Record AUM of $112.6 Billion
850 bps of Operating Margin Expansion vs. YTD September 30, 2023
Diluted Loss Per Share of -$0.13 and +$0.18 Earnings Per Share, as Adjusted
NEW YORK--(BUSINESS WIRE)--WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the third quarter of 2024.
($4.5) million of net loss ($28.8(1) million of net income, as adjusted), including a loss on extinguishment of our convertible notes of $30.6 million and a $4.0 million civil money penalty 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”). See “Non-GAAP Financial Measurements” for additional information.
$112.6 billion of ending AUM, an increase of 2.6% from the prior quarter arising from market appreciation, partly offset by net outflows.
($2.4) billion of net outflows, primarily driven by outflows from our international developed equity, fixed income and commodity products.
0.37% average advisory fee, unchanged from the prior quarter.
$113.2 million of operating revenues, an increase of 5.7% from the prior quarter due to higher average AUM and the recognition of $3.7 million of other revenue related to legal and other related expenses incurred in connection with the SEC ESG Settlement that are expected to be covered by insurance.
80.8% gross margin(1), a 0.4 point decrease from the prior quarter due to higher expenses.
36.0% operating income margin, a 4.7 point increase compared to our operating margin of 31.3% in the prior quarter primarily due to higher revenues, as well as lower professional fees incurred in connection with an activist campaign. Our adjusted operating income margin of 37.3%(1) increased 2.0 points compared to our adjusted operating income margin of 35.3% in the prior quarter due to higher revenues.
$198.8 million of cash consideration paid to repurchase (1) all 14,750 shares of our Series A Non-Voting Convertible Preferred Stock (equivalent to 14.75 million shares of our common stock) from ETFS Capital Limited and (2) approximately 5.7 million shares of our common stock.
$345.0 million issuance of convertible senior notes due 2029 (the “2029 Notes”), bearing interest at a rate of 3.25% and issued with a conversion price of $11.82 per share. Concurrent with the issuance, we paid $132.7 million to repurchase $104.2 million aggregate principal amount of our 5.75% convertible senior notes (conversion price of $9.54 per share) due 2028 (the “2028 Notes”).
$0.03 quarterly dividend declared, payable on November 20, 2024 to stockholders of record as of the close of business on November 6, 2024.
Update from Jonathan Steinberg, WisdomTree CEO
“Our strong third-quarter results demonstrate how we are capitalizing on key secular growth trends, such as the expansion of our models business and our leadership in tokenization. As demand for efficient portfolio solutions continues to grow, we are broadening our reach in the advisor space while positioning ourselves at the forefront of blockchain-enabled finance. Platforms like WisdomTree Prime® and WisdomTree Connect™ are integral to our future growth strategy, offering innovative solutions that meet the evolving needs of both retail and institutional clients. We believe these initiatives will drive substantial long-term value for our stakeholders.” |
Update from Jarrett Lilien, WisdomTree COO and President
“With record assets under management in the third quarter, WisdomTree continues to deliver strong financial performance. Our adjusted operating margin expanded by over 800 basis points to 37.3%, while adjusted earnings per share grew by 80% year-over-year. These results highlight the strength of our scalable business model and our disciplined expense and capital management. Recent strategic actions, including WisdomTree’s repurchase of all of its outstanding Series A Non-Voting Convertible Preferred Stock from ETFS Capital Limited and additional common stock, underscore our commitment to delivering shareholder value. These efforts demonstrate efficient execution and the proactive steps we’re taking to ensure long-term success.” |
OPERATING AND FINANCIAL HIGHLIGHTS
|
Three Months Ended |
||||||||||||||
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
||||||||||
Consolidated Operating Highlights ($ in billions): |
|
|
|
|
|
||||||||||
AUM—end of period |
$ |
112.6 |
$ |
109.7 |
$ |
107.2 |
$ |
100.1 |
$ |
93.7 |
|||||
Net (outflows)/inflows |
$ |
(2.4) |
$ |
0.3 |
$ |
2.0 |
$ |
(0.3) |
$ |
2.0 |
|||||
Average AUM |
$ |
110.4 |
$ |
108.4 |
$ |
102.4 |
$ |
96.5 |
$ |
95.7 |
|||||
Average advisory fee |
|
0.37% |
|
0.37% |
|
0.36% |
|
0.36% |
|
0.36% |
|||||
|
|
|
|
|
|
||||||||||
Consolidated Financial Highlights ($ in millions, except per share amounts): |
|
|
|
|
|
||||||||||
Operating revenues |
$ |
113.2 |
$ |
107.0 |
$ |
96.8 |
$ |
90.8 |
$ |
90.4 |
|||||
Net (loss)/income |
$ |
(4.5) |
$ |
21.8 |
$ |
22.1 |
$ |
19.1 |
$ |
13.0 |
|||||
Diluted (loss)/earnings per share |
$ |
(0.13) |
$ |
0.13 |
$ |
0.13 |
$ |
0.16 |
$ |
0.07 |
|||||
Operating income margin |
|
36.0% |
|
31.3% |
|
28.9% |
|
28.7% |
|
29.5% |
|||||
|
|
|
|
|
|
||||||||||
As Adjusted (Non-GAAP(1)): |
|
|
|
|
|
||||||||||
Operating revenues, as adjusted |
$ |
109.5 |
$ |
107.0 |
$ |
96.4 |
$ |
90.8 |
$ |
90.4 |
|||||
Gross margin |
|
80.8% |
|
81.2% |
|
79.3% |
|
79.7% |
|
80.1% |
|||||
Net income, as adjusted |
$ |
28.8 |
$ |
27.1 |
$ |
20.3 |
$ |
18.6 |
$ |
18.0 |
|||||
Diluted earnings per share, as adjusted |
$ |
0.18 |
$ |
0.16 |
$ |
0.12 |
$ |
0.11 |
$ |
0.10 |
|||||
Operating income margin, as adjusted |
|
37.3% |
|
35.3% |
|
29.7% |
|
28.7% |
|
29.5% |
|||||
|
|
|
|
|
|
||||||||||
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 |
Nine Months Ended |
|||||||||||||||||||
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
Sept. 30,
|
Sept. 30,
|
||||||||||||||
Operating Revenues: |
|
|
|
|
|
|
|
||||||||||||||
Advisory fees |
$ |
101,659 |
$ |
98,938 |
$ |
92,501 |
$ |
86,988 |
$ |
86,598 |
$ |
293,098 |
$ |
246,239 |
|||||||
Other revenues |
|
11,509 |
|
8,096 |
|
4,337 |
|
3,856 |
|
3,825 |
|
23,942 |
|
11,952 |
|||||||
Total revenues |
|
113,168 |
|
107,034 |
|
96,838 |
|
90,844 |
|
90,423 |
|
317,040 |
|
258,191 |
|||||||
Operating Expenses: |
|
|
|
|
|
|
|
||||||||||||||
Compensation and benefits |
|
29,405 |
|
30,790 |
|
31,054 |
|
27,860 |
|
27,955 |
|
91,249 |
|
81,672 |
|||||||
Fund management and administration |
|
21,004 |
|
20,139 |
|
19,962 |
|
18,445 |
|
18,023 |
|
61,105 |
|
52,903 |
|||||||
Marketing and advertising |
|
4,897 |
|
5,110 |
|
4,408 |
|
4,951 |
|
3,833 |
|
14,415 |
|
12,305 |
|||||||
Sales and business development |
|
3,465 |
|
3,640 |
|
3,611 |
|
3,881 |
|
3,383 |
|
10,716 |
|
9,703 |
|||||||
Contractual gold payments |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
6,069 |
|||||||
Professional fees |
|
6,315 |
|
6,594 |
|
3,630 |
|
3,201 |
|
3,719 |
|
16,539 |
|
15,768 |
|||||||
Occupancy, communications and equipment |
|
1,397 |
|
1,314 |
|
1,210 |
|
1,208 |
|
1,203 |
|
3,921 |
|
3,476 |
|||||||
Depreciation and amortization |
|
447 |
|
418 |
|
383 |
|
335 |
|
307 |
|
1,248 |
|
537 |
|||||||
Third-party distribution fees |
|
2,983 |
|
2,687 |
|
2,307 |
|
2,549 |
|
2,694 |
|
7,977 |
|
6,828 |
|||||||
Other |
|
2,463 |
|
2,831 |
|
2,323 |
|
2,379 |
|
2,601 |
|
7,617 |
|
7,473 |
|||||||
Total operating expenses |
|
72,376 |
|
73,523 |
|
68,888 |
|
64,809 |
|
63,718 |
|
214,787 |
|
196,734 |
|||||||
Operating income |
|
40,792 |
|
33,511 |
|
27,950 |
|
26,035 |
|
26,705 |
|
102,253 |
|
61,457 |
|||||||
Other Income/(Expenses): |
|
|
|
|
|
|
|
||||||||||||||
Interest expense |
|
(5,027) |
|
(4,140) |
|
(4,128) |
|
(3,758) |
|
(3,461) |
|
(13,295) |
|
(11,484) |
|||||||
Gain on revaluation/termination of deferred |
|
||||||||||||||||||||
consideration—gold payments |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
61,953 |
|||||||
Interest income |
|
1,795 |
|
1,438 |
|
1,398 |
|
1,225 |
|
791 |
|
4,631 |
|
2,874 |
|||||||
Impairments |
|
— |
|
— |
|
— |
|
(339) |
|
(2,703) |
|
— |
|
(7,603) |
|||||||
Loss on extinguishment of convertible notes |
|
(30,632) |
|
— |
|
— |
|
— |
|
— |
|
(30,632) |
|
(9,721) |
|||||||
Other losses and gains, net |
|
(3,062) |
|
(1,283) |
|
2,592 |
|
1,602 |
|
(2,512) |
|
(1,753) |
|
(3,233) |
|||||||
Income before income taxes |
|
3,866 |
|
29,526 |
|
27,812 |
|
24,765 |
|
18,820 |
|
61,204 |
|
94,243 |
|||||||
Income tax expense |
|
8,351 |
|
7,767 |
|
5,701 |
|
5,688 |
|
5,836 |
|
21,819 |
|
10,774 |
|||||||
Net (loss)/income |
$ |
(4,485) |
$ |
21,759 |
$ |
22,111 |
$ |
19,077 |
$ |
12,984 |
$ |
39,385 |
|
83,469 |
|||||||
(Loss)/earnings per share—basic |
$ |
(0.13)(2) |
$ |
0.13(2) |
$ |
0.14(2) |
$ |
0.16(2) |
$ |
0.07(2) |
$ |
0.16(2) |
$ |
0.50(2) |
|||||||
(Loss)/earnings per share—diluted |
$ |
(0.13) (2) |
$ |
0.13 |
$ |
0.13 |
$ |
0.16(2) |
$ |
0.07 |
$ |
0.16(2) |
$ |
0.49 |
|||||||
Weighted average common shares—basic |
|
143,929 |
|
146,896 |
|
146,464 |
|
145,310 |
|
145,284 |
|
145,756 |
|
144,505 |
|||||||
Weighted average common shares—diluted |
|
143,929 |
|
166,359 |
|
165,268 |
|
171,703 |
|
177,140 |
|
162,691 |
|
169,997 |
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
As Adjusted (Non-GAAP(1)) |
|
|
|
|
|
|
|
||||||||||||||
Total revenues |
$ |
109,507 |
$ |
107,034 |
$ |
96,385 |
$ |
90,844 |
$ |
90,423 |
|
|
|||||||||
Total operating expenses |
$ |
68,715 |
$ |
69,252 |
$ |
67,740 |
$ |
64,809 |
$ |
63,718 |
|
|
|||||||||
Operating income |
$ |
40,792 |
$ |
37,782 |
$ |
28,645 |
$ |
26,035 |
$ |
26,705 |
|
|
|||||||||
Income before income taxes |
$ |
37,187 |
$ |
36,083 |
$ |
26,987 |
$ |
23,908 |
$ |
23,902 |
|
|
|||||||||
Income tax expense |
$ |
9,049 |
$ |
9,008 |
$ |
6,731 |
$ |
5,342 |
$ |
5,854 |
|
|
|||||||||
Net income |
$ |
28,768 |
$ |
27,075 |
$ |
20,256 |
$ |
18,566 |
$ |
18,048 |
|
|
|||||||||
Earnings per share—diluted |
$ |
0.18 |
$ |
0.16 |
$ |
0.12 |
$ |
0.11 |
$ |
0.10 |
|
|
|||||||||
Weighted average common shares—diluted |
|
156,745 |
|
166,359 |
|
165,268 |
|
171,703 |
|
177,140 |
|
||||||||||
QUARTERLY HIGHLIGHTS
Operating Revenues
- Operating revenues increased 5.7% from the second quarter of 2024 due to higher average AUM and the recognition of $3.7 million of other revenue related to legal and other related expenses expected to be covered by insurance described above. Operating revenues increased 25.2% from the third 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 0.37%, 0.37% and 0.36% during the third quarter of 2024, the second quarter of 2024 and the third quarter of 2023, respectively.
Operating Expenses
- Operating expenses decreased 1.6% from the second quarter of 2024 primarily due to lower incentive compensation, partly offset by higher fund management and administration expenses.
- Operating expenses increased 13.6% from the third quarter of 2023 primarily due to higher professional fees, which is inclusive of the legal and other related expected to be covered by insurance described above, as well as higher fund management and administration costs, incentive compensation and marketing expenses.
Other Income/(Expenses)
- Interest expense increased 21.4% and 45.2% from the second quarter of 2024 and third quarter of 2023, respectively, due to a higher level of debt outstanding, partly offset by a lower average interest rate. The increase from the third quarter of 2023 also is due to the recognition 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 24.8% and 126.9% from the second quarter of 2024 and the third quarter of 2023, respectively, due to a higher level of interest-earning assets.
- During the third quarter of 2024, we recognized a loss on extinguishment of convertible notes of $30.6 million arising from the repurchase of $104.2 million aggregate principal amount of our 2028 Notes.
- Other losses and gains, net was a loss of $3.1 million for the third quarter of 2024. This included a $4.0 million civil money penalty in connection with the SEC ESG Settlement. Also included are net gains of $0.8 million and $0.6 million on our financial instruments owned and our investments, respectively. 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 third quarter of 2024 was 216.0%, resulting in income tax expense of $8.4 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to non-deductible loss on extinguishment of convertible notes, a non-deductible civil money penalty of $4.0 million and non-deductible executive compensation. These items were partly offset by a lower tax rate on foreign earnings.
- Our adjusted effective income tax rate for the third quarter of 2024 was 23.9%(1).
NINE MONTH HIGHLIGHTS
- Operating revenues increased 22.8% as compared to 2023 due to higher average AUM, higher other revenues attributable to our European listed ETPs and the recognition of $4.1 million of other revenue related to legal and other related expenses expected to be covered by insurance described above.
- Operating expenses increased 9.2% 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 nine months ended September 30, 2024, also includes $4.1 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 2028 Notes; a civil money penalty of $4.0 million in connection with the SEC ESG Settlement; an increase in interest expense of 15.8% 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 61.1% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $2.6 million; and losses on our investments of $0.6 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 35.6%, resulting in an income tax expense of $21.8 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to non-deductible loss on extinguishment of convertible notes, a non-deductible civil money penalty of $4.0 million 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, October 25, 2024 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=kZrhyzrd.
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 $112.9 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) | 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 and nine months ended September 30, 2024 includes 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 $7,966 recognized upon the repurchase of our Series C Non-Voting Convertible Preferred Stock convertible into approximately 13.1 million shares of common stock from GBH. These items are excluded from net income, but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis. |
||
WISDOMTREE, INC. AND SUBSIDIARIES |
|||||||||||||||
KEY OPERATING STATISTICS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sept. 30, 2024 |
|
June 30, 2024 |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sept. 30, 2023 |
||||||
GLOBAL ETPs ($ in millions) |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
109,686 |
$ |
107,230 |
$ |
100,124 |
$ |
93,735 |
$ |
93,666 |
|||||
(Outflows)/inflows |
|
(2,395) |
|
340 |
|
1,990 |
|
(255) |
|
1,983 |
|||||
Market appreciation/(depreciation) |
|
5,286 |
|
2,116 |
|
5,116 |
|
6,644 |
|
(1,914) |
|||||
End of period assets |
$ |
112,577 |
$ |
109,686 |
$ |
107,230 |
$ |
100,124 |
$ |
93,735 |
|||||
Average assets during the period |
$ |
110,369 |
$ |
108,392 |
$ |
102,360 |
$ |
96,533 |
$ |
95,743 |
|||||
Average advisory fee during the period |
|
0.37% |
|
0.37 % |
|
0.36% |
|
0.36% |
|
0.36% |
|||||
Revenue days |
|
92 |
|
91 |
|
91 |
|
92 |
|
92 |
|||||
Number of ETPs—end of the period |
|
352 |
|
350 |
|
338 |
|
337 |
|
344 |
|||||
|
|
|
|
|
|
||||||||||
U.S. LISTED ETFs ($ in millions) |
|
|
|
|
|
||||||||||
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|
|
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|
||||||||||
Beginning of period assets |
$ |
79,722 |
$ |
78,087 |
$ |
72,486 |
$ |
68,018 |
$ |
65,903 |
|||||
(Outflows)/inflows |
|
(1,650) |
|
1,106 |
|
1,983 |
|
(67) |
|
3,601 |
|||||
Market appreciation/(depreciation) |
|
3,195 |
|
529 |
|
3,618 |
|
4,535 |
|
(1,486) |
|||||
End of period assets |
$ |
81,267 |
$ |
79,722 |
$ |
78,087 |
$ |
72,486 |
$ |
68,018 |
|||||
Average assets during the period |
$ |
80,335 |
$ |
78,436 |
$ |
74,730 |
$ |
69,693 |
$ |
68,008 |
|||||
Number of ETFs—end of the period |
|
78 |
|
78 |
|
77 |
|
76 |
|
80 |
|||||
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|
|
|
|
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EUROPEAN LISTED ETPs ($ in millions) |
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Beginning of period assets |
$ |
29,964 |
$ |
29,143 |
$ |
27,638 |
$ |
25,717 |
$ |
27,763 |
|||||
(Outflows)/inflows |
|
(745) |
|
(766) |
|
7 |
|
(188) |
|
(1,618) |
|||||
Market appreciation/(depreciation) |
|
2,091 |
|
1,587 |
|
1,498 |
|
2,109 |
|
(428) |
|||||
End of period assets |
$ |
31,310 |
$ |
29,964 |
$ |
29,143 |
$ |
27,638 |
$ |
25,717 |
|||||
Average assets during the period |
$ |
30,034 |
$ |
29,956 |
$ |
27,630 |
$ |
26,840 |
$ |
27,735 |
|||||
Number of ETPs—end of the period |
|
274 |
|
272 |
|
261 |
|
261 |
|
264 |
|||||
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|
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PRODUCT CATEGORIES ($ in millions) |
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U.S. Equity |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
31,834 |
$ |
31,670 |
$ |
29,156 |
$ |
25,643 |
$ |
26,001 |
|||||
Inflows |
|
328 |
|
221 |
|
536 |
|
487 |
|
864 |
|||||
Market appreciation/(depreciation) |
|
2,481 |
|
(57) |
|
1,978 |
|
3,026 |
|
(1,222) |
|||||
End of period assets |
$ |
34,643 |
$ |
31,834 |
$ |
31,670 |
$ |
29,156 |
$ |
25,643 |
|||||
Average assets during the period |
$ |
33,175 |
$ |
31,252 |
$ |
30,056 |
$ |
26,821 |
$ |
26,501 |
|||||
|
|
|
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|
||||||||||
Commodity & Currency |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
21,987 |
$ |
21,944 |
$ |
21,336 |
$ |
20,466 |
$ |
22,384 |
|||||
Outflows |
|
(741) |
|
(1,499) |
|
(460) |
|
(449) |
|
(1,814) |
|||||
Market appreciation/(depreciation) |
|
1,788 |
|
1,542 |
|
1,068 |
|
1,319 |
|
(104) |
|||||
End of period assets |
$ |
23,034 |
$ |
21,987 |
$ |
21,944 |
$ |
21,336 |
$ |
20,466 |
|||||
Average assets during the period |
$ |
22,016 |
$ |
22,437 |
$ |
20,837 |
$ |
21,254 |
$ |
22,278 |
|||||
|
|
|
|
|
|
||||||||||
Fixed Income |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
21,430 |
$ |
21,218 |
$ |
21,197 |
$ |
21,797 |
$ |
20,215 |
|||||
(Outflows)/inflows |
|
(897) |
|
236 |
|
(14) |
|
(715) |
|
1,670 |
|||||
Market appreciation/(depreciation) |
|
234 |
|
(24) |
|
35 |
|
115 |
|
(88) |
|||||
End of period assets |
$ |
20,767 |
$ |
21,430 |
$ |
21,218 |
$ |
21,197 |
$ |
21,797 |
|||||
Average assets during the period |
$ |
21,135 |
$ |
21,277 |
$ |
21,082 |
$ |
21,889 |
$ |
20,965 |
|||||
|
Three Months Ended |
||||||||||||||
|
Sept. 30, 2024 |
|
June 30, 2024 |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sept. 30, 2023 |
||||||
International Developed Market Equity |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
19,385 |
$ |
18,103 |
$ |
15,103 |
$ |
13,902 |
$ |
13,423 |
|||||
(Outflows)/inflows |
|
(1,391) |
|
1,253 |
|
1,599 |
|
9 |
|
798 |
|||||
Market appreciation/(depreciation) |
|
81 |
|
29 |
|
1,401 |
|
1,192 |
|
(319) |
|||||
End of period assets |
$ |
18,075 |
$ |
19,385 |
$ |
18,103 |
$ |
15,103 |
$ |
13,902 |
|||||
Average assets during the period |
$ |
18,636 |
$ |
18,809 |
$ |
16,688 |
$ |
14,266 |
$ |
13,873 |
|||||
|
|
|
|
|
|
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Emerging Market Equity |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
11,875 |
$ |
11,189 |
$ |
10,726 |
$ |
9,569 |
$ |
9,191 |
|||||
(Outflows)/inflows |
|
(20) |
|
57 |
|
217 |
|
412 |
|
451 |
|||||
Market appreciation/(depreciation) |
|
597 |
|
629 |
|
246 |
|
745 |
|
(73) |
|||||
End of period assets |
$ |
12,452 |
$ |
11,875 |
$ |
11,189 |
$ |
10,726 |
$ |
9,569 |
|||||
Average assets during the period |
$ |
12,083 |
$ |
11,448 |
$ |
10,900 |
$ |
9,833 |
$ |
9,652 |
|||||
|
|
|
|
|
|
||||||||||
Leveraged & Inverse |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
1,922 |
$ |
1,828 |
$ |
1,815 |
$ |
1,781 |
$ |
1,864 |
|||||
Inflows/(outflows) |
|
71 |
|
(18) |
|
(50) |
|
(59) |
|
(1) |
|||||
Market appreciation/(depreciation) |
|
89 |
|
112 |
|
63 |
|
93 |
|
(82) |
|||||
End of period assets |
$ |
2,082 |
$ |
1,922 |
$ |
1,828 |
$ |
1,815 |
$ |
1,781 |
|||||
Average assets during the period |
$ |
1,962 |
$ |
1,905 |
$ |
1,792 |
$ |
1,803 |
$ |
1,894 |
|||||
|
|
|
|
|
|
||||||||||
Cryptocurrency |
|
|
|
|
|
||||||||||
Beginning of period assets |
$ |
838 |
$ |
874 |
$ |
414 |
$ |
243 |
$ |
248 |
|||||
Inflows |
|
201 |
|
75 |
|
158 |
|
28 |
|
10 |
|||||
Market (depreciation)/appreciation |
|
15 |
|
(111) |
|
302 |
|
143 |
|
(15) |
|||||
End of period assets |
$ |
1,054 |
$ |
838 |
$ |
874 |
$ |
414 |
$ |
243 |
|||||
Average assets during the period |
$ |
917 |
$ |
856 |
$ |
614 |
$ |
325 |
$ |
238 |
|||||
|
|
|
|
|
|
||||||||||
Alternatives |
|
|
|
|
|
||||||||||
Beginning of period assets. |
$ |
415 |
$ |
404 |
$ |
377 |
$ |
334 |
$ |
340 |
|||||
Inflows.. |
|
54 |
|
15 |
|
4 |
|
32 |
|
5 |
|||||
Market (depreciation)/appreciation |
|
1 |
|
(4) |
|
23 |
|
11 |
|
(11) |
|||||
End of period assets |
$ |
470 |
$ |
415 |
$ |
404 |
$ |
377 |
$ |
334 |
|||||
Average assets during the period |
$ |
445 |
$ |
408 |
$ |
391 |
$ |
342 |
$ |
342 |
|||||
|
|
|
|
|
|
||||||||||
Headcount |
|
314 |
|
304 |
|
300 |
|
303 |
|
299 |
|||||
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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