WisdomTree SMART WISDOMTREE AND SMART WisdomTree and SMART BETA

In the past two decades, exchange-traded funds (ETFs) have exploded onto the investment scene. New ETFs are coming to all the time. And although ETFs still represent a much smaller piece of the investment pie than mutual funds overall, they are growing rapidly. And they are growing at the expense of mutual funds.

In fact, ETFs took in nearly $180 billion in 2013, which represented a 14% organic growth rate for the U.S. ETF industry.1 And many experts, including top-rated financial advisors, believe that ETFs may displace mutual funds within the next 10 to 15 years.2

As of the most recent quarter, there are more than 1,400 ETFs trading in the U.S. marketplace, targeting a wide array of regions, sectors, commodities, bonds, futures and other asset classes. Their numerous benefits—including easy diversification, low cost3, tax efficiency and the convenience of trading flexibility—have helped this newer type of investment to flourish. And there are many other drivers that will likely help this industry continue to grow over the coming years. Of course, diversification does not eliminate the risk of experiencing investment losses.

One of these drivers is the continued growth and acceptance of what has come to be known as “smart beta” ETFs. What is smart beta? Before we get into this, let’s briefly review a bit of ETF—and theory—history.

01 BETA BETA4 AND THE “EFFICIENT MARKET”

The very first ETFs—and the majority of those that This approach is supported by what is known as the followed—were based on - Efficient Market Hypothesis, a widely accepted theory weighted indexes. You may be wondering why. that claims the market price of any is always Consider that the measurement of the volatility5 of the best unbiased estimate of a firm’s true underlying an investment compared to the market is known as value (i.e., its “fundamental value”) and that no other “beta.” These ETFs mirror these indexes in an effort information that can be easily obtained will give a to help provide with a portfolio that seeks to better estimate of the stock’s fundamental value. deliver the same risk, and moves in the same way, as the Taken a step further, this theory implies that market; thus the term “beta” has become synonymous capitalization-weighted indexes deliver the highest with broad market representation. expected returns given any level of risk and the lowest But if you want to understand why these indexes are possible risk for any given return—making them market capitalization weighted, we need to go a bit “mean variance efficient,” which would mean that further. Market capitalization-weighted indexes, the they offer the optimal risk/return ratio regardless of bulk of indexes in existence today, weight individual an ’s risk tolerance. So, if the Efficient Market components by their capitalization (price Hypothesis holds, any portfolio that does not weight per share times ). individual by market capitalization will not be mean-variance efficient and therefore will not offer these desirable risk/return characteristics.

But what if markets are not always efficient?

1 Source: Bloomberg, WisdomTree. 2 Source: John Spence, “Can ETFs Ever Top Assets?” ETF Trends, 11/27/12. 3 Ordinary brokerage commissions apply. 4 Beta: Measure of the of an index or investment relative to a benchmark. A reading of 1.00 indicates that the investment has moved in lockstep with the benchmark; a reading of -1.00 indicates that the investment has moved in the exact opposite direction of the benchmark. 5 Volatility: A measure of the dispersion of actual returns around a particular average level.

02 WisdomTree and SMART BETA

Who is WISDOMTREE?

WisdomTree launched its first ETFs in June of 2006, and is currently the industry’s fifth largest ETF provider.* WisdomTree ETFs span asset classes and countries around the world. Categories include: U.S. and International Equity, , and Alternatives. WisdomTree pioneered the concept of fundamentally weighted ETFs and active ETFs and is currently an industry leader in both categories. WisdomTree is the only publicly traded asset manager exclusively focused on the ETF industry.

WisdomTree is listed on the NASDAQ Global Market under the ticker: WETF.

*As of June, 2014. THE NOISY MARKET HYPOTHESIS

While the Efficient Market Hypothesis Conventional wisdom has reasons. Consequently, the prices has had tremendous influence in the recognized that prices of speculative realized on these trades are often not finance profession, it is just one of assets, such as equities, experience representative of the best, unbiased several theories that seek to explain periods of irrational bubbles and estimate of the fundamental value of broad movements in stock prices. frenzies—as evidenced by the the shares. As with all theories, it is subject to Information Technology sector in the Performance is now bearing out challenge. There is persuasive evidence United States during the late 1990s— the idea that market capitalization that markets are not always efficient that can cause their prices to deviate weighting may not be the best method and that stock prices can deviate from widely from their fair value. Consider of indexing. According to Cass their fundamental values for many that, if traders such as Consulting, a research-led consultancy reasons. WisdomTree believes that traders6 speculate on the basis of past service provided by Cass Business stock price movements are better price movements or are motivated by School, returns of traditional, market explained by a different hypothesis— “noise” such as rumors or incomplete capitalization-weighted indexes lagged the Noisy Market Hypothesis—a or inaccurate information, the prices various fundamentally weighted—or term coined by Professor Jeremy of individual stocks will not always be smart beta—indexes by as much as 2% Siegel, Senior Investment Strategy efficient. Furthermore, investors and per year from 1969–2011.7 So, although Advisor to WisdomTree and Russell institutions often buy or sell shares the majority of ETF assets in the market E. Palmer Professor of Finance at for reasons unrelated to the valuation today track cap-weighted indexes, it The Wharton School of the University of the firm, sometimes for liquidity, may not be surprising that alternative of Pennsylvania. fiduciary, tax—or even emotional— methods are growing in popularity.

SMART BETA DEFINED

Now that we’ve discussed beta and market theory, let’s take a look at “smart beta.” Some define smart beta as simply any type of index that is not market capitalization weighted. In our opinion, the smart beta approaches that are attracting the greatest attention in the world of equity indexing today are as follows:

+ FUNDAMENTALLY WEIGHTED INDEXES: + FACTOR-BASED INDEXES: Components are Components are selected to provide broad exposure selected based on one or more fundamental factors to an equity market based on market capitalization, and are weighted based on one or more fundamental but companies are weighted by a fundamental factor factors. Factor-based Indexes can also be modified such as aggregate or earnings. equal weighted, where stocks are first divided into tiers based on certain factors, and then equal weighted within the tiers. + EQUAL WEIGHT INDEXES: Components are often selected from established indexes like the S&P 5008, but are equally weighted so that all components have + LOW VOLATILITY INDEXES: Components are identical weights when rebalanced. selected because they have exhibited lower volatility than the overall stock market and/or are weighted based on their historic volatility.

ETFs tracking such rules-based, passive indexes have attracted tens of billions of dollars in assets in recent years, helping to legitimize the category of smart beta as a viable alternative to traditional cap-weighted indexes.

04 WisdomTree and SMART BETA

So, put simply, the difference between beta and smart beta may be the idea that smart beta seeks to provide an exposure with the potential to outperform the market—or generate better risk-adjusted returns than the market—rather than merely measure the performance of all investable stocks in an equity market.

THE INTRODUCTION OF SMART BETA

Though many investors may only now be hearing about offer a more objective measure of a company’s health, smart beta indexes and ETFs, they have been around value and profitability than stock price alone. Today, for some time. In fact, WisdomTree was an early pioneer WisdomTree offers investors smart beta ETFs in all in this category, inventing the concept of major equity markets around the world. weighting equity markets. And, in 2006, we launched For these families, we use proprietary weighting one of the first families of alternatively weighted ETFs, methodologies designed to magnify the effect calling them “fundamentally weighted.” From there fundamentals—such as dividends or earnings—have we applied the same methodology to the earnings- on risk and return characteristics. And the proof is in generating segments of the market to expand our the performance. offering. We weighted these first ETFs by dividends or earnings because we believe these fundamentals

WISDOMTREE SMART BETA HAS HISTORICALLY OUTPERFORMED ACTIVE MANAGERS

Since their respective inceptions, the majority of our dividend- and earnings-weighted ETFs providing exposure to the U.S. market have outperformed the majority of active managers in their respective peer groups. Since their respective inceptions, all four of WisdomTree’s core U.S. earnings-weighted ETFs have outperformed their comparable capitalization-weighted benchmarks. Four of WisdomTree’s five U.S. dividend-weighted ETFs—all of which are categorized as “value” by Morningstar outperformed the major cap-weighted “value” benchmark in their asset class since their respective inceptions. How did they do this? By using a rules-based process to select and weight stocks.

6 Momentum traders: Individuals whose buy and sell decisions are influenced more heavily by recent price performance than any other factors; they typically buy after upward movements and sell after downward moves. 7 Andrew Clare, et. al. “An Evaluation of Alternative Equity Indices Part 2: Fundamental Weighting Schemes.” Cass Business School. March 2013. 8 S&P 500 Index: A market capitalization-weighted benchmark of 500 stocks selected by the Standard and Poor’s Index Committee, designed to represent the performance of the leading industries in the United States economy.

05 OUR DOMESTIC FAMILY OF EARNINGS-WEIGHTED INDEXES

+ Includes only profitable companies + Weights stocks by their contribution to the Earnings Stream + Rebalances to relative value on an annual basis

The WisdomTree Earnings Indexes typically weight each stock eligible for inclusion by its share of the Earnings Stream, defined as the sum of aggregate earnings generated by all companies in the respective Index.

10 LARGEST COMPANIES IN THE WISDOMTREE EARNINGS INDEX Ranked by Core Earnings, as of November 30, 2013*

Rank in Index Company Name Company Earnings Stream Percent of Total Earnings (Billions) Stream 1 Apple Inc. $37.04 3.47% 2 Exxon Mobil Corp. $36.07 3.38% 3 JPMorgan Chase & Co. $23.49 2.20% 4 Microsoft Corp. $22.56 2.11% 5 Chevron Corp. $21.30 1.99% 6 Wells Fargo & Co. $20.82 1.95% 7 Berkshire Hathaway B $17.43 1.63% 8 Wal-Mart Stores Inc. $17.19 1.61% 9 Intl Business Machines Corp. $16.11 1.51% 10 General Electric Co. $14.56 1.36%

Top 10 Companies, Total Contributions $226.56 21.21% WisdomTree Earnings Index: Total Earnings Stream $1,068.79 100.00%

Sources: WisdomTree, S&P Holdings subject to change. Company Core Earning Stream=Total Earning over Prior 12 Months of Company in Dollars Percent of Earning Stream=Company Earning/Total Stream of All Companies * The annual screening date for the WisdomTree Domestic Earnings and Dividend Indexes is at the end of November. Core earnings is a standardized calculation of earnings developed by S&P and designed to include expenses, income and activities that reflect the actual profitability of an enterprise’s ongoing operations.

GROWTH OF SMART BETA WILL BE THE GROWTH OF ETFs

While some industry insiders may worry that smart beta may be a fad, investors do not seem to agree. Consider that U.S.-listed ETFs tracking non-market cap-weighted indexes gathered $65 billion, or nearly one-third of new net inflows in 2013.9 And, according to a new study conducted by Cogent Research, a division of Market Strategies International, more than half (53%) of institutional decision makers will increase their use of smart beta ETFs over the next three years—that’s more than any other ETF category, including market cap-weighted ETFs (48%).10 We believe this could make smart beta the largest category of ETFs and the primary driver of ETF growth

9 “What You Need To Know About Strategic Beta”, Blackrock, 01/2014. 10 Marketwired, LP, 12/11/2013.

06 WisdomTree and SMART BETA

OUR DOMESTIC FAMILY OF DIVIDEND-WEIGHTED INDEXES

+ Includes only dividend-paying companies + Weights stocks by their contribution to the Dividend Stream® + Rebalances to relative value on an annual basis

The WisdomTree Dividend Indexes typically weight each stock eligible for inclusion by its share of the Dividend Stream®, defined as the sum of regular cash dividends paid by all the companies in the respective Index.

10 LARGEST COMPANIES IN THE WISDOMTREE DIVIDEND INDEX Ranked by Cash Dividends, as of November 30, 2013*

Rank in Company Name Dividend per Shares Dividend Amount Percent of Total Index Share Outstanding (Billions of USD) Dividend Stream (Billions) 1 Exxon Mobil Corp. $2.52 4.37 $11.01 3.01% 2 Apple Inc. $12.20 0.90 $10.98 3.00% 3 AT&T Inc. $1.80 5.28 $9.50 2.59% 4 Microsoft Corp. $1.12 8.35 $9.35 2.55% 5 Chevron Corp. $4.00 1.92 $7.69 2.10% 6 General Electric Co. $0.76 10.12 $7.69 2.10% 7 Johnson & Johnson $2.64 2.82 $7.45 2.03% 8 Procter & Gamble Co. $2.41 2.72 $6.54 1.79% 9 Pfizer Inc. $0.96 6.62 $6.36 1.73% 10 Wells Fargo & Co. $1.20 5.27 $6.32 1.73%

Top 10 Companies, Total Contributions $82.89 22.63% WisdomTree LargeCap Dividend Index: Total Dividend Stream $366.32 100.00%

Sources: WisdomTree, Bloomberg Holdings subject to change. Dividend Stream=Cash Dividends per Share x Shares Outstanding Percent of Dividend Stream=Company Dividend Stream/Total Stream of All Companies * The annual screening date for the WisdomTree Domestic Earnings and Dividend Indexes is at the end of November.

going forward, perhaps helping to match equity mutual fund assets under management (currently $8.1 trillion)11 in less than the one decade we previously mentioned. And when you consider that, according to Morningstar, ETFs have grown at double the rate of mutual funds since January of 2009, with asset growth of 100% and 50%, respectively, this expectation seems attainable.12

With growth expectations like this, we believe investors should beware of asset managers and investments that may be jumping on the bandwagon, using only smart marketing rather than smarter investment methods.

11 Source: Investment Company Institute, as of 05/31/2014. 12 ”ETF Asset Growth Rate Sprints Ahead of Mutual Funds” from Investors Business Daily, on 10/25/2013.

07 WHEN IT COMES TO IDENTIFYING SMART BETA, WE THINK INVESTORS SHOULD LOOK FOR:

A rules-based, repeatable 01 methodology that offers broad, 04 A proven track record on a total representative exposure to an return and risk-adjusted basis asset class

Alternative weighting methods Regular rebalancing back to a 02 that allow for ample investment 05 measure of relative value capacity

03 High correlations to established benchmarks

CONCLUSION

Investment managers and investors alike are always We believe smart beta approaches like ours may help looking for better ways to invest. Indexing can be advisors and investors to: highly efficient, and ETFs have a number of benefits + Enhance portfolio returns that make them a wise way to invest and have led to their quick adoption and impressive industry growth. + Reduce portfolio risk + Increase dividend income If you can accept that price may not always be the best indicator of value—as history has shown time + Benefit from more complete diversification and again—you can appreciate the potential value + And much more of smart beta indexes such as WisdomTree’s, which rebalance and weight equity markets based on income. At WisdomTree, we do things differently. Our ETFs are WisdomTree’s family of smart beta ETFs has proven built with proprietary methodologies, smart structures itself for more than seven years—which included an or uncommon access to provide investors with the 13 unprecedented market event. potential for income, performance, diversification and more. For more information on WisdomTree ETFs, visit www.wisdomtree.com.

13 Referring to the global financial crisis of 2008 and 2009.

08 WisdomTree and SMART BETA

U.S. DIVIDEND EQUITY FUNDS

PERCENT OF PEERS BEATEN IN RESPECTIVE MORNINGSTAR CATEGORY [ as of September 30, 2014 ]

Fund Inception Morningstar Since Fund Ticker Fund 1-Year 3-Year 5-Year Date Category Inception

DTD WisdomTree Total Dividend Fund 6/16/06 Large Value 73% 36% 92% 73% DTN WisdomTree Dividend ex-Financials Fund 6/16/06 Large Value 84% 30% 99% 94% DLN WisdomTree LargeCap Dividend Fund 6/16/06 Large Value 86% 34% 91% 70% DHS WisdomTree Equity Income Fund 6/16/06 Large Value 66% 20% 95% 39% DON WisdomTree MidCap Dividend Fund 6/16/06 Mid-Cap Value 71% 47% 93% 78% DES WisdomTree SmallCap Dividend Fund 6/16/06 Small Value 55% 61% 84% 51%

NUMBER OF MANAGERS IN EACH RESPECTIVE CATEGORY [ as of September 30, 2014 ]

Morningstar Category 1-Year 3-Year 5-Year Since Fund Inception

Large Value - DTD, DTN, DLN, DHS 1,316 1,133 1,014 802 Mid-Cap Value - DON 455 399 347 274 Small Value - DES 394 350 272 217

AVERAGE ANNUAL RETURNS [ as of September 30, 2014 ]

Domestic Dividend ETFs Fund Information Total Return NAV (%) Market Price (%)

Fund Since Since Exp. Fund Ticker Inception 1-Yr. 3-Yr. 5-Yr. Fund 1-Yr. 3-Yr. 5-Yr. Fund Ratio Date Inception Inception

WisdomTree Total Dividend Fund DTD 0.28% 6/16/06 18.00% 20.82% 15.79% 7.35% 18.19% 20.82% 15.82% 7.34%

Russell 3000 Index 17.76% 23.08% 15.78% 8.03% 17.76% 23.08% 15.78% 8.03%

Russell 3000 Value Index 17.66% 23.67% 15.08% 6.73% 17.66% 23.67% 15.08% 6.73%

WisdomTree LargeCap Dividend Fund DLN 0.28% 6/16/06 18.90% 20.70% 15.65% 7.19% 18.96% 20.66% 15.69% 7.16%

S&P 500 Index 19.73% 22.99% 15.70% 7.91% 19.73% 22.99% 15.70% 7.91%

Russell 1000 Value Index 18.89% 23.93% 15.26% 6.81% 18.89% 23.93% 15.26% 6.81%

WisdomTree MidCap Dividend Fund DON 0.38% 6/16/06 15.47% 22.71% 17.47% 8.79% 15.43% 22.74% 17.47% 8.85%

S&P MidCap 400 Index 11.82% 22.43% 16.37% 9.30% 11.82% 22.43% 16.37% 9.30%

Russell Midcap Value Index 17.46% 24.72% 17.24% 8.53% 17.46% 24.72% 17.24% 8.53%

WisdomTree SmallCap Dividend Fund DES 0.38% 6/16/06 6.61% 21.93% 15.41% 7.04% 6.45% 21.98% 15.39% 7.03%

Russell 2000 Index 3.93% 21.26% 14.29% 7.20% 3.93% 21.26% 14.29% 7.20%

Russell 2000 Value Index 4.13% 20.61% 13.02% 5.88% 4.13% 20.61% 13.02% 5.88%

WisdomTree Equity Income Fund DHS 0.38% 6/16/06 17.60% 19.52% 16.18% 6.05% 17.77% 19.52% 16.22% 6.06%

Russell 1000 Value Index 18.89% 23.93% 15.26% 6.81% 18.89% 23.93% 15.26% 6.81%

WisdomTree Dividend ex-Financials Fund DTN 0.38% 6/16/06 18.72% 20.26% 18.27% 8.55% 18.78% 20.23% 18.27% 8.54%

Dow Jones U.S. Select Dividend Index 15.34% 19.68% 16.81% 6.56% 15.34% 19.68% 16.81% 6.56%

Performance is historical and does not guarantee future results; current performance may be lower or higher than quoted. Investment returns/principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available at wisdomtree.com. WisdomTree shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total returns are calculated using the daily 4:00 p.m. EST (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Source: WisdomTree, Morningstar Direct. To view the performance of our entire family of ETFs, please visit www.wisdomtree.com. WisdomTree and SMART BETA

U.S. EARNINGS EQUITY FUNDS

PERCENT OF PEERS BEATEN IN RESPECTIVE MORNINGSTAR CATEGORY [ as of September 30, 2014 ] Fund Inception Morningstar Since Fund Ticker Fund 1-Year 3-Year 5-Year Date Category Inception EZM WisdomTree MidCap Earnings Fund 2/23/07 Mid-Cap Blend 53% 82% 94% 97%

EES WisdomTree SmallCap Earnings Fund 2/23/07 Small Blend 31% 67% 64% 88% EXT WisdomTree Total Earnings Fund 2/23/07 Large Blend 65% 67% 84% 86% EPS WisdomTree Earnings 500 Fund 2/23/07 Large Blend 85% 64% 78% 78%

NUMBER OF MANAGERS IN EACH RESPECTIVE CATEGORY [ as of September 30, 2014 ]

Morningstar Category 1-Year 3-Year 5-Year Since Fund Inception

Mid-Cap Blend - EZM 404 355 323 240

Small Blend - EES 728 636 580 461 Large Blend - EXT, EPS 1,635 1,398 1,249 1,063

AVERAGE ANNUAL RETURNS [ as of September 30, 2014 ]

Domestic Earnings ETFs Fund Information Total Return NAV (%) Market Price (%)

Fund Exp. Since Fund Since Fund Fund Ticker Inception 1-Yr. 3-Yr. 5-Yr. 1-Yr. 3-Yr. 5-Yr. Ratio Inception Inception Date

WisdomTree Total Earnings Fund EXT 0.28% 2/23/07 18.62% 22.81% 15.71% 6.71% 18.63% 22.81% 15.73% 6.72%

Russell 3000 Index 17.76% 23.08% 15.78% 6.43% 17.76% 23.08% 15.78% 6.43%

WisdomTree Earnings 500 Fund EPS 0.28% 2/23/07 19.87% 22.69% 15.50% 6.41% 19.88% 22.69% 15.54% 6.41%

S&P 500 Index 19.73% 22.99% 15.70% 6.39% 19.73% 22.99% 15.70% 6.39%

WisdomTree MidCap Earnings Fund EZM 0.38% 2/23/07 12.38% 24.75% 18.15% 9.10% 12.40% 24.79% 18.16% 9.11%

S&P MidCap 400 Index 11.82% 22.43% 16.37% 7.79% 11.82% 22.43% 16.37% 7.79%

WisdomTree SmallCap Earnings Fund EES 0.38% 2/23/07 4.09% 22.21% 15.11% 7.01% 3.99% 22.25% 15.08% 6.98%

Russell 2000 Index 3.93% 21.26% 14.29% 5.29% 3.93% 21.26% 14.29% 5.29%

Performance is historical and does not guarantee future results; current performance may be lower or higher than quoted. Investment returns/principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available at wisdomtree.com. WisdomTree shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total returns are calculated using the daily 4:00 p.m. EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Source: WisdomTree, Morningstar Direct.

Investing involves risk including the possible loss of principal. Funds focused on smaller companies generally experience greater price volatility. Carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. Obtain a prospectus, with this and other important information, at wisdomtree.com or call 866.909.WISE (9473). Read it carefully. Dividends are not guaranteed and a company’s future abilities to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. WisdomTree Funds are distributed by Foreside Fund Services, LLC. WisdomTree

WWW.WISDOMTREE.COM 866.909.WISE (9473) SMART Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus containing this and other important information, call 866.909.WISE (9473) or visit wisdomtree.com. Read the prospectus carefully before you invest. There are risks associated with investing, including possible loss of principal. Funds focusing their investments on certain sectors and/or smaller companies increase their vulnerability to any single economic or regulatory development. This may result in greater share price volatility. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile. Dividends are not guaranteed and a company’s future abilities to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. Diversification does not eliminate the risk of experiencing investment losses. ETFs are subject to risk similar to those of stocks including those regarding -selling and account maintenance. You cannot invest directly in an index. 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Trading WisdomTree Funds will generate tax consequences and transaction expenses. Tax consequences regarding dividend distributions may vary by investor. Neither WisdomTree Investments, Inc., nor its affiliates, nor Foreside Fund Services, LLC, and its affiliates provide tax advice. Information provided herein should not be considered tax advice. Investors seeking tax advice should consult an independent BETA tax advisor.

WisdomTree Funds are distributed by Foreside Fund Services, LLC. © 2015 WisdomTree Investments, Inc. “WisdomTree” is a registered mark of WisdomTree Investments, Inc.