities, such as bonds, notes or other debt obligations, denominated in local currencies of emerging market countries, as well as other instruments described herein and in the Fund's Prospectus.

*Managed Futures Strategy Fund only:* 

 

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in "managed futures." For these purposes, managed futures are investments in commodity and currency-linked instruments, as well as U.S. government securities and money market instruments, that taken together have economic characteristics similar or equivalent to those of listed commodity, currency and financial futures contracts described herein and in the Fund's Prospectus.

*Mortgage Plus Bond Fund only:* 

 

Under normal circumstances, in accordance with Rule 35d-1 under the 1940 Act, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in mortgage-related debt and other securitized debt.

*Enhanced Commodity Strategy Fund only:* 

 

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in commodity and commodity-related futures contracts, U.S. government securities and money market instruments that collectively will provide exposure to the commodities markets.

*Private Credit and Alternative Income Fund only:* 

 

The Fund has adopted a non-fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in constituents of the Index and/or investments that have economic characteristics that are substantially similar to the economic characteristics of such constituents.

*Equity Premium Income Fund only:* 

 

The Fund has adopted a non-fundamental investment policy in accordance with Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in investments that provide the Fund with equity exposure, including equity securities, derivative instruments that provide exposure to equity securities or equity indices, as well as other instruments that in combination have economic characteristics similar or equivalent to those of equity securities.

*Efficient Gold Plus Equity Strategy Fund only:*

Under normal circumstances, in accordance with Rule 35d-1 under the 1940 Act, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by the Fund's name, including a combination of U.S.-listed gold futures contracts and U.S. equity securities, as well as other investments that, combined, have economic characteristics similar or equivalent to those of gold and U.S. equity securities. The Fund's investment in derivatives will be included in its net assets when determining whether the Fund satisfies the 80% test described above and the Fund values those derivatives at market value.

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*Efficient Gold Plus Gold Miners Strategy Fund only:* 

 

Under normal circumstances, in accordance with Rule 35d-1 under the 1940 Act, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by the Fund's name, including a combination of U.S.-listed gold futures contracts and equity securities issued by Gold Miners (as that term is defined in the Prospectus), as well as other investments that, combined, have economic characteristics similar or equivalent to those of gold and equity securities issued by Gold Miners.

***All Funds.*** Various factors may be considered in determining whether an investment is tied economically to a particular country or region, including one or more of the following: whether the investment is issued or guaranteed by a particular government or any of its agencies, political subdivisions, or instrumentalities; whether the investment has its primary trading market in a particular country or region; whether the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular country or region; whether the investment is included in an index representative of a particular country or region; and whether the investment is exposed to the economic fortunes and risks of a particular country or region.

If, subsequent to an investment, the 80% investment policy is no longer met, such Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy.

**CONTINUOUS OFFERING**

The method by which Creation Unit Aggregations of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Unit Aggregations of shares are issued and sold by the Funds on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Unit Aggregations after placing an order with the Distributor, breaks them down into constituent shares, and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. Firms that incur a prospectus delivery obligation with respect to shares of the Funds are reminded that, pursuant to Rule 153 under the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with the sale on the Listing Exchange is satisfied by the fact that the prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

WisdomTree or its affiliates (the "Selling Shareholder") may purchase Creation Unit Aggregations through a broker-dealer to "seed" (in whole or in part) funds, including the Funds, as they are launched or thereafter, may purchase shares from other broker-dealers or other investors that have previously provided "seed" for funds, including the Funds, when they were launched or otherwise in secondary market transactions, and because the Selling Shareholder may be deemed an affiliate of such funds, the shares are being registered to permit the resale of these shares from time to time after purchase. The Funds will not receive any of the proceeds from the resale by the Selling Shareholders of such shares.

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The Selling Shareholder intends to sell all or a portion of the shares owned by it and offered hereby from time to time directly or through one or more broker-dealers, and may also hedge such positions. The shares may be sold on any national securities exchange on which the shares may be listed or quoted at the time of sale, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions. The Selling Shareholder may use any one or more of the following methods when selling shares:

&nbsp;&nbsp;&nbsp;&nbsp;▪ ordinary brokerage transactions through brokers or
 dealers (who may act as agents or principals) or directly to one or more purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;▪ privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;▪ through the writing or settlement of options or other
 hedging transactions, whether such options are listed on an options exchange or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ any other method permitted pursuant to applicable
 law.

The Selling Shareholder may also loan or pledge shares to broker-dealers that in turn may sell such shares, to the extent permitted by applicable law. The Selling Shareholder may also enter into options or other transactions with broker-dealers or other financial institutions, or create one or more derivative securities which require delivering shares to a broker-dealer or other financial institution (these shares may then be sold by such broker-dealer or other financial institution).

The Selling Shareholder and any broker-dealer or agents participating in the distribution of shares may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act in connection with such sales. In such event, any commissions paid to any such broker-dealer or agent and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The Selling Shareholder who may be deemed an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act will be subject to the applicable prospectus delivery requirements of the Securities Act.

The Selling Shareholder has informed the Fund that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the shares. Upon the Funds being notified in writing by the Selling Shareholder that any material arrangement has been entered into with a broker-dealer for the sale of shares through a block trade, special offering, exchange distribution or secondary distribution, or a purchase by a broker or dealer, a supplement to this SAI will be filed, if required, pursuant to Rule 497 under the Securities Act, disclosing (i) the name of each Selling Shareholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such shares were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in the Fund's Prospectus and SAI, and (vi) other facts material to the transaction.

The Selling Shareholder and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares by the Selling Shareholder and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares to engage in market-making activities with respect to the shares. All of the foregoing may affect the marketability of the shares and the ability of any person or entity to engage in market-making activities with respect to the shares. There is a risk that the Selling Shareholder may redeem its investments in the Fund or otherwise sell its shares to a third party that may redeem. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund and its shares.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board is responsible for overseeing the management and affairs of the Funds and the Trust. The Board has considered and approved contracts, as described herein, under which certain companies provide essential management and administrative services to the Trust. Like most ETFs, the day-to-day business of the Trust, including the day-to-day management of risk, is performed by third-party service providers, such as the Advisers, Distributor, and Administrator. The Board is responsible for overseeing the Trust's service providers and, thus, has oversight responsibility with respect to the risk management performed by those service providers. Risk management seeks to identify and eliminate or mitigate the potential effects of risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance, or reputation of the Trust or the Funds. Under the overall supervision of the Board and the Audit Committee (discussed in more detail below), the service providers to the Funds employ a variety of processes, procedures, and controls to identify risks relevant to the operations of the Trust and the Funds to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.*, the Advisers are responsible for the day-to-day management of the Funds' portfolio investments) and, consequently, for managing the risks associated with that activity.

[**Table of Contents**](#toc2)

The Board's role in risk management oversight begins before the inception of a Fund, at which time the Fund's Adviser presents the Board with information concerning the investment objectives, strategies, and risks of the Fund. Additionally, the Fund's Adviser and Sub-Advisers, as applicable, provide the Board periodically with an overview of, among other things, its investment philosophy, brokerage practices, and compliance infrastructure. Thereafter, the Board oversees the risk management of the Fund's operations, in part, by requesting periodic reports from and otherwise communicating with various personnel of the Fund and its service providers, including the Trust's CCO and the Fund's independent accountants. The Board and, with respect to identified risks that relate to its scope of expertise, the Audit Committee, oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Funds by the Adviser and receives information about those services at its regular meetings. In addition, on at least an annual basis, in connection with its consideration of whether to renew the Investment Advisory Agreement and Sub-Advisory Agreements with the Adviser and Sub-Advisers, respectively, the Board meets with the Adviser and Sub-Advisers to review such services. Among other things, the Board regularly considers the Adviser's and Sub-Advisers' adherence to each Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about each Fund's performance and investments.

The Trust's CCO meets regularly with the Board to review and discuss compliance and other issues. At least annually, the Trust's CCO provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser and Sub-Advisers. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and material compliance matters since the date of the last report.

The Board receives reports from the Trust's service providers regarding operational risks, portfolio valuation, and other matters. Annually, an independent registered public accounting firm reviews with the Audit Committee its audit of the Funds' financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Funds' internal controls.

The Board recognizes that not all risks that may affect a Fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve a Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, despite the periodic reports the Board receives and the Board's discussions with the service providers to a Fund, it may not be made aware of all of the relevant information related to a particular risk. Most of the Trust's investment management and business affairs are carried out by or through the Funds' Adviser, Sub-Advisers, and other service providers, each of which has an independent interest in risk management but whose policies and methods by which one or more risk management functions are carried out may differ from the Trust's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's risk management oversight is subject to substantial limitations.

[**Table of Contents**](#toc2)

**Members of the Board and Officers of the Trust.** Set forth below are the names, birth years, positions held and length of time served with the Trust, number of portfolios overseen, and principal occupations and other directorships held during the last five years of each of the persons currently serving as members of the Board and as Executive Officers of the Trust. Each Executive Officer of the Trust was appointed by and serves at the pleasure of the Board. The members of the Board serve as Trustees for the life of the Trust or until retirement, removal, or their office is terminated pursuant to the Trust's Declaration of Trust. The address of each Trustee and Officer is c/o WisdomTree Asset Management, Inc., 250 West 34<sup>th</sup> Street, 3<sup>rd</sup> Floor, New York, New York 10119.

The Chairman of the Board, Victor Ugolyn, is not an interested person of the Funds as that term is defined in the 1940 Act. The Board is composed of a super-majority (more than 80%) of Trustees who are not interested persons of the Funds (*i.e.*, "Independent Trustees"). There is an Audit Committee, Governance, Nominating and Compliance Committee, Contracts Review Committee, and Investment Committee of the Board, each of which is chaired by an Independent Trustee and comprised solely of Independent Trustees. The Committee chair for each is responsible for running the Committee meetings, formulating agendas for those meetings, and coordinating with management to serve as a liaison between the Committee members and management on matters within the scope of the responsibilities of the Committee as set forth in its Board-approved charter. The Funds have determined that this leadership structure is appropriate given the specific characteristics and circumstances of the Funds. The Funds made this determination in consideration of, among other things, the fact that the Independent Trustees of the Funds constitute a super-majority of the Board, the assets under management of the Funds, the number of funds overseen by the Board, the total number of Trustees on the Board, and the fact that an Independent Trustee serves as Chairman of the Board.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of <br> Birth of <br> Trustee/Officer** | **Position(s) Held <br> with the Trust, <br> Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee/Officer<sup>+</sup>** | **Other <br> Directorships Held <br> by Trustee** |
| **Trustees Who Are Interested Persons of the Trust** | **Trustees Who Are Interested Persons of the Trust** | **Trustees Who Are Interested Persons of the Trust** | **Trustees Who Are Interested Persons of the Trust** | **Trustees Who Are Interested Persons of the Trust** |
| Jonathan L. Steinberg<br> (1964) | Trustee, 2005-present; President, 2005-present | Chief Executive Officer of WisdomTree and WisdomTree Asset Management since 2005; President of WisdomTree and WisdomTree Asset Management from 2012 to 2019. | 87 | Director, WisdomTree and WisdomTree Asset Management |
| **Trustees Who Are Not Interested Persons of the Trust** | **Trustees Who Are Not Interested Persons of the Trust** | **Trustees Who Are Not Interested Persons of the Trust** | **Trustees Who Are Not Interested Persons of the Trust** | **Trustees Who Are Not Interested Persons of the Trust** |
| David G. Chrencik<sup>1</sup><br> (1948) | Trustee, 2014-present | Chief Financial Officer of Sarus Indochina Select LP (a hedge fund) from 2012 to 2022. | 87 |  |
| Phillip Goff<br> (1963) | Trustee, 2024-present | Private Investor since 2017; Trustee of RBC Funds Trust from 2020 to 2024; Senior Vice President/ Corporate Controller and Funds Treasurer at TIAA from 2006 to 2017. | 87 |  |
| Joel H. Goldberg<sup>2,3</sup><br> (1945) | Trustee, 2012-present | Attorney, Partner at Stroock & Stroock & Lavan LLP from 2010 to 2018; U.S. Securities and Exchange Commission, Division of Investment Management from 1973 to 1983 (Director from 1981 to 1983). | 87 | Director, Better Business Bureau (Metropolitan New York, Long Island and the Mid-Hudson Region) |

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[**Table of Contents**](#toc2)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of <br> Birth of <br> Trustee/Officer** | **Position(s) Held <br> with the Trust, <br> Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee/Officer<sup>+</sup>** | **Other <br> Directorships Held <br> by Trustee** |
| Toni M. Massaro<sup>3</sup><br> (1955) | Trustee, 2006-present | Regents Professor of Law Emerita since 2024; Executive Director of the Agnese Nelms Haury Program since 2021; Dean Emerita at the University of Arizona James E. Rogers College of Law ("Rogers College of Law") from 2009 to 2024 (distinguished Emerita in July 2009); Dean of the Rogers College of Law from 1999 to 2009; Regents Professor since 2006; Milton O. Riepe Chair in Constitutional Law from 1997 to 2022; Professor at the Rogers College of Law from 1990 to 2024. | 87 |  |
| Melinda A. <br> Raso Kirstein<sup>4</sup><br> (1955)<br>| Trustee, 2014-present | Retired since 2004; Vice President, Senior Portfolio Manager, Fixed Income Management, and Director of Tax Exempt Fund Management at Merrill Lynch Investment Management from 1982 to 2004. | 87 | Associate Alumnae of Douglass College, Chair of Investment Committee |
| Victor Ugolyn<br> (1947) | Trustee, 2006-present; Chairman of the Board, 2006-present | Private Investor since 2005; Retired Chairman of MONY Securities Corporation, Enterprise Capital Management from 1991 to 2004. | 87 |  |

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[**Table of Contents**](#toc2)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of <br> Birth of <br> Trustee/Officer** | **Position(s) Held <br> with the Trust, <br> Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee/Officer<sup>+</sup>** | **Other <br> Directorships Held <br> by Trustee** |
| **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** |
| Jonathan L. Steinberg<br> (1964) | President, 2005-present; Trustee, 2005-present | Chief Executive Officer of WisdomTree and WisdomTree Asset Management since 2005; President of WisdomTree and WisdomTree Asset Management from 2012 to 2019. | 87 | See Interested Trustees Table Above |
| David Castano<br> (1971) | Treasurer, 2013-present | Head of Fund Accounting & Administration at WisdomTree Asset Management since 2020; Director of Fund Accounting & Administration at WisdomTree Asset Management from 2011 to 2020. | 87 |  |
| Terry Jane Feld<br> (1960) | Chief Compliance Officer, 2012-present | Head of U.S. Compliance at WisdomTree Asset Management since 2022; Chief Compliance Officer at WisdomTree Asset Management since 2012. | 87 |  |
| Joanne Antico<br> (1975)<br>| Chief Legal Officer and Secretary, 2021-present | General Counsel at WisdomTree Asset Management since 2021; Assistant General Counsel at WisdomTree Asset Management from 2016 to 2021. | 87 |  |
| Clint Martin<br> (1977)<br>| Assistant Treasurer, 2015-present | Director of Fund Accounting & Administration at WisdomTree Asset Management since 2020; Fund Manager, Fund Accounting & Administration at WisdomTree Asset Management from 2012 to 2020. | 87 |  |
| Sherry Scarvey<br> (1967) | Assistant Secretary,<br> 2023-present | Senior Investment Management Paralegal at WisdomTree Asset Management since 2023; Senior Legal Analyst at Eagle Point Credit Management, LLC from 2021 to 2023; Senior Legal Analyst at Jennison & Associates LLC from 2019 to 2021; Senior Legal Specialist at Legg Mason & Co. LLC from 2005 to 2019. | 87 |  |

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[**Table of Contents**](#toc2)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of <br> Birth of <br> Trustee/Officer** | **Position(s) Held <br> with the Trust, <br> Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee/Officer<sup>+</sup>** | **Other <br> Directorships Held <br> by Trustee** |
| Heidi Loeffert<br> (1973) | Assistant Secretary,<br> 2024-present | Senior Investment Management Paralegal at WisdomTree Asset Management since 2024; Senior Paralegal at Perkins Coie LLP from 2022 to 2024; Paralegal, Corporate and Securities at GitLab Inc., from 2021 to 2022; Legal Department Manager, Senior Paralegal and Assistant Secretary at L.B. Foster Company from 2019 to 2021. | 87 |  |

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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup> Chair of the Audit Committee.

<sup>2</sup> Chair of the Contracts Review Committee.

<sup>3</sup> Co-Chair of the Governance, Nominating, and Compliance Committee.

<sup>4</sup> Chair of the Investment Committee.

<sup>+</sup> As of the date of this SAI.

**Audit Committee.** Ms. Raso Kirstein and Messrs. Chrencik, Goff, and Ugolyn, each an Independent Trustee, are members of the Board's Audit Committee. The principal responsibilities of the Audit Committee are the appointment, compensation, and oversight of the Trust's independent registered public accounting firm, including the resolution of disagreements regarding financial reporting between Trust management and such independent registered public accounting firm. The Audit Committee's responsibilities include, without limitation, to (i) oversee the accounting and financial reporting processes of the Trust and to receive reports regarding the Trust's internal control over financial reporting; (ii) oversee the quality and integrity of the Funds' financial statements and the independent audits thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the Trust's compliance with legal and regulatory requirements that relate to the Trust's accounting and financial reporting, and independent audits; (iv) approve prior to appointment the engagement of the Trust's independent registered public accounting firm and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Trust's independent registered public accounting firm; and (v) act as a liaison between the Trust's independent auditors and the full Board. The Independent Trustees' independent legal counsel assists the Audit Committee in connection with these duties. The Board has adopted a written charter for the Audit Committee. During the fiscal year ended August 31, 2025, the Audit Committee held nine meetings.

**Governance, Nominating, and Compliance Committee.** Ms. Massaro and Messrs. Goldberg and Ugolyn, each an Independent Trustee, are members of the Board's Governance, Nominating, and Compliance Committee. The principal responsibilities of the Governance, Nominating, and Compliance Committee are to (i) provide assistance to the Board in fulfilling its responsibility with respect to the oversight of appropriate and effective governance of the Trust; (ii) identify individuals qualified to serve as Independent Trustees of the Trust and to recommend its nominees for consideration by the full Board; and (iii) provide assistance to the Board in fulfilling its responsibility with respect to overseeing the CCO and overseeing compliance matters involving the Funds and their service providers as reported to the Board. While the Governance, Nominating, and Compliance Committee is solely responsible for the selection and nomination of the Trust's Independent Trustees, the Governance, Nominating, and Compliance Committee may consider nominations for the office of Trustee made by Trust shareholders as it deems appropriate. The Governance, Nominating, and Compliance Committee considers nominees recommended by shareholders if such nominees are submitted in accordance with Rule 14a-8 of the Exchange Act, in conjunction with a shareholder meeting to consider the election of Trustees. Trust shareholders who wish to recommend a nominee should send nominations to the Secretary of the Trust that include biographical information and set forth the qualifications of the proposed nominee. The Board has adopted a written charter for the Governance, Nominating, and Compliance Committee. During the fiscal year ended August 31, 2025, the Governance, Nominating, and Compliance Committee held five meetings.

[**Table of Contents**](#toc2)

**Contracts Review Committee.** Ms. Massaro and Messrs. Goldberg and Ugolyn, each an Independent Trustee, are members of the Board's Contracts Review Committee. The principal responsibilities of the Contracts Review Committee are to provide assistance to the Board in fulfilling its responsibilities under Section 15 of the 1940 Act, and other applicable Sections, rules and interpretative guidance related thereto, with respect to reviewing the performance of, and reasonableness of fees paid to, the Adviser, Sub-Advisers, and core service providers for each series of the Trust, and to make recommendations to the Board regarding the contractual arrangements for such services. The Board has adopted a written charter for the Contracts Review Committee. During the fiscal year ended August 31, 2025, the Contracts Review Committee held five meetings.

**Investment Committee.** Ms. Raso Kirstein and Messrs. Goff, Goldberg and Ugolyn, each an Independent Trustee, are members of the Board's Investment Committee. The principal responsibilities of the Investment Committee are to support, oversee, and organize on behalf of the Board the process for overseeing Fund performance and related matters (it being the intention of the Board that the ultimate oversight of Fund performance shall remain with the full Board), address such other matters that the Board shall determine, and provide recommendations to the Board as needed in respect of the foregoing matters. The Board has adopted a written charter for the Investment Committee. During the fiscal year ended August 31, 2025, the Investment Committee held ten meetings.

**Individual Trustee Qualifications.** The Board has concluded that each of the Trustees is qualified to serve on the Board because of his or her ability to review and understand information about the Trust and the Funds provided by management, to identify and request other information he or she may deem relevant to the performance of the Trustees' duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds, and to exercise his or her business judgment in a manner that serves the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees is qualified to serve as a Trustee based on his or her own experience, qualifications, attributes, and skills as described below.

The Board has concluded that Mr. Steinberg is qualified to serve as Trustee of the Funds because of the experience he has gained as President, Chief Executive Officer, and director of WisdomTree and the Adviser, his knowledge of and experience in the financial services industry, and the experience he has gained serving as President and Trustee of the Trust since 2005.

The Board has concluded that Mr. Chrencik is qualified to serve as Trustee of the Funds because of the experience he gained as an audit partner of a major public accounting firm as well as his experience in and knowledge of the financial services industry, including his service as the chief financial officer of a hedge fund and his prior service as a board member of several other investment funds, and the experience he has gained serving as an Independent Trustee of the Trust since 2014.

The Board has concluded that Mr. Goff is qualified to serve as a Trustee of the Funds because of the experience he gained as an independent trustee of the RBC Funds Trust, Senior Vice President and Funds Treasurer with TIAA, and senior audit manager in a major public accounting firm, as well as his experience in and knowledge of mutual fund administration and the financial services industry more generally.

The Board has concluded that Mr. Goldberg is qualified to serve as Trustee of the Funds because of the experience he has gained as a member of the staff of the SEC, including his service as Director of the SEC's Division of Investment Management, his experience as legal counsel for many mutual funds, ETFs, investment advisers, and independent directors as well as the experience he has gained serving as an Independent Trustee of the Trust since 2012.

The Board has concluded that Ms. Massaro is qualified to serve as Trustee of the Funds because of the experience she has gained as a law professor, dean and advisor at various universities, and the experience she has gained serving as Independent Trustee of the Trust since 2006.

The Board has concluded that Ms. Raso Kirstein is qualified to serve as Trustee of the Funds because of her experience in and knowledge of the financial services industry, including her service as a vice president, senior portfolio manager of fixed income management and director of tax-exempt fund research of an investment advisory firm, as well as the experience she has gained serving as an Independent Trustee of the Trust since 2014.

[**Table of Contents**](#toc2)

The Board has concluded that Mr. Ugolyn is qualified to serve as Trustee of the Funds because of the experience he gained as chief executive officer of a firm specializing in financial services, his experience in and knowledge of the financial services industry, his experience as a member of the Board of Directors of The New York Society of Security Analysts, Inc., his service as chairman for another mutual fund family, and the experience he has gained serving as an Independent Trustee and Chairman of the Board of the Trust since 2006.

**Fund Shares Owned by Board Members.** The table below shows the dollar amount range of each Trustee's "beneficial ownership" of shares of the Funds and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Exchange Act. The Trustees and officers of the Trust collectively own less than 1% of the outstanding shares of the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Fund** | **Dollar Range of** <br> **Equity<br> Securities in<br> the Funds\*** | **Aggregate Dollar <br> Range of<br> Equity Securities in<br> All Registered <br> Investment<br> Companies Overseen <br> by<br> Trustee in<br> Family of Investment<br> Companies\*** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Jonathan L. Steinberg | Emerging Markets Local Debt Fund | Over $100,000 | Over $100,000 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| David G. Chrencik | Interest Rate Hedged High Yield Bond Fund | $10001 - $50000 | Over $100,000 |
| David G. Chrencik | Efficient Gold Plus Gold Miners Strategy Fund | $10001 - $50000 | Over $100,000 |
| David G. Chrencik | Equity Premium Income Fund | $10001 - $50000 | Over $100,000 |
| David G. Chrencik | Floating Rate Treasury Fund | Over $100,000 | Over $100,000 |
| Phillip Goff | Floating Rate Treasury Fund | $50001 - $100000 | Over $100,000 |
| Joel H. Goldberg |  |  | Over $100,000 |
| Toni M. Massaro |  |  | Over $100,000 |
| Melinda A. Raso Kirstein | Yield Enhanced U.S. Aggregate Bond Fund | $50001 - $100000 | Over $100,000 |
| Victor Ugolyn | Floating Rate Treasury Fund | Over $100,000 | Over $100,000 |

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**<sup>\*</sup>** Values are based on Trustee ownership as of December 31, 2024.

[**Table of Contents**](#toc2)

**Board Compensation.** The following table sets forth the compensation paid by the Trust to each Trustee for the fiscal year ended August 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Trustee** | <br>**Aggregate<br> Compensation**<br> **from the Trust** | <br> **Pension or<br> Retirement Benefits<br> Accrued as Part of<br> Trust Expenses** | <br>**Estimated Annual<br> Benefits Upon<br> Retirement** | **Total <br> Compensation <br> from the Funds <br> and Fund <br> Complex\*** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Jonathan L. Steinberg | $0 |  |  | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| David G. Chrencik | $410996 |  |  | $410996 |
| Phillip Goff | $373633 |  |  | $373633 |
| Joel H. Goldberg | $429678 |  |  | $429678 |
| Toni M. Massaro | $392314 |  |  | $392314 |
| Melinda A. Raso Kirstein | $410996 |  |  | $410996 |
| Victor Ugolyn | $560449 |  |  | $560449 |
| Robert E. Plaze<sup>†</sup> | $216524 |  |  | $216524 |

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\* The Trust is the only trust in the "Fund Complex."

<sup>†</sup> Robert E. Plaze resigned as an Independent Trustee of the Trust effective March 11, 2025. The information presented in the table reflects compensation earned for the period from September 1, 2024 to March 11, 2025.

**Control Persons and Principal Holders of Securities.** Although the Trust does not have information concerning the beneficial ownership of shares held in the names of Depository Trust Company participants ("DTC Participants"), please see Appendix A for the name and percentage ownership of each DTC Participant that owned of record 5% or more of the outstanding shares of a Fund as of November 28, 2025.

Certain officers, employees, accounts, or affiliates of WisdomTree Asset Management (such as WisdomTree, Inc., 250 West 34<sup>th</sup> Street, 3<sup>rd</sup> Floor, New York, New York 10119), including other funds advised by WisdomTree Asset Management or third parties, may from time to time own a substantial amount of a Fund's shares, including as an initial or seed investor. Such positions may be held for a limited period of time, including to facilitate commencement of a Fund, to facilitate the Funds' achieving size or scale or in seeking to track model portfolios of ETFs developed and maintained by the Adviser. Such shareholders, individually and/or collectively, could at times be considered to control a Fund (*i.e.,* own greater than 25% of the Fund's shares) and may purchase or sell shares, including large blocks of shares, at any given time. There can be no assurance that any such entity or person would not redeem or sell its investment, that the size of a Fund would be maintained at such levels, or that a Fund would continue to meet applicable listing requirements, which could negatively impact that Fund and its shares. In addition, such transactions may account for a large percentage of secondary market trading volume and may, therefore, not be sustainable and/or may have a material upward or downward effect on the market price of the shares.

**INVESTMENT ADVISORY AND OTHER SERVICES**

***Investment Adviser.*** WisdomTree Asset Management serves as investment adviser to each Fund pursuant to an investment advisory agreement between the Trust and WisdomTree Asset Management (the "Investment Advisory Agreement"). WisdomTree Asset Management is a Delaware corporation registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and has offices located at 250 West 34<sup>th</sup> Street, 3<sup>rd</sup> Floor, New York, New York 10119.

[**Table of Contents**](#toc2)

Under the Investment Advisory Agreement, WisdomTree Asset Management is responsible for the overall management and administration of the Trust. WisdomTree Asset Management provides an investment program for each Fund. The Adviser also provides proactive oversight of the Sub-Advisers' daily monitoring of their purchases and sales of Fund securities, and regular review of the Sub-Advisers' performance. In addition, the Adviser arranges for, and oversees, sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution-related services necessary for the Funds to operate. The Adviser furnishes to the Trust all office facilities, equipment, services, and executive and administrative personnel necessary for managing the investment program of the Trust for each Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Overseeing the Trust's insurance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Overseeing and coordinating all governance matters
 for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinating meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Devoting time and resources to maintaining an efficient
 market for each Fund's shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinating with outside counsel on all Trust related
 legal matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinating the preparation of the Trust's
 financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinating all regulatory filings and shareholder
 reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Overseeing each Fund's tax status and tax filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintaining and updating a website for certain required
 disclosures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Providing shareholders with additional information
 about the Funds.

For its services, each Fund pays WisdomTree Asset Management a management fee, based on a percentage of the Fund's average daily net assets, indicated below.

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee Rate** |
| Bloomberg U.S. Dollar Bullish Fund | 0.50% |
| Emerging Currency Strategy Fund | 0.55% |
| Emerging Markets Corporate Bond Fund | 0.60% |
| Emerging Markets Local Debt Fund | 0.55% |
| Floating Rate Treasury Fund | 0.15% |
| Interest Rate Hedged High Yield Bond Fund | 0.43% |
| Interest Rate Hedged U.S. Aggregate Bond Fund | 0.23% |
| Mortgage Plus Bond Fund | 0.45% |
| Yield Enhanced U.S. Aggregate Bond Fund | 0.12% |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | 0.12% |
| Voya Yield Enhanced USD Universal Bond Fund | 0.15% |
| Bianco Total Return Fund | 0.50% |
| 1-3 Year Laddered Treasury Fund | 0.15% |
| 7-10 Year Laddered Treasury Fund | 0.15% |
| Core Laddered Municipal Fund | 0.25% |
| High Income Laddered Municipal Fund | 0.35% |
| Equity Premium Income Fund | 0.44% |
| Enhanced Commodity Strategy Fund | 0.55% |
| Managed Futures Strategy Fund | 0.65% |
| Private Credit and Alternative Income Fund | 0.50% |
| Target Range Fund | 0.70% |
| Efficient Gold Plus Gold Miners Strategy Fund | 0.45% |
| Efficient Gold Plus Equity Strategy Fund | 0.20% |
| Inflation Plus Fund | 0.65% |

---

WisdomTree Asset Management has contractually agreed, through December 31, 2026, to reduce the Bianco Total Return Fund's Management Fee in an amount equal to the management fee paid to it by any WisdomTree Fund in which the Bianco Total Return Fund invests with respect to such investment. The amount waived may be reduced to offset the incremental costs related to an investment in an underlying fund and paid by WisdomTree Asset Management (*e.g.*, fund accounting, safekeeping, transaction fees, etc.). This waiver agreement may be terminated by WisdomTree Asset Management upon advance notice at the conclusion of any one-year term or by the Board at any time.

[**Table of Contents**](#toc2)

Pursuant to the terms of an investment advisory agreement on behalf of the Funds, WisdomTree Asset Management has agreed to pay all expenses of the Funds, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of each Independent Trustee; (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust's CCO; (vi) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (vii) distribution fees and expenses paid by the Trust under the distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (viii) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer, and withholding taxes); (ix) fees and expenses related to the provision of securities lending services; and (x) the management fee payable by the Funds to WisdomTree Asset Management. The internal expenses of pooled investment vehicles in which the Funds may invest (acquired fund fees and expenses) are not expenses of such Funds and are not paid by WisdomTree Asset Management.

Pursuant to a separate contractual arrangement, WisdomTree Asset Management arranges for the provision of CCO services with respect to each Fund and is liable and responsible for, and administers payments to, the CCO, the Independent Trustees, and counsel to the Independent Trustees. WisdomTree Asset Management receives a fee of up to 0.0044% of the Fund's average daily net assets for providing such services and paying such expenses. WisdomTree Asset Management provides CCO services to the Trust.

WisdomTree Asset Management is also responsible for the general management and administration of each WisdomTree Subsidiary pursuant to a separate investment advisory agreement with the WisdomTree Subsidiary. Under the advisory agreement, WisdomTree Asset Management provides each WisdomTree Subsidiary with the same type of management services, for the same fee and under essentially the same terms, as are provided for the Subsidiary Strategy Funds.

[**Table of Contents**](#toc2)

For the following periods, the Adviser received the following management fees from the Funds:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2023** | **For the Fiscal Year** <br> **Ended August 31, 2023** | **For the Fiscal Year** <br> **Ended August 31, 2023** |
| **Name of Fund** | **Commencement <br> of Operations** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** |
| Bloomberg U.S. Dollar Bullish Fund | 12/18/2013 | $1072855 | $(14836) | $1058019 | $1093092 | $(14490) | $1078602 | $1593380 | $(20796) | $1572584 |
| Emerging Currency Strategy Fund | 5/6/2009 | $45687 | $(521) | $45166 | $48257 | $(576) | $47681 | $47034 | $(514) | $46520 |
| Emerging Markets Corporate Bond Fund | 3/8/2012 | $428921 | - | $428921 | $297707 | - | $297707 | $272565 | - | $272565 |
| Emerging Markets Local Debt Fund | 8/9/2010 | $378849 | - | $378849 | $469996 | - | $469996 | $537861 | - | $537861 |
| Floating Rate Treasury Fund | 2/4/2014 | $26804715 | $(140) | $26804575 | $26752703 | - | $26752703 | $20984597 | - | $20984597 |
| Interest Rate Hedged High Yield Bond Fund | 12/18/2013 | $727369 | $(136) | $727233 | $691006 | - | $691006 | $702496 | - | $702496 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | 12/18/2013 | $300158 | - | $300158 | $405866 | - | $405866 | $617299 | - | $617299 |
| Mortgage Plus Bond Fund | 11/14/2019 | $258649 | - | $258649 | $191353 | - | $191353 | $102554 | - | $102554 |
| Yield Enhanced U.S. Aggregate Bond Fund | 7/9/2015 | $1050211 | $(2883) | $1047328 | $1097229 | - | $1097229 | $1057467 | - | $1057467 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | 5/18/2017 | $45945 | - | $45945 | $77068 | - | $77068 | $104554 | - | $104554 |

---

[**Table of Contents**](#toc2)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2023** | **For the Fiscal Year** <br> **Ended August 31, 2023** | **For the Fiscal Year** <br> **Ended August 31, 2023** |
| **Name of Fund** | **Commencement <br> of Operations** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** |
| Voya Yield Enhanced USD Universal Bond Fund | 2/7/2023 | $1957038 | $(2657) | $1954381 | $1875686 | - | $1875686 | $933842 | - | $933842 |
| Bianco Total Return Fund<sup>1</sup> | 12/20/2023 | $234014 | $(18184) | $215830 | $13564 | $(763) | $12801 | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> |
| 1-3 Year Laddered Treasury Fund<sup>2</sup> | 3/14/2024 | $12226 | - | $12226 | $679 | - | $679 | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> |
| 7-10 Year Laddered Treasury Fund<sup>2</sup> | 3/14/2024 | $5028 | - | $5028 | $1939 | - | $1939 | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> |
| Core Laddered Municipal Fund<sup>3</sup> | 4/3/2025 | $3582 | - | $3582 | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> |
| High Income Laddered Municipal Fund<sup>3</sup> | 4/3/2025 | $3999 | - | $3999 | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> |
| Equity Premium Income Fund | 2/24/2016 | $896499 | $(13001) | $883498 | $411900 | $(5982) | $405918 | $423474 | $(6329) | $417145 |
| Enhanced Commodity Strategy Fund | 12/19/2021 | $749126 | $(26133) | $722993 | $784657 | $(11134) | $773523 | $1087143 | $(13379) | $1073764 |
| Managed Futures Strategy Fund | 1/5/2011 | $1127867 | $(22943) | $1104924 | $1222265 | $(13015) | $1209250 | $892425 | $(8989) | $883436 |
| Private Credit and Alternative Income Fund | 5/6/2021 | $232852 | - | $232852 | $77454 | - | $77454 | $51369 | - | $51369 |
| Target Range Fund | 10/7/2021 | $402079 | - | $402079 | $433798 | - | $433798 | $410149 | - | $410149 |

---

[**Table of Contents**](#toc2)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2025** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2024** | **For the Fiscal Year** <br> **Ended August 31, 2023** | **For the Fiscal Year** <br> **Ended August 31, 2023** | **For the Fiscal Year** <br> **Ended August 31, 2023** |
| **Name of Fund** | **Commencement <br> of Operations** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** | **Gross <br> Advisory <br> Fee** | **Advisory <br> Fee <br> Waived** | **Net <br> Advisory <br> Fee** |
| Efficient Gold Plus Gold Miners Strategy Fund | 12/16/2021 | $111323 | $0 | $111323 | $33841 | - | $33841 | $32366 | - | $32366 |
| Efficient Gold Plus Equity Strategy Fund | 3/17/2022 | $213036 | $0 | $213036 | $39315 | - | $39315 | $12512 | - | $12512 |
| Inflation Plus Fund<sup>4</sup> | 6/18/2025 | $2029 | $(41) | $1988 | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> | N/A<sup>\*</sup> | - | N/A<sup>\*</sup> |

---

<sup>\*</sup> Not in operation for the period indicated.

<sup>1</sup> The Fund commenced operations on December 20, 2023 and, therefore, did not pay any advisory fees for the fiscal year ended August 31, 2023.

<sup>2</sup> The Fund commenced operations on March 14, 2024 and, therefore, did not pay any advisory fees for the fiscal year ended August 31, 2023.

<sup>3</sup> The Fund commenced operations on April 3, 2025 and, therefore, did not pay any advisory fees for the fiscal year ended August 31, 2023 and August 31, 2024.

<sup>4</sup> The Fund commenced operations on June 18, 2025 and, therefore, did not pay any advisory fees for the fiscal year ended August 31, 2023 and August 31, 2024.

[**Table of Contents**](#toc2)

The Adviser, from its own resources, including profits from management fees received from the Funds, provided such fees are legitimate and not excessive, may make payments to broker-dealers and other financial institutions for their expenses in connection with the distribution of Fund shares, and otherwise currently pays all distribution costs for Fund shares.

The Investment Advisory Agreement, with respect to each Fund, continues in effect for two years from its effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, provided that in either event such continuance also is approved by a vote of a majority of the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Fund, by a vote cast in person at a meeting called for the purpose of voting on such approval. If the shareholders of any Fund fail to approve the Investment Advisory Agreement, WisdomTree Asset Management may continue to serve in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder.

The Investment Advisory Agreement, with respect to each Fund, is terminable without any penalty, by vote of the Board, including a majority of the Independent Trustees of the Trust, or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of that Fund, or by WisdomTree Asset Management, in each case on not less than thirty (30) days' nor more than sixty (60) days' prior written notice to the other party; provided that a shorter notice period shall be permitted for a Fund in the event its shares are no longer listed on a national securities exchange. The Investment Advisory Agreement will terminate automatically and immediately in the event of its "assignment" (as defined in the 1940 Act).

The Index Provider to each Index Fund, except the WisdomTree Interest Rate Hedged High Yield Bond Fund, is not affiliated with WisdomTree Asset Management, WisdomTree, the Administrator, custodian, transfer agent or the Distributor, or any of their respective affiliates. No Index Provider makes investment decisions or provides investment advice with respect to a Fund's portfolio holdings or otherwise acts in the capacity of an investment adviser to a Fund.

**Bianco Total Return Fund.** WisdomTree Asset Management entered into an agreement with the Index Provider, pursuant to which the Index Provider agreed to (i) collaborate with WisdomTree Asset Management on the development of the Bianco Research Fixed Income Total Return Index and provide certain Index-related support, and (ii) pay WisdomTree Asset Management a flat annual fee to offset certain operational expenses of the Fund. The agreement further generally provides that the Index Provider is entitled to a license fee, to be paid by WisdomTree Asset Management, equal to half of WisdomTree Asset Management's Management Fee after the payment of the Bianco Total Return Fund's operational expenses.

***Sub-Advisers***

**Mellon Investments Corporation.** Mellon serves as sub-adviser to the Mellon Managed Funds pursuant to an investment sub-advisory agreement between WisdomTree Asset Management and Mellon (the "Mellon Sub-Advisory Agreement") and is responsible for the day-to-day management of the Mellon Managed Funds. Mellon, a registered investment adviser, manages global quantitative-based investment strategies for institutional and private investors. Its principal office is located at 500 Ross Street, Pittsburgh, Pennsylvania, 15258. MBC Investments Corporation owns between 80% and 100% of Mellon, with up to 20% owned by certain Mellon employees through authorized employee class restricted shares. MBC Investments Corporation is 100% owned by BNY Mellon IHC, LLC, which is 100% owned by The Bank of New York Mellon Corporation. Mellon manages each Mellon Managed Fund's portfolio investments and places orders to buy and sell each Fund's portfolio investments. WisdomTree Asset Management pays Mellon for providing sub-advisory services to the Mellon Managed Funds.

Mellon believes that it may perform sub-advisory and related services for the Trust without violating applicable banking laws or regulations. However, the legal requirements and interpretations about the permissible activities of banks and their affiliates may change in the future. These changes could prevent Mellon from continuing to perform services for the Trust. If this happens, the Board would consider selecting other qualified firms.

[**Table of Contents**](#toc2)

The Sub-Advisory Agreement, with respect to the Mellon Managed Funds, continues in effect for two years from its effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the applicable Fund, provided that in either event such continuance also is approved by a vote of a majority of the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Fund, by a vote cast in person at a meeting called for the purpose of voting on such approval. If the shareholders of a Fund fail to approve that Fund's Sub-Advisory Agreement, WisdomTree Asset Management may continue to serve in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The Sub-Advisory Agreement is terminable without any penalty, by vote of the Board of or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or by WisdomTree Asset Management, in each case on not less than thirty (30) days' nor more than sixty (60) days' prior written notice to the other party; provided that a shorter notice period shall be permitted for the Funds in the event its shares are no longer listed on a national securities exchange. The Sub-Advisory Agreement will terminate automatically and immediately in the event of its "assignment" (as defined in the 1940 Act).

***Portfolio Managers.*** Mellon utilizes a team of investment professionals acting together to manage the assets of each Mellon Managed Fund. The team meets regularly to review portfolio holdings and to discuss purchase and sale activity. The team adjusts holdings in each Fund's portfolio as it deems appropriate in the pursuit of each Fund's investment objective.

The individual members of the investment team who are jointly and primarily responsible for the day-to-day management of the portfolio of each Mellon Managed Fund, except the Bianco Total Return Fund, Capital Efficient Funds, and Private Credit and Alternative Income Fund, are Marlene Walker-Smith, David Nieman, Gregg Lee, CFA, and William Newton, CFA, each of whom is a member of Mellon's Fixed Income Team. As of August 31, 2025, the portfolio managers were primarily responsible for the day-to-day management of the following accounts, none of which have a performance-based fee:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled** <br> **Investment Vehicles** | **Other Pooled** <br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets Managed** | **Number** | **Assets Managed** | **Number** | **Assets Managed** |
| Marlene Walker-Smith | 145 | $182.7 billion | 146 | $146.8 billion | 159 | $160.9 billion |
| David Nieman | 15 | $24.3 billion | 33 | $24.2 billion | 21 | $33.0 billion |
| Gregg Lee | 15 | $24.3 billion | 33 | $24.2 billion | 21 | $33.0 billion |
| William Newton | 15 | $24.3 billion | 33 | $24.2 billion | 21 | $33.0 billion |

---

The individual members of the investment team who are jointly and primarily responsible for the day-to-day management of the portfolio of the Bianco Total Return Fund, Capital Efficient Funds, and Private Credit and Alternative Income Fund are Marlene Walker-Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremata, CFA, and Michael Stoll, each of whom is a member of Mellon's Equity Index Strategies Team. As of August 31, 2025, the portfolio managers were primarily responsible for the day-to-day management of the following accounts, none of which have a performance-based fee:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled** <br> **Investment Vehicles** | **Other Pooled** <br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets <br> Managed** | **Number** | **Assets <br> Managed** | **Number** | **Assets <br> Managed** |
| Marlene Walker-Smith | 145 | $182.7 billion | 146 | $146.8 billion | 159 | $160.9 billion |
| David France | 130 | $158.3 billion | 113 | $122.6 billion | 138 | $127.9 billion |
| Todd Frysinger | 130 | $158.3 billion | 113 | $122.6 billion | 138 | $127.9 billion |
| Vlasta Sheremeta | 130 | $158.3 billion | 113 | $122.6 billion | 138 | $127.9 billion |
| Michael Stoll | 130 | $158.3 billion | 113 | $122.6 billion | 138 | $127.9 billion |

---

**Voya Investment Management Co. LLC.** Voya IM serves as sub-adviser and is responsible for the day-to-day management of the Voya IM Managed Funds. Voya IM, a registered investment adviser, manages global quantitative-based investment strategies for institutional and private investors. Its principal office is located at 200 Park Avenue, New York, New York 10166. Voya IM is a wholly-owned indirect subsidiary of Voya Financial, Inc. ("Voya Financial"), a publicly traded financial holding company. Voya IM chooses the portfolio investments of each Fixed Income Fund and places orders to buy and sell each such Fund's portfolio investments. WisdomTree Asset Management pays Voya IM for providing sub-advisory services to the Fixed Income Funds.

[**Table of Contents**](#toc2)

Voya IM believes that it may perform sub-advisory and related services for the Trust without violating applicable banking laws or regulations. However, the legal requirements and interpretations about the permissible activities of banks and their affiliates may change in the future. These changes could prevent Voya IM from continuing to perform services for the Trust. If this happens, the Board would consider selecting other qualified firms.

The Sub-Advisory Agreement with respect to the Voya IM Managed Funds continues in effect for two years from its effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the applicable Fund, provided that in either event such continuance also is approved by a vote of a majority of the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Fund, by a vote cast in person at a meeting called for the purpose of voting on such approval. The Sub-Advisory Agreement is terminable without any penalty, by (i) vote of the Board or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, in each case, on not more than sixty (60) days' written notice to the Sub-Adviser, (ii) WisdomTree Asset Management or the Sub-Adviser for cause on at least sixty (60) days' written notice to the other party, and (iii) WisdomTree Asset Management or the Sub-Adviser on at least 120 days' written notice to the other party prior to any annual renewal term. The Sub-Advisory Agreement will terminate automatically and immediately in the event of its "assignment" (as defined in the 1940 Act).

***Portfolio Managers***. The Emerging Markets Corporate Bond Fund is managed by Voya IM's Emerging Markets Debt Portfolio Management Team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Anil Katarya and Anthony Routh.

The Interest Rate Hedged High Yield Bond Fund is managed by Voya IM's High Yield Portfolio Management Team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Scott Frost, CFA and David Oberto.

The Mortgage Plus Bond Fund is managed by Voya IM's Securitized Credit and Agency RMBS Portfolio Management Team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Dave Goodson, Jonathan Abshire, CFA, and Justin McWhorter, CFA, CPA.

The Yield Enhanced U.S. Short-Term Aggregate Bond Fund is managed by Voya IM's Multi-Sector Fixed Income Portfolio Management Team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Sean Banai, CFA, Dave Goodson, Vinay Viralam, CFA, and Rajen Jadav, CFA.

The Voya Yield Enhanced USD Universal Bond Fund is managed by Voya IM's Fixed Income Strategies Portfolio Management Team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Sean Banai, CFA, Dave Goodson, Vinay Viralam, CFA, and Rajen Jadav, CFA.

[**Table of Contents**](#toc2)

As of September 30, 2025, the portfolio managers were primarily responsible for the day-to-day management of the following accounts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets Managed** | **Number** | **Assets Managed** | **Number** | **Assets Managed** |
| Jonathan Abshire | 2 | $864 million | 10 | $39.1 million | 31 | $1.7 billion |
| Sean Banai<sup>\*</sup> | 10 | $14.5 billion | 109 | $5.6 billion | 130 | $26.7 billion |
| Scott Frost | 1 | $307 million | 0 | $0 | 0 | $0 |
| Dave Goodson | 8 | $12.3 billion | 80 | $3.2 billion | 128 | $25.7 billion |
| Rajen Jadav | 0 | $0 | 0 | $0 | 14 | $693 million |
| Anil Katarya | 4 | $416 million | 1 | $531 million | 25 | $180.0 billion |
| Justin McWhorter | 1 | $1.1 billion | 0 | $0 | 0 | $0 |
| David Oberto | 9 | $9.8 billion | 47 | $62.6 billion | 6 | $1.3 billion |
| Anthony Routh | 3 | $321 million | 0 | $0 | 0 | $0 |
| Vinay Viralam | 0 | $0 | 0 | $0 | 0 | $0 |

---

 

<sup>\*</sup> Mr. Banai manages 1 account that is subject to a performance-based advisory fee. The account had $189.7 million in assets under management as of September 30, 2025.

**Newton Investment Management North America, LLC.** NIMNA serves as sub-adviser to, and is responsible for the day-to-day management of, the NIMNA Managed Funds. NIMNA is an indirect subsidiary of BNY, a banking and financial services company. NIMNA chooses the portfolio investments of the NIMNA Managed Funds and places orders to buy and sell the portfolio investments. WisdomTree Asset Management pays NIMNA for providing sub-advisory services to the NIMNA Managed Funds.

NIMNA believes that it may perform sub-advisory and related services for the Trust without violating applicable banking laws or regulations. However, the legal requirements and interpretations about the permissible activities of banks and their affiliates may change in the future. These changes could prevent NIMNA from continuing to perform services for the Trust. If this happens, the Board would consider selecting other qualified firms.

The Sub-Advisory Agreement, with respect to each NIMNA Managed Fund, continues in effect for two years from its effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, provided that in either event such continuance is also approved by a vote of a majority of the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Fund, by a vote cast in person at a meeting called for the purpose of voting on such approval. If the shareholders of the Fund fail to approve the Fund's Sub-Advisory Agreement, WisdomTree Asset Management may continue to serve in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The Sub-Advisory Agreement is terminable without any penalty, by vote of the Board of or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or by WisdomTree Asset Management, in each case on not less than thirty (30) days' nor more than sixty (60) days' prior written notice to the other party; provided that a shorter notice period shall be permitted for the Fund in the event its shares are no longer listed on a national securities exchange. The Sub-Advisory Agreement will terminate automatically and immediately in the event of its "assignment" (as defined in the 1940 Act).

***Portfolio Managers.*** The individual members of the investment team who are jointly and primarily responsible for the day-to-day management of the NIMNA Managed Funds' portfolios are James Stavena and Torrey Zaches. As of August 31, 2025, the portfolio managers were primarily responsible for the day-to-day management of the following accounts:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled** <br> **Investment Vehicles** | **Other Pooled** <br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets <br> Managed** | **Number** | **Assets <br> Managed** | **Number** | **Assets <br> Managed** |
| James Stavena<sup>\*</sup> | 5 | $400 million | 16 | $2.5 billion | 29 | $8.6 billion |
| Torrey Zaches<sup>\*\*</sup> | 4 | $400 million | 0 | $0 | 1 | $600 million |

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<sup>\*</sup> Mr. Stavena manages 2 accounts that are subject to a performance-based advisory fee. The accounts had a total of $382.1 million in assets under management as of August 31, 2025.

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| | |
|:---|:---|
| <sup>\*\*</sup> | Mr. Zaches manages 0 accounts that are subject to a performance-based advisory fee. The accounts had a total of $0 in assets under management as of August 31, 2025. |

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**Insight North America, LLC.** Insight serves as sub-adviser to the Insight Managed Funds pursuant to an investment sub-advisory agreement between WisdomTree Asset Management and Insight (the "Sub-Advisory Agreement") and is responsible for the day-to-day management of the Insight Managed Funds. Insight, a registered investment adviser, manages global quantitative-based investment strategies for institutional and private investors. The Sub-Adviser's principal office is located at 200 Park Avenue, New York, NY 10166. Insight is a New York limited liability company formed as a subsidiary of BNY in 2009 and has been registered as an investment adviser since 2009. Insight chooses the portfolio investments of the Fund and places orders to buy and sell the Insight Managed Funds' portfolio investments. WisdomTree Asset Management pays Insight for providing sub-advisory services to the Insight Managed Funds.

Insight believes that it may perform sub-advisory and related services for the Trust without violating applicable banking laws or regulations. However, the legal requirements and interpretations about the permissible activities of banks and their affiliates may change in the future. These changes could prevent Insight from continuing to perform services for the Trust. If this happens, the Board would consider selecting other qualified firms.

The Sub-Advisory Agreement, with respect to the Insight Managed Funds, continues in effect for two years from its effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, provided that in either event such continuance also is approved by a vote of a majority of the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Insight Managed Funds, by a vote cast in person at a meeting called for the purpose of voting on such approval. If the shareholders of the Insight Managed Funds fail to approve the Insight Managed Fund's Sub-Advisory Agreement, WisdomTree Asset Management may continue to serve in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The Sub-Advisory Agreement is terminable without any penalty, by vote of the Board of or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, on not less than thirty (30) days' nor more than sixty (60) days' prior written notice. The Sub-Advisory Agreement may also be terminated by WisdomTree Asset Management or Insight each upon one hundred twenty (120) days written notice to the other. The Sub-Advisory Agreement will terminate automatically and immediately in the event of its "assignment" (as defined in the 1940 Act).

***Portfolio Managers.*** The Insight Managed Funds are managed by Insight's Portfolio Management Team. The individual members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Daniel Rabasco, Jeffrey Burger, and Bo Wu. As of August 31, 2025, the portfolio managers were primarily responsible for the day-to-day management of the following accounts, none of which have a performance-based fee:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled** <br> **Investment Vehicles** | **Other Pooled** <br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets <br> Managed** | **Number** | **Assets <br> Managed** | **Number** | **Assets <br> Managed** |
| Daniel Rabasco | 14 | $5.5 billion | 0 | $0 | 58 | $2.0 billion |
| Jeffrey Burger | 11 | $2.6 billion | 0 | $0 | 446 | $676.6 million |
| Bo Wu | 2 | $9.0 million | 0 | $0 | 0 | $0 |

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***Portfolio Manager Fund Ownership – Mellon***

As of September 30, 2025, none of the Mellon portfolio managers owned shares of the Funds that they manage.

 ****

***Portfolio Manager Fund Ownership – Voya IM***

As of September 30, 2025, none of the Voya IM portfolio managers owned shares of the Funds that they manage.

***Portfolio Manager Fund Ownership – NIMNA***

As of September 30, 2025, none of the NIMNA portfolio managers owned shares of the Funds that they manage.

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***Portfolio Manager Fund Ownership – Insight***

As of September 30, 2025, none of the Insight portfolio managers owned shares of the Funds that they manage.

***Portfolio Manager Compensation – Mellon***

Mellon's rewards program is designed to be market-competitive and align its compensation with the goals of its clients. Its incentive model is designed to compensate for quantitative and qualitative objectives achieved during the performance year. An individual's final annual incentive award is tied to the Mellon's overall performance, the team's performance, as well as individual performance. Awards are paid in cash on an annual basis; however, some senior individuals may receive a portion of their annual incentive award in deferred vehicles. The following factors encompass Mellon's investment professional rewards program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual cash incentive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plan (applicable only to select senior individuals)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY restricted stock units

***Portfolio Manager Compensation – Voya IM***

Compensation consists of: (i) a fixed base salary; (ii) a bonus, which is based on Voya performance, one-, three-, and five-year pre-tax performance of the accounts the portfolio managers are primarily and jointly responsible for relative to account benchmarks, peer universe performance, and revenue growth and net cash flow growth (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) of the accounts they are responsible for; and (iii) long-term equity awards tied to the performance of our parent company, Voya Financial, Inc. and/or a notional investment in a pre-defined set of Voya sub-advised funds.

Portfolio managers are also eligible to receive an annual cash incentive award delivered in some combination of cash and a deferred award in the form of Voya stock. The overall design of the annual incentive plan was developed to tie pay to both performance and cash flows, structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual target awards are determined and set based on external market data and internal comparators. Investment performance is measured on both relative and absolute performance in all areas.

The measures for each team are outlined on a "scorecard" that is reviewed on an annual basis. These scorecards measure investment performance versus benchmark and peer groups over one-, three-, and five-year periods; and year-to-date net cash flow (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) for all accounts managed by each team. The results for overall Voya scorecards are typically calculated on an asset weighted performance basis of the individual team scorecards.

Investment professionals' performance measures for bonus determinations are weighted by 25% being attributable to the overall Voya performance and 75% attributable to their specific team results (65% investment performance, 5% net cash flow, and 5% revenue growth).

Voya's long-term incentive plan is designed to provide ownership-like incentives to reward continued employment and to link long-term compensation to the financial performance of the business. Based on job function, internal comparators and external market data, employees may be granted long-term awards. All senior investment professionals participate in the long-term compensation plan.

Participants receive annual awards determined by the management committee based largely on investment performance and contribution to firm performance. Plan awards are based on the current year's performance as defined by the Voya component of the annual incentive plan. Awards typically include a combination of performance shares, which vest ratably over a three-year period, and Voya restricted stock and/or a notional investment in a predefined set of Voya sub-advised funds, each subject to a three-year cliff-vesting schedule. If a portfolio manager's base salary compensation exceeds a particular threshold, he or she may participate in Voya's deferred compensation plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, Voya stock or at an annual fixed interest rate. Deferral elections are done on an annual basis and the amount of compensation deferred is irrevocable.

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***Portfolio Manager Compensation – NIMNA***

NIMNA employees are remunerated using a combination of base salary and discretionary annual incentive which is delivered in a mix of cash and deferred incentive depending on the level of incentive and appropriateness for the role.

Discretionary deferred incentive arrangements can include a mix of a long-term incentive plan (LTIP), which has NIMNA real equity, and awards made under a deferred cash plan linked to the performance of a basket of NIMNA-managed portfolios (pooled vehicles). This approach aligns NIMNA closely with clients and provides employees with an appropriately balance discretionary incentive arrangement. Most discretionary incentive-eligible employees now receive 100% of their deferred awards in the deferred cash plan linked to the performance of a basket of NIMNA-managed portfolios (pooled vehicles), with members of the executive team receiving a portion of their incentive award in the NIMNA real equity plan and a portion in the deferred cash plan linked to the performance of a basket of NIMNA-managed portfolios (pooled vehicles).

For portfolio managers, a portion of the deferred cash award is linked to the performance of a portfolio (pooled vehicle) where they form part of the portfolio management team, and the remaining portion is linked to the performance of the NIMNA-wide basket of portfolios, providing a tangible and direct link between compensation and the performance of the fund they are responsible for.

For awards made under the NIMNA equity plan the value of NIMNA equity is calculated twice a year. The valuation is based on current and future forecasted financial performance of the NIMNA business. The class of shares, which the participants hold, is non-voting and non-dividend-bearing and the parent company (holding dividend-bearing NIMNA shares with voting rights) retains 100% control of NIMNA.

***Portfolio Manager Compensation – Insight***

 ****

The strategic goal of Insight is to provide a high-quality investment service to our clients over the long term. The route to achieving this strategy is through the performance and commitment of our people. Our reward philosophy has a key role to play in the motivation and retention of our people and is therefore an important contributing factor in the achievement of our business strategy. Our approach to compensation and how this incentivizes behaviors within Insight is captured within five key parameters:

&nbsp;&nbsp;&nbsp;&nbsp;· **Shared ownership for all employees**: Our people
 are highly engaged with our business and our culture of collective ownership reinforces collaboration across teams and strengthens the
 alignment with our clients. All of our people are awarded an annual grant of our long-term incentive plan (LTIP). LTIP awards typically
 vest after three years and their value is based on an independent external assessment of Insight's market value. Share-based LTIP
 is awarded as non-voting, non-dividend paying equity in Insight. The LTIP is a powerful tool for staff retention and ensures employees
 share directly in the success of the business. For our senior management, investment desk heads and material risk-takers, we operate a
 deferral policy where at least 40% of variable pay is deferred through LTIP. In the UK, our employees also have an opportunity to acquire
 Insight shares from their pre-taxed salary.

&nbsp;&nbsp;&nbsp;&nbsp;· **Designed to support a culture of high performance**:
 Our approach to compensation is designed to support the culture of the business and to ensure that top performance is recognized with
 top quartile industry pay. This has successfully enabled us to attract and retain, what we believe to be, the best available talent in
 the industry. The structure of our compensation plans actively promote team working and collaboration across teams. The main components
 of compensation are base salary and variable pay. Variable pay is made up of two elements; discretionary annual cash amount and a deferral
 into our LTIP, awarded under a consistent set of principles, globally. We also offer competitive benefits and well-being programs, where
 the health and welfare of our people is paramount.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Simple and transparent**: We recognize the importance
 of applying a clear and consistent compensation process as aligned with our philosophy of payment for performance. For our senior staff,
 total compensation is heavily weighted towards variable pay and the overall value of variable pay is directly linked to the profitability
 and performance of the business. Therefore, if Insight performs and our people deliver strong performance their total compensation will
 be competitive.

&nbsp;&nbsp;&nbsp;&nbsp;· **Aligned with performance management**: Insight
 believes firmly in setting performance-related objectives that are structured to promote sound and effective risk management within the
 company's risk management appetite. Performance is assessed and evaluated in light of an individual's contribution to the overall
 client mandate, team and business performance, and culture. We aim to reward most highly those individuals who help the team to perform
 strongly. A team culture is an essential part of the way we conduct our business and our compensation policy is designed to encourage
 this.

&nbsp;&nbsp;&nbsp;&nbsp;· **Regulatory compliant with robust governance**:
 The general principles of our compensation arrangements are agreed with our parent company, BNY Mellon, and are reviewed at least twice
 a year by the Insight Remuneration Committee. We ensure our compensation processes and policy are compliant with all relevant regulation,
 including the requirements of the FCA Remuneration Code and corresponding local Directives.

Both analysts and portfolio managers will receive short-term incentives (STIP) and LTIP compensation. The level of variable compensation is determined across the organization taking into account performance of the company, department and individual. The individual's performance is assessed against objectives set at the beginning of the year and will be different across business areas, seniority and specialization. Therefore, although we do not offer different compensation packages between analysts and portfolio managers, the objectives that they are assessed against will be different and individual performance will be a variable that could impact on the level and mix of STIP and LTIP that they receive.

Portfolio managers are evaluated and remunerated on the basis of the performance of client portfolios relative to benchmarks and their contribution to the success of the team as a whole. An individual approach to portfolio management is not encouraged by the Remuneration Policy. If portfolios perform well across the team, members of the Portfolio Management Team (and analysts responsible for successful recommendations adopted) will be well remunerated. If the team as a whole does poorly, this will be reflected in each individual member's remuneration. A team culture is an essential part of the way we conduct our business and our Remuneration Policy reflects that.

It is intended that discretionary incentive awards will be made annually with deferred elements having a three-year vesting period. For the NIMNA equity awards, the vesting period will be followed by a minimum further six-month and one-day holding period.

***Description of Material Conflicts of Interest – Mellon and NIMNA***

It is the policy of both Mellon and NIMNA to make business decisions free from conflicting outside influences. Mellon's and NIMNA's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. Mellon's and NIMNA's business decisions are based on its duty to its clients, and not driven by any personal interest or gain. As an asset manager operating in a number of different jurisdictions with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of BNY, potential conflicts may also arise between Mellon, NIMNA and other BNY companies.

Mellon and NIMNA will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client. As such, it has adopted a Code of Ethics and compliance policy manual to address such conflicts. These potential and inherent conflicts include but are not limited to: the allocation of investment opportunities, side by side management, execution of portfolio transactions, brokerage conflicts, compensation conflicts, related party arrangements, personal interests, and other investment and operational conflicts of interest. Mellon's and NIMNA's compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, it has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

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All material conflicts of interest are presented in greater detail within Part 2A of Mellon's and NIMNA's respective Form ADV.

Mellon and NIMNA manage numerous accounts with a variety of interests. This necessarily creates potential conflicts of interest for it. For example, Mellon and NIMNA or an affiliate may cause multiple accounts to invest in the same investment. Such accounts may have conflicting interests and objectives in connection with such investment, including differing views on the operations or activities of the portfolio company, the targeted returns for the transaction, and the timeframe for and method of exiting the investment. Conflicts may also arise in cases where multiple Mellon or NIMNA and/or affiliate client accounts are invested in different parts of an issuer's capital structure. For example, one of Mellon's or NIMNA's client accounts could acquire debt obligations of a company while an affiliate's client account acquires an equity investment. In negotiating the terms and conditions of any such investments, Mellon or NIMNA may find that the interests of the debt-holding client accounts and the equity-holding client accounts may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt holding accounts may be better served by a liquidation of an issuer in which it could be paid in full, while equity holding accounts might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer's senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be Mellon or NIMNA client accounts. Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis. Any such discussions will factor in the interests of the relevant parties and applicable laws.

Mellon and NIMNA have a fiduciary duty to manage all client accounts in a fair and equitable manner. To accomplish this, Mellon and NIMNA have adopted various policies and procedures including, but not limited to, policies relating to trading operations, best execution, trade order aggregation and allocation, short sales, cross-trading, code of conduct, personal securities trading, and purchases of securities from affiliated underwriters. These procedures are intended to help employees identify and mitigate potential side-by-side conflicts of interest such as those described above. Mellon and NIMNA have also developed a conflicts matrix listing potential side-by-side conflicts, the compliance policies and procedures reasonably designed to mitigate such potential conflicts of interest, and the corresponding compliance testing program established with the goal of confirming Mellon's and NIMNA's adherence to such policies and procedures.

 ****

***Description of Material Conflicts of Interest – Voya IM***

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Voya IM Managed Funds. These other accounts may include, among others, mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and hedge funds. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager's various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager's accounts.

A potential conflict of interest may arise as a result of the portfolio manager's responsibility for multiple accounts with similar investment guidelines to the Voya IM Managed Funds. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.

A portfolio manager may also manage accounts whose objectives and policies differ from those of the Voya IM Managed Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease, while a Fixed Income Fund maintained its position in that security.

A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee.

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As part of its compliance program, Voya IM has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above.

Finally, a potential conflict of interest may arise because the investment mandates for certain other accounts, such as hedge funds, may allow extensive use of short sales which, in theory, could allow them to enter into short positions in securities where other accounts hold long positions. Voya IM has policies and procedures reasonably designed to limit and monitor short sales by the other accounts to avoid harm to the Voya IM Managed Funds.

***Description of Material Conflicts of Interest – Insight***

 ****

It is the policy of Insight to make business decisions free from conflicting outside influences. Insight's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. Insight's business decisions are based on its duty to its clients, and not driven by any personal interest or gain. As an asset manager operating in a number of different jurisdictions with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of BNY, potential conflicts also may arise between Insight and other BNY companies.

Insight will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client. As such, it has adopted a Code of Ethics and compliance policy manual to address such conflicts. These potential and inherent conflicts include but are not limited to: the allocation of investment opportunities, side by side management, execution of portfolio transactions, brokerage conflicts, compensation conflicts, related party arrangements, personal interests, and other investment and operational conflicts of interest. Insight's compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, it has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of Insight's Form ADV.

Insight manages numerous accounts with a variety of interests. This necessarily creates potential conflicts of interest for it. For example, Insight or an affiliate may cause multiple accounts to invest in the same investment. Such accounts may have conflicting interests and objectives in connection with such investment, including differing views on the operations or activities of the portfolio company, the targeted returns for the transaction, and the timeframe for and method of exiting the investment. Conflicts also may arise in cases where multiple Sub-Adviser and/or affiliate client accounts are invested in different parts of an issuer's capital structure. For example, one of Insight's client accounts could acquire debt obligations of a company while an affiliate's client account acquires an equity investment. In negotiating the terms and conditions of any such investments, Insight may find that the interests of the debt-holding client accounts and the equity-holding client accounts may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt holding accounts may be better served by a liquidation of an issuer in which it could be paid in full, while equity holding accounts might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer's senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be Sub-Adviser client accounts. Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis. Any such discussions will factor in the interests of the relevant parties and applicable laws.

Insight has a fiduciary duty to manage all client accounts in a fair and equitable manner. To accomplish this, Insight has adopted various policies and procedures including, but not limited to, policies relating to trading operations, best execution, trade order aggregation and allocation, short sales, cross-trading, code of conduct, personal securities trading, and purchases of securities from affiliated underwriters. These procedures are intended to help employees identify and mitigate potential side-by-side conflicts of interest such as those described above. Insight has also developed a conflicts matrix listing potential side-by-side conflicts, the compliance policies and procedures reasonably designed to mitigate such potential conflicts of interest, and the corresponding compliance testing program established with the goal of confirming Insight's adherence to such policies and procedures.

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***All Funds***

***Performance Fees***. A Sub-Adviser may enter into performance-based fee arrangements for certain client accounts and funds. Most of these arrangements provide for an asset-based management fee, based on the market value of the account at month end, quarter end, or based on average market value, plus a performance fee based on the portfolio's net return in excess of a specified benchmark and/or hurdle rate during a designated period of time. The performance is based on both realized and unrealized gains and losses. Some performance fee calculations include a high-water mark, which keeps track of the highest level of performance on which a performance fee has been paid and which must be exceeded in order for an additional performance fee to be assessed. For more detailed information on how performance fees are calculated, please see the applicable private placement memorandum or investment management agreement.

***Side-by-Side Management***. "Side-by-side management" refers to a Portfolio Manager's simultaneous management of multiple types of client accounts/investment products. For example, the Portfolio Managers manage separate accounts, managed accounts/wrap-fee programs, and pooled investment vehicles for clients at the same time. The Portfolio Managers' clients have a variety of investment objectives, policies, strategies, limitations, and restrictions. Side-by-side management gives rise to a variety of potential and actual conflicts of interest for the Portfolio Managers. Below is a discussion of the conflicts that the Portfolio Managers face when engaging in side-by-side management and how they deal with them. Note that certain of the Sub-Adviser's employees may also serve as officers or employees of one or more of the Sub-Adviser's affiliates ("dual officers"). These dual officers undertake investment management duties for the affiliates of which they are officers*.* When the Portfolio Managers concurrently manage client accounts/ investment products, and in particular when dual officers or dual employees are involved, this presents the same conflicts as described below. Note that Portfolio Managers manage their accounts consistent with applicable laws, and they follow procedures that are reasonably designed to treat clients fairly and to prevent any client or group of clients from being materially favored or disadvantaged.

***Conflicts of Interest Relating to Side-by-Side Management of Discretionary and Non-Discretionary Accounts***. In limited circumstances, Portfolio Managers may provide to a third party for which they provide non-discretionary advisory services the same model portfolio used to manage certain of the Portfolio Managers' clients' accounts. In those cases where Portfolio Managers are implementing the model results for only a portion of the assets affected (for example, only the assets over which Portfolio Managers have discretionary management authority) and therefore, they cannot apply their internal trade allocation procedures, Portfolio Managers will (i) use reasonable efforts to agree on procedures with such non-discretionary clients designed to prevent one group of clients from receiving preferential trading treatment over another group, or (ii) determine that, due to the nature of the assets to be traded or the market on which they are traded, no client would likely be adversely affected if such procedures are not established.

***Conflicts of Interest Relating to Performance-Based Fees When Engaging in Side-by-Side Management***. Portfolio Managers manage accounts that are charged a performance-based fee and other accounts that are charged a different type of fee, such as a flat asset-based fee. Portfolio Managers have a financial incentive to favor accounts with performance-based fees because they (and such Sub-Adviser's employees and supervised persons) may have an opportunity to earn greater fees on such accounts as compared to client accounts without performance-based fees. Thus, Portfolio Managers have an incentive to direct their best investment ideas to client accounts that pay performance-based fees, and to allocate, aggregate, or sequence trades in favor of such accounts. Portfolio Managers also have an incentive to give accounts with performance-based fees better execution and better brokerage commissions*.*

***Conflicts of Interest Relating to Accounts with Different Strategies***. Portfolio Managers manage numerous accounts with a variety of strategies, which may present conflicts of interest. For example, a long/short position in two client accounts simultaneously can result in a loss to one client based on a decision to take a gain in the other. Taking concurrent conflicting positions in certain derivative instruments can likewise cause a loss to one client and a gain to another. Portfolio Managers may also face conflicts of interest when they have uncovered option strategies and significant positions in illiquid investments in side-by-side accounts.

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***Conflicts of Interest Relating to the Management of Multiple Client Accounts***. Portfolio Managers perform investment advisory services for various clients. Portfolio Managers may give advice and take action in the performance of their duties with respect to any of their other clients which may differ from the advice given, or the timing or nature of action taken, with respect to another client. Portfolio Managers have no obligation to purchase or sell for a client any security or other property which they purchase or sell for their own account or for the account of any other client, if they believe it is undesirable or impractical to take such action. Portfolio Managers may give advice or take action in the performance of their duties with respect to any of their clients which may differ from the advice given, or the timing or nature of action taken, by their affiliates on behalf of their clients.

***Conflicts of Interest Relating to Investment in Affiliated Accounts***. To the extent permissible under applicable law, the Portfolio Managers may decide to invest some or all of their temporary investments in money market or similar accounts advised or managed by a Sub-Adviser affiliate. In addition, the Portfolio Managers may invest client accounts in affiliated pooled vehicles. The Portfolio Managers have an incentive to allocate investments to these types of affiliated accounts in order to generate additional fees for themselves or their affiliates. In certain instances, Portfolio Managers may enter into revenue sharing arrangements with affiliates where they may receive a portion of the fee, or bill the full fee to the client and reimburse the affiliate. Portfolio Managers may also enter into wholesale arrangements with affiliates where they receive only a portion of the client fee. For certain accounts with affiliates, some of the fees, such as custody fees, may be waived or rebated.

***Conflicts of Interest Relating to the Discretion to Redeem from and Invest in Pooled Investment Vehicles***. The Portfolio Manager's clients may give them discretion to allocate client assets to, and/or redeem client assets from, certain pooled investment vehicles they manage or sub-advise. Sometimes, such discretionary authority is restricted by asset allocation parameters which may limit the Portfolio Manager's discretion to allocate to a percentage range of the value of a client's account. When a client grants Portfolio Managers that discretion, a conflict could arise with respect to such client, and also with respect to other investors in such pooled investment vehicle. The Portfolio Managers may, for example, have an incentive to maintain a larger percentage of a client's assets in a fund in order for such assets to act as seed capital, to increase the fund's assets under management and thus, to make investment by other investors more attractive, or to maintain the continuity of a performance record if the client is the sole remaining investor. Likewise, as the manager or sub-adviser, they will have information that investors will not have about the investments held by a fund and about other investors' intentions to invest or redeem. Such information could potentially be used to favor one investor over another.

***Conflicts of Interest Relating to "Proprietary Accounts."*** The Portfolio Managers and a Sub-Adviser's existing and future employees may from time to time invest in products managed by the Sub-Adviser and they or related persons may establish "seeded" funds or accounts for the purpose of developing new investment strategies and products (collectively, "Proprietary Accounts"). Investments by a Sub-Adviser or its employees in Proprietary Accounts that invest in the same securities as other client accounts may create conflicts of interest. Portfolio Managers have an incentive to favor these Proprietary Accounts by directing their best investment ideas to these accounts or allocating, aggregating, or sequencing trades in favor of such accounts, to the disadvantage of other accounts. Portfolio Managers also have an incentive to dedicate more time and attention to their Proprietary Accounts and to give them better execution and brokerage commissions than their other client accounts. The Portfolio Managers may also waive fees for Proprietary Accounts or for certain affiliated persons who invest in such Proprietary Accounts.

***Valuations****.* A majority of a Sub-Adviser's fees are based on the valuations provided by clients' custodians or pooled accounts' administrators. However, a conflict of interest may arise in overseeing the valuation of investments in the limited situations where the Sub-Adviser is involved in the determination of the valuation of an investment. In such circumstances, the Sub-Adviser requires, to the extent possible, pricing from an independent third-party pricing vendor. If vendor pricing is unavailable, the Sub-Adviser then looks to other observable inputs for the valuations. In the event that a vendor price or other observable inputs are unavailable or deemed unreliable, the Sub-Adviser has established a Securities Pricing Committee to make a reasonable determination of a security's fair value.

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***Other Conflicts of Interest***. As noted previously, Portfolio Managers manage numerous accounts with a variety of interests. This necessarily creates potential conflicts of interest for the Portfolio Managers. For example, Portfolio Managers may cause multiple accounts to invest in the same investment. Such accounts may have conflicting interests and objectives in connection with such investment, including differing views on the operations or activities of the portfolio company, the targeted returns for the transaction, and the timeframe for and method of exiting the investment. Conflicts may also arise in cases where multiple Sub-Adviser and/or affiliate client accounts are invested in different parts of an issuer's capital structure. For example, one of the Portfolio Manager's client accounts could acquire debt obligations of a company while an affiliate's client account acquires an equity investment. In negotiating the terms and conditions of any such investments, Portfolio Managers may find that the interests of the debt-holding client accounts and the equity-holding client accounts may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt holding accounts may be better served by a liquidation of an issuer in which it could be paid in full, while equity holding accounts might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer's senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be the Sub-Adviser's client accounts. Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis. Any such discussions will factor in the interests of the relevant parties and applicable laws.

***Addressing Conflicts of Interest***. Portfolio Managers have a fiduciary duty to manage all client accounts in a fair and equitable manner. To accomplish this, each Sub-Adviser has adopted various policies and procedures (including some or all of the following policies: trading operations, best execution, trade order aggregation and allocation, short sales, cross-trading, code of conduct, personal securities trading, and purchases of securities from affiliated underwriters). These procedures are intended to help employees identify and mitigate potential side-by-side conflicts of interest such as those described above. Each Sub-Adviser has also developed a conflicts matrix listing potential side-by-side conflicts, the compliance policies and procedures reasonably designed to mitigate such potential conflicts of interest and the corresponding compliance testing program established with the goal of confirming the Sub-Adviser's adherence to such policies and procedures.

**Codes of Ethics**. The Trust and the Advisers have each adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, where applicable. Each Code of Ethics permits personnel subject to that Code of Ethics to invest in securities for their personal investment accounts, subject to certain limitations, including securities that may be purchased or held by the Funds. Each Code of Ethics is on public file with, and is available from, the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of these codes of ethics may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. The Distributor relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust or the Advisers, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust or the Advisers.

***Administrator, Custodian, Transfer Agent, and Securities Lending Agent*.** BNY serves as administrator, custodian, transfer agent, and securities lending agent for the Funds. BNY also serves as custodian for each WisdomTree Subsidiary and provides related administrative and fund accounting services in support of each WisdomTree Subsidiary's operations. BNY's principal address is 240 Greenwich Street, New York, New York 10286. Pursuant to the Fund Administration and Accounting Agreement between the Trust and BNY, BNY provides certain administrative, valuation, tax, financial reporting, and other related services for the maintenance and operations of the Trust and each Fund. Pursuant to the Custody Agreement between the Trust and BNY, BNY serves as the primary custodian for each Fund's assets, including assets held outside the United States, and provides certain other fund accounting and related services. BNY is required, upon the instruction of a Fund, to deliver securities held by BNY and to make payments for securities purchased by the Fund. Pursuant to a Foreign Custody Manager Agreement, BNY is authorized to appoint certain foreign custodians and foreign custody managers for Fund investments held outside the United States. State Street Bank and Trust Company ("State Street") served as the custodian of certain Funds through October 20, 2024 and other Funds through November 24, 2024 and continues to maintain custody of certain assets for certain WisdomTree Funds in Russia that are subject to U.S. and international sanctions and related restrictions following the February 2022 invasion of Ukraine by the Russian Federation.

Pursuant to the Transfer Agency and Service Agreement with the Trust, BNY serves as transfer agent for the authorized and issued shares of beneficial interest for the Funds, and as dividend disbursing agent of the Trust. As compensation for the foregoing services, BNY receives certain out-of-pocket costs, transaction fees, and asset-based fees which are accrued daily and paid monthly.

BNY also serves as the Funds' securities lending agent pursuant to the securities lending agreement described below. As compensation for providing securities lending services, BNY receives a portion of the revenue generated from the Funds' securities lending activities. With respect to the foregoing agreements, the Trust has agreed to a limitation of liability for BNY and/or to indemnify BNY for certain liabilities.

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***Securities Lending Activities.*** BNY serves as securities lending agent to the Trust. As securities lending agent, BNY is responsible for the implementation and administration of the securities lending program pursuant to the Securities Lending Authorization Agreement (the "Securities Lending Agreement"). BNY acts as agent to the Trust to lend available securities with any person on its list of approved borrowers, including BNY and any affiliate thereof. BNY determines whether a loan shall be made and negotiates and establishes the terms and conditions of the loan with the borrower. BNY ensures that all substitute interest, dividends, and other distributions paid with respect to loan securities is credited to the applicable Fund's relevant account on the date such amounts are delivered by the borrower to BNY. BNY receives and holds, on the Fund's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities. BNY marks loaned securities and collateral to their market value each business day based upon the market value of the collateral and loaned securities at the close of business employing the most recently available pricing information and receives and delivers collateral to maintain the value of the collateral at no less than 100% of the market value (plus accrued interest) of the loaned securities. At the termination of the loan, BNY returns the collateral to the borrower upon the return of the loaned securities to BNY. BNY invests cash collateral in accordance with the Securities Lending Agreement. BNY maintains such records as are reasonably necessary to account for loans that are made and the income derived therefrom and makes available to the Funds a monthly statement describing the loans made, and the income derived from the loans, during the period. BNY performs compliance monitoring and testing of the securities lending program.

For the fiscal year ended August 31, 2025, the dollar amounts of gross and net income from securities lending activities received and the related fees and/or compensation paid by each applicable Fund to its securities lending agent were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** |
| **Fund** | **Gross <br> income <br> from <br> securities <br> lending <br> activities** | **Fees <br> paid to <br> securities <br> lending <br> agent <br> from a <br> revenue <br> split\*** | **Fees paid for <br> any cash <br> collateral <br> management <br> service <br> (including <br> fees <br> deducted <br> from a <br> pooled cash <br> collateral <br> reinvestment <br> vehicle) that <br> are not <br> included in <br> the revenue <br> split** | **Administrative <br> fees not <br> included in <br> revenue split** | **Indemnification <br> fee not included <br> in revenue split** | **Borrower <br> Rebates** | **Other <br> fees not <br> included <br> in <br> revenue <br> split <br> (specify)** | **Aggregate <br> fees/compensation <br> for securities <br> lending activities** | **Net <br> income <br> from <br> securities <br> lending <br> activities** |
| Bloomberg U.S. Dollar Bullish Fund | $539462 | $4103 | n/a | n/a | n/a | $512075 | n/a | $516178 | $23284 |
| Emerging Currency Strategy Fund | $3341 | $119 | n/a | n/a | n/a | $2550 | n/a | $2669 | $672 |
| Emerging Markets Corporate Bond Fund | $91320 | $2024 | n/a | n/a | n/a | $78083 | n/a | $80107 | $11213 |
| Emerging Markets Local Debt Fund | $12022 | $45 | n/a | n/a | n/a | $11719 | n/a | $11764 | $258 |
| Floating Rate Treasury Fund | $91712 | $86 | n/a | n/a | n/a | $90371 | n/a | $90457 | $1255 |
| Interest Rate Hedged High Yield Bond Fund | $432425 | $17251 | n/a | n/a | n/a | $318024 | n/a | $335275 | $97150 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** |
| **Fund** | **Gross <br> income <br> from <br> securities <br> lending <br> activities** | **Fees <br> paid to <br> securities <br> lending <br> agent <br> from a <br> revenue <br> split\*** | **Fees paid for <br> any cash <br> collateral <br> management <br> service <br> (including <br> fees <br> deducted <br> from a <br> pooled cash <br> collateral <br> reinvestment <br> vehicle) that <br> are not <br> included in <br> the revenue <br> split** | **Administrative <br> fees not <br> included in <br> revenue split** | **Indemnification <br> fee not included <br> in revenue split** | **Borrower <br> Rebates** | **Other <br> fees not <br> included <br> in <br> revenue <br> split <br> (specify)** | **Aggregate <br> fees/compensation <br> for securities <br> lending activities** | **Net <br> income <br> from <br> securities <br> lending <br> activities** |
| Interest Rate Hedged U.S. Aggregate Bond Fund | $59534 | $1898 | n/a | n/a | n/a | $46831 | n/a | $48729 | $10805 |
| Mortgage Plus Bond Fund<sup>(1)</sup> | $- | $0 | n/a | n/a | n/a | $- | n/a | $- | $- |
| Yield Enhanced U.S. Aggregate Bond Fund | $578204 | $11140 | n/a | n/a | n/a | $504358 | n/a | $515498 | $62706 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | $27549 | $1295 | n/a | n/a | n/a | $19066 | n/a | $20361 | $7188 |
| Voya Yield Enhanced USD Universal Bond Fund | $661508 | $22338 | n/a | n/a | n/a | $513389 | n/a | $535727 | $125781 |
| Bianco Total Return Fund | $204810 | $5437 | n/a | n/a | n/a | $168552 | n/a | $173989 | $30821 |
| 1-3 Year Laddered Treasury Fund | $724 | $4 | n/a | n/a | n/a | $698 | n/a | $702 | $22 |
| 7-10 Year Laddered Treasury Fund | $459 | $3 | n/a | n/a | n/a | $434 | n/a | $437 | $22 |
| Core Laddered Municipal Fund<sup>(1)(2)</sup> | $- | $- | n/a | n/a | n/a | $0 | n/a | $- | $- |
| High Income Laddered Municipal Fund<sup>(1)(2)</sup> | $- | $0 | n/a | n/a | n/a | $- | n/a | $- | $- |
| Equity Premium Income Fund | $34654 | $175 | n/a | n/a | n/a | $33487 | n/a | $33662 | $992 |

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[**Table of Contents**](#toc2)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** | **Fees and/or compensation for securities lending activities and related services ($)** |
| **Fund** | **Gross <br> income <br> from <br> securities <br> lending <br> activities** | **Fees <br> paid to <br> securities <br> lending <br> agent <br> from a <br> revenue <br> split\*** | **Fees paid for <br> any cash <br> collateral <br> management <br> service <br> (including <br> fees <br> deducted <br> from a <br> pooled cash <br> collateral <br> reinvestment <br> vehicle) that <br> are not <br> included in <br> the revenue <br> split** | **Administrative <br> fees not <br> included in <br> revenue split** | **Indemnification <br> fee not included <br> in revenue split** | **Borrower <br> Rebates** | **Other <br> fees not <br> included <br> in <br> revenue <br> split <br> (specify)** | **Aggregate <br> fees/compensation <br> for securities <br> lending activities** | **Net <br> income <br> from <br> securities <br> lending <br> activities** |
| Enhanced Commodity Strategy Fund | $21877 | $93 | n/a | n/a | n/a | $21254 | n/a | $21347 | $530 |
| Managed Futures <br> Strategy Fund | $61057 | $309 | n/a | n/a | n/a | $58867 | n/a | $59176 | $1881 |
| Private Credit and Alternative Income Fund | $121220 | $6670 | n/a | n/a | n/a | $81301 | n/a | $87971 | $33249 |
| Target Range Fund | $10497 | $50 | n/a | n/a | n/a | $10165 | n/a | $10215 | $282 |
| Efficient Gold Plus Gold Miners Strategy Fund | $8595 | $153 | n/a | n/a | n/a | $7571 | n/a | $7724 | $871 |
| Efficient Gold Plus Equity Strategy Fund | $1463 | $95 | n/a | n/a | n/a | $845 | n/a | $940 | $523 |
| Inflation Plus Fund<sup>(1)(3)</sup> | $- | $- | n/a | n/a | n/a | $- | n/a | $- | $- |

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\* Prior to November 25, 2024, State Street served as the securities lending agent to the Trust pursuant to a Securities Lending Authorization Agreement between the Trust and State Street. BNY began serving as the securities lending agent for certain Funds beginning on October 21, 2024 and the remaining Funds beginning on November 25, 2024. For the fiscal year ended August 31, 2025, the Funds paid State Street $5,664 and the Funds paid BNY $67,624.

<sup>(1)</sup> The Fund did not engage in securities lending activity during the fiscal year ended August 31, 2025.

<sup>(2)</sup> For the period April 3, 2025 (commencement of operations) through August 31, 2025.

<sup>(3)</sup> For the period June 18, 2025 (commencement of operations) through August 31, 2025.

***Distributor*.** Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as Distributor for the Trust and its principal address is 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor has entered into a Distribution Agreement with the Trust pursuant to which it distributes shares of each Fund.

Shares are continuously offered for sale by the Funds through the Distributor only in Creation Unit Aggregations, as described in the applicable Prospectus and below in the Creation and Redemption of Creation Unit Aggregations section. Shares in less than Creation Unit Aggregations are not distributed by the Distributor. The Distributor will deliver the applicable Prospectus and, upon request, this SAI to persons purchasing Creation Unit Aggregations and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor is a broker-dealer registered under the Exchange Act and a member of the Financial Industry Regulatory Authority ("FINRA"). The Distributor is not affiliated with WisdomTree, WisdomTree Asset Management, or any stock exchange.

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The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Unit Aggregations of shares. Such Soliciting Dealers may also be Authorized Participants (as defined below) or DTC Participants (as defined below).

The Distribution Agreement, with respect to each Fund, continues from year to year, provided such continuance is approved annually (i) by vote of the Board of Trustees or by the vote of a majority of the outstanding voting securities of the relevant Fund and (ii) by vote of a majority of the Independent Trustees in accordance with the requirements of the 1940 Act. The Distribution Agreement may be terminated at any time, without penalty, as to the relevant Fund, (i) by vote of a majority of the Independent Trustees or (ii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the relevant Fund, or by the Distributor, on at least sixty (60) days prior notice. The Distribution Agreement will terminate automatically without the payment of any penalty in the event of its "assignment" (as defined in the 1940 Act).

***Counsel.*** Morgan, Lewis & Bockius LLP, with offices located at 1111 Pennsylvania Avenue, NW, Washington, DC 20004, serves as legal counsel to the Trust.

***Independent Registered Public Accounting Firm.*** Ernst & Young LLP, with offices located at 1 Manhattan West, 395 9<sup>th</sup> Avenue, New York, New York 10001, serves as the independent registered public accounting firm to the Trust.

***Intermediary Compensation***. WisdomTree Asset Management or its affiliates, out of their own resources and not out of Fund assets (*i.e.*, without additional cost to a Fund or its shareholders), may pay or otherwise assist certain broker-dealers, registered investment advisers, banks, and other financial intermediaries and platforms ("Intermediaries") for certain activities and/or services related to the Funds, other WisdomTree Funds and/or model portfolios that include WisdomTree Funds, including for making WisdomTree Funds available such as without a commission or transaction fee (or to otherwise offset such commissions or fees), for participation in activities that are designed to make Intermediaries and investors more knowledgeable about exchange-traded products, including the Funds, for other activities, such as marketing and educational training or support (such as through conferences, webinars, and printed communications), for data, for platform development and/or access, for technology support, for co-marketing and cross-promotional efforts, or to otherwise facilitate education, relationships and/or investment. Payments made pursuant to such arrangements are expected to vary in any year, can be different for different Intermediaries and third parties, and can be subject to certain minimum payment levels. Any such payments or other consideration are not reflected in the fees and expenses listed in the fees and expenses sections of the Funds' Prospectus and they do not change the price paid by investors for the purchase of the Funds' shares or the amount received by a shareholder as proceeds from the redemption of Fund shares. Information regarding certain Intermediaries receiving such payments can be found by visiting www.wisdomtree.com/investments.

WisdomTree Asset Management periodically assesses the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to such adviser, broker, or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker, or investment professionals if he or she receives similar payments from his or her Intermediary firm.

WisdomTree Asset Management or its affiliates intend to engage with, and make payments to, other Intermediaries and third parties in the future. Please contact your adviser, broker, other investment professional, or other type of Intermediary and ask whether they have any such arrangements with WisdomTree Asset Management or its affiliates and/or to receive more information regarding any payments such firm may receive. Any payments made by WisdomTree Asset Management or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy shares of WisdomTree Funds.

If you have any additional questions, please call 1-866-909-9473.

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**BROKERAGE TRANSACTIONS**

Each Sub-Adviser assumes general supervision over placing orders for the purchase and sale of portfolio securities on behalf of each Fund that it sub-advises. In selecting the brokers or dealers for any transaction in portfolio securities, the Sub-Adviser's policy is to make such selection based on factors deemed relevant, including but not limited to, the breadth of the market in the security; the price of the security; the reasonableness of the commission or mark-up or mark-down, if any; execution capability; settlement capability; back office efficiency; and the financial condition of the broker or dealer, both for the specific transaction and on a continuing basis. The overall reasonableness of brokerage commissions paid is evaluated by the Sub-Adviser based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services. Brokers may also be selected because of their ability to handle special or difficult executions, such as may be involved in large block trades, less liquid or foreign securities, broad distributions, or other circumstances. The Sub-Adviser does not consider the provision or value of research, products, or services a broker or dealer may provide, if any, as a factor in the selection of a broker or dealer or the determination of the reasonableness of commissions paid in connection with portfolio transactions. The Trust has adopted policies and procedures that prohibit the consideration of sales of a Fund's shares as a factor in the selection of a broker or a dealer to execute its portfolio transactions. To the extent creation or redemption transactions are conducted on a cash or "cash in lieu" basis, a Fund may contemporaneously transact with broker-dealers for the purchase or sale of portfolio securities in connection with such transactions (see "Creation and Redemption of Creation Unit Aggregations" herein). Such orders may be placed with an Authorized Participant in its capacity as broker-dealer or with an affiliated broker-dealer of such Authorized Participant.

**Brokerage Commissions** 

The table below sets forth the brokerage commissions paid by each Fund for the fiscal years or periods ended August 31, 2023, 2024, and 2025. Unless otherwise specified, increases or decreases in brokerage commissions are generally due to increases/decreases in transaction activity related to periodic portfolio rebalances or from increases/decreases in portfolio transaction volumes from creations/redemptions of Fund shares.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Commissions <br> Paid for Fiscal <br> Year or Period <br> Ended August <br> 31, 2025** | **Commissions <br> Paid for Fiscal <br> Year or Period <br> Ended August <br> 31, 2024** | **Commissions <br> Paid for Fiscal <br> Year or Period <br> Ended August <br> 31, 2023** |
| Bloomberg U.S. Dollar Bullish Fund | $2236 | $1200 | $1697 |
| Emerging Currency Strategy Fund | $11 | $60 | N/A |
| Emerging Markets Corporate Bond Fund | $4924 | $3975 | $3547 |
| Emerging Markets Local Debt Fund | N/A | N/A | N/A |
| Floating Rate Treasury Fund | N/A | N/A | N/A |
| Interest Rate Hedged High Yield Bond Fund | $22863 | $24255 | $23047 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | $21871 | N/A | N/A |
| Mortgage Plus Bond Fund | $916 | $879 | $646 |
| Yield Enhanced U.S. Aggregate Bond Fund | N/A | N/A | N/A |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | $1581 | $938 | N/A |
| Voya Yield Enhanced USD Universal Bond Fund | $42984 | $30356 | $13996<sup>1</sup> |
| Bianco Total Return Fund | $9197 | $192<sup>2</sup> | N/A |
| 1-3 Year Laddered Treasury Fund | N/A | N/A<sup>3</sup> | N/A |
| 7-10 Year Laddered Treasury Fund | N/A | N/A<sup>3</sup> | N/A |
| Core Laddered Municipal Fund | N/A<sup>4</sup> | N/A | N/A |
| High Income Laddered Municipal Fund | N/A<sup>4</sup> | N/A | N/A |
| Equity Premium Income Fund | $27218 | $200249 | $142688 |
| Enhanced Commodity Strategy Fund | $880 | $51544 | $90678 |
| Managed Futures Strategy Fund | $32468 | $107730 | $101958 |
| Private Credit and Alternative Income Fund | $10908 | $1666 | $2136 |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Commissions <br> Paid for Fiscal <br> Year or Period <br> Ended August <br> 31, 2025** | **Commissions <br> Paid for Fiscal <br> Year or Period <br> Ended August <br> 31, 2024** | **Commissions <br> Paid for Fiscal <br> Year or Period <br> Ended August <br> 31, 2023** |
| Target Range Fund | $83936 | $56715 | $33540 |
| Efficient Gold Plus Gold Miners Strategy Fund | $2683 | $938 | $931 |
| Efficient Gold Plus Equity Strategy Fund | $2044 | $529 | $125 |
| Inflation Plus Fund | N/A<sup>5</sup> | N/A | N/A |

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<sup>1</sup> For the period February 7, 2023 (commencement of operations) through August 31, 2023.

<sup>2</sup> For the period December 20, 2023 (commencement of operations) through August 31, 2024.

<sup>3</sup> For the period March 14, 2024 (commencement of operations) through August 31, 2024.

<sup>4</sup> For the period April 3, 2025 (commencement of operations) through August 31, 2025.

<sup>5</sup> For the period June 18, 2025 (commencement of operations) through August 31, 2025.

**Affiliated Brokers** 

During the fiscal year or period ended August 31, 2025, the Funds did not pay any commissions to any affiliated brokers.

**Regular Broker-Dealers** 

The following table lists each Fund's investments in the securities of its regular brokers or dealers (as defined in the 1940 Act) or of their parents during the fiscal year or period ended August 31, 2025, the name of each such broker or dealer and the value of each Fund's aggregate holdings of the securities of each issuer as of August 31, 2025.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Name of Broker or Dealer** | **Aggregate Value of Holdings <br> as of August 31, 2025** |
| Bloomberg U.S. Dollar Bullish Fund |  | $0 |
| Emerging Currency Strategy Fund |  | $0 |
| Emerging Markets Corporate Bond Fund |  | $0 |
| Emerging Markets Local Debt Fund |  | $0 |
| Floating Rate Treasury Fund |  | $0 |
| Interest Rate Hedged High Yield Bond Fund |  | $0 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | Morgan Stanley | $727021 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | JP Morgan Chase & Co. | $570786 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | Bank of America Corp. | $523409 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | CitiGroup, Inc. | $463643 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | Goldman Sachs Group, Inc. | $361242 |
| Interest Rate Hedged U.S. Aggregate Bond Fund | Barclays | $135008 |
| Mortgage Plus Bond Fund |  | $0 |
| Yield Enhanced U.S. Aggregate Bond Fund | CitiGroup, Inc. | $5813389 |
| Yield Enhanced U.S. Aggregate Bond Fund | Morgan Stanley | $5692181 |
| Yield Enhanced U.S. Aggregate Bond Fund | JP Morgan Chase & Co. | $4279587 |
| Yield Enhanced U.S. Aggregate Bond Fund | Bank of America Corp. | $4016725 |
| Yield Enhanced U.S. Aggregate Bond Fund | Goldman Sachs Group, Inc. | $3355780 |
| Yield Enhanced U.S. Aggregate Bond Fund | Barclays | $2635619 |
| Yield Enhanced U.S. Aggregate Bond Fund | BMO Capital Markets | $2486249 |
| Yield Enhanced U.S. Aggregate Bond Fund | Nomura | $760314 |

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Name of Broker or Dealer** | **Aggregate Value of Holdings <br> as of August 31, 2025** |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | Morgan Stanley | $775485 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | JP Morgan Chase & Co. | $489441 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | Bank of America Corp. | $416372 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | CitiGroup, Inc. | $348307 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | Goldman Sachs Group, Inc. | $344432 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | Wells Fargo | $300547 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | Barclays | $252325 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | BMO Capital Markets | $71018 |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund | Jefferies Group | $26759 |
| Voya Yield Enhanced USD Universal Bond Fund | JP Morgan Chase & Co. | $7978807 |
| Voya Yield Enhanced USD Universal Bond Fund | Bank of America Corp. | $7332023 |
| Voya Yield Enhanced USD Universal Bond Fund | CitiGroup, Inc. | $6179270 |
| Voya Yield Enhanced USD Universal Bond Fund | Morgan Stanley | $5964393 |
| Voya Yield Enhanced USD Universal Bond Fund | Goldman Sachs Group, Inc. | $5440563 |
| Voya Yield Enhanced USD Universal Bond Fund | Wells Fargo | $5518375 |
| Voya Yield Enhanced USD Universal Bond Fund | Deutsche Bank | $1657742 |
| Voya Yield Enhanced USD Universal Bond Fund | Nomura | $696783 |
| Bianco Total Return Fund |  | $0 |
| 1-3 Year Laddered Treasury Fund |  | $0 |
| 7-10 Year Laddered Treasury Fund |  | $0 |
| Core Laddered Municipal Fund<sup>(1)</sup> |  | $0 |
| High Income Laddered Municipal Fund<sup>(1)</sup> |  | $0 |
| Equity Premium Income Fund |  | $0 |
| Enhanced Commodity Strategy Fund |  | $0 |
| Managed Futures Strategy Fund |  | $0 |
| Private Credit and Alternative Income Fund |  | $0 |
| Target Range Fund |  | $0 |
| Efficient Gold Plus Gold Miners Strategy Fund |  | $0 |
| Efficient Gold Plus Equity Strategy Fund | JP Morgan Chase & Co. | $3946492 |
|  | Bank of America Corp. | $1821515 |
|  | Morgan Stanley | $1219189 |
|  | Goldman Sachs Group, Inc. | $1137997 |
|  | CitiGroup, Inc. | $804814 |
|  | Bank of New York Mellon | $351226 |
|  | State Street | $173490 |
| Inflation Plus Fund<sup>(2)</sup> |  | $0 |

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<sup>(1)</sup> The Municipal Bond Funds commenced operations on April 3, 2025.

<sup>(2)</sup> The Inflation Plus Fund commenced operations on June 18, 2025.

**Portfolio Turnover** 

Portfolio turnover rates for each Fund are disclosed in each Fund's Prospectus. Portfolio turnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage expenses and may result in a substantial amount of distributions from a Fund to be taxed as ordinary income which may limit the tax efficiency of such Fund. The overall reasonableness of brokerage commissions is evaluated by each Sub-Adviser based upon its knowledge of available information as to the general level of commissions paid by the other institutional investors for comparable services.

[**Table of Contents**](#toc2)

The table below sets forth the portfolio turnover rates of each Fund for the fiscal years or periods ended August 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Turnover Rate <br> for Fiscal Period Ended <br> August 31, 2025** | **Portfolio Turnover Rate <br> for Fiscal Period Ended <br> August 31, 2024** |
| Bloomberg U.S. Dollar Bullish Fund | 185% | 106% |
| Emerging Currency Strategy Fund | 12% | 132% |
| Emerging Markets Corporate Bond Fund | 199% | 147% |
| Emerging Markets Local Debt Fund | 38% | 14% |
| Floating Rate Treasury Fund | 159% | 157% |
| Interest Rate Hedged High Yield Bond Fund | 61% | 49% |
| Interest Rate Hedged U.S. Aggregate Bond Fund<sup>(1)</sup> | 112% | 111% |
| Mortgage Plus Bond Fund<sup>(2)</sup> | 188% | 106% |
| Yield Enhanced U.S. Aggregate Bond<sup>(3)</sup> | 110% | 83% |
| Yield Enhanced U.S. Short-Term Aggregate Bond Fund<sup>(4)</sup> | 106% | 179% |
| Voya Yield Enhanced USD Universal Bond Fund<sup>(5)</sup> | 29% | 85% |
| Bianco Total Return Fund | 154% | 72% |
| 1-3 Year Laddered Treasury Fund | 107% | 53% |
| 7-10 Year Laddered Treasury Fund | 38% | 19% |
| Core Laddered Municipal Fund<sup>(6)</sup> | 0% | N/A |
| High Income Laddered Municipal Fund <sup>(6)</sup> | 0% | N/A |
| Equity Premium Income Fund | 11% | 32% |
| Enhanced Commodity Strategy Fund | 26% | 42% |
| Managed Futures Strategy Fund | 96% | 37% |
| Private Credit and Alternative Income Fund | 33% | 33% |
| Target Range Fund | 0% | 0% |
| Efficient Gold Plus Gold Miners Strategy Fund | 20% | 17% |
| Efficient Gold Plus Equity Strategy Fund | 30% | 30% |
| Inflation Plus Fund<sup>(7)</sup> | 7% | N/A |

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<sup>(1)</sup> The portfolio turnover rates excluding TBA roll transactions for the years ended August 31, 2025 and August 31, 2024 were 52% and 57%, respectively.

<sup>(2)</sup> The portfolio turnover rates excluding TBA roll transactions for the years ended August 31, 2025 and August 31, 2024 were 31% and 23%, respectively.

<sup>(3)</sup> The portfolio turnover rates excluding TBA roll transactions for the years ended August 31, 2025 and August 31, 2024 were 66% and 51%, respectively.

<sup>(4)</sup> The portfolio turnover rates excluding TBA roll transactions for the years ended August 31, 2025 and August 31, 2024 were 101% and 114%, respectively.

<sup>(5)</sup> The portfolio turnover rate excluding TBA roll transactions for the years ended August 31, 2025 and August 31, 2024 were 27% and 72%, respectively.

<sup>(6)</sup> Each Municipal Bond Fund commenced operations on April 3, 2025, and, therefore, did not have a portfolio turnover rate for the fiscal year ended August 31, 2024.

<sup>(7)</sup> The Inflation Plus Fund commenced operations on June 18, 2025 and, therefore, did not have a portfolio turnover rate for the fiscal year ended August 31, 2024.

Unless otherwise specified in the portfolio turnover rate table footnotes above, increases or decreases in portfolio turnover rate are generally due to increases/decreases in transaction activity related to periodic portfolio rebalances or from increases/decreases in portfolio transaction volumes from creations/redemptions of Fund shares.

**ADDITIONAL INFORMATION CONCERNING THE TRUST**

***Shares.*** The Trust was established as a Delaware statutory trust on December 15, 2005, and consists of multiple series or "funds." Each Fund issues shares of beneficial interest, with $0.001 par value. The Board may establish additional funds. The Trust is registered with the SEC as an open-end management investment company.

Each share issued by a Fund has a pro rata interest in the assets of that Fund. Shares have no preemptive, exchange, subscription, or conversion rights, and are freely transferable. Each share is entitled to participate equally in dividends and distributions declared by the Board with respect to the relevant Fund, and in the net distributable assets of such Fund on liquidation.

Each share has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds within the Trust vote together as a single class except that if the matter being voted on affects only a particular fund or if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter.

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Under Delaware law, the Trust is not required to hold an annual meeting of shareholders unless required to do so under the 1940 Act. The policy of the Trust is not to hold an annual meeting of shareholders unless required to do so under the 1940 Act. All shares (regardless of the fund) have non-cumulative voting rights for the Board. Under Delaware law, Trustees of the Trust may be removed by vote of the shareholders.

Following the creation of the initial Creation Unit Aggregation(s) of shares of a Fund and immediately prior to the commencement of trading in such Fund's shares, a holder of shares may be a "control person" of the Fund, as defined in the 1940 Act. A Fund cannot accurately predict the length of time for which one or more shareholders may remain a control person or persons of the Fund.

Shareholders may make inquiries by writing to the Trust, c/o Foreside Fund Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101.

Absent an applicable exemption or other relief from the SEC or its staff, beneficial owners of more than 5% of the shares of a Fund may be subject to the reporting provisions of Section 13 of the Exchange Act and the SEC's rules promulgated thereunder. In addition, absent an applicable exemption or other relief from the SEC staff, officers and Trustees of a Fund and beneficial owners of 10% of the shares of a Fund ("Insiders") may be subject to the insider reporting, short-swing profit, and short-sale provisions of Section 16 of the Exchange Act and the SEC's rules promulgated thereunder. Beneficial owners and Insiders should consult with their own legal counsel concerning their obligations under Sections 13 and 16 of the Exchange Act.

***Termination of the Trust or a Fund.*** The Trust or a Fund may be terminated by a majority vote of the Board or the affirmative vote of a super-majority of the holders of the Trust or the Fund entitled to vote on termination. Although the shares are not automatically redeemable upon the occurrence of any specific event, the Trust's organizational documents provide that the Board will have the unrestricted power to alter the number of shares in a Creation Unit Aggregation. In the event of a termination of the Trust or a Fund, the Board, in its sole discretion, could determine to permit the shares to be redeemable in aggregations smaller than Creation Unit Aggregations or to be individually redeemable. In such circumstances, the Trust may make redemptions in-kind, for cash, or for a combination of cash and securities.

***Role of the Depositary Trust Company ("DTC").*** DTC acts as securities depository for the shares of the Trust. Shares of each Fund are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC.

DTC, a limited-purpose trust company, was created to hold securities of its participants ("DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities' certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of which (and/or their representatives) own DTC. More specifically, DTC is owned by a number of DTC Participants and by the New York Stock Exchange ("NYSE") and FINRA. Access to the DTC system also is available to others such as banks, brokers, dealers, and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("Indirect Participants").

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of shares. No Beneficial Owner shall have the right to receive a certificate representing such shares.

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Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the shares of each Fund held by each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement, or other communication, in such form and number and at such place as such DTC Participant may reasonably request, in order that such notice, statement, or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. The foregoing processes may be conducted by the Trust via a third party.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares of the Trust. DTC or its nominee, upon receipt of any such distributions, shall immediately credit DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in shares of each Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants. DTC may decide to discontinue its service with respect to shares of the Trust at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost.

**CREATION AND REDEMPTION OF CREATION UNIT AGGREGATIONS**

***Creation*.** The Trust issues and sells shares of each Fund only in Creation Unit Aggregations on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt, on any Business Day, of an order in proper form.

***Fund Deposit*.** The consideration for purchase of Creation Unit Aggregations of a Fund generally consists of the in-kind deposit of a portfolio of securities (the "Deposit Securities") and/or an amount of cash denominated in U.S. dollars (the "Cash Component") computed as described below. Together, the Deposit Securities and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit Aggregation of any Fund.

A Fund or the Advisers may permit or require the submission of a basket of securities and other instruments, or cash denominated in U.S. dollars that differs from the composition of the published basket(s). A Fund or the Advisers may permit or require the consideration for Creation Unit Aggregations to consist solely of cash. A Fund or the Advisers reserve the right to permit or require the substitution of an amount of cash denominated in U.S. dollars (*i.e.*, a "cash in lieu" amount) to be added, at its discretion, to the Cash Component to replace any Deposit Security. For example, cash may be substituted to replace any Deposit Security that may not be available in sufficient quantity for delivery or that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below). The Trust or the Advisers reserve the right to permit or require a "cash in lieu" amount where the delivery of the Deposit Security by the Authorized Participant (as described below) would be prohibited or restricted under applicable securities laws, or in certain other situations at the sole discretion of the Trust.

The portion of the Cash Component that does not serve to replace a Deposit Security is sometimes also referred to as the "Balancing Amount." The Balancing Amount is an amount equal to the difference between the NAV of the shares (per Creation Unit Aggregation) and the value of Deposit Securities. If the Balancing Amount is a positive number, the Authorized Participant will deliver the Balancing Amount. If the Balancing Amount is a negative number, the Authorized Participant will receive the Balancing Amount. The Balancing Amount does not include any stamp duty tax or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities. These are the sole responsibility of the Authorized Participant.

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Each Fund, through the NSCC, makes available on each Business Day, immediately prior to the opening of business on the applicable Listing Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of shares of each Deposit Security and/or applicable Cash Component that may be included in the current Fund Deposit (based on information at the end of the previous Business Day) for each Fund.

Such Deposit Securities are applicable, subject to any adjustments as described herein, in order to effect creations of Creation Unit Aggregations of a given Fund until such time as the next or otherwise announced composition of the Deposit Securities is made available.

The identity and number of shares of the Deposit Securities required for a Fund Deposit for each Fund changes from time to time based on changes to a Fund's Underlying Index and various factors.

***Procedures for Creation of Creation Unit Aggregations.*** To be eligible to place orders with the Distributor and to create a Creation Unit Aggregation of a Fund, an entity must be a (i) "Participating Party," *i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) DTC Participant. In each case, such entity also must have executed an agreement with the Distributor with respect to creations and redemptions of Creation Unit Aggregations (a "Participant Agreement"). A Participating Party or DTC Participant that has entered a Participant Agreement is referred to as an "Authorized Participant." Investors should contact the Distributor for the names of Authorized Participants that have signed a Participant Agreement. All shares of a Fund, however created, will be entered on the records of DTC in the name of Cede & Co. for the account of a DTC Participant.

All orders to create shares must be placed for one or more Creation Unit Aggregations. All orders to create Creation Unit Aggregations must be received by the Distributor by the designated closing time, which is no later than the closing time of the regular trading session on the applicable Listing Exchange ("Closing Time") (ordinarily 4:00 p.m., Eastern time) on the date such orders are placed in order to receive that day's NAV. All orders must be received in proper form. The date on which an order to create Creation Unit Aggregations is placed is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant by telephone, online portal, or other transmission method acceptable to BNY and the Distributor pursuant to procedures set forth in the Participant Agreement, as described below, which procedures may change from time to time without notice at the discretion of the Trust. Economic or market disruptions or changes, or telephone or other communication failure, may impede the ability to reach BNY and the Distributor or an Authorized Participant. On days when the Listing Exchange or U.S. or non-U.S. markets close earlier than normal, the Fund may require purchase orders to be placed earlier in the day. All questions as to the number of Deposit Securities and/or Cash Component to be delivered, and the validity, form, and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust or the Advisers, whose determination shall be final and binding.

All orders to create Creation Unit Aggregations through an Authorized Participant shall be placed with an Authorized Participant, in the form required by such Authorized Participant. In addition, the Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order, *e.g.*, to provide for payments of cash, when required. Investors should be aware that their particular broker may not have executed a Participant Agreement and, in that case, orders to create Creation Unit Aggregations of a Fund have to be placed by each investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases, there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

Those placing orders for Creation Unit Aggregations through the Clearing Process should afford sufficient time to permit proper submission of the order to the Distributor prior to the Closing Time on the Transmittal Date. Orders for Creation Unit Aggregations that are effected outside the Clearing Process are likely to require transmittal by the DTC Participant earlier on the Transmittal Date than orders effected using the Clearing Process. Those persons placing orders outside the Clearing Process should ascertain the deadlines applicable to DTC and the Federal Reserve Bank wire system by contacting the operations department of the broker or depository institution effectuating such transfer of Deposit Securities and the Cash Component.

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***Placement of Creation Orders Using the Clearing Process.*** Fund Deposits made through the Clearing Process must be delivered through a Participating Party that has executed a Participant Agreement. The Participant Agreement authorizes the Distributor or BNY to transmit through BNY to NSCC, on behalf of the Participating Party, such trade instructions as are necessary to effect the Participating Party's creation order. Pursuant to such trade instructions to NSCC, the Participating Party agrees to deliver the requisite Deposit Securities and the Cash Component to the Trust, together with such additional information as may be required by the Distributor. An order to create Creation Unit Aggregations through the Clearing Process is deemed received by the Distributor on the Transmittal Date if: (i) such order is received by the Distributor not later than the Closing Time on such Transmittal Date; and (ii) all other procedures set forth in the Participant Agreement are properly followed.

***Placement of Creation Orders Outside the Clearing Process.*** Fund Deposits made outside the Clearing Process must be delivered through a DTC Participant that has executed a Participant Agreement. A DTC Participant who wishes to place an order creating Creation Unit Aggregations to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Unit Aggregations will instead be effected through a transfer of securities and cash directly through DTC. The Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund by no later than 2:00 p.m., Eastern time, on the "Settlement Date." The Settlement Date is typically the first Business Day following the Transmittal Date. Each Fund reserves the right to settle transactions on a basis other than "T" plus one Business Day (*i.e.*, days on which the NYSE is open) ("T+1"). In certain cases, Authorized Participants will create and redeem Creation Unit Aggregations of the same Fund on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

On days when the Listing Exchange or U.S. markets close earlier than normal, the Fund may require purchase orders to be placed earlier in the day. All questions as to the number of Deposit Securities and/or Cash Component to be delivered, and the validity, form, and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust or the Advisers, whose determination shall be final and binding. The amount of cash equal to the Cash Component must be transferred directly to BNY through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by BNY no later than 2:00 p.m., Eastern time, on the Settlement Date. An order to create Creation Unit Aggregations outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if: (i) such order is received by the Distributor not later than the Closing Time on such Transmittal Date; and (ii) all other procedures set forth in the Participant Agreement are properly followed. However, if BNY does not receive both the required Deposit Securities and the Cash Component by the specified time on the Settlement Date, the Trust may cancel or revoke acceptance of such order. Upon written notice to the Distributor, such canceled or revoked order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then-current NAV of the Funds. The delivery of Creation Unit Aggregations so created generally will occur no later than the Settlement Date.

Creation Unit Aggregations may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the shares on the date the order is placed in proper form since, in addition to available Deposit Securities, U.S. cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) generally between 102%-110%, as directed by the Trust or the Advisers, which the Trust or the Advisers may change from time to time, of the market value of the undelivered Deposit Securities (the "Additional Cash Deposit") with the Fund pending delivery of any missing Deposit Securities.

If an Authorized Participant determines to post an Additional Cash Deposit as collateral for any undelivered Deposit Securities, such Authorized Participant must deposit with BNY the appropriate amount of federal funds by 2:00 p.m., Eastern time (or such other time as specified by the Trust), on the Settlement Date. If the Authorized Participant does not place its purchase order by the closing time or BNY does not receive federal funds in the appropriate amount by such time, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with BNY, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount generally between 102%-110%, as directed by the Trust or the Advisers, which the Trust or the Advisers may change from time to time, of the daily marked-to-market value of the missing Deposit Securities. To the extent that missing Deposit Securities are not received by the specified time on the Settlement Date, or in the event a marked-to-market payment is not made within one Business Day following notification by the Distributor that such a payment is required, the Trust may use the Additional Cash Deposit to purchase the missing Deposit Securities. The Trust also requires delivery of Deposit Securities and/or an Additional Cash Deposit prior to settlement date by the Authorized Participant in relation to certain international markets.

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The Authorized Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the Transmittal Date plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by BNY or purchased by the Trust and deposited into the Trust. In addition, a Transaction Fee, as listed below, will be charged in all cases. The delivery of Creation Unit Aggregations so created generally will occur no later than the Settlement Date. In no event will an Authorized Participant receive or be entitled to interest or other consideration associated with or in relation to the Additional Cash Deposit.

***Cash Purchases.*** When, in the sole discretion of the Trust or the Advisers, cash purchases of Creation Unit Aggregations of shares are available or specified for a Fund, such purchases shall be effected in essentially the same manner as in-kind purchases thereof. In the case of a cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser. In addition, to offset brokerage and other costs associated with using cash to purchase the requisite Deposit Securities, the Authorized Participant must pay the Transaction Fees required by each Fund. If the Authorized Participant acts as a broker for the Fund in connection with the purchase of Deposit Securities, the Authorized Participant will also be required to pay certain brokerage commissions, taxes, and transaction and market impact costs as discussed under the heading "Brokerage Transactions" herein.

***Acceptance of Orders for Creation Unit Aggregations.*** The Trust reserves the right to reject an order for Creation Unit Aggregations in respect of a Fund at its discretion, including, without limitation, if (a) the order is not in proper form or a Fund Deposit delivered does not consist of the securities that the Custodian specified; (b) the investor(s), upon obtaining the Shares ordered, would own 80% or more of the currently outstanding Shares of a Fund; (c) the Deposit Securities or Deposit Cash, as applicable delivered are not as disseminated through the facilities of the NSCC for that date by the Custodian, as described above; (d) the acceptance of a Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit Aggregation would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent, the Distributor, and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Unit Aggregations. Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Custodian, the Transfer Agent, the Adviser, the Distributor, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and similar extraordinary events. The Distributor shall communicate to the Authorized Participant its rejection of the order. The Trust, the Transfer Agent, the Custodian, and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian, and the Distributor shall not be liable for the rejection of any purchase order for Creation Unit Aggregations. Given the importance of the ongoing issuance of Creation Unit Aggregations to maintaining a market price that is at or close to the underlying NAV of a Fund, the Trust does not intend to suspend acceptance of orders for Creation Unit Aggregations.

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

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***Creation/Redemption Transaction Fee.*** Each Fund imposes a "Transaction Fee" or "CU Fee" on Authorized Participants purchasing or redeeming Creation Unit Aggregations. The purpose of the Transaction Fee is to protect the existing shareholders of the Fund from the dilutive costs associated with the purchase and redemption of Creation Unit Aggregations. Where a Fund permits cash creations (or redemptions) or cash in lieu of depositing one or more Deposit Securities, the purchaser (or redeemer) may be assessed a higher Transaction Fee to offset the transaction cost to the Fund of buying (or selling) those particular Deposit Securities. Transaction Fees for each Fund will differ from Transaction Fees for other WisdomTree Funds, depending on the transaction expenses related to each Fund's portfolio securities, and will be limited to amounts that have been determined by WisdomTree Asset Management to be appropriate. The maximum Transaction Fee, as set forth in the table below for each Fund, may be charged in cases where a Fund permits cash or cash in lieu of Deposit Securities. Authorized Participants purchasing or redeeming through the DTC process generally will pay a higher Transaction Fee than will Authorized Participants doing so through the NSCC process. Also, Authorized Participants who use the services of a broker or other such intermediary may be charged a fee for such services, in addition to the Transaction Fee imposed by a Fund.

The table below sets forth the standard and maximum creation and redemption Transaction Fee for each of the Funds. These fees may be changed by the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Ticker** | **Fund** | **CU Fee\*** | **Maximum CU Fee** |
| USDU | Bloomberg U.S. Dollar Bullish Fund | $200 | $800 |
| CEW | Emerging Currency Strategy Fund | $200 | $800 |
| EMCB | Emerging Markets Corporate Bond Fund | $550 | $2200 |
| ELD | Emerging Markets Local Debt Fund | $1000 | $4000 |
| USFR | Floating Rate Treasury Fund | $100 | $400 |
| HYZD | Interest Rate Hedged High Yield Bond Fund | $400 | $1600 |
| AGZD | Interest Rate Hedged U.S. Aggregate Bond Fund | $400 | $1600 |
| MTGP | Mortgage Plus Bond Fund | $500 | $2000 |
| AGGY | Yield Enhanced U.S. Aggregate Bond Fund | $400 | $1600 |
| SHAG | Yield Enhanced U.S. Short-Term Aggregate Bond Fund | $250 | $1000 |
| UNIY | Voya Yield Enhanced USD Universal Bond Fund | $250 | $1000 |
| WTBN | Bianco Total Return Fund | $100 | $400 |
| USSH | 1-3 Year Laddered Treasury Fund | $100 | $400 |
| USIN | 7-10 Year Laddered Treasury Fund | $100 | $400 |
| WTMU | Core Laddered Municipal Fund | $125 | $500 |
| WTMY | High Income Laddered Municipal Fund | $125 | $500 |
| WTPI | Equity Premium Income Fund | $200 | $800 |
| GCC | Enhanced Commodity Strategy Fund | $200 | $800 |
| WTMF | Managed Futures Strategy Fund | $200 | $800 |
| HYIN | Private Credit and Alternative Income Fund | $100 | $400 |
| GTR | Target Range Fund | $200 | $800 |
| GDMN | Efficient Gold Plus Gold Miners Strategy Fund | $300 | $1200 |
| GDE | Efficient Gold Plus Equity Fund | $1000 | $4000 |
| WTIP | Inflation Plus Fund | $250 | $1000 |

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\*&nbsp;&nbsp;&nbsp;&nbsp; Each Fund may charge, either in lieu of or in addition to the Transaction Fees, in the sole discretion of the Trust or as determined by the Adviser, a variable fee for creations and redemptions in order to cover certain brokerage, tax, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction, up to any applicable legal limits. The Adviser may pay out of its own resources and not out of Fund assets, such Transaction Fees or variable fees from time to time in its sole discretion. Any such fees and/or payments by the Adviser may impact bid/ask spreads.

***Placement of Redemption Orders Using the Clearing Process.*** Orders to redeem Creation Unit Aggregations through the Clearing Process must be delivered through a Participating Party that has executed the Participant Agreement. Except as described herein, an order to redeem Creation Unit Aggregations using the Clearing Process is deemed received by the Trust on the Transmittal Date if: (i) such order is received by BNY (in its capacity as Transfer Agent) not later than the Closing Time on such Transmittal Date, and (ii) all other procedures set forth in the Participant Agreement are properly followed. Such order will be effected based on the NAV of the Fund as next determined. The consideration for redemption of Creation Unit Aggregations of a Fund generally consists of (i) a portfolio of securities (the "Fund Securities") and/or (ii) an amount of cash denominated in U.S. dollars (the "Cash Redemption Amount") as described below. The requisite Fund Securities and the Cash Redemption Amount generally will be transferred by the first NSCC Business Day following the date on which such request for redemption is deemed received.

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***Placement of Redemption Orders Outside the Clearing Process*.** Orders to redeem Creation Unit Aggregations outside the Clearing Process must be delivered through a DTC Participant that has executed the Participant Agreement. An order to redeem Creation Unit Aggregations outside the Clearing Process is deemed received by the Trust on the Transmittal Date if: (i) such order is received by BNY (in its capacity as Transfer Agent) not later than the Closing Time on such Transmittal Date; (ii) such order is accompanied or followed by the requisite number of shares of the Fund specified in such order, which delivery must be made through DTC to BNY no later than instructed, which is typically one day after Transmittal Date (presuming T+1 settlement); and (iii) all other procedures set forth in the Participant Agreement are properly followed. After the Trust has deemed an order for redemption outside the Clearing Process received, the Trust will initiate procedures to transfer the requisite Fund Securities which are expected to be delivered within one Business Day and the Cash Redemption Amount to the Authorized Participant on behalf of the redeeming Beneficial Owner by the Settlement Date. In certain cases, Authorized Participants will redeem and create Creation Unit Aggregations of the same Fund on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

If the requisite number of shares of the Fund is not delivered as described above or an Additional Cash Deposit is not made, as applicable, in the sole discretion of the Trust or the Advisers, in no event will an Authorized Participant receive or be entitled to interest or other consideration associated with or in relation to the Additional Cash Deposit, the Fund may reject or revoke acceptance of the redemption request because the Authorized Participant has not satisfied all of the settlement requirements.

The current procedures for collateralization of missing shares require, among other things, that any Additional Cash Deposit shall be in the form of U.S. dollars in immediately available funds and shall be held by BNY and marked-to-market daily, and that the fees of BNY and any sub-custodians in respect of the delivery, maintenance and redelivery of the Additional Cash Deposit shall be payable by the Authorized Participant. The Authorized Participant's agreement will permit the Trust, on behalf of the affected Fund, to purchase the missing shares or acquire the Deposit Securities and the Cash Component underlying such shares at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such shares, Deposit Securities or Cash Component and the value of the collateral.

The calculation of the value of the Fund Securities and the Cash Redemption Amount to be delivered upon redemption will be made by BNY according to the procedures set forth under "Determination of NAV" computed on the Business Day on which a redemption order is deemed received by the Trust.

A Fund or the Advisers may also, in their sole discretion, upon request of an Authorized Participant, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and each Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Unit Aggregations for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of a Creation Unit Aggregation may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming Beneficial Owner of the shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment.

Because the portfolio securities of an International Fund may trade on the relevant exchange(s) on days that the Listing Exchange for the International Fund is closed or that are otherwise not Business Days for such International Fund, stockholders may not be able to redeem their shares of such International Fund, or to purchase and sell shares of such International Fund on the Listing Exchange for the International Fund, on days when the NAV of such International Fund could be significantly affected by events in the relevant foreign markets.

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***Cash Redemptions.*** A Fund may pay out the proceeds of redemptions of Creation Unit Aggregations solely in cash or through any combination of cash, securities or other instruments. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). Proceeds will be paid to the Authorized Participant redeeming shares on behalf of the redeeming investor as soon as practicable after the date of redemption. If the Authorized Participant acts as a broker for the Fund in connection with the sale of Fund Securities, the Authorized Participant also will be required to pay certain brokerage commissions, taxes, and transaction and market impact costs as discussed under the heading "Brokerage Transactions" herein.

Redemptions of shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Unit Aggregations for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws.

***In-Kind Redemptions*.** The ability of the Trust to effect in-kind creations and redemptions is subject, among other things, to the condition that, within the time period from the date of the order to the date of delivery of the securities, there are no days that are holidays in the applicable market. For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. equity market, the redemption settlement cycle may be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable market closings due to emergencies may also prevent the Trust from delivering securities within the normal settlement period. The Funds will not suspend or postpone redemption beyond seven days, except as permitted under Section 22(e) of the 1940 Act. Section 22(e) provides that the right of redemption may be suspended or the date of payment postponed with respect to any Fund (1) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the NYSE is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**REGULAR HOLIDAYS AND OTHER SETTLEMENT MATTERS**

Each Fund generally intends to effect deliveries of Creation Unit Aggregations and portfolio securities on a basis of T+1. Each Fund may effect deliveries of Creation Unit Aggregations and portfolio securities on a basis other than T+1 in order to accommodate local holiday schedules, to account for different treatment among foreign and U.S. markets of security delivery practices and/or dividend record dates and ex-dividend dates, or under certain other circumstances. The ability of the Trust to effect in-kind creations and redemptions within one Business Day of receipt of an order in good form is subject, among other things, to the condition that, within the time period from the date of the order to the date of delivery of the securities, there are no days that are holidays in the applicable foreign market. For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. equity market, the redemption settlement cycle will be extended by the number of such intervening holidays. New or special holidays, treatment by market participants of certain days as "informal holidays" (*e.g*., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays or changes in local securities delivery practices (including lengthening settlement cycles, which may also occur in connection with a security sale and its settlement, with limitations or delays in the settlement itself, and/or the convertibility or repatriation of the local proceeds associated therewith), could impede a Fund's ability to satisfy redemption requests in a timely manner. In addition, other unforeseeable closings or changes in a foreign market due to emergencies may also prevent the Trust from delivering redemption proceeds within the normal settlement period or in a timely manner.

The securities delivery cycles currently practicable for transferring portfolio securities to redeeming investors, coupled with foreign market holiday schedules, will require a delivery process longer than seven calendar days for some securities, in certain circumstances.

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**TAXES**

The following discussion of certain U.S. federal income tax consequences of investing in the Funds is based on the Code, U.S. Treasury regulations, promulgated thereunder ("Treasury Regulations") and other applicable authority, all as in effect as of the date of the filing of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Funds. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisors regarding their particular situation and the possible application of foreign, state, and local tax laws.

***Qualification as a Regulated Investment Company.*** Each Fund has elected (or intends to elect) to be treated, and intends to qualify each year, as a RIC under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, each Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;(a) derive at least 90% of its gross income each year from (i) dividends, interest, payments with respect
 to certain securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including
 but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock,
 securities or currencies, and (ii) net income derived from interests in "qualified publicly traded partnerships" (as
 defined below) (the "90% Test");

&nbsp;&nbsp;&nbsp;&nbsp;(b) diversify its holdings so that, at the end of each quarter of its taxable year, (i) at least 50% of the
 market value of the Fund's total assets consists of cash and cash items, U.S. government securities, securities of other RICs and
 other securities, with investments in such other securities limited with respect to any one issuer to an amount not greater than 5% of
 the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not
 more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or
 more voting stock interest, in (1) the securities (other than those of the U.S. government or other RICs) of any one issuer or two
 or more issuers that are controlled by the Fund and that are engaged in the same, similar or related trades or businesses or (2) the
 securities of one or more qualified publicly traded partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute with respect to each taxable year an amount equal to or greater than the sum of 90% of its investment
 company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid – generally taxable
 ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and 90% of its net tax-exempt
 interest income.

In general, for purposes of the 90% Test described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Fund. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (ii) that derives less than 90% of its income from the qualifying income described in clause (a)(i) of the description of the 90% Test applicable to RICs, above) will be treated as qualifying income. To the extent a Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the 90% Test described in (a) above if such gains are not directly related to a fund's business of investing in stock or securities. Accordingly, regulations may be issued in the future that could treat some or all of a Fund's non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing a Currency Strategy Fund's status as a RIC for all years to which the regulations are applicable.

The Internal Revenue Service ("IRS") has issued a revenue ruling which concludes that income derived from certain commodity-linked swaps is not qualifying income under Subchapter M of the Code. In a subsequent revenue ruling the IRS provided that income from certain alternative investments that create commodity exposure, such as certain commodity index-linked structured notes, may be considered qualifying income under Subchapter M of the Code. The Subsidiary Strategy Funds, however, will directly invest in certain commodity-linked notes only to the extent it obtains an opinion of counsel confirming that income from such investments should be qualifying income.

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In addition, a RIC may gain exposure to commodities through investment in a qualified publicly traded partnership, such as an ETF that is classified as a partnership or trust and which invests in commodities, or through investment in a wholly-owned subsidiary that is treated as a controlled foreign corporation for federal income tax purposes, such as a WisdomTree Subsidiary. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Subsidiary Strategy Funds attributable to each Fund's investment in its WisdomTree Subsidiary is "qualifying income" to such Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies and, as a result, the Subsidiary Strategy Funds each expect its "Subpart F" income attributable to its investment in its WisdomTree Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor each Subsidiary Strategy Fund's investments in its WisdomTree Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its WisdomTree Subsidiary. Accordingly, the extent to which an Subsidiary Strategy Funds invest in commodities or commodity-linked derivatives directly or through its WisdomTree Subsidiary may be limited by the 90% Test, which each Fund must continue to satisfy to maintain its status as a RIC. As such, an Subsidiary Strategy Fund may cease to qualify as a RIC or could be required to reduce its exposure to such investments which may result in difficulty in implementing the Fund's respective investment strategies.

***Taxation of the Funds.*** If a Fund qualifies for treatment as a RIC, that Fund will not be subject to federal income tax on income and gains that are distributed in a timely manner to its shareholders in the form of dividends.

If, for any taxable year, a Fund were to fail to qualify as a RIC or were to fail to meet the distribution requirement described above, it would be taxed in the same manner as an ordinary corporation and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In addition, the Fund's distributions, to the extent derived from the Fund's current and accumulated earnings and profits, including any distributions of net long-term capital gains, would be taxable to shareholders as dividend income for federal income tax purposes. However, such dividends would be eligible, subject to any generally applicable limitations, (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends received deduction in the case of corporate shareholders. Moreover, the Fund would be required to pay out its earnings and profits accumulated in that year in order to qualify for treatment as a RIC in a subsequent year. Under certain circumstances, a Fund may be able to cure a failure to qualify as a RIC, but in order to do so the Fund may incur significant Fund-level taxes and may be forced to dispose of certain assets. If a Fund failed to qualify as a RIC for a period greater than two taxable years, the Fund would generally be required to recognize any net built-in gains with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year.

Each Fund intends to distribute at least annually to its shareholders substantially all of its investment company taxable income (computed without regard to the dividends paid deduction) and its net capital gain (the excess of the Fund's net long-term capital gain over its net short-term capital loss). Investment income that is retained by a Fund will generally be subject to tax at the regular 21% corporate rate. If a Fund retains any net capital gain, that gain will be subject to tax at the 21% corporate rate, but the Fund may designate the retained amount as undistributed capital gains in a notice to its shareholders who (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, (ii) will be deemed to have paid their proportionate shares of the tax paid by the Fund on such undistributed amount against their federal income tax liabilities, if any, and (iii) will be entitled to claim refunds on a properly filed U.S. tax returns to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of shares owned by a shareholder of that Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income and the tax deemed paid by the shareholder.

If a Fund fails to distribute in a calendar year an amount at least equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any retained amount from the prior year, the Fund will be subject to a non-deductible 4% excise tax on the undistributed amount. For these purposes, a Fund will be treated as having distributed any amount on which it has been subject to corporate income tax for the taxable year ending within the calendar year. Each Fund intends to declare and pay dividends and distributions in the amounts and at the times necessary to avoid the application of the 4% excise tax, although there can be no assurance that it will be able to do so. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, the Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements.

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A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining such Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, and certain other late-year losses.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. If a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

***Fund Distributions.*** Distributions are generally taxable whether shareholders receive them in cash or reinvest them in additional shares. Moreover, distributions on a Fund's shares are generally subject to federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Investors may therefore wish to avoid purchasing shares at a time when a Fund's NAV reflects gains that are either unrealized, or realized but not distributed. Realized income and gains must generally be distributed even when a Fund's NAV also reflects unrealized losses.

Dividends and other distributions by a Fund are generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, if any dividend or distribution is declared by a Fund in October, November, or December of any calendar year and payable to its shareholders of record on a specified date in such a month but is actually paid during the following January, such dividend or distribution will be deemed to have been received by each shareholder on December 31 of the year in which the dividend was declared.

Distributions by the Funds of net short-term capital gains are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund owned the assets that generated those gains, rather than how long a shareholder has owned his or her Fund shares. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions from a Fund's net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains. For individuals, long-term capital gains are subject to tax at reduced maximum tax rates. Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.

For non-corporate shareholders, distributions of investment income reported by a Fund as derived from "qualified dividend income" will be taxed at the rates applicable to long-term capital gain, provided holding period and other requirements are met at both the shareholder and Fund level. In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income," the Fund making the distribution must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund's shares. A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before the ex-dividend date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the United States) or (b) treated as a PFIC.

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Dividends received by a Fund from an underlying fund taxable as a RIC or from a REIT may be treated as qualified dividend income generally only to the extent so reported by such underlying fund or REIT, however, dividends received by a Fund from a REIT are generally not treated as qualified dividend income. The investment strategies of certain Funds may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

In general, distributions of investment income reported by a Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares. If the aggregate qualified dividend income received by a Fund during any taxable year represents 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than Capital Gain Dividends) will be eligible to be reported as qualified dividend income.

Certain dividends received by a Fund on stock of U.S. corporations (generally, dividends received by a Fund in respect of any share of stock (1) as to which the Fund has met certain holding period requirements and (2) that is held in an unleveraged position) may be eligible for the dividends received deduction generally available to corporate shareholders under the Code, provided such dividends also are appropriately reported as eligible for the dividends received deduction by a Fund. In order to qualify for the dividends received deduction, corporate shareholders must also meet minimum holding period requirements with respect to their Fund shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Fund shares. The investment strategies of certain Funds, particularly the Fixed Income Funds, may significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

To the extent a Fund invests in municipal securities that are exempt from U.S. federal income tax, the Fund may designate certain dividends as exempt-interest dividends to the extent of the Fund's tax-exempt interest income. A Fund will only be eligible to pay exempt-interest dividends if at the close of each quarter of the Fund's taxable year at least 50% of the Fund's total assets consist of securities exempt from U.S. federal income tax. Exempt-interest dividends distributed to shareholders of the Fund are excluded from gross income for U.S. federal income tax purposes. However, such exempt-interest dividends may be subject to the alternative minimum tax. Furthermore, a portion of any exempt-interest dividend paid by a Fund that represents income derived from certain revenue bonds or private activity bonds held by such Fund may not retain its tax-exempt status in the hands of a shareholder who is a "substantial user" of a facility financed by such bonds, or a "related person" thereof. Moreover, some or all of the exempt-interest dividends distributed by a Fund may be a specific preference item, or a component of an adjustment item, for purposes of the federal individual alternative minimum tax applicable to non-corporate shareholders. Interest paid on a municipal bond issued to advance or refund another municipal bond is subject to federal income tax. In addition, the receipt of dividends and distributions from a Fund may affect a the federal "branch profits" tax liability of a foreign corporate shareholder and the federal "excess net passive income" tax liability of a shareholder of an S corporation. The IRS may challenge the tax-exempt status of municipal bonds held by municipal bond investments. If the IRS were successful in its challenge, shareholders may be liable for taxes on past and future distributions received with respect to such bonds. Exempt-interest dividends, if any, received by a Fund as a result of an investment in another RIC will not be passed through to a shareholder unless the Fund qualifies as a "qualified fund-of-funds" under the Code. A Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs. If a Fund is a "qualified fund-of-funds" it will be eligible to distribute exempt-interest dividends without regard to whether 50% of the Fund's total asset consist of securities exempt from U.S. federal income tax and thereby pass through to its shareholders the tax-exempt character of interest on tax-exempt obligations and exempt-interest dividends it receives from underlying funds.

To the extent that a Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

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Dividends and distributions from a Fund and capital gain on the sale of Fund shares are generally taken into account in determining a shareholder's "net investment income" for purposes of the net investment income tax applicable to certain individuals, estates and trusts.

If a Fund makes distributions in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution to each shareholder will be treated as a return of capital to the extent of the shareholder's tax basis in its shares, and will reduce the shareholder's tax basis in its shares. After the shareholder's basis has been reduced to zero, any such distributions will result in a capital gain, assuming the shareholder holds his or her shares as capital assets. A reduction in a shareholder's tax basis in its shares, will reduce any loss or increase any gain on a subsequent taxable disposition by the shareholder of its shares.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. However, such holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

***Sale or Exchange of Shares.*** A sale or exchange of shares in a Fund may give rise to a gain or loss. For tax purposes, an exchange of a shareholder's Fund shares for shares of a different fund is the same as a sale. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months and the shares are held as a capital asset. Otherwise, the gain or loss on the taxable disposition of shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of shares will be disallowed if substantially identical shares of a Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

***Backup Withholding.*** The Funds (or financial intermediaries, such as brokers, through which a shareholder holds Fund shares) generally are required to withhold and to remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify that he, she, or it is not subject to such withholding. The backup withholding tax rate is 24%. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

***Federal Tax Treatment of Certain Fund Investments.*** Transactions of the Funds in options, futures contracts, hedging transactions, forward contracts, swap agreements, straddles, and foreign currencies may be subject to various special and complex tax rules, including mark-to-market, constructive-sale, straddle, wash-sale, and short-sale rules. These rules could affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gain, accelerate the recognition of income to a Fund, or defer a Fund's ability to recognize losses. These rules may in turn affect the amount, timing, or character of the income distributed to shareholders by a Fund and may require a Fund to sell securities to mitigate the effect of these rules and prevent disqualification of a Fund as a RIC at a time when the Adviser might not otherwise have chosen to do so.

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Certain derivative investments by the Funds, such as exchange-traded products and OTC derivatives, may not produce qualifying income for purposes of the 90% Test described above, which must be met in order for each Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the Asset Test described above. Each Fund intends to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that it is adequately diversified under the Asset Test. The Funds, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with a Fund's determination under the Asset Test with respect to such derivatives. Failure of the Asset Test might also result from a determination by the IRS that financial instruments in which a Fund invests are not securities.

A Fund is required, for federal income tax purposes, to mark to market and recognize as income for each taxable year its net unrealized gains and losses as of the end of such year on certain regulated futures contracts, foreign currency contracts and options under Code Section 1256 ("Section 1256 Contracts") in addition to the gains and losses actually realized with respect to such contracts during the year. Except as described below under "Certain Foreign Currency Tax Issues," gain or loss from Section 1256 Contracts that are required to be marked to market annually will generally be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. To the extent a Fund invests in Section 1256 Contracts in a CFC (defined below), the 60% long-term and 40% short-term capital gain or loss character of such investments will not pass through to the Fund and accordingly will not pass through to shareholders of the Fund.

If a Fund invests in certain positions, such as zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which will generally be prior to the receipt of the corresponding cash payments. However, a Fund must distribute, at least annually, all or substantially all of its net investment income, including such accrued income, to avoid U.S. federal income and excise taxes. Therefore, a Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash or may have to leverage itself by borrowing cash to satisfy distribution requirements.

A Fund may acquire market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption value (or its adjusted issue price if it is also an original issue discount bond). If a Fund invests in a market discount bond, it will be required to treat any gain recognized on the disposition of such market discount bond as ordinary income (instead of capital gain) to the extent of the accrued market discount, unless the Fund elects to include the market discount in income as it accrues as discussed above.

A Fund may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be original interest discount, which is taxable as ordinary income and is required to be distributed, even though the Fund will not receive the principal, including any increase thereto, until maturity. As noted above, if a Fund invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Fund level.

***Federal Tax Treatment of Option Investments.*** A Fund may write put options on "broad based" securities indices that are classified as "non-equity options" under section 1256 of the Code. Gains and losses resulting from the expiration, exercise, or closing of such non-equity options are treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss (hereinafter, "blended gain or loss"). In addition, any non-equity option issued by a Fund will be treated as sold for market value on the last day of the Fund's fiscal year, and gain or loss recognized as a result of such deemed sale will be blended gain or loss; however, there are no assurances that the IRS will agree with the Fund's position regarding the applicability of the mark-to-market rules to such put options. These rules may operate to accelerate the amount that a Fund must distribute to satisfy its distribution requirement (*i.e.*, with respect to the portion treated as short-term capital gain, which will be includible in investment company taxable income and thus taxable to its shareholders as ordinary income when distributed to them), and to increase the net capital gain the Fund recognizes, even though the Fund may not have closed the transactions and received cash to pay the distributions.

To the extent a Fund writes options that are not subject to the rules of section 1256 of the Code, the amount of the premium received by the Fund for writing such options will be entirely short-term capital gain to the Fund. In addition, if such an option is closed by a Fund, any gain or loss realized by the Fund as a result of closing the transaction will also be short-term capital gain or loss. If the holder of a put option exercises the holder's right under the option, any gain or loss realized by a Fund upon the sale of the underlying security pursuant to such exercise will be short-term or long-term capital gain or loss to the Fund depending on the Fund's holding period for the underlying security.

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The trading strategies of the Funds may involve non-equity options on stock indices which may constitute "straddle" transactions. In general, straddles are subject to certain rules that may affect the amount, character, and timing of a Fund's gains and losses with respect to the straddle positions by requiring, among other things, that (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other positions in the straddle, (2) the Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term rather than long-term capital gain), (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and are non-Section 1256 Contracts be treated as 60% long-term and 40% short-term capital loss, (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as long-term capital losses, and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred. Various elections are available to a Fund, which may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.

A Fund may have available a number of elections under the Code concerning the treatment of straddles for tax purposes. Taxation of these transactions will vary according to the elections made by the Fund. These tax considerations may have an impact on investment decisions made by the Fund. In general, the straddle rules described above do not apply to any straddles held by the Fund if all of the offsetting positions consist of Section 1256 Contracts.

The straddle rules described above also do not apply if all the offsetting positions making up a straddle consist of one or more "qualified covered call options" and the stock to be purchased under the options and the straddle is not part of a larger straddle. A qualified covered call option is generally any option granted by a Fund to purchase stock it holds (or stock it acquires in connection with granting the option) if, among other things, (1) the option is traded on a national securities exchange that is registered with the SEC or other market the IRS determined has rules adequate to carry out the purposes of the applicable Code provision, (2) the option is granted more than 30 days before it expires, (3) the option is not a "deep-in-the-money option," (4) such option is not granted by an options dealer in connection with the dealer's activity of dealing in options, and (5) gain or loss with respect to the option is not ordinary income or loss. In addition, the straddle rules could cause distributions from the Fund that would otherwise constitute "qualified dividend income" or qualify for the dividends received deduction to fail to satisfy the applicable holding period requirements.

***Federal Tax Treatment of Private Credit and Alternative Income Fund's Investments.*** The Private Credit and Alternative Income Fund will invest in U.S. REITs. Investments in REIT equity securities may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. The Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to the Fund's shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which such Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

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U.S. REITs in which the Private Credit and Alternative Income Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, the Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Fund (or financial intermediaries, such as brokers, through which a shareholder holds Fund shares) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

***Certain Foreign Currency Tax Issues.*** The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the 90% Test described above if such gains are not directly related to a Fund's business of investing in stock or securities. Accordingly, regulations may be issued in the future that could treat some or all of the Fund's non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Fund's status as a RIC for all years to which the regulations are applicable.

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such expenses or liabilities generally are treated as ordinary income or loss. Similarly, on disposition of debt securities denominated in a foreign currency and on disposition of certain other instruments, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the security or contract and the date of disposition also are treated as ordinary gain or loss. The gains and losses may increase or decrease the amount of the Fund's income to be distributed to its shareholders as ordinary income.

A Fund's gain or loss on foreign currency denominated debt securities and on certain other financial instruments, such as forward currency contracts and currency swaps, that is attributable to fluctuations in exchange rates occurring between the date of acquisition and the date of settlement or disposition of such securities or instruments generally will be treated under Section 988 of the Code as ordinary income or loss. A Fund may elect out of the application of Section 988 of the Code with respect to the tax treatment of each of its foreign currency forward contracts to the extent that (i) such contract is a capital asset in the hands of the Fund and is not part of a straddle transaction and (ii) the Fund makes an election by the close of the day the contract is entered into to treat the gain or loss attributable to such contract as capital gain or loss.

To the extent a Fund invests in forward contracts, the Fund's forward contracts may qualify as Section 1256 Contracts (as defined above) if the underlying currencies are currencies for which there are futures contracts that are traded on and subject to the rules of a qualified board or exchange. However, a forward currency contract that is a Section 1256 Contract would, absent an election out of Section 988 of the Code as described in the preceding paragraph, be subject to Section 988. Accordingly, although such a forward currency contract would be marked to market annually like other Section 1256 Contracts, the resulting gain or loss would be ordinary. If a Fund were to elect out of Section 988 with respect to forward currency contracts that qualify as Section 1256 Contracts, the tax treatment generally applicable to Section 1256 Contracts would apply to those forward currency contracts; that is, the contracts would be marked to market annually and gains and losses with respect to the contracts would be treated as long-term capital gains or losses to the extent of 60% thereof and short-term capital gains or losses to the extent of 40% thereof. If a Fund were to elect out of Section 988 with respect to any of its forward currency contracts that do not qualify as Section 1256 Contracts, such contracts would not be marked to market annually and the Fund would recognize short-term or long-term capital gain or loss depending on the Fund's holding period therein. A Fund may elect out of Section 988 with respect to some, all, or none of its forward currency contracts.

Finally, regulated futures contracts and non-equity options that qualify as Section 1256 Contracts and are entered into by a Fund with respect to foreign currencies or foreign currency denominated debt instruments will be subject to the tax treatment generally applicable to Section 1256 Contracts unless the Fund elects to have Section 988 apply to determine the character of gains and losses from all such regulated futures contracts and non-equity options held or later acquired by the Fund.

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***Foreign Investments.*** Income received by a Fund from sources within foreign countries (including, for example, dividends or interest on stock or securities of non-U.S. issuers) may be subject to withholding and other taxes imposed by such countries. Tax treaties between such countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of a Fund's assets at the close of any taxable year consists of stock or securities of foreign corporations, which for this purpose may include obligations of foreign governmental issuers, the Fund may elect, for U.S. federal income tax purposes, to treat any foreign income or withholding taxes paid by the Fund as paid by its shareholders. For any year that a Fund is eligible for and makes such an election, each shareholder of that Fund will be required to include in income an amount equal to his or her allocable share of qualified foreign income taxes paid by the Fund, and shareholders will be entitled, subject to certain holding period requirements and other limitations, to credit their portions of these amounts against their U.S. federal income tax due, if any, or to deduct their portions from their U.S. taxable income, if any. No deductions for foreign taxes paid by a Fund may be claimed, however, by non-corporate shareholders who do not itemize deductions. No deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. Foreign taxes paid by a Fund will reduce the return from the Fund's investments. Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC will not be passed through to a shareholder unless a Fund qualifies as a "qualified fund-of-funds" under the Code. If a Fund is a "qualified fund-of-funds" it will be eligible to file an election with the IRS that will enable a Fund to pass along these foreign tax credits to its shareholders. A Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

If a Fund holds shares in a "passive foreign investment company" ("PFIC"), it may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains.

A Fund may be eligible to treat a PFIC as a "qualified electing fund" ("QEF") under the Code in which case, in lieu of the foregoing requirements, such Fund will be required to include in income each year a portion of the ordinary earnings and net capital gains of the QEF, even if not distributed to the Fund, and such amounts will be subject to the 90% and excise tax distribution requirements described above. Such amounts included in income each year by a Fund will be "qualifying income", even if not distributed to the Fund, to the extent such income is derived with respect to such Fund's business of investing in stock, securities or currencies. In order to make the QEF election, a Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Alternatively, a Fund may make a mark-to-market election that will result in such Fund being treated as if it had sold and repurchased its PFIC stock at the end of each year. In such case, the Fund would report any gains resulting from such deemed sales as ordinary income and would deduct any losses resulting from such deemed sales as ordinary losses to the extent of previously recognized gains. The election must be made separately for each PFIC owned by the Fund and, once made, is effective for all subsequent taxable years, unless revoked with the consent of IRS. By making the election, a Fund could potentially ameliorate the adverse tax consequences with respect to its ownership of shares in a PFIC, but in any particular year may be required to recognize income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock. A Fund may have to distribute this excess income to satisfy the 90% distribution requirement and to avoid imposition of the 4% excise tax. In order to distribute this income and avoid a tax at the Fund level, a Fund might be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss.

The Subsidiary Strategy Funds each intend to invest up to 25% of its assets in its WisdomTree Subsidiary, which is intended to provide such Funds with exposure to the commodity and currency markets within the limitations of the federal tax requirement under Subchapter M of the Code.

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Each WisdomTree Subsidiary is classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as a WisdomTree Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. It is expected that each WisdomTree Subsidiary will conduct its activities in a manner so as to meet the requirements of a safe harbor under Section 864(b)(2) of the Code (the "Safe Harbor") pursuant to which the WisdomTree Subsidiary, provided it is not a dealer in stocks, securities or commodities, may engage in the following activities without being deemed to be engaged in a U.S. trade or business: (1) trading in stocks or securities (including contracts or options to buy or sell securities) for its own account; and (2) trading, for its own account, in commodities that are "of a kind customarily dealt in on an organized commodity exchange" if the transaction is of a kind customarily consummated at such place. Thus, each WisdomTree Subsidiary's securities and commodities trading activities are not expected to constitute a U.S. trade or business. However, if certain of a WisdomTree Subsidiary's activities were determined not to be of the type described in the Safe Harbor or if the WisdomTree Subsidiary's gains were attributable to investments in securities that constitute U.S. real property interests (which is not expected), then the activities of the WisdomTree Subsidiary may constitute a U.S. trade or business, or be taxed as such.

In general, a foreign corporation that does not conduct a U.S. trade or business is nonetheless subject to tax at a flat rate of 30%, generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively connected with a U.S. trade or business. Income subject to such a flat tax includes dividends and certain interest income from U.S. sources.

A U.S. person that owns (directly, indirectly or constructively) 10% or more of the total combined voting power of all classes of stock or 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the Controlled Foreign Corporation ("CFC") provisions of the Code. A foreign corporation is a CFC if, on any day of its taxable year, more than 50% of the voting power or value of its stock is owned (directly, indirectly or constructively) by "U.S. Shareholders." If a Fund is a "U.S. Shareholder" of a CFC, the Fund will be required to include in its gross income for United States federal income tax purposes the CFCs "subpart F income" (described below), whether or not such income is distributed by the CFC. The Funds expect that each WisdomTree Subsidiary will be treated as a CFC and that, under the CFC rules, a Fund invested therein will be treated as a "United States shareholder" of the WisdomTree Subsidiary. As a "United States shareholder" of a WisdomTree Subsidiary, each of the Subsidiary Strategy Funds will be required to include in its gross income its WisdomTree Subsidiary's "Subpart F income" (described below) and any global intangible low-taxed income ("GILTI") for the CFC's taxable year ending within the Fund's taxable year regardless of whether corresponding cash amounts are distributed to the Fund in a given year. "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives. "Subpart F income" also includes the excess of gains over losses from transactions (including futures, forward and similar transactions) in any commodities. A Fund's recognition of "subpart F income" will increase a Fund's tax basis in the CFC. Distributions by a CFC to a Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Fund's tax basis in the CFC. "Subpart F income" is generally treated as ordinary income, regardless of the character of the CFC's underlying income. The "Subpart F income" of each Fund attributable to its investment in a CFC is "qualifying income" to such Fund to the extent that such income is derived with respect to such Fund's business of investing in stock, securities or currencies. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to a Fund and thus will not be available to offset income or capital gain generated from a Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent a Fund invests in a WisdomTree Subsidiary and recognizes "Subpart F" income or GILTI in excess of actual cash distributions from the WisdomTree Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

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A Fund's recognition of any "Subpart F" income or GILTI from an investment in a WisdomTree Subsidiary will increase the Fund's tax basis in the WisdomTree Subsidiary. Distributions by a WisdomTree Subsidiary to a Fund, including in redemption of the WisdomTree Subsidiary's shares, will be tax free, to the extent of the WisdomTree Subsidiary's previously undistributed "Subpart F" income or GILTI, and will correspondingly reduce the Fund's tax basis in the WisdomTree Subsidiary, and any distributions in excess of the Fund's tax basis in the WisdomTree Subsidiary will be treated as realized gain. Any losses with respect to a Fund's shares of a WisdomTree Subsidiary will not be currently recognized. A Fund's investment in a WisdomTree Subsidiary will potentially have the effect of accelerating the Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of the WisdomTree Subsidiary's income. If a net loss is realized by a WisdomTree Subsidiary, such loss is generally not available to offset the income earned by a Fund. In addition, the net losses incurred during a taxable year by a WisdomTree Subsidiary cannot be carried forward by the WisdomTree Subsidiary to offset gains realized by it in subsequent taxable years. A Fund will not receive any credit in respect of any non-U.S. tax borne by a WisdomTree Subsidiary.

A Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

***Non-U.S. Shareholders.*** In general, dividends other than Capital Gain Dividends paid by a Fund to a shareholder that is not a "U.S. person" within the meaning of the Code are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) on distributions derived from taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest related dividend" or a "short term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax.

A beneficial holder of shares who is a non-U.S. person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a U.S. income tax deduction for losses) realized on a sale of shares of a Fund or on Capital Gain Dividends unless (i) such gain or dividend is effectively connected with the conduct of a trade or business carried on by such holder within the United States or (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the Capital Gain Dividend and certain other conditions are met.

Unless certain non-U.S. entities that hold Fund shares comply with IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to Fund distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

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Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders may also fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

In order for a non-U.S. investor to qualify for an exemption from backup withholding, described above, the non-U.S. investor must comply with special certification and filing requirements. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

A beneficial holder of shares who is a non-U.S. person may be subject to state and local tax and to the U.S. federal estate tax in addition to the federal income tax consequences referred to above. If a shareholder is eligible for the benefits of a tax treaty, any income or gain effectively connected with a U.S. trade or business will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States.

***Creation and Redemption of Creation Unit Aggregations.*** An Authorized Participant having the U.S. dollar as its functional currency for U.S. federal income tax purposes that exchanges securities for Creation Unit Aggregations generally will recognize a gain or loss equal to the difference between (i) the sum of the market value of the Creation Unit Aggregations at the time of the exchange and any cash received by the Authorized Participant in the exchange and (ii) the sum of the exchanger's aggregate basis in the securities or non-U.S. currency surrendered and any cash paid for such Creation Unit Aggregations. All or a portion of any gain or loss recognized by an Authorized Participant exchanging a currency other than its functional currency for Creation Unit Aggregations may be treated as ordinary income or loss. A person who redeems Creation Unit Aggregations will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Unit Aggregations and the sum of the aggregate U.S. dollar market value of any securities or non-U.S. currency received plus the amount of any cash received for such Creation Unit Aggregations. The IRS, however, may assert that a loss that is realized by an Authorized Participant upon an exchange of securities or non-U.S. currency for Creation Unit Aggregations may not be currently deducted, under the rules governing "wash sales" (for an Authorized Participant that does not mark-to-market its holdings), or on the basis that there has been no significant change in economic position. All or some portion of any capital gain or loss realized upon the creation of Creation Unit Aggregations in exchange for securities will generally be treated as long-term capital gain or loss if securities exchanged for such Creation Unit Aggregations have been held for more than one year.

A person subject to U.S. federal income tax with the U.S. dollar as its functional currency for U.S. federal income tax purposes who receives non-U.S. currency upon a redemption of Creation Unit Aggregations and does not immediately convert the non-U.S. currency into U.S. dollars may, upon a later conversion of the non-U.S. currency into U.S. dollars, or upon the use of the non-U.S. currency to pay expenses or acquire assets, recognize as ordinary gains or losses any gains or losses resulting from fluctuations in the value of the non-U.S. currency relative to the U.S. dollar since the date of the redemption.

Persons exchanging securities or non-U.S. currency for Creation Unit Aggregations should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rules apply and when a loss might be deductible.

***Section 351.*** The Trust, on behalf of each Fund, has the right to reject an order for Creation Unit Aggregations if the purchaser (or any group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of a given Fund and if, pursuant to Section 351 of the Code, that Fund would have a basis in the securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If a Fund does issue Creation Unit Aggregations to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Unit Aggregations so ordered, own 80% or more of the outstanding shares, the purchaser (or a group of purchasers) will generally not recognize gain or loss upon the exchange of securities for Creation Unit Aggregations.

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***Certain Reporting Treasury Regulations.*** Under Treasury Regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting Treasury Regulations. The fact that a loss is reportable under these Treasury Regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these Treasury Regulations in light of their individual circumstances.

***Cost Basis Reporting.*** The cost basis of shares acquired by purchase will generally be based on the amount paid for the shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of shares generally determines the amount of the capital gain or loss realized on the sale or exchange of shares. Contact the broker through whom you purchased your shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

***General Considerations.*** The federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisors regarding the specific federal income tax consequences of purchasing, holding, and disposing of shares of the Funds, as well as the effect of state, local, and foreign tax law and any proposed tax law changes.

**DETERMINATION OF NAV**

The NAV of each Fund's shares is calculated each day a Fund is open for business as of the regularly scheduled close of regular trading on the Listing Exchange, normally 4:00 p.m. Eastern Time (the "NAV Calculation Time"). NAV per share is calculated by dividing a Fund's net assets by the number of Fund shares outstanding.

Each Fund's assets are comprised of its portfolio securities and other investments and other assets, including cash and net investment income and realized and unrealized capital gains that have previously been earned but not yet distributed. As a result, when a shareholder purchases shares of a Fund, part of the NAV is often comprised of such income and gains prior to the purchase, which are included in the purchase price paid by the shareholder. Further, any payment of an income dividend or distribution of capital gains will result in a decrease in a Fund's NAV in the amount of the payment of the income dividend or capital gains distribution (*i.e.*, the NAV as of the ex-dividend date, which is the first date following the declaration of a dividend and/or distribution on which the purchaser of shares is not entitled to receive the payment, excludes the amount of the dividend and/or distribution to be paid).

In calculating a Fund's NAV, each Fund generally values: (i) equity securities (including common stocks and preferred stock) traded on any recognized U.S. exchange at the last sale price or official closing price on the exchange or system on which they are principally traded; (ii) unlisted equity securities (including preferred stock) at the last quoted sale price or, if no sale price is available, at the mean between the highest bid and lowest ask price; (iii) fixed-income securities at current market quotations or mean prices obtained from broker-dealers or independent pricing service providers; (iv) foreign equity securities at the last sale price or official closing price on the exchange or system on which they are principally traded or, as determined necessary, at fair value (*i.e.*, a good faith approximation of the value of a security determined based on limited inputs and the consideration of a number of subjective factors) under the circumstances described below; (v) money market funds at their NAV per share; and (vi) derivatives investments at fair value using a variety of information (*e.g.*, futures contracts are generally fair valued based on the last sale price). U.S. fixed income assets may be valued as of the announced closing time for such securities on any day that the Securities Industry and Financial Markets Association announces an early closing time. The values of foreign securities generally are determined at the close of such foreign markets or the NAV Calculation Time, if earlier. Investments quoted in foreign currencies are valued in U.S. dollars at the prevailing currency exchange rates. If a Fund holds securities primarily listed on foreign exchanges that trade on weekends or days when the Fund does not price its shares, the Fund's NAV will reflect the foreign market changes at the next NAV Calculation Time. Similarly, if a Fund holds securities primarily listed on foreign exchanges that are closed while U.S. markets are open, the Fund's NAV will reflect the fair value of those securities as determined by the Valuation Designee (as defined below). In addition, each Fund may invest in affiliated ETFs which are valued at their last sale or official closing price on the exchange on which they are principally traded.

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Pursuant to Board-approved valuation procedures established by the Trust and the Adviser (the "Procedures"), the Board has appointed the Adviser as each Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Adviser has established procedures for its fair valuation of each Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation. As the Valuation Designee, the Adviser is responsible for the establishment and application, in a consistent manner, of appropriate methodologies for determining the fair value of investments, periodically reviewing the selected methodologies used for continuing appropriateness and accuracy, and making any changes or adjustments to the methodologies as appropriate.

Fair value pricing is used by the Valuation Designee when reliable market quotations are not readily available or are not deemed to reflect current market values and when the instrument to be priced is not a security. Fund holdings that may be valued using fair value pricing may include, but are not limited to, foreign securities due to the time difference between the close of the relevant foreign exchanges and the NAV Calculation Time, securities for which there are no current market quotations or whose issuer is in default or bankruptcy, securities subject to corporate actions (such as mergers or reorganizations), securities subject to non-U.S. investment limits or currency controls, and securities affected by "significant events." An example of a significant event is an event occurring after the close of the market in which a security trades but before a Fund's next NAV Calculation Time that may materially affect the value of a Fund's investment (*e.g.*, government action, natural disaster, or significant market fluctuation). When fair value pricing is employed by the Valuation Designee, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities.

The sale price a Fund could receive for a security or other asset may differ from the Fund's valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology. The use of fair valuation in pricing a security involves the consideration of a number of subjective factors and, therefore, is susceptible to the unavoidable risk that the valuation may be higher or lower than the price at which the security might actually trade if a reliable market price were readily available. In addition, particularly for a Fund's foreign securities or asset holdings, the value of the securities or other assets in such Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell a Fund's shares. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund's ability to value its investment may also be impacted by technological issues, pricing methodology issues, and/or errors by pricing services or other third-party service providers.

Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than the NAV of a Fund's shares. No secondary sales will be made to brokers or dealers at a concession by the Distributor or by a Fund. Purchases and sales of shares in the secondary market, which will not involve a Fund, will be subject to customary brokerage commissions and charges. Transactions in Fund shares will be priced at NAV only if you purchase or redeem shares directly from a Fund in Creation Unit Aggregations. Recent information regarding a Fund's NAV, market price, premiums and discounts, and bid/ask spreads is available on the Funds' website at www.wisdomtree.com/investments.

**DIVIDENDS AND DISTRIBUTIONS**

Each of the Fixed Income Funds, the Equity Premium Income Fund, Inflation Plus Fund, and the Private Credit and Alternative Income Fund intends to pay out dividends, if any, on a monthly basis but in any event no less frequently than annually. The Target Range Fund intends to pay out dividends, if any, on a quarterly basis but in any event no less frequently than annually. The Enhanced Commodity Strategy Fund, the Managed Futures Strategy Fund, Efficient Gold Plus Gold Miners Strategy Fund, and Efficient Gold Plus Equity Strategy Fund intends to pay out dividends, if any, twice a year, and at least annually. Each of the Currency Strategy Funds intends to pay out dividends, if any, on an annual basis. Nonetheless, a Fund might not make a dividend payment every month, quarter, or year (as applicable).

Each Fund intends to distribute its net realized capital gains, if any, to investors annually. On occasion, a Fund may be required or determine to make one or more supplemental distributions of its net realized capital gains during the year. Distributions in cash may be reinvested automatically in additional whole shares of a Fund only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing any income and capital gain distributions to you.

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The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

*Equity Premium Income Fund.* The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by the Fund typically varies from period to period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of premium generated from writing Index Options for the applicable month and the accrued interest from the cash collateral account during that period. As a result of such distribution strategy, the Fund's distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Fund shares on which the distribution was received are sold. After a shareholder's basis in the Fund shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's shares of the Fund.

**FINANCIAL STATEMENTS**

The [audited financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001350487/000121465925016126/wtt103125ncsr.htm), including the financial highlights, appearing in the Funds' Annual Financial Statements and Other Information for the fiscal year ended August 31, 2025 and filed electronically with the SEC as part of the Funds' most recent Form N-CSR, are incorporated by reference and made part of this SAI. You may request a copy of the Funds' Annual Financial Statements and Other Information at no charge by calling 866-909-9473 or through the Trust's website at www.wisdomtree.com/investments.

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**APPENDIX A**

**Control Persons and Principal Holders of Shares**

The table below sets forth the name and percentage ownership of each DTC Participant that owned of record 5% or more of the outstanding shares of a Fund as of November 28, 2025:

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| | | |
|:---|:---|:---|
| **Fund** | **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 46.78% |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | &nbsp;&nbsp; National Bank Financial Inc./CDS<br> 130 Adelaide Street, West Suite 1400<br> Toronto, Ontario<br> Canada M5H 3P5 | 13.39% |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 6.48% |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 5.81% |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | &nbsp;&nbsp;BOFA Securities, Inc.<br> 1 Bryant Park<br> New York, NY 10036 | 5.66% |
| WisdomTree Emerging Currency Strategy Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 26.53% |
| WisdomTree Emerging Currency Strategy Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 25.74% |
| WisdomTree Emerging Currency Strategy Fund | &nbsp;&nbsp;The Bank of New York Mellon<br> 240 Greenwich Street, 13th Floor East<br> New York, NY 10286 | 7.16% |
| WisdomTree Emerging Currency Strategy Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 5.52% |
| WisdomTree Emerging Currency Strategy Fund | &nbsp;&nbsp; Jane Street Capital, LLC<br> 250 Vesey Street<br> New York, NY 10281 | 5.45% |
| WisdomTree Emerging Currency Strategy Fund | &nbsp;&nbsp; Goldman Sachs & Co. LLC<br> 200 West Street<br> New York, NY 10001 | 5.10% |
| WisdomTree Emerging Markets Corporate Bond Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 37.68% |
| WisdomTree Emerging Markets Corporate Bond Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 30.44% |
| WisdomTree Emerging Markets Corporate Bond Fund | &nbsp;&nbsp;UBS Financial Services Inc.<br> 1000 Harbor Blvd.<br> Weehawken, NJ 07086 | 12.24% |
| WisdomTree Emerging Markets Corporate Bond Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 5.48% |

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| | | |
|:---|:---|:---|
| **Fund** | **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 21.73% |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;Citibank, N.A.<br> 390 Greenwich Street, 3rd Floor<br> New York, NY 10013 | 16.76% |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;Merrill Lynch, Pierce, Fenner & Smith Inc.<br> One Bryant Park<br> New York, NY 10036 | 10.43% |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 7.79% |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 7.57% |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 7.51% |
| WisdomTree Emerging Markets Local Debt Fund | &nbsp;&nbsp;Wells Fargo Clearing Services, LLC<br> 1 North Jefferson Avenue<br> St. Louis, MO 63103 | 5.36% |
| WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 29.62% |
| WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 13.52% |
| WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 9.04% |
| WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 8.15% |
| WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 6.98% |
| WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;Merrill Lynch, Pierce, Fenner & Smith Inc.<br> One Bryant Park<br> New York, NY 10036 | 5.92% |

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| | | |
|:---|:---|:---|
| <br> **Fund** | **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 20.25% |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | &nbsp;&nbsp;UBS Financial Services Inc.<br> 1000 Harbor Blvd.<br> Weehawken, NJ 07086 | 18.33% |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 18.03% |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 11.94% |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 10.71% |
| WisdomTree Interest Rate Hedged High Yield Bond Fund | &nbsp;&nbsp;American Enterprise Investment Services, Inc.<br> 707 2nd Avenue South<br> Minneapolis, MN 55402 | 6.32% |
| WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 47.26% |
| WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 15.15% |
| WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 8.59% |
| WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | &nbsp;&nbsp;Merrill Lynch, Pierce, Fenner & Smith Inc.<br> One Bryant Park<br> New York, NY 10036 | 5.83% |
| WisdomTree Mortgage Plus Bond Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 47.25% |
| WisdomTree Mortgage Plus Bond Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 20.49% |
| WisdomTree Mortgage Plus Bond Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 12.37% |
| WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 43.00% |
| WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | &nbsp;&nbsp;Merrill Lynch, Pierce, Fenner & Smith Inc.<br> One Bryant Park<br> New York, NY 10036 | 12.93% |
| WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 11.87% |
| WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 10.46% |
| WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | &nbsp;&nbsp; Raymond James & Associates, Inc.<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716 | 5.31% |

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| | | |
|:---|:---|:---|
| <br> **Fund** | **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 44.15% |
| WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 16.57% |
| WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 14.99% |
| WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | &nbsp;&nbsp;BOFA Securities, Inc.<br> 1 Bryant Park<br> New York, NY 10036 | 7.79% |
| WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund | &nbsp;&nbsp;Merrill Lynch, Pierce, Fenner & Smith Inc.<br> One Bryant Park<br> New York, NY 10036 | 6.72% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | &nbsp;&nbsp;The Bank of New York Mellon<br> 240 Greenwich Street, 13th Floor East<br> New York, NY 10286 | 99.63% |
| WisdomTree Bianco Total Return Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 66.01% |
| WisdomTree Bianco Total Return Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 19.64% |
| WisdomTree Bianco Total Return Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 5.17% |
| WisdomTree 1-3 Year Laddered Treasury Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 36.49% |
| WisdomTree 1-3 Year Laddered Treasury Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 29.81% |
| WisdomTree 1-3 Year Laddered Treasury Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 27.08% |
| WisdomTree 7-10 Year Laddered Treasury Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 63.83% |
| WisdomTree 7-10 Year Laddered Treasury Fund | &nbsp;&nbsp;J.P. Morgan Securities LLC/JPMC<br> 383 Madison Ave<br> New York, NY 10179 | 11.44% |
| WisdomTree 7-10 Year Laddered Treasury Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 10.50% |
| WisdomTree 7-10 Year Laddered Treasury Fund | &nbsp;&nbsp;Vanguard Marketing Corporation<br> 100 Vanguard Blvd<br> Frazer, PA 19355 | 5.73% |

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| | | |
|:---|:---|:---|
| <br> **Fund** | <br> **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Core Laddered Municipal Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 56.23% |
| WisdomTree Core Laddered Municipal Fund | &nbsp;&nbsp;BOFA Securities, Inc.<br> 1 Bryant Park<br> New York, NY 10036 | 14.24% |
| WisdomTree Core Laddered Municipal Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 11.58% |
| WisdomTree Core Laddered Municipal Fund | &nbsp;&nbsp;J.P. Morgan Securities LLC/JPMC<br> 383 Madison Ave<br> New York, NY 10179 | 8.66% |
| WisdomTree Core Laddered Municipal Fund | &nbsp;&nbsp; Goldman Sachs & Co. LLC<br> 200 West Street<br> New York, NY 10001 | 8.19% |
| WisdomTree High Income Laddered Municipal Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 48.73% |
| WisdomTree High Income Laddered Municipal Fund | &nbsp;&nbsp;BOFA Securities, Inc.<br> 1 Bryant Park<br> New York, NY 10036 | 16.09% |
| WisdomTree High Income Laddered Municipal Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 14.46% |
| WisdomTree High Income Laddered Municipal Fund | &nbsp;&nbsp;J.P. Morgan Securities LLC/JPMC<br> 383 Madison Ave<br> New York, NY 10179 | 12.54% |
| WisdomTree High Income Laddered Municipal Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 8.08% |
| WisdomTree Equity Premium Income Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 37.26% |
| WisdomTree Equity Premium Income Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 15.09% |
| WisdomTree Equity Premium Income Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 14.89% |
| WisdomTree Equity Premium Income Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 10.59% |
| WisdomTree Equity Premium Income Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 6.22% |

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[**Table of Contents**](#toc2)

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| | | |
|:---|:---|:---|
| <br> **Fund** | <br> **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Enhanced Commodity Strategy Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 28.37% |
| WisdomTree Enhanced Commodity Strategy Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 23.49% |
| WisdomTree Enhanced Commodity Strategy Fund | &nbsp;&nbsp;Wells Fargo Clearing Services, LLC<br> 1 North Jefferson Avenue<br> St. Louis, MO 63103 | 12.53% |
| WisdomTree Enhanced Commodity Strategy Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 11.93% |
| WisdomTree Enhanced Commodity Strategy Fund | &nbsp;&nbsp; RBC Capital Markets, LLC<br> 200 Vesey St.<br> New York, NY 10281 | 8.55% |
| WisdomTree Managed Futures Strategy Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 32.40% |
| WisdomTree Managed Futures Strategy Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 25.89% |
| WisdomTree Managed Futures Strategy Fund | &nbsp;&nbsp;LPL Financial, LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | 9.89% |
| WisdomTree Managed Futures Strategy Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 8.32% |
| WisdomTree Managed Futures Strategy Fund | &nbsp;&nbsp;Wells Fargo Clearing Services, LLC<br> 1 North Jefferson Avenue<br> St. Louis, MO 63103 | 7.54% |
| WisdomTree Managed Futures Strategy Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 6.89% |
| WisdomTree Private Credit and Alternative Income Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 43.22% |
| WisdomTree Private Credit and Alternative Income Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 23.12% |
| WisdomTree Private Credit and Alternative Income Fund | &nbsp;&nbsp;Pershing LLC<br> 760 Moore Road<br> King of Prussia, PA 19406 | 8.12% |
| WisdomTree Private Credit and Alternative Income Fund | &nbsp;&nbsp;Wells Fargo Clearing Services, LLC<br> 1 North Jefferson Avenue<br> St. Louis, MO 63103 | 5.94% |
| WisdomTree Private Credit and Alternative Income Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 5.64% |

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[**Table of Contents**](#toc2)

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| | | |
|:---|:---|:---|
| <br> **Fund** | <br> **Participant Name and Address** | **Percentage of Ownership** |
| WisdomTree Target Range Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 91.90% |
| WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 32.52% |
| WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 28.86% |
| WisdomTree Efficient Gold Plus Equity Strategy Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 43.30% |
| WisdomTree Efficient Gold Plus Equity Strategy Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 21.69% |
| WisdomTree Efficient Gold Plus Equity Strategy Fund | &nbsp;&nbsp; The Northern Trust Company<br> 50 South La Salle Street<br> Chicago, IL 60603 | 8.84% |
| WisdomTree Efficient Gold Plus Equity Strategy Fund | &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> 522 5th Avenue<br> New York, NY 10036 | 6.63% |
| WisdomTree Inflation Plus Fund | &nbsp;&nbsp;J.P. Morgan Securities LLC/JPMC<br> 383 Madison Ave<br> New York, NY 10179 | 55.07% |
| WisdomTree Inflation Plus Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main St.<br> San Francisco, CA 94105-1905 | 25.79% |
| WisdomTree Inflation Plus Fund | &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4th Floor<br> Jersey City, NJ 07310 | 10.99% |

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WIS-SAI-0831-0126