WTAL

1. Summary

• WTAL is an actively managed ETF that runs two long/short stock baskets, one U.S. and one developed international. Stocks are picked by machine learning models from AlphaBeta, a third-party model provider. NIMNA (Newton Investment Management North America) manages the portfolio.
• The prospectus says the strategy is typically 200% long and about 180% short. That is about 3.8x gross and about 20% net long (my arithmetic).
• It gets all of its stock exposure through swaps. The fund's own money sits in Treasuries, cash and cash equivalents posted as collateral. It holds no physical stock book.
• No document names the swap counterparties, the swap financing spread, or where the collateral is held.
• Most relevant for us: WTAL shows a 40 Act ETF reaching about 3.8x gross, well above our 3.0x, with no direct shorting at all. The whole book sits inside two swaps, which is the route Tidal raised (S7) and also the one it flagged for hiding holdings (O8).
• Caution: no fact sheet was attached. The fund launched October 8, 2026. A sales deck stood in for the fact sheet, so there is no net assets, return or risk data.

2. Key facts

Benchmark conflict: the deck lists "ICE BofA US 3-Month Treasury Bill Index" (WTAL-FS, page 8, "Key Fund Facts"). The investment case lists "MSCI World Index" (WTAL-IC, page 3, "Quick Facts"). The prospectus names none, because the fund has no performance table yet (WTAL-PR, page 30, "Fund Performance").

3. Service providers

Legal counsel to the trust is Dechert LLP (WTAL-SAI, page 285, "Counsel").

4. Strategy

• Objective and benchmark. The fund "seeks total return" (WTAL-PR, page 25, "Investment Objective"). The deck calls it "Cash Plus Portable Alpha", meaning cash plus separate return sources from long/short stock picking (WTAL-FS, page 10). Its stated goal is to "Generate consistent outperformance over cash" (WTAL-FS, page 10). The benchmark conflict is noted in section 2.
• Universe.
  • U.S. basket: top 2,000 U.S.-listed companies by market cap, share price above $20, listed on the NYSE or Nasdaq, average daily trading above $3 million over six months (WTAL-PR, page 26). The deck adds AMEX to the list of exchanges ("NYSE/NASDAQ/AMEX") (WTAL-FS, page 12). That is a small conflict with the prospectus.
  • Non-U.S. basket: listed on "an eligible global stock exchange", at least $1 billion market cap, average daily trading above $3 million over three months (WTAL-PR, page 26). The deck calls this "Developed International" (WTAL-FS, page 13).
  • Shorts in both baskets must have "a borrow fee of less than 10% of the total value of the borrowed shares" (WTAL-PR, page 26).
  • The fund "will not invest more than 60% of its assets in issuers domiciled in the U.S." (WTAL-PR, page 25).
  • Sectors: "significant exposure to the Financials and Information Technology Sectors" is expected (WTAL-PR, page 26).
• How it picks stocks. Fully quantitative. Machine learning models "developed by a third-party model provider and trained on historical data" predict each security's return and/or risk (WTAL-PR, page 25). Features include value, momentum, quality, profitability, size and risk (WTAL-PR, page 25). The deck names the model types: IPCA (a method that pulls hidden factors out of large data sets), an autoencoder (a deep learning model), peer-relative, regularized and cross-asset models, combined into an ensemble (WTAL-FS, page 11). Data runs "since 1962" (WTAL-FS, page 11). NIMNA "retains discretion in determining whether and how to implement any outputs generated by the model" (WTAL-PR, page 26, "Models and Data Risk").
• Neutrality targets. No beta, dollar or sector neutrality target is stated in the prospectus. Each basket "isolates alpha while neutralizing broad market risk" (WTAL-FS, pages 12 and 13). The investment case says the fund "Aims to provide a market-neutral return stream" (WTAL-IC, page 2). But the stated exposures leave about 20% net long (my arithmetic), so the book is not dollar-neutral.
• Net exposure. Not stated as a target. The stated long and short levels imply about +20% (my arithmetic). The deck says "net exposure varies" (WTAL-FS, page 14).
• Rebalancing. "generally is rebalanced monthly", but the adviser may rebalance more or less often (WTAL-PR, page 26).
• Limits on position size. No numeric limit is stated. The fund is non-diversified (WTAL-PR, page 29, "Non-Diversification Risk"). Fundamental policy bars more than 25% of total assets in one industry or group of industries (WTAL-SAI, page 257, "Investment Limitations").

5. Exposure and leverage

• Measured exposure. Not stated. No holdings or exposure report was attached.
• Stated levels.
  • Prospectus: "Typically, the long/short global equity strategy is 200% long and approximately 180% short but those percentages will vary over time" (WTAL-PR, page 26, "Principal Investment Strategies of the Fund"). That is about 3.8x gross and about 20% net long (my arithmetic).
  • Deck: each basket is "≈100% long | ≈ 90% short" (WTAL-FS, pages 12 and 13). Combined: "≈200% long | ≈ 180% short" (WTAL-FS, page 14, "Combined Alpha Model").
  • Deck: the overlays "may represent up to 200% in notional exposure" (WTAL-FS, page 9). Notional exposure means the face value the swaps track.
  • Investment case: "WTAL seeks approximately 90% exposure to the U.S. long/short basket and 90% exposure to the developed international long/short basket" (WTAL-IC, page 1). It also says the collateral "provides up to 100% notional exposure in each of the U.S. and developed market long/short equity overlays" (WTAL-IC, page 2).
• Conflict. The 90% basket figure in WTAL-IC, page 1, is lower than the 100% basket weights in WTAL-FS, page 14. If each basket is held at 90% and keeps its 100/90 shape, the fund would be about 180% long and 162% short, or about 3.4x gross (my arithmetic). The prospectus's 200/180 is the only figure in a legal document, so the snapshot uses it.
• How it gets exposure above 100%. Swaps only. Exposure "generally will be achieved through the use of derivative instruments, including, but not limited to, swaps" (WTAL-PR, page 26). "Two swap contracts are secured by the cash collateral investments, one representing the U.S. long/short equity basket, while the other represents the developed international long/short equity basket" (WTAL-FS, page 9). No short sale proceeds, bank borrowing or futures are described.
• Borrowing limits. "Under the 1940 Act, a Fund may borrow up to 33% of its net assets" (WTAL-SAI, page 211, "Borrowing"). The SAI's expectation not to borrow more than 10% of net assets applies to "each fund, except Global Alpha Fund and Efficient Long/Short U.S. SmallCap Equity Fund" (WTAL-SAI, page 211). So WTAL is carved out of the 10% expectation, but no reason is given. A fund "will borrow only for short-term or emergency purposes" (WTAL-SAI, page 211). No line of credit is named. The fundamental policy is "Borrow money, except as permitted under the 1940 Act" (WTAL-SAI, page 256).

6. Shorting, financing and collateral

• How it shorts. Through swaps only. The prospectus risk is "Short Exposure Risk": "A short exposure through a derivative exposes the Fund to counterparty, credit and leverage risks" (WTAL-PR, page 29). The general text says short exposure is gained "without having to borrow the security" (WTAL-PR, page 177, "Short Exposure Risk"). No split between methods is given because only swaps are described.
• Swap type. The fund documents say "swap contracts" (WTAL-FS, page 9; WTAL-IC, page 1). They don't use the words "total return swap" for WTAL. The structure, a counterparty paying the return on long and short stock baskets against cash collateral, matches a total return swap (my inference). The SAI permits "equity and basket swaps, and total return swaps" for every fund (WTAL-SAI, page 215).
• Who lends the stock and who holds the collateral. Not stated. The borrow fee screen of "less than 10%" on short candidates (WTAL-PR, page 26) suggests the counterparty still borrows stock to hedge the short leg and passes the fee to the fund through the swap (my inference).
• What is posted. "The Fund may invest in U.S. Treasury securities and cash and cash equivalents to serve as collateral or margin for the Fund's investments in swap contracts and other derivatives" (WTAL-PR, page 26). The investment case says "The complete, $100 investment will be held in cash equivalents" (WTAL-IC, page 2). So there are no long stocks to pledge (my inference).
• Short sale proceeds used to buy longs. Not applicable. There are no direct short sales.
• Segregated or tri-party account. Not stated for swap collateral. The SAI mentions a "tri-party" custodian only for repurchase agreements (WTAL-SAI, page 245). BNY is "the primary custodian for each Fund's assets" (WTAL-SAI, page 281). Whether the swap collateral sits at BNY under a control agreement or is posted to the counterparty is not stated.
• Costs named. The SAI says short sale transactions may bring "costs of borrowing and margin account maintenance costs" (WTAL-SAI, page 247, "Short Sale Transactions"). That passage covers several funds and direct short sales in general.
• Securities lending. "Each Fund participates in a securities lending program administered by The Bank of New York" up to one-third of total assets (WTAL-SAI, page 246; WTAL-PR, page 159). WTAL holds only Treasuries and cash equivalents, so there may be little to lend (my inference).
• Permitted only. Short sales of securities and futures, futures and options, swaptions, repurchase and reverse repurchase agreements are permitted for the fund (WTAL-SAI, pages 215, 216, 245 and 246). None is a principal strategy.

7. Derivatives and Rule 18f-4

• Derivatives used. Swaps, as the principal method: "The Fund expects to use swaps and other derivative instruments to implement its principal investment strategies" (WTAL-PR, page 27, "Derivatives Risk"). The same risk paragraph defines futures, options and forwards, but the strategy names only swaps (WTAL-PR, page 26).
• Limited derivatives user or full program. Not stated for WTAL. The prospectus and SAI only describe the rule in general: it "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"" (WTAL-SAI, page 214, "Derivatives"; similar wording at WTAL-PR, page 163). With about 380% swap notional, WTAL is far above the limited user threshold (10% of net assets), so it must run a full program (my inference).
• VaR test and reference portfolio. Not stated. VaR (value at risk) estimates the most a fund could lose over a set period at a set confidence level. The deck's benchmark is a 3-month Treasury bill index (WTAL-FS, page 8). A T-bill index is unlikely to serve as a relative VaR reference for a stock book, which points to the absolute test (VaR of no more than 20% of net assets) (my inference). This needs confirming.
• Commodity pool status (CFTC Rule 4.5). "With regard to each Fund", the adviser has claimed "an exclusion from the definition of commodity pool operator ("CPO") under revised CFTC Rule 4.5" (WTAL-SAI, page 215).

8. Costs

• Who pays what. The adviser pays all fund expenses except: brokerage and transaction costs, litigation costs, independent trustee and counsel fees, CCO costs, extraordinary expenses, 12b-1 fees, "interest and taxes of any kind or nature", securities lending fees, and the management fee itself (WTAL-SAI, page 269). The adviser pays NIMNA (WTAL-PR, page 184) and AlphaBeta ETF Ltd (WTAL-PR, page 184) out of its own fee. The adviser also receives "a fee of up to 0.0044%" of net assets for CCO and trustee services (WTAL-PR, page 183).
• Expense example. $90 for 1 year and $281 for 3 years per $10,000 (WTAL-PR, page 25, "Example").
• Brokerage commissions and turnover. None yet. The fund "did not pay any brokerage commissions for the fiscal years ended June 30, 2026, June 30, 2025, and June 30, 2024" (WTAL-SAI, page 287, footnote 2). Turnover is "not yet available" (WTAL-PR, page 25, "Portfolio Turnover"; WTAL-SAI, page 289, footnote 2). The SAI notes non-U.S. trading may bring "higher portfolio transaction costs than domestic equity funds" (WTAL-SAI, page 225).
• Gap between expense ratio and management fee. 0.88% minus 0.88% is 0.00% (my arithmetic). The gap is zero because the fee is all-inclusive and the main leverage costs (swap spreads, borrow fees passed through the swaps) don't appear as expenses (my inference). The true cost of running 3.8x gross will be higher than 0.88%.

9. Performance and risk

• Returns. None. The fund started October 8, 2026, and "does not yet have performance history for a full calendar year" (WTAL-PR, page 30, "Fund Performance"). The deck and investment case give no returns.
• Calendar-year returns. None.
• Risk statistics. None given (no beta, correlation, volatility, Sharpe ratio, drawdown or capture figures).

10. History and structural changes

• Predecessor funds. None stated. The investment case says the U.S. overlay is "the same overlay utilized in the WisdomTree Efficient Long/Short U.S. Equity Fund (WTLS)" (WTAL-IC, page 1). WTLS is a sister fund, not a predecessor.
• Reorganizations and 351 conversions. None. Section 351 appears only in the rule letting the trust reject creation orders that would give a buyer 80% or more of shares (WTAL-SAI, page 305, "Section 351").
• Portfolio manager change. Louis Mangini became a portfolio manager in November 2026 (WTAL-PR, page 30; WTAL-SAI, page 274).
• Document dates.
  • Inception: October 8, 2026.
  • Deck: dated October 2026 (WTAL-FS, page 1). It shows WisdomTree assets "As of 9/30/2026" (WTAL-FS, page 2).
  • Investment case: no printed date.
  • Prospectus and SAI: dated November 1, 2026, filed October 28, 2026 (WTAL-PR, page 1 and page 2; WTAL-SAI, page 207). So the deck and investment case predate the current prospectus, and may predate Mr. Mangini's addition.
• Conflicts between documents.
  • Benchmark: ICE BofA US 3-Month Treasury Bill Index (WTAL-FS, page 8) versus MSCI World Index (WTAL-IC, page 3).
  • Basket weight: about 100% each (WTAL-FS, page 14) versus about 90% each (WTAL-IC, page 1).
  • Positions: 300 to 600 per basket (WTAL-PR, page 25) versus 300 long and 300 short in the U.S. (WTAL-FS, page 12) and 100 to 300 per side, or 300 per side, internationally (WTAL-FS, pages 13 and 14).
  • U.S. exchanges: NYSE or Nasdaq (WTAL-PR, page 26) versus "NYSE/NASDAQ/AMEX" (WTAL-FS, page 12).
  • U.S. share of holdings: the prospectus caps U.S. issuers at 60% of assets (WTAL-PR, page 25) and expects U.S. companies to be "approximately 15% or more" of holdings (WTAL-PR, page 26). The sales materials present the two baskets at equal weight (WTAL-FS, page 14; WTAL-IC, page 1).

11. Principal risks

Summary list: WTAL-PR, pages 26 to 30, "Principal Risks of Investing in the Fund". Longer descriptions: WTAL-PR, pages 159 to 179, "Additional Principal Risk Information About the Funds".

• Models and Data Risk (page 26). Notes the model "is artificial intelligence-based".
• Derivatives Risk (page 27). Flag: leverage and counterparties. Swaps carry "counterparty credit risk".
• Counterparty Credit Risk (page 27). Flag: counterparties. The fund may use "a limited number of counterparties" and may face "delays in recovering the collateral".
• Investment Risk (page 27).
• Market Risk (page 27).
• Shares of the Fund May Trade at Prices Other Than NAV (page 27). Foreign holdings may widen premiums and discounts.
• Active Management Risk (page 28).
• Cash Redemption Risk (page 28).
• Currency Exchange Rate Risk (page 28).
• Cybersecurity Risk (page 28).
• Financials Sector Risk (page 28).
• Foreign Securities Risk (page 28).
• Geographic Investment Risk (page 28), with a section on the United States.
• Geopolitical Risk (page 29).
• Information Technology Sector Risk (page 29).
• Issuer-Specific Risk (page 29).
• Large-Capitalization Investing Risk (page 29).
• Leveraging Risk (page 29). Flag: leverage. Derivatives "will give rise to leverage, magnifying gains and losses".
• Liquidity Risk (page 29). Flag: leverage. "The derivatives in which the Fund invests may not always be liquid."
• Mid-Capitalization Investing Risk (page 29).
• Non-Diversification Risk (page 29).
• Short Exposure Risk (page 29). Flag: shorting and counterparties. Loss "may be theoretically unlimited".
• Small-Capitalization Investing Risk (page 30).
• Tax Risk (page 30). Long and short positions may be treated as "straddles", which can affect dividend and gain treatment.
• U.S. Treasuries Risk (page 30).

No principal risk is named for the custodian or for the collateral arrangement itself, apart from the collateral recovery point in Counterparty Credit Risk.

12. Relevance to our fund

• How close is its structure and leverage? (my inference)
  • Leverage: WTAL runs more than we plan. About 3.8x gross (200/180) against our 3.0x (150/150). It also runs about 20% net long, while we aim for zero.
  • Structure: very different. WTAL holds no stocks. It has two basket swaps on cash collateral. We plan a physical long/short book of 150 or more liquid U.S. stocks.
  • Universe: WTAL is global, with 300 to 600 positions per basket. Ours is U.S. only, 75 to 150 per side.
  • Platform: WTAL sits in WisdomTree's own trust, with BNY as custodian and a BNY affiliate (NIMNA) as sub-adviser. That is not Tidal.
• What does it show about 3.0x gross in a 40 Act ETF? (my inference)
  • It is direct proof that a 40 Act ETF can run well above 2.0x gross. Tidal's "100-100 is the best you can do" view (O13) applies to direct shorting, not to swaps.
  • The route is a swap on a custom basket, which matches Tidal's S7 path. WTAL uses two swaps, one per region, which splits the book.
  • Tidal's concern that a single swap hides the holdings (O8) still applies. WTAL's documents don't show the swap baskets, and no holdings file was attached.
  • Rule 18f-4: at 3.8x through swaps, WTAL must fit inside a VaR limit. Its documents don't say which test. If WisdomTree uses the absolute 20% test, that would be a useful precedent for a T-bill-benchmarked market neutral fund like ours.
• What does it show about financing, collateral, custody and costs? (my inference)
  • Custody: all fund assets are Treasuries and cash equivalents. The Section 17(f) and Rule 17f-1 questions in fund_context.md about where longs and shorts sit largely disappear, because the stocks sit with the swap counterparty. Collateral placement (at BNY under a control agreement, or posted to the counterparty) is the open question.
  • Costs: the 0.88% all-in fee covers no financing. Using the formula in fund_context.md, WTAL's yearly cost above the base rate would be about $200 × L + $180 × S per $100 of capital (my arithmetic), against $150 × L + $150 × S for us.
  • Hidden costs: the borrow fee screen (under 10%) shows short borrow costs still exist inside the swap. They are not visible in the expense ratio. This is the "hidden swap costs" trap in fund_context.md.
  • Model sourcing: an outside model provider (AlphaBeta) paid by the adviser from the unitary fee is a working pattern we could copy.

13. Gaps and open questions

What the documents don't answer, for a 150/150 fund:

• Names of the swap counterparties, and whether any is a BNY affiliate.
• The swap financing spreads on the long and short legs, and how borrow fees on the short leg are passed through.
• Where the collateral sits: at BNY in a segregated or tri-party account, or posted to the counterparty.
• Measured long, short, gross and net exposure since launch.
• Whether WTAL uses the relative or absolute VaR test, the reference portfolio, and who the derivatives risk manager is.
• Net assets, NAV, CUSIP, returns, beta and other risk statistics.
• Why WTAL is carved out of the SAI's 10% borrowing expectation.
• Which exposure level is current: 200/180 (prospectus and deck) or 90% per basket (investment case).

Questions to ask:

• To WisdomTree: Who are WTAL's swap counterparties? Is each basket a single total return swap, and how often is it reset?
• To WisdomTree: What financing spread does WTAL pay on each leg, and how are borrow fees charged?
• To WisdomTree: Is swap collateral held at BNY under a control agreement, or posted to the counterparty?
• To WisdomTree: Which Rule 18f-4 VaR test and reference portfolio did the board approve for WTAL?
• To WisdomTree: Does WTAL publish its swap basket holdings daily?
• To WisdomTree: Is the target 100% or 90% per basket, and which benchmark is official?
• To Tidal: Would Tidal's board and trading team support a basket swap structure like WTAL's for our 150/150 book? Which counterparties do they already have ISDA agreements with?

Search terms tried for fields left "Not stated":

• Counterparty and prime broker: counterpart, prime broker, swap, ISDA (in passages read), collateral.
• Margin type: margin, Regulation T, portfolio margin.
• Leverage cost and short dividends: short sale, sold short, borrow fee, interest, line of credit, box spread, reverse repurchase.
• VaR test: 18f-4, value at risk, derivatives risk manager, limited derivatives user.
• CUSIP: CUSIP.
• Net assets, returns and risk data: none of the documents has a performance or holdings section. The prospectus has none yet (WTAL-PR, page 30).
• Predecessor: predecessor, reorganiz, 351.

14. Documents used

No fact sheet was attached. With your approval, the deck stands in as the fact sheet (WTAL-FS). The investment case is a second sales document (WTAL-IC). The prospectus and SAI come in one EDGAR filing, so WTAL-PR and WTAL-SAI share a file name.

Supplements. None found in the filing ("supplement dated" search: no hits).

Page numbering.

• WTAL-FS: page 1 has no printed number. From page 2 on, the printed slide number equals the PDF page.
• WTAL-IC: page 1 has no printed number. Pages 2 to 4 carry printed numbers equal to the PDF page.
• WTAL-PR: PDF page 1 is the N-1A facing sheet, 2 is the prospectus cover, 3 is the contents. From PDF page 4 on, PDF page = printed page + 2. WTAL's own summary is PDF pages 25 to 31 (printed 23 to 29). Pages about other funds were skipped.
• WTAL-SAI: PDF 207 is the cover and 208 the contents. From PDF 209 on, PDF page = printed page + 208. The SAI covers 22 funds; only shared or WTAL-specific passages were used.
• PDF pages 314 to 334 are Part C (exhibits and other information). Not read, apart from the heading on page 314.

15. Snapshot sources

• Ticker: WTAL-FS, page 1, cover; WTAL-PR, page 2, cover.
• Fund name: WTAL-FS, page 1, cover ("WisdomTree Global Alpha Fund").
• As of date: WTAL-FS, page 1, cover ("October 2026"). The deck is a stand-in for the missing fact sheet. It gives no day of the month.
• Adviser: WTAL-PR, page 30, "Management" ("WisdomTree Asset Management, Inc. serves as investment adviser to the Fund").
• Platform: the fund is a series of WisdomTree Trust, whose adviser is a WisdomTree company (WTAL-PR, page 2, cover; WTAL-PR, page 183, "Investment Adviser"). Classed as "Own trust" (my inference).
• Exchange: WTAL-PR, page 2, cover ("Texas Stock Exchange LLC ("TXSE"): WTAL and WSLS"); WTAL-IC, page 3, "Quick Facts".
• Inception: WTAL-FS, page 8, "Key Fund Facts" ("10/8/2026"); WTAL-PR, page 25, "Portfolio Turnover" ("commenced operations on October 8, 2026").
• Net assets: not given in any of the four documents.
• Strategy type: (my inference) "Long/short equity", changed from "Equity market neutral" in a later review. The prospectus gives a typical 200% long and about 180% short (WTAL-PR, page 26), which leaves about 20% net long (my arithmetic), and states no beta, dollar or sector neutrality target (see section 4). The sales materials describe "market-neutral alpha" (WTAL-IC, page 1; WTAL-FS, page 10) and use a 3-month T-bill benchmark (WTAL-FS, page 8), so "Equity market neutral" is a fair alternative.
• Long %: "Typically, the long/short global equity strategy is 200% long" (WTAL-PR, page 26, "Principal Investment Strategies of the Fund"). A stated typical level, not a measured figure.
• Short %: "approximately 180% short" (WTAL-PR, page 26). Same caveat.
• Gross: 200% plus 180% is 380%, or 3.8x (my arithmetic). The investment case's 90% per basket would give about 3.4x (my arithmetic). See section 5.
• Above 2.0x: based on the 3.8x above (my arithmetic).
• Net: 200% minus 180% is 20% (my arithmetic).
• Short method: "The long/short global equity strategy exposure generally will be achieved through the use of derivative instruments, including, but not limited to, swaps" (WTAL-PR, page 26).
• Prime broker or counterparty: no firm is named. The fund "may enter into derivative transactions with a limited number of counterparties" (WTAL-PR, page 27, "Counterparty Credit Risk").
• Custodian: "BNY serves as the primary custodian for each Fund's assets" (WTAL-SAI, page 281, "Administrator, Custodian, Transfer Agent and Securities Lending Agent").
• Management fee: WTAL-PR, page 25, "Fees and Expenses of the Fund" ("Management Fees 0.88%").
• Total expense ratio: WTAL-PR, page 25 ("Total Annual Fund Operating Expenses 0.88%"); WTAL-FS, page 8 ("Fund Expense Ratio 0.88%"). No waiver line.
• Short costs in expense ratio: the fee table has only management fees, 12b-1 ("None") and other expenses (0.00%) (WTAL-PR, page 25). Short exposure is held through swaps, so its costs would sit inside swap returns (my inference).
• 3-month return: not available. The fund started October 8, 2026, and none of the documents gives returns (WTAL-PR, page 30, "Fund Performance"). No period end applies.
• 1-year return: not available, as above. No period end applies.
• Beta: not given in any of the four documents.
• Beta benchmark: not stated, because no beta is given.
• Beta period: not stated, because no beta is given.
• Leverage Method: "Two swap contracts are secured by the cash collateral investments, one representing the U.S. long/short equity basket, while the other represents the developed international long/short equity basket" (WTAL-FS, page 9). "The Fund obtains these exposures through swap contracts" (WTAL-IC, page 1). "The complete, $100 investment will be held in cash equivalents" (WTAL-IC, page 2), so there is no physical stock book. The documents say "swap contracts", not "total return swaps"; the classification is (my inference).
• Leverage cost: the fund uses swaps and no document reports the financing cost. No annual report exists yet: the first covers "the fiscal period ending June 30, 2027" (WTAL-SAI, page 308, "Financial Statements").
• Short dividend expense: not stated in any document. With swaps, short dividends would also be paid inside the swap (my inference).
• Ranking properties (Rank to Score): from the ranking of the 27 LS peers prepared November 11, 2026, using only the project's fund profiles. Each of the seven criteria scores Yes = 1, Partly = 0.5, No or Not stated = 0. Funds sort first by Portfolio margin (YES, LIKELY, POSSIBLE, UNLIKELY, NO), then by Score, then Tidal funds first, then higher gross exposure (my inference).
• Rank: 14 of 27, as of November 11, 2026.
• Long/short: a U.S. and a developed international long/short basket, typically "200% long and approximately 180% short" (WTAL-PR, page 26).
• Portfolio margin: UNLIKELY. All stock exposure comes through two swap contracts on cash collateral (WTAL-FS, page 9; WTAL-PR, page 26), and no document says the fund shorts stock directly. Direct short sales are permitted only (WTAL-SAI, pages 215, 216, 245 and 246). No holdings report was attached to confirm this.
• Cross-collateral: Not stated. Collateral is "U.S. Treasury securities and cash and cash equivalents" (WTAL-PR, page 26). Where it is held is not stated.
• Outside Reg T: No. Exposure comes through swaps, not a margin account (WTAL-PR, page 26) (my inference).
• Short costs (includes dividends): Not stated. No document reports the swap financing cost, and the first annual report covers the period ending June 30, 2027 (WTAL-SAI, page 308).
• Over 2.0x: Yes. About 3.8x at the stated typical 200% long and 180% short (WTAL-PR, page 26; my arithmetic). A stated level, not a measured one.
• Tidal: No. The fund is a series of WisdomTree Trust (WTAL-PR, page 2, cover).
• Score: 2 (my arithmetic).

16. Fund Documents

Decks