Slide 1: Japanese Opportunities
September 2026 Japanese Opportunities WisdomTree Japan Opportunities Index
Slide 2: WisdomTree Company Overview
WisdomTree Company Overview Who We Are WisdomTree is a global financial innovator, empowering investors to shape their future and supporting financial professionals to better serve their clients and grow their businesses. WisdomTree Solutions WisdomTree manages $168.8 billion* in exchange- traded pr
Slide 3: WisdomTree Modern Alpha
WisdomTree Modern Alpha® Modern Alpha combines the outperformance potential of active with the benefits of passive —to offer investors strategies that ar e built to perform. Modern Alpha Low Cost* Legacy Alpha Legacy Beta Transparent Investment Higher Cost Low Cost Process Black Box Transparent Inve
Slide 4: WisdomTree Research Team
WisdomTree Professor Jeremy Siegel, PhD Senior Economist to WisdomTree Jeremy Schwartz, CFA Global CIO Christopher Gannatti, CFA Global Head of Research Research and Emeritus Professor of Finance, The Wharton School of the University of Pennsylvania Team Kevin Flanagan Bradley Krom Rick Harper Head
Slide 5: WisdomTree Japan Opportunities Fund (OPPJ)
WisdomTree Japan Opportunities Fund (OPPJ) The WisdomTree Japan Opportunities Fund (OPPJ) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan Opportunities Index. Key Fund Facts Index WisdomTree Japan Opportunities Index Index Base Date 5/30/2025 Fund Re
Slide 6: Table of Contents
1. Japanese Macro Backdrop 2. Japan Opportunities Index Table of 3. Shareholder Yield Sleeve Contents 4. GeoAlpha Sleeve: Geopolitical and Global Policy Shifts 5. Dynamic Currency Hedging Overlay Japanese Opportunities 6
Slide 7: Japanese Macro Backdrop
1. Japanese Macro Backdrop Japanese Opportunities 7
Slide 8: Outside the US, Japan has been a Top-Performer
Performance Shift: Outside the US, Japan has been a Top-Performer Over the Past Few Years When Investors Avoid Currency Headwinds + The S&P 500 outperformed the MSCI Japan, in dollar terms, in 7 of last 11 calendar years + However, the Japanese equity market has been a consistent leader in the devel
Slide 9: U.S. Exceptionalism: S&P 500 Outperformance Relative to International Equities
U.S. Exceptionalism: S&P 500 Outperformance Relative to International Equities Cumulative Total Returns (USD), 10/12/22 —9/30/2026 + Tremendous gains in the S&P 500 in recent years overshadowed positive trends in international equities + Japan appears to be breaking out of yearlong slump. Despite 20
Slide 10: Buffett's Renewed Interest in Japan Proved Prescient
Buffett’s Renewed Interest in Japan Proved Prescient Cumulative Total Returns, 8/31/2020 —9/30/2026 + Warren Buffett's investments have reinvigorated foreign investor interest. + During 2019 and 2020, Berkshire Hathaway amassed 5% stakes —that recently increased to nearly 10% —in five Japanese tradi
Slide 11: Berkshire's Japanese Investments Illustrate Shareholder-Friendly Initiatives
Berkshire's Japanese Investments Illustrate its Emphasis on Shareholder-Friendly Initiatives Shareholder Yield (Dividend Yield + Net Buyback Yield) Shareholder Yield Comparison as of 9/30/2026 Itochu Marubeni Mitsubishi Mitsui & Co., Sumitomo MSCI Japan S&P 500 Corporation Corporation Corporation Lt
Slide 12: Japanese Equities Trade at a Discount to US Equities
Japanese Equities Have Historically Traded at a Modest Discount to US Equities, but Today’s Multiples are Even Cheaper Forward P/E Ratio Valuations – as of 9/30/26 + Larger Growth and Info. Tech. exposure U.S. Japan Japan Historical cemented US outperformance over Japan U.S. Historical Median Curren
Slide 13: Japanese Equity Returns have Lagged Despite Attractive Fundamentals
Japanese Equity Returns have Lagged Despite Comparatively Attractive Fundamentals + S&P 500 returns nearly doubled the returns of Japanese equities over the last decade. + S&P 500 returns were supported largely by strong Earnings Growth and Multiple Expansion. + Japanese multiples, however, changed
Slide 14: Japan Opportunities Index
2. Japan Opportunities Index Japanese Opportunities 14
Slide 15: WisdomTree Japan Opportunities Index Methodology
WisdomTree Japan Opportunities Index Methodology Companies are screened for the following eligibility requirements: + Median daily dollar volume greater than $100,000 and trade at least 250,000 shares per month for prior three months and six months, respectively Eligibility + Component companies mus
Slide 16: WisdomTree Japan Opportunities Index Investment Process
WisdomTree Japan Opportunities Index Investment Process Starting Universe 1395 Companies Top 10 Holdings Sector Weight Sumitomo Corporation Industrials 8.3% Mitsubishi Corporation Industrials 7.4% Marubeni Corporation Industrials 7.0% Mitsui & Co.,Ltd Industrials 6.8% Kioxia Holdings Information Hig
Slide 17: WisdomTree Japan Opportunities Index
WisdomTree Japan Opportunities Index Screen Out Companies Starting Universe: with Reduced Emphasis on Final Portfolio1 Japanese Equities Shareholders 1329 Companies Excluded 66 Companies Included 1395 Companies that Meet by Shareholder Yield and Price -to-Earnings: 14.8x Liquidity and Market Cap Cor
Slide 18: Screening for Buffett Targets and Thematic Beneficiaries
Screening for Buffett Targets and Thematic Beneficiaries with a Shareholder Focus Strategic Holdings of Berkshire Corporate Governance Capital Return Champions Thematic Beneficiaries Hathaway Improvers Goal: Goal: Goal: Goal: • Target the Japanese • Identify targets in need • Isolate the top 30% of
Slide 19: WisdomTree Japan Opportunities Index Characteristics
WisdomTree Japan Opportunities Index Characteristics WisdomTree Japan Characteristics MSCI Japan Opportunities Weighted Avg. Market Cap $67.7 $98.7 ($bn) Median Market Cap ($bn) $7.0 $19.2 Over $10 billion (Large Cap) 73.1% 97.3% Size $2 billion - $10 billion (Mid 17.1% 2.7% Cap) Under $2 billion (S
Slide 20: Index Sector Exposures
WisdomTree Japan Opportunities Index Sector Exposures Source: WisdomTree, FactSet, MSCI as of 9/30/2026. You cannot invest directly in an index. Japanese Opportunities 20
Slide 21: Shareholder Yield Investing
3. Shareholder Yield Investing Japanese Opportunities 21
Slide 22: MSCI Japan Shareholder Yield vs. S&P 500 Shareholder Yield
MSCI Japan Shareholder Yield vs. S&P 500 Shareholder Yield Sources: WisdomTree, FactSet, MSCI, S&P, as of 9/30/2026. Historical median based on last ten years. Shareholder Yield = Dividend Yield + Net Buyback Yield. You cannot invest directly in an index. Japanese Opportunities 22
Slide 23: Japanese Companies Increasingly Turned to Buybacks and Dividends
Japanese Companies Have Increasingly Turned to Buybacks—in Addition to Dividends—for Returning Capital to Shareholders Sources: WisdomTree, FactSet, MSCI, 4/28/95-9/30/26. Percentage of MSCI Japan by weight. You Sources: WisdomTree, FactSet, MSCI , 9/30/16-9/30/26. Payouts as a percentage of trailin
Slide 24: Corporate Japan's Shareholder-Friendly Equity Market
Corporate Japan’s Appreciation for Buybacks and Dividends has Created a Shareholder-Friendly Equity Market + A decade ago, buybacks were virtually non -existent in the Japanese equity market. + Since 2014, buybacks have amounted to over ¥4.5 trillion on average per year. + Meanwhile, dividends conti
Slide 25: Highest Shareholder Yield Companies Outperformed the Lowest
The Highest Shareholder Yield Japanese Companies Outperformed the Lowest Shareholder Yield Companies by a Wide Margin over the Last 20+ Years Cumulative Total Returns (USD), 12/31/02 —5/31/2025 + MSCI Japan constituents MSCI Japan Quintiles Return Volatility 1st Quintile (Highest Shareholder Yield)
Slide 26: GeoAlpha: Geopolitical and Global Policy Shifts
4. GeoAlpha: Geopolitical and Global Policy Shifts Japanese Opportunities 26
Slide 27: Geopolitical Risk is Elevated Amid Global Desynchronization
Geopolitical and Global Policy Shifts – Risk is Elevated Amid Global Desynchronization in the Post-Pandemic Environment Source: WisdomTree, Bloomberg as of 9/30/2026. Geopolitical Risk Index = Caldara Iacoviello Geopolitical Risk (GPR) Uncertainty Index. Geopolitical Threat Index = Caldara Iacoviell
Slide 28: Europe Gets All the Defense Attention – But Japan Is Spending More Too
Europe Gets All the Defense Attention – But Japan Is Spending More Too ▪ Japan is increasing its defense spending meaningfully. ▪ Much of the spending is aimed at increasing its missile defense systems. ▪ While below the 5% NATO target, the increase is not a “one year” thing. The project spending in
Slide 29: Japan's Global Reach Matters
Japan’s Global Reach Matters ▪ Japan is often overlooked due to its demographics and other macro factors. But that ignores the true story of Japanese corporations. ▪ Many companies have exposure to fast growing regions (such as India) or large stable economies (such as the US). ▪ This creates a diff
Slide 30: GeoAlpha Sleeve Weights
Geopolitical and Global Policy Shifts Matter in Portfolios Too – GeoAlpha Sleeve Weights (up to 1/3rd of Total Index Weight) Companies positioned to benefit from geopolitical considerations + Supply chain changes Geopolitical Events 25 - 50% Allocation + Defense spending and alliances + Trade and tar
Slide 31: Dynamic Currency Hedging
5. Dynamic Currency Hedging Japanese Opportunities 31
Slide 32: Currency Hedging Can Mitigate Risk
Currency Hedging Can Mitigate Risk Hedging Mechanism + The Index dynamically hedges yen exposure between 0% to 100% each month based on the following signals: ‒ Idiosyncratic Currency Momentum (i.e., the yen is depreciating) ‒ Interest Rate Differentials (i.e., US interest rates vs. Japanese interes
Slide 33: Dynamic Currency Hedging Model Versus the Yen
As the Dollar Weakens (Strengthens) the Dynamic Currency Hedging Model will be Less (More) Hedged Versus the Yen + The USD/JPY pair and the one- month/three-month moving averages are shown as an example of how trends in the currency impact the hedging model + Currency hedges are adjusted monthly and
Slide 34: Hedging Yen Exposure Currently Entails Positive Interest Rate Carry
Hedging Yen Exposure Currently Entails Positive Interest Rate Carry Date of Last New Target Central Bank Action Taken Decision Rate (%) Federal September 16, Rate Hike 4.00% Reserve (U.S.) 2026 September 18, Bank of Japan Rate Hike 1.25% 2026 Source: WisdomTree, Mellon. Central banks decisions as of
Slide 35: Standardized Performance
6. Standardized Performance Japanese Opportunities 35
Slide 36: WisdomTree Japanese Opportunities Fund Performance
WisdomTree Japanese Opportunities Fund* Performance Data as of September 30th, 2026 Cumulative Returns Average Annual Total Returns as of September 30th, 2026 Name QTD YTD 1-Year 3-Year 5-Year 10-Year Since Inception WisdomTree Japan Opportunities Fund (NAV) 4.23% 29.94% 43.65% 30.97% 24.68% 17.31%
Slide 37: Important Information
Important Information Please see the WisdomTree Glossary for definitions of terms and indexes. This information must be preceded or accompanied by a prospectus or, if available, the summary prospectus. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before inve
Slide 38: Important Information
Important Information Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to pu