As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/20  WisdomTree Investments, Inc.      10-K       12/31/19  152:20M                                    Donnelley … Solutions/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.39M 
 2: EX-21.1     Subsidiaries List                                   HTML     41K 
 3: EX-23.1     Consent of Experts or Counsel                       HTML     41K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     47K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     47K 
 6: EX-31.3     Certification -- §302 - SOA'02                      HTML     47K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     44K 
79: R1          Cover Page                                          HTML    101K 
127: R2          Consolidated Balance Sheets                         HTML    158K  
108: R3          Consolidated Balance Sheets (Parenthetical)         HTML     68K  
28: R4          Consolidated Statements of Operations               HTML    132K 
77: R5          Consolidated Statements of Comprehensive            HTML     67K 
                (Loss)/Income                                                    
125: R6          Consolidated Statements of Changes in               HTML    108K  
                Stockholders' Equity                                             
107: R7          Consolidated Statements of Cash Flows               HTML    178K  
25: R8          Consolidated Statements of Cash Flows               HTML     59K 
                (Parenthetical)                                                  
80: R9          Organization and Description of Business            HTML     64K 
143: R10         Significant Accounting Policies                     HTML     94K  
94: R11         Business Combination                                HTML    104K 
44: R12         Cash and Cash Equivalents                           HTML     45K 
63: R13         Fair Value Measurements                             HTML    236K 
145: R14         Securities Owned/Sold but Not Yet Purchased         HTML     59K  
96: R15         Securities Held-to-Maturity                         HTML     79K 
45: R16         AdvisorEngine - Financial Interests                 HTML     98K 
64: R17         Notes Receivable                                    HTML     84K 
147: R18         Investments                                         HTML     76K  
92: R19         Fixed Assets, net                                   HTML     57K 
16: R20         Deferred Consideration                              HTML     58K 
65: R21         Credit Facility                                     HTML     88K 
121: R22         Preferred Shares                                    HTML     59K  
104: R23         Leases                                              HTML    102K  
17: R24         Contingencies                                       HTML     44K 
67: R25         Variable Interest Entity                            HTML     70K 
122: R26         Revenues from Contracts with Customers              HTML     60K  
105: R27         Related Party Transactions                          HTML     86K  
14: R28         Stock-Based Awards                                  HTML    198K 
69: R29         Employee Benefit Plans                              HTML     52K 
60: R30         Earnings Per Share                                  HTML    152K 
39: R31         Income Taxes                                        HTML    263K 
100: R32         Shares Repurchased                                  HTML     47K  
150: R33         Goodwill and Intangible Assets                      HTML     83K  
58: R34         Impairments                                         HTML     69K 
37: R35         Segment Reporting                                   HTML    150K 
99: R36         Supplemental Financial Information - Quarterly      HTML    125K 
                Results                                                          
149: R37         Subsequent Events                                   HTML     43K  
56: R38         Significant Accounting Policies (Policies)          HTML    161K 
42: R39         Significant Accounting Policies (Tables)            HTML     45K 
82: R40         Business Combination (Tables)                       HTML     99K 
26: R41         Fair Value Measurements (Tables)                    HTML    232K 
110: R42         Securities Owned/Sold but Not Yet Purchased         HTML     56K  
                (Tables)                                                         
124: R43         Securities Held-to-Maturity (Tables)                HTML     82K  
81: R44         AdvisorEngine - Financial Interests (Tables)        HTML     66K 
24: R45         Notes Receivable (Tables)                           HTML     81K 
109: R46         Investments (Tables)                                HTML     65K  
123: R47         Fixed Assets, net (Tables)                          HTML     58K  
78: R48         Deferred Consideration (Tables)                     HTML     54K 
27: R49         Credit Facility (Tables)                            HTML     84K 
35: R50         Preferred Shares (Tables)                           HTML     55K 
52: R51         Leases (Tables)                                     HTML    103K 
134: R52         Variable Interest Entity (Tables)                   HTML     72K  
83: R53         Revenues from Contracts with Customers (Tables)     HTML     56K 
36: R54         Related Party Transactions (Tables)                 HTML     83K 
53: R55         Stock-Based Awards (Tables)                         HTML    184K 
136: R56         Employee Benefit Plans (Tables)                     HTML     53K  
84: R57         Earnings Per Share (Tables)                         HTML    152K 
34: R58         Income Taxes (Tables)                               HTML    259K 
54: R59         Goodwill and Intangible Assets (Tables)             HTML     80K 
129: R60         Impairments (Tables)                                HTML     66K  
114: R61         Segment Reporting (Tables)                          HTML    151K  
21: R62         Supplemental Financial Information - Quarterly      HTML    124K 
                Results (Tables)                                                 
74: R63         Organization and Description of Business -          HTML     94K 
                Additional Information (Detail)                                  
130: R64         Significant Accounting Policies - Schedule of       HTML     46K  
                Estimated Useful Lives of Related Assets (Detail)                
115: R65         Significant Accounting Policies - Additional        HTML     44K  
                Information (Detail)                                             
22: R66         Business Combination - Additional Information       HTML     73K 
                (Detail)                                                         
75: R67         Business Combination - Summary of Allocation of     HTML     93K 
                Purchase Price (Detail)                                          
133: R68         Business Combination - Summary of Fair Value of     HTML     49K  
                Intangible Assets (Parenthetical) (Detail)                       
112: R69         Business Combination - Summary of Operating         HTML     51K  
                Results of ETFS since the Acquisition Date                       
                (Detail)                                                         
87: R70         Business Combination - Summary of Pro Forma         HTML     46K 
                Financial Information (Detail)                                   
141: R71         Cash and Cash Equivalents - Additional Information  HTML     53K  
                (Detail)                                                         
50: R72         Fair Value Measurements - Additional Information    HTML     52K 
                (Detail)                                                         
31: R73         Fair Value Measurements - Summary of                HTML     75K 
                Categorization of Assets and Liabilities Measured                
                at Fair Value (Detail)                                           
86: R74         Fair Value Measurements - Summary of                HTML     52K 
                Reconciliation of Recurring Fair Value                           
                Measurements (Detail)                                            
140: R75         Securities Owned/Sold but Not Yet Purchased -       HTML     49K  
                Schedule of Securities Owned/Sold But Not Yet                    
                Purchased (Detail)                                               
49: R76         Securities Owned/Sold but Not Yet Purchased -       HTML     46K 
                Additional Information (Detail)                                  
30: R77         Securities Held-to-Maturity - Schedule of           HTML     45K 
                Securities Held-to-Maturity (Detail)                             
89: R78         Securities Held-to-Maturity - Schedule of           HTML     50K 
                Unrealized Gains, Losses and Fair Value of                       
                Securities Held-to-Maturity (Detail)                             
137: R79         Securities Held-to-Maturity - Additional            HTML     42K  
                Information (Detail)                                             
88: R80         Securities Held-to-Maturity - Schedule of Maturity  HTML     52K 
                Profile of Securities Held-to-Maturity (Detail)                  
142: R81         AdvisorEngine - Financial Interests carrying value  HTML     66K  
                of the Company's financial interests (Detail)                    
51: R82         AdvisorEngine - Financial Interests - Additional    HTML     42K 
                Information (Detail)                                             
33: R83         Notes Receivables - Additional Information          HTML     70K 
                (Detail)                                                         
85: R84         Notes Receivables - Summary of Company's notes      HTML     45K 
                receivable (Detail)                                              
139: R85         Notes Receivables - Summary of Outstanding Note     HTML     55K  
                Receivable Balance (Detail)                                      
48: R86         Notes Receivables - Summary of outstanding          HTML     47K 
                unsecured note receivable balance (Detail)                       
29: R87         Investments - Details of Investments Carried at     HTML     51K 
                Cost (Detail)                                                    
90: R88         Investment - Additional Information (Detail)        HTML     97K 
138: R89         Investment - Summary of Ranges and Weighted         HTML     52K  
                Averages of Significant Unobservable Inputs Used                 
                to Determine Enterprise Value (Detail)                           
128: R90         Fixed Assets, net - Schedule of Fixed Assets        HTML     57K  
                (Detail)                                                         
113: R91         Deferred Consideration - Additional Information     HTML     56K  
                (Detail)                                                         
20: R92         Deferred Consideration (Detail)                     HTML     48K 
73: R93         Credit Facility - Additional Information (Detail)   HTML     77K 
131: R94         Credit Facility - Summary of Outstanding            HTML     60K  
                Borrowings under Credit Facility (Detail)                        
116: R95         Credit Facility - Summary of Financial Covenant     HTML     49K  
                and Leverage Ratio (Detail)                                      
23: R96         Preferred Shares - Additional Information (Detail)  HTML     61K 
76: R97         Preferred Shares - Summary of Preferred Share       HTML     50K 
                Balance (Detail)                                                 
132: R98         Leases - Summary of additional information          HTML     58K  
                regarding Company's Leases (Detail)                              
111: R99         Leases - Additional Information (Detail)            HTML     48K  
93: R100        Leases - Summary of future minimum lease payments   HTML     55K 
                (Detail)                                                         
148: R101        Leases - Summary of Reconciles future minimum       HTML     51K  
                lease payments (Detail)                                          
62: R102        Leases - Summary of future minimum lease payments   HTML     60K 
                (Prior Period) (Detail)                                          
47: R103        Variable Interest Entity - Summary of Information   HTML     56K 
                about Variable Interests (Detail)                                
91: R104        Variable Interest Entity - Summary of Information   HTML     42K 
                about Variable Interests (Parenthetical) (Detail)                
146: R105        Revenues from Contracts with Customers -            HTML     50K  
                Additional Information (Detail)                                  
61: R106        Revenues from Contracts with Customers - Summary    HTML     52K 
                of Revenues from Contracts with Customers (Detail)               
46: R107        Related Party Transactions - Summary of Accounts    HTML     57K 
                Receivable from Related Parties (Detail)                         
95: R108        Related Party Transactions - Summary of Revenues    HTML     57K 
                from Advisory Services Provided to Related Parties               
                (Detail)                                                         
144: R109        Related Party Transactions - Additional             HTML     48K  
                Information (Detail)                                             
117: R110        Stock-Based Awards - Additional Information         HTML     93K  
                (Detail)                                                         
102: R111        Stock-Based Awards - Summary of Unrecognized        HTML     47K  
                Stock-Based Compensation Expense and Average                     
                Remaining Vesting Period (Detail)                                
18: R112        Stock-Based Awards - Summary of Option Activity     HTML     57K 
                (Detail)                                                         
71: R113        Stock-Based Awards - Summary of Option Activity     HTML     44K 
                (Parenthetical) (Detail)                                         
118: R114        Stock-Based Awards - Summary of Information on      HTML     75K  
                Stock Options Outstanding and Exercisable (Detail)               
103: R115        Stock-Based Awards - Summary of Restricted Stock    HTML     78K  
                Activity (Detail)                                                
19: R116        Stock-Based Awards - Summary of Restricted Stock    HTML     56K 
                Activity (Parenthetical) (Detail)                                
72: R117        Employee Benefit Plans - Summary of Discretionary   HTML     43K 
                Contributions (Detail)                                           
119: R118        Earnings Per Share - Reconciliation of Basic and    HTML     87K  
                Diluted Earnings Per Share (Detail)                              
101: R119        Earnings Per Share - Additional Information         HTML     43K  
                (Detail)                                                         
41: R120        Earnings Per Shares - Schedule of Weighted Average  HTML     50K 
                Number of Shares (Detail)                                        
55: R121        Income Taxes - Additional Information (Detail)      HTML     75K 
151: R122        Income Taxes - U.S. and foreign components of       HTML     51K  
                income before income tax expense (Detail)                        
97: R123        Income Taxes - Components of Current and Deferred   HTML     70K 
                Income Tax Expense (Detail)                                      
43: R124        Income Taxes - Reconciliation Of The Statutory      HTML     72K 
                Federal Income Tax Expense And The Company's Total               
                Income Tax Expense (Detail)                                      
57: R125        Income Taxes - Schedule of income tax payments by   HTML     47K 
                jurisdiction (Detail)                                            
152: R126        Income Taxes - Summary of Deferred Tax Assets       HTML     86K  
                (Detail)                                                         
98: R127        Income Taxes - Schedule of Changes in Balance of    HTML     60K 
                Gross Unrecognized Tax Benefits (Detail)                         
38: R128        Shares Repurchased - Additional Information         HTML     58K 
                (Detail)                                                         
59: R129        Goodwill and Intangible Assets - Summary of         HTML     53K 
                Goodwill by Reporting Unit (Detail)                              
70: R130        Goodwill and Intangible Assets - Additional         HTML     67K 
                Information (Detail)                                             
15: R131        Goodwill and Intangible Assets - Summary of         HTML     50K 
                Indefinite-lived Intangible Assets (Detail)                      
106: R132        Impairments (Details)                               HTML     55K  
120: R133        Impairments - Additional Information (Detail)       HTML     63K  
68: R134        Segment Reporting - Reportable Segment Information  HTML    107K 
                (Detail)                                                         
13: R135        Supplemental Financial Information - Quarterly      HTML     79K 
                Results (Detail)                                                 
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Revenues – We recorded operating revenues of $268.4 million during the year ended December 31, 2019, down 2.1% from the year ended December 31, 2018 due to a 3 basis point decline in our average global advisory fee and lower average AUM of our U.S. listed products, partly offset by higher revenues earned from the ETFS acquired business, which were recognized for the entire year of 2019.

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Expenses – Total operating expenses increased 1.0% from the year ended December 31, 2018 to $214.9 million due to expenses associated with the ETFS acquired business which were recognized for the entire year of 2019 and higher compensation expenses. These items were partly offset by lower acquisition and disposition-related costs, professional fees, marketing and advertising expenses and fund management and administration costs associated with our U.S. listed products.

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Other Income/(Expenses) – Other income/(expenses) includes interest income and interest expense, (losses)/gains on revaluation of deferred consideration – gold payments, impairments and other gains and losses. For the years ended December 31, 2018 and 2019, the gain/(loss) on revaluation of deferred consideration – gold payments were $12.2 million and ($11.3) million, respectively.

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Net (loss)/income – We reported a net loss of ($10.4) million during the year ended December 31, 2019, compared to net income of $36.6 million during the year ended December 31, 2018. The net loss reported in the current year includes the loss on revaluation of deferred consideration – gold payments of $11.3 million and impairment charges of $30.7 million (See Note 26 to our Consolidated Financial Statements).

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Transparency . ETFs disclose the composition of their underlying portfolios on a daily basis, unlike mutual funds, which typically disclose their holdings every 90 days.

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Intraday trading, hedging strategies and complex orders . Like stocks, ETFs can be bought and sold on exchanges throughout the trading day at market prices. ETFs update the indicative values of their underlying portfolios every 15 seconds. As publicly-traded securities, ETF shares can be purchased on margin and sold short, enabling the use of hedging strategies, and traded using limit orders, allowing investors to specify the price points at which they are willing to trade.

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Tax efficiency . In the U.S., whenever a mutual fund or ETF realizes a capital gain that is not balanced by a realized loss, it must distribute the capital gain to its shareholders. These gains are taxable to all shareholders, even those who reinvest the gain distributions in additional shares of the fund. However, most ETFs typically redeem their shares through “in-kind” redemptions in which low-cost securities are transferred out of the ETF in exchange for fund shares in a non-taxable transaction. By using this process, ETFs can avoid the transaction fees and tax impact incurred by mutual funds that sell securities to generate cash to pay out redemptions.

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Uniform pricing . From a cost perspective, ETFs are one of the most equitable investment products on the market. Investors in U.S. listed ETFs, regardless of their size, structure or sophistication, pay identical advisory fees. Unlike mutual funds, U.S. listed ETFs generally do not have different share classes or different expense structures for retail and institutional clients and ETFs typically are not sold with sales loads or 12b-1 fees. In many cases, ETFs offer lower expense ratios than comparable mutual funds.

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Low cost index investing . ETFs provide exposure to a variety of broad-based indexes across equities, fixed income, commodities and other asset classes and strategies, and can be used as both long-term portfolio holdings or short-term trading tools. ETFs offer an efficient and less costly method by which to gain exposure to indexes as compared to individual stock ownership.

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Improved access to specific asset classes . Investors often use ETFs to gain access to specific market sectors or regions around the world by investing in an ETF that holds a portfolio of securities in that region or segment rather gaining exposure by purchasing individual securities or physical commodities.

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Asset allocation . Investors seeking to invest in various asset classes to develop an asset allocation model in a cost-effective manner can do so easily with ETFs, which offer broad exposure to various asset classes in a single security.

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Protective hedging . Investors seeking to protect their portfolios may use ETFs as a hedge against unexpected declines in prices of securities arising from market movements and changes in currency and interest rates.

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Income generation . Investors seeking to obtain income from their portfolios may buy fixed income ETFs that typically distribute monthly income or dividend-paying ETFs that encompass a basket of dividend-paying stocks rather than buying individual stocks.

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Speculative investing . Investors with a specific directional opinion about a market sector may choose to buy or sell (long or short) an ETF covering or leveraging that market sector.

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Arbitrage . Sophisticated investors may use ETFs to exploit perceived value differences between the ETF and the value of the ETF’s underlying portfolio of securities.

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Diversification . By definition, ETFs represent a basket of securities and each fund may contain hundreds or even thousands of different individual securities. The “instant diversification” of ETFs provides investors with broad exposure to an asset class, market sector or geography.

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Education and greater investor awareness . Over the last several years, ETFs have been taking a greater share of inflows and AUM from mutual funds. We believe investors have become more aware of some of the deficiencies of mutual funds and other financial products and are increasing their focus on important characteristics of their traditional investments—namely transparency, tradability, liquidity, tax efficiency and fees. Their attention and education focused on these important investment characteristics may be one of the drivers of the shift in inflows from traditional mutual funds to ETFs. We believe as investors continue to become more aware and educated about ETFs and their benefits, ETFs will continue to take market share from traditional mutual funds and other financial products or structures such as hedge funds, separate accounts and individual stocks.

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Move to fee-based models . In response to preparing for compliance with the Department of Labor’s Fiduciary Rule to address conflicts of interest in retirement advice before it was vacated in 2018, and thereafter for compliance with Regulation Best Interest, which was adopted by the SEC in June 2019 and requires broker-dealers to act in the best interest of their retail customers when making a recommendation, many financial advisors changed the revenue model that they charge clients from one that is “transaction-based,” that is, based on commissions for trades or receiving sales loads, to a “fee-based” approach, where an overall fee is charged based on the value of AUM. This fee-based approach, which is in the spirit of Regulation Best Interest, lends itself to the advisor selecting no-load, lower-fee financial products, and in our opinion, better aligns advisers with the interests of their clients. Since ETFs generally charge lower fees than mutual funds, we believe this model shift, which we anticipate will remain in place even though the Fiduciary Rule was vacated, will benefit the ETF industry. As major brokerage firms and asset managers encourage their advisors to move towards fee-based models, we believe overall usage of ETFs likely will increase.

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Innovative product offerings . Historically, ETFs tracked traditional equity indexes, but the volume of ETF growth has led to significant innovation and product development. As demand has increased, the number of ETFs also has increased and today, ETFs are available for virtually every asset class including equities, fixed income, commodities, alternative strategies, leveraged/inverse, real estate and currencies. However, we believe that there remain substantial areas for ETF sponsors to continue to innovate, including alternative- and investment theme-based strategies, digital assets, hard and soft commodities, and actively managed strategies. We also believe the further expansion of ETFs will fuel additional growth and investments from investors who typically access these products through hedge funds, separate accounts, stock investments or the futures and commodity markets.

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New distribution channels . Recently, several of the largest custodial platforms and online brokerage firms eliminated trading commissions for ETFs. Our arrangements with these platforms had offered us

preferred or exclusive access for our products, enabling investors to purchase ETFs without paying commissions. While exclusivity is no longer available, the elimination of commissions removes a component of trading costs previously affecting ETFs and is therefore a positive development for the ETF industry. ETF sponsors are also now better positioned to target access to all platforms, thereby creating additional opportunities. We believe the promotion of ETF trading by these platforms and online brokerage firms and their marketing of ETFs and model portfolios to a wider retail channel will contribute to the growth of ETFs. Additionally, digital wealth management is evolving, and online tools and robo-advisors are gaining wider acceptance with retail investors to assist with investment decisions. These advisors are increasingly utilizing model portfolios, which we believe also will contribute to the growth of ETFs. Institutional investors such as pensions, endowments and even mutual funds are also increasing their use of ETFs as trading tools as well as core holdings.

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Changing demographics . As the “baby boomer” generation continues to mature and retire, we expect that there will be a greater demand for a broad range of investment solutions, with an emphasis on income generation and principal protection, and that more of these investors will seek advice from professional financial advisors. We believe these financial advisors will migrate more of their clients’ portfolios to ETFs due to their lower fees, better fit within fee-based models, and their ability to provide access to more diverse market sectors, improve multi-asset class allocation, and be used for different investment strategies, including income generation. Overall, we believe ETFs are well-suited to meet the needs of this large and important group of investors. In addition, since many younger investors and financial advisors have demonstrated a preference for the ETF structure over traditional product structures, we believe that wealth transfers from one generation to another will also have a positive effect on ETF industry growth.

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International markets. We believe the growth of ETFs is a global phenomenon. While the U.S. currently represents the vast majority of global ETF assets, many of the same growth drivers powering the U.S. ETF industry are taking hold in global markets.

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Changing regulatory landscape . Many regulators globally are implementing rules that favor fee-based account structures, barring of commissions or incentives to advisors that put their interests ahead of clients and promoting trading of ETFs. We believe these regulatory changes are conducive to ETF growth.

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Well-positioned in large and growing markets . We believe that ETFs are well positioned to grow significantly faster than the asset management industry as a whole, making our focus on ETFs an advantage over traditional asset management firms. In the ETF industry, being a first mover, or one of the first providers of ETFs in a particular asset class, can be a significant advantage. We believe that our early leadership in a number of asset classes positions us well to maintain a leadership position.

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Strong performance . We create our own indexes, most of which weight companies in our equity ETFs by a measure of fundamental value and are rebalanced annually. By contrast, traditional indexes are market capitalization weighted and tend to track the momentum of the market. We also offer actively managed ETFs, as well as ETFs based on third-party indexes. In evaluating the performance of our U.S. listed equity, fixed income and alternative ETFs against actively managed and index based mutual funds and ETFs, 85.0% of the $38.4 billion invested in our U.S. listed ETFs covered by Morningstar and 67.7% (48 of 72) of our U.S. listed ETFs covered by Morningstar as of December 31, 2019 outperformed their comparable Morningstar average since inception. In addition, 35 of our U.S. listed ETFs and UCITS products are rated 4- or 5-star by Morningstar.

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Differentiated product set, powered by innovation and performance . Our products span a variety of traditional and high growth asset classes, including equities, commodities, fixed income, currencies and

alternatives, and include both passive and actively managed funds. Our innovations include launching the following industry firsts:

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the first gold and oil ETPs via our acquisition of ETFS;

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the first emerging markets small-cap equity ETF;

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the first actively managed currency ETF;

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the first ETF to provide investors with access to the Additional Tier 1 Contingent Convertible, or CoCo, bond market;

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one of the first international local currency denominated fixed income ETFs;

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the first managed futures strategy ETF;

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the first currency hedged international equity ETFs in the U.S.;

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the first 90/60 balanced ETF;

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the first multifactor ETFs incorporating dynamic currency hedging as a factor; and

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the first smart beta corporate bond suite.

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Extensive marketing, research and sales efforts . We have invested significant resources to establish the WisdomTree brand through online and television targeted advertising, social media, as well as through our public relations efforts. Close to half of our employees are dedicated to marketing, research and sales. Our sales professionals are the primary points of contact for financial advisors, independent advisory firms and institutional investors who use our ETFs. Their efforts are enhanced through value-added services provided by our research and marketing efforts. We have strong relationships with financial advisors at leading national brokerage firms, registered investment advisers and high net worth advisers. We believe that by strategically aligning these adviser relationships and marketing campaigns with targeted research and sales initiatives and products that align with market sentiment, we differentiate ourselves from our competitors.

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Efficient business model with lower risk profile . We have invested heavily in digital tools and data to market and sell our products and in the internal development of our core competencies with respect to product development, marketing, research and sales of ETFs. We outsource to third parties those services that are not our core competencies or may be resource or risk intensive, such as the portfolio management responsibilities and fund accounting operations of our ETFs. In addition, our licensing costs are moderated since we create our own indexes for most of our ETFs.

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Strong, seasoned and creative management team . We have built a strong and dedicated senior leadership team. Most of our leadership team has significant ETF or financial services industry experience in fund operations, regulatory and compliance oversight, product development and

management or marketing and communications. We believe our team, by developing an ETF sponsor from the ground up despite significant competitive, regulatory and operational barriers, has demonstrated an ability to innovate as well as recognize and respond to market opportunities and effectively execute our strategy.

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Foster deeper relationships through technology-driven solutions . We believe that the asset management industry is undergoing rapid change and technology is altering the way financial advisors conduct business. Our Advisor Solutions platform, which was named “Fund Innovation of the Year” at the 2018 Mutual Fund Industry Awards, is focused on providing technology-enabled solutions to help financial advisors address technology challenges and grow and scale their businesses.

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wealth investment research and ETF education;

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portfolio construction services such as the award-winning Digital Portfolio Developer, or DPD, an enhanced portfolio construction tool that assists financial advisors in analyzing an existing investment portfolio by examining the data and providing alternative portfolio approaches to consider in seeking to improve outcomes based on different measures. DPD won the “Thought Leadership Initiative of the Year” award at the 2018 WealthManagement.com Industry Awards;

•

access to ETF model portfolios, which are currently available on a number of platforms, including TD Ameritrade, Envestnet and others. Our model portfolios are a natural extension of our research capabilities and provide advisors access to an open-architecture approach, a tenured team and a firm dedicated to innovation and value creation. Innovation is demonstrated in part by our recent launch of two model portfolios in collaboration with Professor Jeremy Siegel; and

•

practice management resources, including access to thought leaders in retirement planning, leadership and behavioral finance.

•

Increase penetration within existing distribution channels and expand into new distribution channels and relationships with distribution platforms. Recently, several of the largest custodial platforms and online brokerage firms eliminated trading commissions for ETFs. Our arrangements with these platforms, including TD Ameritrade, Charles Schwab and E * Trade had offered us preferred or exclusive access for our products, enabling investors to purchase our ETFs without paying commissions. While exclusivity on these platforms is no longer available, we are now better positioned to target access to all platforms, thereby creating additional opportunities to increase our market share by further penetrating existing distribution channels, expanding into new distribution channels and cross-selling additional WisdomTree ETFs. In addition, we continue to maintain preferred or exclusive access on the following platforms:

•

LPL Financial. In December 2019, we became an inaugural partner on LPL Financial’s newly launched ETF network where advisors can trade 67 of our ETFs commission free.

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BNY Mellon/Pershing. In June 2019, we expanded our offerings of our U.S. listed ETFs on BNY Mellon’s Pershing Fundvest ® ETF no-transaction-fee platform, adding 43 additional WisdomTree U.S. listed ETFs to the original eight added in January 2019.

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Swissquote . In March 2019, ten of our UCITS ETFs with 28 asset classes were added to the online platform of Swissquote, Switzerland’s largest execution-only broker.

•

Ally Invest. In August 2018, our full range of U.S. listed ETFs were made available commission-free on Ally Invest’s online trading platform.

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Cetera. In July 2018, our U.S. listed ETFs and our Advisor Solutions program were made available on the no-transaction fee product platform of Cetera Financial Group, the second largest independent financial advisor network in the nation. This allows for Cetera’s network of independent broker-dealers to access our diverse line-up of ETF products with no transaction fees.

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Leverage data intelligence to serve and expand investor base and improve sales and marketing effectiveness . Our collaboration with IBM’s Advanced Analytics platform led to the development of a cognitive customer-focused lead prioritization system leveraging IBM Watson which has enhanced our distribution efforts. The system evaluates data across structured and unstructured sources such as historical investment data, market data and investor activity history, extracting behavioral insights, and is designed to enable our sales and marketing teams to optimize outreach to our current and potential investor base.

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Launch innovative new products that diversify our product offerings and revenues . We have launched many first-to-market ETFs in the United States and pioneered alternative weighting and performance methods commonly referred to as “smart beta.” However, our U.S. listed ETFs are not beta, but rather an investment approach we call “Modern Alpha,” which combines the outperformance potential of active management with the benefits of passive management to offer investors cost-effective funds that are built to perform. We are also seeking to enhance the ETF structure through blockchain technology and digital securities and bring the benefits of the ETF structure to the digital ecosystem. To that end, we are pursuing the launch of “tokenized” or digital versions of existing WisdomTree ETFs on blockchain covering core building block asset classes, including gold and treasuries. We believe our track record demonstrates that we can create and sell innovative ETFs that meet market demand.

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Selectively pursue acquisitions or other strategic transactions. We may pursue acquisitions or other strategic transactions that will enable us to strengthen our current business, expand and diversify our product offerings, complement our Advisor Solutions program, increase our AUM or enter into new markets. We believe pursuing acquisitions or other strategic transactions is a cost-effective means of growing our business and AUM.

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Targeted advertising. We create highly targeted multi-media advertising campaigns limited to established core financial media. For example, our television advertising runs exclusively on the cable networks CNBC, Fox Business and Bloomberg Television; online advertising runs on investing or ETF-specific web sites, such as www.seekingalpha.com and www.etfdatabase.com using targeted dynamic and personalized ad messaging.

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Media relations. We have a full-time global corporate communications and public relations team who has established relationships with major financial media outlets. We utilize these relationships to help increase global awareness of the WisdomTree ETFs and the ETF industry in general in the United States and Europe. Several members of our management team and multiple members of our research team are frequent market commentators and conference panelists.

•

Database Messaging Strategy . We have a database of financial advisors to which we regularly market through a series of messages across channels (email, display, site) that are triggered based on user interest and predictive analytics, on-demand research presentations, ETF-specific or educational events and presentations and market commentary from our senior investment strategy adviser, Professor Jeremy Siegel. Additionally, we communicate to our retail database about new product launches and provide ETF education.

•

Social media . We have implemented a social media strategy that allows us to connect directly with financial advisors and investors by offering timely access to our research material and more general market commentary. Our social media strategy allows us to continually enhance our brand reputation of expertise and thought leadership in the ETF industry. For example, we have an established presence on LinkedIn, Twitter and YouTube, and our blog content is syndicated across multiple business-oriented websites.

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Sales support . We create comprehensive materials to support our sales process including whitepapers, research reports, webinars, blogs, podcasts, videos and performance data for our ETFs.

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The Investment Advisers Act of 1940 (Investment Advisers Act) . The SEC is the federal agency generally responsible for administering the U.S. federal securities laws. WisdomTree Asset Management, Inc., or WTAM, one of our subsidiaries, is registered as an investment adviser under the Investment Advisers Act and, as such, is regulated by the SEC. The Investment Advisers Act requires registered investment advisers to comply with numerous and broad obligations, including, among others, recordkeeping requirements, operational procedures, registration and reporting and disclosure obligations.

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The Investment Company Act of 1940 (ICA) . Nearly all of our WisdomTree ETFs are registered with the SEC pursuant to the Investment Company Act. These WisdomTree ETFs must comply with the requirements of the Investment Company Act and other regulations related to publicly offering and listing shares, as well as conditions imposed in the exemptive orders received by the ETFs, including, among others, requirements relating to operations, fees charged, sales, accounting, recordkeeping, disclosure and governance. In addition, the SEC has proposed, and is expected to continue to propose, new and/or revised provisions under the ICA that may impact current and future ETF investments and/or operations.

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Broker-Dealer Regulations . Although we are not registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended, or Exchange Act, nor are we a member firm of the Financial Industry Regulatory Authority, or FINRA, many of our employees, including all of our salespersons, are licensed with FINRA and are registered as associated persons of the distributor of the WisdomTree ETFs and, as such, are subject to the regulations of FINRA that relate to licensing, continuing education requirements and sales practices. FINRA also regulates the content of our marketing and sales material.

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Internal Revenue Code . The WisdomTree Trust generally has obligations with respect to the qualification of the registered investment company for pass-through tax treatment under the Internal Revenue Code.

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U.S. Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) . In 2012, the CFTC adopted regulations that have required us to become a member of the NFA and register as a commodity pool operator for a select number of our ETFs. In addition, in January 2016, we acquired the ownership interest in two commodity pool operators (one of which has since been dissolved) to ETFs that are not registered under the ICA and are thereby subject to additional requirements imposed by the CFTC and NFA. Each commodity pool operator is required to comply with numerous CFTC and NFA requirements.

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Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 . This comprehensive overhaul of the financial services regulatory environment requires the implementation of numerous rules, which, as they continue to be adopted and/or modified, may impose additional regulatory burdens and expenses on our business, and may negatively impact WisdomTree ETFs.

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Employee Retirement Income Security Act of 1974 (ERISA) . We have established a platform for offering collective investment funds under the WisdomTree Collective Investment Trust, or CIT, to target the retirement sector. The CIT is exempt from registration with the SEC as a bank-maintained collective investment fund established for employee benefit trusts. As investment adviser to the CIT,

WTAM is subject to the fiduciary responsibility standards and prohibited transaction restrictions of ERISA and is required to comply with certain requirements under ERISA to satisfy those standards and avoid liability.

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SEC Rule 6c-11 (ETF Rule) . In September 2019, the SEC approved Rule 6c-11, commonly referred to as the “ETF Rule,” which became effective in December 2019 and ETF issuers have one year to implement. The ETF Rule is designed to simplify the rules governing ETFs. The rule includes several items that level the playing field for ETF issuers, including removing the need to file for exemptive relief in order to issue ETFs, which historically has been a costly and time consuming process, removing the regulatory distinction between actively managed and index-based ETFs (including removing specific requirements associated with self-indexed ETFs) and making custom baskets available to all issuers subject to policy and procedure requirements. The rule also requires issuers to disclose a number of items in a standardized format on a daily basis, including portfolio holdings and median bid-ask spread over the prior 30-day period.

•

Exchange Listing Requirements . Each WisdomTree ETF is listed on a secondary market (each, an Exchange), including NYSE Arca, the NASDAQ Market and the BATS Exchange, and accordingly is subject to the listing requirements of these Exchanges. Any new WisdomTree ETF will seek listing on an Exchange and also will need to meet continued Exchange listing requirements. While the SEC has already approved rules for Exchanges to allow index-based ETFs and active ETFs to list that meet prescribed requirements (e.g., minimum number, market value and trading volume of securities in the new ETF’s benchmark index or in its portfolio, as applicable), these rules do not allow ETFs that do not meet the prescribed requirements without specific SEC approval. The SEC may ultimately determine not to allow such potential new WisdomTree ETFs or may require strategy modifications prior to approval. In November 2019, each of the Exchanges filed rule changes with the SEC to more closely align initial and continued listing requirements with the ETF Rule, which we view as a positive development, although it is unclear when or if such rule changes will be approved by the SEC.

•

FINRA Rules . FINRA rules and guidance may affect how WisdomTree ETFs are sold by member firms. Although we currently do not offer so-called leveraged ETFs in the U.S., which may include within their holdings derivative instruments such as options, futures or swaps to obtain leveraged exposures, recent FINRA guidance on margin requirements and suitability determinations with respect to customers trading in leveraged ETFs may influence how member firms effect sales of certain WisdomTree ETFs, such as our currency ETFs, which also use some forms of derivatives, including forward currency contracts and swaps, our international hedged equity ETFs, which use currency forwards, and our rising rates bond ETFs and alternative strategy ETFs, which use futures or options. In 2018, FINRA requested comment on potential changes to a rule related to payments to market makers and the potential timing and/or consequences with respect to changes to such rule, if implemented, are unclear.

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The Companies (Jersey) Law 1991 . Each ManJer Issuer is incorporated as a public limited liability company under the Companies (Jersey) Law 1991. Therefore, the ManJer Issuers are required to comply with various obligations under the Companies (Jersey) Law 1991 such as, but not limited to, convening general meetings, keeping proper books and records and filing financial statements.

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The Foreign Account Tax Compliance Act, or FATCA , which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets. ETCs benefit from the so called “listing exemption” and Jersey local authorities have determined that for companies which can benefit from such exemption the filing of a nil report is optional.

•

The Common Reporting Standards, or CRS , were developed by the Organization for Economic Cooperation and Development and is a global reporting standard for the automatic exchange of information. The ManJer Issuers will need to conduct FATCA style due diligence and annual local reporting in relation to financial accounts held directly and indirectly by residents of those jurisdictions with which the Foreign Financial Institutions (FFIs) jurisdiction of residence has signed an Intergovernmental Agreement (IGA) to implement the CRS. Unlike FATCA, there is no clear listing exemption available under the CRS so the ManJer Issuers are required to conduct full due diligence to identify such accounts and report on them on an annual basis to their local tax authorities, at least in respect of the certificated interests and primary market issuances. However, Jersey tax authorities have applied less onerous reporting obligations to interests such as ETCs that are regularly traded on an established securities market and are held through CREST, the U.K. based central securities depository.

•

The Prospectus Regulation . The Base Prospectus of each ManJer Issuer has been drafted, and any offer of ETCs in any EEA Member State that has implemented the Prospectus Regulation is made in compliance with the Prospectus Regulation and any relevant implementing measure in such Member States.

•

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, known as the European Market Infrastructure Regulation (“EMIR”) . EMIR, which became effective on August 16, 2012, provides for certain over-the-counter, or OTC, derivative contracts to be submitted to central clearing and imposes margin posting and other risk mitigation techniques, reporting and record keeping requirements. The clearing obligations under EMIR are still under discussion, and currently there are no mandatory clearing obligations in relation to equity, FX or commodity derivatives. The clearing obligation only applies to EU-based financial counterparties (defined as those authorized under MiFID, CRR, AIFMD, UCITS or insurance regulations) or those non-financial entities that have a rolling three-month notional exposure above a certain amount (between € 1 and € 3 billion, depending on asset class), which means that the ManJer Issuers are not directly subject to these obligations, but could indirectly be subject to them by virtue of their interaction with EU-based financial counterparties. In terms of reporting obligations, being non-EU entities, the ManJer Issuers are only indirectly subject to such obligations when they interact with their EU-based financial counter-parties. Each ManJer Issuer has adhered to the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by the International Swaps and Derivatives Association, Inc.

•

Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (the “Regulation”) and Directive 2014/57/EU of the European Parliament and of the Council on

criminal sanctions for market abuse (the “Directive” and, together with the Regulation, “MAD”) . Obligations imposed on the relevant ManJer Issuer and distributor under MAD, which became effective on July 3, 2016, include the requirement to publish inside information in a public and timely manner, to prepare and maintain a list of insiders and to refrain from market manipulation.

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Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (“BMR”) . Supervised EU entities which issue financial instruments that reference a benchmark are required to comply with applicable obligations as set out under the BMR. The BMR was published on June 30, 2016 and the majority of the provisions became effective on January 1, 2018. The ManJer Issuers are non-EU entities and as a result, BMR application is very limited, although in some circumstances a few residual obligations could be deemed to be applicable because the ETCs are marketed across Europe.

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Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (“PRIIPS”) . PRIIPs became effective on January 1, 2018 and applies to investment product manufacturers and distributors. Under PRIIPs, manufacturers need to provide a key information document (KIDs) to investors. The intention of KIDs is to improve transparency for investors on the products and enhance investor protection. The product manufacturer is responsible for drafting the KID and for its content. All ETCs are currently subject to PRIIPs and KIDs have been produced since January 1, 2018.

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MIFID II . MIFID II covers a wide range of areas that affect the relevant issuer and distributor, such as product governance, a new definition of complex products (which captures all physical and synthetic ETCs) and the production of a new document called an EMT to facilitate the dissemination of relevant information to the markets and distributors in relation to each financial product.

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Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. (“SFTR”) . Counterparties to securities financing transactions must report the transaction to trade repositories. The SFTR introduces a reporting requirement for transactions, and a disclosure requirement to investors with a requirement for prior consent. It also designates that financial instruments used for re-hypothecation are transferred to an account in the name of the other counterparty. Since the ManJer Issuers are based in non-EU jurisdictions, obligations are only indirectly applicable to them, but a certain level of interaction with EU counterparties is required to comply with some of these requirements.

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European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“UCITS Regulations”). The UCITS Regulations, which transpose Council Directive 2009/65/EC, Commission Directive 2010/43/EC and Commission Directive 2010/44/EC into Irish law, became effective on July 1, 2011. UCITS established in Ireland are authorized under the UCITS Regulations.

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Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (“Central Bank UCITS Regulations”). The Central Bank UCITS Regulations were adopted in May 2019 and, together with the UCITS Regulations, any guidance produced by the Central Bank, and the Central Bank forms, form the basis for all the requirements that the Central Bank imposes on UCITS, UCITS management companies and depositaries of UCITS.

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Central Bank Guidance. The Central Bank also has produced guidance that provides direction on issues relating to the funds industry, certain of which set forth conditions not contained in the UCITS Regulations or the Central Bank Regulations with which UCITS must conform.

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The Companies Acts 2014 (“Companies Act”). WTI is incorporated as a public limited company under the Companies Act. Therefore, WTI is required to comply with various obligations under the Companies Act such as, but not limited to, convening general meetings and keeping proper books and records. The segregation of liability between sub-funds means there cannot be, as a matter of Irish law, cross-contamination of liability as between sub-funds so that the insolvency of one sub-fund affects another sub-fund.

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EMIR . EMIR provides for OTC derivative contracts to be submitted to central clearing and imposes, inter alia , margin posting and other risk mitigation techniques, reporting and record keeping requirements. WTI uses OTC derivatives instruments to hedge the currency risk of some of its sub-funds, which are subject to EMIR. WTI has adhered to the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by the International Swaps and Derivatives Association, Inc. The Central Bank has been designated as the competent authority for EMIR.

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BMR . The BMR is directly applicable law across the EU and applies to certain “administrators,” “contributors” and “users” of benchmarks with the aim of reducing the risk of benchmark manipulation and promoting confidence in their integrity and that of the financial markets which they support. Since WTI issues financial instruments that reference a benchmark, it will be required to comply with applicable obligations as set out under the BMR. In addition, non-EU administrators of benchmarks are required to satisfy a number of requirements to enable the benchmarks they provide to be used in the EU. To ensure investor protection, the BMR provides equivalence, recognition and endorsement

conditions under which third country benchmarks may be used by supervised entities in the EU. Since we control the provision of benchmarks, we are required to comply with applicable obligations within the timeframes set out under the BMR.

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The Companies Act . WMAI is incorporated as a public limited liability company under the Companies Act. Therefore, WMAI is required to comply with various obligations under the Companies Act such as, but not limited to, convening general meetings, keeping proper books and records and filing financial statements.

•

The Prospectus Regulation . The Base Prospectus has been drafted, and any offer of ETP Securities in any EEA Member State that has implemented the Prospectus Regulation is made in compliance with the Prospectus Regulation and any relevant implementing measure in such Member States.

•

EMIR . WMAI hedges its payment obligations in respect of the ETP Securities by entering into swap transactions with swap providers, which are subject to EMIR. The Central Bank has been designated as the competent authority for EMIR and, to assess compliance with EMIR, requests that WMAI submits annually an EMIR Regulatory Return.

•

BMR . Since WMAI issues financial instruments that reference a benchmark, it also will be required to comply with applicable obligations under the BMR.

•

MAD . MAD has a direct effect in Ireland and strengthens the legal framework underpinning the function of detecting, sanctioning and deterring market abuse. Broadly, MAD applies to any financial

instrument admitted to, or for which a request for admission has been made to, trading on a regulated market in at least one member state of the EU or in an EEA Member State. Obligations imposed on WMAI under MAD include the requirement to publish inside information in a public and timely manner, to draw up and maintain a list of insiders and to refrain from market manipulation.

ITEM 1A.

RISK FACTORS

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continuing to retain, motivate and manage our existing employees and/or attract and integrate new employees;

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developing, implementing and improving our operational, financial, accounting, reporting and other internal systems and controls on a timely basis; and

•

maintaining and developing our various support functions including human resources, information technology, legal and corporate communications.

•

Products issued by the ManJer Issuers are backed by physical metal and are subject to risks associated with the custody of metal, including the risk that access to the physically backed metal held in the vaults or secure warehouses of a custodian or sub-custodian could be restricted by natural events, such as an earthquake, or human actions, such as a terrorist attack, the risk that such physically backed metal in its custody could be lost, stolen or damaged, and the risk that our recovery of any losses from a custodian, sub-custodian or insurer may be inadequate.

•

Products issued by WMAI, certain WisdomTree UCITS ETFs and certain products issued by the ManJer Issuers are backed by swap, derivative or similar arrangements are subject to risks associated with the creditworthiness of their counterparties, including the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the relevant arrangement (whether or not bona fide) or because of a credit, liquidity, regulatory, tax or operational problem. Any deterioration of the credit or downgrade in the credit rating of a counterparty, or the custodian holding the collateral, could cause the associated products to trade at a discount to the value of the underlying assets.

•

pay third-party infringement claims;

•

discontinue selling the particular funds subject to infringement claims;

•

discontinue using the processes subject to infringement claims;

•

develop other intellectual property or products not subject to infringement claims, which could be time-consuming and costly or may not be possible; or

•

license the intellectual property from the third party claiming infringement, which license may not be available on commercially reasonable terms.

•

decreases in our AUM;

•

variations in our quarterly operating results;

•

differences between our actual financial operating results and those expected by investors and analysts;

•

publication of research reports about us or the investment management industry;

•

changes in expectations concerning our future financial performance and the future performance of the ETP industry and the asset management industry in general, including financial estimates and recommendations by securities analysts;

•

our strategic moves and those of our competitors, such as acquisitions or consolidations;

•

changes in the regulatory framework of the ETP industry and the asset management industry in general and regulatory action, including action by the SEC to lessen the regulatory requirements or shortening the process to obtain regulatory relief under the Investment Company Act that is necessary to become an ETP sponsor;

•

the level of demand for our stock, including the amount of short interest in our stock;

•

changes in general economic or market conditions; and

•

realization of any other of the risks described elsewhere in this section.

•

a classified Board of Directors;

•

limitations on the removal of directors;

•

advance notice requirements for stockholder proposals and nominations;

•

the inability of stockholders to act by written consent or to call special meetings;

•

the ability of our Board of Directors to make, alter or repeal our by-laws; and

•

the authority of our Board of Directors to issue preferred stock with such terms as our Board of Directors may determine.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

ITEM 2.

PROPERTIES

ITEM 3.

LEGAL PROCEEDINGS

ITEM 4.

MINE SAFETY DISCLOSURES

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

		Total Number of Shares Purchased				Average Price Paid Per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
Period														(in thousands)
October 1, 2019 to October 31, 2019			—			$	—				—
November 1, 2019 to November 30, 2019			—			$	—				—
December 1, 2019 to December 31, 2019			31,850			$	4.84				31,850
Total			31,850			$	4.84				31,850			$	83,389

ITEM 6.

SELECTED FINANCIAL DATA

		2019				2018				2017				2016				2015
		(in thousands, except per share data)
Consolidated Statements of Operations Data:
Operating Revenues:
Advisory fees		$	265,652			$	271,104			$	226,692			$	218,217			$	297,944
Other income			2,751				3,012				1,603				703				371
Total revenues			268,403				274,116				228,295				218,920				298,315
Operating Expenses:
Compensation and benefits			80,761				74,515				81,493				63,263				73,228
Fund management and administration			61,502				56,686				42,144				41,083				42,782
Marketing and advertising			12,163				13,884				14,402				15,643				13,371
Sales and business development			18,276				17,153				13,811				12,537				9,189
Contractual gold payments			13,226				8,512				—				—				—
Professional and consulting fees			5,641				7,984				5,254				6,692				7,067
Occupancy, communications and equipment			6,302				6,203				5,415				5,211				4,299
Depreciation and amortization			1,045				1,301				1,395				1,305				1,006
Third-party distribution fees			6,968				6,611				3,393				2,827				2,443
Acquisition and disposition-related costs			902				11,454				4,832				—				—
Other			8,083				8,534				7,068				6,909				6,187
Total expenses			214,869				212,837				179,207				155,470				159,572
Operating income			53,534				61,279				49,088				63,450				138,743
Other Income/(Expenses)
Interest expense			(11,240	)			(7,962	)			—				—				—
(Loss)/gain on revaluation of deferred consideration—gold payments			(11,293	)			12,220				—				—				—
Interest income			3,332				3,093				2,861				1,111				681
Settlement gain			—				—				6,909				—				—
Impairments			(30,710	)			(17,386	)			—				(1,676	)			—
Acquisition payment			—				—				—				(6,738	)			(2,185	)
Other losses, net			(3,502	)			(205	)			(666	)			(585	)			(54	)
Income before taxes			121				51,039				58,192				55,562				137,185
Income tax expense			10,546				14,406				30,993				29,407				57,133
Net (loss)/income		$	(10,425	)		$	36,633			$	27,199			$	26,155			$	80,052
(Loss)/earnings per share—diluted (1)		$	(0.08	)		$	0.23			$	0.20			$	0.19			$	0.58
Weighted average common shares—diluted (1)			151,823				158,415				136,003				135,539				138,825
Cash dividends declared per common share		$	0.12			$	0.12			$	0.32			$	0.32			$	0.57

(1)	See Note 22 to our Consolidated Financial Statements

		2019				2018				2017				2016				2015
Consolidated Balance Sheet Data:
Cash and cash equivalents		$	74,972			$	77,784			$	54,193			$	92,722			$	210,070
Total assets		$	935,207			$	937,518			$	254,985			$	249,767			$	292,693
Debt		$	175,956			$	194,592			$	—			$	—			$	—
Deferred consideration—gold payments (total)		$	173,024			$	161,540			$	—			$	—			$	—
Total liabilities		$	465,226			$	446,614			$	62,034			$	48,423			$	58,191
Preferred stock—Series A Non-Voting Convertible		$	132,569			$	132,569			$	—			$	—			$	—
Stockholders’ equity		$	337,412			$	358,335			$	192,951			$	201,344			$	234,502

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

•

In January 2020, we entered into an agreement to collaborate with Professor Jeremy Siegel to design and launch two model portfolios—The Siegel-WisdomTree Global Equity Model and the Siegel-WisdomTree Longevity Model.

•

In December 2019, we made an $8.1 million strategic investment in Securrency, Inc., a leading developer of institutional-grade blockchain-based financial and regulatory technology, with plans to pursue the integration of blockchain technology into the ETF ecosystem.

•

In December 2019, our full range of U.S. listed ETFs were made available commission-free on LPL Financial’s online trading platform.

•

In December 2019, we launched our first cryptocurrency product, the WisdomTree Bitcoin ETP, a physically-backed Bitcoin ETP which provides investors with a simple, secure and cost-efficient way to gain exposure to Bitcoin while utilizing the best of traditional financial infrastructure and product structuring.

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In November 2019, we entered into a definitive agreement to sell all of the outstanding shares of our wholly-owned Canadian subsidiary to CI Financial, allowing us to benefit from the scale and resources of CI Financial and participate more cost effectively in the continued growth of the Canadian ETF market by providing index licenses for each of the WisdomTree Canada ETFs that currently track WisdomTree proprietary indexes. The transaction was completed on February 19, 2020.

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In October 2019, we completed the final stage of integration of the ETFS acquired business, which included the unification of 224 products under one WisdomTree brand and closure of 192 duplicative or extraneous products across our full product set.

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In March and June 2019, we expanded our offerings of our ETPs on Swissquote’s and BNY Mellon’s Pershing Fundvest ® platforms.

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In April 2019, we won two 2019 ETF.com Awards: Index of the Year —The WisdomTree U.S. Multifactor Index and Best New Asset Allocation ETF —The WisdomTree 90/60 U.S. Balanced Fund

(NTSX). We also won two 2019 Mutual Fund Industry & ETF Awards: ETF of the Year —The WisdomTree Floating Rate Treasury Fund (USFR) and ESG/Impact ETF of the Year —The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE).

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In March 2019, we launched our Investor Solutions program and Digital Portfolio Developer (DPD) in Europe. Building on the success of the Advisor Solutions program in the U.S., the program aims to help investment managers to engage more effectively with clients and prospects and modernize portfolios to meet evolving investor needs.

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In March 2019, we launched USFR on the London Stock Exchange, making U.S. floating rate notes available to European investors in an ETF for the first time.

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We launched 5 new U.S. listed ETFs and 4 new International listed ETPs.

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In connection with our capital management strategy, we used $21.0 million of our available capital to begin to pay down our debt and we returned approximately $22.7 million to our stockholders largely through our ongoing quarterly cash dividend and to a lesser extent, through stock repurchases.

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ETF Rule. In September 2019, the SEC approved Rule 6c-11, commonly referred to as the “ETF Rule,” which became effective in December 2019 and ETF issuers have one year to implement. The rule is

designed to simplify the rules governing ETFs. The rule includes several items that will level the playing field for ETF issuers, including removing the need to file for exemptive relief in order to issue most types of ETFs, which historically has been a costly and time consuming process, removing the regulatory distinction between actively managed and index-based ETFs (including removing specific requirements associated with self-indexed ETFs) and making custom baskets available to all issuers subject to policy and procedure requirements. The rule also requires issuers to disclose a number of items in a standardized format on daily basis, including portfolio holdings and median bid-ask spread over the prior 30-day period.

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Regulation Best Interest. In June 2019, the SEC adopted Regulation Best Interest, which requires broker-dealers to act in the best interest of their retail customers when making a recommendation. The SEC also adopted the Form CRS relationship summary, which requires registered investment advisers and broker-dealers to deliver to retail investors a succinct, plain English summary about the relationship and services provided by the firm and the required standard of conduct associated with the relationship and services. Regulation Best Interest, Form CRS and the related rule became effective in September 2019 and compliance is required by June 30, 2020. Congress and individual state legislatures have continued to debate, and in some instances taken further action, in seeking to ensure heightened standards.

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Non-Transparent Active ETFs. During 2019, the SEC approved multiple proposals for non-transparent active ETFs which are products that are not required to disclose their holdings daily, as most ETFs currently are required to do. It is anticipated that the first non-transparent active ETFs will launch by the summer of 2020.

Commodity & Currency:			36bps			Leveraged & Inverse:			93bps
International Equity:			54bps			Fixed Income:			20bps
U.S. Equity:			30bps			Alternatives:			73bps
Emerging Market Equity:			56bps

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portfolio management of our ETPs (sub-advisory);

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fund accounting and administration;

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custodial and storage services;

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market making;

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transfer agency;

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accounting and tax services;

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printing and mailing of stockholder materials;

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index calculation;

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indicative values;

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distribution fees;

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legal and compliance services;

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exchange listing fees;

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trustee fees and expenses;

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preparation of regulatory reports and filings;

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insurance;

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certain local income taxes; and

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other administrative services.

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advertising and product promotion campaigns that are initiated to promote our existing and new ETPs as well as brand awareness;

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development and maintenance of our website; and

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creation and preparation of marketing materials.