−Removed: We are a global financial innovator, offering a well-diversified suite of world-class exchange-traded products, or ETPs, models and solutions.
−Removed: We empower investors to shape their future and support financial professionals to better serve their clients and grow their businesses.
−Removed: We leverage the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience.
−Removed: Building on our heritage of innovation, we are also developing next-generation digital products and structures, including digital or blockchain-enabled mutual funds (“Digital Funds”) and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime ™ .
−Removed: We have approximately $82.0 billion in assets under management, or AUM, as of December 31, 2022.
−Removed: Our family of ETPs includes products that provide exposure to equities, commodities, fixed income, leveraged-and-inverse, currency, cryptocurrency and alternative strategies.
+Added: We are a global financial innovator, offering a well -diversified suite of exchange traded products, or ETPs, models, solutions and products leveraging blockchain technology.
+Added: We empower investors and consumers to shape their future and support financial professionals to better serve their clients and grow their businesses.
+Added: We are leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience.
+Added: Building on our heritage of innovation, we are also developing and have launched next -generation digital products, services and structures, including digital or blockchain -enabled mutual funds (“Digital Funds”) and tokenized assets, as well as our blockchain -native digital wallet, WisdomTree Prime, which is currently available in the U.S.
+Added: in 38 states, representing approximately 70% of the U.S.
+Added: We had approximately $100.1 billion in assets under management, or AUM, as of December 31, 2023.
+Added: Our family of ETPs includes products that provide exposure to equities, fixed income, commodities, leveraged -and-inverse , currency, alternatives and cryptocurrency strategies.
We have launched many first -to-market products and pioneered alternative weighting we call “Modern Alpha,” which combines the outperformance potential of active management with the benefits of passive management to offer investors cost -effective funds that are built to perform.
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These products are distributed through all major channels in the asset management industry, including banks, brokerage firms, registered investment advisers, institutional investors, private wealth managers and online brokers primarily through our sales force.
−Removed: We believe technology is altering the way financial advisors conduct business and through our Advisor Solutions program we offer technology-enabled and research-driven solutions including portfolio construction, asset allocation, practice management services and digital tools to help financial advisors address technology challenges and grow and scale their businesses.
−Removed: We are at the forefront of innovation and believe that leveraging the utility of blockchain technology is the next evolution in financial services.
−Removed: We are building the foundation that will allow us to lead in this coming evolution with the development of our mobile application, WisdomTree Prime ™ , and the launching of Digital Funds and tokenized assets.
−Removed: WisdomTree Prime ™ is a blockchain-native wallet developed for saving, spending and investing in both native crypto assets and tokenized versions of mainstream financial assets (e.g., physical gold).
−Removed: It will allow retail consumers to purchase, sell and exchange dollar tokens, gold tokens, other digital assets and blockchain assets, such as Digital Funds, made available in the mobile application.
−Removed: We recently tokenized real-world assets like physical gold (i.e., gold tokens) and U.S.
−Removed: We also achieved key milestones with the U.S.
−Removed: Securities and Exchange Commission, or SEC, declaring effective the registration of the WisdomTree Short-Term Treasury Digital Fund (WTSYX) and nine other Digital Funds.
−Removed: These funds provide a variety of different exposures to fixed income and equity securities, with secondary recording of shares on one or more blockchains (e.g., Stellar or Ethereum).
−Removed: Our limited purpose broker-dealer, WisdomTree Securities, Inc., or WT Securities, also received membership approval from the Financial Industry Regulatory Authority, or FINRA, to facilitate transactions in Digital Funds offered in the WisdomTree Prime ™ mobile application.
−Removed: As we continue to pursue our digital assets and blockchain strategy, we are embracing a concept we refer to as “responsible DeFi,” which we believe can embody choice, transparency, and inclusivity while upholding the foundational principles of regulation in this innovative and quickly evolving space.
−Removed: We were incorporated under the laws of the state of Delaware on September 19, 1985 as Financial Data Systems, Inc., were renamed WisdomTree Investments, Inc.
−Removed: on September 6, 2005, and ultimately renamed WisdomTree, Inc.
+Added: We believe technology is altering the way financial advisors conduct business and through our Advisor and Portfolio Solutions programs we offer technology -enabled and research -driven solutions including portfolio construction, asset allocation, practice management services and digital tools to help financial advisors address technology challenges and grow and scale their businesses.
+Added: We are at the forefront of innovation and believe that tokenization and leveraging the utility of blockchain technology is the next evolution in financial services.
+Added: We are building the foundation that we believe will allow us to lead in this coming evolution.
+Added: WisdomTree Prime, our blockchain -native digital wallet, positions us to expand our blockchain -enabled financial product and services offerings with a new direct -to-consumer channel where spending, saving and investing are united.
+Added: As we continue to pursue our digital assets strategy, we are embracing what we refer to as “responsible DeFi,” which we believe upholds the foundational principles of regulation in this innovative and quickly evolving space.
+Added: We believe that our expansion into digital assets and blockchain -enabled finance complements our existing core competencies in a holistic manner and will diversify our revenue streams and contribute to our growth.
+Added: We were incorporated under the laws of the state of Delaware on September 19, 1985 as Financial Data Systems, Inc.
+Added: and were ultimately renamed WisdomTree, Inc.
on November 7, 2022.
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WisdomTree ETPs
−Removed: We offer ETPs covering equity, commodity, fixed income, leveraged-and-inverse, currency, alternatives and cryptocurrency.
+Added: We offer ETPs covering equity, fixed income, commodities, leveraged -and-inverse , currency, alternatives and cryptocurrency.
The chart below sets forth the asset mix of our ETPs at December 31, 2021, 2022 and 2023:
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listed exchange traded funds, or U.S.
−Removed: listed ETFs, increased from $48.2 billion at December 31, 2021 to $56.0 billion at December 31, 2022 due to net inflows, offset by market depreciation.
+Added: listed ETFs, increased from $56.0 billion at December 31, 2022 to $72.5 billion at December 31, 2023 due to net inflows and market appreciation.
European Listed ETPs
−Removed: The AUM of our European listed (including internationally cross-listed) ETPs, or European listed ETPs, decreased from $29.3 billion at December 31, 2021 to $26.0 billion at December 31, 2022, due to net outflows and market depreciation.
−Removed: Sale of our Former Canadian ETF Business
−Removed: In February 2020, we completed the sale of all of the outstanding shares of our wholly-owned Canadian subsidiary, WisdomTree Asset Management Canada, Inc., or the Canadian ETF business, to CI Financial Corp.
−Removed: We received CDN $3.7 million (USD $2.8 million) in cash at closing and were subsequently paid CDN $3.0 million (USD $2.4 million) of additional cash consideration based on the achievement of certain AUM growth targets.
−Removed: We may receive additional cash consideration of CDN $0 to $4.0 million depending on the achievement of certain AUM growth targets as determined on the 36-month anniversary of the closing date.
−Removed: No value has been ascribed to these contingent payments at December 31, 2022 and 2021.
−Removed: Our Canadian ETF business reported operating losses during the year ended December 31, 2020 of $0.4 million.
+Added: The AUM of our European listed (including internationally cross -listed ) ETPs, or European listed ETPs, increased from $26.0 billion at December 31, 2022 to $27.6 billion at December 31, 2023, due to market appreciation, partly offset by net outflows.
Consolidated Operating Results
−Removed: The following table sets forth our revenues and net income/(loss) for the last three years.
−Removed: Revenues – We recorded operating revenues of $301.3 million during the year ended December 31, 2022, essentially unchanged from the year ended December 31, 2021.
−Removed: Expenses – Total operating expenses increased 12.1% from the year ended December 31, 2021 to $241.3 million primarily due to higher incentive compensation and headcount, professional fees, including $4.5 million incurred in response to an activist campaign and professional fees associated with our digital assets business, fund management and administration costs, sales and business development expenses, marketing expenses, third-party distribution fees and other expenses.
−Removed: These increases were partly offset by lower occupancy expenses and depreciation and amortization expenses.
−Removed: Other Income/(Expenses) – Other income/(expenses) includes interest income and interest expense, gains/(losses) on revaluation of deferred consideration–gold payments, impairments, loss on extinguishment of debt and other losses and gains.
−Removed: For the years ended December 31, 2021 and 2022, the gain on revaluation of deferred consideration–gold payments was $2.0 million and $27.8 million, respectively.
−Removed: In addition, during the years ended December 31, 2021 and 2022, we recognized losses on our financial instruments owned of $3.7 million and $16.5 million, respectively.
−Removed: Net income/(loss) – We reported net income of $49.8 million and $50.7 million during the years ended December 31, 2021 and 2022, respectively.
−Removed: The change was impacted primarily by the change in revenues and expenses described above, a favorable change in the revaluation of deferred consideration–gold payments of $25.7 million, an impairment recognized in the prior year of $16.2 million, higher losses on our financial instruments owned of $12.8 million and other miscellaneous items.
+Added: The following table sets forth our revenues and net income for the last three years.
+Added: • Revenues – We recorded operating revenues of $349.0 million during the year ended December 31, 2023, up 15.8% from the year ended December 31, 2022 due to higher average AUM and higher other income from large flows from some of our European products, partly offset by a lower average advisory fee.
+Added: • Expenses – Total operating expenses increased 8.4% from the year ended December 31, 2022 to $261.5 million primarily due to higher stock -based compensation and headcount, fund management and administration costs, professional fees, marketing expenses, third -party distribution fees, sales and business development expenses and other expenses.
+Added: These increases were partly offset by the termination of our deferred consideration—gold payments obligation on May 10, 2023.
+Added: • Other Income/(Expenses) – Other income/(expenses) includes interest income and interest expense, gains and losses on revaluation/termination of deferred consideration—gold payments, impairments and other losses and gains.
+Added: See “Other Income/(Expenses)” in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information.
+Added: • Net income – We reported net income of $50.7 million and $102.5 million during the years ended December 31, 2022 and 2023, respectively.
See “Non -GAAP Financial Measures” included in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information.
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The chart below reflects the AUM of the global ETP industry since 2006:
−Removed: As of December 31, 2022, we were the thirteenth largest ETP sponsor globally based on AUM.
+Added: As of December 31, 2023, we were the fourteenth largest ETP sponsor globally based on AUM.
GLOBAL RANKING
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By using this process, ETFs can avoid the transaction fees and tax impact incurred by mutual funds that sell securities to generate cash to pay out redemptions.
−Removed: Regulation” for a discussion about draft tax legislation proposed in 2021 that would eliminate this chief tax advantage.
• Uniform pricing.
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• Improved access to specific asset classes.
−Removed: Investors often use ETFs to gain access to specific market sectors or regions around the world or a particular asset, such as physical gold, by investing in an ETF that holds a portfolio of securities in that region or segment rather than gaining exposure by purchasing individual securities or physical commodities.
+Added: Investors often use ETFs to gain access to specific market sectors or regions around the world or a particular asset, such as physical gold or crypto, by investing in an ETF that holds a portfolio of securities in that sector, region or asset rather than gaining exposure by purchasing individual securities, physical commodities or currencies.
• Asset allocation.
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The ETF sector of the asset management industry continues to demonstrate that it is favored among investors.
−Removed: According to Morningstar Direct, from January 1, 2020 through December 31, 2022, equity ETFs have generated positive inflows of approximately $2.0 trillion, while long-term equity mutual funds have generated outflows of approximately ($427) billion.
+Added: According to Morningstar, from January 1, 2021 through December 31, 2023, equity ETFs have generated positive inflows of approximately $1.9 trillion, while long -term equity mutual funds have generated outflows of approximately ($830) billion.
In addition, ETF fixed income flows are benefiting from a broader range of investors gravitating toward fixed income products in the ETF structure.
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• Innovative product offerings.
−Removed: ETPs are now available for virtually every asset class including equities, fixed income, commodities, alternative strategies, leveraged-and-inverse, currencies and cryptocurrencies (with greater access in markets outside the U.S.).
−Removed: However, we believe that there remain substantial areas for sponsors to continue to innovate, including cryptocurrency, liquid alternative, thematic and ESG strategies.
+Added: ETPs are now available for virtually every asset class including equities, fixed income, commodities, leveraged -and-inverse , currencies, alternative strategies and cryptocurrencies (with greater access in markets outside the U.S.).
+Added: However, we believe that there remain substantial areas for sponsors to continue to innovate, including cryptocurrency, liquid alternative, thematic and other strategies.
We also believe the further expansion of ETPs will fuel additional growth and investments from investors who typically access these products through hedge funds, separate accounts, stock investments or the futures and commodity markets.
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As the “baby boomer” generation continues to mature and retire, we expect that there will be a greater demand for a broad range of investment solutions, with an emphasis on income generation and principal protection, and that more of these investors will seek advice from professional financial advisors.
−Removed: We believe these financial advisors will migrate more of their clients’ portfolios to ETFs due to their lower fees, better fit within fee-based models, and their ability to provide access to more diverse market sectors, improve multi-asset class allocation, and be used for different investment strategies, including income generation.
+Added: We believe these financial advisors will migrate more of their clients’ portfolios to ETPs due to their lower fees, better fit within fee -based models, and their ability to provide access to more diverse market sectors, improve multi -asset class allocation, and be used for different investment strategies, including income generation.
Overall, we believe ETFs are well -suited to meet the needs of this large and important group of investors.
−Removed: In addition, since many younger investors and financial advisors have demonstrated a preference for the ETF structure over traditional product structures, we believe that wealth transfers from one generation to another will also have a positive effect on ETF industry growth.
+Added: In addition, since many younger investors and financial advisors have demonstrated a preference for the ETP structure over traditional product structures, we believe that wealth transfers from one generation to another will also have a positive effect on ETP industry growth.
• International markets.
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We believe that digital assets, tokenization and blockchain technology will help to innovate and evolve financial services from an investments, savings, payments and operational perspective.
−Removed: The digital assets industry has picked up significant momentum
−Removed: among market participants, including asset management firms, fintech firms, banks, broker-dealers and investors, which has spurred unprecedented adoption, growth and innovation.
+Added: The digital assets industry has picked up significant momentum among market participants, including asset management firms, fintech firms, banks, broker -dealers and investors, which has spurred unprecedented adoption, growth and innovation.
We believe that the benefits of blockchain technology can provide for the best product structures and executions in financial services.
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Automation and overall operational efficiency increases with the use of blockchain technology.
−Removed: It enables real-time (near instant) settlement, audit and reporting;
+Added: It enables real -time (near instant) settlement, auditability and reporting;
and it reduces processing times, the potential for error and delay, and the number of steps and intermediaries required to achieve the same levels of confidence in traditional processes, thereby reducing counterparty risks.
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Through the creation and execution of smart contracts, governance protocols, compliance, data privacy, customer identification (e.g., KYC/AML), system incentives and features can be programmed or built into the assets themselves.
+Added: • Scalability.
Blockchain technology supports interoperability between private and public blockchains, thereby expanding the global reach and resiliency of transactions.
−Removed: The laws and regulatory frameworks pertaining to digital assets and blockchain technology have evolved and increased in scope, and we expect them to continue to do so.
−Removed: Contemporaneously, there has been heightened regulatory scrutiny of digital asset activities, an increase in cybersecurity incidents leading to the theft or severe loss of assets, and bankruptcies resulting from a variety of factors including poor risk management and oversight controls, speculative or risky behavior, and/or fraud or the misappropriation of customer funds.
−Removed: As a financial innovator seeking to bridge the gap between traditional finance and blockchain-enabled finance, we are embracing a concept we refer to as “responsible DeFi” for our digital assets and blockchain-enabled products and services, which we believe upholds the foundational principles of regulation in this innovative and rapidly evolving space.
+Added: The laws and regulatory frameworks pertaining to digital assets and blockchain technology continue to evolve with an increase in scope and complexity.
+Added: Contemporaneously, there has been heightened regulatory scrutiny of digital asset activities, which include material litigation and regulatory proceedings (e.g., enforcement actions) by government authorities, an increase in cybersecurity incidents leading to the theft or severe loss of assets, and insolvency proceedings (including bankruptcies) resulting from a variety of factors including poor risk management and oversight controls, speculative or risky behavior, and/or fraud or the misappropriation of customer funds.
+Added: As a financial innovator seeking to bridge the gap between traditional finance and blockchain -enabled finance, we are embracing what we refer to as “responsible DeFi” for our digital assets and blockchain -enabled products and services, which we believe upholds the foundational principles of regulation in this innovative and rapidly evolving space.
We are committed to being a trusted provider of innovative products and services guided by proactive engagement and continued collaboration with current and new regulators.
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There are jurisdictions with more stringent and robust regulatory and compliance requirements than others, which could impact the ability of a company to compete in the digital assets industry.
−Removed: Our ability to successfully compete will depend largely on offering innovative products through digital asset exposures, generating strong after-fee performance and track records, embracing regulation, developing strategic partnerships with participants in the digital assets ecosystem, promoting thought leadership and investor education or awareness, building upon our brand and attracting and retaining talented employees.
+Added: We believe that we will continue to successfully compete in the digital assets industry by offering innovative products through digital asset exposures, generating strong after -fee performance and track records, embracing regulation, developing strategic partnerships with participants in the digital assets ecosystem, promoting thought leadership and investor education or awareness, building upon our brand and attracting and retaining talented employees.
We remain focused on providing the best structures and executions in financial services through digital assets and blockchain technology.
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We believe that ETPs are well positioned to grow significantly faster than the asset management industry as a whole, making our focus on ETPs an advantage over traditional asset management firms.
−Removed: We also believe that by leveraging blockchain technology, asset tokenization will be the future and an integral component of blockchain-enabled financial services.
−Removed: Our commitment to our digital assets and blockchain strategy is further demonstrated through the achievement of the following key milestones:
−Removed: (1) the continued development of WisdomTree Prime ™ ;
−Removed: (2) the tokenization of real-world assets like physical gold (i.e., gold tokens) and U.S.
−Removed: dollars (i.e., dollar tokens);
−Removed: (3) the SEC declaring effective the registration of the WisdomTree Short-Term Treasury Digital Fund and nine other digital or blockchain-enabled mutual funds providing a variety of different exposures to fixed income and equity securities while leveraging blockchain technology;
−Removed: and (4) FINRA approving WT Securities to operate as a limited purpose broker-dealer (i.e., mutual fund retailer), which will allow it to facilitate transactions in Digital Funds offered in our blockchain-native digital wallet WisdomTree Prime ™ .
−Removed: We believe that these key milestones, coupled with our ability to further execute on our digital assets strategy, will serve as fundamental building blocks to solidify our position as an early mover, forward-thinking innovator and industry leader in blockchain-enabled financial services.
+Added: We also believe that asset tokenization will be the future of financial services and expect our early -mover position in digital assets will serve to solidify our position as a forward -thinking innovator and industry leader in blockchain -enabled financial services.
• Strong, seasoned and creative management team.
We have built a strong and dedicated senior leadership team.
−Removed: Most of our leadership team has significant ETP or financial services industry experience in fund operations, regulatory and
−Removed: compliance oversight, product development and management or marketing and communications.
+Added: Most of our leadership team has significant ETP or financial services industry experience in fund operations, regulatory and compliance oversight, product development and management or marketing and communications.
We also continue to expand our global digital assets team, which is focused on growing existing and developing new investment products, indexes and strategies that provide exposure to digital assets, along with new blockchain -enabled products and services across global markets.
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listed equity, fixed income and alternative ETFs against actively managed and index based mutual funds and ETFs, over 80% of our U.S.
−Removed: listed AUM covered by Morningstar were in the top two quartiles of peer performance on the very short (1 year) and very long (15 year) timeframes.
−Removed: In addition, over 40% of our U.S.
+Added: listed AUM covered by Morningstar were in the top two quartiles of peer performance in the 3 -year and 10 -year timeframes.
+Added: In addition, approximately 50% of our U.S.
listed AUM is rated 4- or 5 -star by Morningstar.
• Differentiated product set, powered by innovation and performance .
−Removed: Our products span a variety of traditional and high growth asset classes covering equity, commodity, fixed income, leveraged-and-inverse, currency, cryptocurrency and alternative strategies, and include both passive and actively managed funds.
−Removed: We are also developing next-generation digital products and structures, including Digital Funds and tokenized assets.
+Added: Our products span a variety of traditional and high growth asset classes covering equity, fixed income, commodity, leveraged -and-inverse , currency, alternative strategies and cryptocurrency, and include both passive and actively managed funds.
+Added: We are also developing and have launched next -generation digital products, services and structures, including Digital Funds and tokenized assets.
Our innovations include the following:
−Removed: the WisdomTree Prime ™ mobile application, our blockchain-native digital wallet, which will serve as a new direct-to-consumer channel positioning us as an early mover and industry leader in blockchain-enabled financial services;
+Added: • the launch of the WisdomTree Prime mobile application, our blockchain -native digital wallet that serves as a new direct -to-consumer channel positioning us as an early mover and industry leader in blockchain -enabled financial services;
+Added: the application is currently available in 38 states in the U.S., representing approximately 70% of the U.S.
• the tokenization of real -world assets like physical gold (i.e., gold tokens) and U.S.
dollars (i.e., dollar tokens);
−Removed: the WisdomTree Short-Term Treasury Digital Fund as well as nine other digital or blockchain-enabled mutual funds that will use blockchain technology to maintain a secondary record of their respective shares on one or more blockchains (e.g., Stellar or Ethereum);
+Added: • 13 Digital Funds accessible through WisdomTree Prime including a government money market fund and other digital funds offering asset allocation, fixed income and equity exposures that use blockchain technology to maintain a secondary record of their respective shares on one or more blockchains (e.g., Stellar or Ethereum);
+Added: • among the first to launch a spot bitcoin ETF in the U.S.;
+Added: • the first ETF to add bitcoin futures exposure;
• the first gold and oil ETPs via our acquisition of the European exchange -traded commodity, currency and leveraged -and-inverse business of ETFS Capital Limited, or ETFS Capital.
Throughout this Report, we refer to the acquired business as ETFS and the acquisition as the ETFS Acquisition;
−Removed: the first ETF to add bitcoin futures exposure;
• the first emerging markets small -cap equity ETF;
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Fourth, because these indexes are proprietary to WisdomTree, we may face similar competition, but we never face exact competition.
−Removed: Our expertise in product development combined with our self-indexing capabilities provides a strategic advantage, enabling us to launch
−Removed: innovative products.
−Removed: Building on our heritage of innovation, we are also developing next-generation digital products and structures, including Digital Funds and tokenized assets.
+Added: Our expertise in product development combined with our self -indexing capabilities provides a strategic advantage, enabling us to launch innovative products.
+Added: Building on our heritage of innovation, we are developing and have launched next -generation digital products and structures, including Digital Funds and tokenized assets.
• Extensive marketing, research and sales efforts.
−Removed: We have invested significant resources to establish the WisdomTree brand and to promote our products through online and television targeted advertising, social media, as well as through our public relations efforts.
+Added: We have invested significant resources to establish the WisdomTree brand and to promote our products through online and television targeted advertising and social media, as well as through our public relations efforts.
Close to 40% of our employees are dedicated to marketing, research and sales.
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Our Growth Strategies
−Removed: We are a global financial innovator, offering a well-diversified suite of world-class ETPs, models and solutions, with AUM of $82.0 billion as of December 31, 2022.
+Added: We are a global financial innovator, offering a well -diversified suite of ETPs, models, solutions and products leveraging blockchain -enabled technology, with AUM of $100.1 billion as of December 31, 2023.
We are at the forefront of innovation and believe that tokenization and leveraging the utility of blockchain technology is the next evolution in financial services.
−Removed: We are building the foundation that will allow us to lead in this coming evolution.
−Removed: WisdomTree Prime ™ , our blockchain-native digital wallet, will position us to expand our blockchain-enabled financial services product offerings with a new direct-to-consumer channel where spending, saving and investing are united.
−Removed: As we continue to pursue our digital assets strategy, we are embracing a concept we refer to as “responsible DeFi,” which we believe upholds the foundational principles of regulation in this innovative and rapidly evolving space.
−Removed: We believe that our expansion into digital assets will complement our existing core competencies in a holistic manner, diversify our revenue streams and contribute to our growth.
+Added: We are building the foundation that we believe will allow us to lead in this coming evolution.
+Added: WisdomTree Prime, our blockchain -native digital wallet, positions us to expand our blockchain -enabled financial services product offerings with a new direct -to-consumer channel where spending, saving and investing are united.
+Added: As we continue to pursue our digital assets strategy, we are embracing what we refer to as “responsible DeFi,” which we believe upholds the foundational principles of regulation in this innovative and rapidly evolving space.
+Added: We believe that our expansion into digital assets complements our existing core competencies in a holistic manner and will diversify our revenue streams and contribute to our growth.
Our strategy includes the following:
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and pioneered alternative weighting and performance methods we call “Modern Alpha,” which combines the outperformance potential of active management with the benefits of passive management to offer investors cost -effective funds that are built to perform.
−Removed: Our growth plan includes the following:
−Removed: target new global product launches filling strategic gaps and seizing tactical opportunities;
−Removed: to be a leader in the ESG space.
−Removed: Our ESG offerings include our ex-state-owned methodology which supports our conviction that government-owned companies, particularly in emerging markets, can often have a negative impact on long-term performance.
−Removed: We offer four distinct ex-state-owned approaches in emerging markets.
−Removed: We also offer broad-based U.S.
−Removed: equity strategies through three products that combine the potential performance benefits of our multifactor methodology with ESG attributes to meet investors’ evolving needs.
−Removed: Our AUM in these products totaled $3.1 billion at December 31, 2022, ranking us seventh in the U.S.
−Removed: by ESG assets under management.
−Removed: In 2021, we also launched our ESG model portfolios, our first models with explicit and specific ESG objectives split roughly between the demographic and social shift and environmental pressures families.
+Added: Our growth plan focuses on filling strategic gaps and seizing tactical opportunities by launching new products globally.
• Establish ourselves as a leader in digital assets and blockchain -enabled financial services.
−Removed: We continue to make progress and pursue our initiatives in connection with our digital assets business to establish ourselves as a leader in the digital assets industry.
−Removed: Key milestones related to our blockchain-enabled financial services innovation and business development include the following:
−Removed: continued development of our blockchain-native digital wallet, WisdomTree Prime ™ , which is currently in beta testing with a nationwide rollout targeted in 2023;
−Removed: we tokenized real-world assets like physical gold (i.e., gold tokens) and U.S.
−Removed: dollars (i.e., dollar tokens);
−Removed: the SEC declared effective the registration of the WisdomTree Short-Term Treasury Digital Fund and nine other digital or blockchain-enabled mutual funds which provide a variety of different exposures to fixed income and equity securities.
−Removed: Each Digital Fund will use blockchain technology to maintain a secondary record of its shares on one or more blockchains (e.g., Stellar or Ethereum), but will not directly or indirectly invest in any assets that rely on blockchain technology, such as cryptocurrencies;
−Removed: FINRA approved our limited purpose broker-dealer, WT Securities, to operate as a mutual fund retailer, which will allow it to facilitate transactions in Digital Funds offered in WisdomTree Prime ™ ;
−Removed: we made various other digital asset and blockchain-related regulatory filings and have applications pending in the U.S.
−Removed: as we position ourselves to become a leader in asset tokenization and digital or blockchain-enabled funds, including through federal and state regulated entities;
−Removed: we hired a dedicated team across the U.S., U.K, and Ireland focused exclusively on technology, compliance, legal, product, marketing, research and education related to digital assets, DeFi and blockchain technology;
−Removed: we completed investments in Securrency, Inc., or Securrency, a blockchain-based financial services infrastructure provider for regulated funds and tokenized assets, Fnality International Limited, or Fnality, a company focused on creating a peer-to-peer digital wholesale settlement ecosystem comprised of a consortium of financial institutions, and Onramp Invest, Inc., or Onramp, a technology firm that provides access to digital assets for registered investment advisers;
−Removed: we developed the RWM WisdomTree Crypto Index, which offers digital assets exposure to separately managed accounts through our collaboration with Ritholtz Wealth Management LLC, Onramp and Gemini Trust Company, LLC;
−Removed: we launched eight crypto ETPs in Europe, including a bitcoin and ether ETP, crypto asset basket ETPs and other exposures;
−Removed: the WisdomTree Enhanced Commodity Strategy Fund (GCC) became the first U.S.
−Removed: listed ETF to add bitcoin futures exposure with inclusion of up to 5% bitcoin futures allocation, and the WisdomTree Managed Futures Fund (WTMF) subsequently added bitcoin futures exposure, also with inclusion of up to 5% bitcoin futures allocation;
−Removed: we launched the WisdomTree +Crypto Model Portfolios to serve as an educational resource for advisors through our collaboration with Onramp and Gemini, as well as supported a new digital asset variable annuity product by Federal Life through the development of our +Crypto Model Portfolios;
−Removed: we filed registration statements with the SEC for the WisdomTree Bitcoin Trust and the WisdomTree Ethereum Trust.
+Added: Our deep experience with innovation and proven track record of entering new asset classes and markets, coupled with our firmwide strategic attention on blockchain -enabled finance and a culture focused on governance and risk management with a regulatory minded approach positions us to become a leader in the digital assets industry.
+Added: We are an early mover in this space, with the launch of our blockchain -native digital wallet, WisdomTree Prime, a new direct -to-consumer channel where spending, saving and investing are united.
+Added: WisdomTree Prime provides access to bitcoin, ether, tokenized gold and U.S.
+Added: dollar tokens, as well as 13 Digital Funds, including a government money market fund and other digital funds offering asset allocation, fixed income and equity exposures.
+Added: In addition, we have partnered with a financial institution to provide co -branded debit cards to our retail customers on the WisdomTree Prime platform.
+Added: We continue to focus on enhancing the products and capabilities of the platform with plans to allow for peer -to-peer transfers and payments.
+Added: We are also exploring strategic partnerships and other business development opportunities for both our platform and product suite that could unlock additional tokenization revenue streams in the future.
• Foster deeper client relationships through technology -enabled and research -driven solutions .
We believe technology is altering the way financial advisors conduct business.
−Removed: Our award-winning Advisor Solutions program and our Model Adoption Center, or the MAC, provide technology-enabled and research-driven solutions to help financial advisors address technology challenges and grow and scale their businesses.
−Removed: The Advisor Solutions program includes:
−Removed: access to over 40 model portfolios, which are currently available on a number of platforms, including TD Ameritrade, Merrill Lynch, Morgan Stanley, Envestnet, 55ip and others.
+Added: Our Advisor and Portfolio Solutions programs provide technology -enabled and research -driven solutions to help financial advisors grow and scale their businesses and address their technology challenges.
+Added: The Advisor and Portfolio Solutions programs include:
+Added: • access to our U.S.
+Added: model portfolios which are available to over 70,000 advisors across a number of platforms, including, Merrill Lynch, Morgan Stanley, LPL Financial, Charles Schwab, Envestnet, 55ip and others.
Our model portfolios are a natural extension of our research capabilities and provide advisors access to an open -architecture approach, a tenured team and a firm dedicated to innovation and value creation.
As part of this initiative, we launched a series of model portfolios in collaboration with Professor Jeremy Siegel;
−Removed: providing customized portfolio and asset allocation services through our Portfolio & Growth Solutions program to support registered investment advisers and independent broker dealers in building, implementing, and managing their client portfolios while providing strategic guidance for advisors to support their business growth;
−Removed: access to portfolio construction tools such as our award-winning Digital Portfolio Developer, an enhanced portfolio construction tool that assists financial advisors in analyzing an existing investment portfolio by examining the data and providing alternative portfolio approaches to consider in seeking to improve outcomes based on different measures;
+Added: • providing customized portfolio and asset allocation services to support registered investment advisers and independent broker dealers in building, implementing, and managing their client portfolios while providing strategic guidance for advisors to support their business growth;
+Added: • access to portfolio construction tools such as our award -winning Portfolio Analysis Tools Hub (PATH), an enhanced portfolio construction tool that assists financial advisors in analyzing an existing investment portfolio by examining the data and providing alternative portfolio approaches to consider in seeking to improve outcomes based on different measures;
• wealth investment research and ETF education;
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We maintain relationships with certain distribution platforms that allow commission -free trading of our ETFs.
−Removed: These relationships are beneficial to us as they provide greater marketing privileges and access to the platforms’ advisors.
+Added: These relationships are beneficial to us as they can provide greater marketing privileges and access to the platforms’ advisors.
As financial advisors continue to migrate away from mutual funds, we use our expertise in ETFs to build new relationships and educate advisors about the benefits of ETFs.
−Removed: Some of these relationships that exist today are with LPL Financial, BNY Mellon/Pershing, Raymond James, Cetera, Swissquote and others.
+Added: Some of these relationships that exist today are with LPL Financial, BNY Mellon/Pershing, Raymond James, Charles Schwab, Cetera and others.
• Leverage data intelligence to serve and expand investor base and improve sales and marketing effectiveness.
We utilize a cognitive customer -focused lead prioritization system which has enhanced our distribution efforts.
−Removed: The system evaluates data across structured and unstructured sources such as historical investment data, market data and investor
−Removed: activity history, extracting behavioral insights, and is designed to enable our sales and marketing teams to optimize outreach to our current and potential investor base.
+Added: The system evaluates data across structured and unstructured sources such as historical investment data, market data and investor activity history, extracting behavioral insights, and is designed to enable our sales and marketing teams to optimize outreach to our current and potential investor base.
• Selectively pursue acquisitions or other strategic transactions.
−Removed: We may pursue acquisitions or other strategic transactions that will enable us to strengthen our current business, expand and diversify our product offerings, complement our Advisor Solutions program, increase our AUM or enter into new markets.
+Added: We may pursue acquisitions or other strategic transactions that will enable us to strengthen our current business, expand and diversify our product offerings, complement our Advisor and Portfolio Solutions programs, increase our AUM or enter into new markets.
We believe pursuing acquisitions or other strategic transactions is a cost -effective means of growing our business and AUM.
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We compete in the highly competitive asset management industry.
−Removed: Attracting, retaining and motivating highly skilled, and sometimes highly specialized, employees in operations, product development, research, sales and marketing and other positions is crucial to our ability to compete effectively.
+Added: Attracting, retaining and motivating highly skilled, and sometimes highly specialized, employees in operations, product development, research, technology, sales and marketing and other positions is crucial to our ability to compete effectively.
Our ability to recruit and retain such employees depends on a number of factors, including our corporate culture and work environment, informed by our values and behaviors, talent development and career opportunities and compensation and benefits.
−Removed: We strive to differentiate ourselves in the asset management industry through our sense of community and purpose integrated into our culture, while encouraging a culture where every employee has a voice.
+Added: We strive to differentiate ourselves through our sense of community and purpose integrated into our culture, while encouraging a culture where every employee has a voice.
Employee Profile
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and 113 in Europe.
−Removed: None of our employees are covered by a collective bargaining agreement and we consider our relations with employees to be good.
−Removed: Diversity, Equity and Inclusion
−Removed: We recognize that a diverse set of perspectives is critical to innovation and have built a diverse and inclusive workforce that includes all genders, races, religions, and ages, as well as those in the disabled community.
+Added: We consider our relations with employees to be good.
+Added: Diversity, Equity and Inclusion (DEI)
+Added: We recognize that a diverse set of perspectives is critical to innovation and have built a diverse global workforce, inclusive of gender, race, ethnicity, religion, age, gender identity, gender expression and sexual orientation, as well as those in the disabled community.
We actively seek candidates from different backgrounds and outside traditional fields and reinforce our commitment to diversity through organizational policies, such as mandating fairness and equality for all employees and creating performance appraisal systems that are non -discriminatory .
−Removed: Our Women’s Initiative Network, or WIN, is an employee-led network designed to provide opportunities and support from all genders for women at WisdomTree;
−Removed: career development and professional training opportunities;
−Removed: and female empowerment and leadership within the organization.
−Removed: Since its inception in 2019, WIN has held several successful global events, including panel discussions on women in the workforce featuring notable guest speakers;
−Removed: interactive seminars on topics including negotiation skills;
−Removed: workshops and coaching sessions to enhance confidence to speak up;
−Removed: and various roundtable forums, informal coffee catch-ups and in-person and virtual social gatherings to promote connectivity and increase engagement.
−Removed: WIN also produces weekly internal “spotlight” newsletters to increase visibility and raise the profile of our female employees and in 2022 expanded its efforts to promote their external visibility, leading to being shortlisted by Women in Asset Management USA for DEI Initiative of the Year, Employer of the Year, Advocate of the Year and Next Generation Leader of the Year.
−Removed: We pride ourselves on the diversity of our employee base globally, inclusive of gender, race, ethnicity, age, gender identity, gender expression and sexual orientation, and seek to continuously strengthen our commitment to diversity, equity and inclusion, or DEI.
−Removed: In 2020, after engaging with a DEI-focused external consulting firm, we conducted an employee survey and several focus groups.
−Removed: The output from these exercises was incorporated into a DEI strategic plan and resulted in the formation of an employee-led DEI Council in 2021.
−Removed: The objectives of this plan include driving clarity and accountability around our commitment to fostering an inclusive culture where all employees feel empowered to do their best work;
−Removed: building trust across differences to ensure employees feel a sense of community and belonging;
−Removed: providing clear paths for growth and development opportunities;
−Removed: and elevating diverse voices and perspectives.
−Removed: The DEI Council is comprised of senior leaders and employees and provides oversight and guidance in connection with the implementation of programs contemplated by the DEI strategic plan.
−Removed: The DEI Council seeks to foster a diverse, equitable and inclusive workplace culture in support of WisdomTree’s DEI vision.
−Removed: In 2022, the DEI Council continued to assess diversity across the firm through employee surveys and launched a DEI workshop series aimed at giving employees practical tools to use in building and fostering an inclusive culture.
+Added: At WisdomTree, we envision a future of investment excellence driven by a commitment to continuously strengthen our diverse, equitable and inclusive workplace culture.
+Added: Our DEI Council, formed in 2021, is comprised of senior leaders and employees from both the U.S.
+Added: and Europe and provides oversight and guidance in connection with the implementation of programs designed to foster a culture where every employee thrives, leveraging diverse perspectives and inclusive practices.
+Added: For example, in 2023, the DEI Council held training sessions on understanding neurodiversity, implicit bias and embedding inclusion in feedback, roundtables on success and failure, and financial literacy workshops for employees and secondary school students.
+Added: The DEI Council also promoted awareness days and months across the firm including with respect to black history, women’s history, pride, mental health and men’s health.
+Added: Our Women’s Initiative Network, or WIN, is a global employee -led network designed to provide opportunities and support from all genders for women at WisdomTree, career development and professional training opportunities, and female empowerment and leadership within the organization.
+Added: Since its inception in 2019, WIN has held numerous global events, including panel discussions on women in the workforce featuring WisdomTree employees and notable guest speakers, interactive seminars on topics including negotiation skills, workshops and coaching sessions to enhance confidence to speak up, and various roundtable forums, informal coffee catch -ups and in -person and virtual social gatherings to promote connectivity and increase engagement.
+Added: WIN also produces regular internal “spotlight” newsletters to increase visibility and raise the profile of our female employees.
+Added: Both this initiative and WIN’s coffee catch -up initiative evolved into successful firm -wide initiatives.
+Added: In addition, through WIN’s mentorship program, WIN members of all genders are connected with firm leaders who can help them achieve their career development goals.
Employee Wellness, Health and Safety
The wellbeing of our employees is a primary focus.
−Removed: In response to the COVID-19 pandemic, we established a committee that led a coordinated strategy and acted quickly, implementing significant changes across the organization to protect our people.
−Removed: Our entire global workforce transitioned seamlessly and worked remotely and successfully throughout the pandemic.
−Removed: We continue to provide frequent communications to keep our employees informed about health, safety and remote working logistics and offer expanded health, wellness and other benefits.
−Removed: For example, we support employees with their information technology needs, provide a monthly stipend to cover remote work-related business expenses and provide guidance for managers to ensure that employees remain connected and maintain physical, mental and emotional wellbeing.
−Removed: We also continue to offer numerous wellness programs including meditation and yoga classes, health webinars, a weekly wellness newsletter and access to mental health professionals and other resources.
−Removed: We also offer flexible paid time-off and sick leave policies to provide employees additional flexibility.
−Removed: As the virtual work environment during the pandemic led to efficiencies, increased transparency and further collaboration throughout our business, we continue to maintain a “remote first” philosophy.
−Removed: This means that time in the office is not prescribed,
−Removed: and individuals and teams are empowered to determine how they work best, based on their role, while remaining accountable for achieving individual and team outcomes.
−Removed: This decision was made after soliciting feedback from our employees, a significant number of whom were highly supportive of these plans.
−Removed: In keeping with “remote first,” we terminated the lease for our principal executive offices in New York and London and now maintain a smaller office footprint to better align with the number of employees expected to collaborate in person on any given day, while providing a space for employees to work and socialize.
−Removed: As the safety and security of our employees who choose to work in our office space is of critical importance, we have selected office buildings with robust security procedures, fire safety and sanitation and health practices.
+Added: We are continuously evolving and refining how we work best to achieve individual, team and Company goals.
+Added: To that end, we have embraced a “Work Smart” philosophy that transcends physical work settings, with a focus on optimizing productivity, efficiency and effectiveness of our work.
+Added: Time in the office generally is not prescribed, and team leaders are empowered to determine how their teams work best, based on their roles, with employees remaining accountable for achieving individual, team and Company outcomes.
+Added: To foster employee wellbeing and a healthy work -life balance, we offer numerous wellness programs including meditation and yoga classes, health webinars, a weekly wellness newsletter and access to mental health professionals and other resources.
+Added: Leveraging technology, we enhance the employee experience through digital wellness platforms, facilitating remote access to health and wellbeing resources.
+Added: We also offer paid vacation (unlimited in the U.S.) and sick leave policies to provide employees additional flexibility, and our U.S.
+Added: employees enjoy additional “wellness days,” which are scheduled office closures around major market holidays for employees to collectively disconnect and rejuvenate.
+Added: We support employees with their information technology needs, provide a monthly stipend to cover remote work -related business expenses and provide guidance for managers to ensure that employees remain connected and maintain physical, mental and emotional wellbeing.
+Added: In keeping with “Work Smart,” we now maintain a smaller office footprint globally to better align with the number of employees expected to collaborate in person on any given day, while providing a space for employees to work and socialize.
+Added: As the safety and security of our employees who choose to work in our office space are of critical importance, we have selected office buildings with robust security procedures, fire safety and sanitation and health practices.
Compliance, Training and Development
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All new employees attend a compliance training session with a compliance officer, and thereafter, employees are required to attend firmwide annual compliance training and to complete compliance certifications annually and in some instances, quarterly.
+Added: We also conduct mandatory cybersecurity training and other training programs as required by law.
As we believe that our employees are our greatest asset, we recognize the importance of investing in their continued development.
We provide a variety of opportunities for our employees to build new skills and further their career development.
−Removed: These include job-specific training courses, virtual executive lunches and webinars hosted by various departments to gain a holistic view of the Company.
+Added: These include role -specific training courses, virtual lunches with senior leaders in a small group setting and webinars hosted by various departments to gain a holistic view of the Company.
We also support employees’ continuing education, including through our educational assistance program.
−Removed: In addition, we invest in our current and future leaders through leadership development courses and coaching, and through our WIN mentorship program, we connect WIN members of all genders with leaders who can help them achieve their career development goals.
−Removed: We also hold monthly town halls to inform our employees of business developments and job openings for those seeking career development opportunities.
+Added: In addition, we invest in our current and future leaders through leadership development courses and individual and team coaching.
+Added: We also hold monthly regional and quarterly global town halls to inform our employees of business developments, employee news and job openings, as well as to provide opportunities for employees to hone their presentation skills by sharing department updates.
Employee Engagement
We believe engaging our employees is key to fostering new ideas and driving commitment and productivity.
−Removed: We communicate frequently and transparently with our employees through a variety of communication methods, including an annual global virtual offsite, monthly town halls and firmwide weekly emails championing the team’s work.
+Added: We communicate frequently and transparently with our employees through a variety of communication methods, including an annual global virtual offsite where senior leaders review the firm’s prior -year accomplishments and articulate the objectives for the coming year, and each department presents its respective prior -year accomplishments and current -year objectives, monthly regional and quarterly global town halls and firmwide weekly emails championing the team’s work.
We also seek feedback from our employees through annual engagement surveys and follow -up pulse surveys on various topics.
+Added: In addition, we provide opportunities for employees to participate in volunteer and charitable events.
We also believe it is important to celebrate employee and Company accomplishments.
−Removed: In 2022, we celebrated our third annual “Team Alpha” Awards to mark significant events and successes and to recognize employees who led those successes while exhibiting extraordinary teamwork and demonstrating strong character.
+Added: In 2023, we celebrated our fourth annual “Team Alpha” Awards to mark significant events and successes and to recognize employees who led those successes while exhibiting extraordinary teamwork and demonstrating strong character.
Over 50 nominations were submitted and narrowed down by a selection committee.
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We also achieved overall positive results from our 2023 global employee engagement survey, with a 99% participation rate.
−Removed: Additionally, in the U.S., we were named a 2022 Best Places to Work in Money Management by Pension & Investments for the third consecutive year and six years total and were selected as the top firm within the category for managers with 100-499 employees.
−Removed: We were also named Best WorkPlace for medium-sized companies in the U.K.
−Removed: for a third consecutive year and a 2022 Best Workplace for Women for medium-sized companies by Great Place to Work.
+Added: Additionally, in the U.S., we were named a “2023 Best Places to Work in Money Management” by Pensions & Investments for the fourth consecutive year and seventh year since the award was created.
+Added: We ranked second within the category for managers with 100 -499 employees, the second consecutive year earning a ranking among the top five employers.
+Added: In the U.K., we were also named Best Workplace for medium -sized companies for a fourth consecutive year and a 2023 Best Workplace for Women for medium -sized companies by Great Place to Work .
Compensation and Benefits
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As such, we believe that equity awards are an important part of our employees’ overall compensation package and that incentivizing our employees with equity aligns the interests of our employees with our stockholders.
−Removed: We also offer a wide array of benefits including generous healthcare coverage, paid vacation, parental, sabbatical and sick leave, life insurance, short- and long-term disability benefits and a 401(k) plan with a matching contribution of up to 50% of eligible employee contributions.
+Added: We also offer a wide array of benefits including generous healthcare coverage, paid vacation (unlimited in the U.S.), parental, sabbatical and sick leave, life and travel insurance, short- and long -term disability benefits and, in the U.S., a 401(k) plan with a matching contribution of up to 50% of eligible employee contributions.
Our Product Categories
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These fundamentally weighted indexes focus on securities of companies that pay regular cash dividends or on securities of companies that have generated positive cumulative earnings over a certain period.
−Removed: We believe weighting equity
−Removed: markets by dividends and income, rather than by market capitalization, can provide investors with better risk-adjusted returns over longer term periods in core equity exposures.
+Added: We believe weighting equity markets by dividends and income, rather than by market capitalization, can provide investors with better risk -adjusted returns over longer term periods in core equity exposures.
Total AUM of our U.S.
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Total AUM of our Leveraged & Inverse products was $1.8 billion at December 31, 2023.
+Added: Cryptocurrency
+Added: Our cryptocurrency ETPs provide investors with a simple, secure and cost -efficient way to gain exposure to the price of cryptocurrencies, while utilizing the best of traditional financial infrastructure and product structuring.
+Added: We offer exposures to bitcoin, ether, crypto asset baskets and other cryptocurrency exposures.
+Added: Total AUM of our cryptocurrency products was $0.4 billion at December 31, 2023.
Our Alternative products include the industry’s first managed futures strategy ETF and a global real return ETF.
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Total AUM of our Alternative products was $0.4 billion at December 31, 2023.
−Removed: Cryptocurrency
−Removed: Our cryptocurrency ETPs in Europe provide investors with a simple, secure and cost-efficient way to gain exposure to the price of cryptocurrencies, while utilizing the best of traditional financial infrastructure and product structuring.
−Removed: We offer exposures to bitcoin, ether, crypto asset baskets and other cryptocurrency exposures.
−Removed: Total AUM of our cryptocurrency products was $0.1 billion at December 31, 2022.
Our Sales, Marketing and Research Efforts
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We have developed an extensive network and relationships with financial advisors and we believe that our ETPs and related research are well structured to meet their needs and those of their clients.
−Removed: We have taken steps to enhance and form new relationships through our Advisor Solutions program, including providing customized portfolio and asset allocation services through our Portfolio & Growth Solutions program to support registered investment advisers and independent broker dealers in building, implementing and managing their client portfolios while providing strategic guidance for advisors to support their
−Removed: business growth.
−Removed: Our Advisor Solutions program also provides technology-enabled and research-driven solutions to help financial advisors grow and scale their businesses.
−Removed: In addition, senior and academic advisors of ours participate as keynote speakers in various industry and WisdomTree hosted conferences and events.
+Added: We have taken steps to enhance and form new relationships through our Advisor and Portfolio Solutions programs, including providing customized portfolio and asset allocation services to support registered investment advisers and independent broker dealers in building, implementing and managing their client portfolios while providing strategic guidance for advisors to support their business growth.
+Added: Our Advisor and Portfolio Solutions programs also provide technology -enabled and research -driven solutions to help financial advisors grow and scale their businesses.
+Added: In addition, senior and academic advisors of ours, including Professor Jeremy Siegel, Senior Economist to WisdomTree, participate as keynote speakers in various industry and WisdomTree hosted conferences and events.
Our sales professionals act in a consultative role to provide financial advisors with value -added services.
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For example, our television advertising to promote our ETPs runs exclusively on the cable networks CNBC, Fox Business and Bloomberg.
−Removed: Television advertising will also be utilized to promote WisdomTree Prime TM .
−Removed: Also, our digital advertising runs on many investing and ETF-specific web sites, such as www.etftrends.com and www.etfdatabase.com , using targeted dynamic and personalized ad messaging.
−Removed: We recently introduced non-linear TV advertising that leverages the same targeted segments of users who use streaming devices.
+Added: It is anticipated that television advertising also will be utilized to promote WisdomTree Prime.
+Added: Also, our digital advertising runs on many investing and ETF -specific web -sites , such as www.etftrends.com and www.etfdb.com, using targeted dynamic and personalized ad messaging.
+Added: We also utilize non -linear TV advertising that leverages the same targeted segments of users who use streaming devices.
In Europe, we filter the targeting of promotions by both region and language, focusing heavily on professional investors.
• Media relations.
−Removed: We have a full-time global corporate communications and public relations team that has established relationships with major financial media outlets.
−Removed: We utilize these relationships to help increase global awareness of the WisdomTree ETPs, the ETP industry in general in the U.S.
+Added: We have a full -time global corporate communications and public relations team that has established relationships with major financial and digital assets media outlets.
+Added: We utilize these relationships to help increase global awareness of WisdomTree ETPs, the ETP industry in general in the U.S.
and Europe and our digital assets efforts.
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• Database Messaging Strategy.
−Removed: We have a database of financial advisors to which we regularly market through a series of messages across channels (email, display, site) that are triggered based on user interest and predictive analytics, on-demand research presentations, ETP-specific or educational events and presentations, and market commentary from our senior investment strategy adviser, Professor Jeremy Siegel.
−Removed: Additionally, in the U.S., we communicate to our retail database about new product launches and provide ETF education.
+Added: We have a database of financial advisors to whom we regularly market through a series of messages across channels (email, display, site) that are triggered based on user interest and predictive analytics, on -demand research presentations, ETP -specific or educational events and presentations, and market commentary from Professor Jeremy Siegel, Senior Economist to WisdomTree.
+Added: Additionally, in the U.S., we communicate to our retail database about new product launches and provide ETF education through a monthly newsletter.
• Social media.
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Our social media strategy allows us to continually enhance our brand reputation of expertise and thought leadership in the ETP industry.
−Removed: For example, we have an established presence on LinkedIn, Twitter, Instagram, Reddit and YouTube, and our blog content is syndicated across multiple business-oriented websites.
−Removed: We also plan to leverage the strength and reach of our existing brand, in addition to utilizing a highly focused “test, learn, iterate” paid and social media marketing strategy, to drive awareness and user adoption for WisdomTree Prime ™ .
+Added: For example, we have an established presence on LinkedIn, X (formerly Twitter), Instagram, Reddit and YouTube, and our blog content is syndicated across multiple business -oriented websites.
+Added: We also leverage the strength and reach of our existing brand, in addition to utilizing a highly focused “test, learn, iterate” paid and social media marketing strategy, to drive awareness and user adoption for WisdomTree Prime.
• Sales support.
−Removed: We create comprehensive materials to support our sales process, including whitepapers, research reports, webinars, blogs, podcasts, videos and performance data for our products.
+Added: We create comprehensive materials to support our sales process of our ETP products, including whitepapers, research reports, webinars, blogs, podcasts, videos and performance data for our products.
Our marketing automation system connects seamlessly to our database of financial advisors to provide the sales team with additional insights about their clients.
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Research and Chief Investment Office
−Removed: Our research team and chief investment office, or CIO, has four core functions:
+Added: Our research team and chief investment office has four core functions:
product development and oversight, investment research, model portfolio management and sales support across equities, fixed income, alternatives, crypto and asset allocation portfolios.
In its index and active product development and oversight role, the group is responsible for creating the investment methodologies and overseeing the maintenance of indexes and active strategies.
−Removed: The team also provides a variety of investment research around these indexes and markets and manages a series of model portfolios that incorporate WisdomTree and
−Removed: third-party products for various investment platforms, including WisdomTree Prime ™ .
+Added: The team also provides a variety of investment research around these indexes and markets and manages a series of model portfolios that incorporate WisdomTree and third -party products for various investment platforms, including WisdomTree Prime.
Our research is typically academic -type research to support our products, including white papers on the strategies underlying our indexes and ETPs, investment insights on current market trends, and types of investment strategies that drive long -term performance.
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Finally, the team supports our sales professionals in meetings as market experts and through custom analysis on client portfolio holdings.
−Removed: In addition, we consult with our senior advisers, including Professor Jeremy Siegel, on product development ideas, model collaboration and market commentaries.
+Added: In addition, we consult with our senior advisers, including Professor Jeremy Siegel, Senior Economist to WisdomTree, on product development ideas, model collaboration and market commentaries.
Product Development
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Many of the firms we compete with are subsidiaries of large diversified financial companies and many others are much larger in terms of AUM, years in operations and revenues and, accordingly, have much larger sales organizations and budgets.
−Removed: In addition, these larger competitors may attract business through means that are not available to us, including retail bank offices, investment banking, insurance agencies and broker-dealers.
−Removed: ETPs are now available for virtually every asset class including equities, fixed income, commodities, alternative strategies, leveraged-and-inverse, currencies and cryptocurrencies (with greater access to markets outside of the U.S.).
+Added: In addition, these larger competitors may attract business through means that are not available to us, including retail bank offices, investment banking, insurance agencies and traditional broker -dealers .
+Added: ETPs are now available for virtually every asset class including equities, fixed income, commodities, alternative strategies, leveraged -and-inverse , currencies and cryptocurrencies.
Existing players have broadened their suite of products offering strategies that are, in some cases, similar to ours and large traditional asset managers are also launching ETPs, some with similar strategies as well.
−Removed: There remain substantial areas for sponsors to continue to innovate, including with respect to cryptocurrency, liquid alternative, thematic and ESG strategies.
+Added: There remain substantial areas for sponsors to continue to innovate, including but not limited to cryptocurrency, liquid alternative, thematic and other strategies.
Price competition exists in not only commoditized product categories such as traditional, market capitalization weighted index exposures and commodities, but also in non -market capitalization weighted or factor -based exposures and commodities.
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Being a first mover, or one of the first providers of ETPs in a particular asset class, can be a significant advantage, as the first ETP in a category to attract scale in AUM and trading liquidity is generally viewed as the most attractive product.
−Removed: We believe that our early launch of products in a number of asset classes or strategies, including fundamental weighting and currency hedging, along with commodities including gold, certain fixed income, alternative and thematic categories and our ESG offerings, positions us well to maintain our standing as one of the leaders of the ETP industry.
+Added: We believe that our early launch of products in a number of asset classes or strategies, including fundamental weighting and currency hedging, along with commodities including gold, certain fixed income, alternative and thematic categories, positions us well to maintain our standing as one of the leaders of the ETP industry.
Additionally, we believe that our affiliated indexing or “self -indexing ” model, as well as our more recent active ETFs, enable us to launch proprietary products that do not have direct competition and are positioned to generate alpha versus benchmarks.
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We also have been positioning ourselves to expand beyond our existing ETP business by leveraging blockchain technology, digital assets and principles of DeFi to deliver transparency, choice and inclusivity to customers and consumers around the world.
−Removed: Our products are expanding to include asset tokenization and digital or blockchain-enabled mutual funds, leveraging federal and state regulated entities.
−Removed: In 2022, the SEC declared effective the registration of the WisdomTree Short-Term Treasury Digital Fund and nine other Digital Funds, which provide a variety of different exposures to fixed income and equity securities.
−Removed: FINRA also approved our limited purpose broker-dealer, WT Securities, to operate as a mutual fund retailer, which will allow it to facilitate transactions in Digital Funds offered in WisdomTree Prime ™ .
−Removed: Further, we have tokenized real-world assets like physical gold (i.e., gold tokens) and U.S.
−Removed: dollars (i.e., dollar tokens).
−Removed: These products are being developed with the ability to be recorded and/or transferred on multiple public and/or permissioned blockchains with interoperability between blockchains.
−Removed: We believe this expansion will complement our core competencies in a holistic manner, diversify our revenue streams and contribute to our growth.
+Added: Our blockchain -native digital wallet, WisdomTree Prime, provides access to bitcoin, ether, tokenized gold and U.S.
+Added: dollar tokens, as well as 13 Digital Funds, including a government money market fund and other digital funds offering asset allocation, fixed income and equity exposures.
+Added: These products have been developed with the ability to be recorded and/or transferred on multiple public and/or permissioned blockchains with interoperability between blockchains.
+Added: In addition, we were among the first to launch a spot bitcoin ETF in the United States.
+Added: We believe this expansion complements our core competencies in a holistic manner, will diversify our revenue streams and contribute to our growth.
Competition in the digital assets industry on a global basis is increasing, ranging from large, established financial incumbents to smaller, early -stage financial technology providers and companies.
There are jurisdictions with more stringent and robust regulatory and compliance requirements than others which could impact the ability of a company to compete in the digital assets industry.
−Removed: We are embracing a concept we refer to as “responsible DeFi” for our anticipated and expanded products and services which we believe upholds the foundational principles of regulation in this innovative and quickly evolving space.
+Added: We are embracing what we refer to as “responsible DeFi” for our anticipated and expanded products and services which we believe upholds the foundational principles of regulation in this innovative and quickly evolving space.
We remain committed to being a trusted provider of innovative products and services guided by proactive engagement and continued collaboration with current and new regulators.
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ETFs are open -end investment companies or unit investment trusts regulated in the U.S.
−Removed: by the Investment Company Act of 1940, or the Investment Company Act.
+Added: by the Investment Company Act of 1940, as amended, or the Investment Company Act.
This regulatory structure is designed to provide investor protection within a pooled investment product.
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As we continue to make progress and pursue various initiatives in connection with our digital assets business, we believe it is necessary and important to do so in compliance with applicable laws and regulations.
−Removed: As a result, we are actively engaged or plan to be engaged with a variety of U.S.
−Removed: federal and state regulators (e.g., the SEC, FINRA, New York Department of Financial Services (NYDFS) and other state regulators) to secure, as necessary, the appropriate regulatory, registration and/or licensing approvals for various business initiatives and operations, including but not limited to:
+Added: As a result, we are actively engaged with a variety of U.S.
+Added: federal and state regulators (e.g., the SEC, FINRA, New York Department of Financial Services (NYDFS) and other state regulators) to secure, as necessary, or maintain the appropriate regulatory, registration and/or licensing approvals for various business initiatives and operations, including but not limited to:
a New York state -chartered limited purpose trust company;
money services and money transmitter business;
−Removed: broker-dealer;
+Added: limited purpose broker -dealer ;
+Added: transfer agent;
investment adviser;
and investment funds.
−Removed: As we seek to expand globally, similar approvals and/or reliance on exemptions will be required in applicable foreign markets, which may also involve approvals specific to a digital asset or related business.
−Removed: If we are successful in securing the appropriate regulatory, registration and/or licensing approvals, or otherwise relying on, seeking or confirming exemptions therefrom, for these different initiatives in connection with our digital assets business, we will be subject to a myriad of complex and evolving global policy frameworks and associated regulatory requirements that we would need to comply with, or otherwise be exempt from, in seeking to ensure that our digital asset products and services are successfully brought to different markets in a compliant manner.
+Added: As we seek to expand globally, similar approvals and/or reliance on exemptions will be required in applicable foreign markets, which also may involve approvals specific to a digital assets or related business.
+Added: As we secure the appropriate regulatory, registration and/or licensing approvals, or otherwise rely on, seek or confirm exemptions therefrom, in connection with our digital assets business, we are and will be subject to a myriad of complex and evolving global policy frameworks and associated regulatory requirements that we need to comply with, or otherwise be exempt from, to ensure that our digital assets products and services are successfully brought to different markets in a compliant manner.
We remain committed to being a trusted provider of innovative products and services guided by proactive engagement and regulatory collaboration.
−Removed: The investment management industry is subject to extensive regulation and virtually all aspects of our business are subject to various federal and state laws and regulations.
−Removed: These laws and regulations are primarily intended to protect investment advisory clients and shareholders of registered investment companies.
−Removed: These laws generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the conduct of our business and to impose sanctions for failure to comply with these laws and regulations.
−Removed: Further, such laws and regulations provide the basis for examination, inquiry, investigation, enforcement action and/or litigation that may also result in significant costs to us.
+Added: All aspects of our business are subject to various federal and state laws and regulations.
+Added: These laws and regulations are primarily intended to protect the end user, which may include retail and institutional customers, investment advisory clients and shareholders of registered investment companies.
+Added: These laws generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the conduct of our business and to impose fines, sanctions or other penalties for failure to comply with these laws and regulations.
+Added: Further, such laws and regulations provide the basis for examination, inquiry, investigation, enforcement action and/or litigation which could materially affect our business.
We are primarily subject to the following laws and regulations, among others.
4 unchanged sentences
WisdomTree Asset Management, Inc., or WT Asset Management, and WisdomTree Digital Management, Inc., or WT Digital Management, two of our subsidiaries, are registered as investment advisers under the Investment Advisers Act and, as such, are regulated by the SEC.
−Removed: The Investment Advisers Act requires registered investment advisers to comply with numerous and broad obligations, including, among others, recordkeeping requirements, operational procedures, and registration, reporting and disclosure obligations.
+Added: The Investment Advisers Act requires registered investment advisers to comply with numerous obligations, including, among others, recordkeeping requirements, fiduciary duties, operational procedures, and registration, reporting and disclosure obligations.
• The Investment Company Act of 1940 (Investment Company Act).
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These products must comply with the applicable requirements of the Investment Company Act and other regulations, such as those related to publicly offering and listing shares, as well as requirements of Rule 6c -11 , or the ETF Rule, including, among others, requirements relating to operations, fees charged, sales, accounting, recordkeeping, disclosure, transparency and governance.
−Removed: In addition, the SEC recently finalized new rules and/or rule amendments related to valuation, fund of fund investing, derivatives and marketing/advertising, with compliance deadlines throughout 2022, and the SEC is expected to continue to propose new and/or revised provisions under the Investment Company Act that will impact current and future digital fund and ETF operations and/or investments.
+Added: In addition, the SEC continues to take an active approach in its rulemaking activity by finalizing and proposing new rules and/or rule amendments under the Investment Company Act that will impact current and future Digital Fund and ETF operations and/or investments.
• Broker -Dealer Regulations.
−Removed: WT Securities is a FINRA member firm.
−Removed: As a limited purpose broker-dealer, WT Securities will operate as a mutual fund retailer for the Digital Funds offered through WisdomTree Prime ™ .
+Added: WisdomTree Securities, Inc., or WT Securities, is a FINRA member firm.
+Added: As a limited purpose broker -dealer , WT Securities is operating as a mutual fund retailer for the Digital Funds offered through WisdomTree Prime.
This business is separate from other WisdomTree subsidiaries operating as Digital Fund and ETF sponsors in the U.S.
1 unchanged sentence
However, many of our employees, including all of our salespersons, are licensed with FINRA and are registered either as associated persons of WT Securities or the distributor of the WisdomTree Digital Funds and U.S.
−Removed: listed ETFs and, as such, are subject to the regulations of FINRA that relate to licensing, continuing education requirements and sales practices.
−Removed: FINRA also regulates the content of our marketing and sales material.
+Added: listed ETFs and, as such, are subject to FINRA rules that relate to licensing, continuing education requirements and sales practices.
+Added: FINRA rules also apply to our fund marketing and sales material.
• Federal Money Services Business and State Money Transmission Laws.
WisdomTree Digital Movement, Inc.
−Removed: is operating as a money services business registered with the Financial Crimes Enforcement Network, or FinCEN, and is seeking state money transmitter licenses to operate a platform for the purchase, sale and exchange of digital assets, while also providing digital wallet services through WisdomTree Prime ™ to facilitate such activity.
+Added: is a money services business registered with the Financial Crimes Enforcement Network, or FinCEN, and a state licensed money transmitter operating a platform for the purchase, sale and exchange of digital assets, while also providing blockchain -enabled digital wallet services through WisdomTree Prime to facilitate such activity.
Navigating state regulations across the U.S.
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The WisdomTree Trust generally has obligations with respect to the qualification of the registered investment companies for pass -through tax treatment under the Internal Revenue Code.
−Removed: In September 2021, draft tax legislation was released that would directly impact the tax treatment of ETFs.
−Removed: The proposed legislation would eliminate ETFs’ chief tax advantage by repealing Section 852(b)(6) of the Internal Revenue Code, which allows ETFs to redeem shares in-kind without exposing long-term investors to capital gains on any individual security in the underlying ETF structure.
−Removed: We believe that ETFs are an important tool used by retail investors striving to build financial security, as well as younger investors who are participating in the financial markets for the first time.
−Removed: The ETF creation and redemption process ensures accurate index tracking for the benefit of all shareholders and it is the most cost-effective and tax-efficient way to achieve this, directly benefiting the end investor.
−Removed: We believe that ETFs have proven to be a successful investment structure that should be protected.
−Removed: If eliminated, ETFs would lose a valuable benefit associated with the structure;
−Removed: however, overall industry growth should not be materially affected due to the other inherent benefits of ETFs – transparency and liquidity.
Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA).
Regulations adopted by the CFTC have required WT Asset Management to become a member of the NFA and register as a commodity pool operator for a select number of our ETFs.
−Removed: Exchange Listing Requirements.
+Added: • Products Exchange Listing Requirements.
Each WisdomTree U.S.
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However, the SEC or an Exchange may ultimately determine not to allow the issuance of potential new WisdomTree U.S.
−Removed: listed ETFs or may require strategy modifications as part of the registration and/or listing process.
+Added: listed ETFs or may require strategy or operational modifications as part of the registration and/or listing process.
+Added: • Corporate Exchange Listing Requirements.
In addition, our common stock is listed on the New York Stock Exchange and we are therefore also subject to its rules including corporate governance listing standards, as well as federal and state securities laws.
+Added: • FINRA Rules.
FINRA rules and guidance may affect how WisdomTree U.S.
3 unchanged sentences
listed ETFs, such as our currency ETFs, or how such ETFs operate, which also use some forms of derivatives, including forward currency contracts and swaps, our international hedged equity ETFs, which use currency forwards, and our rising rates bond ETFs and alternative strategy ETFs, which use futures or options.
+Added: • Section 17A of the Exchange Act.
+Added: WisdomTree Transfers, Inc., or WT Transfers, is a transfer agent registered with the SEC.
+Added: As a transfer agent, WT Transfers provides transfer agency and registrar services for the Digital Funds offered through WisdomTree Prime.
+Added: WT Transfers’ transfer agency and registrar services are subject to Section 17A of the Exchange Act and applicable rules promulgated thereunder.
International Regulation
22 unchanged sentences
A copy of WisdomTree Issuer X Limited’s prospectus has been delivered to the Registrar of Companies in Jersey in accordance with Article 5 of the Companies (General Provisions) (Jersey) Order 2002, and the Registrar has consented to its circulation.
−Removed: The JFSC has consented under Article 4 of the Control of Borrowing (Jersey) Order 1958
−Removed: to the issue of the WisdomTree digital securities by WisdomTree Issuer X Limited.
+Added: The JFSC has consented under Article 4 of the Control of Borrowing (Jersey) Order 1958 to the issue of the WisdomTree digital securities by WisdomTree Issuer X Limited.
The prospectus of WisdomTree Issuer X Limited is also recognized by the Swiss Prospectus Office.
2 unchanged sentences
Each ManJer Issuer is incorporated as a public limited liability company under the Companies (Jersey) Law 1991.
−Removed: Therefore, the ManJer Issuers are required to comply with various obligations under the Companies (Jersey) Law 1991 such as, but not limited to, convening general meetings, keeping proper books and records and filing financial statements.
−Removed: The Foreign Account Tax Compliance Act, or FATCA , which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S.
+Added: Therefore, the ManJer Issuers are required to comply with various obligations under this law including, but not limited to, convening general meetings, keeping proper books and records and filing financial statements.
+Added: • The Foreign Account Tax Compliance Act, or FATCA , a U.S.
+Added: federal law that was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial institutions and certain other non -financial foreign entities report on the foreign assets held by their U.S.
account holders or be subject to withholding on withholdable payments.
3 unchanged sentences
• The Common Reporting Standards, or CRS , were developed by the Organization for Economic Cooperation and Development and is a global reporting standard for the automatic exchange of information.
−Removed: The ManJer Issuers will need to conduct FATCA style due diligence and annual local reporting in relation to financial accounts held directly and indirectly by residents of those jurisdictions with which the Foreign Financial Institutions (FFIs) jurisdiction of residence has signed an Intergovernmental Agreement (IGA) to implement the CRS.
+Added: The ManJer Issuers need to conduct FATCA style due diligence and annual local reporting in relation to financial accounts held directly and indirectly by residents of those jurisdictions with which the Foreign Financial Institutions (FFIs) jurisdiction of residence has signed an Intergovernmental Agreement (IGA) to implement the CRS.
Unlike FATCA, there is no clear listing exemption available under the CRS so the ManJer Issuers are required to conduct full due diligence to identify such accounts and report on them on an annual basis to their local tax authorities, at least in respect of the certificated interests and primary market issuances.
1 unchanged sentence
based central securities depository.
−Removed: The ManJer Issuers are also primarily subject to the following legislation and regulatory requirements:
• The Collective Investment Funds (Jersey) Law 1988.
6 unchanged sentences
The clearing obligation only applies to EU -based financial counterparties (defined as those authorized under MiFID, CRR, AIFMD, UCITS or insurance regulations) or those non -financial entities that have a rolling three -month notional exposure above a certain amount (between €1 and €3 billion, depending on asset class), which means that the ManJer Issuers are not directly subject to these obligations, but could indirectly be subject to them by virtue of their interaction with EU -based financial counterparties.
−Removed: In terms of reporting obligations, being non-EU entities, the ManJer Issuers are only indirectly subject to such obligations when they interact with their EU-based financial counter-parties.
+Added: In terms of reporting obligations, being non -EU entities, the ManJer Issuers are only indirectly subject to such obligations when they interact with their EU -based financial counterparties.
Each ManJer Issuer has adhered to the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by the International Swaps and Derivatives Association, Inc.
2 unchanged sentences
• Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (“BMR”).
−Removed: Supervised EU entities which issue financial instruments that reference a benchmark are required to comply with applicable obligations
−Removed: as set out under the BMR.
+Added: Supervised EU entities which issue financial instruments that reference a benchmark are required to comply with applicable obligations as set out under the BMR.
The BMR was published on June 30, 2016 and the majority of the provisions became effective on January 1, 2018.
24 unchanged sentences
One of our subsidiaries, WisdomTree Management Limited, is an Ireland based management company authorized in Ireland providing collective portfolio management services to WisdomTree Issuer ICAV, or WTICAV, and WisdomTree UCITS ETFs.
−Removed: The WisdomTree UCITS ETFs are issued by WTICAV.
+Added: The WisdomTree UCITS ETFs, or Sub -Funds , are issued by WTICAV.
WTICAV, a non -consolidated third party, is an Irish -collective-asset-management vehicle, or ICAV, organized in Ireland and is authorized as a UCITS by the Central Bank.
1 unchanged sentence
This is described as an EU passport.
−Removed: The WisdomTree UCITS ETFs have been registered with the FCA under the Temporary Permissions Regime and thus continue to be available to U.K.
+Added: WisdomTree Management Limited registered with the FCA as an Authorised Schedule 5 – operator of a temporary recognized scheme, and under the Temporary Marketing Permissions Regime, the WisdomTree UCITS ETFs continue to be available to U.K.
WTICAV is established and operated as an ICAV with segregated liability between its Sub -Funds .
3 unchanged sentences
The index must comply with regulatory criteria that govern, among others, the eligibility and diversification of its constituents, and the availability of information on the index such as the frequency of calculation of the index, the index’s transparency, its methodology and frequency of calculation.
−Removed: Each sub-fund is listed on a European stock exchange and has shares admitted to trading on the London Stock Exchange and, accordingly, is subject to the listing requirements of those exchanges.
+Added: Each Sub -Fund has shares admitted to trading on the London Stock Exchange and, typically, on various European stock exchanges, and accordingly, is subject to the listing requirements of those exchanges.
WTICAV is primarily subject to the following legislation and regulatory requirements:
• European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“UCITS Regulations”).
−Removed: The UCITS Regulations, which transpose Council Directive 2009/65/EC,
−Removed: Commission Directive 2010/43/EC and Commission Directive 2010/44/EC into Irish law, became effective on July 1, 2011.
+Added: The UCITS Regulations, which transpose Council Directive 2009/65/EC, Commission Directive 2010/43/EC and Commission Directive 2010/44/EC into Irish law, became effective on July 1, 2011.
UCITS established in Ireland are authorized under the UCITS Regulations.
23 unchanged sentences
SFDR requires WisdomTree Management Limited, as a UCITS management company, to disclose in a consistent and harmonized manner how environmental, social and governance, or ESG, factors are adopted in its decision -making process.
−Removed: SFDR also requires certain pre-contractual and periodic disclosure requirements for in scope WTICAV sub-funds, such as UCITS financial products.
−Removed: Level 1 of SFDR requirements applied from March 1, 2021 and Level 2 of the SFDR requirements applied from December 1, 2022.
+Added: SFDR also requires certain pre -contractual and periodic disclosure requirements for in scope WTICAV’s Sub -funds , such as UCITS financial products.
+Added: Level 1 of SFDR requirements applied from March 1, 2021 and Level 2 of the SFDR requirements applied from January 1, 2023.
The EU Taxonomy Regulation amends the disclosure requirements in place under SFDR.
10 unchanged sentences
One of our subsidiaries, WisdomTree Multi Asset Management Limited, is a Jersey based management company providing investment and other management services to WisdomTree Multi Asset Issuer PLC, or WMAI, in respect of the ETPs issued by WMAI.
+Added: WisdomTree Multi Asset Management Limited operates under the Schedule 2 businesses (Schedule 2 of the Proceeds of Crime (Jersey) Law 1999) must adhere to Jersey AML/CFT/CPF regulations, and is supervised for compliance by the JFSC.
WMAI, a non -consolidated third party, is a public limited company incorporated in the laws of Ireland.
18 unchanged sentences
The Central Bank has been designated as the competent authority for EMIR and, to assess compliance with EMIR, requests that WMAI submits annually an EMIR Regulatory Return.
−Removed: Since WMAI issues financial instruments that reference a benchmark, it also will be required to comply with applicable obligations under the BMR.
+Added: Since WMAI issues financial instruments that reference a benchmark, it also will be required to comply with applicable obligations within the timeframes set out under the BMR.
MAD has a direct effect in Ireland and strengthens the legal framework underpinning the function of detecting, sanctioning and deterring market abuse.
18 unchanged sentences
We webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations website.
−Removed: Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases as part of our investor relations website.
+Added: Additionally, we provide notifications of news or announcements regarding our financial performance, SEC filings, investor events and press and earnings releases on our investor relations website.
Further corporate governance information, including board committee charters and our code of business conduct and ethics, is also available on our investor relations website under the heading “Governance.” The contents of our websites are not incorporated by reference into this Annual Report on Form 10 -K or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.