Mutual Fund Summary Prospectus (497k)
01 8월 2013 - 5:55AM
Edgar (US Regulatory)
WisdomTree India Earnings Fund – EPI
(NYSE Arca Ticker)
SUMMARY PROSPECTUS – August 1, 2013
Before you
invest in the Fund, as defined below, you may want to review the Fund’s prospectus and statement of additional information (“SAI”), which contain more information about the Fund and the risks of investing in the Fund. The Fund’s
current prospectus and SAI are incorporated by reference into this summary prospectus. You can find the Fund’s prospectus and SAI, as well as other information about the Fund, online at www.wisdomtree.com/prospectus. You may also obtain this
information at no charge by calling
1-866-909-9473
or by sending an e-mail request to getinfo@wisdomtree.com.
Investment Objective
The WisdomTree India Earnings Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree India Earnings Index (the “Index”).
Fees and Expenses of the Fund
The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. The fees are expressed as a percentage of the Fund’s average net assets.
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Shareholder Fees
(fees paid
directly from your investment)
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None
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Annual Fund
Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Management
Fees
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0.83
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%
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Distribution
and/or Service (12b-1) Fees
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None
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Other
Expenses
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0.00
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%
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Total Annual Fund Operating Expenses*
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0.83
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%
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*
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Expense information in the table has been restated to reflect current fees. On August 8, 2012, shareholders of the Fund approved a new Management Fee of 0.83%.
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Example
The
following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to
invest $10,000 in the Fund for the time periods indicated and then redeem all of the shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. This example does
not include the brokerage commissions that retail investors may pay to buy and sell shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$85
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$265
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$460
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$1,025
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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 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 27% 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
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WisdomTree
Trust
Prospectus
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1
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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 95% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in component securities of the Index and investments that have economic characteristics that are substantially
identical to the economic characteristics of such component securities.
The Index is a fundamentally weighted index that is comprised of
companies incorporated and traded in India that are profitable and that are eligible to be purchased by foreign investors as of the annual Index rebalance. Eligibility requirements include: (i) incorporation within India; (ii) listing on a
major Indian stock exchange; (iii) earnings of at least $5 million during the fiscal year prior to the Index rebalance; (iv) market capitalization of at least $200 million as of the Index rebalance; (v) trading of at least 250,000
shares per month for each of the six months prior to the Index rebalance; (vi) average daily trading volume of at least $200,000 for each of the six months preceding the Index rebalance; (vii) a calculated volume factor (the average daily
trading volume for three months preceding the Index rebalance divided by the weight of the security in the Index) that is greater than $200 million; and (viii) price to earnings ratio of at least 2 as of the Index rebalance.
The initial weight of a component in the Index at the annual rebalance is based on reported net income in the most recent fiscal year prior to the annual
Index rebalance. The reported net income number is then multiplied by a second factor developed by Standard & Poor’s called the “Investability Weighting Factor” (“IWF”). The IWF is used to scale the earnings
generated by each company by restrictions on shares available to be purchased. The product of the reported net income and IWF is known at the “Earnings Factor.” Companies are weighted by the proportion of each individual earnings factor
relative to the sum of all earnings factors within the WisdomTree India Earnings Index. The maximum weight of any one sector in the Index, at the time of the Index’s annual rebalance, is capped at 25%. In response to market conditions, sector
weights may fluctuate above 25% between annual Index rebalance dates. In the event that a company has a calculated volume factor that is less than $400 million as of the annual Index rebalance, its weight in the Index will be reduced such that its
weight equals its weight prior to the adjustment multiplied by a fraction of its calculated volume factor divided by $400 million.
WisdomTree
Investments, Inc. (“WisdomTree Investments”), as index provider, currently uses Standard & Poor’s Global Industry Classification Standards (“S&P GICS”) to define companies within a sector. The following sectors
are included in the Index: consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecommunication services, and utilities. A sector is comprised of multiple industries. For
example, the energy sector is comprised of companies in, among others, the natural gas, oil and petroleum industries.
To the extent the Index
concentrates (
i.e.
, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as its Index.
Principal Risks of Investing in the Fund
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the
Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus titled
“Additional Investment Objective, Strategy and Risk Information.”
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Investment Risk.
As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money,
including the possible loss of the entire principal amount of an investment, over short or long periods of time.
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Market Risk.
The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. 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 trading 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.
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Capital Controls Risk.
Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions
may, without prior warning, lead to foreign government intervention and the imposition of
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WisdomTree
Trust
Prospectus
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2
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“capital controls.” Capital controls include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls may impact the
ability of the Fund to buy, sell or otherwise transfer securities or currency, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.
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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 portfolio investments in order to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it
had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.
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Currency Exchange Rate Risk.
The Fund may invest a relatively large percentage of its assets in investments denominated in India rupees or in
securities that provide exposure to Indian rupees. Changes in currency exchange rates and the relative value of the Indian rupee 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 change quickly and without warning and you may lose money.
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Emerging Markets Risk.
The Fund invests primarily in companies organized in an emerging market nation. 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.
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Energy Investing.
The Fund may invest in companies in the energy sector. The energy sector can be significantly affected by, among other things:
economic growth, worldwide demand, political instability in the Middle East, and volatile oil prices.
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Financial Sector Risk.
The Fund may invest in companies in the financial sector, and therefore the performance of the Fund could be negatively
impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and
fallout from the housing and sub-prime mortgage crisis.
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Foreign Securities Risk.
Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities.
For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. 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 and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.
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Geographic Concentration in India.
Because the Fund invests primarily in the securities of companies in India, it will be impacted by events or
conditions affecting India. 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 the
Fund’s performance. The Indian economy may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and
balance of payments position. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government
actions in the future could have a significant effect on the Indian economy.
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Despite recent downturns, the Indian economy has experienced generally sustained growth during the last several years. There are no guarantees this will continue. While
the Indian government has implemented economic structural reforms with the objective of liberalizing India’s exchange and trade policies, reducing the fiscal deficit, controlling inflation, promoting a sound monetary policy, reforming the
financial sector, and placing greater reliance on market mechanisms to direct economic activity, there can be no assurance that these policies will continue or that the economic recovery will be sustained. Religious and border disputes persist in
India. In addition, India has experienced civil unrest and hostilities with neighboring countries such as Pakistan. The Indian government has confronted separatist movements in several Indian states. Investment and repatriation restrictions in India
may impact the ability of the Fund to track its Index. Each of the factors described above could have a negative impact on the Fund’s performance and increase the volatility of the Fund.
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WisdomTree
Trust
Prospectus
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3
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Investment Style Risk.
The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The
Fund does not attempt to outperform its 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 relating to its Index.
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Issuer-Specific Risk.
Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value
of the Fund.
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Large-Capitalization Investing.
The Fund may invest a relatively large percentage of its assets in the securities of large-capitalization
companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization 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.
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Mid-Capitalization Investing.
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 mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities
of larger companies.
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Non-Correlation Risk.
As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons.
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Non-Diversification Risk.
Although the Fund intends to invest in a variety of securities and instruments, the Fund will be 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. As a result, the 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 the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater
impact on the Fund’s performance.
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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 that follows shows the annual total returns of the Fund for each full
calendar year since the Fund commenced operations. The table that follows the bar chart shows the Fund’s average annual total returns, both before and after taxes. This table also shows how the Fund’s performance compares to the Index and
that of a relevant broad-based securities index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the future.
The Fund’s year-to-date total return as of June 30, 2013 was (13.78)%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
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Return
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Quarter/Year
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Highest
Return
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57.62
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%
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2Q/2009
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Lowest
Return
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(20.38
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)%
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3Q/2011
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WisdomTree
Trust
Prospectus
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4
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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 Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement
period.
Average Annual Total Returns for the periods ending December 31, 2012
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WisdomTree India Earnings
Fund
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1 Year
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Since Inception
(2/22/2008)
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Return Before
Taxes Based on NAV
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23.81
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%
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(4.64
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)%
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Return After
Taxes on Distributions
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23.42
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%
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(4.87
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)%
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Return After
Taxes on Distributions and Sale of Fund Shares
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15.46
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%
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(4.02
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)%
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MSCI India
Index (Reflects no deduction for fees, expenses or taxes)
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25.97
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%
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(3.62
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)%
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WisdomTree
India Earnings Index (Reflects no deduction for fees, expenses or taxes)
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25.56
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%
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(3.20
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)%
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Management
Investment Adviser and Sub-Adviser
WisdomTree Asset Management, Inc. serves as investment
adviser to the Fund. Mellon Capital Management Corporation serves as sub-adviser to the Fund.
Portfolio Managers
Karen Q. Wong, CFA, a Managing Director, Equity Index Strategies, has been a portfolio manager of the Fund since February 2008.
Richard A. Brown, CFA, a Director, Equity Portfolio Management, has been a portfolio manager of the Fund since February 2008.
Thomas J. Durante, CFA, a Director, Senior Portfolio Manager, Equity, has been a portfolio manager of the Fund since February 2008.
Buying and Selling Fund Shares
The Fund
is an ETF. This means that shares of the Fund are listed on a national securities exchange, such as NYSE Arca, and trade at market prices. Most investors will buy and sell shares of the Fund through brokers. 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).
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. Currently, Creation Units generally consist of 200,000
shares, though this may change from time to time. Creation Units are not expected to consist of less than 50,000 shares. The Fund generally issues and redeems Creation Units solely in exchange for an amount of cash.
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.
Tax Information
The Fund intends to make distributions that may be taxed as ordinary
income, qualified dividend income, or capital gains.
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WisdomTree
Trust
Prospectus
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