3 unchanged sentences
key aspects of our market risk.
−Removed: Market risk to us generally represents the risk
−Removed: of changes in the value of our ETPs that results from fluctuations in securities or commodity prices, foreign currency exchange rates
−Removed: against the U.S.
+Added: Market risk to us generally represents the risk of changes
+Added: in the value of our products that results from fluctuations in securities or commodity prices, the value of underlying real assets (including
+Added: farmland), foreign currency exchange rates against the U.S.
dollar, and interest rates.
−Removed: Nearly all our revenues are derived from advisory agreements for the WisdomTree ETPs.
+Added: Nearly all our revenues are derived from advisory
+Added: agreements for the WisdomTree ETPs and other managed investment vehicles, including those acquired through the Ceres Acquisition.
these agreements, the advisory fee we receive is based on the average market value of the assets in the WisdomTree ETP portfolios we manage
−Removed: Fluctuations in the value of the ETPs are common
−Removed: and are generated by numerous factors such as market volatility, the global economy, inflation, changes in investor strategies and sentiment,
+Added: and, in the case of other managed investment vehicles, on investors’ capital account balances, which are influenced by the value
+Added: of the underlying farmland assets.
+Added: Fluctuations in the value of the ETPs are common and
+Added: are generated by numerous factors such as market volatility, the global economy, inflation, changes in investor strategies and sentiment,
availability of alternative investment vehicles, domestic and foreign government regulations, emerging markets developments and others.
−Removed: Accordingly, changes in any one or a combination of these factors may reduce the value of investment securities and, in turn, the underlying
−Removed: AUM on which our revenues are earned.
−Removed: These declines may cause investors to withdraw funds from our ETPs in favor of investments that
−Removed: they perceive as offering greater opportunity or lower risk, thereby compounding the impact on our revenues.
−Removed: We believe challenging and
−Removed: volatile market conditions will continue to be present in the foreseeable future.
+Added: With respect to farmland-focused investment products, changes in farmland values may be driven by factors such as agricultural commodity
+Added: prices, farm income, interest rates, inflation expectations, land supply and demand dynamics, climate and weather conditions, and government
+Added: agricultural and environmental policies.
+Added: Accordingly, changes in any one or a combination of these factors may reduce the value of investment
+Added: securities or real assets and, in turn, the underlying AUM or investors’ capital account balances on which our revenues are earned.
+Added: These declines may cause investors to withdraw funds from our products in favor of investments that they perceive as offering greater
+Added: opportunity or lower risk, thereby compounding the impact on our revenues.
+Added: We believe challenging and volatile market conditions will
+Added: continue to be present in the foreseeable future.
Interest Rate Risk
40 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.