Fellowship info from the Wharton Website
How are fellowships awarded?
All admitted students are considered for fellowship support at the time of admission. There is no separate fellowship application. Wharton fellowships are merit based and criteria for selection of awards may include academic achievement, compelling leadership, exceptional professional development, and unique personal qualities. If you are selected for a fellowship, you will be notified within your admissions and financial aid letter.
How will I be notified if I am chosen as a recipient of a fellowship?
If you are selected for a fellowship, you will be notified within your admissions and financial letter. If you are not chosen for a fellowship, your Financial Aid Letter will only reflect loan eligibility."