The wordlist works on the token level. The default settings will produce a list of words because non-words are excluded automatically.
The wordlist can also be limited by frequency by setting the minimum and maximum limit.
Frequencies can be obtained for a list of concrete words. Use the from this list: option on the advanced tab and input the items for which frequencies should be calculated from the selected corpus.
Regular expressions can be used to define complex criteria for the words that should be included in the frequency list.