WCOEWisdomTree Enhanced Commodity UCITS ETF - EUR Hedged Acc
ISIN: IE00BG88WG770,23%
Total expense ratio (TER)
As of 02/11/2026
14 August 2018
Inception Date
US$2,483,453,125
Fund AUM
As of 02/11/2026
EUR
Base currency
Overview
Product Description
The WisdomTree Enhanced Commodity UCITS ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the WisdomTree Enhanced Commodity Total Return Index (the "Index"). The Index provides broad, diversified exposure to commodity futures using a multi-factor strategy and aims to maximise the roll yield. This share class also employs an FX hedging strategy to mitigate Euro-to-U.S. Dollar currency fluctuations.
Why WCOE?
- Gain broad and diversified commodity exposure while enhancing return potential through a systematic, multi-factor strategy that dynamically adjusts commodity weights, allowing for tactical tilts relative to the Bloomberg® Commodity Index within predefined limits.
- Innovative dynamic roll process designed to maximise the roll yield.
- Proceeds are invested in T-Bills, and the swap is guaranteed by high-quality collateral.
- The ETF is UCITS compliant.
Potential Risks
- Returns payable on the Fund depend on payments received by the Fund from the swap counterparty under the terms of the relevant swap and therefore are subject to the credit risk of the swap counterparty.
- The performance of commodity futures-based indices may differ significantly from commodity spot prices.
- An investment in commodities may experience high volatility and should be considered as a longer-term investment.
- The FX hedging strategy aims to minimise the impact of currency fluctuations on hedged share class returns; however, forward currency contracts may not fully offset movements between the portfolio and share class currencies.
- This list does not cover all risks - further risks are disclosed in the relevant KID / KIID and Prospectus.
Articles and Research Papers
Tobias Lazar
The diesel squeeze: How WisdomTree’s quantitative commodity strategy responded and what may come next
Diesel prices have surged as supply disruptions squeeze global markets. We explore how WisdomTree’s quantitative commodity strategy responded, why refining margins could narrow even while diesel remains expensive, and how potential export bans and strategic stock releases add uncertainty to the outlook.
- Broad Commodities
- Commodities
Fahad Hassan, Nitesh Shah
What’s Hot: Time for action
The Fed’s 25bp rate hike marks a hawkish turn as persistent inflation, higher energy prices and resilient US investment keep policy pressure elevated. With AI-led capex still supporting growth, much of the tightening may come through higher funding costs, leaving consumers and housing most exposed while favouring shorter-duration assets and inflation-sensitive exposures.
- Broad Commodities
- Equities
- Fixed Income
- Quality
- US
Luca Berlanda, Tobias Lazar
The other half of the oil story: refined products, inflation, and real assets
Crude oil may dominate the headlines, but refined products are driving sharper pressure on consumers and inflation. As disruptions tighten fuel markets, higher inflation adds to US borrowing costs and renews interest in hard assets. A broad commodity allocation can help investors capture these cross-sector effects.
- Broad Commodities
Mobeen Tahir, Aneeka Gupta, Tobias Lazar
Commodity Outlook: The baton never drops but who carries it keeps changing
Gold and oil led 2026's commodity rally before metals and now agriculture take the baton. This blog summarises the key messages from our recently published Commodity Outlook. This includes the Iran conflict's lasting impact, tightening metals demand from AI and defence, El Niño risk to food prices, and why gold and broad commodity exposure still look attractive into 2027.
- Commodities
- Broad Commodities
- Agricultural Commodities
- Precious Metals
- Energy Transition
- Energy Transition Metals
- Market Outlook
Fund Overview
Product Overview | As of 02/11/2026 |
|---|---|
| ISIN | IE00BG88WG77 |
| Asset Class | Commodities |
| Base Currency | EUR |
| Inception Date | 14 August 2018 |
| Dividend Frequency | N/A |
| Use of Income | Accumulating |
Net Asset Value | As of 02/11/2026 |
|---|---|
| NAV | €18.249 |
| Daily Change | -€0.333 |
| Daily return | -1,790% |
| Total AUM of fund | US$2,483,453,125 |
| Issuer AUM | US$19,324,343,209 |
Structure
Structure | As of 02/11/2026 |
|---|---|
| Legal Form | Irish Collective Asset-management Vehicle (ICAV) |
| Structure | Open-ended Exchange Traded Fund |
| Replication Method | Total return swaps |
| Domicile | Ireland |
| Issuer | WisdomTree Issuer ICAV |
| Financial Year End | 31 December |
Further Legal and Tax Information | As of 02/11/2026 |
|---|---|
| ISA | Eligible |
| SIPP | Eligible |
| UCITS Eligible | Yes |
| UK Reporting Status | Yes |
| PEA Eligible | No |
| UCITS Compliant | Yes |
Key Service Providers
Key Service Providers | As of 02/11/2026 |
|---|---|
| Custodian | The Bank of New York Mellon SA/NV, Dublin Branch |
| Administrator | BNY Mellon Fund Services (Ireland) Designated Activity Company |
| Auditor | Deloitte Ireland LLP |
| Fund Manager | Assenagon Asset Management S.A |
Fees | As of 02/11/2026 |
|---|---|
| Total expense ratio (TER) | 0,23% |
| Annual Swap Rate | 0,25% |
Registered Countries
Benchmark Composition
As of 02/11/2026
Name | Weight (%) |
|---|---|
| Brent Crude | 13.33 |
| Gold | 12.99 |
| WTI Crude Oil | 10.17 |
| Aluminium | 7.04 |
| Sugar | 6.24 |
| Copper | 5.54 |
| Soybeans | 4.86 |
| Gasoil | 4.35 |
| Zinc | 3.85 |
| Live Cattle | 3.53 |
| Remaining Portfolio | 28.09 |
*Holdings are subject to change without notice.
Sector Breakdown
As of 02/11/2026
Name | Weight (%) |
|---|---|
Energy | 36.67 |
Agricultural | 25.9 |
Industrial Metals | 17.86 |
Precious Metals | 15.59 |
Livestock | 3.98 |
*Sectors are subject to change without notice
Listings & Codes
Country | Exchange | Trading Currency | Exchange Ticker | Bloomberg Ticker | RIC | SEDOL | ISIN | WKN | INAV Bloomberg | INAV Reuters | Listing Date |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Borsa Italiana | EUR | WCOE | WCOE IM | WCOE.MI | BF5JCP5 | IE00BG88WG77 | A2JQ0F | WCOEEIV | WCOEINAV.DE | 17/08/2018 | |
| Xetra | EUR | WTEH | WTEH GY | WTEH.DE | BF5JBH0 | IE00BG88WG77 | A2JQ0F | WCOEEIV | WCOEINAV.DE | 17/08/2018 |
Recent Distributions
Ex-Dividend Date | Record Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Return of Capital | Total Distribution |
|---|---|---|---|---|---|---|---|
| 03/04/2025 | 04/04/2025 | 17/04/2025 | US$0.00000 | US$0.00000 | US$0.00000 | US$0.00000 | US$0.00000 |
Index Details
WisdomTree Enhanced Commodity Total Return Index
The Index uses a multi-factor strategy and aims to provide a broad and diversified UCITS compliant commodity exposure, covering 4 broad commodity sectors: energy, agriculture, industrial metals and precious metals.
The base weightings for each commodity are determined by the Bloomberg® Commodity Index. On a daily basis, the Index applies a systematic factor-based weighting overlay to overweight or underweight each commodity (excluding gold and silver) within defined caps and floors, based on three key factors: roll yield (backwardation), slope momentum, and price momentum.
The Index achieves exposure to each commodity through investment in the relevant Bloomberg Roll Select Indices (which use an optimised roll mechanism to maximise the implied roll yield), as well as Bloomberg Seasonal Roll Indices. For Gold and Silver, the front-month BCOM indices are used.
Before September 18, 2025, the benchmark for the WisdomTree Enhanced Commodity UCITS ETF was the Optimised Roll Commodity Total Return Index. Index performance data reflects this index for all periods before that date and the WisdomTree Enhanced Commodity Total Return Index from September 18, 2025, onward.
Index Details | |
|---|---|
| Index Name | WisdomTree Enhanced Commodity Total Return Index |
| Currency | USD |
| Index Provider | WisdomTree, Inc. |
| Bloomberg Ticker | WG77$ASPLX |
Securities | 02/11/2026 |
|---|---|
| Brent Crude | 13,33% |
| Gold | 12,99% |
| WTI Crude Oil | 10,17% |
| Aluminium | 7,04% |
| Sugar | 6,24% |
| Copper | 5,55% |
| Soybeans | 4,86% |
| Gasoil | 4,35% |
| Zinc | 3,85% |
| Live Cattle | 3,53% |
| Soybean Oil | 3,25% |
| Heating Oil | 3,23% |
| Natural Gas | 3,21% |
| Silver | 2,61% |
| Unleaded Gasoline | 2,39% |
| Cotton | 2,27% |
| Coffee | 2,14% |
| Corn | 1,97% |
| Soybean Meal | 1,90% |
| Cocoa | 1,40% |
| Chicago Wheat | 1,12% |
| Nickel | 0,80% |
| Kansas Wheat | 0,77% |
| Lead | 0,62% |
| Lean Hogs | 0,44% |
| Brent Crude | 13,33% |
| Gold | 12,99% |
| WTI Crude Oil | 10,17% |
| Aluminium | 7,04% |
| Sugar | 6,24% |
| Copper | 5,55% |
| Soybeans | 4,86% |
| Gasoil | 4,35% |
| Zinc | 3,85% |
| Live Cattle | 3,53% |
| Soybean Oil | 3,25% |
| Heating Oil | 3,23% |
| Natural Gas | 3,21% |
| Silver | 2,61% |
| Unleaded Gasoline | 2,39% |
| Cotton | 2,27% |
| Coffee | 2,14% |
| Corn | 1,97% |
| Soybean Meal | 1,90% |
| Cocoa | 1,40% |
| Chicago Wheat | 1,12% |
| Nickel | 0,80% |
| Kansas Wheat | 0,77% |
| Lead | 0,62% |
| Lean Hogs | 0,44% |
Documents and Links
Responsible Investing
SFDR Disclosure
The EU Sustainable Finance Disclosures Regulation (SFDR) took effect on 10 March 2021 as part of the EU Action Plan on Sustainable Finance. The SFDR lays down harmonised sustainability related disclosure rules for EU financial market participants and advisors and requires certain sustainability disclosures to be made for financial products which promote environmental or social characteristics (Article 8 SFDR) and funds which have a sustainable investment objective (Article 9 SFDR).
There are different SFDR product categorisations for these sustainability disclosure requirements:
+ Article 6 products: require disclosures relating to the manner in which sustainability risks are integrated into the decision-making process.
+ Article 8 products: promote, among other characteristics, environmental or social characteristics or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices.
+ Article 9 products: have sustainable investment as their objective
Please refer to EU regulation guidelines for more details: https://www.esma.europa.eu/sections/sustainable-finance
SFDR categorisations | |
|---|---|
SFDR Disclosure | Article 6 |
Collateral Details
Collateral Structure
Replicating Exposure to Commodities Through a Swap
The Fund aims to track the WisdomTree Enhanced Commodity Total Return Index (the “Index”). The Fund gains indirect exposure to the constituents of the Index through the use of swaps on the Index.
Structure Diagram
Counterparty Risk Management
Counterparty risk in the Short Basket Swap Model (as described in the fund’s regulatory documents) is primarily managed through the fund holding a portfolio comprised of equities at a value in excess of the notional exposure under the swap referencing the Index.
The value of the equity portfolio relative to the value the swap contract is based on a daily calculation of the swap exposure using the prior day’s mark-to- market of the index swap and the independent valuation of the equity portfolio. The equity portfolio is then reset to a target margin on orders and on triggering upper and lower thresholds.
Fund Holdings
Country Allocation
Top 10 Fund Holdings
As of 02/11/2026
Security | Weight |
|---|---|
| 1. Apple Inc | 7,44% |
| 2. Costco Wholesale Corp | 5,99% |
| 3. Caterpillar Inc | 5,71% |
| 4. LAM RESEARCH CORP | 5,64% |
| 5. Microsoft Corp | 5,44% |
| 6. Qualcomm Inc | 4,75% |
| 7. Waste Management Inc | 4,26% |
| 8. Analog Devices Inc | 3,69% |
| 9. Parker Hannifin Corp | 3,48% |
| 10. ConocoPhillips | 3,41% |
Documents
Product
Dealing Calendar
KID
Prospectus
Reports and Regulatory
Other Links and Documents
DISCLAIMERS
Certain funds referred to in this document are issued by WisdomTree Issuer ICAV (“WT Issuer”). WT Issuer is an open-ended, umbrella-type Irish Collective Asset-management Vehicle with segregated liability between sub-funds and is authorised by the Central Bank of Ireland (“CBI”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Irish law. Each fund is represented by a separate class of shares (the “Shares”) issued by WT Issuer.
The Fund is described in a Key Information Document (KID) or Key Investor Information Document (KIID) for UK investors, and the prospectus of WT Issuer (“WT Prospectus”). A copy of the WT Prospectus and the KID / KIID is available, for EEA/UK only, in English at www.wisdomtree.eu. Where required under national rules, the KID will also be available in the local language of the relevant EEA Member State. Investors should read the WT Prospectus before investing and should refer to the section of the WT Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in the Shares.
The summary of investor rights associated with an investment in the fund is available in English on WisdomTree Europe’s website. WisdomTree Management Limited may decide to terminate the arrangements made for the marketing of its collective investment undertakings. In such circumstances, shareholders in the affected EEA Member State will be notified of this decision and will be provided with the opportunity to redeem their shareholding in the fund free of any charges or deductions for at least 30 working days from the date of such notification.
The base weightings for each commodity in the WisdomTree Enhanced Commodity Index are determined by reference to Bloomberg® Commodity Indices. “BLOOMBERG®” and the Bloomberg indices listed as index components therein (the “Bloomberg Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Bloomberg Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by WisdomTree Issuer ICAV as the umbrella Irish collective asset-management vehicle of the Fund (the “Licensee”). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the Fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Fund.