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WisdomTree Investments, Inc. (WETF)

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4.2900+0.4700 (+12.30%)
At close: 4:00PM EDT

4.4400 +0.15 (3.50%)
After hours: 4:29PM EDT

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Previous Close3.8200
Open3.7900
Bid4.2700 x 4000
Ask4.4800 x 1800
Day's Range3.7900 - 4.3300
52 Week Range1.8700 - 5.6500
Volume1,928,353
Avg. Volume1,058,693
Market Cap642.625M
Beta (5Y Monthly)1.99
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.12 (3.14%)
Ex-Dividend DateAug. 11, 2020
1y Target EstN/A
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  • GlobeNewswire

    WisdomTree announces index change for WTI Crude Oil ETC

    New and exclusive index offers better protections for investors against negative oil pricesNEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) -- WisdomTree, an exchange traded fund ("ETF") and exchange traded product ("ETP") sponsor, has today announced a change to the underlying index tracked by WisdomTree WTI Crude Oil ETC (CRUD), following a vote by security holders. The index change was completed on August 4, 2020 and is exclusive to WisdomTree. The new index, the Bloomberg WTI Crude Oil Multi-Tenor Excess Return Index, is the result of extensive work between WisdomTree and Bloomberg to create an index which would be resilient to extreme conditions in the WTI Crude Oil market. The index aims to track the performance of an equal-weight basket of three WTI Crude Oil future contracts and is rebalanced monthly.Alexis Marinof, Head of Europe, WisdomTree, said: “CRUD is the largest and most liquid oil ETC in Europe, and WisdomTree is committed to ensuring that it provides the best oil investment experience in the industry. We have just endured a period of unprecedented market volatility with markets exhibiting new types of disruptions that were never before seen, including the appearance of negative prices in WTI contracts.”By moving CRUD to an index that spreads risk among three WTI contracts, WisdomTree is aiming to provide investors with greater future protection from the type of extreme conditions we have seen this year. In particular, the new index was designed by WisdomTree to offer greater resiliency with respect to negative or zero prices as well as enhanced liquidity for CRUD in these scenarios.The approach continues to maintain exposure and performance that is towards the front of the futures curve, which should allow investors to continue to use CRUD both strategically and tactically. The new index has also shown historically reduced performance drag when oil is in contango, which can be a concern for investors.Alexis Marinof added: “We have listened to investor feedback, working tirelessly with our partners to ensure CRUD is more robust than ever. We will continue to look at enhancing our product suite ensuring we offer the most comprehensive and robust range of energy ETCs for investors.”While WisdomTree’s WTI Crude Oil ETCs did not face the prospect of having to replicate a negative price as they were tracking slightly further-dated futures contracts, the unprecedented events of April 2020 highlighted that it is possible for futures contracts to trade at a negative price. The changes made will mitigate the risk of the index going negative.The new index has a price floor at zero and, unlike other indices tracked by oil ETCs, cannot go negative. For the new index to reach the zero floor, the average price of the three futures contracts would need to drop below zero compared to only one futures contract with the previous index. With exposure to WTI Crude Oil diversified across multiple contracts instead of only one, CRUD will also benefit from improved liquidity and reduce the concentration in a given futures contract.Jarrett Lilien, President and COO, WisdomTree, concluded: “We have just experienced one of the most challenging market environments ever. Our team managed through it, and we remained true to our heritage, using it as an opportunity to innovate. The result is a best in class product designed to endure extreme market conditions, helping investors navigate the financial markets.” WisdomTree is the leader in European energy ETCs1, with a 70% market share represented by $2.4bn in Assets under Management. For further information, please contact: Arran Fano, PR and Communications, +44 20 7448 4336 / AFano@WisdomTree.com Jessica Zaloom, Head of Corporate Communications and Public Relations, +1 917 267 3735 / JZaloom@wisdomtree.comAbout WisdomTreeWisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree”), is an exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor and asset manager headquartered in New York.  WisdomTree offers products covering equities, fixed income, currencies, commodities and alternative strategies.  WisdomTree currently has approximately $61.1 billion in assets under management globally.  For more information, please visit www.wisdomtree.com.WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.Important InformationCommunications issued in the European Economic Area (“EEA”): This document has been issued and approved by WisdomTree Ireland Limited, which is authorised and regulated by the Central Bank of Ireland.Communications issued in jurisdictions outside of the EEA: This document has been issued and approved by WisdomTree UK Limited, which is authorised and regulated by the United Kingdom Financial Conduct Authority.WisdomTree Ireland Limited and WisdomTree UK Limited are each referred to as “WisdomTree” (as applicable). Our Conflicts of Interest Policy and Inventory are available on request.For professional clients only. Past performance is not a reliable indicator of future performance. Any historical performance included in this document may be based on back testing. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. The value of any investment may be affected by exchange rate movements. Any decision to invest should be based on the information contained in the appropriate prospectus and after seeking independent investment, tax and legal advice. These products may not be available in your market or suitable for you. The content of this document does not constitute investment advice nor an offer for sale nor a solicitation of an offer to buy any product or make any investment. _________________________ 1By AuM, as of July 29, 2020 An investment in ETPs is dependent on the performance of the underlying index, less costs, but it is not expected to match that performance precisely. ETPs involve numerous risks including among others, general market risks relating to the relevant underlying index, credit risks on the provider of index swaps utilised in the ETP, exchange rate risks, interest rate risks, inflationary risks, liquidity risks and legal and regulatory risks.The information contained on this document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the issuers or their products are authorised or registered for distribution and where no prospectus of any of the issuers has been filed with any securities commission or regulatory authority. No document or information on this document should be taken, transmitted or distributed (directly or indirectly) into the United States. None of the issuers, nor any securities issued by them, have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 1940 or qualified under any applicable state securities statutes.This document may contain independent market commentary prepared by WisdomTree based on publicly available information. Although WisdomTree endeavours to ensure the accuracy of the content in this document, WisdomTree does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this document make no warranties or representation of any kind relating to such data. Where WisdomTree has expressed its own opinions related to product or market activity, these views may change. Neither WisdomTree, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.This document may contain forward looking statements including statements regarding our belief or current expectations with regards to the performance of certain assets classes and/or sectors. Forward looking statements are subject to certain risks, uncertainties and assumptions. There can be no assurance that such statements will be accurate and actual results could differ materially from those anticipated in such statements. WisdomTree strongly recommends that you do not place undue reliance on these forward-looking statements.WisdomTree Commodity Securities Limited The products discussed in this document are issued by WisdomTree Commodity Securities Limited (the "Issuer"). The Issuer is regulated by the Jersey Financial Services Commission. Investors should read the prospectus of the Issuer before investing and should refer to the section of the prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in the securities offered by the Issuer.Securities issued by the Issuer are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by Citigroup Global Markets Limited (“CGML”), Citigroup Global Markets Holdings Inc. (“CGMH”), Merrill Lynch International ("MLI"), Bank of America Corporation ("BAC") or any of their affiliates. Each of CGML, CGMH, MLI and BAC disclaim all and any liability whether arising in tort, contract or otherwise which they might have in respect of this document or its contents otherwise arising in connection herewith.Bloomberg® and the Bloomberg Commodity IndexesSM are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) and have been licensed for use by the Issuer.  Although the securities issued by the Issuer are based on the Bloomberg Commodity IndexesSM, neither Bloomberg nor UBS Securities LLC and its affiliates (collectively “UBS”) are affiliated with the Issuer and Bloomberg and UBS do not approve, endorse, review, or recommend such securities. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity IndexesSM and make no representation regarding the advisability of investing in such product(s).

  • GlobeNewswire

    WisdomTree Enhances High Growth Category ETF

    Enhancements to the WisdomTree Growth Leaders Fund (PLAT) – previously the WisdomTree Modern Tech Platforms Fund – focus on growth exposure of platform businesses with addition of growth screen criteria and fee reductionNEW YORK, Aug. 03, 2020 (GLOBE NEWSWIRE) -- WisdomTree (NASDAQ: WETF), an exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor and asset manager, today announced various enhancements to the WisdomTree Modern Tech Platforms Fund (PLAT), whose name has been changed to the WisdomTree Growth Leaders Fund (PLAT). Growth Exposure Through a Dominant Business Model – More than the FAANGs1“Platform companies are transforming business and the enhancements we’ve made to PLAT better position the fund in the important growth category,” said Jeremy Schwartz, Global Head of Research at WisdomTree. “PLAT will continue to seek to provide exposure to high growth, mid and large market capitalization companies – more than the typical FAANG stocks – and now includes a growth screen criteria to emphasize the growth leaders aspect of it, in addition to providing lower fees.”Platform companies have penetrated the global economy and are now a dominant business model for the 21st century. Platforms create value through connecting interdependent groups (e.g., Uber connecting a rider with a driver), while traditional businesses create value through linear production or supply (e.g., Ford or Hertz that produce/buy cars for sales/rent). PLAT targets companies operating large, scalable networks that disrupt the competitive landscape.Summary of Methodology and Other Enhancements Name: WisdomTree Growth Leaders Fund (formerly, WisdomTree Modern Tech Platforms Fund) Expense Ratio: 20 basis points (bps) – a reduction of 25 bps from 45 bps Revenue Growth Eligibility: at least 7% revenue growth required (formerly, no requirement) Non-U.S. Exposure:  Limited to 12%, China limited to 5% and domestic or Hong Kong listings (formerly, no caps) Weighting Mechanism: Modified average of equal and market cap weights with 9% individual security cap (formerly, equally weighted)The Platform Business Model While the traditional business model creates value through linear production of supply of a good or service, a platform business is a non-linear, asset-light2 model that creates value through connections. WisdomTree believes that the key competitive advantage that platforms have relative to legacy businesses is their ability to scale quickly and efficiently beyond the capability of linear businesses.At a certain size, the net benefit of further scale is limited for a linear business, but unlimited for a platform business. As platforms scale, they increase in value without increasing costs, translating to higher revenue-growth and margins. Schwartz added, “The structural advantages of the platform-based businesses we seek to invest in can be reflected in financial metrics through robust revenue growth, margin expansion, substantial free cash flow generation and strong returns on capital. Relative to the companies in the S&P 500 Index3, the constituents of PLAT have generated greater historical revenue growth essentially 3x higher than the typical S&P 500 companies with stronger margins. The sales growth rates of these companies are also approximately double the growth rates in some of the most popular growth strategies.”PLAT seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Growth Leaders Index (the “Index”).  The enhancements described herein associated with revenue growth, non-U.S. exposure and weighting mechanism are derived from changes to the Index.  The Index is weighted based on a modified average of equal and market capitalization weights and is rebalanced annually. Learn more about WisdomTree Growth Leaders Fund (PLAT) here.Jarrett Lilien, President and Chief Operating Officer at WisdomTree said, “We regularly review the methodologies in our ETF family, strategizing on index improvements and beyond, as part of WisdomTree’s goal of providing best-in-class product.”1 FAANG is an acronym used in reference to five technology companies:  Facebook, Amazon, Apple, Netflix and Alphabet (referencing its core subsidiary, Google).  As of 6/30/2020, PLAT held 1.3%, 1.6%, 2.0%, and 1.3% of its weight in Facebook, Amazon, Apple, and Alphabet, respectively; PLAT did not hold Netflix.There is no guarantee that favorable historical growth metrics will translate to favorable performance.2 Asset Light: A low level of physical assets on the balance sheet.3S&P 500 Index: The S&P 500 Index is a cap-weighted index of 500 stocks selected by the Standard & Poor’s Index Committee designed to represent the performance of the leading industries in the U.S. economy.Basis point: 1/100th of 1 per cent.Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus for WisdomTree Funds containing this and other important information, please call 866.909.9473 or visit WisdomTree.com to view or download a prospectus. Investors should read the prospectus carefully before investing. There are risks associated with investing, including the possible loss of principal. Foreign investing involves currency, political and economic risk. Funds focusing on a single country or sector and/or funds that emphasize investments in smaller companies may experience greater price volatility. Investments in emerging markets, real estate, currency, fixed income and alternative investments include additional risks. Dividends are not guaranteed, and a company currently paying dividends may cease paying dividends at any time. Diversification does not eliminate the risk of experiencing investment losses. Due to the investment strategy of certain Funds, they may make higher capital gain distributions than other ETFs. Please see each Fund’s prospectus for a discussion of risks.References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. You cannot invest directly in an index. WisdomTree Funds are distributed by Foreside Fund Services, LLC, in the U.S. only.Jeremy Schwartz and Jarrett Lilien are registered representatives of Foreside Fund Services, LLC.WTPR-20200729-0082About WisdomTreeWisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree”), is an exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor and asset manager headquartered in New York.  WisdomTree offers products covering equities, fixed income, currencies, commodities and alternative strategies.  WisdomTree currently has approximately $61.5 billion in assets under management globally.  For more information, please visit www.wisdomtree.com or follow us on Twitter @WisdomTreeETFs.WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.Contact Information: Media Relations WisdomTree Investments, Inc. Jessica Zaloom / Amie Lauder +1.917.267.3735 / +1.416.459.6835 jzaloom@wisdomtree.com / alauder@wisdomtree.com

  • GlobeNewswire

    WisdomTree Announces Second Quarter 2020 Results – Diluted Loss Per Share of ($0.09), or Earnings Per Share of $0.05, as adjusted

    NEW YORK, July 31, 2020 (GLOBE NEWSWIRE) -- WisdomTree Investments, Inc. (NASDAQ: WETF) today reported financial results for the second quarter of 2020.During the second quarter of 2020, we experienced a partial recovery of our AUM which was adversely impacted by severe market declines arising from the COVID-19 pandemic toward the end of the prior quarter.  This recovery was driven principally by market appreciation, resulting in a 14.6% increase of our ending AUM.  Our business continues to operate remotely without disruption.$23.0 million of non-cash charges, including (i) a loss on revaluation of deferred consideration of ($23.4) million (ii) a loss on extinguishment of debt of ($2.4) million and (iii) a release of a deferred tax valuation allowance of $2.8 million.($13.3) million net loss ($8.51 million net income, as adjusted), see “Non-GAAP Financial Measurements” for additional information.    $57.6 billion of ending AUM, an increase of 14.6% resulting primarily from market appreciation.$126 million of net inflows ($928 million of net inflows excluding HEDJ/DXJ), driven by inflows into our commodity and leveraged and inverse products, partly offset by outflows from our international developed market equity and U.S. equity products.0.41% average global advisory fee, a decrease of 0.1 basis point due to AUM mix shift.$58.1 million of operating revenues, a decrease of 9.0% primarily due to lower average AUM and a lower average global advisory fee.75.1% gross margin1, a 2.2 point decrease primarily due to lower revenues.20.3% operating income margin (20.4%1 as adjusted), a 4.2 point decrease (4.7 point decrease, as adjusted1) primarily due to lower revenues, partly offset by reduced discretionary spending as a result of the COVID-19 pandemic.$150.0 million issuance of convertible senior notes due 2023, coupled with the repayment of $174.0 million of debt previously outstanding and termination of our revolver, collectively referred to in this press release as the “former Credit Facility.”$24.9 million repurchase of 6.7 million shares of our common stock, principally in connection with the issuance of the convertible notes.$0.03 quarterly dividend declared, payable on August 26, 2020 to stockholders of record as of the close of business  on August 12, 2020.Update from Jonathan Steinberg, WisdomTree CEO “During the second quarter, assets under management rebounded, resulting in revenue tailwinds as we entered the second half of the year. The global WisdomTree team has remained focused on what we can control, and demonstrated strong execution in the quarter, including navigating unprecedented volatility in energy markets, generating record client engagement and producing strong U.S.-listed product gross sales and record Europe-listed product net flows.  “We’ve realized significant cost efficiencies in the current environment, some of which should prove sustainable in the future. We also successfully refinanced our debt, repurchased 6.7 million shares and improved our financial flexibility. Despite the uncertain environment, we are seeing momentum in important lead indicators, and we are well positioned for growth with the right team and strategy in place.” OPERATING AND FINANCIAL HIGHLIGHTS Three Months Ended    June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 Consolidated Operating Highlights ($, in billions):      AUM$57.6 $50.3 $63.6 $60.0 $60.4  Net inflows/(outflows)$0.1 $(0.5)$0.4 $(0.7)$0.3  Average AUM$55.7 $59.8 $61.9 $60.3 $58.6  Average advisory fee 0.41% 0.42% 0.44% 0.44% 0.45%        Consolidated Financial Highlights ($, in millions, except per share amounts):      Operating revenues$58.1 $63.9 $68.9 $67.7 $66.3  Net (loss)/income$(13.3)$(8.6)$(25.9)$4.2 $2.5  Diluted (loss)/earnings per share$(0.09)$(0.06)$(0.17)$0.02 $0.01  Operating income margin 20.3% 24.5% 21.5% 23.8% 18.0% As Adjusted (Non-GAAP1):      Gross Margin 75.1% 77.3% 77.3% 77.7% 76.5% Net income, as adjusted$8.5 $11.2 $10.1 $10.6 $7.8  Diluted earnings per share, as adjusted$0.05 $0.07 $0.06 $0.06 $0.05  Operating income margin, as adjusted 20.4% 25.1% 22.0% 24.1% 20.2%        RECENT BUSINESS DEVELOPMENTS Company News * In June 2020, we issued $150.0 million in aggregate principal amount of 4.25% Convertible Senior Notes due 2023, repaid our debt previously outstanding and terminated our former Credit Facility; and * In June 2020, we entered into a new distribution agreement in Italy for our model portfolios with The Intermonte Eye – a digital service providing investment products to its network of private banks.Product News * In May 2020, we listed sterling trading lines for the WisdomTree Brent Crude Oil (BRNG), the WisdomTree Brent Crude Oil Pre-roll (BRNB) and the WisdomTree WTI Crude Oil Pre-roll (WTIB) on the London Stock Exchange. * In June 2020, we announced the results of a WisdomTree study revealing various investor behavior data as it relates to model portfolio usage and allocation. * In July 2020, we secured additional third-party relationships for our model portfolios, including: Carson Group, Riskalzye, Kwanti, ETF Logic and Orion; we listed WisdomTree Battery Solutions UCITS ETF (VOLT) and WisdomTree Cloud Computing UCITS ETF (WCLD) on SIX, the Swiss Exchange; and the WisdomTree WTI Crude Oil ETC (CRUD) security holders voted in favour of changing the underlying index tracked by the ETC. The new index is the result of extensive work between WisdomTree and Bloomberg to create an index which would be more resilient to extreme conditions in the WTI Crude Oil market. WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)    Three Months Ended  Six Months Ended    June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019  June 30, 2020June 30, 2019 Operating Revenues:        Advisory fees$57,208  $62,950  $68,179  $67,006  $65,627  $120,158  $130,467  Other income 918   924   728   712   666   1,842   1,311  Total revenues 58,126   63,874   68,907   67,718   66,293   122,000   131,778  Operating Expenses:                          Compensation and benefits 17,455   17,295   19,280   18,880   21,300   34,750   42,601  Fund management and administration 14,461   14,485   15,650   15,110   15,576   28,946   30,742  Marketing and advertising 1,949   2,468   3,551   3,022   2,910   4,417   5,590  Sales and business development 2,181   3,417   5,329   4,354   4,171   5,598   8,593  Contractual gold payments 4,063   3,760   3,516   3,502   3,110   7,823   6,208  Professional and consulting fees 1,357   1,273   1,604   1,259   1,296   2,630   2,778  Occupancy, communications and equipment 1,643   1,551   1,587   1,549   1,548   3,194   3,166  Depreciation and amortization 251   256   253   259   264   507   533  Third-party distribution fees 1,340   1,355   1,146   1,503   1,919   2,695   4,319  Acquisition and disposition- related costs 33   383   366   190   33   416   346  Other 1,596   1,997   1,816   1,959   2,255   3,593   4,308  Total operating expenses 46,329   48,240   54,098   51,587   54,382   94,569   109,184  Operating income 11,797   15,634   14,809   16,131   11,911   27,431   22,594  Other Income/(Expenses):        Interest expense (2,044)  (2,419)  (2,606)  (2,832)  (2,910)  (4,463)  (5,802) (Loss)/gain on revaluation of deferred consideration – gold payments (23,358)  (2,208)  (5,354)  (6,306)  (4,037)  (25,566)  367  Interest income 119   163   936   799   818   282   1,597  Impairments —   (19,672)  (30,138)  —   —   (19,672)  (572) Loss on extinguishment of debt (2,387)  —   —   —   —   (2,387)  —  Other gains and losses, net 1,819   (2,507)  (2)  843   284   (688)  (4,343) (Loss)/income before income taxes (14,054)  (11,009)  (22,355)  8,635   6,066   (25,063)  13,841  Income tax (benefit)/expense (804)  (2,371)  3,525   4,483   3,587   (3,175)  2,538  Net (loss)/income$(13,250) $(8,638) $(25,880) $4,152  $2,479  $(21,888) $11,303                             (Loss)/earnings per share – basic$(0.09) $(0.06) $(0.17) $0.022  $0.012  $(0.15)2 $0.07  (Loss)/earnings per share – diluted$  (0.09) $  (0.06) $(0.17) $  0.02  $0.01  $(0.15)2 $0.07  Weighted average common shares – basic 151,623   152,519   151,948   151,897   151,818   152,071   151,722  Weighted average common shares – diluted 151,623   152,519   151,948   167,163   167,249   152,071   166,855           As Adjusted (Non-GAAP1)           Compensation and benefits$  17,455  $  17,295  $  19,280  $  18,880  $  19,825     Total expenses$  46,296  $  47,857  $  53,732  $  51,397  $  52,874     Operating income$  11,830  $  16,017  $  15,175  $  16,321  $  13,419     Income before income taxes$  10,911  $  14,358  $  13,503  $  15,131  $  11,611     Income tax expense$  2,417  $  3,134  $  3,396  $  4,489  $  3,798     Net income$    8,494  $  11,224  $  10,107  $  10,642  $  7,813     Earnings per share – diluted$  0.05  $  0.07  $  0.06   $  0.06  $  0.05                 QUARTERLY HIGHLIGHTSOperating Revenues * Operating revenues decreased 9.0% from the first quarter of 2020 due to lower average AUM of our U.S. listed products due to market depreciation arising from the COVID-19 pandemic toward the end of the prior quarter and net outflows.  Also, our average global advisory fee declined 1 basis point due to AUM mix shift.  These declines were partly offset by net inflows into our international listed products and market appreciation. * Operating revenues decreased 12.3% from the second quarter of 2019 due to lower average AUM of our U.S. listed products arising from market depreciation and net outflows, as well as a 4 basis point decline in our average global advisory fee due to AUM mix shift.  These declines were partly offset by higher average AUM of our international listed products arising from net inflows and market appreciation. * Our average global advisory fee was 0.41%, 0.42% and 0.45% during the second quarter of 2020, the first quarter of 2020 and the second quarter of 2019, respectively.Operating Expenses * Operating expenses decreased 4.0% from the first quarter of 2020 due to lower discretionary spending as a result of the COVID-19 pandemic, including lower sales and business development costs and marketing expenses. * Operating expenses decreased 14.8% from the second quarter of 2019 largely due to lower incentive compensation accruals as well as $1.5 million of severance expense included in the prior period, lower fund management and administration costs due to lower average AUM and lower sales and business development costs, marketing expenses and third-party distribution costs. These declines were partly offset by higher contractual gold payments due to higher average gold prices.Other Income/(Expenses) * We recognized a non-cash loss on revaluation of deferred consideration of ($23.4) million, ($2.2) million and ($4.0) million during the second quarter of 2020, first quarter of 2020 and second quarter of 2019, respectively.  These losses arose due to an increase in forward-looking gold prices when compared to the previous periods’ forward-looking gold curves.  The magnitude of any gain or loss recognized is highly correlated to the magnitude of the change in the forward-looking price of gold. * Interest expense decreased 15.5% and 29.8% from the first quarter of 2020 and second quarter of 2019, respectively, due to lower levels of debt outstanding and lower interest rates. * During the second quarter of 2020, we recognized a non-cash loss on extinguishment of debt of $2.4 million arising from the acceleration of debt issuance cost amortization in connection with the termination of our former Credit Facility. * Other gains and losses, net, for the second quarter of 2020 includes a gain of $0.9 million arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine.  Gains and losses also generally arise from the sale of gold earned from management fees paid by our physically-backed gold ETPs, foreign exchange fluctuations, securities owned and other miscellaneous items.Income Taxes * Our effective income tax rate for 2020 of 5.7% resulted in an income tax benefit of $0.8 million.  Our tax rate differs from the federal statutory tax rate of 21% primarily due to a non-deductible loss on revaluation of deferred consideration.  This loss was partly offset by a tax benefit of $2.8 million recognized in connection with the release of a deferred tax asset valuation allowance on interest carryforwards arising from our debt previously held in the United Kingdom and a lower tax rate on foreign earnings. * Our adjusted effective income tax rate was 22.2%1.SIX MONTH HIGHLIGHTS * Operating revenues decreased 7.4% as compared to 2019 due to lower average AUM of our U.S. listed products and a 3 basis point decline in our average global advisory fee due to AUM mix shift.  These declines were partly offset by higher average AUM of our international listed products. * Operating expenses decreased 13.4% as compared to 2019 largely due to lower incentive compensation accruals as well as $3.5 million of severance expense included in the prior period, lower fund management and administration costs due to lower average AUM and lower sales and business development costs, marketing expenses and third-party distribution costs. These declines were partly offset by higher contractual gold payments due to higher average gold prices. * Significant changes in items reported in other income/(expenses) include a non-cash loss on revaluation of deferred consideration of ($25.6) million in 2020 as compared to a gain of $0.4 million in 2019; a non-cash impairment charge of $19.7 million recorded in the first quarter of 2020 in connection with the exit from our investment in AdvisorEngine; a loss on extinguishment of debt of $2.4 million in 2020; non-cash charges of $6.0 million and $4.3 million in 2020 and 2019, respectively, arising from the release of tax-related indemnification assets upon the expiration of the statute of limitations (an equal and offsetting benefit was recognized in income tax expense); and a gain of $0.9 million in the second quarter of 2020 arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine. * Our effective income tax rate for 2020 of 12.7% resulted in an income tax benefit of $3.2 million.  Our tax rate differs from the federal statutory rate of 21% primarily due to a valuation allowance on capital losses, a non-deductible loss on revaluation of deferred consideration and tax shortfalls associated with the vesting and exercise of stock-based compensation awards.  These items were partly offset by a tax benefit of $6.0 million recognized in connection with the release of the tax-related indemnification asset described above, a $2.9 million non-taxable gain recognized upon sale of our Canadian ETF business in the first quarter, a tax benefit of $2.8 million recognized in connection with the release of a deferred tax asset valuation allowance on interest carryforwards arising from our debt previously held in the United Kingdom and a lower tax rate on foreign earnings.CONFERENCE CALLWisdomTree will discuss its results and operational highlights during a conference call on Friday, July 31, 2020 at 9:00 a.m. ET. The call-in number will be (877) 303-7209. Anyone outside the U.S. or Canada should call (970) 315-0420. The slides used during the presentation will be available at http://ir.wisdomtree.com. For those unable to join the conference call at the scheduled time, an audio replay will be available on http://ir.wisdomtree.com.ABOUT WISDOMTREEWisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree”), is an ETF and ETP sponsor and asset manager headquartered in New York. WisdomTree offers products covering equity, commodity, fixed income, leveraged and inverse, currency and alternative strategies. WisdomTree currently has approximately $61.5 billion in assets under management globally.WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.1 See “Non-GAAP Financial Measurements.”  2  (Loss)/earnings per share (“EPS”) is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. Contact Information:     Investor Relations  Media Relations Jason Weyeneth, CFA  Jessica Zaloom +1.917.267.3858  +1.917.267.3735 jweyeneth@wisdomtree.com  jzaloom@wisdomtree.com  WisdomTree Investments, Inc. Key Operating Statistics (Unaudited)  Three Months Ended  June 30, 2020 Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 GLOBAL ETPs ($ in millions)       Beginning of period assets$50,323  $63,615  $59,981  $60,389  $59,112  Assets sold —   (778)  —   —   —  Inflows/(outflows) 126   (536)  390   (698)  343  Market appreciation/(depreciation) 7,494   (11,958)  3,247   471   934  Fund closures (296)  (20)  (3)  (181)  —  End of period assets$57,647  $50,323  $63,615  $59,981  $60,389  Average assets during the period$55,689  $59,819  $61,858  $60,306  $58,575  Average advisory fee during the period 0.41%  0.42%  0.44%  0.44%  0.45% Revenue days 91   91   92   92   91  Number of ETFs – end of the period 311   331   349   348   536          U.S. LISTED ETFs ($ in millions)       Beginning of period assets$28,893  $40,600  $37,592  $39,220  $39,366  Inflows/(outflows) (1,474)  (1,273)  563   (1,198)  (166) Market appreciation/(depreciation) 4,039   (10,424)  2,448   (430)  20  Fund closures (114)  (10)  (3)  —   —  End of period assets$31,344  $28,893  $40,600  $37,592  $39,220  Average assets during the period$30,607  $36,936  $39,094  $37,857  $38,945  Average advisory fee during the period 0.41%  0.43%  0.44%  0.44%  0.44% Number of ETFs – end of the period 67   77   80   80   79          INTERNATIONAL LISTED ETPs ($ in millions)       Beginning of period assets$21,430  $23,015  $22,389  $21,169  $19,746  Assets sold —   (778)  —   —   —  Inflows/(outflows) 1,600   737   (173)  500   509  Market appreciation/(depreciation) 3,455   (1,534)  799   901   914  Fund closures (182)  (10)  —   (181)  —  End of period assets$26,303  $21,430  $23,015  $22,389  $21,169  Average assets during the period$25,082  $22,883  $22,764  $22,449  $19,630  Average advisory fee during the period 0.41%  0.41%  0.44%  0.44%  0.46% Number of ETPs – end of the period 244   254   269   268   457          PRODUCT CATEGORIES ($ in millions)               Commodity & Currency       Beginning of period assets$19,823  $20,074  $19,713  $18,204  $16,689  Inflows/(outflows) 1,316   592   (244)  511   611  Market appreciation/(depreciation) 3,121   (843)  605   998   904  End of period assets$24,260  $19,823  $20,074  $19,713  $18,204  Average assets during the period$23,037  $20,407  $19,892  $19,558  $16,643          U.S. Equity       Beginning of period assets$12,159  $17,746  $16,296  $15,903  $15,759  Inflows/(outflows) (242)  (285)  458   241   108  Market appreciation/(depreciation) 2,090   (5,302)  992   152   36  End of period assets$14,007  $12,159  $17,746  $16,296  $15,903  Average assets during the period$13,312  $16,022  $16,983  $15,885  $15,690          International Developed Market Equity       Beginning of period assets$8,653  $13,043  $12,200  $13,346  $14,092  Inflows/(outflows) (964)  (1,100)  (139)  (1,011)  (736) Market appreciation/(depreciation) 1,158   (3,290)  982   (135)  (10) End of period assets$8,847  $8,653  $13,043  $12,200  $13,346  Average assets during the period$8,783  $11,474  $12,640  $12,409  $13,628                   Three Months Ended  June 30, 2020 Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 Emerging Market Equity       Beginning of period assets$4,610  $6,417  $5,713  $5,981  $5,644  Inflows/(outflows) (21)  65   198   176   344  Market appreciation/(depreciation) 840   (1,872)  506   (444)  (7) End of period assets$5,429  $4,610  $6,417  $5,713  $5,981  Average assets during the period$5,143  $5,933  $6,008  $5,743  $5,691          Fixed Income       Beginning of period assets$3,527  $3,585  $3,337  $3,946  $3,692  Inflows/(outflows) (53)  21   218   (594)  235  Market appreciation/(depreciation) 56   (79)  30   (15)  19  End of period assets$3,530  $3,527  $3,585  $3,337  $3,946  Average assets during the period$  3,523  $  3,653  $  3,540  $  3,731  $  3,796          Leveraged & Inverse       Beginning of period assets$  883  $  995  $  1,002  $  989  $  1,060  Inflows/(outflows)   312     12     (22)     11     (55) Market appreciation/(depreciation)   153     (124)    15      2      (16) End of period assets$  1,348   $  883  $  995  $  1,002  $  989  Average assets during the period$  1,162  $  1,009  $  1,033  $  1,020  $  1,042          Alternatives       Beginning of period assets$  244  $  359  $  419  $  434  $  515  Inflows/(outflows)   (29)    (66)    (61)    (17)     (80) Market appreciation/(depreciation)   11     (49)    1     2     (1) End of period assets$  226  $  244  $  359  $  419  $  434  Average assets during the period$  227  $  328  $  399  $  429  $  476          Closed ETPs       Beginning of period assets$  424  $  1,396  $  1,301  $  1,586  $  1,661  Assets sold    —     (778)     —     —     —  Inflows/(outflows)   (193)    225     (18)    (15)     (84) Market appreciation/(depreciation)    65     (399)    116     (89)    9  Fund closures   (296)    (20)    (3)    (181)    —   End of period assets$  —  $  424  $  1,396  $  1,301  $  1,586  Average assets during the period$  502  $  993  $  1,363  $  1,531  $  1,609          Headcount    214      210      208      212      214  Note: Previously issued statistics may be restated due to fund closures and trade adjustments Source: WisdomTreeWISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)     June 30, 2020   Dec. 31, 2019    (Unaudited)    ASSETS   Current assets:   Cash and cash equivalents$50,255  $74,972  Securities owned, at fair value 13,110   17,319  Accounts receivable 24,372   26,838  Prepaid expenses 5,621   3,724  Other current assets 1,414   207  Total current assets 94,772   123,060  Fixed assets, net 7,835   8,127  Notes receivable —   28,172  Securities held-to-maturity 581   16,863  Deferred tax assets, net 5,540   7,398  Investments 11,192   11,192  Right of use assets – operating leases 17,230   18,161  Goodwill 85,856   85,856  Intangible assets 601,247   603,294  Other noncurrent assets 184   983  Total assets$  824,437  $  903,106         LIABILITIES AND STOCKHOLDERS’ EQUITY   LIABILITIES   Current liabilities:   Fund management and administration payable$  23,240  $  22,021  Compensation and benefits payable   7,629     26,501  Deferred consideration – gold payments   16,364     13,953  Securities sold, but not yet purchased, at fair value   —     582  Operating lease liabilities   3,293     3,682  Income taxes payable   2,277     3,372  Accounts payable and other liabilities   9,376     8,930  Total current liabilities   62,179     79,041  Convertible notes   141,479     —  Debt   —      175,956  Deferred consideration – gold payments   182,420     159,071  Operating lease liabilities   18,258     19,057  Total liabilities   404,336     433,125  Preferred stock – Series A Non-Voting Convertible, par value $0.01;  14.750 shares authorized, issued and outstanding   132,569     132,569         STOCKHOLDERS’ EQUITY   Common stock, par value $0.01; 250,000 shares authorized:   Issued and outstanding: 149,796 and 155,264 at June 30, 2020  and December 31, 2019, respectively   1,498     1,553  Additional paid-in capital   325,406     352,658  Accumulated other comprehensive income   260     945  Accumulated deficit   (39,632)    (17,744) Total stockholders’ equity   287,532     337,412  Total liabilities and stockholders’ equity$  824,437  $  903,106         WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)       Six Months Ended    June 30, 2020June 30, 2019  Cash flows from operating activities:   Net (loss)/income$   (21,888) $  11,303  Adjustments to reconcile net (loss)/income to net cash provided by operating activities:   Advisory fees received in gold and other precious metals   (29,135)    (22,872) Loss/(gain) on revaluation of deferred consideration – gold payments   25,566     (367) Impairments   19,672     572  Contractual gold payments   7,823     6,208  Stock-based compensation   6,159     6,207  Gain on sale –Canadian ETF business   (2,877)    —  Loss on extinguishment of debt   2,387     —  Amortization of right of use asset   1,588     1,590  Amortization of issuance costs - former Credit Facility   1,328     1,430  Deferred income taxes   832     2,443  Depreciation and amortization   507     533  Amortization of issuance costs - convertible notes   115     —  Paid-in-kind interest income   —      (1,223) Other   (83)    5  Changes in operating assets and liabilities:   Securities owned, at fair value 4,209     (222) Accounts receivable 4,461     1,833  Income taxes payable (1,046)    (44) Prepaid expenses (2,016)    (1,746) Gold and other precious metals   20,882     16,318  Other assets (702)    (552) Fund management and administration payable   1,677     1,231  Compensation and benefits payable (18,431)    (3,938) Securities sold, but not yet purchased, at fair value   (582)    (1,155) Operating lease liabilities   (1,845)    (1,760) Accounts payable and other liabilities   781     (435) Net cash provided by operating activities   19,382     15,359  Cash flows from investing activities:      Purchase of fixed assets   (224)    (15) Funding of notes receivable   —     (1,540) Proceeds from held-to-maturity securities maturing or called prior to maturity   16,365     39  Proceeds from the sale of our financial interests in AdvisorEngine   8,155     —  Proceeds from sale of Canadian ETF business, net   2,774     —  Net cash provided by/(used in) investing activities   27,070     (1,516) Cash flows from financing activities:      Repayment of debt   (179,000)    —   Shares repurchased   (26,444)    (2,107) Dividends paid   (10,270)    (10,191) Convertible notes issuance costs   (4,611)    —   Proceeds from the issuance of convertible notes   150,000     —   Proceeds from exercise of stock options   240     14  Net cash used in financing activities   (70,085)    (12,284) (Decrease)/increase in cash flows due to changes in foreign exchange rate   (1,084)    268  (Decrease)/increase in cash and cash equivalents   (24,717)    1,827  Cash and cash equivalents – beginning of year   74,972     77,784  Cash and cash equivalents – year$  50,255  $  79,611  Supplemental disclosure of cash flow information:      Cash paid for taxes$  2,200  $  4,403  Cash paid for interest$  3,390  $  4,559         Non-GAAP Financial MeasurementsIn an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this release include: * Adjusted compensation, operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share.  We disclose adjusted compensation, operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business.  We believe presenting these non-GAAP financial measures provides investors with a consistent way to analyze our performance.  These non-GAAP financial measures exclude the following: * Unrealized gains or losses on the revaluation of deferred consideration:  Deferred consideration is an obligation we assumed in connection with the ETFS acquisition that is carried at fair value.  This item represents the present value of an obligation to pay fixed ounces of gold into perpetuity and is measured using forward-looking gold prices.  Changes in the forward-looking price of gold may have a material impact on the carrying value of the deferred consideration and our reported financial results.  We exclude this item when calculating our non-GAAP financial measurements as it is not core to our operating business.  The item is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary of ours that is based in Jersey, a jurisdiction where we are subject to a zero percent tax rate. * Tax shortfalls and windfalls upon vesting and exercise of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense.  These items arise upon the vesting and exercise of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised.  We exclude these items when calculating our non-GAAP financial measurements as they introduce volatility in earnings and are not core to our operating business. * Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes:  GAAP requires convertible instruments to be separated into their liability and equity components by allocating the issuance proceeds to each of these components.  The liability component for convertible instruments that qualify for a derivative scope exception (applicable to our convertible notes) is allocated proceeds equal to the estimated fair value of similar debt without the conversion option.  The difference between the gross proceeds received from the issuance of the convertible instrument and the proceeds allocated to the liability component represents the residual amount that is classified in equity.  The discount arising from the recognition of the residual amount classified in equity is amortized as interest expense over the life of the instrument.  We exclude this item when calculating our non-GAAP financial measurements as it is non-cash and distorts our actual cost of borrowing.  In addition, in June 2020, the FASB approved amendments to ASC 470-20, Debt – Debt with Conversion and Other Options, Cash Conversion and once issued, will include the elimination of the requirement to bifurcate conversion options qualifying for a derivative scope exception. Once effective, this interest expense will no longer be recognized. * Other items:  Loss on extinguishment of debt, the release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from our debt previously outstanding in the United Kingdom, a gain arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine, impairment charges, a gain recognized upon sale of our Canadian ETF business, severance expense and acquisition and disposition-related costs are excluded when calculating our non-GAAP financial measurements. * Adjusted effective income tax rate.  We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or not core to our operating business.  We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes.  Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes.  See above for information regarding the items that are excluded.   * Gross margin and gross margin percentage.  We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs.  These measures also assist us in analyzing the profitability of our products.  We define gross margin as total operating revenues less fund management and administration expenses.  Gross margin percentage is calculated as gross margin divided by total operating revenues.    * Adjusted operating income margin.  We disclose adjusted operating income margin as a non-GAAP financial measurement in order to report our operating income margin exclusive of items that are non-recurring or not core to our operating business.   WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED) (in thousands) (Unaudited)          Three Months Ended   Adjusted Net Income and Diluted Earnings per Share:June 30, 2020 Mar. 31, 2020Dec. 31, 2019 Sept. 30, 2019  June 30, 2019  Net (loss)/income, as reported$(13,250) $(8,638) $(25,880) $4,152  $2,479  Add back: Loss on revaluation of deferred consideration 23,358   2,208   5,354   6,306   4,037  Add back: Loss on extinguishment of debt, net of income taxes 1,910   —   —   —   —  Deduct: Release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from debt previously outstanding in the United Kingdom (2,842)  —   —   —   —  Add back: Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes, net of income taxes 42   —   —   —   —  Deduct: Gain arising from an adjustment to the estimated fair value of consideration received from the exit of investment in AdvisorEngine. (868)  —   —   —   —  Add back: Impairments, net of income taxes —   19,672   30,138   —   —  Deduct: Gain recognized upon sale of Canadian ETF business —   (2,877)  —   —   —  Add back: Severance expense, net of income taxes —   —   —   —   1,194  Add back: Tax shortfalls upon vesting and exercise of stock-based compensation awards 119   501   142   30   76  Add back: Acquisition and disposition-related costs, net of income taxes 25   358   353   154   27  Adjusted net income$8,494  $11,224  $10,107  $10,642  $7,813  Weighted average common shares - diluted 166,634   167,561   167,203   167,163   167,249  Adjusted earnings per share - diluted$0.05  $0.07  $0.06  $0.06  $0.05                 Three Months Ended   Gross Margin and Gross Margin Percentage:  June 30, 2020 Mar. 31, 2020Dec. 31, 2019  Sept. 30, 2019  June 30, 2019   Operating revenues$58,126  $63,874  $68,907  $67,718  $66,293  Less: Fund management and administration (14,461)  (14,485)  (15,650)  (15,110)  (15,576) Gross margin$43,665  $49,389  $53,257  $52,608  $50,717  Gross margin percentage 75.1%  77.3%  77.3%  77.7%  76.5%                   Three Months Ended   Adjusted Operating Income and Adjusted Operating Income Margin:  June 30, 2020 Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019   Operating revenues$58,126  $63,874  $68,907  $67,718  $66,293          Operating income$11,797  $15,634  $14,809  $16,131  $11,911  Add back: Severance expense, before income taxes —   —   —   —   1,475  Add back: Acquisition and disposition-related costs, before  income taxes 33   383   366   190   33  Adjusted operating income$11,830  $16,017  $15,175  $16,321  $13,419  Adjusted operating income margin 20.4%  25.1%  22.0%  24.1%  20.2%                Three Months Ended Adjusted Compensation Expense:June 30, 2020 Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 Compensation expense$17,455 $17,295 $19,280 $18,880 $21,300  Deduct: Severance expense, before income taxes —  —  —  —  (1,475) Adjusted compensation expense$17,455 $17,295 $19,280 $18,880 $19,825                   Three Months Ended Adjusted Total Operating Expenses:June 30, 2020 Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 Total operating expenses$46,329  $48,240  $54,098  $51,587  $54,382  Deduct: Severance expense, before income taxes —   —   —   —   (1,475) Deduct: Acquisition and disposition-related costs, before  income taxes (33)  (383)  (366)  (190)  (33) Adjusted total operating expenses$46,296  $47,857  $53,732  $51,397  $52,874                            Three Months Ended   Adjusted Income Before Income Taxes:June 30, 2020 Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 (Loss)/income before income taxes$(14,054) $(11,009) $(22,355) $8,635 $6,066 Add back: Loss on revaluation of deferred consideration    23,358      2,208      5,354    6,306   4,037 Add back: Loss on extinguishment of debt    2,387     —      —    —   —  Add back: Interest expense from the amortization of discount  arising from the bifurcation of the conversion option  embedded in the convertible notes, before income taxes   55     —     —   —   —  Deduct: Gain arising from an adjustment to the estimated fair  value of consideration received from the exit of investment in  AdvisorEngine    (868)    —     —   —   —  Add back: Impairments, before income taxes   —       19,672      30,138   —   —  Add back: Loss recognized upon reduction of a tax-related  indemnification asset   —       5,981     —    —   —  Deduct: Gain recognized upon sale of Canadian ETF business   —       (2,877)    —    —   —  Add back: Acquisition and disposition-related costs,  before income taxes    33      383      366    190   33 Add back: Severance expense, before income taxes   —      —      —      —    1,475 Adjusted income before income taxes$  10,911  $  14,358  $  13,503  $  15,131 $11,611                Three Months Ended   Adjusted Income Tax Expense and Adjusted Effective Income Tax Rate:June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019June 30, 2019 Adjusted income before income taxes (above)$10,911 $14,358  $13,503  $15,131  $11,611         Income tax (benefit)/expense$(804)$(2,371) $3,525  $4,483  $3,587  Add back: Tax benefit arising from loss on extinguishment of  debt 477  —   —   —   —  Add back: Release of a deferred tax asset valuation allowance  recognized on interest carryforwards arising from debt  previously outstanding in the United Kingdom 2,842  —   —   —   —  Add back: Tax benefit arising from the amortization of  discount associated with the bifurcation of the conversion  option embedded in the convertible notes 13  —   —   —   —  Add back: Tax benefit arising from reduction of a tax-related  indemnification asset —  5,981   —   —   —  Deduct: Tax shortfalls upon vesting and exercise of stock-  based compensation awards (119) (501)  (142)  (30)  (76) Add back: Tax benefit arising from acquisition and  disposition-related costs 8  25   13   36   6  Add back: Tax benefit arising from severance expense —  —   —   —   281  Adjusted income tax expense$2,417 $3,134  $3,396  $4,489  $3,798  Adjusted effective income tax rate 22.2% 21.8%  25.1%  29.7%  32.7%                 Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, the risks described below. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this press release completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.In particular, forward-looking statements in this press release may include statements about * the ultimate duration of the COVID-19 pandemic and its short-term and long-term impact on our business and the global economy; * anticipated trends, conditions and investor sentiment in the global markets and ETPs; * anticipated levels of inflows into and outflows out of our ETPs; * our ability to deliver favorable rates of return to investors; * competition in our business; * our ability to develop new products and services; * our ability to maintain current vendors or find new vendors to provide services to us at favorable costs; * our ability to successfully operate and expand our business in non-U.S. markets; and * the effect of laws and regulations that apply to our business.Our business is subject to many risks and uncertainties, including without limitation: * declining prices of securities, gold and other precious metals and other commodities can adversely affect our business by reducing the market value of the assets we manage or causing WisdomTree ETP investors to sell their fund shares and trigger redemptions; * fluctuations in the amount and mix of our AUM, whether caused by disruptions in the financial markets or otherwise, including but not limited to a pandemic event such as COVID-19, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity, increase the cost of borrowing or result in our debt being called prior to maturity; * competitive pressures could reduce revenues and profit margins; * we derive a substantial portion of our revenues from a limited number of products, and as a result, our operating results are particularly exposed to investor sentiment toward investing in the products’ strategies and our ability to maintain the AUM of these products, as well as the performance of these products and market-specific and political and economic risk; * a significant portion of our AUM is held in products with exposure to U.S. and international developed markets and we therefore have exposure to domestic and foreign market conditions and are subject to currency exchange rate risks; * withdrawals or broad changes in investments in our ETPs by investors with significant positions may negatively impact revenues and operating margins; * over the last few years, we have expanded our business globally. This expansion subjects us to increased operational, regulatory, financial and other risks; * many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline; and * we depend on third parties to provide many critical services to operate our business and our ETPs. The failure of key vendors to adequately provide such services could materially affect our operating business and harm WisdomTree ETP investors.Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this press release.