Diluted Earnings Per Share of $0.18 ($0.17, as Adjusted)
700 bps of Annual Operating Margin Expansion vs. the Prior Year
NEW YORK--(BUSINESS WIRE)--WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the fourth quarter of 2024.
$27.3 million of net income ($25.3(1) million of net income, as adjusted). See “Non-GAAP Financial Measurements” for additional information.
$109.8 billion of ending AUM, a decrease of 2.5% from the prior quarter arising from market depreciation and net outflows.
($0.3) billion of net outflows, primarily driven by outflows from our emerging markets, commodity and fixed income products, partly offset by inflows into our U.S. equity and cryptocurrency products.
0.36% average advisory fee, a 1 basis point decrease from the prior quarter.
0.39% adjusted revenue yield(2), unchanged from the prior quarter.
$110.7 million of operating revenues, a decrease of 2.2% from the prior quarter due to lower other revenues. The prior quarter included $3.7 million of other revenues related to legal and other expenses expected to be covered by insurance that were incurred in connection with a settlement with the U.S. Securities and Exchange Commission (the “SEC”) regarding certain statements about the ESG screening process for three ETFs advised by WisdomTree Asset Management, Inc. (the “SEC ESG Settlement”).
79.3% gross margin(1), a 1.5 point decrease from the prior quarter due to higher non-recurring costs associated with the migration of custody, fund accounting, fund administration, ETF services and securities lending to Bank of New York Mellon (“BNY”) during the quarter (the “BNY Custody Migration”).
31.7% operating income margin, a 4.3 point decrease (5.6 point decrease, as adjusted(1)) compared to our operating margin of 36.0% (37.3%, as adjusted(1)) in the prior quarter primarily due to higher expenses, including those associated with the BNY Custody Migration and seasonally higher discretionary spending. We also recognized approximately $1.0 million of costs remaining under one of our WisdomTree Prime-related contracts as we transition away from this service provider while continuing to expand our internal capabilities to further enhance the platform.
$0.03 quarterly dividend declared, payable on February 26, 2025 to stockholders of record as of the close of business on February 12, 2025.
Update from Jonathan Steinberg, WisdomTree CEO
| “In 2024, we focused on disciplined execution, delivering a 73% increase in adjusted EPS fueled by higher AUM, an expansion in our revenue yield, margin expansion, and stock repurchases. Looking ahead to 2025, I am confident WisdomTree will continue leveraging increased client engagement and the growing traction of our models business to drive top-line growth. At the same time, we will remain disciplined in executing margin expansion, proactive in accretive capital deployment, and focused on driving strategic innovation to position the company for accelerated growth.” |
Update from Jarrett Lilien, WisdomTree COO and President
“The formula for sustainable long-term growth includes expanding WisdomTree’s client base and deepening engagement. We executed well on both initiatives, growing both the number of clients using WisdomTree products by 5% while also increasing the number of WisdomTree products held by each client by 4%. We will continue that momentum into 2025, leveraging our broad product lineup, our robust solutions offerings and our expertise to further expand our client relationships and grow AUM.” |
OPERATING AND FINANCIAL HIGHLIGHTS
| Three Months Ended | ||||||||||||||||||
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
| ||||||||||||||
Consolidated Operating Highlights ($ in billions): |
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|
|
|
| ||||||||||||||
AUM—end of period | $ | 109.8 |
| $ | 112.6 |
| $ | 109.7 |
| $ | 107.2 |
| $ | 100.1 |
| ||||
Net (outflows)/inflows | $ | (0.3 | ) | $ | (2.4 | ) | $ | 0.3 |
| $ | 2.0 |
| $ | (0.3 | ) | ||||
Average AUM | $ | 112.3 |
| $ | 110.4 |
| $ | 108.5 |
| $ | 102.5 |
| $ | 96.6 |
| ||||
Average advisory fee |
| 0.36% |
| 0.37% |
| 0.37% |
| 0.36% |
| 0.36% | |||||||||
Adjusted revenue yield(2) |
| 0.39% |
| 0.39% |
| 0.40% |
| 0.38% |
| 0.37% | |||||||||
|
|
|
|
|
| ||||||||||||||
Consolidated Financial Highlights ($ in millions, except per share amounts): |
|
|
|
|
| ||||||||||||||
Operating revenues | $ | 110.7 |
| $ | 113.2 |
| $ | 107.0 |
| $ | 96.8 |
| $ | 90.8 |
| ||||
Net income/(loss) | $ | 27.3 |
| $ | (4.5 | ) | $ | 21.8 |
| $ | 22.1 |
| $ | 19.1 |
| ||||
Diluted earnings/(loss) per share | $ | 0.18 |
| $ | (0.13 | ) | $ | 0.13 |
| $ | 0.13 |
| $ | 0.16 |
| ||||
Operating income margin |
| 31.7% |
| 36.0% |
| 31.3% |
| 28.9% |
| 28.7% | |||||||||
|
|
|
|
|
| ||||||||||||||
As Adjusted (Non-GAAP(1)): |
|
|
|
|
| ||||||||||||||
Operating revenues, as adjusted | $ | 110.5 |
| $ | 109.5 |
| $ | 107.0 |
| $ | 96.4 |
| $ | 90.8 |
| ||||
Gross margin |
| 79.3% |
| 80.8% |
| 81.2% |
| 79.3% |
| 79.7% | |||||||||
Net income, as adjusted | $ | 25.3 |
| $ | 28.8 |
| $ | 27.1 |
| $ | 20.3 |
| $ | 18.6 |
| ||||
Diluted earnings per share, as adjusted | $ | 0.17 |
| $ | 0.18 |
| $ | 0.16 |
| $ | 0.12 |
| $ | 0.11 |
| ||||
Operating income margin, as adjusted |
| 31.7% |
| 37.3% |
| 35.3% |
| 29.7% |
| 28.7% | |||||||||
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RECENT BUSINESS DEVELOPMENTS
Company News
Product News
|
WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||||||||
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
| ||||||||||||||||||||
Operating Revenues: |
|
|
|
|
|
|
| ||||||||||||||||||||
Advisory fees | $ | 102,264 |
| $ | 101,659 |
| $ | 98,938 |
| $ | 92,501 |
| $ | 86,988 |
| $ | 395,362 |
| $ | 333,227 |
| ||||||
Other revenues |
| 8,433 |
|
| 11,509 |
|
| 8,096 |
|
| 4,337 |
|
| 3,856 |
|
| 32,375 |
|
| 15,808 |
| ||||||
Total revenues |
| 110,697 |
|
| 113,168 |
|
| 107,034 |
|
| 96,838 |
|
| 90,844 |
|
| 427,737 |
|
| 349,035 |
| ||||||
Operating Expenses: |
|
|
|
|
|
|
| ||||||||||||||||||||
Compensation and benefits |
| 30,032 |
|
| 29,405 |
|
| 30,790 |
|
| 31,054 |
|
| 27,860 |
|
| 121,281 |
|
| 109,532 |
| ||||||
Fund management and administration |
| 22,858 |
|
| 21,004 |
|
| 20,139 |
|
| 19,962 |
|
| 18,445 |
|
| 83,963 |
|
| 71,348 |
| ||||||
Marketing and advertising |
| 6,117 |
|
| 4,897 |
|
| 5,110 |
|
| 4,408 |
|
| 4,951 |
|
| 20,532 |
|
| 17,256 |
| ||||||
Sales and business development |
| 4,101 |
|
| 3,465 |
|
| 3,640 |
|
| 3,611 |
|
| 3,881 |
|
| 14,817 |
|
| 13,584 |
| ||||||
Contractual gold payments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 6,069 |
| ||||||
Professional fees |
| 4,559 |
|
| 6,315 |
|
| 6,594 |
|
| 3,630 |
|
| 3,201 |
|
| 21,098 |
|
| 18,969 |
| ||||||
Occupancy, communications and equipment |
| 1,423 |
|
| 1,397 |
|
| 1,314 |
|
| 1,210 |
|
| 1,208 |
|
| 5,344 |
|
| 4,684 |
| ||||||
Depreciation and amortization |
| 504 |
|
| 447 |
|
| 418 |
|
| 383 |
|
| 335 |
|
| 1,752 |
|
| 872 |
| ||||||
Third-party distribution fees |
| 3,161 |
|
| 2,983 |
|
| 2,687 |
|
| 2,307 |
|
| 2,549 |
|
| 11,138 |
|
| 9,377 |
| ||||||
Other |
| 2,902 |
|
| 2,463 |
|
| 2,831 |
|
| 2,323 |
|
| 2,379 |
|
| 10,519 |
|
| 9,852 |
| ||||||
Total operating expenses |
| 75,657 |
|
| 72,376 |
|
| 73,523 |
|
| 68,888 |
|
| 64,809 |
|
| 290,444 |
|
| 261,543 |
| ||||||
Operating income |
| 35,040 |
|
| 40,792 |
|
| 33,511 |
|
| 27,950 |
|
| 26,035 |
|
| 137,293 |
|
| 87,492 |
| ||||||
Other Income/(Expenses): |
|
|
|
|
|
|
| ||||||||||||||||||||
Interest expense |
| (5,616 | ) |
| (5,027 | ) |
| (4,140 | ) |
| (4,128 | ) |
| (3,758) |
| (18,911 | ) |
| (15,242 | ) | |||||||
Gain on revaluation/termination of deferred consideration—gold payments | — | — | — |
| — | — | — | 61,953 | |||||||||||||||||||
Interest income |
| 2,147 |
|
| 1,795 |
|
| 1,438 |
|
| 1,398 |
|
| 1,225 |
|
| 6,778 |
|
| 4,099 |
| ||||||
Impairments |
| — |
|
| — |
|
| — |
|
| — |
|
| (339) |
| — |
|
| (7,942 | ) | |||||||
Loss on extinguishment of convertible notes |
| — |
|
| (30,632 | ) |
| — |
|
| — |
|
| — |
|
| (30,632 | ) |
| (9,721 | ) | ||||||
Other gains and losses, net |
| 2,627 |
|
| (3,062 | ) |
| (1,283 | ) |
| 2,592 |
|
| 1,602 |
|
| 874 |
|
| (1,631 | ) | ||||||
Income before income taxes |
| 34,198 |
|
| 3,866 |
|
| 29,526 |
|
| 27,812 |
|
| 24,765 |
|
| 95,402 |
|
| 119,008 |
| ||||||
Income tax expense |
| 6,890 |
|
| 8,351 |
|
| 7,767 |
|
| 5,701 |
|
| 5,688 |
|
| 28,709 |
|
| 16,462 |
| ||||||
Net income/(loss) | $ | 27,308 |
| $ | (4,485 | ) | $ | 21,759 |
| $ | 22,111 |
| $ | 19,077 |
| $ | 66,693 |
| $ | 102,546 |
| ||||||
Earnings/(loss) per share—basic | $ | 0.19 |
| $ | (0.13)(3 | ) | $ | 0.13(3 | ) | $ | 0.14(3 | ) | $ | 0.16(3) | $ | 0.34(3 | ) | $ | 0.66(3 | ) | |||||||
Earnings/(loss) per share—diluted | $ | 0.18 |
| $ | (0.13)(3 | ) | $ | 0.13 |
| $ | 0.13 |
| $ | 0.16(3) | $ | 0.33(3 | ) | $ | 0.64(3 | ) | |||||||
Weighted average common shares—basic |
| 141,275 |
|
| 143,929 |
|
| 146,896 |
|
| 146,464 |
|
| 145,310 |
|
| 144,630 |
|
| 144,707 |
| ||||||
Weighted average common shares—diluted |
| 147,612 |
|
| 143,929 |
|
| 166,359 |
|
| 165,268 |
|
| 171,703 |
|
| 158,844 |
|
| 170,413 |
| ||||||
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As Adjusted (Non-GAAP(1)) |
|
|
|
|
|
|
| ||||||||||||||||||||
Total revenues | $ | 110,505 |
| $ | 109,507 |
| $ | 107,034 |
| $ | 96,385 |
| $ | 90,844 |
|
|
| ||||||||||
Total operating expenses | $ | 75,465 |
| $ | 68,715 |
| $ | 69,252 |
| $ | 67,740 |
| $ | 64,809 |
|
|
| ||||||||||
Operating income | $ | 35,040 |
| $ | 40,792 |
| $ | 37,782 |
| $ | 28,645 |
| $ | 26,035 |
|
|
| ||||||||||
Income before income taxes | $ | 33,033 |
| $ | 37,187 |
| $ | 36,083 |
| $ | 26,987 |
| $ | 23,908 |
|
|
| ||||||||||
Income tax expense | $ | 7,753 |
| $ | 9,049 |
| $ | 9,008 |
| $ | 6,731 |
| $ | 5,342 |
|
|
| ||||||||||
Net income | $ | 25,280 |
| $ | 28,768 |
| $ | 27,075 |
| $ | 20,256 |
| $ | 18,566 |
|
|
| ||||||||||
Earnings per share—diluted | $ | 0.17 |
| $ | 0.18 |
| $ | 0.16 |
| $ | 0.12 |
| $ | 0.11 |
|
|
| ||||||||||
Weighted average common shares—diluted | 147,612 |
| 156,745 |
| 166,359 |
| 165,268 |
| 171,703 | ||||||||||||||||||
QUARTERLY HIGHLIGHTS
Operating Revenues
- Operating revenues decreased 2.2% from the third quarter of 2024 due to lower other revenues as the prior quarter included $3.7 million of other revenues related to legal and other expenses incurred in connection with the SEC ESG Settlement that are expected to be covered by insurance. Operating revenues increased 21.9% from the fourth quarter of 2023 due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products (“ETPs”).
- Our average advisory fee was 0.36%, 0.37% and 0.36% during the fourth quarter of 2024, the third quarter of 2024 and the fourth quarter of 2023, respectively.
Operating Expenses
- Operating expenses increased 4.5% from the third quarter of 2024 primarily due to seasonally higher discretionary spending, including marketing and sales-related expenses. In addition, higher fund management expenses arose from non-recurring costs related to the BNY Custody Migration and we recognized approximately $1.0 million of costs remaining under one of our WisdomTree Prime-related contracts as we transition away from this service provider while continuing to expand our internal capabilities to further enhance the platform. These increases were partly offset by lower professional fees incurred in the fourth quarter related to the SEC ESG Settlement.
- Operating expenses increased 16.7% from the fourth quarter of 2023 primarily due to higher fund management and administration costs, compensation, professional fees and marketing expenses.
Other Income/(Expenses)
- Interest expense increased 11.7% and 49.4% from the third quarter of 2024 and fourth quarter of 2023, respectively, due to a higher level of debt outstanding, partly offset by a lower average interest rate. The increase from the fourth quarter of 2023 also is due to the recognition of a full quarter of imputed interest on our obligation payable to Gold Bullion Holdings (Jersey) Limited (“GBH”), a subsidiary of the World Gold Council, in connection with our repurchase in November 2023 of our Series C Non-Voting Convertible Preferred Stock.
- Interest income increased 19.6% and 75.3% from the third quarter of 2024 and the fourth quarter of 2023, respectively, due to a higher level of interest-earning assets.
- Other gains and losses, net was a gain of $2.6 million for the fourth quarter of 2024. This included net gains of $2.3 million on our financial instruments owned and net losses of $0.5 million on our investments. Gains and losses also generally arise from the sale of gold and crypto earned from management fees paid by our physically-backed gold and crypto ETPs, foreign exchange fluctuations and other miscellaneous items.
Income Taxes
- Our effective income tax rate for the fourth quarter of 2024 was 20.1%, resulting in income tax expense of $6.8 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to a favorable tax adjustment to the non-deductible loss on extinguishment of convertible notes and a lower tax rate on foreign earnings.
- Our adjusted effective income tax rate for the fourth quarter of 2024 was 23.5%(1).
ANNUAL HIGHLIGHTS
- Operating revenues increased 22.5% as compared to 2023 due to higher average AUM and higher other revenues attributable to our European listed ETPs. In addition, operating revenues include $4.3 million of other revenues related to legal and other related expenses incurred in connection with the SEC ESG Settlement that are expected to be covered by insurance.
- Operating expenses increased 11.1% as compared to 2023 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. Operating expenses during the year ended December 31, 2024 also include $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.
- Significant items reported in other income/(expense) in 2024 include: a loss on extinguishment of convertible notes of $30.6 million arising from the repurchase of $104.2 million aggregate principal amount of our 5.75% convertible senior notes due 2028; a civil money penalty of $4.0 million in connection with the SEC ESG Settlement; an increase in interest expense of 24.1% due to imputed interest on our obligation payable to GBH and higher level of debt outstanding, partly offset by a lower average interest rate; an increase in interest income of 65.4% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $4.9 million; and losses on our investments of $1.1 million. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, foreign exchange fluctuations and other miscellaneous items.
- Our effective income tax rate for 2024 was 30.1%, resulting in an income tax expense of $28.7 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to a non-deductible loss on extinguishment of convertible notes, a non-deductible civil money penalty of $4.0 million in connection with the SEC ESG Settlement and non-deductible executive compensation. These items were partly offset by a lower tax rate on foreign earnings.
CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS
WisdomTree will discuss its results and operational highlights during a live webcast on Friday, January 31, 2025 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VyP1taaA.
Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers. To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time. All earnings materials and the webcast can be accessed through WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will also be available shortly after the call.
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain technology. We empower investors and consumers to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing and have launched next-generation digital products, services and structures, including digital or blockchain-enabled mutual funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime® and institutional platform, WisdomTree Connect™.*
* The WisdomTree Prime digital wallet and digital asset services and WisdomTree Connect institutional platform are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://www.wisdomtreeprime.com, the WisdomTree Prime mobile app or https://wisdomtreeconnect.com for more information.
WisdomTree currently has approximately $113.5 billion in assets under management globally.
For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.
Please visit us on X at @WisdomTreeNews.
WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through the WisdomTree Prime app and WisdomTree Connect are not endorsed, indemnified or guaranteed by any regulatory agency.
| ______________ | |
(1) | See “Non-GAAP Financial Measurements.” |
(2) | Adjusted revenue yield is computed by dividing our annualized adjusted operating revenues as reported in the GAAP to Non-GAAP Reconciliation herein by our average AUM during the period. |
(3) | Earnings per share (“EPS”) is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended September 30, 2024 and year ended December 31, 2024 include a loss of $11,375 recognized upon the repurchase of our Series A Non-Voting Convertible Preferred Stock convertible into approximately 14.75 million shares of common stock from ETFS Capital Limited and $1,868 of stock repurchase excise taxes. The three months ended December 31, 2023 includes a gain of $7,966 recognized upon the repurchase of our Series C Non-Voting Convertible Preferred Stock convertible into approximately 13.1 million shares of common stock from GBH. These items are excluded from net income, but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis. |
WISDOMTREE, INC. AND SUBSIDIARIES KEY OPERATING STATISTICS (Unaudited) | |||||||||||||||||||
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| Three Months Ended | ||||||||||||||||||
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
| ||||||||||||||
GLOBAL ETPs ($ in millions) |
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|
|
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Beginning of period assets | $ | 112,577 |
| $ | 109,686 |
| $ | 107,230 |
| $ | 100,124 |
| $ | 93,735 |
| ||||
(Outflows)/inflows |
| (281 | ) |
| (2,395 | ) |
| 340 |
|
| 1,988 |
|
| (255 | ) | ||||
Market (depreciation)/appreciation |
| (2,517 | ) |
| 5,286 |
|
| 2,116 |
|
| 5,118 |
|
| 6,644 |
| ||||
End of period assets | $ | 109,779 |
| $ | 112,577 |
| $ | 109,686 |
| $ | 107,230 |
| $ | 100,124 |
| ||||
Average assets during the period | $ | 112,349 |
| $ | 110,369 |
| $ | 108,479 |
| $ | 102,461 |
| $ | 96,641 |
| ||||
Average advisory fee during the period |
| 0.36 | % |
| 0.37 | % |
| 0.37 | % |
| 0.36 | % |
| 0.36 | % | ||||
Revenue days |
| 92 |
|
| 92 |
|
| 91 |
|
| 91 |
|
| 92 |
| ||||
Number of ETPs—end of the period |
| 353 |
|
| 352 |
|
| 350 |
|
| 338 |
|
| 337 |
| ||||
|
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|
|
|
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U.S. LISTED ETFs ($ in millions) |
|
|
|
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|
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 81,267 |
| $ | 79,722 |
| $ | 78,087 |
| $ | 72,486 |
| $ | 68,018 |
| ||||
(Outflows)/inflows |
| (40 | ) |
| (1,650 | ) |
| 1,106 |
|
| 1,983 |
|
| (67 | ) | ||||
Market (depreciation)/appreciation |
| (2,132 | ) |
| 3,195 |
|
| 529 |
|
| 3,618 |
|
| 4,535 |
| ||||
End of period assets | $ | 79,095 |
| $ | 81,267 |
| $ | 79,722 |
| $ | 78,087 |
| $ | 72,486 |
| ||||
Average assets during the period | $ | 80,661 |
| $ | 80,335 |
| $ | 78,523 |
| $ | 74,831 |
| $ | 69,801 |
| ||||
Number of ETFs—end of the period |
| 78 |
|
| 78 |
|
| 78 |
|
| 77 |
|
| 76 |
| ||||
|
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|
|
|
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EUROPEAN LISTED ETPs ($ in millions) |
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 31,310 |
| $ | 29,964 |
| $ | 29,143 |
| $ | 27,638 |
| $ | 25,717 |
| ||||
(Outflows)/inflows |
| (241 | ) |
| (745 | ) |
| (766 | ) |
| 5 |
|
| (188 | ) | ||||
Market (depreciation)/appreciation |
| (385 | ) |
| 2,091 |
|
| 1,587 |
|
| 1,500 |
|
| 2,109 |
| ||||
End of period assets | $ | 30,684 |
| $ | 31,310 |
| $ | 29,964 |
| $ | 29,143 |
| $ | 27,638 |
| ||||
Average assets during the period | $ | 31,688 |
| $ | 30,034 |
| $ | 29,956 |
| $ | 27,630 |
| $ | 26,840 |
| ||||
Number of ETPs—end of the period |
| 275 |
|
| 274 |
|
| 272 |
|
| 261 |
|
| 261 |
| ||||
|
|
|
|
|
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PRODUCT CATEGORIES ($ in millions) |
|
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U.S. Equity |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 34,643 |
| $ | 31,834 |
| $ | 31,670 |
| $ | 29,156 |
| $ | 25,643 |
| ||||
Inflows |
| 1,099 |
|
| 328 |
|
| 221 |
|
| 536 |
|
| 487 |
| ||||
Market (depreciation)/appreciation |
| (328 | ) |
| 2,481 |
|
| (57 | ) |
| 1,978 |
|
| 3,026 |
| ||||
End of period assets | $ | 35,414 |
| $ | 34,643 |
| $ | 31,834 |
| $ | 31,670 |
| $ | 29,156 |
| ||||
Average assets during the period | $ | 35,714 |
| $ | 33,175 |
| $ | 31,339 |
| $ | 30,154 |
| $ | 26,928 |
| ||||
|
|
|
|
|
| ||||||||||||||
Commodity & Currency |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 23,034 |
| $ | 21,987 |
| $ | 21,944 |
| $ | 21,336 |
| $ | 20,466 |
| ||||
Outflows |
| (440 | ) |
| (741 | ) |
| (1,499 | ) |
| (460 | ) |
| (449 | ) | ||||
Market (depreciation)/appreciation |
| (688 | ) |
| 1,788 |
|
| 1,542 |
|
| 1,068 |
|
| 1,319 |
| ||||
End of period assets | $ | 21,906 |
| $ | 23,034 |
| $ | 21,987 |
| $ | 21,944 |
| $ | 21,336 |
| ||||
Average assets during the period | $ | 22,989 |
| $ | 22,016 |
| $ | 22,437 |
| $ | 20,837 |
| $ | 21,254 |
| ||||
|
|
|
|
|
| ||||||||||||||
Fixed Income |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 20,767 |
| $ | 21,430 |
| $ | 21,218 |
| $ | 21,197 |
| $ | 21,797 |
| ||||
(Outflows)/inflows |
| (387 | ) |
| (897 | ) |
| 236 |
|
| (14 | ) |
| (715 | ) | ||||
Market (depreciation)/appreciation |
| (337 | ) |
| 234 |
|
| (24 | ) |
| 35 |
|
| 115 |
| ||||
End of period assets | $ | 20,043 |
| $ | 20,767 |
| $ | 21,430 |
| $ | 21,218 |
| $ | 21,197 |
| ||||
Average assets during the period | $ | 20,398 |
| $ | 21,135 |
| $ | 21,277 |
| $ | 21,082 |
| $ | 21,889 | |||||
| Three Months Ended | ||||||||||||||||||
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
| ||||||||||||||
International Developed Market Equity |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 18,075 |
| $ | 19,385 |
| $ | 18,103 |
| $ | 15,103 |
| $ | 13,902 |
| ||||
Inflows/(outflows) |
| 63 |
|
| (1,391 | ) |
| 1,253 |
|
| 1,597 |
|
| 9 |
| ||||
Market (depreciation)/appreciation |
| (536 | ) |
| 81 |
|
| 29 |
|
| 1,403 |
|
| 1,192 |
| ||||
End of period assets | $ | 17,602 |
| $ | 18,075 |
| $ | 19,385 |
| $ | 18,103 |
| $ | 15,103 |
| ||||
Average assets during the period | $ | 17,716 |
| $ | 18,636 |
| $ | 18,809 |
| $ | 16,691 |
| $ | 14,267 |
| ||||
|
|
|
|
|
| ||||||||||||||
Emerging Market Equity |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 12,452 |
| $ | 11,875 |
| $ | 11,189 |
| $ | 10,726 |
| $ | 9,569 |
| ||||
(Outflows)/inflows |
| (908 | ) |
| (20 | ) |
| 57 |
|
| 217 |
|
| 412 |
| ||||
Market (depreciation)/appreciation |
| (1,076 | ) |
| 597 |
|
| 629 |
|
| 246 |
|
| 745 |
| ||||
End of period assets | $ | 10,468 |
| $ | 12,452 |
| $ | 11,875 |
| $ | 11,189 |
| $ | 10,726 |
| ||||
Average assets during the period | $ | 11,407 |
| $ | 12,083 |
| $ | 11,448 |
| $ | 10,900 |
| $ | 9,833 |
| ||||
|
|
|
|
|
| ||||||||||||||
Leveraged & Inverse |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 2,082 |
| $ | 1,922 |
| $ | 1,828 |
| $ | 1,815 |
| $ | 1,781 |
| ||||
(Outflows)/inflows |
| (69 | ) |
| 71 |
|
| (18 | ) |
| (50 | ) |
| (59 | ) | ||||
Market (depreciation)/appreciation |
| (89 | ) |
| 89 |
|
| 112 |
|
| 63 |
|
| 93 |
| ||||
End of period assets | $ | 1,924 |
| $ | 2,082 |
| $ | 1,922 |
| $ | 1,828 |
| $ | 1,815 |
| ||||
Average assets during the period | $ | 2,032 |
| $ | 1,962 |
| $ | 1,905 |
| $ | 1,792 |
| $ | 1,803 |
| ||||
|
|
|
|
|
| ||||||||||||||
Cryptocurrency |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 1,054 |
| $ | 838 |
| $ | 874 |
| $ | 414 |
| $ | 243 |
| ||||
Inflows |
| 315 |
|
| 201 |
|
| 75 |
|
| 158 |
|
| 28 |
| ||||
Market appreciation /(depreciation) |
| 543 |
|
| 15 |
|
| (111 | ) |
| 302 |
|
| 143 |
| ||||
End of period assets | $ | 1,912 |
| $ | 1,054 |
| $ | 838 |
| $ | 874 |
| $ | 414 |
| ||||
Average assets during the period | $ | 1,599 |
| $ | 917 |
| $ | 856 |
| $ | 614 |
| $ | 325 |
| ||||
|
|
|
|
|
| ||||||||||||||
Alternatives |
|
|
|
|
| ||||||||||||||
Beginning of period assets | $ | 470 |
| $ | 415 |
| $ | 404 |
| $ | 377 |
| $ | 334 |
| ||||
Inflows |
| 46 |
|
| 54 |
|
| 15 |
|
| 4 |
|
| 32 |
| ||||
Market (depreciation)/appreciation |
| (6 | ) |
| 1 |
|
| (4 | ) |
| 23 |
|
| 11 |
| ||||
End of period assets | $ | 510 |
| $ | 470 |
| $ | 415 |
| $ | 404 |
| $ | 377 |
| ||||
Average assets during the period | $ | 494 |
| $ | 445 |
| $ | 408 |
| $ | 391 |
| $ | 342 |
| ||||
|
|
|
|
|
| ||||||||||||||
Headcount |
| 313 |
|
| 314 |
|
| 304 |
|
| 300 |
|
| 303 |
| ||||
Contacts
Investor Relations
Jeremy Campbell
+1.917.267.3859
jeremy.campbell@wisdomtree.com
Media Relations
Natasha Ramsammy
+1.917.267.3798
nramsammy@wisdomtree.com / wisdomtree@fullyvested.com
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