Tom May
Global Chief Investment Officer, Outcome and Derivative Strategies
WDRDWisdomTree Defensive Defined Return Autocallable EUR Active UCITS ETF - EUR Acc
ISIN: IE000C9LBYZ80.65%
Total expense ratio (TER)
As of 12/11/2026
23 September 2026
Inception Date
US$42,476,970
Fund AUM
As of 12/11/2026
EUR
Base currency
Fund managers
Jim May
Fund Manager
Jack Roberts
Fund Manager
Overview
Product Description
The WisdomTree Defensive Defined Return Autocallable EUR Active UCITS ETF aims to deliver an annualised net return of 6% to 7% in Euro terms over the medium to long-term under any market conditions other than sustained and prolonged drawdowns. It will do so via an actively managed exposure to a diversified portfolio of defined return investments (“Autocallables”) linked to the performance of global equity indices. Due to the nature of the investments, the fund's behaviour in different market scenarios is normally more predictable and the distribution of returns more certain compared to direct investment in the underlying equity indices.
Why WDRD?
• Annualized net return target of 6% to 7% in Euro terms in anything but significant and sustained market fall scenarios.
• More predictable return outcomes and improved downside resilience over the medium to long term.
• Harvest Equity and Volatility Risk Premia to generate returns.
• Diversified portfolio approach of the ETFs provides low cost, open-ended, daily liquid, collateralised and operationally efficient access to autocallables with limited credit risk.
• Investment management team with a history of success in the space.
• The ETF is UCITS-compliant, liquid, and easily accessible via major European exchanges.
Potential Risks
• The annualised net return target is not guaranteed and may not be achieved. Actual returns may be materially lower than the target and investors may lose some or all of their investment. Forecasts are not a reliable indicator of future performance.
• The Fund uses derivatives, which can be highly sensitive to changes in the value, volatility and other characteristics of the underlying assets.
• The Fund may lose value if the underlying indices remain below relevant levels over the investment period.
• Investors may give up some upside participation compared with direct equity investments.
• The returns payable on the Fund are dependent 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.
• This list does not cover all risks; further risks are disclosed in the relevant KID / KIID and Prospectus.
• The downside protection provided by the autocallable investments is conditional. If an underlying index falls below the applicable protection level at maturity, the Fund may incur substantial losses. The Fund does not provide a capital guarantee.
Articles and Research Papers
Jack Roberts
Defined outcome strategies: comparing defined return autocallables and buffer ETFs
Buffer exchange-traded funds (ETFs) and Defined Return Autocallable ETFs both reshape equity returns, but they play different roles in a portfolio. We compare their terms, downside protection and exposure to the equity, volatility and skew risk premia, and consider how each can fit within multi-asset portfolios.
- Defined returns
Pierre Debru, Luca Berlanda, Ganchi Zhang
How to position Defined Outcome investments within a portfolio
Equities reward long-term investors, but the ride is rarely predictable. Defined-return autocallable strategies aim for steadier outcomes while targeting equity-like returns. This blog explains why they can act as an equity anchor, and how much weight they may deserve. It also shows how allocations shift with holding period and risk target, and why longer horizons matter.
- Defined returns
The Role of Defined Return Autocallables in a Portfolio
Portfolio Insight
- Portfolio Insights
- Defined returns
Tobias Lazar
How does ‘greater predictability’ benefit my investments?
Saving for a big purchase gets harder when the goalposts keep moving. Investing can help, but a limited time horizon leaves less room for losses. Defined return strategies aim to make outcomes more predictable by trading some potential gains for a degree of downside protection, helping investors plan towards their goals.
- Defined returns
Fund Overview
Product Overview | As of 12/11/2026 |
|---|---|
| ISIN | IE000C9LBYZ8 |
| Asset Class | Equities |
| Base Currency | EUR |
| Inception Date | 23 September 2026 |
| Dividend Frequency | N/A |
| Use of Income | Accumulating |
Net Asset Value | As of 12/11/2026 |
|---|---|
| NAV | €5.037 |
| Daily Change | -€0.004 |
| Daily return | -0.069% |
| Total AUM of fund | US$42,476,970 |
| Issuer AUM | US$18,577,732,728 |
Structure
Structure | As of 12/11/2026 |
|---|---|
| Legal Form | Irish Collective Asset-management Vehicle (ICAV) |
| Structure | Open-ended Exchange Traded Fund |
| Replication Method | n/a (active) |
| Domicile | Ireland |
| Issuer | WisdomTree Issuer ICAV |
| Financial Year End | 31 December |
Further Legal and Tax Information | As of 12/11/2026 |
|---|---|
| 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 12/11/2026 |
|---|---|
| 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 | Atlantic House Investments Limited |
Fees | As of 12/11/2026 |
|---|---|
| Total expense ratio (TER) | 0.65% |
Registered Countries
Austria
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
United Kingdom
Listings & Codes
Country | Exchange | Trading Currency | Exchange Ticker | Bloomberg Ticker | RIC | SEDOL | ISIN | WKN | INAV Bloomberg | INAV Reuters | Listing Date |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Borsa Italiana | EUR | WDRD | WDRD IM | WDRD.MI | BTXWDY0 | IE000C9LBYZ8 | A42CBF | WDRDINAV | Q9L7INAV.DE | 30/09/2026 | |
| Xetra | EUR | WDRD | WDRD GY | WDRD.DE | BTXWDZ1 | IE000C9LBYZ8 | A42CBF | WDRDINAV | Q9L7INAV.DE | 30/09/2026 |
Current analysis of the WisdomTree Defensive Defined Return Autocallable EUR Active UCITS ETF - EUR Acc
As of 06/11/2026
- 7.44%
- Weighted Avg. Coupon
- 7.81%
- Weighted Avg. Yield
- 24.91%
- Weighted Avg. Cover to Final Positive Return Barrier
- 34.93%
- Weighted Avg. Cover to Capital Protection Barrier
- 12
- Live Exposures
- 5.86
- Weighted Avg. Time to Maturity (Years)
- 1.59
- Weighted Avg. Time to Expected Call (Years)
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 |
ESG Characteristics
WTI will exclude the companies that are involved in certain controversial weapons such as cluster munitions, antipersonnel landmines, biological and chemical weapons, depleted uranium weapons and white phosphorus weapons and those that support nuclear weapons programmes to states outside the Treaty on the Non-Proliferation of Nuclear Weapons (commonly known as the Non-Proliferation Treaty or “NPT”). Visit our ESG Hub to learn more about WisdomTree's ESG approach.
Replicating the Autocallable Payoff Through a Collateralised Swap
The Fund seeks to generate capital growth over the medium to longer term through defined return investments, aiming for more predictable outcomes than direct equity investment. It gains this exposure primarily through unfunded swap agreements ("Autocallable FDIs") linked to large-capitalisation equity indices such as the Euro Stoxx 50, S&P 500 and FTSE 100. Because these swaps are unfunded, cash not committed to Autocallable FDIs is invested in a diversified portfolio of equities and investment-grade fixed income securities, together with related Short Basket Swaps and interest rate or inflation-linked swaps that hedge the market risk of those holdings.
Investment process and construction
Counterparty Risk Management
Counterparty risk on the Fund's swaps is managed primarily through the equity and fixed income securities the Fund holds for cash and collateral management purposes, which serve as the collateral pool backing its OTC derivative exposure. FDIs are valued in accordance with the Prospectus and reflect the relative movements of the underlying financial instruments; up to 100% of the Fund's Net Asset Value may be subject to total return swaps at any time.
The Investment Manager monitors both counterparty and issuer risk to keep the Fund within UCITS guidelines on issuer concentration and counterparty risk limits, and conducts credit assessments of each counterparty triggering any needed assessment when appropriate.
Documents
Product
Dealing Calendar
KID
KIID
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.