What changed in this filing

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Item 1. Business

2026-02-25 compared with 2025-02-26 · 575 added, 467 removed, 719 unchanged (59% of the section changed)

We are a global financial innovator, offering

a diverse suite of ETPs, models, solutions and products leveraging blockchain technology.

Our offerings empower investors to shape their

financial future and equip financial professionals to grow their businesses.

Leveraging the latest financial infrastructure, we create

products that emphasize access, transparency and provide an enhanced user experience.

Building on our heritage of innovation, we have

introduced next-generation digital products and services, including blockchain-enabled mutual funds (“Digital Funds”), tokenized

assets and our blockchain-native digital wallet, WisdomTree Prime ® , which is currently available in 45 U.S.

states, covering approximately

80% of the U.S.

Our institutional platform, WisdomTree Connect™, further expands access to our tokenized assets.

As of December 31, 2024, we managed approximately

$109.8 billion in assets under management, or AUM.

Our ETPs span a broad range of strategies including equities, fixed income, commodities,

leveraged-and-inverse, currency, alternatives and cryptocurrency exposures.

We have launched many first-to-market products and pioneered

a unique alternative-weighting approach called “Modern Alpha” that combines the outperformance potential of active management

with the cost effective benefits of passive management.

We are a global financial innovator, offering a diverse suite of ETPs,

models and solutions, private market investments and digital asset-related products.

Our offerings empower investors to shape their financial

future and equip financial professionals to grow their businesses.

Leveraging the latest financial infrastructure, we create products

that emphasize access and transparency and provide an enhanced user experience.

Building on our heritage of innovation, we continue to broaden our capabilities

beyond our core ETP business.

We offer next-generation digital products and services related to tokenized real world assets and stablecoins,

including tokenized mutual funds (“Digital Funds”), as well as our institutional platform, WisdomTree Connect, and blockchain-native

digital wallet, WisdomTree Prime.

We also have expanded into private assets through our acquisition of Ceres, a leading U.S.-based alternative

asset manager specializing in farmland investments.

As of December 31, 2025, we managed approximately $144.5 billion in assets

under management, or AUM.

Our products span a broad range of strategies including equities, commodities, fixed income, leveraged-and-inverse,

cryptocurrency, currency, alternatives, and private assets.

We have launched many first-to-market products and pioneered a unique alternative-weighting

approach called “Modern Alpha” that combines the outperformance potential of active management with the cost-effective benefits

of passive management.

Our products are distributed across all major

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conduct business, and through our Advisor and Portfolio Solutions programs we offer technology-enabled and research-driven solutions.

include portfolio construction, asset allocation, practice management services and digital tools to help advisors address technology challenges

and scale their businesses.

As pioneers in blockchain-enabled financial

services, we view the tokenization of real-world assets to be the next phase in the evolution of our industry.

Through our digital assets

strategy, we are committed to “responsible DeFi,” aligning with regulatory standards to foster growth in this rapidly evolving

We believe that expanding into digital assets and blockchain-enabled finance not only complements our core competencies but will

diversify our revenue streams and further contribute to our growth.

These include portfolio construction, asset allocation, practice management services and digital tools to help advisors address technology

challenges and scale their businesses.

As pioneers in tokenization and blockchain technology, we view this as

the next phase in the evolution of financial services.

Through our digital assets strategy, we are committed to “responsible DeFi,”

aligning with regulatory standards to foster growth in this rapidly evolving space.

We believe that expanding into digital assets and

blockchain-enabled financial services not only complements our core competencies but will diversify our revenue streams and further contribute

to our growth.

We were incorporated under the laws of the state

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on November 7, 2022.

Assets Under Management

WisdomTree ETPs

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, 2022, 2023 and 2024:

WisdomTree Products

We offer products covering equity, commodities,

fixed income, leveraged-and-inverse, cryptocurrency, currency, alternatives, and private assets.

The chart below sets forth the asset

mix of our products at December 31, 2023, 2024 and 2025:

Our Operating and Financial Results

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cross-listed) ETPs, or European listed ETPs, increased from $30.7 billion at December 31, 2024 to $53.5 billion at December 31, 2025,

due to market appreciation, partly offset by net outflows.

due to market appreciation and net inflows.

Digital Assets

The AUM of our digital assets products increased from $0.0 billion at December

31, 2024 to $0.8 billion at December 31, 2025 due to net inflows.

Substantially all 2025 inflows were into the WisdomTree Treasury Money

Market Digital Fund.

Private Assets

Through our acquisition of Ceres on October 1, 2025 (the “Ceres Acquisition”),

we acquired $1.8 billion of private assets AUM primarily held within an open-ended investment fund, Ceres Farms, LLC (“Ceres Farms”).

This AUM increased by approximately $0.1 billion to $1.9 billion at December 31, 2025, due to $37.0 million of inflows and market appreciation.

Consolidated Operating Results

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and net income for the last three years.

● Revenues – We recorded operating revenues of $427.7 million during the year ended December 31, 2024, up 22.5% from

the year ended December 31, 2023 due to higher average AUM and higher other revenues attributable to our European listed ETPs.

addition, operating revenues during the year ended December 31, 2024 include $4.3 million of other revenue related to legal and other

expenses expected to be covered by insurance that were incurred in connection with a settlement with the SEC regarding certain statements about the ESG screening process for three ETFs advised by WisdomTree Asset

Management, Inc.

(the “SEC ESG Settlement”).

· Revenues – We recorded operating revenues of $493.8 million during the year ended

December 31, 2025, up 15.4% from the year ended December 31, 2024 due to revenues arising from the Ceres Acquisition, higher

average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee.

for the prior year also included $4.3 million of other revenues related to legal and other related expenses incurred in connection with

a settlement with the SEC regarding certain statements about the ESG screening process for three ETFs advised by WisdomTree Asset Management,

(the “SEC ESG Settlement”) that were covered by insurance.

· Expenses – Total operating expenses increased 10.0% from the year ended December 31, 2024 to $319.6 million primarily

due to higher incentive and stock-based compensation expense and increased headcount, fund management and administration costs, marketing

expenses, sales and business development expenses, third-party distribution fees, as well as higher depreciation and amortization.

expenses during the year ended December 31, 2024 also includes $4.3 million of legal and other related expenses expected to be covered

by insurance that were incurred in connection with the SEC ESG Settlement.

These increases were partly offset by lower contractual gold

payments associated with the termination of our deferred consideration—gold payments obligation on May 10, 2023.

● 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.

due to compensation expense arising from the Ceres Acquisition and higher headcount, fund management and administration expenses, acquisition-related

costs, third-party distribution fees, occupancy costs and sales and business development expenses.

These increases were partly offset

by lower professional fees, as the prior year included $5.0 million of expenses incurred in response to an activist campaign and $4.3

million of legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered

by insurance.

· Other Income/(Expenses) – Other income/(expenses) includes interest income and interest expense, loss on extinguishment

of convertible notes, remeasurement of contingent consideration and other losses and gains.

See “Other Income/(Expenses)”

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Charles Schwab

ProFunds/ProShares

Capital Group

Exchange traded funds, or ETFs, while similar

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· Uniform pricing.

From a cost perspective, ETFs are one of the most equitable investment products on the market.

listed ETF pay identical advisory fees regardless of the investors’ size, structure or sophistication.

Unlike mutual funds,

listed ETFs generally do not have different share classes or different expense structures for retail and institutional clients and

ETFs typically are not sold with sales loads or 12b-1 fees.

In many cases, ETFs offer lower expense ratios than comparable mutual funds.

From a cost perspective, ETFs are one of the most equitable investment

products on the market.

Investors in a U.S.

listed ETF pay identical advisory fees regardless of the investors’ size, structure

or sophistication.

Unlike mutual funds, U.S.

listed ETFs generally do not have different share classes or different expense structures

for retail and institutional clients, and ETFs typically are not sold with sales loads or 12b-1 fees.

In many cases, ETFs offer lower

expense ratios than comparable mutual funds.

ETFs are used in various ways by a range of

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transaction reach and resilience.

The laws and regulatory frameworks for digital

assets and blockchain technology are expanding in scope and complexity, accompanied by increased scrutiny of digital asset activities.

This includes litigation and regulatory actions, a rise in cybersecurity incidents with asset loss, and insolvency proceedings often related

to inadequate risk management, speculative practices or fraud.

In addition, the new U.S.

administration and Congress may propose new laws

and regulations related to digital assets.

As a financial innovator bridging traditional and blockchain-enabled finance, we embrace what

we refer to as “responsible DeFi” for our digital asset offerings, aligning with regulatory principles in this dynamic space.

We are committed to providing trusted, innovative products and services through proactive engagement and collaboration with regulators.

The laws and regulatory frameworks for digital assets and blockchain technology

are expanding in scope and complexity, accompanied by increased scrutiny of digital asset activities.

This includes litigation and regulatory

actions, a rise in cybersecurity incidents with asset loss, and insolvency proceedings often related to inadequate risk management, speculative

practices or fraud.

In addition, the Trump administration and Congress may propose new laws and regulations related to digital assets.

Recent legislative developments, including the enactment of the Guiding and Establishing National Innovation for U.S.

Stablecoins Act

(the “GENIUS Act”), represent a significant step toward establishing a more comprehensive federal regulatory framework for

certain digital assets, particularly stablecoins.

While the GENIUS Act is intended to provide greater regulatory clarity and consumer

protections, its implementation will require further rulemaking and interpretation by regulatory authorities, and additional legislation

or regulatory guidance may be proposed by Congress, regulatory agencies or future administrations.

As a financial innovator bridging traditional

and blockchain-enabled finance, we embrace what we refer to as “responsible DeFi” for our digital asset offerings, aligning

with regulatory principles in this dynamic space.

We are committed to providing trusted, innovative products and services through proactive

engagement and collaboration with regulators.

Global competition in the digital assets industry

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· Well-positioned in growing markets.

We believe ETPs are set to grow faster than the broader asset management industry,

giving us an edge over legacy mutual fund providers.

We also expect our early entry into digital assets will reinforce our role as an

innovator and leader in blockchain-enabled financial services.

We believe ETPs are poised to grow at a faster rate than the broader asset

management industry, providing a competitive advantage relative to legacy mutual fund providers.

We also expect that our early entry into

digital assets will strengthen our position as an innovator and leader in blockchain-enabled financial services.

The WisdomTree Treasury

Money Market Digital Fund has accumulated $733.3 million of AUM through December 31, 2025, demonstrating early traction for regulated,

blockchain-enabled cash management solutions and underscoring the broader opportunity for tokenized real world asset exposures, such as

fixed income and equities, as the market continues to evolve.

Furthermore, our acquisition of Ceres, a leading U.S.-based alternative

asset manager specializing in farmland investments, represents our entry into private asset markets through exposure to what we believe is one of the largest

and most underpenetrated real asset classes in the U.S.

· Experienced and innovative leadership.

Our seasoned team brings deep expertise across ETPs, fund operations, regulatory

compliance, marketing and product development.

We are continuing to expand our global digital assets team to develop new investment products,

indexes and blockchain-enabled solutions.

Whether through ETPs, digital assets or decentralized finance, we are committed to delivering

innovative, trusted products and services in collaboration with regulators.

We believe our team has consistently capitalized on market

opportunities, building a competitive ETP sponsor despite significant competitive, regulatory and operational challenges.

Our seasoned global team brings deep expertise across ETPs, fund operations,

regulatory compliance, marketing and product development.

We are also enhancing our capabilities in private assets following the Ceres

Acquisition, which brings recognized expertise in U.S.

farmland investments, which we believe is one of the largest and most underpenetrated

real asset classes in the U.S.

Together with our expanded digital assets team which develops investment products, indexes and blockchain-enabled

solutions, our leadership is positioned to drive innovation across ETPs, private assets, digital assets and decentralized finance.

believe our team has consistently capitalized on market opportunities, building a competitive, diversified global business despite significant

competitive, regulatory and operational challenges.

· Strong performance.

We create our own indexes, most of which weight companies in our equity ETFs by a measure of fundamental

value and are rebalanced annually.

By contrast, traditional indexes are market capitalization weighted and tend to track the momentum

of the market.

We also offer actively managed ETFs and ETFs that track third-party indexes.

value and are rebalanced annually, in contrast to traditional market capitalization weighted indexes.

We also offer actively managed ETFs

and ETFs that track third-party indexes.

In evaluating the performance of our U.S.

listed equity, fixed income and alternative ETFs against actively managed and index based mutual funds and ETFs, over 80% of our U.S.

listed AUM covered by Morningstar were in the top quartile of peer performance on the 3-year timeframe and over 65% of our U.S.

AUM covered by Morningstar were in the top two quartiles of peer performance on the 10-year timeframe.

In addition, approximately 59%

were rated 4- or 5-star by Morningstar.

listed equity, fixed income and alternative ETFs against

actively managed and index based mutual funds and ETFs, over 74% of our U.S.

listed AUM covered by Morningstar were in the top two quartiles

of peer performance on the 15-year timeframe and over 68% of our U.S.

listed AUM covered by Morningstar were in the top two quartiles

of peer performance on the 5-year timeframe.

In addition, approximately 40% were rated 4- or 5-star by Morningstar.

As part of our expansion into private assets, Ceres manages approximately

$1.9 billion in farmland-based strategies that have generated a 10.3% annualized net return since inception.

· Differentiated product set, powered by innovation and performance .

Our product suite spans traditional and high growth

asset classes including equity, fixed income, commodity, leveraged-and-inverse, currency, alternative strategies and cryptocurrency, across

both passive and actively managed funds.

We are pioneering next-generation digital offerings, such as Digital Funds and tokenized assets.

Key innovations include:

• WisdomTree Prime Mobile App:

Our blockchain-native digital wallet serves as a direct-to-consumer channel, currently available

in 45 states (or 80% of the U.S.

population), positioning us as an early mover and industry leader in blockchain-enabled financial services.

The frequent release of new features and product updates enhance the application’s product offering;

Our product suite spans traditional and high growth asset classes including

equity, fixed income, commodity, leveraged-and-inverse, currency, alternative strategies and cryptocurrency, and now private assets through

the Ceres Acquisition, which adds a farmland-based investment capability.

We also are pioneering next-generation digital offerings, such

as Digital Funds and tokenized assets.

Key advances include:

• WisdomTree Connect:

This platform offers businesses and institutional users direct access

to our Digital Funds using their own self-hosted wallet or a third-party custodial wallet service.

In the future, we believe that the

WisdomTree Connect platform will also enable additional distribution capabilities through potential business-to-business-to-consumer (B2B2C)

opportunities;

This platform offers businesses and institutional users direct access to our Digital Funds using their

own self-hosted wallet or a third-party custodial wallet service.

In the future, we believe that the WisdomTree Connect platform will

also enable additional distribution capabilities through potential business-to-business-to-consumer (B2B2C) opportunities;

• WisdomTree Prime Mobile App:

Our blockchain-native digital wallet serves as a direct-to-consumer channel, positioning us as

an early mover and industry leader in blockchain-enabled financial services.

The frequent release of new features and product updates

enhance the application’s product offering;

• Real World Asset Tokenization:

We offer tokenized physical assets like gold and U.S.

dollars, as well as a suite of 13 Digital

Funds offering asset allocation, fixed income and equity exposures using a blockchain integrated recordkeeping system on networks such

as Stellar or Ethereum;

dollars, as well as a suite of 15

Digital Funds offering asset allocation, fixed income and equity exposures using a blockchain integrated recordkeeping system on

seven networks including Stellar, Ethereum, Solana, Arbitrum, Avalanche, Base, Optimism and Plume;

• Farmland and Private Assets:

Our expansion into private assets through the Ceres Acquisition provides

exposure to U.S.

farmland strategies that have historically exhibited strong returns with comparatively low volatility, negative correlation

with broader asset classes and positive correlation with inflation.

This capability adds a differentiated real asset component to our

• First-to-Market ETF Offerings:

We have been the first to introduce groundbreaking ETFs, including the first currency-hedged

international equity ETFs in the U.S., the first gold and oil ETPs in Europe and the first smart beta corporate bond suite.

firsts include the first ETF to add bitcoin futures exposure, multifactor ETFs with dynamic currency hedging as a factor, a 90/60 balanced

ETF and the emerging markets small-cap equity ETF, as well as one of the first spot bitcoin ETFs in the U.S.

We have been the first to introduce groundbreaking ETFs, including the

first currency-hedged international equity ETFs in the U.S., the first gold and oil ETPs in Europe and the first smart beta corporate

Other market firsts include the first ETF to add bitcoin futures exposure, multifactor ETFs with dynamic currency hedging

as a factor, a 90/60 balanced ETF, the emerging markets small-cap equity ETF and the first ETF focused specifically on European defense

Our product development strategy utilizes our Modern Alpha

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Our Growth Strategies

With $109.8 billion in AUM as of December 31,

2024, WisdomTree is a global financial innovator, offering a diverse suite of ETPs, model portfolios and blockchain-enabled financial

Our strategic growth initiatives seek to scale our core offerings, expand market reach and enhance client engagement, focusing

on four key areas:

● Scaling ETP AUM and Diversifying Revenue Streams:

We continue to strengthen our position as a leader in the ETP industry

by expanding our product lineup and increasing advisor engagement.

In 2024, we grew both our advisor base and the number of ETPs held

per advisor, reinforcing our market leadership through innovative, first-to-market strategies that blend active and passive management

for cost-effective performance.

We are committed to expanding our ETP offerings to meet evolving investor needs while also broadening

our revenue base beyond traditional expense ratios, enhancing financial resilience.

In 2024, we generated $32.4 million in other revenue,

underscoring our success in diversifying income streams.

We aim to build on this momentum by further deepening client engagement, expanding

our solutions and being an early mover in tokenization.

With $144.5 billion in AUM as of December 31, 2025, WisdomTree is a global

financial innovator, offering a diverse suite of ETPs, model portfolios and solutions, private market investments and digital asset-related

products and services.

Our strategic growth initiatives seek to scale our core offerings, expand market reach and enhance client engagement,

focusing on four key areas:

· Scaling AUM and Diversifying Revenue Streams:

We seek to strengthen our leadership position in the asset management industry

by expanding our product lineup and deepening advisor engagement.

Our strategic priorities include growing our advisor base and increasing

product adoption per advisor through continued innovation and first-to-market strategies that combine active and passive management in

a cost-effective manner.

We also plan to expand our offerings to address investor needs while broadening our revenue base beyond the traditional

expense ratios to enhance our financial durability.

Our strategic minority investment in, and multi-year collaboration with, Quorus Inc.,

or Quorus, a technology-driven asset manager and registered investment adviser with platform capabilities for delivering customizable

tax-efficient portfolio solutions, supports this effort by enabling certain of our investment strategies to be implemented in separately

managed accounts, or SMAs, via the Quorus platform, and our model portfolios to be made available there, with integrated trading and rebalancing,

providing advisors with additional customization options and implementation flexibility.

In addition, the Ceres Acquisition increased

our revenue capture and introduced a private asset offering with differentiated economics.

We aim to build on this momentum by further

deepening client engagement, expanding our solutions and being an early mover in tokenization.

· Leadership in Digital Assets and Tokenization:

We are pioneering the next evolution of finance through tokenization,

driven by a nascent secular shift towards tokenized assets that we believe is reshaping the financial industry.

Our blockchain-native

digital wallet, WisdomTree Prime, provides direct-to-consumer access to digital assets, including bitcoin, ether, tokenized gold, U.S.

dollar tokens and 13 Digital Funds, while also enabling spending functionality through a co-branded debit card.

WisdomTree Connect supports

institutional clients by offering direct access to our Digital Funds via self-hosted or third-party custodial wallets.

With regulatory

approvals expanding and market adoption accelerating, we believe that we are well-positioned to capitalize on the transformative potential

of tokenized assets.

We are pioneering the next evolution of finance through tokenization, driven

by a nascent secular shift towards tokenized assets that we believe is reshaping the financial industry.

WisdomTree Connect provides institutional

clients with direct access to our Digital Funds through self-hosted or third-party custodial wallets, while WisdomTree Prime, a blockchain-native

digital wallet, offers direct-to-consumer access to bitcoin, ether, tokenized gold, U.S.

dollar tokens and 15 Digital Funds.

31, 2025, the WisdomTree Treasury Money Market Digital Fund, our tokenized money market fund, had $733.3 million of AUM, as compared to

$12.0 million at the beginning of the year.

This growth highlights market receptivity to regulated, blockchain-native cash solutions and

points to the broader opportunity to extend tokenization to additional real world asset categories such as fixed income and equities.

With regulatory approvals expanding and market adoption accelerating, we believe that we are well-positioned to capitalize on the transformative

potential of tokenized assets.

· Strengthening Model Portfolios and Advisor Solutions:

Our ability to deliver strong model performance and asset growth

enables us to navigate rigorous selection processes at some of the leading wealth management firms in the United States.

Through our Portfolio

Solutions program, we are pursuing registered investment advisors and independent broker-dealers offering customization services with

the goal of managing a majority of each firm’s assets.

We aim to increase the number of advisors utilizing our model portfolios,

expand the number of accounts per advisor and grow assets per account.

Our Portfolio Solutions program offers financial advisors with

scalable frameworks for model portfolio delivery through three key offerings:

Our ability to deliver strong model performance and asset growth enables

us to navigate rigorous selection processes at some of the leading wealth management firms in the U.S.

Through our Portfolio Solutions

program, we are pursuing registered investment advisors and independent broker-dealers offering customization services with the goal of

managing a majority of each firm’s assets.

We aim to increase the number of advisors utilizing our model portfolios, expand the

number of accounts per advisor and grow assets per account.

Our Portfolio Solutions program offers financial advisors with scalable frameworks

for model portfolio delivery through three key offerings:

• Portfolio Consultations:

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including Merrill Lynch, LPL Financial, UBS, Charles Schwab, Envestnet, Adhesion and others.

In 2024, the number of advisors utilizing

at least one of our models surpassed 2,500, reflecting steady progress as we build deeper relationships, improve asset retention and create

more stable, higher-quality revenue streams with significant growth potential.

Assets Under Advisement, or AUA, stands at

$6.1 billion at December 31, 2025, up approximately 60% from the prior year, reflecting steady progress as we build deeper relationships,

improve asset retention and create more stable, higher-quality revenue streams with significant growth potential.

· Strategic Innovation and Capital Deployment:

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We have repurchased

over $100.0 million of our common stock over the past four years.

over $165 million of our common stock over the past two years.

Looking ahead, we will continue to evaluate additional stock buybacks,

as well as potential strategic acquisitions and partnerships that align with our long-term vision.

We believe our disciplined execution and our

growth strategies position us for continued success in 2025 and beyond.

By expanding our revenue streams, leading in blockchain-enabled

finance, deepening advisor relationships, leveraging technology and effectively deploying capital, we are driving sustainable growth and

creating long-term value for stockholders.

as well as additional strategic acquisitions and partnerships that align with our long-term vision.

We believe our disciplined execution and our growth strategies position

us for continued success in 2026 and beyond.

By expanding our revenue streams, leading in blockchain-enabled financial services, deepening

advisor relationships, leveraging technology and effectively deploying capital, we are driving sustainable growth and creating long-term

value for stockholders.

Human Capital Resources

We operate in the highly competitive asset management industry, where

attracting, retaining and motivating skilled employees across operations, product development, research, technology, sales and marketing

is critical to our success.

Our ability to recruit and retain talent depends on our culture, career development opportunities and competitive

compensation and benefits.

We foster a sense of community and purpose, encouraging an inclusive workplace where every voice is heard.

We operate in the highly competitive asset management

industry, where attracting, retaining and motivating skilled employees across operations, product development, research, technology, sales

and marketing is critical to our success.

Our ability to recruit and retain talent depends on our culture, career development opportunities

and competitive compensation and benefits.

We foster a sense of community and purpose, encouraging an inclusive workplace where every

voice is heard.

Employee Profile

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In 2025, our “Team Alpha” Awards celebrated key achievements

and recognized exemplary teamwork for the fifth consecutive year.

We recognize that a diverse set of perspectives

is critical to innovation and have built a global workforce inclusive of gender, race, ethnicity, religion, age, disability and more.

and recognized exemplary teamwork for the sixth consecutive year.

We recognize that a diverse set of perspectives is critical to innovation

and have built an inclusive global workforce.

We prioritize fairness and equality through inclusive policies and practices.

Our global, employee-led Diversity, Equity and Inclusion

(DEI) Council, established in 2021, oversees initiatives like neurodiversity training, implicit bias workshops, inclusive feedback training

and financial literacy programs.

The DEI Council also promotes awareness days and months across the firm in recognition of Black history,

women’s history, pride, mental health and men’s health, among others.

Our global employee-led Women’s Initiative

Network (WIN) was launched in 2019 and supports career and leadership development through global events, seminars, roundtable forums,

charitable giving initiatives, and a mentorship program that connects WIN members of all genders with firm leaders to help them achieve

their career development goals.

WIN initiatives have fostered firm-wide connectivity and increased internal and external visibility for

female employees.

The success of our employee inclusion and engagement

efforts is demonstrated by our 93.8% employee retention rate in 2024.

We also achieved overall positive results from our 2024 global employee

engagement survey, with a 99% participation rate.

Additionally, in the U.S., we were named a “2024 Best Places to Work in Money

Management” by Pensions & Investments for the fifth consecutive year and ranked second within the category for managers

with 100-499 employees.

In the U.K., we were also named Best Workplace for medium-sized companies for the fifth consecutive year and a

2024 Best Workplace for Women by Great Place to Work .

employee-led Community and Connection Collective (C3) oversees initiatives like accessibility training, empowerment workshops, inclusive

feedback training and financial literacy programs.

C3 also promotes awareness days and months across the firm in recognition of Black

history, women’s history, pride, mental health and men’s health, among others.

Our global employee-led Women’s Initiative Network (WIN) supports

career and leadership development through global events, seminars, roundtable forums, charitable giving initiatives, and a mentorship

program that connects WIN members of all genders with firm leaders to help them achieve their career development goals.

WIN initiatives

have fostered firm-wide connectivity and increased internal and external visibility for female employees.

The success of our employee inclusion and engagement efforts is demonstrated

by our 93.8% employee retention rate in 2025.

We also achieved overall positive results from our 2025 global employee engagement survey,

with a 99% participation rate.

Additionally, in the U.S., we were named a “2025 Best Places to Work in Money Management” by

Pensions & Investments for the sixth consecutive year and ranked first within the category for managers with 100-499 employees.

In the U.K., we were also named Best Workplace for medium-sized companies for the sixth consecutive year and a 2025 Best Workplace for

Women by Great Place to Work.

Wellness, Health and Safety

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Our Product Categories

We offer equity products that provide access to the securities

of large, mid and small-cap companies located in the U.S., as well as particular market sectors and styles.

Equity products generally

track our own indexes and quantitative active strategies.

We offer equity products that provide access

to the securities of large, mid and small-cap companies located in the U.S., as well as particular market sectors and styles.

Equity products generally track our own indexes and quantitative active strategies.

Total AUM of our U.S.

Equity products was $35.4 billion at December 31, 2024.

Commodity & Currency

Equity products was $41.4 billion

at December 31, 2025.

Commodity & Currency ETPs

We offer products in Europe with exposure to

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Total AUM of our Commodity & Currency products was $37.0 billion at December 31, 2025.

Our Fixed Income products seek to enhance income potential

within the fixed income universe.

We offer a suite of bond products based on either leading fixed income benchmarks we license from third

parties or active strategies.

We also launched the industry’s first smart beta corporate bond suite and first floating rate U.S.

International Developed Market Equity ETPs

Our International Developed Market Equity products offer a variety of strategies

including currency-hedged and dynamic currency-hedged exposures, as well as large, mid and small-cap and multifactor strategies.

2025, we expanded this lineup with the launch of the WisdomTree Europe Defence UCITS ETF, which accumulated $3.9 billion of AUM by December

Total AUM of our International Developed Market Equity products was $25.6 billion at December 31, 2025.

Fixed Income ETPs

Our Fixed Income products seek to enhance income

potential within the fixed income universe.

We offer a suite of bond products based on either leading fixed income benchmarks we license

from third parties or active strategies.

We also launched the industry’s first smart beta corporate bond suite and first floating

Treasury product.

Other product offerings include those that seek to track a yield-enhanced index of U.S.

investment grade bonds and international

fixed income products which are denominated in either local or U.S.

Total AUM of our Fixed Income products was $20.0 billion

at December 31, 2024.

International Developed Market Equity

Our International Developed Market Equity products

offer a variety of strategies including currency hedged and dynamic currency hedged products, exposures to large, mid and small-cap companies

in these markets and multifactor strategies.

Total AUM of our International Developed Market Equity products was $17.6 billion at December

Emerging Market Equity

Our Emerging Market Equity products provide access to exposure

of large, mid and small-cap companies located in Taiwan, China, India, Russia, South Africa, South Korea and other emerging markets regions.

investment grade bonds

and international fixed income products which are denominated in either local or U.S.

Total AUM of our Fixed Income products

was $21.1 billion at December 31, 2025.

Emerging Market Equity ETPs

Our Emerging Market Equity products provide

access to exposure of large, mid and small-cap companies located in Taiwan, China, India, Russia, South Africa, South Korea and other

emerging markets regions.

These products also track our own indexes or quantitative active strategies.

Total AUM of our Emerging Market Equity products was $10.5

billion at December 31, 2024.

Leveraged & Inverse

Total AUM of our Emerging Market

Equity products was $10.6 billion at December 31, 2025.

Leveraged & Inverse ETPs

We offer leveraged products which seek to achieve

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Leveraged & Inverse products was $3.3 billion at December 31, 2025.

Cryptocurrency

Cryptocurrency ETPs

Our cryptocurrency ETPs provide investors with

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infrastructure and product structuring.

We offer exposures to bitcoin, ether, crypto asset baskets and other cryptocurrency exposures.

We offer exposures to bitcoin, ether, solana, crypto asset baskets and other cryptocurrency exposures.

Total AUM of our cryptocurrency products was $2.2 billion at December 31, 2025.

Our Alternative products include the industry’s first

managed futures strategy ETF, a collateralized put write strategy ETF, a global target range strategy ETF, and an alternative high income

ETF focused on publicly traded alternative solutions to private credit.

We also intend to explore additional alternative strategy products

in the future.

Alternatives ETPs

Our Alternative products include the industry’s

first managed futures strategy ETF, a collateralized put write strategy ETF, a global target range strategy ETF, and an alternative high

income ETF focused on publicly traded alternative solutions to private credit.

We also intend to explore additional alternative strategy

products in the future.

Total AUM of our Alternative products was $1.4 billion at December 31, 2025.

Private Assets

The Ceres Acquisition marked our entry in 2025 into private asset markets through exposure to what we believe is

one of the largest and most underpenetrated real asset classes in the U.S.

Ceres manages approximately $1.9 billion in farmland-based

strategies that have generated a 10.3% annualized net return since inception.

Our Sales, Marketing and Research Efforts

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· Sales support.

We create comprehensive materials to support our ETP sales process, including white papers, research

reports, webinars, blogs, podcasts, videos and performance data for our products.

Our marketing automation system connects directly to

our database of financial advisors to provide our sales team with additional insights about their clients.

We also have agreements with

several third parties to help distribute our thought leadership materials and deliver high quality leads to the sales team.

We develop a wide range of marketing and educational materials to support our ETP sales efforts, including

white papers, research reports, webinars, blogs, podcasts, videos and product performance data.

Our marketing automation systems integrate

with our financial advisor database to provide additional insights that support sales engagement.

We also maintain strategic partnerships

with third-party platforms that distribute our research and thought leadership content to their established databases of financial professionals,

helping to broaden our reach and generate qualified leads.

In addition, we have agreements with third-party providers to assist with lead

generation and content distribution.

We will continue to evolve our marketing and

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Research and Chief Investment Office

Our research team and Chief Investment Office

serve 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 team designs investment methodologies and manages the maintenance of both index-based and active strategies.

The team conducts

in-depth investment research on these strategies and markets, while also managing a suite of model portfolios that integrate WisdomTree

and third-party products for various platforms, including WisdomTree Prime.

Our research team and Chief Investment Office serve 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 team designs investment methodologies

and manages the maintenance of both index-based and active strategies.

The team conducts in-depth investment research on these strategies

and markets, while also managing a suite of model portfolios that integrate WisdomTree and third-party products for various platforms.

Our research is academic in nature and aims

to support our products with white papers on the strategies underlying our indexes and ETPs, insights on market trends, and analyses of

investment approaches that drive long-term performance.

to support our products with white papers on the strategies underlying our indexes and ETPs, insights on market trends, and analyses

of investment approaches that drive long-term performance.

This content is distributed via our sales professionals, our website and blog,

targeted emails to financial advisors, and through financial media and social media channels.

Additionally, the team supports sales efforts

by serving as market experts during client meetings and providing custom analysis on portfolio holdings.

We also collaborate with senior

advisers, including Professor Jeremy Siegel, on product development ideas, model strategies and market commentaries.

targeted emails to financial advisors, podcasts and through financial media and social media channels.

Additionally, the team supports sales efforts by serving as market experts

during client meetings and providing custom analyses on portfolio holdings.

We also collaborate with senior advisers, including Professor

Jeremy Siegel, on product development ideas, model strategies and market commentaries.

Product Development

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gold), certain fixed income, and thematic categories, have positioned us to maintain our standing as one of the leaders of the ETP industry.

While competition in ETPs spans nearly all traditional and thematic categories,

competition in private assets—particularly in farmland strategies—remains more limited.

The Ceres Acquisition provides us

with differentiated exposure to this market, where fewer scaled competitors operate and where the asset class has historically been underpenetrated.

We believe this product offering enhances our ability to provide complementary investment solutions that are subject to a different competitive

dynamic within the broader ETP landscape.

Price competition spans both commoditized products,

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consider our product pricing to be well-positioned within the competitive landscape.

Beyond traditional ETPs, we are diversifying

into blockchain technology and digital assets.

WisdomTree Prime, our blockchain-native digital wallet, provides access to digital assets

such as bitcoin, ether, tokenized gold, U.S.

dollar tokens and 13 Digital Funds, including a government money market fund and asset allocation

These tokenized products are designed to be recorded or transferred on multiple public and permissioned blockchains, enabling

interoperability between blockchains and expanding client access.

WisdomTree Connect offers businesses and institutional clients direct

access to our Digital Funds through their own self-hosted wallet or a third-party custodial wallet service.

As one of the first to launch

a spot bitcoin ETF in the United States, we continue to establish our leadership in digital assets.

With increasing competition from both

established financial firms and fintech startups in digital assets, we are focused on “responsible DeFi,” ensuring that our

products meet regulatory standards while delivering transparency, choice and inclusivity.

We believe this expansion into digital assets

complements our core competencies in a holistic manner, will diversify our revenue streams and contribute further to our growth.

Our competitive success will largely depend

on our ability to offer innovative products, including through both traditional ETPs and digital asset exposures, as well as broader blockchain-enabled

finance, including savings and payments.

Key factors include maintaining strong internal controls and risk management infrastructure to

foster customer trust, generating robust after-fee performance and track records, embracing regulatory standards and building distribution

relationships.

Additionally, we focus on promoting thought leadership and a distinctive solutions program, strengthening our brand, and

attracting and retaining talented sales professionals and employees.

Beyond traditional ETPs, we are diversifying into blockchain technology

and digital assets.

WisdomTree Connect offers businesses and institutional clients direct access to our Digital Funds through either self-hosted

or third-party custodial wallets.

These tokenized products are designed to be recorded or transferred on multiple public and permissioned

blockchains, enabling interoperability and expanding client access.

WisdomTree Prime, our blockchain-native digital wallet, provides direct-to-consumer

access to digital assets such as bitcoin, ether, tokenized gold, U.S.

dollar tokens and 15 Digital Funds.

As one of the first firms to

launch a spot bitcoin ETF in the U.S.

and among the earliest to offer a regulated tokenized money market fund, we continue to establish

our leadership in digital assets.

With increasing competition from both established financial firms and fintech startups, we remain focused

on “responsible DeFi,” ensuring that our products meet regulatory standards while delivering transparency, choice and inclusivity.

We believe this expansion into digital assets complements our core competencies, diversifies our revenue streams and contributes to our

long-term growth.

Our competitive success will largely depend on our ability to offer innovative

products, including through both traditional ETPs and digital asset exposures, as well as broader blockchain-enabled financial services,

including savings and payments.

Key factors include maintaining strong internal controls and risk management infrastructure to foster

customer trust, generating robust after-fee performance and track records, embracing regulatory standards and building distribution relationships.

Additionally, we focus on promoting thought leadership and a distinctive solutions program, strengthening our brand, and attracting and

retaining talented sales professionals and employees.

Regulatory Framework of the ETP Industry and Digital Assets Business

Not all ETPs are ETFs.

ETFs are a distinct type

of security with features that are different than other ETPs.

ETFs are open-end investment companies or unit investment trusts regulated

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.

For example, the Investment Company Act requires that at least 40% of

the Trustees for each ETF must not be affiliated persons of the fund’s investment manager, or Independent Trustees.

If the ETF seeks

to rely on certain rules under the Investment Company Act, a majority of the Trustees for that ETF must be Independent Trustees.

generally operate under regulations that allow them to operate within the ETF structure, while ETFs also operate under regulations that

prohibit affiliated transactions, are subject to standard pricing and valuation rules and have mandated compliance programs.

take a number of forms in addition to ETFs, including exchange-traded notes, grantor trusts or limited partnerships.

a key factor differentiating ETFs, grantor trusts and limited partnerships from exchange-traded notes is that the former hold assets underlying

Exchange traded notes, on the other hand, are debt instruments issued by the exchange-traded note sponsor.

Also, each of these

structures has implications for taxes, liquidity, tracking error and credit risk.

ETFs are a distinct type of security with features

that are different than other ETPs.

ETFs are open-end investment companies or unit investment trusts regulated in the U.S.

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.

For example, the Investment Company Act requires that at least 40% of the Trustees for each ETF must not

be affiliated persons of the fund’s investment manager, or Independent Trustees.

If the ETF seeks to rely on certain rules under

the Investment Company Act, a majority of the Trustees for that ETF must be Independent Trustees.

ETFs generally operate under regulations

that allow them to operate within the ETF structure, while ETFs also operate under regulations that prohibit affiliated transactions,

are subject to standard pricing and valuation rules and have mandated compliance programs.

ETPs can take a number of forms in addition

to ETFs, including exchange-traded notes, grantor trusts or limited partnerships.

market, a key factor differentiating ETFs,

grantor trusts and limited partnerships from exchange-traded notes is that the former hold assets underlying the ETP.

Exchange-traded

notes, on the other hand, are debt instruments issued by the exchange-traded note sponsor.

Also, each of these structures has implications

for taxes, liquidity, tracking error and credit risk.

Digital Assets

As we continue to build out our digital assets

business, we believe it is necessary and important to do so in compliance with applicable laws and regulations.

As a result, we are actively

engaged with a variety of U.S.

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;

As we continue to build out our digital assets business, we believe it

is necessary and important to do so in compliance with applicable laws and regulations.

As a result, we are actively engaged with a variety

federal and state regulators (e.g., the SEC, Financial Industry Regulatory Authority (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

money services and money transmitter business;

limited purpose broker-dealer;

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investment adviser;

and investment funds.

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.

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.

and investment

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.

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.

All aspects of our business are subject to various

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· The Investment Advisers Act of 1940 (Investment Advisers Act).

The SEC is the federal agency generally responsible for

administering the U.S.

The SEC is the federal agency generally responsible for administering the

federal securities laws.

WisdomTree Asset Management, Inc., or WTAM, 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.

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).

WisdomTree Asset Management, Inc., or WTAM, WisdomTree Digital Management, Inc., or WT Digital Management,

and Ceres, three of our subsidiaries, are registered as investment advisers under the Investment Advisers Act and, as such, are subject

to regulation and oversight by the SEC.

The Investment Advisers Act imposes a comprehensive regulatory framework on registered investment

advisers including fiduciary duties and requirements relating to recordkeeping, operational procedures, and registration, reporting and

disclosure obligations.

As a result of the Ceres Acquisition, we have expanded into investment strategies, products and markets that are

subject to regulatory regimes and supervisory expectations that apply to private fund advisers under the Investment Advisers Act, including

with respect to disclosure obligations, valuation practices, conflicts of interest, liquidity management and investor protection.

· The Investment Company

Act of 1940 (Investment Company Act).

All of our Digital Funds and U.S.

listed ETFs are registered

with the SEC pursuant to the Investment Company Act.

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.

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.

are registered with the SEC pursuant to the Investment Company Act.

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.

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.

Ceres offers its investment

products through private placements and relies on exemptions from registration under the

Investment Company Act.

· Broker-Dealer Regulations.

WisdomTree Securities, Inc., or WT Securities, is a FINRA member firm.

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.

which are not required to be registered

with the SEC as broker-dealers under the Securities Exchange Act of 1934, as amended, or Exchange Act.

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.

listed ETFs and, as such, are subject to FINRA rules that relate to licensing, continuing education

requirements and sales practices.

FINRA rules also apply to our fund marketing and sales material.

WisdomTree Securities, Inc., or WT Securities, is a limited purpose broker-dealer

(i.e., mutual fund retailer) registered with the SEC and a member of FINRA.

WT Securities facilitates transactions in, and serves as the

distributor for, the Digital Funds and is authorized to sell shares of registered funds, including the Digital Funds, from its own inventory

as principal.

This broker-dealer activity is conducted separately from other WisdomTree subsidiaries that act as Digital Fund and ETF

sponsors in the U.S.

and are not required to register as broker-dealers under the Securities Exchange Act of 1934, as amended, or Exchange

In addition, Ceres Securities, LLC, or Ceres Securities, a wholly owned subsidiary of Ceres, is a limited purpose broker-dealer registered

with the SEC and a member of FINRA that operates as a placement agent for Ceres Farms, earning placement fees on sales of interests to

investors it introduces, and is subject to SEC and FINRA regulation and oversight, including rules governing private placements, sales

practices, disclosures, recordkeeping, supervision and compliance.

Many of our employees, including all salespersons engaged in distribution

activities, are licensed with FINRA and are registered as associated persons of WT Securities, Ceres Securities or the distributor of

the WisdomTree Digital Funds and U.S.

listed ETFs, as applicable, and, as such, are subject to FINRA rules that relate to licensing, continuing

education and sales practices.

FINRA rules also apply to our fund marketing and sales materials.

· Federal Money Services Business and State Money Transmission Laws.

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respective requirements they must satisfy to qualify for pass-through tax treatment under the Internal Revenue Code.

Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA).

Regulations adopted by the

CFTC have required WTAM to become a member of the NFA and register as a commodity pool operator for a select number of our ETFs.

Commodity Futures Trading Commission (CFTC) and National Futures Association

adopted by the CFTC have required WTAM to become a member of the NFA and register as a commodity pool operator for a select number of

· Products Exchange Listing Requirements.

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listed ETF is listed on a secondary market (each, an Exchange),

including NYSE Arca, the NASDAQ Market and the Cboe Exchange, and accordingly is subject to the listing requirements of these Exchanges.

including NYSE Arca, the NASDAQ Market and the Cboe BZX Exchange, Inc, and accordingly is subject to the listing requirements of these

Any new WisdomTree U.S.

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Jersey Limited)

One of our subsidiaries, WisdomTree Management

Jersey Limited, or ManJer, is a Jersey based management company providing investment and other management services to several Jersey-domiciled

issuers, or ManJer Issuers, of exchange-traded commodities, or ETCs, each of which was established as a special purpose vehicle to issue

exchange-traded securities.

All ETCs are listed and marketed across the European Union, or EU, under Regulation (EU) 2017/1129 of the

European Parliament and of the Council of 14 June 2017 (as amended), or the Prospectus Regulation.

Since January 4, 2021, the Central

Bank of Ireland, or Central Bank, approves all ETC Base Prospectuses (with the exception of WisdomTree Issuer X Limited’s prospectus

which is approved by the Swedish Financial Supervisory Authority) as meeting the requirements imposed under EU law pursuant to the Prospectus

Such approval relates only to those securities to be admitted to trading on a regulated market for the purpose of Markets

in Financial Instruments Directive (recast) – Directive 2014/65/EU of the European Parliament and the Council, or MiFID II, and/or

which are to be offered to the public in any European Economic Area, or EEA, Member State.

All ETC prospectuses are also approved by the

Financial Conduct Authority, or FCA, as U.K.

One of our subsidiaries, WisdomTree Management Jersey Limited, or ManJer,

is a Jersey based management company providing investment and other management services to several Jersey-domiciled issuers, or ManJer

Issuers, of exchange-traded commodities, or ETCs, each of which was established as a special purpose vehicle to issue exchange-traded

All ETCs are listed and marketed across the European Union, or EU, under Regulation (EU) 2017/1129 of the European Parliament

and of the Council of 14 June 2017 (as amended), or the Prospectus Regulation.

Since January 4, 2021, the Central Bank of Ireland, or

Central Bank, approves all ETC Base Prospectuses (with the exception of WisdomTree Issuer X Limited’s prospectus which is approved

by the Swedish Financial Supervisory Authority) as meeting the requirements imposed under EU law pursuant to the Prospectus Regulation.

Such approval relates only to those securities to be admitted to trading on a regulated market for the purpose of Markets in Financial

Instruments Directive (recast) – Directive 2014/65/EU of the European Parliament and the Council, or MiFID II, and/or which are

to be offered to the public in any European Economic Area, or EEA, Member State.

All ETC prospectuses have been approved by the Financial

Conduct Authority, or FCA, as U.K.

Listing Authority, as competent authority pursuant to the U.K.

version of Regulation (EU)

No 2017/1129 of the European Parliament and the Council of 14 June 2017 on the form and content of such prospectuses and repealing Directive

2003/71/EC which is part of U.K.

law by virtue of the European Union (Withdrawal) Act 2018, or the U.K.

Prospectus Regulation.

Each prospectus

(except WisdomTree Issuer X Limited’s prospectus) is prepared, and a copy is sent to the Jersey Financial Services Commission, or

JFSC, in accordance with the Collective Investment Funds (Certified Funds – Prospectuses) (Jersey) Order 2012.

Each ManJer Issuer

(other than WisdomTree Issuer X Limited) has obtained a certificate under the Collective Investment Funds (Jersey) Law 1988 (as amended),

to enable it to undertake its functions in relation to its ETCs.

At the request of the relevant ManJer Issuer, the Central Bank has notified

the approval of the Base Prospectus in accordance with the Prospectus Regulation to other EU listing authorities, including Austria, Belgium,

Denmark, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Poland, Spain and Sweden, by providing them with certificates

of approval attesting that the Base Prospectus has been prepared in accordance with the Prospectus Regulation.

Each issuer may request

the Central Bank to provide competent authorities in other EEA Member States with such certificates for the purposes of making a public

offer in such Member States and/or for admission to trading of all or any securities on a regulated market.

WisdomTree Issuer X Limited’s

program for the issuance of WisdomTree digital securities does not constitute a collective investment fund for the purpose of the Collective

Investment Funds (Jersey) Law 1988 (as amended) as it satisfies the requirements of Article 2 of the Collective Investments Funds (Restriction

of Scope) (Jersey) Order 2000.

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

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.

version of Regulation (EU) No 2017/1129

of the European Parliament and the Council of 14 June 2017 on the form and content of such prospectuses and since January 2026 are approved

in accordance with the rules in Prospectus Rules:

Admission to Trading on a Regulated Market sourcebook made pursuant to the FCA’s

rule-making powers under the Public Offers and Admissions to Trading Regulations 2024.

Each prospectus (except WisdomTree Issuer X Limited’s

prospectus) is prepared, and a copy is sent to the Jersey Financial Services Commission, or JFSC, in accordance with the Collective Investment

Funds (Certified Funds – Prospectuses) (Jersey) Order 2012.

Each ManJer Issuer (other than WisdomTree Issuer X Limited) has obtained

a certificate under the Collective Investment Funds (Jersey) Law 1988 (as amended), to enable it to undertake its functions in relation

At the request of the relevant ManJer Issuer, the Central Bank has notified the approval of the Base Prospectus in accordance

with the Prospectus Regulation to other EU listing authorities, including Austria, Belgium, Denmark, Finland, France, Germany, Italy,

Luxembourg, the Netherlands, Norway, Poland, Spain and Sweden, by providing them with certificates of approval attesting that the Base

Prospectus has been prepared in accordance with the Prospectus Regulation.

Each issuer may request the Central Bank to provide competent

authorities in other EEA Member States with such certificates for the purposes of making a public offer in such Member States and/or for

admission to trading of all or any securities on a regulated market.

WisdomTree Issuer X Limited’s program for the issuance of WisdomTree

digital securities does not constitute a collective investment fund for the purpose of the Collective Investment Funds (Jersey) Law 1988

(as amended) as it satisfies the requirements of Article 2 of the Collective Investments Funds (Restriction of Scope) (Jersey) Order 2000.

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.

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.

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by Irish regulators and the Central Bank in regulations and related guidance issued by the Central Bank.

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.

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.

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

All UCITS have their basis in EU legislation and once authorized in one EEA Member State, may be marketed throughout the EU, without

further authorization.

This is described as an EU passport.

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, 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.

All UCITS have their basis in EU legislation

and once authorized in one EEA Member State, may be marketed throughout the EU, without further authorization.

This is described as an

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.

accordance with the Financial Services Act 2021, the Temporary Marketing Permissions Regime is in the process of being replaced by the

U.K.’s Overseas Funds Regime (“OFR”), requiring all WisdomTree UCITS ETFs to be transitioned to the new OFR by the end

WTICAV is established and operated as an ICAV

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legislation and regulatory requirements:

● European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“UCITS

Regulations”).

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.

● Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable

Securities) Regulations 2019 (“Central Bank UCITS Regulations”).

The Central Bank UCITS Regulations were adopted in

May 2019 and, together with the UCITS Regulations, any guidance produced by the Central Bank, and the Central Bank forms, form the basis

for all the requirements that the Central Bank imposes on UCITS, UCITS management companies and depositaries of UCITS.

· European Communities (Undertakings for Collective Investment in Transferable

Securities, or UCITS) Regulations 2011 (as amended) (“UCITS Regulations”).

The UCITS Regulations, which transpose Council Directive 2009/65/EC (the

“UCITS Directive”), 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.

The UCITS Directive will be updated by AIFMD

2.0 (Directive (EU) 2024/927) to make changes to introduce the use of liquidity management tools by UCITS.

These changes will be implemented

in Ireland by way of a set of UCITS Regulations to be adopted by April 16, 2026.

· Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings

for Collective Investment in Transferable Securities) Regulations 2019 and the Central Bank (Supervision and Enforcement) Act 2013 (Section

48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2023 (“Central Bank UCITS Regulations”).

The Central Bank UCITS Regulations were adopted in May 2019 and, together with the UCITS Regulations, any guidance produced by the Central

Bank, and the Central Bank forms, form the basis for all the requirements that the Central Bank imposes on UCITS, UCITS management companies

and depositaries of UCITS.

· Central Bank (Individual Accountability Framework) Act 2023 (“IAF Act”).

The IAF Act is comprised of three key elements:

the Senior Executive Accountability

Regime (SEAR), the Conduct Standards and the enhancements to the Central Bank’s Fitness and Probity (F&P) Regime.

The most relevant

elements from WTICAV’s perspective are the Conduct Standards and the updates to the F&P Regime.

The Common Conduct Standards

apply to all persons carrying out Controlled Functions (CFs) in regulated firms.

Additional Conduct Standards apply to Pre-Approval Controlled

Functions (PCFs) and any other person carrying out a role which exercises significant influence on a firm’s affairs.

Standards outline the Central Bank’s expectations in terms of the conduct of individuals carrying out CF and PCF roles and have

applied since December 29, 2023.

The Central Bank published its Guidance on the IAF Act in April 2024 and this includes guidelines on

the Conduct Standards.

The enhancements to the F&P Regime include the requirement for firms to proactively certify that individuals

carrying out CF and PCF roles comply with the Central Bank’s standards of F&P.

The Certification Regulations have applied since

January 8, 2024.

The Central Bank published its final and consolidated Fitness and Probity Standards in November 2025.

· Central Bank Guidance.

The Central Bank also has produced guidance that provides direction on issues relating to the

funds industry, certain of which set forth conditions not contained in the UCITS Regulations or the Central Bank Regulations with which

UCITS must conform.

● The Irish Collective Asset-Management Vehicle Act 2015 (“ICAV Act”).

WTICAV is registered as an ICAV under

the ICAV Act.

Therefore, WTICAV is required to comply with various obligations under the ICAV Act such as, but not limited to, keeping

proper books and records.

The segregation of liability between Sub-funds means there cannot be, as a matter of Irish law, cross-contamination

of liability between Sub-funds.

The Central Bank also has produced guidance that provides direction

on issues relating to the funds industry, certain of which set forth conditions not contained in the UCITS Regulations or the Central

Bank Regulations with which UCITS must conform.

The Central Bank also publishes and regularly updates a “Q&A” document

on its website.

The Q&A is not intended to be a tool to assess compliance with regulatory requirements but rather it sets out questions

and answers in relation to common UCITS-related queries.

· The Irish Collective Asset-Management Vehicle Act 2015 (as amended) (“ICAV Act”).

is registered as an ICAV under the ICAV Act.

Therefore, WTICAV is required to comply with various obligations under the ICAV Act such

as, but not limited to, keeping proper books and records.

The segregation of liability between Sub-funds means there cannot be, as a matter

of Irish law, cross-contamination of liability between Sub-funds.

Therefore, the insolvency of one Sub-fund cannot affect another Sub-fund.

EMIR provides for OTC derivative contracts to be submitted to central clearing and imposes, inter alia, margin

posting and other risk mitigation techniques, reporting and record keeping requirements.

WTICAV uses OTC derivatives instruments to hedge

the currency risk of some of its sub-funds, which are subject to EMIR.

WTICAV has adhered to the 2013 EMIR Portfolio Reconciliation, Dispute

Resolution and Disclosure Protocol published by the International Swaps and Derivatives Association, Inc.

The Central Bank has been designated

as the competent authority for EMIR.

The BMR is directly applicable law across the EU and applies to certain “administrators,” “contributors”

and “users” of benchmarks with the aim of reducing the risk of benchmark manipulation and promoting confidence in their integrity

and that of the financial markets which they support.

Since WTICAV issues financial instruments that reference a benchmark, it will be

required to comply with applicable obligations as set out under the BMR.

In addition, non-EU administrators of benchmarks are required

to satisfy a number of requirements to enable the benchmarks they provide to be used in the EU.

To ensure investor protection, the BMR

provides equivalence, recognition and endorsement conditions under which third country benchmarks may be used by supervised entities in

Since we control the provision of benchmarks, we are required to comply with applicable obligations within the timeframes set

out under the BMR.

● Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents

for packaged retail and insurance-based investment products (“PRIIPS”).

As above, WisdomTree’s ETCs have been

subject to PRIIPS since January 1, 2018.

EMIR provides for OTC derivative contracts to be submitted to central clearing and

imposes, inter alia, margin posting and other risk mitigation techniques, reporting and record keeping requirements.

WTICAV uses OTC derivatives

instruments to hedge the currency risk of some of its sub-funds, which are subject to EMIR.

WTICAV has adhered to the 2013 EMIR Portfolio

Reconciliation, Dispute Resolution and Disclosure Protocol published by the International Swaps and Derivatives Association, Inc.

Central Bank has been designated as the competent authority for EMIR.

The BMR is directly applicable law across the EU and applies to certain

“administrators,” “contributors” and “users” of benchmarks with the aim of reducing the risk of benchmark

manipulation and promoting confidence in their integrity and that of the financial markets which they support.

Since WTICAV issues financial

instruments that reference a benchmark, it will be required to comply with applicable obligations as set out under the BMR.

non-EU administrators of benchmarks are required to satisfy a number of requirements to enable the benchmarks they provide to be used

To ensure investor protection, the BMR provides equivalence, recognition and endorsement conditions under which third country

benchmarks may be used by supervised entities in the EU.

Since we control the provision of benchmarks, we are required to comply with

applicable obligations within the timeframes set out under the BMR.

Regulation (EU) 2025/914 will apply with effect from January 1, 2026.

Fund management companies and corporate funds which use benchmarks that are considered “critical” or “significant”

under the new legislation, EU Paris-aligned benchmarks, EU Climate Transition benchmarks and certain commodity benchmarks will be in-scope.

· Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on

key information documents for packaged retail and insurance-based investment products (“PRIIPS”).

As above, WisdomTree’s

ETCs have been subject to PRIIPS since January 1, 2018.

On January 1, 2023, PRIIPS also began to apply to UCITS.

WTICAV has been producing and publishing

these KIDs for share classes of the Sub-funds of the ICAV since January 1, 2023.

● Regulation on Disclosures (EU/2019/2088) (“SFDR”) and the EU Taxonomy Regulation (2020/852) (“EU Taxonomy”).

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.

SFDR also requires certain pre-contractual

and periodic disclosure requirements for in scope WTICAV Sub-funds, such as UCITS financial products.

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.

The EU Taxonomy disclosures for the economically sustainable objectives of climate change mitigation

and climate change adaptation were applicable from January 1, 2022, while the requirement for disclosures for the remaining objectives

applied from January 1, 2023.

The WTICAV Prospectus, as well as supplements and product pages of the WTICAV Sub-funds in scope of SFDR

and EU Taxonomy, have been updated to reflect the respective regulatory requirements.

WTICAV has been producing

and publishing these KIDs for share classes of the Sub-funds of the ICAV since January 1, 2023.

· Regulation on Disclosures (EU/2019/2088) (“SFDR”) and the EU Taxonomy Regulation (2020/852)

(“EU Taxonomy”).

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.

requires certain pre-contractual and periodic disclosure requirements for in scope WTICAV Sub-funds, such as UCITS financial products.

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.

The EU Taxonomy disclosures for the economically sustainable objectives

of climate change mitigation and climate change adaptation were applicable from January 1, 2022, while the requirement for disclosures

for the remaining objectives applied from January 1, 2023.

The WTICAV Prospectus, as well as supplements and product pages of the WTICAV

Sub-funds in scope of SFDR and EU Taxonomy, have been updated to reflect the respective regulatory requirements.

The European Commission published its proposal to revise the SFDR on November

It is expected that if the proposal is adopted, the legislation will take effect in late 2028 or 2029.

The proposal seeks to

remove the current categorization regime and introduce new sustainability-related financial product labels.

It is expected that the European

Commission will publish Level 2 measures for prospectus disclosures and periodic report disclosures for sustainability-related financial

· Regulation (EU) 2019/1156 on the cross-border distribution framework (“CBDF”).

The CBDF amend the UCITS

Directive to increase the harmonization of cross-border marketing between both (a) the UCITS regime and (b) different practices adopted

by EU member states and came into effect on August 2, 2021.

The CBDF eliminated the need for WTICAV to have local paying agents within

EU member states the Sub-funds passported into, but introduced rules around marketing communications, pre-marketing notifications and

the discontinuation of marketing.

The CBDF amended the UCITS Directive to increase the harmonization of cross-border

marketing between both (a) the UCITS regime and (b) different practices adopted by EU member states and came into effect on August 2,

The CBDF eliminated the need for WTICAV to have local paying agents within EU member states the Sub-funds passported into, but introduced

rules around marketing communications, pre-marketing notifications and the discontinuation of marketing.

· Regulatory technical standards on settlement discipline (“CSDR”).

5 unchanged sentences

Irish-Domiciled Issuer (Managed by WisdomTree Multi Asset Management

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.

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

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.

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

WMAI, a non-consolidated third party, is a public limited company incorporated in the laws of Ireland.

It was established as a special

purpose vehicle for the purposes of issuing collateralized exchange-traded securities, or ETP Securities, under the Collateralized ETP

Securities Programme described in its Base Prospectus.

WMAI is a ‘qualifying company’ within the meaning of section 110 of

the Taxes Consolidation Act 1997 (as amended), of Ireland.

It was established

as a special purpose vehicle for the purposes of issuing collateralized exchange-traded securities, or ETP Securities, under the Collateralized

ETP Securities Programme described in its Base Prospectus.

WMAI is a ‘qualifying company’ within the meaning of section 110

of the Taxes Consolidation Act 1997 (as amended), of Ireland.

WMAI is not authorized or regulated by the Central Bank by virtue of issuing

The Central Bank, as competent authority under

the Prospectus Regulation, has approved the Base Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the

Prospectus Regulation.

Such approval relates only to ETP Securities which are to be admitted to trading on a regulated market for the

purpose of MiFID II and/or which are to be offered to the public in any EEA Member State.

The Base Prospectus also has been approved by

the FCA as competent authority pursuant to the U.K.

version of Regulation (EU) No 2017/1129 of the European Parliament and the Council

of 14 June 2017 on the form and content of such prospectuses and repealing Directive 2003/71/EC which is part of U.K.

law by virtue of

The Central Bank, as competent authority under the Prospectus Regulation,

has approved the Base Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Regulation.

approval relates only to ETP Securities which are to be admitted to trading on a regulated market for the purpose of MiFID II and/or which

are to be offered to the public in any EEA Member State.

The Base Prospectus has also been approved by the FCA, acting as the competent

authority under the U.K.

version of Regulation (EU) No 2017/1129 of the European Parliament and the Council of June 14, 2017 on the form

and content of prospectuses, which repealed Directive 2003/71/EC and forms part of U.K.

law pursuant to the U.K.

Prospectus Regulation.

From January 2026, such approval will instead be granted in accordance with the Prospectus Rules:

Admission to Trading on a Regulated

Market sourcebook, made under the FCA’s rule-making powers in the Public Offers and Admissions to Trading Regulations 2024.

At the request of WMAI, the Central Bank has

74 unchanged sentences

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.

What changed 10-K

Item 1. Business