WisdomTree Multi Asset Issuer Plc
Directors' report and audited financial statements
For the financial year ended 31 December 2025
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 - 45
WisdomTree Multi Asset Issuer Plc
Page 1
Directors and other information
Directors
Fergal Molony (Irish) (Independent) (Non-Executive) (appointed on 2 May 2025)
Bryan Governey (Irish) (Independent) (Non-Executive)
Sarah Warr (British) (Independent) (Non-Executive)
Rhys Owens (Irish) (Independent) (Non-Executive) (resigned on 27 November 2025)
Roisin Dixon (Irish) (Independent) (Non-Executive) (resigned on 2 May 2025)
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 &
Apex Fund Services (Ireland) Limited (AFSIL)
Paying Agent
2nd Floor, Block 5
Irish Life Centre
Abbey Street Lower, Dublin 1
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 Banks plc
Currency Accounts Services
1 Adelaide Road, Dublin 2
Ireland
Margaret McCarthy (Irish) (Independent) (Non-Executive) (appointed as Alternate Director on 28 July 2025 and
resigned on 8 August 2025 and re-appointed as Director on 27 November 2025)
Initial Swap
Provider
Collateral
Administrator
Laura Morgan (Irish) (Independent) (Non-Executive) (appointed as Alternate Director on 31 July 2025 and resigned
on 15 August 2025)
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
•
the Company made a profit before tax of EUR 1,000 (2024: EUR 1,000);
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•
•
•
The Board of Directors (the "Directors" and/or the "Board") 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 2025.
the Company's unrealised appreciation on financial assets at fair value through profit or loss amounted to EUR 519,514,616 (2024: EUR
148,456,998);
the Company's realised losses on financial liabilities at fair value through profit or loss amounted to EUR 363,269,373 (2024: EUR
5,547,983); and
During the financial year:
the Company's realised gains on financial assets at fair value through profit or loss amounted to EUR 363,269,373 (2024: EUR 5,547,983);
the Company's unrealised depreciation on financial liabilities at fair value through profit or loss amounted to EUR 519,514,616 (2024: EUR
148,456,998).
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 2025 and 31 December 2024 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 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.
WisdomTree Multi Asset Issuer Plc
Page 4
Directors' report (continued)
Key performance indicators and business review (continued)
•
the Company issued the below listed 11 new Classes of ETP Securities (2024: 9):
- WisdomTree STOXX Europe Aerospace & Defence 3x Daily Leveraged launched on 3 April 2025
- WisdomTree Russell 2000 launched on 10 April 2025
- WisdomTree NASDAQ-100 launched on 10 April 2025
- WisdomTree STOXX Europe Aerospace & Defence 3x Daily Short launched on 25 April 2025
- WisdomTree Enhanced Commodity Carry launched on 28 April 2025
- WisdomTree Magnificent 7 3x Daily Leveraged launched on 19 June 2025
- WisdomTree Magnificent 7 3x Daily Short launched on 19 June 2025
- WisdomTree PHLX Semiconductor 3x Daily Leveraged launched on 19 June 2025
- WisdomTree PHLX Semiconductor 3x Daily Short launched on 19 June 2025
- WisdomTree S&P 500 EUR Daily Hedged launched on 23 September 2025
- WisdomTree World launched on 23 September 2025
•
•
(a) WisdomTree NASDAQ 100 3x Daily Short Securities
(b) WisdomTree FTSE MIB 3x Daily Short Securities
(c) WisdomTree Brent Crude Oil 3X Daily Short Securities
(d) WisdomTree S&P 500 3x Daily Leveraged Securities
(e) Wisdomtree S&P 500 3X Daily Short Securities
(f) WisdomTree Silver 3x Daily Short Securities
Temporary trading halts on WisdomTree SandP 500 VIX Short-Term Futures Daily Leveraged 2.25x ETP
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As at 31 December 2025:
On 28 July 2025, the Company announced the reduction in the principal amount of the WisdomTree FTSE MIB 3x Daily Short
Securities from EUR 4.2 to EUR 0.42 per share.
the financial liabilities in issue amounted to EUR 2,849,180,714 (2024: EUR 1,741,215,247);
the Company has invested in financial assets at fair value through profit or loss of EUR 2,849,180,714 (2024: EUR 1,741,215,247) as
disclosed in note 7 to the financial statements;
the net assets of the Company were EUR 49,738 (2024: EUR 48,988);
On 14 July 2025 and on 21 October 2025, the Company resumed creations from Authorised Participants in WisdomTree S&P 500 VIX Short-
Term Futures 2.25x Daily Leveraged.
On 1 August 2025, the Company announced the reduction in the principal amount of the WisdomTree Brent Crude Oil 3X Daily Short
Securities from USD 0.114 TO USD 0.0114 per share.
On 2 October 2025, the Company announced that the Daily Swap Rate for WisdomTree S&P 500 3x Daily Leveraged would be
amended from 0.00233% to 0.00136% per share. The Funding Spread of the Affected Security was amended from 0.50% to 1.10% per
annum.
During the financial year (continued):
there were subscriptions amounting to EUR 3,187,048,488 (2024: EUR 2,001,389,963) in the respective Class of ETP Securities as disclosed
in note 10 to the financial statements;
On 17 September 2025, the Company announced that the Daily Swap Rate for Wisdomtree S&P 500 3X Daily Short Securities would
be amended from USD 2.6 to USD 0.26 per share.
the following principal reductions took place regarding the below ETP Securities:
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 share.
the Company had 88 ETP Classes in issue across four asset classes (Commodities, Equities, Fixed Income, and FX) with leverage factors
ranging from 1x to 5x. The 11 new ETP Classes launched during 2025 expanded the Company's equity and commodity offerings. A detailed
breakdown of all ETP Securities in issue is provided in Note 10 to the financial statements; and
On 8 December 2025, the Company announced that the Daily Swap Rate for WisdomTree Silver 3x Daily Short Securities would be
amended from USD 0.2 to USD 0.002 per share.
On 16 June 2025 and on 13 October 2025, the Company made a public announcement that it had 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 were Euronext Italy, Euronext Paris and Deutsche Borse.
WisdomTree Multi Asset Issuer Plc
Page 5
Directors' report (continued)
Key performance indicators and business review (continued)
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Classes
Commodity ETPs
24 23 22 18 1
Equity ETPs
49 33 40 30 8
Fixed Income ETPs
14 6 11 3 -
FX ETPs
1 1 1 1 1
88 63 74 52 10
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
Future developments
Going concern
As part of the Directors’ evaluation, consideration was given to:
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•
•
Principal risks and uncertainties
Market risk
Some exchange codes on new securities issued during the prior financial year were consolidated with the exchange codes on existing
securities.
Total number of
ETPs
the support of the WisdomTree Group in respect to any litigation payment in respect to the Italian Claims, as detailed in note 17.
Euronext Paris
Borsa
Italiana
Xetra
Euronext Paris
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 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;
Xetra
Total number of
ETPs
31-Dec-24
31-Dec-25
London Stock
Exchange
As at 31 December 2025 (continued):
the Company had the following number of Classes, in aggregate, in issue, in the following exchanges (continued):
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.
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.
The Board continues to closely monitor and assess the impact of any ongoing events that may impact the Company’s portfolio operations and
valuation and will take any further actions needed or as required under the terms of the Prospectus, as facts and circumstances are subject to
change and may be specific to investments and jurisdictions. Whilst it is not currently possible to predict future market conditions and therefore
determine if any further action may be required on any other classes of ETP Securities, the action that may be required includes, but is not limited
to, temporarily not accepting applications for ETP Securities, temporarily suspending ETP Securities from trading on Stock Exchanges or a
compulsory redemption of ETP Securities.
The principal risks and uncertainties faced by the Company are set out below and in note 15 to the financial statements.
London Stock
Exchange
Borsa
Italiana
The Company will continue to seek new opportunities and it is anticipated that while some Securities will redeem, it is also expected that new
issuances will be made from time to time.
WisdomTree Multi Asset Issuer Plc
Page 6
Directors' report (continued)
Principal risks and uncertainties (continued)
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:
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Fergal Molony (Irish) (Independent) (Non-Executive) (appointed on 2 May 2025)
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Bryan Governey (Irish) (Independent) (Non-Executive)
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Sarah Warr (British) (Independent) (Non-Executive)
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Rhys Owens (Irish) (Independent) (Non-Executive) (resigned on 27 November 2025)
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Roisin Dixon (Irish) (Independent) (Non-Executive) (resigned on 2 May 2025)
Shares and shareholders
At a board meeting held on 7 February 2025, the board approved the share transfers as below.
•
Forbrit Corporate Director 3 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 1 Limited
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Forbrit Corporate Director 4 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 2 Limited
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Apex Financial Services (Trustees) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
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Apex Financial Services (Foundations) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
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Apex Financial Services (Nominees 3) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Nominees 2) Limited
Margaret McCarthy (Irish) (Independent) (Non-Executive) (appointed as Alternate Director on 28 July 2025 and resigned on 8 August 2025
and re-appointed as Director on 27 November 2025)
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.
None of the above Directors and Alternate Directors, who held office on 1 January 2025 and 31 December 2025 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.
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.
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 2025.
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.
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 (2024:
EUR Nil).
WisdomTree Multi Asset Issuer Plc
Page 7
Directors' report (continued)
Corporate Governance Statement
Introduction
Appointment and replacement of Directors and Amendments in the Articles of Association
Powers of Directors
Financial Reporting Process
Risk Assessment
Control Activities
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 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.
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 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.
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.
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.
WisdomTree Multi Asset Issuer Plc
Page 8
Directors' report (continued)
Corporate Governance Statement (continued)
Transfer of shares
Accounting records
Political donations
Significant events during the year
The following events occurred during the year:
Restrike Event of WisdomTree S&P 500 VIX Short-Term Futures 2.25X Daily Leveraged and WisdomTree NASDAQ 100 5x Daily Short
Subsequent events
Research and development costs
Audit committee
Independent Auditor
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 2025 (2024: EUR Nil).
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.
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.
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.
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.
The Company did not incur any research and development costs during the financial year (2024: EUR Nil).
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.
Under Section 1551 (11)(c) and Section 167 of the Companies Act 2014, the Directors of the Company decided that it is not appropriate to
establish an audit committee as the sole business of the Company relates to the issuance of exchange traded securities.
Deloitte Ireland LLP have indicated their willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014.
WisdomTree Multi Asset Issuer Plc
Page 9
Directors' report (continued)
Statement on relevant audit information
•
•
Directors' compliance statement
The Directors confirm that:
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•
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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:
•
•
On behalf of the Board
Fergal Molony Margaret McCarthy
Director Director
Date: 28 April 2026
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.
there is no relevant audit information of which the Company’s auditor is unaware; and
So far as the Directors are aware, each Director at the date of approval of this report and financial statements confirms that:
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;
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
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 were reviewed for the current financial year and will be reviewed on an annual basis onwards.
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.
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;
WisdomTree Multi Asset Issuer Plc
Page 10
Directors' responsibilities statement
●
●
●
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On behalf of the Board
Fergal Molony Margaret McCarthy
Director Director
Date: 28 April 2026
select suitable accounting policies and then apply them consistently;
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:
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
Continued on next page/
Deloitte Ireland LLP
Chartered Accountants &
Statutory Audit Firm
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
WISDOMTREE MULTI ASSET ISSUER PLC
Report on the audit of the financial statements
Opinion on the financial statements of WisdomTree Multi Asset Issuer Plc (the ‘company’)
In our opinion the financial statements:
• give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2025 and of the
profit for the financial year then ended; and
• have been properly prepared in accordance with the relevant financial reporting framework and, in particular, with the
requirements of the Companies Act 2014.
The financial statements we have audited comprise:
• the Statement of Comprehensive Income;
• the Statement of Financial Position;
• the Statement of Changes in Equity;
• the Statement of Cash Flows; and
• the related notes 1 to 19, including material accounting policy information as set out in note 3.
The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and International
Financial Reporting Standards (IFRS) as adopted by the European Union (“the relevant financial reporting framework”).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our
responsibilities under those standards are described below in the “Auditor's responsibilities for the audit of the financial statements”
section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), as
applied to public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Summary of our audit approach
Key audit matters
The key audit matters that we identified in the current year were:
• Valuation of financial assets at fair value through profit or loss.
• Existence of financial assets at fair value through profit or loss.
Materiality
The materiality that we used in the current year was €28.49m which was determined on the basis of
1% of financial liabilities at fair value through profit or loss.
Scoping
Our audit is a risk-based approach taking into account the structure of the company, types of financial
assets, the involvement of the third-party service providers, the accounting processes and controls in
place and the industry in which the company operates.
Significant changes in
our approach
There have been no significant changes in our approach from the prior year.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
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Continued on next page/
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting
included:
• As part of our risk assessment procedures, obtaining an understanding of the directors’ process for determining the
appropriateness of the going concern basis of accounting.
• Holding discussions with managemnt regarding the directors’ going concern assessment, including an understanding of the
impact of the economic environment.
• Challenging the directors’ conclusions on the going concern basis of accounting by assessing:
o the current year financial performance and the year-end position of the company;
o the limited recourse nature of the company’s financial liabilities; and
o the redemption clauses applicable to the financial liabilities.
• Challenging the reasonableness of the key assumptions applied by the directors in their assessment.
• Evaluating the completeness and accuracy, and the adequacy, of the relevant disclosures made in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of
this report.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current financial year and include the most significant assessed risks of material misstatement (whether or not due
to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of financial assets at fair value through profit or loss
Key audit matter
description
As at 31 December 2025, the financial assets at fair value through profit or loss, consisting of total return
swaps (“TRS”), were valued at €2,849m, making up approximately 99.9% of the company’s total assets
of €2,851m.
While the nature of the TRS do not require signficant levels of judgement the valuation of financial
assets at fair value through profit and loss is considered a key audit matter as it comprises the most
significant balances on the Statement of Financial Position. The valuation is also a key driver to the
financial performance of the company. The appropriate valuation of the company's financial assets is
crucial to ensuring the financial statements are free from material misstatement.
Please refer to the disclosures in notes 3(i), 7 and 15 of the financial statements.
How the scope of our
audit responded to the
key audit matter
The procedures we completed to address this key audit matter included:
• We obtained an understanding, assessed the design and determined the implementation of
the key controls that have been implemented over the valuation process for financial assets
at fair value through profit or loss.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
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Continued on next page/
• We independently valued the financial assets using industry model standards. We utilised
our internal valuation specialists to assess the appropriateness of the calculations used to
value the financial assets at fair value through profit or loss.
Existence of financial assets at fair value through profit or loss
Key audit matter
description
As at 31 December 2025, the financial assets at fair value through profit or loss, consisting of total return
swaps, were valued at €2,849m, making up approximately 99.9% of the company’s total assets of
€2,851m.
The existence of the financial assets at fair value through profit or loss is crucial to ensuring the
financial statements are free from material misstatement and involved significant audit effort in
performing audit procedures. There is a risk that the financial assets and financial liabilities may not
exist at year end.
Please refer to the disclosures in notes 3(i), 7 and 15 of the financial statements.
How the scope of our
audit responded to the
key audit matter
The procedures we completed to address this key audit matter included:
• We obtained an independent confirmation from the swap provider at the financial year end
and agreed amounts held to the financial assets at fair value through profit and loss
portfolio.
• We obtained an independent confirmation of the collateral posted/received on the total
return swaps from the collateral administrator.
Our audit procedures relating to these matters were designed in the context of our audit of the financial statements as a whole, and
not to express an opinion on individual accounts or disclosures. Our opinion on the financial statements is not modified with respect
to any of the risks described above, and we do not express an opinion on these individual matters.
Our application of materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of
our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Materiality
€28.49m (2024: €17.41m)
Basis for
determining
materiality
1% of financial liabilities at fair value through profit or loss.
Rationale for the
benchmark applied
We have considered financial liabilities at fair value through profit or loss to be the critical component for
determining materiality because the main objective of the company is to provide investors with a long-term
risk adjusted return and thus financial liabilities would be the most important measure for the primary users
(investors) of the financial statements.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
WISDOMTREE MULTI ASSET ISSUER PLC
Continued on next page/
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and
undetected misstatements exceed the materiality for the financial statements as a whole.
Performance materiality was set at 80% of materiality for the 2025 audit (2024: 80%). In determining performance materiality, we
considered the following factors:
• our understanding of the company;
• the quality of the company’s internal control environment and whether we are able to rely on controls;
• the nature and extent of misstatements identified in previous audits; and
• our expectations in relation to misstatements in the current period.
We agreed with the Board of Directors that we would report to the Board of Directors all audit differences in excess of €1.425m as
well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Board
of Directors on disclosure matters that we identified when assessing the overall presentation of the financial statements.
An overview of the scope of our audit
Our audit is a risk-based approach taking into account the structure of the company, types of financial assets, the involvement of the
third-party service providers, the accounting processes and controls in place and the industry in which the company operates.
We have conducted our audit based on the books and records maintained by the administrator, Apex IFS Limited at Irish Life Centre,
Abbey Street Lower, Dublin 1. We focused our audit scope, and the extent of our audit procedures, based on our assessment of the
risks of material misstatement and of the materiality determined. The audit procedures completed to respond to the risks of material
misstatement were performed directly by the audit engagement team including the relevant internal specialists including the
valuation and tax specialists.
Other information
The other information comprises the information included in the Directors’ Report and Audited Financial Statements, other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the
Directors’ Report and Audited Financial Statements.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify
such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014, and for
such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
/Continued from previous page
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
WISDOMTREE MULTI ASSET ISSUER PLC
Continued on next page/
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of the financial statements is located on IAASA’s website at:
https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements/. This description
forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws
and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance;
• results of our enquiries of management and the Board of Directors about their own identification and assessment of the
risks of irregularities;
• any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures
relating to:
o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team and relevant internal specialists including valuation specialists
regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud in the following areas:
• Risk of fraud in revenue recognition relating to the unrealised movement in the fair value of financial assets at fair value
through profit or loss.
In common with all audits under ISAs (Ireland), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of
those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial
statements. The key laws and regulations we considered in this context included the Companies Act 2014 and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but
compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the
relevant listing rules.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
WISDOMTREE MULTI ASSET ISSUER PLC
Continued on next page/
Audit response to risks identified
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance
with laws and regulations.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management, the Board of Directors and external legal counsel concerning actual and potential litigation and
claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud;
• reading minutes of meetings of those charged with governance;
• in addressing the risk of fraud in revenue recognition, following completion of the procedures to address the key audit
matter that financial assets at fair value through profit and loss may not be valued correctly, we recalculated the
unrealised fair value movement on financial assets at fair value through profit or loss by performing a reconciliation and
assessing the movement of the fair value of the financial assets at fair value through profit or loss at the statement of
financial position date from the previous financial year to the current financial year in order to determine the accuracy of
the value recognised in the statement of comprehensive income; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries
and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a
potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal
course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including
the tax and valuations specialists and remained alert to any indications of fraud or non-compliance with laws and regulations
throughout the audit.
Report on other legal and regulatory requirements
Opinion on other matters prescribed by the Companies Act 2014
Based solely on the work undertaken in the course of the audit, we report that:
• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
• In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and
properly audited.
• The financial statements are in agreement with the accounting records.
• In our opinion the information given in the directors' report is consistent with the financial statements and the directors’
report has been prepared in accordance with the Companies Act 2014.
Corporate Governance Statement required by the Companies Act 2014
We report, in relation to information given in the Corporate Governance Statement on pages 7 to 8 that:
• In our opinion, based on the work undertaken during the course of the audit, the information given in the Corporate
Governance Statement pursuant to subsection 2(c) of section 1373 of the Companies Act 2014 is consistent with the
company’s statutory financial statements in respect of the financial year concerned and such information has been prepared
in accordance with the Companies Act 2014.
Based on our knowledge and understanding of the company and its environment obtained in the course of the audit, we
have not identified any material misstatements in this information.
/Continued from previous page
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
WISDOMTREE MULTI ASSET ISSUER PLC
Matters on which we are required to report by exception
Based on the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not
identified material misstatements in the directors' report.
We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion,
the disclosures of directors’ remuneration and transactions specified by law are not made.
Other matters which we are required to address
We were appointed by the Board of Directors on 3 August 2023 to audit the financial statements for the financial year ended 31
December 2023 and subsequent financial periods. The period of total uninterrupted engagement including previous renewals and
reappointments of the firm is 3 years, covering the years ending 31 December 2023 to 31 December 2025.
The non-audit services prohibited by IAASA’s Ethical Standard were not provided and we remained independent of the company in
conducting the audit.
Our audit opinion is consistent with the additional report to the Board of Directors we are required to provide in accordance with
ISA (Ireland) 260.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our
audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Sean Gascoine
For and on behalf of Deloitte Ireland LLP
Chartered Accountants and Statutory Audit Firm
Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2
28 April 2026
WisdomTree Multi Asset Issuer Plc
Page 18
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2025
31-Dec-25 31-Dec-24
Notes EUR EUR
Realised losses on financial liabilities at fair value through profit or loss
10
(363,269,373) (5,547,983)
Realised gains on financial assets at fair value through profit or loss 7
363,269,373 5,547,983
Unrealised depreciation on financial liabilities at fair value through profit or loss 10
(519,514,616) (148,456,998)
Unrealised appreciation on financial assets at fair value through profit or loss 7
519,514,616 148,456,998
Foreign exchange movements on financial assets at fair value through profit or loss 7
(189,334,306) 79,616,701
Foreign exchange movements on financial liabilities at fair value through profit or loss 10
189,334,306 (79,616,701)
Revenue 4
15,664,466 11,975,521
Operating expenses 5
(15,663,466) (11,974,521)
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
The notes on pages 22 to 45 form an integral part of the financial statements.
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.
Financial year
ended
Financial year
ended
WisdomTree Multi Asset Issuer Plc
Page 19
STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
31-Dec-25 31-Dec-24
Notes EUR EUR
Assets
Financial assets at fair value through profit or loss 7
2,849,180,714 1,741,215,247
Other receivables 8
1,847,510 1,191,668
Cash and cash equivalents 9
9,501 11,736
Total assets
2,851,037,725 1,742,418,651
Liabilities
Financial liabilities at fair value through profit or loss 10
2,849,180,714 1,741,215,247
Other payables
11
1,807,273 1,154,416
Total liabilities
2,850,987,987 1,742,369,663
Total assets less total liabilities
49,738 48,988
Share capital and retained earnings
Called up share capital presented as equity 12
40,000 40,000
Retained earnings
9,738 8,988
Total shareholders' funds
49,738 48,988
The financial statements were approved by the Board on 28 April 2026 and signed on its behalf by:
Fergal Molony Margaret McCarthy
Director Director
Date: 28 April 2026
The notes on pages 22 to 45 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 2025
Share capital Total equity
EUR EUR EUR
Balance as at 1 January 2024
10,000 8,238 18,238
Amendment to Share Capital issued 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
Balance as at 1 January 2025
40,000 8,988 48,988
Operating profit
- 750 750
Other comprehensive income
- - -
Total comprehensive income for the financial year
- 750 750
Balance as at 31 December 2025
40,000 9,738 49,738
The notes on pages 22 to 45 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 2025
31-Dec-25 31-Dec-24
Notes EUR EUR
Cash flows from operating activities
Profit on ordinary activities before taxation
1,000 1,000
Adjustments for:
Realised losses on financial liabilities at fair value through profit or loss
10
363,269,373 5,547,983
Realised gains on financial assets at fair value through profit or loss 7
(363,269,373) (5,547,983)
Unrealised depreciation on financial liabilities at fair value through profit or loss 10
519,514,616 148,456,998
Unrealised appreciation on financial assets at fair value through profit or loss 7
(519,514,616) (148,456,998)
TRS executions during the financial year 7
(3,187,048,488) (2,001,389,963)
TRS terminations during the financial year 7
2,772,532,704 1,906,776,112
Movements in working capital
Increase in other receivables
(655,842) (304,506)
Increase in other payables
652,857 303,672
Tax paid
(250) (250)
Net cash used in operating activities
(414,518,019) (94,613,935)
Cash flows from financing activities
ETP Securities issuances during the financial year 10 3,187,048,488 2,001,389,963
ETP Securities redemptions during the financial year 10
(2,772,532,704) (1,906,776,112)
Net cash generated from financing activities
414,515,784 94,613,851
Decrease in cash and cash equivalents
(2,235) (84)
Cash and cash equivalents at start of the financial year
11,736 11,820
Cash and cash equivalents at end of the financial year
9,501 11,736
Financial year
ended
The notes on pages 22 to 45 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:
•
•
•
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
2025 and in the comparative information presented in these financial statements which is for the financial year ended 31 December
2024.
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 considers the capital management and its current capital resources to be adequate to maintain the on-going listing and issue of
ETP Securities.
ETP Securities in issue as at 31 December 2025 and 31 December 2024 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 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.
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 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.
For the financial year ended 31 December 2025
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 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 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 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;
the support of the WisdomTree Group in respect to any litigation payment in respect to the Italian Claims, as detailed in note 17.
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
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.
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 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
Use of estimates and judgements
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 2025
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 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.
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
- Changes to presentation requirements in the statement of profit or loss
- Classification of foreign exchange differences
- Entities with specified main business activities
- New requirements to be included in the notes to the financial statements
- Management-defined performance measure
- Updated guidance for the aggregation and disaggregation of information
- Changes to how expenses in the operating category are presented
- Consequential changes made to other standards
3 Material accounting policy information
(a) Realised 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 appreciation/(depreciation) on financial liabilities at fair value through profit or loss
The Company is still assessing the effect of the forthcoming standard and amendments.
Realised gains 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.
Use of estimates and judgements (continued)
For the financial year ended 31 December 2025
Realised 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 formulae, where prices of underlying indices and
swap costs are used as inputs to the formulae. These prices are compared to prior day prices and any variation results in either an
unrealised gain or loss.
There are no new standards, amendments to standards or interpretations that are issued and effective for the financial year beginning on
1 January 2025 that have a significant impact on the Company’s financial statements.
No other new standards, amendments to standards or interpretations are expected to have a material effect on the financial statements
of the Company.
Unrealised depreciation 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.
The new standard, IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (Effective for annual periods beginning on or after 1
January 2027) replaces IAS 1 and the key changes included in the standard are:
WisdomTree Multi Asset Issuer Plc
Page 25
NOTES TO THE FINANCIAL STATEMENTS (continued)
3 Material accounting policy information (continued)
(d) Unrealised appreciation/(depreciation) on financial assets at fair value through profit or loss
(e) Revenue and operating expenses
(f)
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.
For the financial year ended 31 December 2025
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.
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.
Pillar 2 disclosure
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.
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.
Unrealised 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.
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.
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%).
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 policy information (continued)
(g)
(h)
(i)
Financial assets
(a)
(b)
(c)
Financial liabilities
Recognition
Financial instruments
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.
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
2025 and 31 December 2024 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.
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.
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;
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.
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
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.
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 2025
Classification
Initial measurement
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.
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.
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
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.
WisdomTree Multi Asset Issuer Plc
Page 27
NOTES TO THE FINANCIAL STATEMENTS (continued)
3 Material accounting policy information (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.
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.
Subsequent measurement
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
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 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.
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.
Financial instruments (continued)
For the financial year ended 31 December 2025
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 policy information (continued)
(l)
(m) Segmental reporting
The following is a geographical analysis of the revenue by the country of the counterparty:
31-Dec-25 31-Dec-24
EUR EUR
France (BNP Paribas Financial Markets S.N.C.)
15,663,280 11,974,286
Jersey (WisdomTree Multi Asset Management Limited)
1,186 1,235
15,664,466 11,975,521
4 Revenue
31-Dec-25 31-Dec-24
EUR EUR
Management fee income
15,663,280 11,974,286
Other income
1,186 1,235
15,664,466 11,975,521
5
Operating expenses
31-Dec-25 31-Dec-24
EUR EUR
Management fee expense
15,661,354 11,956,818
Other expenses
2,112 17,703
15,663,466 11,974,521
Financial year
ended
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.
For the financial year ended 31 December 2025
Financial year
ended
Financial year
ended
Financial year
ended
There was no Directors’ remuneration (including fees) during 2025 (2024: EUR Nil).
The auditor’s remuneration (excluding VAT) for 2025 was EUR 58,630 (2024: EUR 49,328) 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 (2024: None).
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
Financial year
ended
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.
Financial year
ended
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.
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.
Apex IFS Limited (the ''Administrator'') provides services such as accounting and reporting, company secretarial and other administration
services to the Company. In respect of the aforementioned services, the amount charged by Apex IFS Limited to WisdomTree Multi Asset
Management Limited amounts to EUR 34,667 (2024: EUR 39,215) for financial year end 31 December 2025.
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-25 31-Dec-24
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-25 31-Dec-24
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-25 31-Dec-24
EUR EUR
Total return swaps
2,849,180,714 1,741,215,247
Movement in financial assets at fair value through profit or loss 31-Dec-25 31-Dec-24
EUR EUR
At beginning of the financial year
1,741,215,247 1,412,979,714
Additions during the financial year
3,187,048,488 2,001,389,963
Disposals during the financial year
(2,772,532,704) (1,906,776,112)
Realised gains/(losses) on financial assets at fair value through profit or loss
363,269,373 5,547,983
Unrealised appreciation on financial assets at fair value through profit or loss
519,514,616 148,456,998
Foreign exchange movements
(189,334,306) 79,616,701
At end of the financial year
2,849,180,714 1,741,215,247
Total return swaps
31-Dec-25 31-Dec-24
EUR EUR
Equities (market value)
2,607,190,477 1,071,256,899
Bonds (market value)
386,577,519 668,583,772
2,993,767,996 1,739,840,671
For the financial year ended 31 December 2025
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 2025 (2024: 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.
The collateral coverage over the market value of the ETP Securities as at 31 December 2025 was 105.1% (2024: 99.9%).
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.
All unrealised appreciation on financial assets are attributable to market risk arising from price, commodity, currency and interest rate risk.
The TRSs entered into as at 31 December 2025 and 31 December 2024 have a value equal but opposite in sign to the value of the ETP
Securities in issue as at 31 December 2025 and 31 December 2024.
Collateral received on TRSs
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-25 31-Dec-24
EUR EUR
Management fees receivable
1,807,231 1,154,216
Other receivables
40,279 37,452
1,847,510 1,191,668
9 Cash and cash equivalents
31-Dec-25 31-Dec-24
EUR EUR
Cash at bank
9,501 11,736
The cash at bank is held with Allied Irish Banks Plc.
10 Financial liabilities at fair value through profit or loss
31-Dec-25 31-Dec-24
EUR EUR
ETP Securities issued
2,849,180,714 1,741,215,247
Movement in financial liabilities at fair value through profit or loss 31-Dec-25 31-Dec-24
EUR EUR
At beginning of the financial year
1,741,215,247 1,412,979,714
Issued during the financial year
3,187,048,488 2,001,389,963
Redeemed during the financial year
(2,772,532,704) (1,906,776,112)
Realised losses/(gains) on financial liabilities at fair value through profit or loss
363,269,373 5,547,983
Unrealised depreciation on financial liabilities at fair value through profit or loss
519,514,616 148,456,998
Foreign exchange movements
(189,334,306) 79,616,701
At end of the financial year
2,849,180,714 1,741,215,247
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.
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 2025
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 2025 and 31 December 2024
consists of listed equities and government bonds as agreed between the Swap Provider and the Company.
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.
Supranational bonds with a L-T issuer rating not lower than AAA
AAA Government or Treasury money market companies only with no asset
backed securities or collateralised debt obligations.
All ETP Securities in issue as at 31 December 2025 and 31 December 2024 are listed for trading on the London Stock Exchange, Borsa
Italiana, Euronext Paris and on the Deutsche Borse Xetra.
ETP Securities issued are measured at fair value through profit or loss.
WisdomTree Multi Asset Issuer Plc
Page 31
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
Description Management ISIN CCY Outstanding Fair value Outstanding Fair value
Fee rate Units Units
31-Dec-25 31-Dec-25 31-Dec-24 31-Dec-24
EUR EUR
0.75% IE00B878KX55 EUR
56,172 29,492,752 37,916 12,661,498
0.80% IE00B8GKPP93 EUR
110,965,478 18,970,924 72,082,102 26,117,090
0.75% IE00B7SD4R47 EUR
43,550 25,889,690 48,642 18,429,186
0.80% IE00B8JF9153 EUR
76,687,644 12,337,362 55,610,564 18,204,741
0.75% IE00B8NB3063 EUR
98,168 36,574,170 190,402 32,871,475
0.80% IE00B873CW36 EUR
1,580,880 22,588,690 696,630 29,597,732
0.30% IE00BKS8QN04 EUR
9,574 653,128 19,574 1,225,090
0.30% IE00BKT09255 EUR
68,526 5,310,834 72,026 6,132,047
0.60% IE00BKS8QM96 EUR
63,461 1,478,181 63,461 1,586,865
0.60% IE00BKT09149 EUR
50,526 6,671,962 76,026 9,559,837
0.89% IE00BLS09N40 EUR
2,350,995 147,817,370 5,106,490 62,060,588
0.99% IE00BYNXNS22 EUR
365,843 3,080,649 365,843 3,560,228
0.49% IE00BYNXPH56 EUR
8,040 435,465 16,040 778,678
WisdomTree FTSE MIB Banks 0.35% IE00BYMB4Q22 EUR
40,763 32,759,674 29,819 13,883,458
0.30% IE00BF4TW453 EUR
5,720 592,637 22,720 1,552,392
0.75% IE00B88D2999 GBP
37,224 16,703,766 135,344 38,882,127
0.80% IE00B7VB3908 GBP
9,572,183 15,130,199 3,559,042 11,386,219
0.49% IE00B94QKC83 GBP
9,180 3,063,351 9,180 2,252,318
0.55% IE00B94QKF15 GBP
191,145 2,394,625 55,145 1,068,996
0.49% IE00B94QKG22 GBP
35,484 1,624,754 35,484 2,026,868
0.60% IE00B94QKJ52 GBP
25,084 6,882,735 26,884 6,766,824
0.65% IE00BBGBF313 GBP
96,113 3,773,967 151,113 6,822,152
0.30% IE00BKT09479 GBP
93,753 7,392,384 134,506 10,932,022
0.30% IE00BKS8QQ35 GBP
68,290 5,167,824 101,290 8,369,808
0.25% IE00BF4TW560 GBP
1,808 262,097 1,808 271,295
Balance carried forward
407,049,190 326,999,534
WisdomTree Gilts 10Y 1x Daily
Short
WisdomTree Gilts 10Y 3x Daily
Short
WisdomTree FTSE MIB 3x
Daily Leveraged
WisdomTree Bund 10Y 3x Daily
Short
WisdomTree FTSE MIB 3x
Daily Short
WisdomTree Bund 10Y 5x Daily
Short
The financial liabilities in issue at 31 December 2025 and 31 December 2024 are as follows:
WisdomTree DAX 3x Daily
Short
WisdomTree DAX 3x Daily
Leveraged
WisdomTree EURO STOXX
50® 3x Daily Leveraged
WisdomTree BTP 10Y 3x Daily
Short
WisdomTree EURO STOXX
Banks 3x Daily Leveraged
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 FTSE 100 2x Daily
Short
WisdomTree Bund 10Y 3x Daily
Leveraged
WisdomTree BTP 10Y 3x Daily
Leveraged
WisdomTree Bund 30Y 3x Daily
Short
WisdomTree Gilts 10Y 3x Daily
Leveraged
WisdomTree FTSE 100 1x Daily
Short
WisdomTree FTSE 100 3x Daily
Short
WisdomTree BTP 10Y 5x Daily
Short
WisdomTree EURO STOXX
50® 3x Daily Short
Financial liabilities at fair value through profit or loss (continued)
For the financial year ended 31 December 2025
WisdomTree Multi Asset Issuer Plc
Page 32
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
The financial liabilities in issue at 31 December 2025 and 31 December 2024 are as follows (continued):
Description Management ISIN CCY Outstanding Fair value Outstanding Fair value
Fee rate Units Units
31-Dec-25 31-Dec-25 31-Dec-24 31-Dec-24
EUR EUR
Balance brought forward
407,049,190 326,999,534
0.75% IE00B7Y34M31 USD
1,313,758 162,798,941 1,338,358 144,982,263
0.80% IE00B8K7KM88 USD
3,719,312 31,016,391 1,859,958 31,240,478
0.99% IE00B8HGT870 USD
1,153,350 198,341,177 818,211 47,778,379
0.99% IE00B6X4BP29 USD
8,718,135 14,421,133 1,299,137 11,856,402
0.99% IE00B8JVMZ80 USD
3,177,407 43,410,942 1,819,707 21,228,722
0.99% IE00B8KD3F05 USD
3,145,531 2,378,137 691,731 3,130,152
0.99% IE00B76BRD76 USD
1,831,255 37,397,917 916,155 42,528,638
0.99% IE00B7XD2195 USD
887,434 273,921,647 1,864,174 83,495,006
0.99% IE00B8JG1787 USD
639,064,298 14,650,507 11,347,498 8,479,843
0.95% IE00B94QLR02 USD
160,012 1,111,446 26,112 429,747
0.95% IE00B94QLN63 USD
1,540,240 22,996,611 1,948,740 13,653,321
0.30% IE00BKT09032 USD
135,200 9,027,958 205,700 13,911,913
0.25% IE00BVFZGC04 USD
556,979 10,768,748 424,379 10,161,951
0.25% IE00BVFZGD11 USD
234,272 7,452,873 204,872 7,973,848
0.50% IE00BYNXPJ70 USD
5,054 409,934 5,054 560,095
0.99% IE00BYTYHN28 USD
159,395 16,718,108 195,735 12,144,594
0.99% IE00BYTYHM11 USD
507,171 788,195 246,771 1,111,572
0.30% IE00BF4TW784 USD
12,300 1,221,381 7,300 878,192
0.30% IE00BKS8QT65 USD
16,240 1,415,422 9,116 987,185
0.40% IE00BF4TWC33 USD
145,850 4,861,076 855,850 27,526,514
WisdomTree Energy Enhanced 0.40% IE00BF4TWF63 USD
36,676 855,711 27,976 795,531
0.75% IE00BLRPRL42
USD
1,739,332 460,352,473 1,681,314 386,842,535
0.80% IE00BLRPRJ20
USD
35,934,955 90,522,594 10,647,315 66,613,304
0.99% IE00BLRPRG98
USD
17,156,569 48,495,748 2,278,219 38,295,497
0.99% IE00BLRPRK35
USD
15,580,729 9,290,970 13,678,929 9,745,486
Balance carried forward
1,871,675,230 1,313,350,702
WisdomTree US Treasuries 10Y
5x Daily Short
WisdomTree Gold 3x Daily
Leveraged
WisdomTree Palladium 2x Daily
Leveraged
WisdomTree Brent Crude Oil
Pre-roll
WisdomTree US Treasuries 10Y
3x Daily Short
WisdomTree Emerging Markets
3x Daily Leveraged
WisdomTree Copper 3x Daily
Short
WisdomTree Silver 3x Daily
Short
WisdomTree NASDAQ 100 3x
Daily Short
WisdomTree Palladium 1x Daily
Short
WisdomTree Natural Gas 3x
Daily Short
WisdomTree US Treasuries 10Y
3x Daily Leveraged
WisdomTree WTI Crude Oil Pre-
roll
WisdomTree S&P 500 3x Daily
Short
WisdomTree US Treasuries 30Y
3x Daily Short
WisdomTree Silver 3x Daily
Leveraged
WisdomTree Copper 3x Daily
Leveraged
WisdomTree S&P 500 3x Daily
Leveraged
For the financial year ended 31 December 2025
WisdomTree Gold 3x Daily
WisdomTree Natural Gas 3x
Daily Leveraged
Financial liabilities at fair value through profit or loss (continued)
WisdomTree Industrial Metals
Enhanced
WisdomTree Emerging Markets
3x Daily Short
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 2025 and 31 December 2024 are as follows (continued):
Description Management ISIN CCY Outstanding Fair value Outstanding Fair value
Fee rate Units Units
31-Dec-25 31-Dec-25 31-Dec-24 31-Dec-24
EUR EUR
Balance brought forward
1,871,675,230 1,313,350,702
0.99% IE00BLRPRH06
USD
16,712,388 34,985,613 831,885 17,448,297
0.99% IE00BMTM6D55
USD
1,394,801 19,340,337 400,201 11,514,894
0.99% IE00BMTM6B32
USD
7,369,090 95,355,603 1,713,790 47,787,403
0.99% IE00BMTM6C49
USD
380,847 12,739,447 588,747 25,433,842
0.40% XS2284324667
EUR
31,471 906,782 51,671 1,631,503
0.05% XS2427362145
EUR
1,615,186 67,246,086 630,436 21,538,008
0.18% XS2427354985
EUR
250,565 13,003,193 133,420 5,084,344
0.05% XS2427355958
USD
3,629,198 128,103,199 1,654,598 56,433,773
0.80% XS2427363895
EUR
86,090 1,437,007 60,090 1,141,564
0.85% XS2427474023
EUR
79,381 548,785 31,381 383,374
0.80% XS2427363036
EUR
29,209 957,718 15,750 498,865
0.85% XS2437455608
EUR
45,294 369,413 59,000 602,252
0.45% XS2425842106
USD
122,000 2,032,264 122,000 1,957,866
0.45% XS2425848053
USD
17,238,900 375,440,097 12,030,900 216,419,192
0.49% XS2602441086 USD
521,466 15,590,554 42,000 1,035,559
0.75% XS2637077020 EUR
13,500 794,894 20,500 952,915
0.80% XS2637077533 EUR
38,000 1,056,034 22,000 992,006
0.89% XS2637076568 EUR
2,808,665 4,500,694 288,000 4,464,273
0.70% XS2771642134 USD
253,666 8,164,765 37,000 1,169,948
0.70% XS2771611840 USD
3,723,844 4,309,080 88,044 560,315
0.70% XS2771643025 USD
326,271 11,121,185 166,345 5,247,769
0.70% XS2771642308 USD
1,230,500 2,962,339 114,500 991,658
0.95% XS2771500696 EUR
66,300 3,587,860 31,500 578,730
0.95% XS2771642720 EUR
1,398,899 2,668,615 51,600 731,107
0.95% XS2771503104 EUR
63,408 1,642,985 75,000 1,140,024
0.95% XS2771502718 EUR
245,000 1,045,735 35,000 599,532
0.49% XS2872233403 EUR
1,047,801 17,971,548 47,301 1,525,532
Balance carried forward
2,699,557,062 1,741,215,247
WisdomTree FTSE MIB 5x
Daily Short
WisdomTree Brent Crude Oil 3x
Daily Leveraged
WisdomTree European Natural
Gas
WisdomTree EURO STOXX 50
5x Daily Short
WisdomTree S&P 500 5x Daily
Short
WisdomTree Copper IE
WisdomTree WTI Crude Oil 3x
Daily Leveraged
WisdomTree EURO STOXX 50
WisdomTree WTI Crude Oil 3x
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 EURO STOXX
Banks 3x Daily Short
WisdomTree Energy Enhanced -
EUR Daily Hedged
WisdomTree Battery Metals
WisdomTree Energy Transition
Metals
WisdomTree CAC 40 3x Daily
Leveraged
WisdomTree CAC 40 3x Daily
Short
WisdomTree NASDAQ 100 5x
Daily Leveraged
WisdomTree S&P 500 5x Daily
Leveraged
WisdomTree NASDAQ 100 5x
Daily Short
WisdomTree EURO STOXX 50
5x Daily Leveraged
WisdomTree FTSE MIB 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
For the financial year ended 31 December 2025
WisdomTree STOXX Europe
Travel & Leisure 2x Daily Short
Page 34
NOTES TO THE FINANCIAL STATEMENTS (continued)
10
The financial liabilities in issue at 31 December 2025 and 31 December 2024 are as follows (continued):
Description Management ISIN CCY Outstanding Fair value Outstanding Fair value
Fee rate Units Units
31-Dec-25 31-Dec-25 31-Dec-24 31-Dec-24
EUR EUR
Balance brought forward
2,699,557,062 1,741,215,247
* 0.80% XS2872232850 EUR
248,700 8,525,117 - -
*
WisdomTree Russell 2000 0.20% XS3003324129
USD
92,080 2,775,759 - -
*
WisdomTree NASDAQ-100 0.20% XS3003325795
USD
174,000 5,474,489 - -
* 0.85% XS3003323741 EUR
95,999 951,282 - -
* 0.34% XS3022291473 USD
5,534,900 126,164,939 - -
* 0.75% XS3091654114 USD
47,000 1,561,637 - -
* 0.75% XS3091657307 USD
57,500 674,100 - -
* 0.75% XS3091657729 USD
28,000 1,018,447 - -
* 0.75% XS3091646797 USD
28,000 228,238 - -
* 0.05% XS3151431957 EUR
44,000 1,135,630 - -
*
WisdomTree World 0.12% XS3151433813
USD
50,000 1,114,014 - -
2,849,180,714 1,741,215,247
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 2025.
11 Other payables
31-Dec-25 31-Dec-24
EUR EUR
Management fees payable
1,807,073 1,154,216
Other payables
200 200
1,807,273 1,154,416
WisdomTree Multi Asset Issuer Plc
For the financial year ended 31 December 2025
WisdomTree STOXX Europe
Aerospace & Defence 3x Daily
Leveraged
WisdomTree STOXX Europe
Aerospace & Defence 3x Daily
Short
WisdomTree Enhanced
WisdomTree Magnificent 7 3x
WisdomTree Magnificent 7 3x
WisdomTree PHLX
Semiconductor 3x Daily
Leveraged
WisdomTree PHLX
Financial liabilities at fair value through profit or loss (continued)
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 S&P 500 EUR
Page 35
NOTES TO THE FINANCIAL STATEMENTS (continued)
12
31-Dec-25 31-Dec-24
Authorised:
EUR EUR
100,000 ordinary shares of EUR1 each
100,000 100,000
31-Dec-25 31-Dec-24
Issued:
EUR EUR
40,000 ordinary shares of EUR1 each (paid up to EUR 0.25 each)
40,000 40,000
Presented as follows:
EUR EUR
Called up share capital presented as equity
40,000 40,000
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.
•
Forbrit Corporate Director 3 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 1 Limited
•
Forbrit Corporate Director 4 Limited transfer of 1 ordinary share of €1.00 to Forbrit Corporate Director 2 Limited
•
Apex Financial Services (Trustees) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company) Limited
•
•
Apex Financial Services (Nominees 3) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Nominees 2) Limited
•
14
In the prior year, Apex IFS Limited charged an amount of EUR 110,145 for the Issuing and Paying Agent services and this role transferred to
Apex Fund Services (Ireland) Limited from 21 October 2024. Apex Fund Services (Ireland) Limited charged an amount for these servives of
EUR 145,016 (2024: EUR 7,000) to WisdomTree Multi Asset Limited during the financial year ended 31 December 2025. As at 31
December 2025, EUR 9,636 (2024: EUR 8,000) was payable by WisdomTree Multi Asset Management Limited to Apex Fund Services
(Ireland) Limited. Apex IFS Limited and AFSIL are both 100% owned by Apex Co Services (Cyprus) Limited.
Apex Financial Services (Foundations) Limited transfer of 1 ordinary share of €1.00 to Apex Financial Services (Trust Company)
Limited
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 (2024: 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
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 holding 1 share in the Company. All shares are held in trust for charity under the terms of Declaration of Trust.
For the financial year ended 31 December 2025
Apex IFS Limited (the ''Administrator'') provides services such as accounting and reporting, company secretarial and other administration
services to the Company. In respect of the aforementioned services, the amount charged by Apex IFS Limited to WisdomTree Multi Asset
Management Limited amounted to EUR 34,667 (2024: EUR 39,215) for the financial year ended 31 December 2025. As at 31 December
2025, EUR 13,760 (2024: EUR 14,935) was payable by WisdomTree Multi Asset Management Limited to Apex IFS Limited.
Sarah Warr and Bryan Governey are directors of the Company and employees of the WisdomTree Group as at 31 December 2025, and did
not receive any additional remuneration for their role as Directors of the Company (2024: EUR Nil).
Transactions with Administrator and Directors
Fergal Molony and Margaret McCarthy are Directors of the Company and also employees of Apex IFS Limited as at 31 December 2025.
WisdomTree Multi Asset Issuer Plc
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 34,667 per annum (2024: EUR 39,215). The terms of the agreement with Apex IFS Limited 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.
Page 36
NOTES TO THE FINANCIAL STATEMENTS (continued)
14
15
(a) Market risk;
(b) Credit risk;
(c) Liquidity risk; and
(d) Operational risk.
(a) Market risk
(i) Interest rate risk
Sensitivity analysis
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 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.
Transactions with Manager
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 12,757/EUR (12,757) (2024: EUR 30,891/EUR (30,891)). 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
12,757/EUR (12,757) (2024: EUR 30,891/EUR (30,891)).
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.
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.
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.
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 15,660,580
(2024: EUR 11,956,818) from the Manager during the financial year ended 31 December 2025. As at 31 December 2025, EUR 1,807,073
(2024: EUR 1,154,216) 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 2025 (2024: EUR 1,000) from the Manager and an amount of EUR 39,284 (2024: EUR 36,452) was
receivable as at 31 December 2025.
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, 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 2025
Financial risk management
Risk management framework
Related party transactions including transactions with Administrator and Manager (continued)
Page 37
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(a) Market risk (continued)
(ii) Currency risk
2025 2024
EUR EUR
USD : EUR 0.8515 0.9657
GBP : EUR 1.1453
1.2095
JPY : EUR 0.0054
0.0058
Sensitivity analysis
(iii) Price risk
Sensitivity analysis
(b) Credit risk
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.
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 23,761,778/EUR (23,760,778) (2024: EUR
14,611,303/EUR (14,611,303)). 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 23,761,778/EUR (23,760,778) (2024: EUR
14,611,303/EUR (14,611,303)).
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
For the financial year ended 31 December 2025
WisdomTree Multi Asset Issuer Plc
The following significant exchange rates applied during the financial year:
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.
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.
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.
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 47,374,607/EUR (47,374,607) (2024: EUR
20,627,346/EUR (20,627,346)). 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 47,374,607/EUR (47,374,607) (2024: EUR
20,627,346/EUR (20,627,346)).
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.
Page 38
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(b) Credit risk (continued)
EUR EUR
31-Dec-25 31-Dec-24
Financial assets at fair value through profit or loss
2,849,180,714 1,741,215,247
Other receivables
1,847,510 1,191,668
Cash and cash equivalents
9,501 11,736
2,851,037,725 1,742,418,651
Concentration risk
EUR EUR
31-Dec-25 31-Dec-24
TRSs - BNP Paribas Financial Markets S.N.C. 2,849,180,714 1,741,215,247
EUR EUR
31-Dec-25 31-Dec-24
Collateral - The Bank of New York Mellon 2,993,767,996 1,739,840,671
EUR EUR
31-Dec-25 31-Dec-24
Cash at bank - Allied Irish Banks Plc 9,501 11,736
(group credit rating as at date of signing of financial statements S&P: A+ (2024: A-))
(c) Liquidity risk
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 2,849,180,714 2,849,180,714 - -
Management fees receivable 1,807,231 1,807,231 - -
Other receivables 40,279 40,279 - -
Cash and cash equivalents 9,501 9,501 - -
2,851,037,725 2,851,037,725 - -
Financial liabilities through profit or loss (2,849,180,714) (2,849,180,714) - -
Management fees payable (1,807,073) (1,807,073) - -
Other payables (200) (200) - -
(2,850,987,987) (2,850,987,987) - -
31-Dec-25
Carrying amount
The Company's maximum exposure to credit risk in the event that counterparties fail to perform their obligations as at 31 December
2025 and 31 December 2024 in relation to each class of recognised financial assets is set out below:
WisdomTree Multi Asset Issuer Plc
EUR
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. Also, The Bank of New York has a good overall credit rating quality and any
rating change does not impact collateral terms or margin requirements.
For the financial year ended 31 December 2025
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.
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)
(group credit rating as at date of signing of financial statements S&P: A+ (2024: A-))
(group credit rating as at date of signing of financial statements S&P: AA- (2024: A-1+) - due a change in S&P's rating methodology
rather than a credit deterioration)
Page 39
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(c)
Liquidity risk (continued)
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 1,741,215,247 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) - -
(d) Operational risk
(e) Offsetting Financial Assets and Financial Liabilities
For the financial year ended 31 December 2025
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.
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.
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.
WisdomTree Multi Asset Issuer Plc
Financial risk management (continued)
31-Dec-24
Carrying amount
EUR
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.
Page 40
NOTES TO THE FINANCIAL STATEMENTS (continued)
15
(e) Offsetting Financial Assets and Financial Liabilities (continued)
EUR EUR EUR EUR EUR
2,849,180,714 - 2,849,180,714 2,993,767,996 (144,587,282)
EUR EUR EUR EUR EUR
1,741,215,247 - 1,741,215,247 1,739,840,671 1,374,576
(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
For the financial year ended 31 December 2025
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
Financial assets at fair value
through profit or loss
Financial assets at fair value
through profit or loss
Collateral
received/ held
31-Dec-24
Gross amount of
recognised
Financial Assets
Net amount
WisdomTree Multi Asset Issuer Plc
Net amount
presented in
statement of
financial
position
Financial risk management (continued)
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
31-Dec-25
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.
Page 41
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)
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.
For the financial year ended 31 December 2025
The ETP Securities and TRSs are considered to be fair valued under level 2 (2024: 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.
Financial risk management (continued)
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.
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.
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.
“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.
WisdomTree Multi Asset Issuer Plc
Page 42
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 - 1,355,896,214 - 1,355,896,214
TRS - Equities - 1,415,179,034 - 1,415,179,034
TRS - Fixed Income - 43,119,856 - 43,119,856
TRS - FX - 34,985,613 - 34,985,613
- 2,849,180,717 - 2,849,180,717
Level 2 Level 3
Valuation Valuation
EUR EUR EUR
Financial liabilities at Fair Value
ETPs - Commodities - (1,355,896,214) - (1,355,896,214)
ETPs - Equities - (1,415,179,034) - (1,415,179,034)
ETPs - Fixed Income - (43,119,856) - (43,119,856)
ETPs - FX - (34,985,613) - (34,985,613)
- (2,849,180,717) - (2,849,180,717)
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)
16 Capital management
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 2025.
For the financial year ended 31 December 2025
31-Dec-24
Financial risk management (continued)
At the reporting date the TRS and ETPs are classed as level 2.
31-Dec-25
Level 1
Net Total
Quoted price
EUR
EUR
Level 1
Net Total
There have been no transfers between levels 1, 2 and 3 during the financial year ended 31 December 2024.
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.
EUR
Level 1
Net Total
Quoted price
WisdomTree Multi Asset Issuer Plc
EUR
Page 43
NOTES TO THE FINANCIAL STATEMENTS (continued)
17 Commitments and contingencies
Closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP
Closed
Open
Open
Closed
Closed
Closed
Closed
For the financial year ended 31 December 2025
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 Nil
On 26 May 2025 the court ruled in the
Company’s favour. The deadline to
appeal expired on 25 June 2025 making
the judgement final.
On 5 July 2023 the Court ruled in the
Company’s favour, but claim is subject to
appeal. On 30 May 2025 the court ruled
in the Company's favour. The claim is not
subject to appeal, making the judgement
final.
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.
Milan Claim 2
Milan Claim 3
EUR Nil
EUR Nil
EUR Nil
On 5 December 2024, the Company
received a writ of summons to appear
before the court of Matera in relation to
the closure of 3OIL. On 26 November
2025 the Court ruled in the Company's
favour. The claim is not subject to
appeal, making the judgement final.
Claim
Current Status at 31 December
2025
Milan Claim 4
Milan Claim 5
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. The claim is not
subject to appeal, making the judgement
final.
On 14 June 2024 the court ruled in the
Company’s favour. The claim is not
subject to appeal, making the judgement
final.
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
Below is the latest status of each claim against the Company.
Approximate Value as at 31
December 2025
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
EUR 7,400,000
Maltera Claim
EUR Nil
Page 44
NOTES TO THE FINANCIAL STATEMENTS (continued)
17 Commitments and contingencies (continued)
The Company had no other commitments and contingencies as at 31 December 2025 (2024: none).
18 Subsequent events
Restrike Event in respect of WisdomTree Silver 3x Daily Leveraged Securities
Amendments to supplemental trust deed
Principal amount reductions
Amendments to supplemental trust deed
Temporary trading halts on WisdomTree SandP 500 VIX Short-Term Futures Daily Leveraged 2.25x ETP
On 30 January 2026, the Restrike threshold of 20% for WisdomTree Silver 3x Daily Leveraged (3SIL) was breached. The Restrike Period
began at 16:51:17 (London time) and ended at 17:06:17 (London time) and the Restrike Price for 3SIL was $497.3956635. 3SIL is listed on
Borsa Italiana, the London Stock Exchange and Xetra. The Restrike Event occurred outside of trading hours and therefore no suspension of
trading was required.
On 24 February 2026, the Company announced the reduction in the principal amount of the WisdomTree S&P 500 VIX Short-Term Futures
2.25x Daily Leveraged Securities from USD 0.481 to USD 0.0481 per share.
On 3 March 2026, the Company announced the reduction in the principal amount of the WisdomTree Natural Gas 3x Daily Leveraged
Securities from USD 0.425712 to USD 0.0425712 per share.
On 25 March 2026, the Company announced the reduction in the principal amount of the WisdomTree Gold 3x Daily Short Securities from
USD 0.002 to USD 0.0002 per share.
On 7 April 2026, the Company announced the reduction in the principal amount of the WisdomTree FTSE 100 2x Daily Short Securities
from GBP 200 to GBP 20 per share.
On 9 April 2026, the Company announced the reduction in the principal amount of the WisdomTree WTI Crude Oil 3x Daily Short Securities
from USD 1.4 to USD 0.14 per share.
On 10 April 2026, the Company announced the reduction in the principal amount of the WisdomTree Brent Crude Oil 3x Daily Short
Securities from USD 0.0114 to USD 0.00114 per share.
On 13 March 2026, the Company announced the reduction in the principal amount of the WisdomTree FTSE 100 2x Daily Short Securities
from GBP 0.002 to GBP 0.0002 per share.
On 13 March 2026, the Company announced the reduction in the principal amount of the WisdomTree Silver 3x Daily Short Securities from
USD 0.002 to USD 0.0002 per share.
On 20 January 2026 and on 31 March 2026, the Trustee, the Manager and the Company have entered into an amendment to the supplemental
trust deed for each class of Affected Securities to effect changes in funding spread, stock borrow rates, trading hours for these Securities.
On 20 January 2026 and on 31 March 2026, the Trustee, the Manager and the Company have entered into an amendment to the supplemental
trust deed for each class of Affected Securities to effect changes in funding spread, stock borrow rates, trading hours for these Securities.
On 9 March 2026, 11 March 2026, 13 March 2026, 19 March 2026 and 27 March 2026 respectively, the Company made a public
announcement that it was temporarily no longer accepting Subscription Orders from Authorised Participants for new WisdomTree S&P 500
VIX Short-Term Futures 2.25x Daily Leveraged Securities.
WisdomTree Multi Asset Issuer Plc
For the financial year ended 31 December 2025
On 10 March 2026, 12 March 2026, 18 March 2026, 26 March 2026 and 1 April 2026 respectively, the Company resumed creations from
Authorised Participants in WisdomTree S&P 500 VIX Short-Term Futures 2.25x Daily Leveraged Securities.
WisdomTree is currently assessing the Milan Claim with Simmons & Simmons, its external counsel in Italy, and a provision has not been
made with respect to these matters at 31 December 2025 and 31 December 2024 in the financial statements of the Company. Should the
Courts 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 2025, the Company has a contingent liability in respect of these claims. The range of EUR 0 – approximately
EUR 15,200,000 represents the best estimate of any possible outflows from these claims.
Page 45
NOTES TO THE FINANCIAL STATEMENTS (continued)
18 Subsequent events (continued)
Splits and consolidations
Splits:
• WisdomTree Silver 3x Daily Leveraged
•
WisdomTree FTSE MIB Banks
•
WisdomTree EURO STOXX 50 3x Daily Leveraged
•
WisdomTree DAX 3x Daily Leveraged
•
WisdomTree FTSE 100 3x Daily Leveraged
Consolidations:
• WisdomTree Silver 3x Daily Short
• WisdomTree EURO STOXX 50 3x Daily Short
• WisdomTree DAX 3x Daily Short
• WisdomTree Brent Crude Oil 3x Daily Short
• WisdomTree Copper 3x Daily Short
19 Approval of financial statements
The Board approved these financial statements on 28 April 2026.
The changes made to the base prospectus in 2026 has been approved by the Financial Conduct Authority and the Central Bank of Ireland on
22nd April 2026.
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.
WisdomTree Multi Asset Issuer Plc
For the financial year ended 31 December 2025
In April 2026, pursuant to the transaction documents in place, the Company determined to consolidate or split the below Affected Securities
into ETP Securities of the same Class but with a proportionately larger or smaller principal amount and Price per ETP Security.