WisdomTree Multi Asset Issuer Plc
Directors' report and audited financial statements
For the financial year ended 31 December 2024
Registered number 515981
WisdomTree Multi Asset Issuer Plc
Contents
Page (s)
Directors and other information 1 - 2
Directors' report 3 - 9
Directors' responsibilities statement 10
Independent auditor's report 11 - 17
Statement of comprehensive income 18
Statement of financial position 19
Statement of changes in equity 20
Statement of cash flows 21
Notes to the financial statements 22 - 43
WisdomTree Multi Asset Issuer Plc
Page 1
Directors and other information
Directors
Rhys Owens (Irish) (Non-Executive)
Roisin Dixon (Irish) (Non-Executive)
Bryan Governey (Irish) (Non-Executive)
Sarah Warr (British) (Non-Executive)
Registered Office
2nd floor, Block 5
Irish Life Centre
Abbey Street Lower, Dublin 1
Ireland
Company Secretary &
Apex IFS Limited
Administrator
2nd floor, Block 5
Irish Life Centre
Abbey Street Lower, Dublin 1
Ireland
Issuing &
(Up to 21 October 2024) (As from 21 October 2024)
Paying Agent
Apex IFS Limited Apex Fund Services (Ireland) Limited (AFSIL)
2nd floor, Block 5 2nd floor, Block 5
Irish Life Centre
Irish Life Centre
Abbey Street Lower, Dublin 1 Abbey Street Lower, Dublin 1
Ireland Ireland
Trustee &
The Law Debenture Trust Corporation Plc
Security Trustee
Fifth Floor, 100 Wood Street
London EC2V 7EX
United Kingdom
Manager
WisdomTree Multi Asset Management Limited
IFC 5
St. Helier
Jersey JE1 1ST
Channel Islands
Registrar
Link Market Services Trustees Limited
Central Square, 10th Floor
29 Wellington Street
Leeds, LS1 4DL
England
BNP Paribas Financial Markets
160-162 Boulevard Macdonald
75019 Paris
France
Custodian &
The Bank of New York Mellon
One Canada Square
London E14 5AL
United Kingdom
Banker
Allied Irish Bank plc
Currency Accounts Services
1 Adelaide Road, Dublin 2
Ireland
Maria Dawson (Irish) (Non-Executive) (appointed as Alternate Director to Rhys Owens on 16 August 2024 and
resigned on same date)
Ciaran Connolly (Irish) (Non-Executive) (appointed as Alternate Director to Rhys Owens on 22 November 2024 and
resigned on same date)
Dermot Hudson (Irish) (Non-Executive) (appointed as Alternate Director to Bryan Governey on 21 June 2024 and
resigned on 22 July 2024)
Initial Swap
Provider
Collateral
Administrator
WisdomTree Multi Asset Issuer Plc
Page 2
Directors and other information (continued)
Solicitor
Matheson
70 Sir John Rogerson's Quay, Dublin 2
Ireland
Independent Auditor
Deloitte Ireland LLP
Chartered Accountants & Statutory Audit Firm
Deloitte & Touche House
Earlsfort Terrace, Dublin 2
Ireland
WisdomTree Multi Asset Issuer Plc
Page 3
Directors' report
Principal activities
Key performance indicators and business review
x
the Company made a profit before tax of EUR 1,000 (2023: EUR 1,000);
x
x
x
x
The board of directors (the "Directors") present their annual report and audited financial statements of WisdomTree Multi Asset Issuer Plc (the
"Company" or the "Issuer") for the financial year ended 31 December 2024.
the Company's unrealised depreciation on financial liabilities at fair value through profit or loss amounted to EUR 148,456,998 (2023: EUR
1,169,468,915);
the Company's unrealised appreciation on financial assets at fair value through profit or loss amounted to EUR 148,456,998 (2023: EUR
1,169,468,915);
the Company's realised losses on financial liabilities at fair value through profit or loss amounted to EUR 5,547,983 (2023: realised gains of
EUR 1,093,273,347);
During the financial year:
The Company uses the net proceeds of the issuance of ETP Securities to enter into Total Return Swap Transactions (the “TRSs”) to hedge its
payment obligations in respect of each Class of the ETP Securities with one or more Swap Providers once the Swap Provider has delivered eligible
collateral. The TRSs for each Class of ETP Securities will produce cash flows to service all of the Company’s payment obligations in respect of
that Class.
The Company established a Collateralised ETP Securities Programme (the "Programme") under which the Company issues, on an ongoing basis,
collateralised exchange traded securities (the “ETP Securities”) of different classes (each a “Class”) linked to indices providing exposure to a
range of asset classes including equities, commodities, fixed income and currencies. The ETP Securities may have long or short, and leveraged or
unleveraged, exposure to the daily performance of the referenced index.
Each Class constitutes limited recourse obligations of the Company, secured on and payable solely from the assets constituting the ETP Securities
in respect of such Class. Each Class of ETP Securities may comprise one or more tranches.
ETP Securities in issue as at 31 December 2024 and 31 December 2023 were listed for trading on the London Stock Exchange, Borsa Italiana,
Euronext Paris and on the Deutsche Borse Xetra and applications may be made to other European Stock Exchanges, which are EU regulated
markets.
The Directors confirm that the key performance indicators as disclosed below in the financial statements are those that are used to assess the
performance of the Company.
The ETP Securities do not bear interest at a prescribed rate. The return (if any) on the ETP Securities shall be calculated in accordance with the
redemption provisions.
General information regarding the Company is further described in note 1 to the financial statements.
The Company is a public liability company, incorporated in Ireland on 30 July 2012 under Irish Company Law. The Company is an orphan
vehicle, with the shares held for the benefit of a charitable trust (see note 13). The Company is registered in Ireland as a Section 110 vehicle. The
Company has been established as a special purpose vehicle for the purpose of issuing exchange traded securities. The Company commenced
trading on 5 December 2012.
Cash flows are only as a result of subscriptions and redemptions of ETP Securities and expenses incurred. A movement in the securities collateral
does not generate a cash flow. The proceeds of the issuance of a tranche of ETP Securities of a Class will be paid by the Issuer to one or more of
the Swap Providers with whom the Issuer has entered into a TRS in connection with that Class. This will result in the increase of the aggregate
number of Index Units in respect of the TRSs entered into by the Issuer in relation to that Class in proportion to the increase in the number of ETP
Securities of that Class then outstanding. The Issuer’s payment obligations in respect of the ETP Securities of a Class will be covered entirely from
payments received by the Issuer from the Swap Provider(s) in respect of such TRSs. Pursuant to the terms of each Credit Support Document, the
Issuer will be obliged to pay amounts equal to each distribution made on collateral held by it to the relevant Swap Provider upon receipt.
the Company's realised gains on financial assets at fair value through profit or loss amounted to EUR 5,547,983 (2023: realised losses of EUR
1,093,273,347);
WisdomTree Multi Asset Issuer Plc
Page 4
Directors' report (continued)
Key performance indicators and business review (continued)
x
the Company issued the below listed 9 new Classes of ETP Securities (2023: 4):
- WisdomTree Qs100 5x Daily Leveraged launched on 30 April 2024
- WisdomTree Qs100 5x Short launched on 30 April 2024
- WisdomTree S&P 500 5x Daily Leveraged launched on 30 April 2024
- WisdomTree S&P 500 5x Daily Short launched on 30 April 2024
- WisdomTree FTSE MIB 5x Daily Leveraged launched on 30 April 2024
- WisdomTree FTSE MIB 5x Daily Short launched on 30 April 2024
- WisdomTree EURO STOXX 50 5x Daily Leveraged launched on 30 April 2024
- WisdomTree EURO STOXX 50 5x Daily Short launched on 30 April 2024
- WisdomTree European Natural Gas launched on 10 September 2024
x
x
(a) WisdomTree Natural Gas 3x Daily Leveraged Securities
(b) WisdomTree Silver 3x Daily Short Securities
(c) WisdomTree S&P 500 VIX Short Term Futures 2.25X Daily Leveraged Securities
(d) WisdomTree Gold 3x Daily Short
x
(a) Consolidations
- WisdomTree FTSE MIB 3x Daily Short (3ITS)
- WisdomTree Natural Gas 3x Daily Leveraged (3NGL)
- WisdomTree WTI Crude Oil 3x Daily Short (3OIS)
- WisdomTree S&P 500 VIX Short-Term Futures 2.25x Daily Leveraged (VIXL)
(b) Splits
- WisdomTree Natural Gas 3x Daily Short (3NGS)
Temporary trading halts on WisdomTree SandP 500 VIX Short-Term Futures Daily Leveraged 2.25x ETP
the following splits and consolidations took place regarding the below ETP Securities:
Further to the announcement made by the Company on 19 June 2024 and published on the website https://www.wisdomtree.eu/en-ie/about-
wisdomtree/important-notices, splits and consolidations of certain classes of ETPs have been made effective on 22 July 2024. The following
ETPs will be affected:
On 08 July 2024, the Company announced the reduction in the principal amount of the WisdomTree Silver 3x Daily Short Securities
from USD 0.2 to USD 0.02 per share.
On 7 October 2024, the Company announced the principal amount reduction of WisdomTree S&P 500 VIX Short Term Futures 2.25X
Daily Leveraged Securities from USD 4.81 to USD 0.481 per share.
On 05 August 2024, the Company made a public announcement that it will temporarily halt trading of the WisdomTree S&P 500 VIX Short-
Term Futures 2.25x Daily Leveraged ETP on various exchanges as a result of significant price moves seen in the ETP since its previous
closing prices on exchanges. Three exchanges affected have been Euronext Italy, Euronext Paris and Deutsche Borse.
On 06 August 2024, the Company has temporarily halted creations from Authorised Participants in WisdomTree S&P 500 VIX Short-Term
Futures 2.25x Daily Leveraged (the “Affected Security”). Redemptions in the ETP will not be limited in any way by the halting of creations of
the Affected Security and it does not impact any other ETP of the Company.
On 07 August 2024, the Company has resumed creations from Authorised Participants in WisdomTree S&P 500 VIX Short-Term Futures
2.25x Daily Leveraged.
the following principal reductions took place regarding the below ETP Securities:
On 4 November 2024, the Company announced the principal amount reduction of WisdomTree Gold 3x Daily Short Securities from
USD 2 to USD 0.2 per share.
During the financial year (continued):
On 17 October 2024, the Company announced the reduction in the principal amount of the WisdomTree Natural Gas 3x Daily
Leveraged Securities from USD 4.25712 to USD 0.425712 per share.
there were subscriptions amounting to EUR 1,739,533,852 in the existing Class of ETP Securities as disclosed in note 10 to the financial
statements;
On 12 January 2024, the Company announced the reduction in the principal amount of the WisdomTree Natural Gas 3x Daily
Leveraged Securities from USD 0.10136 to USD 0.010136 per share.
WisdomTree Multi Asset Issuer Plc
Page 5
Directors' report (continued)
Key performance indicators and business review (continued)
x
x
x
x
x
Classes
Commodity ETPs
23 22 21 17 1
Equity ETPs
39 27 30 24 8
Fixed Income ETPs
14 6 11 3 -
FX ETPs
1 1 1 1 1
77 56 63 45 10
Some exchange codes on new securities issued during the financial year were consolidated with the exchange codes on existing securities.
Classes
Commodity ETPs
22 21 20 16 1
Equity ETPs
31 23 22 18 8
Fixed Income ETPs
14 6 11 3 -
FX ETPs
1 1 1 1 1
68 51 54 38 10
Future developments
Going concern
As part of the Directors’ evaluation, consideration was given to:
x
x
x
the total fair value of the ETP Securities in issue was EUR 1,741,215,247 (2023: EUR 1,412,979,714);
the Company has invested in financial assets at fair value through profit or loss of EUR 1,741,215,247 (2023: EUR 1,412,979,714) as
disclosed in note 7 to the financial statements;
the net assets of the Company were EUR 18,988 (2023: EUR 18,238);
the ETP Securities that the Company has in issue in respect of each Class are included in note 10 to the financial statements; and
the Company had the following number of Classes, in aggregate, in issue, in the following exchanges:
Borsa
Italiana
London Stock
Exchange
31-Dec-23
Total number of
ETPs
London Stock
Exchange
Borsa
Italiana
As at 31 December 2024:
Euronext Paris
Xetra
Total number of
ETPs
31-Dec-24
Xetra
Euronext Paris
The board of directors (the "Board") considers the operations of the Company to be ongoing, with a reasonable expectation that the Company has
adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements,
and accordingly these financial statements have been prepared on the going concern basis.
the current level of assets under management of the Company, hence future revenue streams of WisdomTree Multi Asset Management
Limited in its ability to meet all other liabilities of the Company; and
the support of the WisdomTree Group in respect to any litigation payment in respect to the Italian Claims, as detailed in note 17.
the nature of the Company’s business, which dictates that the outstanding ETP Securities may be redeemed at any time by the holders thereof
and in certain circumstances may be redeemed by the Company. As the redemption of ETP Securities will coincide with the termination of an
equal amount of TRSs, no liquidity risk arises from the point of view of the Company;
The Directors expect that the present level of activity will be sustained for the foreseeable future.
The Directors are satisfied that the derivative financial instruments in place appropriately manage the risk exposure of the Company as detailed in
note 15 to the financial statements.
WisdomTree Multi Asset Issuer Plc
Page 6
Directors' report (continued)
Principal risks and uncertainties
Market risk
Credit risk
Liquidity risk
Geopolitical risk and other risks like climate change
Results and dividends for the financial year
Directors, secretary and their interests
The following served as Directors of the entity during the financial year:
x
Rhys Owens (Irish) (Non-Executive)
x
Roisin Dixon (Irish) (Non-Executive)
x
Bryan Governey (Irish) (Non-Executive)
x
Sarah Warr (British) (Non-Executive)
x
Ciaran Connolly (Irish) (Non-Executive) (appointed as Alternate Director to Rhys Owens on 22 November 2024 and resigned on same date)
x
Maria Dawson (Irish) (Non-Executive) (appointed as Alternate Director to Rhys Owens on 16 August 2024 and resigned on same date)
x
Dermot Hudson (Irish) (Non-Executive) (appointed as Alternate Director to Bryan Governey on 21 June 2024 and resigned on 22 July 2024)
None of the above Directors and alternate Directors, who held office on 1 January 2024 and 31 December 2024 held any shares or ETP Securities
in the Company at that date, or during the financial year. There were no contracts of any significance in relation to the business of the Company in
which the Directors and alternate Directors had any interest, as defined in Section 309 of the Companies Act 2014, at any time during the financial
year. Further information is set out in note 14 to the financial statements.
On the morning of 6 August 2024, the Company announced via its website that, in line with Condition 17.1(B), creations from Authorised
Participants in WisdomTree S&P 500 VIX Short-Term Futures 2.25x Daily Leveraged were temporarily halted. This halt in creations did not
impact redemptions in the affected ETP Security in any way and nor did this halt in creations impact any other ETP Security of the Issuer.
Creations in WisdomTree S&P 500 VIX Short-Term Futures 2.25x Daily Leveraged resumed on the morning of 7 August 2024 .
At 17:01 (London time) on 6 August 2024 the underlying index for WisdomTree S&P 500 VIX Short-Term Futures 2.25x Daily Leveraged
(VIXL) broke through the threshold level which, under the Base Prospectus, triggers an automatic “Restrike Event”. The Restrike Price was
calculated and was communicated by the Issuer via a public announcement on the morning of 7 August 2024. A copy of the notice with details of
the Restrike Event and Restrike Price can be found in the Important Notices section of the Issuer’s website.
The principal risks and uncertainties faced by the Company are set out below and in note 15 to the financial statements.
The results for the financial year are set out on page 18. The Directors do not recommend the payment of a dividend for the financial year (2023:
EUR Nil).
The Company's liabilities in respect of the ETP Securities issued is referenced to various equity and commodity indices and is managed by the
Company by entering into a TRS with Swap Provider(s) which exactly match the liability created by the issue of ETP Securities. Any movement in
the value of the ETP Securities issued will be offset by an equal movement in the matching TRSs.
Credit/Counterparty risk refers to the risk that each counterparty to a Swap Agreement will default on its contractual obligations as Swap Provider
resulting in the Company being unable to make payment of amounts due to the ETP holders. Accordingly, the Company and the ETP Securities
holders are exposed to the creditworthiness of each relevant Swap Provider.
Liquidity risk is the risk that the Company may be unable to fulfil its obligations (by delivery of cash) whether expected or unexpected. The legal
maturity of the ETP Securities is 30 November 2062. ETP Securities cannot be issued without a matching TRSs being in place. The maturity
profile of the TRSs is a minimum of two years with one year rolling contracts thereafter.
The Company is an SPV incorporated in Ireland and its main source of revenue comes from France and Jersey, limiting its exposure to a variety of
economic, social, legal, and political risks. However, the Company continues to monitor the macro-economic environment including inflationary
risk and in particular economic factors relating to ETP Securities.
WisdomTree Multi Asset Issuer Plc
Page 7
Directors' report (continued)
Shares and shareholders
At a board meeting held on 7 February 2025, the board approved the share transfers as below.
x
Forbrit Corporate Director 3 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 1 Limited
x
Forbrit Corporate Director 4 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 2 Limited
x
Apex Financial Services (Trustees) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
x
Apex Financial Services (Foundations) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
x
Apex Financial Services (Nominees 3) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Nominees 2) Limited
Corporate Governance Statement
Introduction
Appointment and replacement of Directors and Amendments in the Articles of Association
Powers of Directors
Financial Reporting Process
Risk Assessment
The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and ensuring the processes
are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board has also put in
place processes to identify changes in accounting rules and recommendations and to ensure that these changes are accurately reflected in the
Company’s financial statements.
There are no restrictions on voting rights.
With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association and Irish Statute comprising
the Companies Act 2014. The Articles of Association themselves may be amended by special resolution of the shareholders.
The Board is responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may
delegate certain functions to the Administrator and other parties, subject to the supervision and direction of the Directors. The Directors have
delegated the day to day administration of the Company to the Administrator.
The Board is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to
the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company’s financial
reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.
The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of the financial
reporting process. These include appointing the Administrator to keep the accounting records of the Company independently of the Manager. The
Administrator is contractually obliged to keep adequate accounting records as required by the Corporate Administration agreement. The
Administrator is also contractually obliged to prepare for review and approval by the Board the annual report including financial statements
intended to give a true and fair view.
The Board evaluates and discusses significant accounting and reporting issues as the need arises. From time to time the Board also examines and
evaluates the Administrator’s financial accounting and reporting routines and monitors and evaluates the external auditor's performance,
qualifications and independence. The Administrator has operating responsibility for internal control in relation to the financial reporting process
and the Administrator’s report to the Board.
The Company is subject to and complies with the Irish statute comprising the Companies Act 2014 and the listing rules of the London Stock
Exchange, Borsa Italiana, Euronext Paris and on the Deutsche Borse Xetra which are applicable to companies listing instruments like the ETP
Securities. The Company does not apply additional requirements in addition to those required by the above. Each of the service providers engaged
by the Company is subject to their own corporate governance requirements.
No Director has a significant direct or indirect holding of securities in the Company. No Director has any special rights of control over the
Company’s share capital.
The authorised share capital of the Company is EUR 100,000 out of which 40,000 shares have been issued and paid up to EUR 0.25 each. The
issued shares were held by Apex Financial Services (Nominees 1) Limited holding 39,994 shares. At 31 December 2024, Apex Financial Services
(Nominees 2) Limited, Apex Financial Services (Nominees 3) Limited, Apex Financial Services (Trustees) Limited, Forbrit Corporate Director 3
Limited, Forbrit Corporate Director 4 Limited and Apex Financial Services (Foundations) Limited, each held 1 share in the Company.
All shares are held in trust for charity under the terms of Declaration of Trust. On 7 February 2025, Apex Group Trustee Services Limited
transferred 39,994 ordinary shares of €1.00 each paid up to €0.25 to Apex Financial Services (Nominees 1) Limited.
WisdomTree Multi Asset Issuer Plc
Page 8
Directors' report (continued)
Corporate Governance Statement (continued)
Control Activities
Transfer of shares
Accounting records
Political donations
Subsequent events
Research and development costs
Audit committee
Independent Auditor
Statement on relevant audit information
•
•
Subsequent events have been disclosed in note 18 to the financial statements.
The instrument of transfer of any share shall be executed by or on behalf of the transferor and, in cases where the share is not fully paid, by or on
behalf of the transferee. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered on the register
in respect thereof. The Directors in their absolute discretion and without assigning any reason therefore may decline to register any transfer of a
share. If the Directors refuse to register a transfer they shall, within two months after the date on which the transfer was lodged with the Company,
send to the transferee notice of the refusal.
Deloitte Ireland LLP have indicated their willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014.
The Directors believe that they have complied with requirements of Sections 281 to 285 of the Companies Act 2014 with regards to keeping
adequate accounting records by utilising accounting personnel employed by the Administrator with appropriate experience and expertise and by
providing resources to the financial function. The accounting records of the Company are maintained at 2nd Floor, Block 5, Irish Life Centre,
Abbey Street Lower, Dublin 1, Ireland.
The Electoral Act, 1997 (as amended by the Electoral Amendment Political Funding Act, 2012) requires companies to disclose all political
donations over EUR 200 in aggregate made during a financial year. The Directors, on enquiry, have satisfied themselves that no such donations in
excess of this amount have been made by the Company during the financial year to 31 December 2024 (2023: EUR Nil).
The Company did not incur any research and development costs during the financial year (2023: EUR Nil).
as per Section 330 of the Companies Act 2014, the Directors have taken all steps that they ought to have taken as a Director in order to make
themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of this information.
The Administrator is contractually obliged to design and maintain control structures to manage the risks which the Board judges to be significant
for internal control over financial reporting. These control structures include appropriate division of responsibilities and specific control activities
aimed at detecting or preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements
and the related ETP Securities’ in the Company’s annual report.
Under Section 1551 (11)(c) and Section 167 of the Companies Act 2014, the Directors of the Company decided not to establish an audit committee
as the sole business of the Company relates to the issuance of exchange traded securities.
Given the functions performed by the Administrator and the limited recourse nature of the securities issued by the Company, the Directors have
concluded that it is not appropriate for the Company to have a separate audit committee in order for the Board to perform effective monitoring and
oversight of the internal controls and risk management systems of the Company in relation to the financial reporting process. Accordingly, the
Company has no audit committee.
So far as the Directors are aware, each Director at the date of approval of this report and financial statements confirms that:
there is no relevant audit information of which the Company’s auditor is unaware; and
WisdomTree Multi Asset Issuer Plc
Page 9
Directors' report (continued)
Directors' compliance statement
The Directors confirm that:
x
x
x
x
Responsibility statement in accordance with the Transparency Regulation
Each of the persons whose names and functions appear on page 1 confirm to the best of their knowledge:
x
x
On behalf of the Board
Rhys Owens Roisin Dixon
Director Director
Date: 23 April 2025
relevant arrangements and structures have been put in place that provide a reasonable level of assurance of compliance in all material respects
by the Company with its relevant obligations, which arrangements and structures may, if the Directors so decide, include reliance on the
advice of one or more than one person employed by the Company or retained by it under a contract for services, being a person who appears to
the Directors to have the requisite knowledge and experience to advise the Company on compliance with its relevant obligations; and
they acknowledge that they are responsible for securing the Company's compliance with its relevant obligations and have, to the best of their
knowledge, complied with its relevant obligations as defined in Section 225 of the Companies Act 2014;
they have drawn up a compliance policy statement setting out the Company's policies (that, in the Directors' opinion, are appropriate to the
Company) respecting compliance by the Company with its relevant obligations;
the financial statements, prepared in accordance with with International Financial Reporting Standards ("IFRSs") as adopted by the EU, give a
true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the arrangements and structures in place are reviewed on an annual basis.
the Directors’ report includes a fair review of the development and performance of the business and the position of the Company, together
with a description of the principal risks and uncertainties that it faces.
WisdomTree Multi Asset Issuer Plc
Page 10
Directors' responsibilities statement
●
●
●
●
On behalf of the Board
Rhys Owens Roisin Dixon
Director Director
Date: 23 April 2025
The Directors are responsible for preparing the Directors' report and the financial statements in accordance with the Companies Act 2014 and the
applicable laws and regulations.
state whether the financial statements have been prepared in accordance with IFRSs and ensure that they contain the additional information
required by the Companies Act 2014; and
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the
assets, liabilities, financial position as at the end of the financial year and profit or loss of the Company for the financial year, and otherwise
comply with the Companies Act 2014.
Irish Company law requires the Directors to prepare financial statements giving a true and fair view of the state of affairs of the Company and the
profit or loss of the Company for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance
with IFRSs as adopted by the EU.
The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act 2014.
The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and
record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be
determined with reasonable accuracy, enable them to ensure that the financial statements and Directors' Report comply with the Companies Act
2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
ln preparing the financial statements, the Directors are required to:
select suitable accounting policies and then apply them consistently;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
make judgements and estimates that are reasonable and prudent;
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x ŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰĂŶĚŽĨƚŚĞ
ƉƌŽĨŝƚĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌƚŚĞŶĞŶĚĞĚ͖ĂŶĚ
x ŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞůĞǀĂŶƚĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐ ĨƌĂŵĞǁŽƌŬĂŶĚ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ͕ ǁŝƚŚƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞŚĂǀĞĂƵĚŝƚĞĚĐŽŵƉƌŝƐĞ͗
x ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͖
x ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ͖
x ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶƋƵŝƚLJ͖
x ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ͖ĂŶĚ
x ƚŚĞƌĞůĂƚĞĚŶŽƚĞƐϭƚŽϭϵ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚŽƵƚŝŶŶŽƚĞϯ͘
dŚĞƌĞůĞǀĂŶƚĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬƚŚĂƚŚĂƐďĞĞŶĂƉƉůŝĞĚŝŶƚŚĞŝƌƉƌĞƉĂƌĂƚŝŽŶŝƐƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů
&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;/&Z^ͿĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ;͞ƚŚĞƌĞůĞǀĂŶƚĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬ͟Ϳ͘
ĂƐŝƐĨŽƌŽƉŝŶŝŽŶ
tĞĐŽŶĚƵĐƚĞĚ ŽƵƌĂƵĚŝƚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐ;/ƌĞůĂŶĚͿ;/^Ɛ;/ƌĞůĂŶĚͿͿĂŶĚĂƉƉůŝĐĂďůĞůĂǁ͘KƵƌ
ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŽƐĞƐƚĂŶĚĂƌĚƐĂƌĞĚĞƐĐƌŝďĞĚďĞůŽǁŝŶƚŚĞ͞ƵĚŝƚŽƌΖƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͟
ƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘
tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ ĐŽŵƉĂŶLJŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚĂƌĞ ƌĞůĞǀĂŶƚ ƚŽ ŽƵƌĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐŝŶ/ƌĞůĂŶĚ͕ŝŶĐůƵĚŝŶŐƚŚĞƚŚŝĐĂů^ƚĂŶĚĂƌĚŝƐƐƵĞĚďLJƚŚĞ/ƌŝƐŚƵĚŝƚŝŶŐĂŶĚĐĐŽƵŶƚŝŶŐ^ƵƉĞƌǀŝƐŽƌLJƵƚŚŽƌŝƚLJ;/^Ϳ͕ĂƐ
ĂƉƉůŝĞĚƚŽƉƵďůŝĐŝŶƚĞƌĞƐƚĞŶƚŝƚŝĞƐ͕ĂŶĚǁĞŚĂǀĞĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘
^ƵŵŵĂƌLJŽĨŽƵƌĂƵĚŝƚĂƉƉƌŽĂĐŚ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐ
dŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌƐƚŚĂƚǁĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌǁĞƌĞ͗
x sĂůƵĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
x džŝƐƚĞŶĐĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
DĂƚĞƌŝĂůŝƚLJ
dŚĞŵĂƚĞƌŝĂůŝƚLJƚŚĂƚǁĞƵƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌǁĂƐΦϭϳ͘ϰϭŵǁŚŝĐŚǁĂƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨ
ϭйŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
^ĐŽƉŝŶŐ
KƵƌĂƵĚŝƚŝƐĂƌŝƐŬͲďĂƐĞĚĂƉƉƌŽĂĐŚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞĐŽŵƉĂŶLJ͕ƚLJƉĞƐŽĨĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐ͕ƚŚĞŝŶǀŽůǀĞŵĞŶƚŽĨƚŚĞƚŚŝƌĚ
Ͳ
ƉĂƌƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĐĞƐƐĞƐĂŶĚĐŽŶƚƌŽůƐŝŶ
ƉůĂĐĞĂŶĚƚŚĞŝŶĚƵƐƚƌLJŝŶǁŚŝĐŚƚŚĞĐŽŵƉĂŶLJŽƉĞƌĂƚĞƐ͘
^ŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶ
ŽƵƌĂƉƉƌŽĂĐŚ
dŚĞƌĞŚĂǀĞďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶŽƵƌĂƉƉƌŽĂĐŚĨƌŽŵƚŚĞƉƌŝŽƌLJĞĂƌ͘
ͬŽŶƚŝŶƵĞĚĨƌŽŵƉƌĞǀŝŽƵƐƉĂŐĞ
/
/EWEEdh/dKZ͛^ZWKZddKd,DDZ^K&
t/^KDdZDh>d/^^d/^^hZW>
ŽŶƚŝŶƵĞĚŽŶŶĞdžƚƉĂŐĞͬ
ŽŶĐůƵƐŝŽŶƐƌĞůĂƚŝŶŐƚŽŐŽŝŶŐĐŽŶĐĞƌŶ
/Ŷ ĂƵĚŝƚŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ǁĞ ŚĂǀĞ ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ƚŚĞ ĚŝƌĞĐƚŽƌƐ͛ ƵƐĞ ŽĨ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ŝŶ ƚŚĞ
ƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐĂƉƉƌŽƉƌŝĂƚĞ͘
KƵƌĞǀĂůƵĂƚŝŽŶŽĨƚŚĞĚŝƌĞĐƚŽƌƐ͛ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐ
ŝŶĐůƵĚĞĚ͗
x Ɛ ƉĂƌƚ ŽĨ ŽƵƌ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚ ƉƌŽĐĞĚƵƌĞƐ͕ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌƐ͛ ƉƌŽĐĞƐƐ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐ͘
x ,ŽůĚŝŶŐĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚŵĂŶĂŐĞŵŶƚƌĞŐĂƌĚŝŶŐƚŚĞĚŝƌĞĐƚŽƌƐ͛ŐŽŝŶŐĐŽŶĐĞƌŶĂƐƐĞƐƐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞ
ŝŵƉĂĐƚŽĨƚŚĞĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ͘
x ŚĂůůĞŶŐŝŶŐƚŚĞĚŝƌĞĐƚŽƌƐ͛ĐŽŶĐůƵƐŝŽŶƐŽŶƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐďLJĂƐƐĞƐƐŝŶŐ͗
o ƚŚĞĐƵƌƌĞŶƚLJĞĂƌĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŚĞLJĞĂƌͲĞŶĚƉŽƐŝƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͖
o ƚŚĞůŝŵŝƚĞĚƌĞĐŽƵƌƐĞŶĂƚƵƌĞŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͖ĂŶĚ
o ƚŚĞƌĞĚĞŵƉƚŝŽŶĐůĂƵƐĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘
x ŚĂůůĞŶŐŝŶŐƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐĂƉƉůŝĞĚďLJƚŚĞĚŝƌĞĐƚŽƌƐŝŶƚŚĞŝƌĂƐƐĞƐƐŵĞŶƚ͘
x ǀĂůƵĂƚŝŶŐƚŚĞĐŽŵƉůĞƚĞŶĞƐƐĂŶĚĂĐĐƵƌĂĐLJ͕ĂŶĚƚŚĞĂĚĞƋƵĂĐLJ͕ŽĨƚŚĞƌĞůĞǀĂŶƚĚŝƐĐůŽƐƵƌĞƐŵĂĚĞŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ĂƐĞĚ ŽŶ ƚŚĞ ǁŽƌŬ ǁĞ ŚĂǀĞ ƉĞƌĨŽƌŵĞĚ͕ ǁĞ ŚĂǀĞ ŶŽƚ ŝĚĞŶƚŝĨŝĞĚ ĂŶLJ ŵĂƚĞƌŝĂů ƵŶĐĞƌƚĂŝŶƚŝĞƐ ƌĞůĂƚŝŶŐ ƚŽ ĞǀĞŶƚƐ Žƌ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ͕
ŝŶĚŝǀŝĚƵĂůůLJŽƌĐŽůůĞĐƚŝǀĞůLJ͕ŵĂLJĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶƚŚĞĐŽŵƉĂŶLJΖƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶĨŽƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚ
ƚǁĞůǀĞŵŽŶƚŚƐĨƌŽŵǁŚĞŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞ͘
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞĚŝƌĞĐƚŽƌƐǁŝƚŚƌĞƐƉĞĐƚƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂƌĞĚĞƐĐƌŝďĞĚŝŶƚŚĞƌĞůĞǀĂŶƚƐĞĐƚŝŽŶƐŽĨ
ƚŚŝƐƌĞƉŽƌƚ͘
<ĞLJƵĚŝƚDĂƚƚĞƌƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐĂƌĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚ͕ ǁĞƌĞ ŽĨ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶĐĞ ŝŶ ŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůLJĞĂƌĂŶĚŝŶĐůƵĚĞƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĂƐƐĞƐƐĞĚƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ;ǁŚĞƚŚĞƌŽƌŶŽƚĚƵĞ
ƚŽĨƌĂƵĚͿǁĞŝĚĞŶƚŝĨŝĞĚ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŝĐŚŚĂĚƚŚĞŐƌĞĂƚĞƐƚĞĨĨĞĐƚŽŶ͗ƚŚĞŽǀĞƌĂůůĂƵĚŝƚƐƚƌĂƚĞŐLJ͕ƚŚĞĂůůŽĐĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐŝŶƚŚĞ
ĂƵĚŝƚ͖ĂŶĚĚŝƌĞĐƚŝŶŐƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞĞŶŐĂŐĞŵĞŶƚƚĞĂŵ͘dŚĞƐĞŵĂƚƚĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͕ĂŶĚŝŶĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͕ĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͘
sĂůƵĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌ
Ě
ĚĞƐĐƌŝƉƚŝŽŶ
ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰ͕ƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨƚŽƚĂůƌĞƚƵƌŶ
ƐǁĂƉƐ
;͞dZ^͟Ϳ͕ǁĞƌĞǀĂůƵĞĚĂƚΦϭ͕ϳϰϭŵ͕ŵĂŬŝŶŐƵƉĂƉƉƌŽdžŝŵĂƚĞůLJϵϵ͘ϵ
йŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐƚŽƚĂůĂƐƐĞƚƐ
ŽĨΦϭ͕
ϳϰϮŵ͘
tŚŝůĞƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ dZ^ ĚŽ ŶŽƚ ƌĞƋƵŝƌĞƐŝŐŶĨŝĐĂŶƚ ůĞǀĞů
ƐŽĨ ũƵĚŐĞŵĞŶƚƚ
ŚĞ ǀĂůƵĂƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚůŽƐƐŝƐĐŽŶƐŝĚĞƌĞĚĂŬĞLJĂƵĚŝƚŵĂƚƚĞƌĂƐŝƚĐŽŵƉƌŝƐĞƐƚŚĞŵŽƐƚ
ƐŝŐŶŝĨŝĐĂŶƚďĂůĂŶĐĞƐ ŽŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ &ŝŶĂŶĐŝĂů WŽƐŝƚŝŽŶ͘ dŚĞ ǀĂůƵĂƚŝŽŶ ŝƐ ĂůƐŽ Ă ŬĞLJ
ĚƌŝǀĞƌ
ƚŽ ƚŚĞ
ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ
ŽĨƚŚĞĐŽŵƉĂŶLJ͘
dŚĞĂƉƉƌŽƉƌŝĂƚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJΖƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐ
ĐƌƵĐŝĂůƚŽĞŶƐƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘
WůĞĂƐĞƌ
ĞĨĞƌƚŽƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶŶŽƚĞƐϯ;ŝͿ͕ϳĂŶĚϭϱŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
,ŽǁƚŚĞƐĐŽƉĞŽĨŽƵƌ
Ă
ĂƵĚŝƚƌĞƐƉŽŶĚĞĚƚŽƚŚĞ
ŬĞLJĂƵĚŝƚŵĂƚƚĞƌ
dŚĞƉƌŽĐĞĚƵƌĞƐǁĞĐŽŵƉůĞƚĞĚƚŽĂĚĚƌĞƐƐƚŚŝƐŬĞLJĂƵĚŝƚŵĂƚƚĞƌŝŶĐůƵĚĞĚ͗
x t
ĞŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ĂƐƐĞƐƐĞĚƚŚĞĚĞƐŝŐŶĂŶĚĚĞƚĞƌŵŝŶĞĚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ
ƚŚĞŬĞLJĐŽŶƚƌŽůƐƚŚĂƚŚĂǀĞďĞĞŶŝŵƉůĞŵĞŶƚĞĚŽǀĞƌƚŚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
ͬŽŶƚŝŶƵĞĚĨƌŽŵƉƌĞǀŝŽƵƐƉĂŐĞ
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ŽŶƚŝŶƵĞĚŽŶŶĞdžƚƉĂŐĞͬ
x tĞŝŶĚĞƉĞŶĚĞŶƚůLJǀĂůƵĞĚƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƵƐŝŶŐŝŶĚƵƐƚƌLJŵŽĚĞůƐƚĂŶĚĂƌĚƐ͘tĞƵƚŝůŝƐĞĚ
ŽƵƌŝŶƚĞƌŶĂůǀĂůƵĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƐƚŽĂƐƐĞƐƐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞĐĂůĐƵůĂƚŝŽŶƐƵƐĞĚƚŽ
ǀĂůƵĞƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
džŝƐƚĞŶĐĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌ
Ě
ĚĞƐĐƌŝƉƚŝŽŶ
ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰ͕ƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨƚŽƚĂůƌĞƚƵƌŶ
ƐǁĂƉƐ͕ ǁĞƌĞ ǀĂůƵĞĚ Ăƚ Φϭ͕ϳϰϭŵ͕ ŵĂŬŝŶŐ ƵƉ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϵϵ͘ϵй ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ƚŽƚĂů ĂƐƐĞƚƐ ŽĨ
Φϭ͕ϳϰϮŵ͘
dŚĞĞdžŝƐƚĞŶĐĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐŝƐĐƌƵĐŝĂůƚŽĞŶƐƵƌŝŶŐƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚĂŶĚŝŶǀŽůǀĞĚƐŝŐŶŝĨŝĐĂŶƚĂƵĚŝƚĞĨĨŽƌƚŝŶ
ƉĞƌĨŽƌŵŝŶŐĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐ͘dŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŵĂLJŶŽƚ
ĞdžŝƐƚĂƚLJĞĂƌĞŶĚ͘
WůĞĂƐĞƌĞĨĞƌƚŽƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶŶŽƚĞƐϯ;ŝͿ͕ϳĂŶĚϭϱŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
,ŽǁƚŚĞƐĐŽƉĞŽĨŽƵƌ
Ă
ĂƵĚŝƚƌĞƐƉŽŶĚĞĚƚŽƚŚĞ
ŬĞLJĂƵĚŝƚŵĂƚƚĞƌ
dŚĞƉƌŽĐĞĚƵƌĞƐǁĞĐŽŵƉůĞƚĞĚƚŽĂĚĚƌĞƐƐƚŚŝƐŬĞLJĂƵĚŝƚŵĂƚƚĞƌŝŶĐůƵĚĞĚ͗
x tĞŽďƚĂŝŶĞĚĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶĨŝƌŵĂƚŝŽŶĨƌŽŵƚŚĞƐǁĂƉƉƌŽǀŝĚĞƌ
ĂƚƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚ
ĂŶĚĂŐƌĞĞĚĂŵŽƵŶƚƐŚĞůĚƚŽƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚůŽƐƐ
ƉŽƌƚĨŽůŝŽ͘
x tĞŽďƚĂŝŶĞĚĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶĨŝƌŵĂƚŝŽŶŽĨƚŚĞĐŽůůĂƚĞƌĂůƉŽƐƚĞĚͬƌĞĐĞŝǀĞĚŽŶƚŚĞƚŽƚĂů
ƌĞƚƵƌŶƐǁĂƉƐĨƌŽŵƚŚĞĐŽůůĂƚĞƌĂůĂĚŵŝŶŝƐƚƌĂƚŽƌ͘
KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƌĞůĂƚŝŶŐƚŽƚŚĞƐĞŵĂƚƚĞƌƐǁĞƌĞĚĞƐŝŐŶĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͕ĂŶĚ
ŶŽƚƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶŝŶĚŝǀŝĚƵĂůĂĐĐŽƵŶƚƐŽƌĚŝƐĐůŽƐƵƌĞƐ͘KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐŶŽƚŵŽĚŝĨŝĞĚǁŝƚŚƌĞƐƉĞĐƚ
ƚŽĂŶLJŽĨƚŚĞƌŝƐŬƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ĂŶĚǁĞĚŽŶŽƚĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƐĞŝŶĚŝǀŝĚƵĂůŵĂƚƚĞƌƐ͘
KƵƌĂƉƉůŝĐĂƚŝŽŶŽĨŵĂƚĞƌŝĂůŝƚLJ
tĞ ĚĞĨŝŶĞ ŵĂƚĞƌŝĂůŝƚLJ ĂƐ ƚŚĞ ŵĂŐŶŝƚƵĚĞ ŽĨ ŵŝƐƐƚĂƚĞŵĞŶƚ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ŵĂŬĞƐ ŝƚ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ĞĐŽŶŽŵŝĐ
ĚĞĐŝƐŝŽŶƐŽĨĂƌĞĂƐŽŶĂďůLJŬŶŽǁůĞĚŐĞĂďůĞƉĞƌƐŽŶǁŽƵůĚďĞĐŚĂŶŐĞĚŽƌŝŶĨůƵĞŶĐĞĚ͘tĞƵƐĞŵĂƚĞƌŝĂůŝƚLJďŽƚŚŝŶƉůĂŶŶŝŶŐƚŚĞƐĐŽƉĞŽĨ
ŽƵƌĂƵĚŝƚǁŽƌŬĂŶĚŝŶĞǀĂůƵĂƚŝŶŐƚŚĞƌĞƐƵůƚƐŽĨŽƵƌǁŽƌŬ͘
ĂƐĞĚŽŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚ͕ǁĞĚĞƚĞƌŵŝŶĞĚŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞĂƐĨŽůůŽǁƐ͗
DĂƚĞƌŝĂůŝƚLJ
Φϭϳ͘ϰϭŵ;ϮϬϮϯ͗Φϭϰ͘ϭϯŵͿ
ĂƐŝƐĨŽƌ
ĚĞƚĞƌŵŝŶŝŶŐ
ŵĂƚĞƌŝĂůŝƚLJ
ϭйŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
ZĂƚŝŽŶĂůĞĨŽƌƚŚĞ
ďĞŶĐŚŵĂƌŬĂƉƉůŝĞĚ
tĞŚĂǀĞĐŽŶƐŝĚĞƌĞĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐƚŽďĞƚŚĞĐƌŝƚŝĐĂůĐŽŵƉŽŶĞŶƚĨŽƌ
ĚĞƚĞƌŵŝŶŝŶŐŵĂƚĞƌŝĂůŝƚLJďĞĐĂƵƐĞƚŚĞŵĂŝŶŽďũĞĐƚŝǀĞŽĨƚŚĞĐŽŵƉĂŶLJŝƐƚŽƉƌŽǀŝĚĞŝŶǀĞƐƚŽƌƐǁŝƚŚĂůŽŶŐ
Ͳ
ƚĞƌŵ
ƌŝƐŬĂĚũƵƐƚĞĚƌĞƚƵƌŶĂŶĚƚŚƵƐĨŝŶĂŶĐŝĂ
ůůŝĂďŝůŝƚŝĞƐǁŽƵůĚďĞƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚŵĞĂƐƵƌĞĨŽƌƚŚĞƉƌŝŵĂƌLJ
ƵƐĞƌƐ
;ŝŶǀĞƐƚŽƌƐͿŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ͬŽŶƚŝŶƵĞĚĨƌŽŵƉƌĞǀŝŽƵƐƉĂŐĞ
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ŽŶƚŝŶƵĞĚŽŶŶĞdžƚƉĂŐĞͬ
tĞ ƐĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ŵĂƚĞƌŝĂůŝƚLJ Ăƚ Ă ůĞǀĞů ůŽǁĞƌ ƚŚĂŶ ŵĂƚĞƌŝĂůŝƚLJ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ƉƌŽďĂďŝůŝƚLJ ƚŚĂƚ͕ ŝŶ ĂŐŐƌĞŐĂƚĞ͕ ƵŶĐŽƌƌĞĐƚĞĚ ĂŶĚ
ƵŶĚĞƚĞĐƚĞĚŵŝƐƐƚĂƚĞŵĞŶƚƐĞdžĐĞĞĚƚŚĞŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͘
WĞƌĨŽƌŵĂŶĐĞŵĂƚĞƌŝĂůŝƚLJǁĂƐƐĞƚĂƚϴϬйŽĨŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞϮϬϮϰĂƵĚŝƚ;ϮϬϮϯ͗ϴϬйͿ͘/ŶĚĞƚĞƌŵŝŶŝŶŐƉĞƌĨŽƌŵĂŶĐĞŵĂƚĞƌŝĂůŝƚLJ͕ǁĞ
ĐŽŶƐŝĚĞƌĞĚƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗
x ŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĐŽŵƉĂŶLJ͖
x ƚŚĞƋƵĂůŝƚLJŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůĞŶǀŝƌŽŶŵĞŶƚĂŶĚǁŚĞƚŚĞƌǁĞĂƌĞĂďůĞƚŽƌĞůLJŽŶĐŽŶƚƌŽůƐ͖
x ƚŚĞŶĂƚƵƌĞĂŶĚĞdžƚĞŶƚŽĨŵŝƐƐƚĂƚĞŵĞŶƚƐŝĚĞŶƚŝĨŝĞĚŝŶƉƌĞǀŝŽƵƐĂƵĚŝƚƐ͖ĂŶĚ
x ŽƵƌĞdžƉĞĐƚĂƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽŵŝƐƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘
tĞĂŐƌĞĞĚǁŝƚŚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŚĂƚǁĞǁŽƵůĚƌĞƉŽƌƚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂůůĂƵĚŝƚĚŝĨĨĞƌĞŶĐĞƐŝŶĞdžĐĞƐƐŽĨΦϬ͘ϴϳŵĂƐ
ǁĞůůĂƐĚŝĨĨĞƌĞŶĐĞƐďĞůŽǁƚŚĂƚƚŚƌĞƐŚŽůĚƚŚĂƚ͕ŝŶŽƵƌǀŝĞǁ͕ǁĂƌƌĂŶƚĞĚƌĞƉŽƌƚŝŶŐŽŶƋƵĂůŝƚĂƚŝǀĞŐƌŽƵŶĚƐ͘tĞĂůƐŽƌĞƉŽƌƚƚŽƚŚĞŽĂƌĚ
ŽĨŝƌĞĐƚŽƌƐŽŶĚŝƐĐůŽƐƵƌĞŵĂƚƚĞƌƐƚŚĂƚǁĞŝĚĞŶƚŝĨŝĞĚǁŚĞŶĂƐƐĞƐƐŝŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ŶŽǀĞƌǀŝĞǁŽĨƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚ
KƵƌĂƵĚŝƚŝƐĂƌŝƐŬͲďĂƐĞĚĂƉƉƌŽĂĐŚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞĐŽŵƉĂŶLJ͕ƚLJƉĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ƚŚĞŝŶǀŽůǀĞŵĞŶƚŽĨƚŚĞ
ƚŚŝƌĚͲƉĂƌƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĐĞƐƐĞƐĂŶĚĐŽŶƚƌŽůƐŝŶƉůĂĐĞĂŶĚƚŚĞŝŶĚƵƐƚƌLJŝŶǁŚŝĐŚƚŚĞĐŽŵƉĂŶLJŽƉĞƌĂƚĞƐ͘
tĞŚĂǀĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚďĂƐĞĚŽŶƚŚĞŬƐĂŶĚƌĞĐŽƌĚƐŵĂŝŶƚĂŝŶĞĚďLJƚŚĞĂĚŵŝŶŝƐƚƌĂƚŽƌ͕ƉĞdž/&^>ŝŵŝƚĞĚĂƚ/ƌŝƐŚ>ŝĨĞĞŶƚƌĞ͕
ďďĞLJ^ƚƌĞĞƚ>ŽǁĞƌ͕ƵďůŝŶϭ͘tĞĨŽĐƵƐĞĚŽƵƌĂƵĚŝƚƐĐŽƉĞ͕ĂŶĚƚŚĞĞdžƚĞŶƚŽĨŽƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐ͕ďĂƐĞĚŽŶŽƵƌĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ
ƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚĂŶĚŽĨƚŚĞŵĂƚĞƌŝĂůŝƚLJĚĞƚĞƌŵŝŶĞĚ͘dŚĞĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐĐŽŵƉůĞƚĞĚƚŽƌĞƐƉŽŶĚƚŽƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ ǁĞƌĞ ƉĞƌĨŽƌŵĞĚ ĚŝƌĞĐƚůLJ ďLJ ƚŚĞ ĂƵĚŝƚ ĞŶŐĂŐĞŵĞŶƚ ƚĞĂŵ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞůĞǀĂŶƚ ŝŶƚĞƌŶĂů ƐƉĞĐŝĂůŝƐƚƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ
ǀĂůƵĂƚŝŽŶĂŶĚƚĂdžƐƉĞĐŝĂůŝƐƚƐ͘
KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ
dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞŝƌĞĐƚŽƌƐ͛ZĞƉŽƌƚĂŶĚƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͕ŽƚŚĞƌƚŚĂŶƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŽƵƌĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚƚŚĞƌĞŽŶ͘dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ
ŝƌĞĐƚŽƌƐ͛ZĞƉŽƌƚĂŶĚƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘
KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚŽƚŚĞƌǁŝƐĞĞdžƉůŝĐŝƚůLJƐƚĂƚĞĚŝŶ
ŽƵƌƌĞƉŽƌƚ͕ǁĞĚŽŶŽƚĞdžƉƌĞƐƐĂŶLJĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ŝŶĚŽŝŶŐƐŽ͕ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚ
ǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚŽƌŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘/ĨǁĞŝĚĞŶƚŝĨLJ
ƐƵĐŚ ŵĂƚĞƌŝĂů ŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ Žƌ ĂƉƉĂƌĞŶƚ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ ǁĞ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ Ă ŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ Žƌ Ă ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͘ /Ĩ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ǁŽƌŬ ǁĞ ŚĂǀĞ
ƉĞƌĨŽƌŵĞĚ͕ǁĞĐŽŶĐůƵĚĞƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘
tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƚŚŝƐƌĞŐĂƌĚ͘
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨĚŝƌĞĐƚŽƌƐ
ƐĞdžƉůĂŝŶĞĚŵŽƌĞĨƵůůLJŝŶƚŚĞŝƌĞĐƚŽƌƐΖZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ^ƚĂƚĞŵĞŶƚ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂŶĚĨŽƌďĞŝŶŐƐĂƚŝƐĨŝĞĚƚŚĂƚƚŚĞLJŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁĂŶĚŽƚŚĞƌǁŝƐĞĐŽŵƉůLJǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰ͕ĂŶĚ ĨŽƌ
ƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞĨƌĞĞĨƌŽŵ
ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞĐŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͕
ĚŝƐĐůŽƐŝŶŐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚƵƐŝŶŐƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐƚŚĞĚŝƌĞĐƚŽƌƐĞŝƚŚĞƌ
ŝŶƚĞŶĚƚŽůŝƋƵŝĚĂƚĞƚŚĞĐŽŵƉĂŶLJŽƌƚŽĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂǀĞŶŽƌĞĂůŝƐƚŝĐĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘
ͬŽŶƚŝŶƵĞĚĨƌŽŵƉƌĞǀŝŽƵƐƉĂŐĞ
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ŽŶƚŝŶƵĞĚŽŶŶĞdžƚƉĂŐĞͬ
ƵĚŝƚŽƌ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ Ă ǁŚŽůĞ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĂŶĚƚŽŝƐƐƵĞĂŶĂƵĚŝƚŽƌΖƐƌĞƉŽƌƚƚŚĂƚŝŶĐůƵĚĞƐŽƵƌŽƉŝŶŝŽŶ͘ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŝƐĂ
ŚŝŐŚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/^Ɛ;/ƌĞůĂŶĚͿǁŝůůĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ ǁŚĞŶ ŝƚ ĞdžŝƐƚƐ͘ DŝƐƐƚĂƚĞŵĞŶƚƐ ĐĂŶ ĂƌŝƐĞ ĨƌŽŵ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ ĂŶĚ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ŵĂƚĞƌŝĂů ŝĨ͕ ŝŶĚŝǀŝĚƵĂůůLJ Žƌ ŝŶ ƚŚĞ
ĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJ ďĞ ĞdžƉĞĐƚĞĚ ƚŽ ŝŶĨůƵĞŶĐĞ ƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶ ŽŶƚŚĞďĂƐŝƐŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘
ĨƵƌƚŚĞƌ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŽƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞ ĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝƐ ůŽĐĂƚĞĚ ŽŶ /^͛Ɛ ǁĞďƐŝƚĞ Ăƚ͗
ŚƚƚƉƐ͗ͬͬŝĂĂƐĂ͘ŝĞͬƉƵďůŝĐĂƚŝŽŶƐͬĚĞƐĐƌŝƉƚŝŽŶͲŽĨͲƚŚĞͲĂƵĚŝƚŽƌƐͲƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐͲĨŽƌͲƚŚĞͲĂƵĚŝƚͲŽĨͲƚŚĞͲĨŝŶĂŶĐŝĂůͲƐƚĂƚĞŵĞŶƚƐͬ͘ dŚŝƐĚĞƐĐƌŝƉƚŝŽŶ
ĨŽƌŵƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚ͘
džƚĞŶƚƚŽǁŚŝĐŚƚŚĞĂƵĚŝƚǁĂƐĐŽŶƐŝĚĞƌĞĚĐĂƉĂďůĞŽĨĚĞƚĞĐƚŝŶŐŝƌƌĞŐƵůĂƌŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĨƌĂƵĚ
/ƌƌĞŐƵůĂƌŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐĨƌĂƵĚ͕ĂƌĞ ŝŶƐƚĂŶĐĞƐŽĨŶŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚůĂǁƐĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘tĞĚĞƐŝŐŶƉƌŽĐĞĚƵƌĞƐŝŶ ůŝŶĞ ǁŝƚŚŽƵƌ
ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ŽƵƚůŝŶĞĚĂďŽǀĞ͕ƚŽĚĞƚĞĐƚŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨŝƌƌĞŐƵůĂƌŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĨƌĂƵĚ͘dŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚŽƵƌ
ƉƌŽĐĞĚƵƌĞƐĂƌĞĐĂƉĂďůĞŽĨĚĞƚĞĐƚŝŶŐŝƌƌĞŐƵůĂƌŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĨƌĂƵĚŝƐĚĞƚĂŝůĞĚďĞůŽǁ͘
/ĚĞŶƚŝĨLJŝŶŐĂŶĚĂƐƐĞƐƐŝŶŐƉŽƚĞŶƚŝĂůƌŝƐŬƐƌĞůĂƚĞĚƚŽŝƌƌĞŐƵůĂƌŝƚŝĞƐ
/ŶŝĚĞŶƚŝĨLJŝŶŐĂŶĚĂƐƐĞƐƐŝŶŐƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨŝƌƌĞŐƵůĂƌŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĨƌĂƵĚĂŶĚŶŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚůĂǁƐ
ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͕ǁĞĐŽŶƐŝĚĞƌĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
x ƚŚĞŶĂƚƵƌĞŽĨƚŚĞŝŶĚƵƐƚƌLJĂŶĚƐĞĐƚŽƌ͕ĐŽŶƚƌŽůĞŶǀŝƌŽŶŵĞŶƚĂŶĚďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞ͖
x ƌĞƐƵůƚƐŽĨŽƵƌĞŶƋƵŝƌŝĞƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂďŽƵƚƚŚĞŝƌŽǁŶŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ
ƌŝƐŬƐŽĨŝƌƌĞŐƵůĂƌŝƚŝĞƐ͖
x ĂŶLJŵĂƚƚĞƌƐǁĞŝĚĞŶƚŝĨŝĞĚŚĂǀŝŶŐŽďƚĂŝŶĞĚĂŶĚƌĞǀŝĞǁĞĚƚŚĞĐŽŵƉĂŶLJ͛ƐĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨƚŚĞŝƌƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ
ƌĞůĂƚŝŶŐƚŽ͗
o ŝĚĞŶƚŝĨLJŝŶŐ͕ĞǀĂůƵĂƚŝŶŐĂŶĚĐŽŵƉůLJŝŶŐǁŝƚŚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂŶĚǁŚĞƚŚĞƌƚŚĞLJǁĞƌĞĂǁĂƌĞŽĨĂŶLJŝŶƐƚĂŶĐĞƐŽĨ
ŶŽŶͲĐŽŵƉůŝĂŶĐĞ͖
o ĚĞƚĞĐƚŝŶŐ ĂŶĚ ƌĞƐƉŽŶĚŝŶŐƚŽ ƚŚĞ ƌŝƐŬƐ ŽĨ ĨƌĂƵĚ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚĞLJ ŚĂǀĞ ŬŶŽǁůĞĚŐĞ ŽĨ ĂŶLJ ĂĐƚƵĂů͕ ƐƵƐƉĞĐƚĞĚ Žƌ
ĂůůĞŐĞĚĨƌĂƵĚ͖
o ƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĞƐƚĂďůŝƐŚĞĚƚŽŵŝƚŝŐĂƚĞƌŝƐŬƐŽĨĨƌĂƵĚŽƌŶŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͖
x ƚŚĞ ŵĂƚƚĞƌƐ ĚŝƐĐƵƐƐĞĚ ĂŵŽŶŐ ƚŚĞ ĂƵĚŝƚ ĞŶŐĂŐĞŵĞŶƚ ƚĞĂŵ ĂŶĚ ƌĞůĞǀĂŶƚ ŝŶƚĞƌŶĂů ƐƉĞĐŝĂůŝƐƚƐ ŝŶĐůƵĚŝŶŐ ƚĂdž ĂŶĚ ǀĂůƵĂƚŝŽŶ
ƐƉĞĐŝĂůŝƐƚƐƌĞŐĂƌĚŝŶŐŚŽǁĂŶĚǁŚĞƌĞĨƌĂƵĚŵŝŐŚƚŽĐĐƵƌŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĂŶLJƉŽƚĞŶƚŝĂůŝŶĚŝĐĂƚŽƌƐŽĨĨƌĂƵĚ͘
ƐĂƌĞƐƵůƚŽĨƚŚĞƐĞƉƌŽĐĞĚƵƌĞƐ͕ǁĞĐŽŶƐŝĚĞƌĞĚƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚŝŶĐĞŶƚŝǀĞƐƚŚĂƚŵĂLJĞdžŝƐƚǁŝƚŚŝŶƚŚĞŽƌŐĂŶŝƐĂƚŝŽŶĨŽƌĨƌĂƵĚĂŶĚ
ŝĚĞŶƚŝĨŝĞĚƚŚĞŐƌĞĂƚĞƐƚƉŽƚĞŶƚŝĂůĨŽƌĨƌĂƵĚŝŶƚŚĞĨŽůůŽǁŝŶŐĂƌĞĂƐ͗
x ZŝƐŬŽĨĨƌĂƵĚŝŶƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶƌĞůĂƚŝŶŐƚŽƚŚĞƵŶƌĞĂůŝƐĞĚŵŽǀĞŵĞŶƚŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞ
ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
/Ŷ ĐŽŵŵŽŶ ǁŝƚŚ Ăůů ĂƵĚŝƚƐ ƵŶĚĞƌ /^Ɛ ;/ƌĞůĂŶĚͿ͕ ǁĞ ĂƌĞ ĂůƐŽ ƌĞƋƵŝƌĞĚ ƚŽ ƉĞƌĨŽƌŵ ƐƉĞĐŝĨŝĐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ƌŝƐŬ ŽĨ
ŵĂŶĂŐĞŵĞŶƚŽǀĞƌƌŝĚĞ͘
tĞĂůƐŽŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬƚŚĂƚƚŚĞĐŽŵƉĂŶLJŽƉĞƌĂƚĞƐŝŶ͕ĨŽĐƵƐŝŶŐŽŶƉƌŽǀŝƐŝŽŶƐŽĨ
ƚŚŽƐĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŚĂĚĂĚŝƌĞĐƚĞĨĨĞĐƚŽŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ŵĂƚĞƌŝĂů ĂŵŽƵŶƚƐ ĂŶĚ ĚŝƐĐůŽƐƵƌĞƐ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘dŚĞŬĞLJůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐǁĞĐŽŶƐŝĚĞƌĞĚŝŶƚŚŝƐĐŽŶƚĞdžƚŝŶĐůƵĚĞĚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰĂŶĚƚĂdžůĞŐŝƐůĂƚŝŽŶ͘
/ŶĂĚĚŝƚŝŽŶ͕ǁĞĐŽŶƐŝĚĞƌĞĚƉƌŽǀŝƐŝŽŶƐŽĨŽƚŚĞƌůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĚŽŶŽƚŚĂǀĞĂĚŝƌĞĐƚĞĨĨĞĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďƵƚ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚǁŚŝĐŚŵĂLJďĞĨƵŶĚĂŵĞŶƚĂůƚŽƚŚĞĐŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽŽƉĞƌĂƚĞŽƌƚŽĂǀŽŝĚĂŵĂƚĞƌŝĂůƉĞŶĂůƚLJ͘dŚĞƐĞŝŶĐůƵĚĞĚƚŚĞ
ƌĞůĞǀĂŶƚůŝƐƚŝŶŐƌƵůĞƐ͘
ͬŽŶƚŝŶƵĞĚĨƌŽŵƉƌĞǀŝŽƵƐƉĂŐĞ
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ŽŶƚŝŶƵĞĚŽŶŶĞdžƚƉĂŐĞͬ
ƵĚŝƚƌĞƐƉŽŶƐĞƚŽƌŝƐŬƐŝĚĞŶƚŝĨŝĞĚ
ƐĂƌĞƐƵůƚŽĨƉĞƌĨŽƌŵŝŶŐƚŚĞĂďŽǀĞ͕ǁĞĚŝĚŶŽƚŝĚĞŶƚŝĨLJĂŶLJŬĞLJĂƵĚŝƚŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽƚŚĞƉŽƚĞŶƚŝĂůƌŝƐŬŽĨĨƌĂƵĚŽƌŶŽŶͲĐŽŵƉůŝĂŶĐĞ
ǁŝƚŚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘
KƵƌƉƌŽĐĞĚƵƌĞƐƚŽƌĞƐƉŽŶĚƚŽƌŝƐŬƐŝĚĞŶƚŝĨŝĞĚŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
x ƌĞǀŝĞǁŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚĚŝƐĐůŽƐƵƌĞƐĂŶĚƚĞƐƚŝŶŐƚŽƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽĂƐƐĞƐƐĐŽŵƉůŝĂŶĐĞǁŝƚŚ
ƉƌŽǀŝƐŝŽŶƐŽĨƌĞůĞǀĂŶƚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĚĞƐĐƌŝďĞĚĂƐŚĂǀŝŶŐĂĚŝƌĞĐƚĞĨĨĞĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖
x ĞŶƋƵŝƌŝŶŐŽĨŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚĞdžƚĞƌŶĂůůĞŐĂůĐŽƵŶƐĞůĐŽŶĐĞƌŶŝŶŐĂĐƚƵĂůĂŶĚƉŽƚĞŶƚŝĂůůŝƚŝŐĂƚŝŽŶĂŶĚ
ĐůĂŝŵƐ͖
x ƉĞƌĨŽƌŵŝŶŐĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐƚŽŝĚĞŶƚŝĨLJĂŶLJƵŶƵƐƵĂůŽƌƵŶĞdžƉĞĐƚĞĚƌĞůĂƚŝŽŶƐŚŝƉƐƚŚĂƚŵĂLJŝŶĚŝĐĂƚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚĚƵĞƚŽĨƌĂƵĚ͖
x ƌĞĂĚŝŶŐŵŝŶƵƚĞƐŽĨŵĞĞƚŝŶŐƐŽĨƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚŐŽǀĞƌŶĂŶĐĞ͖
x ŝŶĂĚĚƌĞƐƐŝŶŐƚŚĞƌŝƐŬŽĨĨƌĂƵĚŝŶƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ͕ĨŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽĐĞĚƵƌĞƐƚŽĂĚĚƌĞƐƐƚŚĞŬĞLJĂƵĚŝƚ
ŵĂƚƚĞƌƚŚĂƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚůŽƐƐŵĂLJŶŽƚďĞǀĂůƵĞĚĐŽƌƌĞĐƚůLJ͕ǁĞƌĞĐĂůĐƵůĂƚĞĚƚŚĞ
ƵŶƌĞĂůŝƐĞĚĨĂŝƌǀĂůƵĞŵŽǀĞŵĞŶƚŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐďLJƉĞƌĨŽƌŵŝŶŐĂƌĞĐŽŶĐŝůŝĂƚŝŽŶĂŶĚ
ĂƐƐĞƐƐŝŶŐƚŚĞŵŽǀĞŵĞŶƚŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƚƚŚĞƐƚĂƚĞŵĞŶƚŽĨ
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĚĂƚĞĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌƚŽƚŚĞĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůLJĞĂƌŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂĐĐƵƌĂĐLJŽĨ
ƚŚĞǀĂůƵĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͖ĂŶĚ
x ŝŶĂĚĚƌĞƐƐŝŶŐƚŚĞƌŝƐŬŽĨĨƌĂƵĚƚŚƌŽƵŐŚŵĂŶĂŐĞŵĞŶƚŽǀĞƌƌŝĚĞŽĨĐŽŶƚƌŽůƐ͕ƚĞƐƚŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨũŽƵƌŶĂůĞŶƚƌŝĞƐ
ĂŶĚŽƚŚĞƌĂĚũƵƐƚŵĞŶƚƐ͖ĂƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌƚŚĞũƵĚŐĞŵĞŶƚƐŵĂĚĞŝŶŵĂŬŝŶŐĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂƌĞŝŶĚŝĐĂƚŝǀĞŽĨĂ
ƉŽƚĞŶƚŝĂůďŝĂƐ͖ĂŶĚĞǀĂůƵĂƚŝŶŐƚŚĞďƵƐŝŶĞƐƐƌĂƚŝŽŶĂůĞŽĨĂŶLJƐŝŐŶŝĨŝĐĂŶƚƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĂƌĞƵŶƵƐƵĂůŽƌŽƵƚƐŝĚĞƚŚĞŶŽƌŵĂů
ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘
tĞĂůƐŽĐŽŵŵƵŶŝĐĂƚĞĚƌĞůĞǀĂŶƚŝĚĞŶƚŝĨŝĞĚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂŶĚƉŽƚĞŶƚŝĂůĨƌĂƵĚƌŝƐŬƐƚŽĂůůĞŶŐĂŐĞŵĞŶƚƚĞĂŵŵĞŵďĞƌƐŝŶĐůƵĚŝŶŐ
ƚŚĞ ƚĂdž ĂŶĚ ǀĂůƵĂƚŝŽŶƐ ƐƉĞĐŝĂůŝƐƚƐ ĂŶĚ ƌĞŵĂŝŶĞĚ ĂůĞƌƚ ƚŽ ĂŶLJ ŝŶĚŝĐĂƚŝŽŶƐ ŽĨ ĨƌĂƵĚ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ
ƚŚƌŽƵŐŚŽƵƚƚŚĞĂƵĚŝƚ͘
ZĞƉŽƌƚŽŶŽƚŚĞƌůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ
KƉŝŶŝŽŶŽŶŽƚŚĞƌŵĂƚƚĞƌƐƉƌĞƐĐƌŝďĞĚďLJƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰ
ĂƐĞĚƐŽůĞůLJŽŶƚŚĞǁŽƌŬƵŶĚĞƌƚĂŬĞŶŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĂƵĚŝƚ͕ǁĞƌĞƉŽƌƚƚŚĂƚ͗
x tĞŚĂǀĞŽďƚĂŝŶĞĚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞdžƉůĂŶĂƚŝŽŶƐǁŚŝĐŚǁĞĐŽŶƐŝĚĞƌŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨŽƵƌĂƵĚŝƚ͘
x /ŶŽƵƌŽƉŝŶŝŽŶƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐŽĨƚŚĞĐŽŵƉĂŶLJǁĞƌĞƐƵĨĨŝĐŝĞŶƚƚŽƉĞƌŵŝƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽďĞƌĞĂĚŝůLJĂŶĚ
ƉƌŽƉĞƌůLJĂƵĚŝƚĞĚ͘
x dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐ͘
x /ŶŽƵƌŽƉŝŶŝŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶŐŝǀĞŶŝŶƚŚĞĚŝƌĞĐƚŽƌƐΖƌĞƉŽƌƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĚŝƌĞĐƚŽƌƐ͛
ƌĞƉŽƌƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰ͘
ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ^ƚĂƚĞŵĞŶƚƌĞƋƵŝƌĞĚďLJƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰ
tĞƌĞƉŽƌƚ͕ŝŶƌĞůĂƚŝŽŶƚŽŝŶĨŽƌŵĂƚŝŽŶŐŝǀĞŶŝŶƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ^ƚĂƚĞŵĞŶƚŽŶƉĂŐĞƐϳƚŽϴƚŚĂƚ͗
x /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ǁŽƌŬ ƵŶĚĞƌƚĂŬĞŶ ĚƵƌŝŶŐ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƚŚĞ ĂƵĚŝƚ͕ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŐŝǀĞŶ ŝŶ ƚŚĞ ŽƌƉŽƌĂƚĞ
'ŽǀĞƌŶĂŶĐĞ ^ƚĂƚĞŵĞŶƚ ƉƵƌƐƵĂŶƚ ƚŽ ƐƵďƐĞĐƚŝŽŶ Ϯ;ĐͿ ŽĨ ƐĞĐƚŝŽŶ ϭϯϳϯ ŽĨ ƚŚĞ
ŽŵƉĂŶŝĞƐ Đƚ ϮϬϭϰ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ
ĐŽŵƉĂŶLJ͛ƐƐƚĂƚƵƚŽƌLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĐŽŶĐĞƌŶĞĚĂŶĚƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶƉƌĞƉĂƌĞĚ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰ͘
ĂƐĞĚŽŶŽƵƌŬŶŽǁůĞĚŐĞĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĐŽŵƉĂŶLJĂŶĚŝƚƐĞŶǀŝƌŽŶŵĞŶƚŽďƚĂŝŶĞĚŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĂƵĚŝƚ͕ǁĞ
ŚĂǀĞŶŽƚŝĚĞŶƚŝĨŝĞĚĂŶLJŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐŝŶƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͘
ͬŽŶƚŝŶƵĞĚĨƌŽŵƉƌĞǀŝŽƵƐƉĂŐĞ
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ŽŶƚŝŶƵĞĚŽŶŶĞdžƚƉĂŐĞͬ
DĂƚƚĞƌƐŽŶǁŚŝĐŚǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚďLJĞdžĐĞƉƚŝŽŶ
ĂƐĞĚŽŶƚŚĞŬŶŽǁůĞĚŐĞĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĐŽŵƉĂŶLJĂŶĚŝƚƐĞŶǀŝƌŽŶŵĞŶƚŽďƚĂŝŶĞĚŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĂƵĚŝƚ͕ǁĞŚĂǀĞŶŽƚ
ŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞĚŝƌĞĐƚŽƌƐΖƌĞƉŽƌƚ͘
tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŝŶƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϭϰǁŚŝĐŚƌĞƋƵŝƌĞƵƐƚŽƌĞƉŽƌƚƚŽLJŽƵŝĨ͕ŝŶŽƵƌŽƉŝŶŝŽŶ͕
ƚŚĞĚŝƐĐůŽƐƵƌĞƐŽĨĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚƚƌĂŶƐĂĐƚŝŽŶƐƐƉĞĐŝĨŝĞĚďLJůĂǁĂƌĞŶŽƚŵĂĚĞ͘
KƚŚĞƌŵĂƚƚĞƌƐǁŚŝĐŚǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽĂĚĚƌĞƐƐ
tĞǁĞƌĞĂƉƉŽŝŶƚĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶϯƵŐƵƐƚϮϬϮϯƚŽĂƵĚŝƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϭ
ĞĐĞŵďĞƌϮϬϮϯĂŶĚƐƵďƐĞƋƵĞŶƚĨŝŶĂŶĐŝĂůƉĞƌŝŽĚƐ͘dŚĞƉĞƌŝŽĚŽĨƚŽƚĂůƵŶŝŶƚĞƌƌƵƉƚĞĚĞŶŐĂŐĞŵĞŶƚŝŶĐůƵĚŝŶŐƉƌĞǀŝŽƵƐƌĞŶĞǁĂůƐĂŶĚ
ƌĞĂƉƉŽŝŶƚŵĞŶƚƐŽĨƚŚĞĨŝƌŵŝƐϮLJĞĂƌƐ͕ĐŽǀĞƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚŝŶŐϯϭĞĐĞŵďĞƌϮϬϮϯƚŽϯϭĞĐĞŵďĞƌϮϬϮϰ͘
dŚĞŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐƉƌŽŚŝďŝƚĞĚďLJ/^͛ƐƚŚŝĐĂů^ƚĂŶĚĂƌĚǁĞƌĞŶŽƚƉƌŽǀŝĚĞĚĂŶĚǁĞƌĞŵĂŝŶĞĚŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞĐŽŵƉĂŶLJŝŶ
ĐŽŶĚƵĐƚŝŶŐƚŚĞĂƵĚŝƚ͘
KƵƌĂƵĚŝƚŽƉŝŶŝŽŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶĂůƌĞƉŽƌƚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƉƌŽǀŝĚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
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hƐĞŽĨŽƵƌƌĞƉŽƌƚ
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ĂƵĚŝƚǁŽƌŬŚĂƐďĞĞŶƵŶĚĞƌƚĂŬĞŶƐŽƚŚĂƚǁĞŵŝŐŚƚƐƚĂƚĞƚŽƚŚĞĐŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐƚŚŽƐĞŵĂƚƚĞƌƐǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƐƚĂƚĞƚŽƚŚĞŵ
ŝŶĂŶĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚĂŶĚĨŽƌŶŽŽƚŚĞƌƉƵƌƉŽƐĞ͘dŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ǁĞĚŽŶŽƚĂĐĐĞƉƚŽƌĂƐƐƵŵĞƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽ
ĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞĐŽŵƉĂŶLJĂŶĚƚŚĞĐŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐĂƐĂďŽĚLJ͕ĨŽƌŽƵƌĂƵĚŝƚǁŽƌŬ͕ĨŽƌƚŚŝƐƌĞƉŽƌƚ͕ŽƌĨŽƌƚŚĞŽƉŝŶŝŽŶƐǁĞ
ŚĂǀĞĨŽƌŵĞĚ͘
ĂƌƌĞŶ'ƌŝĨĨŝŶ
&ŽƌĂŶĚŽŶďĞŚĂůĨŽĨĞůŽŝƚƚĞ/ƌĞůĂŶĚ>>W
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐĂŶĚ^ƚĂƚƵƚŽƌLJƵĚŝƚ&ŝƌŵ
ĞůŽŝƚƚĞΘdŽƵĐŚĞ,ŽƵƐĞ͕ϮϵĂƌůƐĨŽƌƚdĞƌƌĂĐĞ͕ƵďůŝŶϮ
WisdomTree Multi Asset Issuer Plc
Page 18
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2024
31-Dec-24
31-Dec-23
Notes EUR
EUR
Realised (losses)/gains on financial liabilities at fair value through profit or loss
10
(5,547,983) 1,093,273,347
Realised gains/(losses) on financial assets at fair value through profit or loss
7
5,547,983 (1,093,273,347)
Unrealised depreciation on financial liabilities at fair value through profit or loss
10
(148,456,998) (1,169,468,915)
Unrealised appreciation on financial assets at fair value through profit or loss
7
148,456,998 1,169,468,915
Foreign exchange movements on financial assets at fair value through profit or loss
7
79,616,701 (26,263,489)
Foreign exchange movements on financial liabilities at fair value through profit or loss
10
(79,616,701) 26,263,489
Revenue
4
11,975,521 10,634,022
Operating expenses
5
(11,974,521) (10,633,022)
Operating profit before tax
1,000 1,000
Tax on profit on ordinary activities
6
(250) (250)
Operating profit after tax
750 750
Comprehensive income for the year
750 750
All of the items dealt with in arriving at the profit for the financial year are from continuing operations, no income is recognised in other
comprehensive income.
The notes on pages 22 to 43 form an integral part of the financial statements.
Financial year
ended
Financial year
ended
WisdomTree Multi Asset Issuer Plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
31-Dec-24
31-Dec-23
Notes EUR
EUR
Assets
Financial assets at fair value through profit or loss
7
1,741,215,247 1,412,979,714
Other receivables
8
1,191,668 857,162
Cash and cash equivalents
9
11,736 11,820
Total assets
1,742,418,651 1,413,848,696
Liabilities
Financial liabilities at fair value through profit or loss
10
1,741,215,247 1,412,979,714
Other payables
11
1,154,416 850,744
Total liabilities
1,742,369,663 1,413,830,458
Total assets less total liabilities
48,988 18,238
Share capital and retained earnings
Called up share capital presented as equity
12
40,000 10,000
Retained earnings
8,988 8,238
Total shareholders' funds
48,988 18,238
The financial statements were approved by the Board on 23 April 2025 and signed on its behalf by:
Rhys Owens Roisin Dixon
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Page 19
The notes on pages 22 to 43 form an integral part of the financial statements.
WisdomTree Multi Asset Issuer Plc
Page 20
STATEMENT OF CHANGES IN EQUITY
For the financial year ended 31 December 2024
Share capital
Total equity
EUR EUR
EUR
Balance as at 1 January 2023
10,000 7,488 17,488
Total comprehensive income for the financial year
Operating profit
- 750 750
Other comprehensive income
---
Total comprehensive income for the financial year
- 750 750
Balance as at 31 December 2023
10,000 8,238 18,238
Balance as at 1 January 2024
10,000 8,238 18,238
Amendment to Share Capital issued (Note 12)
30,000 -
30,000
Operating profit
- 750 750
Other comprehensive income
---
Total comprehensive income for the financial year
- 750 750
Balance as at 31 December 2024
40,000 8,988 48,988
The notes on pages 22 to 43 form an integral part of the financial statements.
Retained
earnings
WisdomTree Multi Asset Issuer Plc
Page 21
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2024
31-Dec-24
31-Dec-23
Notes EUR
EUR
Cash flows from operating activities
Profit on ordinary activities before taxation
1,000 1,000
Adjustments for:
Realised losses/(gains) on financial liabilities at fair value through profit or loss
10
5,547,983 (1,093,273,347)
Realised (gains)/losses on financial assets at fair value through profit or loss
7
(5,547,983) 1,093,273,347
Unrealised depreciation on financial liabilities at fair value through profit or loss
10
148,456,998 1,169,468,915
Unrealised appreciation on financial assets at fair value through profit or loss
7
(148,456,998) (1,169,468,915)
TRS executions during the financial year
7
(2,001,389,963) (2,797,779,619)
TRS terminations during the financial year
7
1,906,776,112 2,602,398,341
Movements in working capital
Increase in other receivables
(304,506) (88,571)
Increase in other payables
303,672 86,946
Tax paid
(250) (250)
Net cash used in operating activities
(94,613,935) (195,382,153)
Cash flows from financing activities
ETP Securities issuances during the financial year
10 2,001,389,963
2,797,779,619
ETP Securities redemptions during the financial year
10
(1,906,776,112) (2,602,398,341)
Net cash generated from financing activities
94,613,851
195,381,278
Decrease in cash and cash equivalents
(84) (875)
Cash and cash equivalents at start of the financial year
11,820 12,695
Cash and cash equivalents at end of the financial year
11,736 11,820
Financial year
ended
The notes on pages 22 to 43 form an integral part of the financial statements.
Financial year
ended
WisdomTree Multi Asset Issuer Plc
Page 22
NOTES TO THE FINANCIAL STATEMENTS
1
General information
2
Basis of preparation
(a)
Statement of compliance
Going concern
As part of the Directors’ evaluation, consideration was given to:
x
x
x
For the financial year ended 31 December 2024
The ETP securities are issued as demand requires. The Company purchases a matching TRS from the Swap Providers to hedge its liabilities
and ensure the assets can service its liabilities. The number and terms of ETP securities outstanding will match the number and terms of ETP
Swap Contracts so that the obligations of the Company and the Swap Provider match. The Swap Provider will use the same pricing formulae
as the Determination Agent (the "DA") so both the DA and the Swap Provider should be able to calculate the same price independently of
each other – the price of an ETP Swap Contract will equal the price of an ETP. WisdomTree Multi Asset Management Limited supplied and
arranged for the supply of all administrative services to the Company and paid all management and administration costs of the Company, in
return for which the Company pays WisdomTree Multi Asset Management Limited a Management Fee.
The financial statements have been prepared in accordance with IFRSs and its interpretations as adopted by the EU and in accordance
with the Companies Act 2014.
the current level of assets under management of the Company, hence future revenue streams of WisdomTree Multi Asset
Management Limited in its ability to meet all other liabilities of the Company; and
The Company established a Collateralised ETP Securities Programme under which the Company issues, on an ongoing basis, collateralised
ETP Securities of different Classes linked to indices providing exposure to a range of asset classes including equities, commodities, fixed
income and currencies. The ETP Securities may have long or short, and leveraged or unleveraged, exposure to the daily performance of the
referenced index.
The Company is a public limited company, incorporated in Ireland on 30 July 2012, under registered number 515981 and has registered
address at 2nd floor, Block 5, Irish Life Centre, Abbey Street Lower, Dublin 1, Ireland. The Company has been established as an SPV for the
purpose of issuing exchange traded securities. The Company commenced trading on 5 December 2012.
the support of the WisdomTree Group in respect to any litigation payment in respect to the Italian Claims, as detailed in note 17.
The Company uses the net proceeds of the issuance of ETP Securities to enter into TRSs to hedge its payment obligations in respect of each
Class of the ETP Securities with one or more Swap Providers once the Swap Provider has delivered eligible collateral. The TRSs for each
Class of ETP Securities will produce cash flows to service all of the Company’s payment obligations in respect of that Class.
ETP Securities in issue as at 31 December 2024 and 31 December 2023 were listed for trading on the London Stock Exchange, Borsa Italiana,
Euronext Paris and on the Deutsche Borse Xetra and applications may be made to other European Stock Exchanges, which are EU regulated
markets.
The Company considers the capital management and its current capital resources to be adequate to maintain the on-going listing and issue of
ETP Securities.
Each Class constitutes limited recourse obligations of the Company, secured on and payable solely from the assets constituting the ETP
Securities in respect of such Class. Each Class of ETP Securities may comprise one or more tranches.
The ETP Securities do not bear interest at a prescribed rate. The return (if any) on the ETP Securities shall be calculated in accordance with
the redemption provisions.
The accounting policies set out below have been applied in preparing the financial statements for the financial year ended 31 December
2024 and in the comparative information presented in these financial statements which is for the financial year ended 31 December
2023.
The Board considers the operations of the Company to be ongoing, with a reasonable expectation that the Company has adequate
resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements,
and accordingly these financial statements have been prepared on the going concern basis.
the nature of the Company’s business, which dictates that the outstanding ETP Securities may be redeemed at any time by the
holders thereof and in certain circumstances may be redeemed by the Company. As the redemption of ETP Securities will coincide
with the termination of an equal amount of TRSs, no liquidity risk arise from the point of view of the Company; and
WisdomTree Multi Asset Issuer Plc
Page 23
NOTES TO THE FINANCIAL STATEMENTS (continued)
2
Basis of preparation (continued)
(b)
Functional and presentation currency
(c)
Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following:
• Financial assets at fair value through profit or loss are measured at fair value; and
• Financial liabilities at fair value through profit or loss are measured at fair value.
(d)
Significant judgements in applying accounting policies on the valuation of financial instruments
• Financial assets and Financial liabilities at fair value through profit or loss are measured at fair value.
Key sources of estimation uncertainty
Use of estimates and judgements
The following are the significant judgements, apart from those involving estimations, that the Directors have made in the process of
applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial
statements. Refer to note 3(i) to the financial statements.
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Determining fair values of financial instruments
The determination of fair value for financial assets and liabilities for which there is no observable market price requires the use of
valuation techniques as described in accounting policy 3(i) “Financial Instruments”. For financial instruments that trade infrequently
and have little price transparency, fair value is less objective, and requires varying degrees of judgment depending on liquidity,
concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument.
The methods used to measure fair values are discussed further in note 3(i) and 15 to the financial statements.
Note 3(i) to the financial statements describes that the Directors have measured the financial assets and financial liabilities issued
at fair value through profit or loss. The Directors have considered and applied the requirements of IFRS 9 Financial Instruments:
Recognition and Measurement. These financial assets have been classified as measured at FVTPL as they are managed and their
performance is evaluated on a fair value basis. The financial liabilities at FVTPL are designated at and measured at fair value as a
result of the accounting mismatch and net gains and losses are recognised in profit or loss.
Transactions in currencies other than EUR are retranslated to the functional currency of the Company at the date of the transaction. At
each reporting date, monetary items and non-monetary assets and liabilities that are fair valued and are denominated in foreign
currencies are retranslated at the rate prevailing on the reporting date or date at which fair value was determined (which is usually the
reporting date) respectively. Gains and losses arising on retranslation are included in profit or loss for the financial year.
For the financial year ended 31 December 2024
The preparation of the financial statements requires management to make judgements, estimates and assumptions that may affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The Company’s financial statements are presented in Euro ("EUR") which is the Company’s functional currency. Functional currency is
the currency of the primary economic environment in which the entity operates. The Swap Provider transfers collateral to the Company
in respect of the Company’s net exposure to the Swap Provider on each business day and most of the collateral are euro valued bonds
and equities.The issued share capital of the Company is denominated in euro, however the ETP securities issued are primarily
denominated in Pound Sterling, US dollars and euro. The Directors of the Company believe that EUR most faithfully represents the
economic effects of the underlying investing and financing activities of the Company.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods. Details of material judgements and estimates have been further described in accounting
policy 3(i) “Financial instruments” and note 15 to the financial statements.
WisdomTree Multi Asset Issuer Plc
Page 24
NOTES TO THE FINANCIAL STATEMENTS (continued)
2 Basis of preparation (continued)
(d)
Key sources of estimation uncertainty (continued)
(e)
New and amended standards and interpretations during the year
(f)
Accounting standards issued but not yet effective
3 Material accounting policies
(a) Realised gains and losses on financial liabilities at fair value through profit or loss
(b) Realised gains and losses on financial assets at fair value through profit or loss
(c) Unrealised (depreciation)/appreciation on financial liabilities at fair value through profit or loss
Realised gains and losses are recognised on redemption of the financial liabilities when the redemption price is not equal to the cost
amount of the financial liabilities. Any gains and losses arising from changes in fair value of the financial liabilities at fair value through
profit or loss are recorded in the Statement of comprehensive income. Details of recognition and measurement of financial liabilities are
disclosed in the accounting policy of financial instruments (note 3(i)) to the financial statements.
Fair values of ETP Securities are calculated on a daily basis using predetermined formulaes, where prices of underlying indices and
swap costs are used as inputs to the formula. These prices are compared to prior day prices and any variation results in either an
unrealised gain or loss.
Use of estimates and judgements (continued)
There are no new standards, amendments to standards or interpretations that are issued and effective for the financial year beginning on
1 January 2024 that have a significant impact on the company’s financial statements.
For the financial year ended 31 December 2024
Unrealised (depreciation)/appreciation on financial liabilities at fair value through profit or loss relates to issuances of ETP Securities
and includes unrealised fair value changes. All unrealised (depreciation)/appreciation on financial liabilities are attributable to market
risk arising from price, commodity and interest rate risk. Any gains and losses arising from changes in fair value of the financial
liabilities at fair value through profit or loss are recorded in the Statement of comprehensive income. Details of recognition and
measurement of financial liabilities are disclosed in the accounting policy of financial instruments (note 3(i)) to the financial statements.
Realised gains and losses are recognised on disposal of financial assets, when the disposal price is not equal to the cost amount of the
asset. Any gains and losses arising from changes in fair value of the financial assets at fair value through profit or loss are recorded in
the Statement of comprehensive income. Details of recognition and measurement of financial assets are disclosed in the accounting
policy of financial instruments (note 3(i)) to the financial statements.
There are no new standards, amendments to standards or interpretations that are issued but not effective for the financial year beginning
on 1 January 2025 that have a significant impact on the company’s financial statements.
WisdomTree Multi Asset Issuer Plc
Page 25
NOTES TO THE FINANCIAL STATEMENTS (continued)
3 Material accounting policies (continued)
(d) Unrealised (depreciation)/appreciation on financial assets at fair value through profit or loss
(e) Revenue and operating expenses
(f)
For the financial year ended 31 December 2024
Taxation
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset
can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that
related tax benefit will be realised.
An analysis has been undertaken for the Company to examine the potential impact of the Irish tax legislation of Pillar 2 on the
Company. Having considered all the options potentially available to the Company in terms of Pillar 2, it has been concluded that the
Company would not be able to avail of the €750m threshold exemption or the investment entity exemption.
However, a five-year grace period should be available to the Company which means that no qualified domestic top up tax (QDTT) tax
liability should arise for the Company for at least five years starting on 1 January 2024. In addition, even after the five-year grace
period it may be the case that QDTT still should not create a QDTT Tax liability (based on current legislation) as the effective tax rate
of the Company may well be considered to be above 15% (that is, 25%).
Provision is made at the tax rates which are expected to apply in the periods in which the temporary differences reverse. Deferred tax
assets are recognised only to the extent that it is considered more likely than not that they will be recovered.
Unrealised (depreciation)/appreciation on financial assets at fair value through profit or loss relates to investments in TRSs and includes
unrealised fair value changes. All unrealised (depreciation)/appreciation on financial assets are attributable to market risk arising from
price, commodity, currency and interest rate risk. Any gains and losses arising from changes in fair value of the financial assets at fair
value through profit or loss are recorded in the Statement of comprehensive income. Details of recognition and measurement of financial
assets are disclosed in the accounting policy of financial instruments (note 3(i)) to the financial statements.
Pillar 2 disclosure
The OECD published the BEPS 2.0 Pillar Two Model rules (“Pillar 2”) for domestic implementation of a 15% global minimum tax in
December 2021 and the European Union followed suit shortly thereafter. On 12 December 2022, the EU Member States agreed to
implement the OECD's Pillar two global corporate minimum tax rate of 15% on consolidated groups groups and large-scale domestic
groups in the Union with Revenues of at least €750 million, which would come into effect from 1 January 2024 onwards. Ireland
implemented the Pillar 2 rules in Finance (No.2) Act 2023 which came into effect for accounting periods beginning on or after 1
January 2024.
Corporation tax is provided on taxable profits at current rates applicable to the Company’s activities in accordance with Section 110 of
the Taxes Consolidation Act 1997 ("TCA"). Deferred taxation is accounted for, without discounting, in respect of all temporary
differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the
Statement of financial position date.
The Company is entitled to receive a management fee calculated by reference to a management fee rate under the specified terms of
each relevant TRS and is calculated by the Manager by charging the applicable fee rate on the daily market value of each security.
Uncertainties exist with respect to the interpretation of complex tax regulations on foreign withholding tax. Given the wide range of
international investments, differences arising between the actual investment income and the assumptions made, or future changes to
such assumptions, could necessitate future adjustments to tax expense already recorded. The Company establishes provisions, based on
reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it invests. The
amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax
regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of
issues depending on the conditions prevailing in the respective investment’s domicile.
Withholding tax is a generic term used for the amount of withholding tax deducted at source of the income and is not significant for the
Company. When applicable, the Company will present the withholding tax separately from the gross investment income in the
Statement of comprehensive income. For the purpose of the Statement of cash flows, cash inflows from investments are presented net of
withholding taxes, when applicable.
The Company pays a management fee to the Manager calculated based on the amount of fees received from the Swap Provider. The
management fees are accrued on a daily basis and are recorded in the Statement of comprehensive income.
WisdomTree Multi Asset Issuer Plc
Page 26
NOTES TO THE FINANCIAL STATEMENTS (continued)
3
Material accounting policies (continued)
(g)
(h)
(i)
Financial assets
(a)
(b)
(c)
Financial liabilities
Recognition
Cash and cash equivalents includes cash held at banks, which are subject to insignificant risk of changes in their value, and are used by
the Company in the management of its short term commitments. Cash and cash equivalents comprise of cash balances with Allied Irish
Bank plc.
Financial instruments
Initial measurement
Collateral
The Swap Provider transfers collateral to the Company in respect of the Company’s net exposure to the Swap Provider on each business
day. The Bank of New York Mellon, as collateral administrator determines the market value of the collateral held on behalf of the
Company. Collateral consists of equities and bonds satisfying certain criteria and subject to certain margin percentages and
concentration limits. Collateral amounts as agreed between the Company and the Swap Provider are held by The Bank of New York
Mellon and identified as held on behalf of the Company; the collateral cannot be re-used or repledged. All collateral as at 31 December
2024 and 31 December 2023 consists of listed equities and government bonds as agreed between the Swap Provider and the Company.
No collateral is recognised on the face of the Statement of Financial Position.
Financial assets and financial liabilities (other than those measured at fair value though profit or loss) are measured initially at their fair
value plus or minus any directly attributable incremental costs of acquisition or issue. For financial assets and liabilities where the fair
value at initial recognition does not equal the transaction price, the Company recognises the difference in the Statement of
comprehensive income, unless specified otherwise.
Financial assets and financial liabilities at fair value through profit or loss are recorded in the Statement of financial position at fair
value. All transaction costs for such instruments are recognised directly in profit or loss.
Financial assets are measured at fair value through profit or loss if:
its contractual terms do not give rise to cash flows on specified dates that are solely payments of principal and interest (SPPI) on
the principal amount outstanding;
The Company has classified its investments in the TRSs and the ETP Securities issued as financial assets and financial liabilities at fair
value through profit or loss respectively. All other financial assets and liabilities are classified under amortised cost.
The Company measures financial liabilities at fair value through profit or loss to eliminate or significantly reduce a measurement or
recognition inconsistency that would otherwise arise measuring liabilities or recognising the gains and losses on them on different bases.
Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or
convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to
purchase or sell the asset.
The Company classifies its financial assets and financial liabilities as financial assets and liabilities at fair value through profit or loss at
initial recognition in accordance with IFRS 9: Financial Instruments.
There are no restrictions on cash and cash equivalents. Cash and cash equivalents are carried at amortised cost in the Statement of
financial position.
Cash and cash equivalents
For the financial year ended 31 December 2024
Classification
The Company initially recognises all financial assets and liabilities on the trade date at which the Company becomes a party to the
contractual provisions of the instruments.
it is not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash
flows and sell; or
at initial recognition, it is irrevocably designated as measured at fair value through profit or loss when doing so eliminates or
significantly reduces a measurement or recognition inconsistency that would otherwise arise measuring assets or recognising the
gains and losses on them on different bases.
WisdomTree Multi Asset Issuer Plc
Page 27
NOTES TO THE FINANCIAL STATEMENTS (continued)
3 Material accounting policies (continued)
(i)
(j)
Other receivables
(k)
Other payables
Other payables are initially booked at fair value in line with IFRS 9 and are subsequently accounted for at amortised cost.
Subsequent measurement
For the financial year ended 31 December 2024
Offsetting
Financial assets and liabilities are offset and the net amount presented in the Statement of financial position when, and only when, the
Company has a current legal right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the
liability simultaneously. Income and expenses are presented on a net basis only when permitted by the accounting standards, or for gains
and losses arising from a group of similar transaction.
The price per ETP is calculated daily to reflect the daily change in the relevant Index of the ETP, and will take into account all
applicable fees and adjustments. On the issue date of the class, the price per ETP will be equal to its Issue Price. On any Valuation Date
thereafter, the price per ETP is calculated according to a formula which reflects the price per ETP on the immediately preceding
valuation date, and adjusted as described in note 15(f) to the financial statements.
TRSs are valued at fair value utilising predefined formulae and market prices consistent with the ETP valuation process. In the absence
of readily available market prices the Swap Provider will provide the inputs for the valuation. The Company independently calculates
the fair value and verifies the Swap Providers valuation with any variation investigated. The valuation determined by the swap
counterparty may be based on assumptions of market conditions at the time of valuation, similar arms’ length market transactions if
available, reference to the current fair value of similar instruments and a variety of different valuation techniques such as the discounted
cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in
actual market transactions. All TRSs are carried as assets when fair value is positive and as liabilities when fair value is negative.
Derecognition
Other receivables are initially measured at transaction value. Other receivables do not carry any interest and are short-term in nature and
have been reviewed for any evidence of expected credit losses. Other receivables are subsequently carried at amortised cost. Other
receivables are short term in nature and no ECL provision is required.
A financial asset is derecognised where the rights to receive cash flows from the asset have expired or the Company has transferred its
rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a pass-through arrangement and either the Company has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset.
When the Company has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement), and
has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is
recognised to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.
After initial measurement, the Company measures financial instruments at fair value through profit or loss at fair value. Subsequent
changes in the fair value of those financial instruments are recorded in unrealised appreciation / (depreciation) on financial assets and
financial liabilities at fair value through profit or loss.
The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired. The
Company does not have any pass-through arrangements.
The Company applies IFRS 9’s simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all receivables. To measure the expected credit losses, other receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of the customers to settle the receivables.
Financial instruments (continued)
Gains and losses on de-recognition of financial instruments are recorded in realised gains/(losses) on financial assets and financial
liabilities at fair value through profit or loss.
Expected credit losses
WisdomTree Multi Asset Issuer Plc
Page 28
NOTES TO THE FINANCIAL STATEMENTS (continued)
3
Material accounting policies (continued)
(l)
(m) Segmental reporting
The following is a geographical analysis of the revenue by the country of the counterparty:
31-Dec-24
31-Dec-23
EUR
EUR
France (BNP Paribas Financial Markets S.N.C.)
11,974,286 10,632,339
Jersey (WisdomTree Multi Asset Management Limited)
1,235 1,683
11,975,521 10,634,022
4
Revenue
31-Dec-24
31-Dec-23
EUR
EUR
Management fee income
11,974,286 10,632,339
Other income
1,235 1,683
11,975,521 10,634,022
5
Operating expenses
31-Dec-24
31-Dec-23
EUR
EUR
Management fee expense
11,956,818 10,627,426
Other expenses
17,703 5,596
11,974,521 10,633,022
The Company is engaged as one segment in the Programme under which the Company issues on an ongoing basis ETP Securities of
different classes linked to indices providing exposure to a range of asset classes including equities, commodities, fixed income, and
currencies.
The Company pays a management fee under the terms of a management agreement entered into between the Manager and the Company,
calculated based on the management fees received from the Swap Provider (current annual management fee rates outlined in note 10) to the
financial statements plus any order form fees received by the Company.
There was no Directors’ remuneration during 2024 (2023: EUR Nil).
Financial year
ended
The auditor’s remuneration (excluding VAT) for 2024 was EUR 49,328 (2023: EUR 41,820) for audit services. There are no fees relating to
tax advisory services, other assurance services and non-audit services in the current financial year and in the prior financial year.
The Company had no employees during the financial year (2023: None).
Share capital
Share capital is issued in Euro (''EUR''). The issued and partially called-up share capital is presented under equity in the Statement of
financial position.
The Company is entitled to receive a management fee under the terms of each TRS. The Swap Provider will pay the Company variable
amounts by way of payments under the terms of the relevant TRS, calculated by reference to the management fee rate as specified in note 10
and in the manner specified in note 3(e) to the financial statements.
The standard on segmental reporting puts emphasis on the “management approach” to reporting on operating segments. An operating
segment is a component of the Company that engages in business activities from which it may earn revenue and incur expenses. The
Directors are considered to be the chief operating decision makers of the Company.
General operational expenses such as IPA fees, determination agent fees, registrar fees, trustee fees, stock exchange fees and Regulatory News
Service (RNS) fees, audit fees, tax fees and legal fees are borne by WisdomTree Multi Asset Management Limited on behalf of the Company.
Financial year
ended
For the financial year ended 31 December 2024
Financial year
ended
Financial year
ended
Financial year
ended
Financial year
ended
WisdomTree Multi Asset Issuer Plc
Page 29
NOTES TO THE FINANCIAL STATEMENTS (continued)
6
Tax on profit on ordinary activities
Financial year
ended
Financial year
ended
31-Dec-24
31-Dec-23
EUR
EUR
(a) Analysis of tax charge in the financial year
Current tax
250 250
Deferred tax
--
Total tax charge on profit for the financial year
250 250
(b) Reconciliation of effective tax rate
Operating profit before tax
1,000 1,000
Expected tax charge based on standard rate of 12.5%
125 125
Financial year
ended
Financial year
ended
31-Dec-24
31-Dec-23
EUR
EUR
Effects of:
Higher tax rate applicable under Section 110 TCA, 1997
125 125
Total tax charge on profit for the financial year
250 250
7
Financial assets at fair value through profit or loss
31-Dec-24
31-Dec-23
EUR
EUR
Total return swaps
1,741,215,247 1,412,979,714
Movement in financial assets at fair value through profit or loss
31-Dec-24
31-Dec-23
EUR
EUR
At beginning of the financial year
1,412,979,714 1,167,666,357
Additions during the financial year
2,001,389,963 2,797,779,619
Disposals during the financial year
(1,906,776,112) (2,602,398,341)
Realised gains/(losses) on financial assets at fair value through profit or loss
5,547,983 (1,093,273,347)
Unrealised appreciation on financial assets at fair value through profit or loss
148,456,998 1,169,468,915
Foreign exchange movements
79,616,701 (26,263,489)
At end of the financial year
1,741,215,247 1,412,979,714
Total return swaps
31-Dec-24
31-Dec-23
EUR
EUR
Equities (market value)
1,071,256,899 1,120,278,806
Bonds (market value)
668,583,772 301,629,961
1,739,840,671 1,421,908,767
Collateral received on TRSs
The Company is a qualifying company within the meaning of Section 110 of the TCA. As such, the profits are chargeable to corporation tax
under Case III of Schedule D at a rate of 25%, but are computed in accordance with the provisions applicable to Case 1 of Schedule D of the
TCA. Please refer to note 3(f) to the financial statements for further information. There were no deferred tax assets or liabilities at 31
December 2024 (2023: EUR Nil).
The Swap Provider transfers collateral to the Company in respect of its obligations under a relevant swap agreement. Collateral is in the form
of government bonds or listed equities. The Bank of New York Mellon, as collateral administrator determines the market value of the
collateral held on behalf of the Company.
All unrealised appreciation on financial assets are attributable to market risk arising from price, commodity, currency and interest rate risk.
For the financial year ended 31 December 2024
The collateral coverage over the market value of the ETP Securities as at 31 December 2024 was 99.9% (2023: 101%).
The Company enters into a derivative contract with the Swap Provider, BNP Paribas Financial Markets S.N.C. each time ETP Securities are
issued or redeemed to eliminate its exposure to market risk, interest rate risk and currency risk within the Company.
The TRSs entered into as at 31 December 2024 and 31 December 2023 have a value equal but opposite in sign to the value of the ETP
Securities in issue as at 31 December 2024 and 31 December 2023.
WisdomTree Multi Asset Issuer Plc
Page 30
NOTES TO THE FINANCIAL STATEMENTS (continued)
7
Financial assets at fair value through profit or loss (continued)
Government bonds comprise the following types of bonds:
Money Market Companies:
Sovereign Fixed income:
Stripped and unstripped national bonds issued by one of the following countries:
-
-
-
8
Other receivables
31-Dec-24
31-Dec-23
EUR EUR
Management fees receivable
1,154,216 850,544
Other receivables
37,452 6,618
1,191,668 857,162
9
Cash and cash equivalents
31-Dec-24
31-Dec-23
EUR EUR
Cash at bank
11,736 11,820
The cash at bank is held with Allied Irish Banks Plc.
10
Financial liabilities at fair value through profit or loss
31-Dec-24
31-Dec-23
EUR EUR
ETP Securities issued
1,741,215,247 1,412,979,714
Movement in financial liabilities at fair value through profit or loss 31-Dec-24
31-Dec-23
EUR EUR
At beginning of the financial year
1,412,979,714 1,167,666,357
Issued during the financial year
2,001,389,963 2,797,779,619
Redeemed during the financial year
(1,906,776,112) (2,602,398,341)
Realised losses/(gains) on financial liabilities at fair value through profit or loss
5,547,983 (1,093,273,347)
Unrealised depreciation on financial liabilities at fair value through profit or loss
148,456,998 1,169,468,915
Foreign exchange movements
79,616,701 (26,263,489)
At end of the financial year
1,741,215,247 1,412,979,714
AAA Government or Treasury money market companies only with no asset
backed securities or collateralised debt obligations.
US Agencies 100% backed by the US Government.
All unrealised appreciation/(depreciation) on financial liabilities are attributable to market risk arising from price, commodity and interest rate
risk.
Collateral consists of equities and bonds satisfying certain criteria and subject to certain margin percentages and concentration limits.
Collateral amounts as agreed between the Company and the Swap Provider are held by The Bank of New York Mellon and identified as held
on behalf of the Company; the collateral cannot be re-used or repledged. All collateral as at 31 December 2024 and 31 December 2023
consists of listed equities and government bonds as agreed between the Swap Provider and the Company.
Stripped and unstripped national bonds issued by USA, G10 and other
European government bonds with minimal ratings of AA
For the financial year ended 31 December 2024
ETP Securities issued for a particular Class are measured at fair value through profit or loss.
Supranational bonds with a L-T issuer rating not lower than AAA
All ETP Securities in issue as at 31 December 2024 are listed for trading on the London Stock Exchange, Borsa Italiana, Euronext Paris and
on the Deutsche Borse Xetra.
The Company earns a management fee on each swap transaction from the Swap Provider. The swap management fee is calculated as defined
in each swap transaction supplement which is entered into between the Swap Provider and the Company.
The Company's obligations under the financial liabilities issued are secured by the TRSs as per note 7 to the financial statements. The
investors' recourse per Class is limited to the assets of that particular Class. The legal maturity of the ETP Securities is 30 November 2062.
ETP Securities cannot be issued without a matching TRSs being in place. The maturity profile of the TRSs is a minimum of two years with
one year rolling contracts thereafter. Should the swap counterparty wish to terminate there is a requirement for one year notice of termination
to be issued to the Company. This allows the Company the time to obtain a new Swap Provider. If no replacement Swap Provider can be
identified the Company would redeem all outstanding ETP Securities. ETP Securities can be issued and redeemed daily. Therefore, the Class
have an option for early redemption.
WisdomTree Multi Asset Issuer Plc
Page 31
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
Description
ISIN CCY
Outstanding Fair value Outstanding Fair value
Fee rate
Units Units
31-Dec-24 31-Dec-24 31-Dec-23
31-Dec-23
EUR
EUR
0.75% IE00B878KX55 EUR
37,916 12,661,498 84,164 19,392,733
0.80% IE00B8GKPP93 EUR
72,082,102 26,117,090 48,255,489 28,422,855
0.75% IE00B7SD4R47 EUR
48,642 18,429,186 54,591 17,702,185
0.80% IE00B8JF9153 EUR
55,610,564 18,204,741 35,210,266 15,501,665
0.75% IE00B8NB3063 EUR
190,402 32,871,475 277,545 34,465,111
0.80% IE00B873CW36 EUR
696,630 29,597,732 113,642,441 38,109,243
0.30% IE00BKS8QN04 EUR
19,574 1,225,090 19,274 1,069,679
0.30% IE00BKT09255 EUR
72,026 6,132,047 74,326 7,022,511
0.60% IE00BKS8QM96 EUR
63,461 1,586,865 98,461 2,618,233
0.60% IE00BKT09149 EUR
76,026 9,559,837 64,526 7,636,435
0.89% IE00BLS09N40 EUR
5,106,490 62,060,588 9,625,753 67,223,378
0.99% IE00BYNXNS22 EUR
365,843 3,560,228 365,843 4,118,391
0.49% IE00BYNXPH56 EUR
16,040 778,678 16,040 667,953
WisdomTree FTSE MIB Banks 0.35% IE00BYMB4Q22 EUR
29,819 13,883,458 33,352 9,025,385
0.30% IE00BF4TW453 EUR
22,720 1,552,392 25,600 1,519,408
0.75% IE00B88D2999 GBP
135,344 38,882,127 116,428 28,829,555
0.80% IE00B7VB3908 GBP
3,559,042 11,386,219 5,292,341 19,030,147
0.49% IE00B94QKC83 GBP
9,180 2,252,318 9,580 2,048,039
0.55% IE00B94QKF15 GBP
55,145 1,068,996 48,380 953,808
0.49% IE00B94QKG22 GBP
35,484 2,026,868 35,484 1,944,742
0.60% IE00B94QKJ52 GBP
26,884 6,766,824 24,879 5,640,146
0.65% IE00BBGBF313 GBP
151,113 6,822,152 548,075 24,027,068
0.30% IE00BKT09479 GBP
134,506 10,932,022 274,706 28,677,234
0.30% IE00BKS8QQ35 GBP
101,290 8,369,808 148,790 8,692,954
0.25% IE00BF4TW560 GBP
1,808 271,295 3,001 374,343
Balance carried forward
326,999,534 374,713,201
WisdomTree FTSE 100 2x Daily
Short
WisdomTree FTSE MIB 3x
Daily Leveraged
WisdomTree Bund 10Y 3x Daily
Short
WisdomTree Bund 10Y 3x Daily
Leveraged
Management
WisdomTree DAX 3x Daily
Leveraged
WisdomTree FTSE MIB 3x
Daily Short
WisdomTree EURO STOXX
50® 3x Daily Short
WisdomTree EURO STOXX
50® 3x Daily Leveraged
WisdomTree Bund 30Y 3x Daily
Short
WisdomTree Gilts 10Y 3x Daily
Leveraged
WisdomTree FTSE 100 1x Daily
Short
WisdomTree BTP 10Y 3x Daily
Leveraged
WisdomTree BTP 10Y 3x Daily
Short
The financial liabilities in issue at 31 December 2024 and 31 December 2023 are as follows:
WisdomTree DAX 3x Daily
Short
For the financial year ended 31 December 2024
WisdomTree FTSE 250 1x Daily
Short
WisdomTree FTSE 100 3x Daily
Leveraged
WisdomTree FTSE 100 2x Daily
Leveraged
WisdomTree FTSE 250 2x Daily
Leveraged
WisdomTree Gilts 10Y 1x Daily
Short
WisdomTree Gilts 10Y 3x Daily
Short
WisdomTree EURO STOXX
Banks 3x Daily Leveraged
Financial liabilities at fair value through profit or loss (continued)
WisdomTree FTSE 100 3x Daily
Short
WisdomTree BTP 10Y 5x Daily
Short
WisdomTree Bund 10Y 5x Daily
Short
WisdomTree Multi Asset Issuer Plc
Page 32
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
The financial liabilities in issue at 31 December 2024 and 31 December 2023 are as follows (continued):
Description
ISIN CCY
Outstanding Fair value Outstanding Fair value
Fee rate
Units Units
31-Dec-24 31-Dec-24 31-Dec-23
31-Dec-23
EUR
EUR
Balance brought forward
326,999,534 374,713,201
0.75% IE00B7Y34M31 USD
1,338,358 144,982,263 1,419,416 89,261,932
0.80% IE00B8K7KM88 USD
1,859,958 31,240,478 1,475,797 41,927,190
0.99% IE00B8HGT870 USD
818,211 47,778,379 840,011 27,882,433
0.99% IE00B6X4BP29 USD
1,299,137 11,856,402 429,537 7,210,986
0.99% IE00B8JVMZ80 USD
1,819,707 21,228,722 1,078,807 13,296,475
0.99% IE00B8KD3F05 USD
691,731 3,130,152 472,731 2,654,391
0.99% IE00B76BRD76 USD
916,155 42,528,638 21,825 23,547,986
0.99% IE00B7XD2195 USD
1,864,174 83,495,006 1,474,974 54,230,745
0.99% IE00B8JG1787 USD
11,347,498 8,479,843 3,709,298 6,908,973
0.95% IE00B94QLR02 USD
26,112 429,747 110,114 1,550,182
0.95% IE00B94QLN63 USD
1,948,740 13,653,321 1,076,140 13,061,497
0.30% IE00BKT09032 USD
205,700 13,911,913 158,700 11,456,105
0.25% IE00BVFZGC04 USD
424,379 10,161,951 738,579 14,653,788
0.25% IE00BVFZGD11 USD
204,872 7,973,848 216,172 7,245,262
0.50% IE00BYNXPJ70 USD
5,054 560,095 5,054 415,321
0.99% IE00BYTYHN28 USD
195,735 12,144,594 236,445 14,492,802
0.99% IE00BYTYHM11 USD
246,771 1,111,572 335,888 1,635,633
0.30% IE00BF4TW784 USD
7,300 878,192 14,800 1,198,309
0.30% IE00BKS8QT65 USD
9,116 987,185 10,616 911,014
0.40% IE00BF4TWC33 USD
855,850 27,526,514 1,011,050 29,616,554
WisdomTree Energy Enhanced 0.40% IE00BF4TWF63 USD
27,976 795,531 45,976 1,261,168
0.75% IE00BLRPRL42
USD
1,681,314 386,842,535 1,954,636 271,131,758
0.80% IE00BLRPRJ20
USD
10,647,315 66,613,304 5,306,426 63,162,257
0.99% IE00BLRPRG98
USD
2,278,219 38,295,497 237,151,297 56,113,640
0.99% IE00BLRPRK35
USD
13,678,929 9,745,486 11,650,329 12,293,935
Balance carried forward
1,313,350,702 1,141,833,537
WisdomTree NASDAQ 100 3x
Daily Short
WisdomTree Silver 3x Daily
Leveraged
WisdomTree Copper 3x Daily
Leveraged
Management
WisdomTree S&P 500 3x Daily
Leveraged
For the financial year ended 31 December 2024
WisdomTree Gold 3x Daily
WisdomTree S&P 500 3x Daily
Short
WisdomTree Natural Gas 3x
Daily Leveraged
WisdomTree US Treasuries 30Y
3x Daily Short
WisdomTree US Treasuries 10Y
3x Daily Short
WisdomTree Emerging Markets
3x Daily Leveraged
WisdomTree Copper 3x Daily
Short
WisdomTree Silver 3x Daily
Short
WisdomTree US Treasuries 10Y
5x Daily Short
WisdomTree Bloomberg WTI
Crude Oil
WisdomTree Gold 3x Daily
Leveraged
WisdomTree Palladium 2x Daily
Leveraged
WisdomTree Bloomberg Brent
Crude Oil
WisdomTree Palladium 1x Daily
Short
WisdomTree Industrial Metals
Enhanced
WisdomTree Emerging Markets
3x Daily Short
WisdomTree Natural Gas 3x
Daily Short
WisdomTree US Treasuries 10Y
3x Daily Leveraged
Financial liabilities at fair value through profit or loss (continued)
WisdomTree Brent Crude Oil 3x
Daily Short
WisdomTree NASDAQ 100 3x
Daily Leveraged
WisdomTree Multi Asset Issuer Plc
Page 33
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
The financial liabilities in issue at 31 December 2024 and 31 December 2023 are as follows (continued):
Description
ISIN CCY
Outstanding Fair value Outstanding Fair value
Fee rate
Units Units
31-Dec-24 31-Dec-24 31-Dec-23
31-Dec-23
EUR
EUR
Balance brought forward
1,313,350,702 1,141,833,537
0.99% IE00BLRPRH06
USD
831,885 17,448,297 1,722,495,877 30,565,943
0.99% IE00BMTM6D55
USD
400,201 11,514,894 237,861 6,813,652
0.99% IE00BMTM6B32
USD
1,713,790 47,787,403 1,443,790 37,950,587
0.99% IE00BMTM6C49
USD
588,747 25,433,842 58,467,087 31,437,406
0.40% XS2284324667
EUR
51,671 1,631,503 78,671 2,601,979
0.05% XS2427362145
EUR
630,436 21,538,008 147,192 4,557,117
0.18% XS2427354985
EUR
133,420 5,084,344 54,408 1,769,833
0.05% XS2427355958
USD
1,654,598 56,433,773 521,480 13,399,014
0.80% XS2427363895
EUR
60,090 1,141,564 14,990 375,745
0.85% XS2427474023
EUR
31,381 383,374 31,381 360,274
0.80% XS2427363036
EUR
15,750 498,865 15,500 414,315
0.85% XS2437455608
EUR
59,000 602,252 15,000 201,015
0.45% XS2425842106
USD
122,000 1,957,866 107,000 1,635,734
0.45% XS2425848053
USD
12,030,900 216,419,192 8,251,200 135,478,139
0.49% XS2602441086 USD
42,000 1,035,559 50,000 1,104,332
0.75% XS2637077020 EUR
20,500 952,915 16,000 853,637
0.80% XS2637077533 EUR
22,000 992,006 15,000 677,790
0.89% XS2637076568 EUR
288,000 4,464,273 25,000 949,665
* 0.70% XS2771642134 USD
37,000 1,169,948 - -
* 0.70% XS2771611840 USD
88,044 560,315 - -
* 0.70% XS2771643025 USD
166,345 5,247,769 - -
* 0.70% XS2771642308 USD
114,500 991,658 - -
* 0.95% XS2771500696 EUR
31,500 578,730 - -
* 0.95% XS2771642720 EUR
51,600 731,107 - -
* 0.95% XS2771503104 EUR
75,000 1,140,024 - -
* 0.95% XS2771502718 EUR
35,000 599,532 - -
* 0.49% XS2872233403 EUR
47,301 1,525,532 - -
1,741,215,247 1,412,979,714
WisdomTree European Natural
Gas
WisdomTree EURO STOXX 50
5x Daily Short
WisdomTree FTSE MIB
WisdomTree S&P 500
WisdomTree STOXX Europe
Automobiles 2x Daily Leveraged
WisdomTree STOXX Europe
Oil & Gas 2x Daily Short
WisdomTree STOXX Europe
Travel & Leisure 2x Daily
WisdomTree Copper IE
WisdomTree FTSE MIB 5x
Daily Short
WisdomTree WTI Crude Oil 3x
Daily Leveraged
WisdomTree Battery Metals
WisdomTree Energy Transition
Metals
WisdomTree EURO STOXX 50
WisdomTree CAC 40 3x Daily
Leveraged
WisdomTree CAC 40 3x Daily
Short
WisdomTree EURO STOXX
Banks 3x Daily Short
WisdomTree Energy Enhanced -
EUR Daily Hedged
WisdomTree FTSE MIB 5x
Daily Leveraged
WisdomTree NASDAQ 100 5x
Daily Short
WisdomTree EURO STOXX 50
5x Daily Leveraged
Financial liabilities at fair value through profit or loss (continued)
WisdomTree S&P 500 VIX
Short-Term Futures 2.25x Daily
Leveraged
Management
For the financial year ended 31 December 2024
WisdomTree STOXX Europe
Travel & Leisure 2x Daily Short
WisdomTree Brent Crude Oil 3x
Daily Leveraged
WisdomTree WTI Crude Oil 3x
Daily Short
WisdomTree NASDAQ 100 5x
Daily Leveraged
WisdomTree S&P 500 5x Daily
Leveraged
WisdomTree S&P 500 5x Daily
Short
Page 34
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
All ETP Securities in issue have a maturity date as at 30 November 2062.
There has been no change in the management fee rates since last financial year.
*These ETP Securities were newly launched during the financial year ended 31 December 2024.
11
Other payables
31-Dec-24
31-Dec-23
EUR EUR
Management fees payable
1,154,216 850,544
Other payables
200 200
1,154,416 850,744
12
31-Dec-24
31-Dec-23
Authorised:
EUR EUR
100,000 ordinary shares of EUR1 each
100,000 100,000
31-Dec-24
31-Dec-23
Issued:
EUR EUR
40,000 ordinary shares of EUR1 each (paid up to EUR 0.25 each)
40,000 10,000
Presented as follows:
EUR EUR
Called up share capital presented as equity
40,000 10,000
13
The Share Trustee, Apex Financial Services (Trustees) Limited, has appointed a Board to run the day to day activities of the Company.
At a board meeting held on 7 February 2025, the board approved the share transfers as below.
x
Forbrit Corporate Director 3 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 1 Limited
x
Forbrit Corporate Director 4 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 2 Limited
x
Apex Financial Services (Trustees) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
x
Apex Financial Services (Foundations) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limite
x
Apex Financial Services (Nominees 3) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Nominees 2) Limited
x
14
The issued shares were held by Apex Financial Services (Nominees 1) Limited holding 39,994 shares. At 31 December 2024, Apex Financial
Services (Nominees 2) Limited, Apex Financial Services (Nominees 3) Limited, Apex Financial Services (Trustees) Limited, Forbrit
Corporate Director 3 Limited, Forbrit Corporate Director 4 Limited and Apex Financial Services (Foundations) Limited, each holding 1 share
in the Company. All shares are held in trust for charity under the terms of Declaration of Trust.
Financial liabilities at fair value through profit or loss (continued)
Transactions with Administrator and Directors
Apex IFS Limited (the ''Administrator'') provides services such as accounting and reporting, company secretarial, issuing and paying agent
(until 21 October 2024) and other administration services to the Company. In respect of the aforementioned services, WisdomTree Multi
Asset Management Limited paid fees amounting to EUR 149,360 (2023: EUR 163,623) to Apex IFS Limited during the financial year ended
31 December 2024. As at 31 December 2024, EUR 42,233 (2023: EUR 47,700) was payable by WisdomTree Multi Asset Management
Limited to Apex IFS Limited.
The net proceeds of issuance of ETP Securities are paid by the Company to the Swap Provider through the TRSs in order to hedge its
obligations in connection with the ETP Securities, provided that prior to payment the Swap Provider has delivered eligible collateral to the
collateral administrator on behalf of the Company. Any increase in the Company's exposure to the Swap Provider resulting from the entry
into, or increase in the size of, a swap transaction must be collateralised by delivering eligible collateral meeting the relevant requirements.
WisdomTree Multi Asset Issuer Plc
For the financial year ended 31 December 2024
Related party transactions including transactions with Administrator and Manager
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings. No dividends were paid during the financial year or proposed by the Directors at the reporting date (2023: EUR Nil).
Called up share capital presented as equity
Apex Group Trustee Services Limited transfer of 39,994 ordinary shares of €1.00 each paid up to €0.25 to Apex Financial Services
(Nominees 1) Limited
Ownership of the Company
Page 35
NOTES TO THE FINANCIAL STATEMENTS (continued)
14
15
(a) Market risk;
(b) Credit risk;
(c) Liquidity risk; and
(d) Operational risk.
(a) Market risk
Transactions with Manager
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits
and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in
market conditions and the Company’s activities.
Under deed of novation dated 21 October 2024, the role of issuing and paying agent is now undertaken by Apex Fund Services (Ireland)
Limited. In respect of this services, WisdomTree Multi Asset Management Limited paid fees amounting to EUR 7,000 (2023: EUR Nil) to
Apex Fund Services (Ireland) Limited during the financial year ended 31 December 2024. As at 31 December 2024, EUR 8,000(2023: EUR
Nil) was payable by WisdomTree Multi Asset Management Limited to Apex Fund Services (Ireland) Limited. Apex IFS ltd and AFSIL are
both 100% owned by Apex Co Services (Cyprus) Limited.
Sarah Warr and Bryan Governey are directors of the Company and employees of the WisdomTree Group as at 31 December 2024, and did not
receive any additional remuneration for their role as Directors of the Company (2023: EUR Nil).
APEX IFS Limited provides corporate administration services to the Company at arm’s length commercial rates. The Company has agreed an
annual fee of EUR 149,360 per annum (2023: EUR 163,811). The terms of the agreement with APEX IFS Limited will provide for a single
fee for the provision of services (including the making available of individuals to act as directors of the Company). The individuals acting as
directors will not in their personal capacity or any other capacity, receive any fee for acting or having acted as directors of the Company.
Directors of the Company, who are also employees of the WisdomTree Group, do not receive any additional remuneration for their role as
Director of the Company (2023: EUR Nil).
WisdomTree Multi Asset Issuer Plc
The risk profile of the Company is such that market, credit, liquidity and other risks of the investment securities are borne fully by the holders
of ETP Securities issued.
The Company's liabilities in respect of the ETP Securities issued is referenced to various equity and commodity indices and is managed
by the Company by entering into a TRS with Swap Provider(s) which exactly match the liability created by the issue of ETP Securities.
Any movement in the value of the ETP Securities issued will be offset by an equal movement in the matching TRSs. If the price of an
underlying index has gone up/down 5%, the prices of the ETPs and TRSs tracking that index will go up/down depending on the
“Product Leverage Factor” (as defined in the base prospectus), in accordance with the formula for the price of the ETP in the base
prospectus. For example, if the Product Leverage Factor is +3 then if the price of the underlying index has gone up/down by 5% over a
period of one day, then both the ETP’s price and the price of the matching TRS will go up/down respectively by 15% on that day
(neglecting fees and funding and borrowing adjustments as detailed in the base prospectus). Therefore the Company’s sensitivity to
market movements is fully hedged. Any risks are borne by the noteholders.
The Company, and ultimately the holders of the ETP Securities, have exposure to the following risks from its use of financial instruments:
For the financial year ended 31 December 2024
Financial risk management
Related party transactions including transactions with Administrator and Manager (continued)
Rhys Owens and Roisin Dixon, act as directors of the Company and are also employees of APEX IFS Limited as at 31 December 2024.
Ciaran Connolly and Maria Dawson, who were alternate directors and who resigned during the year, were also employees of APEX IFS
WisdomTree Multi Asset Management Limited, as Manager, provides management services to the Company which includes paying operating
costs of the Company such as audit fees and corporate service fees. The Company was supplied services amounting to EUR 11,956,818
(2023: EUR 10,627,426) from the Manager during the financial year ended 31 December 2024. As at 31 December 2024, EUR 1,154,216
(2023: EUR 850,544) was payable by the Company to the Manager. The Company earns a corporate benefit fee of EUR 1,000 for the
financial year ended 31 December 2024 (2023: EUR 1,000) from the Manager and an amount of EUR 6,452 (2023: EUR 5,618) was
receivable as at 31 December 2024.
This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for
measuring and managing these risks.
Risk management framework
Page 36
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(a) Market risk (continued)
(i) Interest rate risk
Sensitivity analysis
(ii) Currency risk
2024
2023
EUR
EUR
USD : EUR 0.9657
0.9053
GBP : EUR 1.2095
1.1540
JPY : EUR 0.0058
0.0064
Sensitivity analysis
(iii) Price risk
Sensitivity analysis
Price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices, whether caused by
factors specific to an individual investment, its Company or all factors affecting all instruments traded in the market. The Company
does not consider price risk to be a significant risk to the Company as any fluctuation in the value of financial assets at fair value
through profit or loss held by the Company will be offset by movements in the fair value of the issued ETP Securities.
Any changes in the values of the TRSs held by the Company would not have any effect on the equity or profit or loss of the
Company as any fair value fluctuations are ultimately borne by either the swap counterparties or the holders of the ETP Securities
issued by the Company.
As the Company has entered into TRSs to match the ETP Securities in issue there is deemed to be no net interest rate risk to the
Company.
The impact of any change in the exchange rates on the financial assets is offset by the foreign exchange rate changes on the
financial liabilities. Therefore, any change in the exchange rates would have no net effect on the equity or the profit or loss of the
Company.
For the financial year ended 31 December 2024
WisdomTree Multi Asset Issuer Plc
A change of 100 basis points in the underlying index of ETP Securities in issue (neglecting the effect of daily fees) at the reporting
date would have increased or (decreased) the fair value of financial liabilities by EUR 20,627,346/EUR (20,627,346) (2023: EUR
15,665,609/EUR (15,665,609)). A change of 100 basis points in the underlying index of TRSs entered into at the reporting date
would have increased (or decreased) the fair value of financial assets by EUR 20,627,346/EUR (20,627,346) (2023: EUR
15,665,609/EUR (15,665,609)).
Any changes in the values of the TRSs held by the Company would not have any effect on the equity or profit or loss of the
Company as any fair value fluctuations are ultimately borne by either the swap counterparties or the holders of the ETP Securities
issued by the Company.
The following significant exchange rates applied during the financial year:
A change of 25 basis points in interest rates (neglecting the effect of daily fees) at the reporting date would have increased or
(decreased) the fair value of financial liabilities by EUR 30,891/EUR (30,891) (2023: EUR 59,178/EUR (59,178)). A change of
25 basis points in interest rates at the reporting date would have increased (or decreased) the fair value of financial assets by EUR
30,891/EUR (30,891) (2023: EUR 59,178/EUR (59,178)).
The Company holds a current account and three currency accounts at Allied Irish Banks Plc in Ireland. Due to the level of cash
held in the account the Directors do not believe that any move in interest rates would affect the operations of the Company.
Financial risk management (continued)
A change of 100 basis points in exchange rates namely GBP and USD (neglecting the effect of daily fees) at the reporting date
would have increased or (decreased) the fair value of financial liabilities by EUR 14,611,303/EUR (14,611,303) (2023: EUR
11,457,232/EUR (11,457,232)). A change of 100 basis points in exchange rates namely GBP and USD at the reporting date would
have increased (or decreased) the fair value of financial assets by EUR 14,611,303/EUR (14,611,303) (2023: EUR
11,457,232/EUR (11,457,232)).
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates. As the Company has entered into TRSs to match the ETP Securities in issue there is deemed to be no net
currency risk to the Company.
Any changes in the values of the TRSs held by the Company would not have any effect on the equity or profit or loss of the
Company as any fair value fluctuations are ultimately borne by either the swap counterparties or the holders of the ETP Securities
issued by the Company.
Closing rate
Page 37
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(b) Credit risk
EUR
EUR
31-Dec-24
31-Dec-23
Financial assets at fair value through profit or loss
1,741,215,247 1,412,979,714
Other receivables
1,191,668 857,162
Cash and cash equivalents
11,736 11,820
1,742,418,651 1,413,848,696
Concentration risk
EUR
EUR
31-Dec-24
31-Dec-23
TRSs - BNP Paribas Financial Markets S.N.C. 1,741,215,247
1,412,979,714
(group credit rating as at date of signing of financial statements S&P: A-1 (2023: A-))
EUR EUR
31-Dec-24
31-Dec-23
Collateral - The Bank of New York Mellon 1,739,840,671
1,421,908,767
(group credit rating as at date of signing of financial statements S&P: A-1+ (2023: A-1+))
EUR EUR
31-Dec-24 31-Dec-23
Cash at bank - Allied Irish Banks Plc 11,736 11,820
(group credit rating as at date of signing of financial statements S&P: A-1 (2023: A-))
(c) Liquidity risk
The Directors feel that there is minimal risk to the Company by holding the Company cash with the one bank, as the Company has
minimal cash held in the bank account at any given time.
For the financial year ended 31 December 2024
Liquidity risk is the risk that the Company may be unable to fulfil its obligations (by delivery of cash) whether expected or unexpected.
The legal maturity of the ETP Securities is 30 November 2062. ETP Securities cannot be issued without a matching TRSs being in
place. Should the swap counterparty wish to terminate there is a requirement for one year notice of termination to be issued to the
Company. This allows the Company the time to obtain a new Swap Provider. If no replacement Swap Provider can be identified the
Company would redeem all outstanding ETP Securities.
Credit/Counterparty risk refers to the risk that each counterparty to a Swap Agreement will default on its contractual obligations as
Swap Provider resulting in the Company being unable to make payment of amounts due to the ETP holders. Accordingly, the Company
and the ETP Securities holders are exposed to the creditworthiness of each relevant Swap Provider.
The Company's maximum exposure to credit risk in the event that counterparties fail to perform their obligations as at 31 December
2024 and 31 December 2023 in relation to each class of recognised financial assets is set out below:
At the reporting date, the Company's financial assets at fair value through profit or loss were concentrated in the following asset types:
Financial risk management (continued)
WisdomTree Multi Asset Issuer Plc
In order to mitigate this risk the Swap Provider will collateralise its obligations to the Company with eligible collateral being delivered
with respect to the Company’s net exposure to the Swap Provider in respect of all swap transactions entered into. Collateral is monitored
on a daily basis with the aggregate euro market value of eligible collateral required to be transferred to the Company by the relevant
Swap Provider in respect of any London Business Day calculated based on the Company’s net exposure to the Swap Provider in respect
of each swap transaction entered into with that Swap Provider daily (converted, if applicable, into euros at the prevailing currency
exchange rate). Custody risk on the collateral is managed by The Bank of New York Mellon who monitor the credit ratings of the
collateral daily and ensure the collateral is not re-used or repledged.
Page 38
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
The following are the contractual maturities of financial assets and financial liabilities:
Less than one
year
One to five years
More than five
years
EUR EUR
EUR
Financial assets through profit or loss 1,741,215,247 1,741,215,247 -
-
Management fees receivable 1,154,216 1,154,216 -
-
Other receivables 37,452 37,452 -
-
Cash and cash equivalents 11,736 11,736 -
-
1,742,418,651 1,742,418,651 -
-
Financial liabilities through profit or loss (1,741,215,247) (1,741,215,247) -
-
Management fees payable (1,154,216) (1,154,216) -
-
Other payables (200) (200) -
-
(1,742,369,663) (1,742,369,663) -
-
The following are the contractual maturities of financial assets and financial liabilities (continued):
Less than one
year
One to five years
More than five
years
EUR EUR EUR
Financial assets through profit or loss 1,412,979,714 1,412,979,714 - -
Management fees receivable 850,544 850,544 - -
Other receivables 6,618 6,618 - -
Cash and cash equivalents 11,820 11,820 - -
1,413,848,696 1,413,848,696 - -
Financial liabilities through profit or loss (1,412,979,714) (1,412,979,714) - -
Management fees payable (850,544) (850,544) - -
Other payables (200) (200) - -
(1,413,830,458) (1,413,830,458) - -
(d) Operational risk
(e) Offsetting Financial Assets and Financial Liabilities
Operational risks arise from all of the Company’s operations. The Company was incorporated with the purpose of engaging in those
activities outlined in the preceding paragraphs. Certain management and administration functions are outsourced to Apex IFS Limited
and WisdomTree Multi Asset Management Limited.
EUR
WisdomTree Multi Asset Issuer Plc
Financial assets and liabilities are offset and the net amount presented in the Statement of financial position when, and only when, the
Company has a current legal right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the
liability simultaneously. Income and expenses are presented on a net basis only when permitted by the accounting standards, or for gains
and losses arising from a group of similar transactions.
Where the Company does not meet the conditions, it has not offset financial assets. These are presented separately in the Statement of
financial position.
Financial risk management (continued)
31-Dec-23
Carrying amount
For the financial year ended 31 December 2024
31-Dec-24
Carrying amount
The Company is required to disclose the impact of offsetting assets and liabilities represented in the statement of financial position to
enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for
recognised assets and liabilities. These recognised assets and liabilities are financial instruments and derivative instruments that are
either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set off criteria: the
amounts owed by the Company to another party are determinable, the Company has the right to set off the amounts owed with the
amounts owed by the other party, the Company intends to set off, and the Company’s right of set off is currently enforceable at law.
EUR
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s processes,
personnel and infrastructure, and from external factors other than credit, markets and liquidity issues such as those arising from legal
and regulatory requirements and generally accepted standards to corporate behaviour.
The Company is also exposed to operational risks such as custody risk. Custody risk is the risk of loss of collateral held in custody
occasioned by the insolvency or negligence of the collateral administrator. Although an appropriate legal framework is in place that
eliminates the risk of loss of value of the securities held by the custodian, in the event of its failure, the ability of the Company to
transfer the securities might be temporarily impaired.
Page 39
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(e) Offsetting Financial Assets and Financial Liabilities (continued)
EUR EUR EUR EUR EUR
1,741,215,247 - 1,741,215,247 1,739,840,671
1,374,576
EUR EUR EUR EUR EUR
1,412,979,714 - 1,412,979,714 1,421,908,767 (8,929,053)
(f) Fair values
Fair Value Measurement Principles of ETP
Inputs Source
Underlying index Daily rate quoted on Bloomberg
Fees Product specific rate outlined in the Final Terms
Cash borrowing costs Daily rate quoted on Bloomberg; with product specific rate outlined in the Final Terms
Cash lending revenues Daily rate quoted on Bloomberg; with product specific rate outlined in the Final Terms
Stock borrowing costs Product specific rate outlined in the Final Terms
Revenues on collateral Daily rate quoted on Bloomberg; with product specific rate outlined in the Final Terms
WisdomTree Multi Asset Issuer Plc
31-Dec-23
Gross amount of
recognised
Financial Assets
For the financial year ended 31 December 2024
The Company did not enter into any master netting arrangements or offsetting agreements and as such, the Company has not set off any
amount for financial assets and financial liabilities in the financial statements. The Swap Provider transfers collateral to the Company in
respect of its obligations under a relevant swap agreement in order to mitigate the risk that the Swap Provider would default on its
contractual obligations. Should this event occur, the Company has the right to offset the financial assets at fair value through profit or
loss held with the Swap Provider with this Collateral.
Amount of recognised
Financial Assets set
off in the Statement
of financial position
Collateral
received/ held
The price per ETP is calculated daily to reflect the daily change in the relevant Index of the ETP, and will take into account all
applicable fees and adjustments. On the issue date of the class, the price per ETP will be equal to its issue price. On any valuation date
thereafter, the price per ETP is calculated according to a formula which reflects the price per ETP on the immediately preceding
valuation date, and adjusted based on the following observable inputs:
“Index Adjustments” reflect any cash borrowing costs, cash lending revenues, stock borrowing costs, revenues on collateral or costs of
transaction taxes, which are not already reflected in the Index. Costs and revenues such as these would be incurred by a hypothetical
investor seeking to gain a leveraged or a short exposure to a Benchmark Index.
The ETP Securities are valued independently of the Company and Swap Provider by a calculation agent using readily available,
observable inputs and the calculation agent has its own internal controls and risk management processes in place which are monitored
through regular meeting scheduled by the Board. No inputs need to be obtained by the calculation agent from the Company or the Swap
Provider. Hence, the Directors are satisfied with fair values received from the Swap Provider.
Net amount
presented in
statement of
financial
position
Financial risk management (continued)
31-Dec-24
Financial assets at fair value
through profit or loss
Financial assets at fair value
through profit or loss
Amount of recognised
Financial Assets set
off in the Statement
of financial position
Net amount
presented in
statement of
financial
position
Net amount
Gross amount of
recognised
Financial Assets
Net amount
Collateral
received/ held
Page 40
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(f) Fair values (continued)
Derivatives
Inputs Source
Underlying index Daily rate quoted on Bloomberg
Fees Product specific rate outlined in the Final Terms
Cash borrowing costs Daily rate quoted on Bloomberg; with product specific rate outlined in the Final Terms
Cash lending revenues Daily rate quoted on Bloomberg; with product specific rate outlined in the Final Terms
Stock borrowing costs Product specific rate outlined in the Final Terms
Revenues on collateral Daily rate quoted on Bloomberg; with product specific rate outlined in the Final Terms
(i)
(ii)
(iii)
Financial risk management (continued)
For the financial year ended 31 December 2024
Derivatives comprise TRSs and are valued at fair value utilising predefined formulae and market prices consistent with the ETP
valuation process outlined below.
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the last day of the accounting
year. There were no transfers during the financial year and the prior year between levels of the fair value hierarchy for financial assets
which are recorded at fair value.
“Index Adjustments” reflect any cash borrowing costs, cash lending revenues, stock borrowing costs, revenues on collateral or costs of
transaction taxes, which are not already reflected in the Index. Costs and revenues such as these would be incurred by a hypothetical
investor seeking to gain a leveraged or a short exposure to a benchmark index.
The price per TRS is calculated daily to reflect the daily change in the relevant Index of the TRS, and will take into account all
applicable fees and adjustments. On the issue date of the class, the price per TRS will be equal to its issue price. On any valuation date
thereafter, the price per TRS is calculated according to a formula which reflects the price per TRS on the immediately preceding
valuation date, and adjusted based on the following observable inputs:
Level 1: Financial instruments, whose values are based on quoted market prices in active markets, and therefore classified within
level 1, include active listed equities and exchange traded derivatives. Quoted prices for these instruments are not adjusted.
WisdomTree Multi Asset Issuer Plc
In the absence of readily available market prices the Swap Provider will provide the inputs for the valuation. Management separately to
the Swap Provider calculate the fair value and compare to the Swap Provider valuation and any variation is investigated. The valuation
determined by the swap counterparty may be based on assumptions of market conditions at the time of valuation, similar arms’ length
market transactions if available, reference to the current fair value of similar instruments and a variety of different valuation techniques
such as the discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of
prices obtained in actual market transactions.
The fair value of financial instruments carried at fair value is determined according to the following hierarchy:
Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market
prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include
investment-grade corporate bonds and over-the-counter derivatives. As level 2 financial instruments include positions that are not
traded in active markets and are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and non-
transferability, which are based on specific market information.
Level 3: Financial instruments classified within level 3 have significant unobservable inputs, as they trade infrequently. Pricing
inputs are unobservable for the financial instrument and include situations where there is little, if any, market activity for the
financial instrument. As observable prices are not available for these securities, the Company has used valuation techniques to
derive the fair value, if applicable.
The ETP Securities and TRSs are considered to be fair valued under level 2 (2023: same) as prices are calculated using a model that
uses observable inputs rather than using quoted exchange rates, to reflect the amount received by ETP holders on redemption.
Page 41
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(f) Fair values (continued)
Level 2 Level 3
Valuation Valuation
EUR EUR EUR
Financial assets at Fair Value
TRS - Commodities - 634,384,828 -
634,384,828
TRS - Equities - 1,029,076,476 -
1,029,076,476
TRS - Fixed Income - 60,305,646 -
60,305,646
TRS - FX - 17,448,297 -
17,448,297
- 1,741,215,247 -
1,741,215,247
Level 2 Level 3
Valuation Valuation
EUR EUR EUR
Financial liabilities at Fair Value
ETPs - Commodities - (634,384,828) -
(634,384,828)
ETPs - Equities - (1,029,076,476) -
(1,029,076,476)
ETPs - Fixed Income - (60,305,646) -
(60,305,646)
ETPs - FX - (17,448,297) -
(17,448,297)
- (1,741,215,247) -
(1,741,215,247)
Level 2 Level 3
Valuation Valuation
EUR EUR EUR
Financial assets at Fair Value
TRS - Commodities - 488,549,846 -
488,549,846
TRS - Equities - 817,486,035 -
817,486,035
TRS - Fixed Income - 76,377,890 -
76,377,890
TRS - FX - 30,565,943 -
30,565,943
- 1,412,979,714 -
1,412,979,714
Level 2 Level 3
Valuation Valuation
EUR EUR EUR
Financial liabilities at Fair Value
ETPs - Commodities - (488,549,846) - (488,549,846)
ETPs - Equities - (817,486,035) - (817,486,035)
ETPs - Fixed Income - (76,377,890) - (76,377,890)
ETPs - FX - (30,565,943) - (30,565,943)
- (1,412,979,714) - (1,412,979,714)
16 Capital management
31-Dec-24
Level 1
Net Total
EUR
Level 1
Net Total
There have been no transfers between levels 1, 2 and 3 during the financial year ended 31 December 2023.
The Company monitors its cash and ordinary shares as capital. The Company outsources the capital management of funds relating to the ETP
Securities and relevant TRSs to Link Market Services Trustees Limited and Apex IFS Limited, whereby all redemptions and subscriptions are
settled through International Central Securities Depositaries ("ICSD"). All other capital is managed through the Company's Allied Irish Bank
Plc currency accounts. The Board reviews the capital structure yearly to determine the appropriate level of capital required to meet the
Company’s objectives. The Company‘s objectives when maintaining capital are to maintain sufficient capital base in order to meet its short-
term obligations and at the same time preserve the long term goals of the Company.
Level 1
Net Total
Quoted price
WisdomTree Multi Asset Issuer Plc
EUR
EUR
Level 1
Net Total
Quoted price
Quoted price
There have been no transfers between levels 1, 2 and 3 during the financial year ended 31 December 2024.
For the financial year ended 31 December 2024
31-Dec-23
Financial risk management (continued)
At the reporting date the TRS and ETPs are classed as level 2.
Quoted price
EUR
NOTES TO THE FINANCIAL STATEMENTS (continued)
Page 42
17
Commitments and contingencies
Closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP
Closed
Open
Open
Closed
EUR 600,000 Open
Closed
The Company had no other commitments and contingencies as at 31 December 2024 (2023: none).
In March 2022, WisdomTree was served with three additional writs of summons to appear before the Court of Milan, Italy seeking
approximately €120,000, €600,000 and €700,000, respectively (“Milan Claim 3”, “Milan Claim 4” and “Milan Claim 5”) and another writ of
summons to appear before the Court of Turin, Italy seeking damages for approximately €2,000,000 resulting from the closure of 3OIL (“Turin
Claim”, and together with “Milan Claims 1-5”, the “Italian Claims”). The Turin Claim and Milan Claims 3, 4 and 5 were also served on
intermediary brokers who have joined the proceedings.
EUR 7,400,000
EUR 120,000
EUR 700,000
Claim
Current Status at 31 December
2024
In December 2020, the Company, WisdomTree UK Limited, WisdomTree Multi Asset Management Limited and WisdomTree Ireland
Limited (collectively, “WisdomTree”) were served with a writ of summons to appear before the Court of Milan, Italy (“Milan Claim 1”).
Investors had filed actions seeking approximately €8,900,000, resulting from the closure of the WisdomTree WTI Crude Oil 3x Daily
Leveraged ETP (“3OIL”) in March 2020. The product was dependent on the receipt of payments from a swap provider to satisfy payment
obligations to the investors. Due to an extreme adverse move in oil futures relative to the oil futures’ closing price, the swap contract
underlying 3OIL was terminated by the swap provider, which resulted in the compulsory redemption of 3OIL, all in accordance with the
prospectus.
WisdomTree Multi Asset Issuer Plc
Milan Claim 4
Milan Claim 5
Below is the latest status of each claim against the Company.
Approximate Value as at 31
December 2024
Notes
In February 2022, WisdomTree was served with another writ of summons to appear before the Court of Milan (“Milan Claim 2”). Additional
investors filed an action seeking approximately €3,400,000 resulting from the closure of 3OIL.
EUR 7,800,000
Turin Claim
Milan Claim 1
Milan Claim 2
Milan Claim 3
For the financial year ended 31 December 2024
Since 2022, the courts of Milan and Turin have held numerous hearings and ruled in some cases. Some of these rulings have been appealed by
the claimants and the table below summarise is the latest status of each claim against the Company.
EUR 2,000,000
On 20 January 2023 the court ruled in the
Company’s favour.
On 5 July 2023 the Court ruled in the
Company’s favour, but claim is subject to
appeal.
On 4 March 2024 the court ruled in the
Company’s favour, but claim is subject to
appeal.
On 6 February 2025 the court ruled in the
Company’s favour. On 10 March 2025 a
number of claimants appealed the court’s
decision.
On 18 October 2024 the court ruled in
the Company’s favour.
On 14 June 2024 the court ruled in the
Company’s favour.
WisdomTree is currently assessing the Milan Claims with Simmons & Simmons, its external counsel in Italy, and a provision has not been
made with respect to these matters at 31 December 2024 and 31 December 2023 in the financial statements of the Company. Should the Court
of Milan ultimately decide that payment is due to investors, the WisdomTree Group will financially support the Company in this regard. As at
31 December 2024, the Company has a contingent liability in respect of these claims. The range of €0 - approximately €15,800,000 represents
the best estimate of any possible outflows from this claim.
NOTES TO THE FINANCIAL STATEMENTS (continued)
Page 43
18
Subsequent events
Principal Reduction
(a) WisdomTree NASDAQ 100 3x Daily Short
(b)
At a board meeting held on 7 February 2025, the board approved the share transfers as below.
x
Forbrit Corporate Director 3 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 1 Limited
x
Forbrit Corporate Director 4 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 2 Limited
x
Apex Financial Services (Trustees) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
x
x
Apex Financial Services (Nominees 3) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Nominees 2) Limited
x
On 11 March 2025, the Board approved the issuance and admission to trading of the following products:
(a)
(b)
WisdomTree Russell 2000 securities and WisdomTree NASDAQ-100 both to be admitted to trading of these products on Borsa Italiana.
Restrike Event of WisdomTree S&P 500 VIX Short-Term Futures 2.25X Daily Leveraged and WisdomTree NASDAQ 100 5x Daily Short
19 Approval of financial statements
The Board approved these financial statements on 23 April 2025.
There have been no other significant subsequent events after the financial year up to the date of signing this report that require disclosure and
adjustment to the financial statements.
On 10 April 2025, the Company announced that due to movements in S&P 500 VIX futures contract prices referenced by the S&P 500 VIX
Short-term Futures Index (09:30-16:00 ET), a Restrike Event occurred with respect to the WisdomTree S&P 500 VIX Short-Term Futures
2.25X Daily Leveraged Securities. The Restrike Period started at 19:00:07 (London time) on 9 April 2025 and ended at 19:15:07 (London
time) on 9 April 2025. The Restrike Price per ETP Security was calculated at $7.2242993, based on the Restrike Index Level.
On 10 April 2025, the Company announced that due to movements in NASDAQ 100 Futures contract prices referenced by the US
Technology Rolling Futures ER Index, a Restrike Event occurred with respect to the WisdomTree NASDAQ 100 5x Daily Short Securities.
The Restrike Period started at 20:31:51 (London time) on 9 April 2025 and ended at 20:46:51 (London time) on 9 April 2025. The Restrike
Price per ETP Security was calculated at $28.1693375, based on the Restrike Index Level.
Apex Financial Services (Foundations) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company)
Limited
WisdomTree STOXX Europe Aerospace & Defence 3x Daily Leveraged securities and WisdomTree STOXX Europe Aerospace &
Defence 3x Daily Short securities both to be admitted to trading of these products on Deutsche Borse Xetra, Borsa Italiana and the
WisdomTree Multi Asset Issuer Plc
For the financial year ended 31 December 2024
In relation to the open claims disclosed in note 17, on 6 February 2025 ,with regards to the Milan Claim 2, the court ruled in the Company’s
favour. On 10 March 2025 a number of claimants appealed the court’s decision. As such the status of this claim remains open.
On 1 February 2025, the Company announces that the Daily Swap Rate for the following WisdomTree S&P 500 3x Daily Leveraged
will be amended from 0.00233% to 0.00136% per ETP. The Funding Spread of the Affected Securities is amended from 0.50% to
1.10% per annum. Effective date is 1 Feb 2025
On 28 January 2025, the Company announced the reduction in the principal amount of the WisdomTree NASDAQ 100 3x Daily Short
Securities from USD 1.218 to USD 0.1218 per unit.
Apex Group Trustee Services Limited transfer of 39,994 ordinary shares of €1.00 each paid up to €0.25 to Apex Financial Services
(Nominees 1) Limited