Record AUM of $137.2 Billion
11% Annualized Organic Growth Rate Across All Products
Diluted Earnings Per Share of $0.13 ($0.23, as Adjusted)
NEW YORK–(BUSINESS WIRE)–WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the third quarter of 2025.
$19.7 million of net income ($34.5(1) million of net income, as adjusted), including a loss on extinguishment of convertible notes of $13.0 million arising from the repurchase of $24.0 million aggregate principal amount of our 5.75% convertible senior notes due 2028 (the “2028 Notes”). See “Non-GAAP Financial Measurements” for additional information.
$137.2 billion of ending AUM, an increase of 8.8% from the prior quarter arising from market appreciation and net inflows.
$2.2 billion of net inflows, primarily driven by inflows into our commodity, cryptocurrency and international developed equity products.
0.35% average advisory fee, unchanged from the prior quarter.
0.38% adjusted revenue yield(2), unchanged from the prior quarter.
$125.6 million of operating revenues, an increase of 11.5% from the prior quarter due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products (“ETPs”).
82.2% gross margin(1), a 1.1 point increase from the prior quarter due to higher revenues.
36.3% operating income margin (38.3%(1) as adjusted), a 5.5 point increase (5.8 point increase, as adjusted) from the prior quarter primarily due to higher revenues.
$475.0 million issuance of convertible senior notes due 2030 (the “2030 Notes”), bearing interest at a rate of 4.625% and issued with a conversion price of $19.15 per share. Concurrent with the issuance, we paid $36.7 million to repurchase $24.0 million aggregate principal amount of our 2028 Notes (with a conversion price of $9.54 per share).
$90.0 million of cash consideration paid to repurchase approximately 6.8 million shares of our common stock in connection with the issuance of the 2030 Notes.
$0.03 quarterly dividend declared, payable on November 26, 2025 to stockholders of record as of the close of business on November 12, 2025.
Update from Jarrett Lilien, WisdomTree COO and President
|
We’re executing with consistency and focus, delivering over $2.2 billion of net inflows in Q3, record firmwide AUM of $137 billion, and strong performance across every business line. Model portfolios remain one of our fastest-growing areas, with AUM reaching nearly $5.9 billion, up more than 50% year-to-date, and continued advisor adoption led by custom model solutions. We’re building meaningful momentum and are well positioned to capture future growth. |
Update from Jonathan Steinberg, WisdomTree CEO
|
WisdomTree’s foundation is the strongest it’s ever been, supported by a diversified, scalable platform that continues to deliver broad-based inflows and consistent execution across our global business. Our expansion into private assets through the acquisition of Ceres Partners, along with continued leadership in tokenization, positions WisdomTree for long-term, technology-driven growth and sustained value creation. |
OPERATING AND FINANCIAL HIGHLIGHTS
|
|
Three Months Ended |
||||||||||||||
|
|
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
||||||||||
|
Consolidated Operating Highlights ($ in billions): |
|
|
|
|
|
||||||||||
|
AUM—end of period |
$ |
137.2 |
$ |
126.1 |
$ |
115.8 |
$ |
109.8 |
$ |
112.6 |
|||||
|
Net inflows/(outflows) |
$ |
2.2 |
$ |
3.5 |
$ |
3.1 |
$ |
(0.3) |
$ |
(2.4) |
|||||
|
Average AUM |
$ |
130.8 |
$ |
119.2 |
$ |
114.6 |
$ |
112.3 |
$ |
110.4 |
|||||
|
Average advisory fee |
|
0.35% |
|
0.35% |
|
0.35% |
|
0.36% |
|
0.37% |
|||||
|
Adjusted revenue yield(2) |
|
0.38% |
|
0.38% |
|
0.38% |
|
0.39% |
|
0.39% |
|||||
|
|
|
|
|
|
|
||||||||||
|
Consolidated Financial Highlights ($ in millions, except per share amounts): |
|
|
|
|
|
||||||||||
|
Operating revenues |
$ |
125.6 |
$ |
112.6 |
$ |
108.1 |
$ |
110.7 |
$ |
113.2 |
|||||
|
Net income/(loss) |
$ |
19.7 |
$ |
24.8 |
$ |
24.6 |
$ |
27.3 |
$ |
(4.5) |
|||||
|
Diluted earnings/(loss) per share |
$ |
0.13 |
$ |
0.17 |
$ |
0.17 |
$ |
0.18 |
$ |
(0.13) |
|||||
|
Operating income margin |
|
36.3% |
|
30.8% |
|
31.6% |
|
31.7% |
|
36.0% |
|||||
|
|
|
|
|
|
|
||||||||||
|
As Adjusted (Non-GAAP(1)): |
|
|
|
|
|
||||||||||
|
Operating revenues, as adjusted |
$ |
125.6 |
$ |
112.6 |
$ |
108.1 |
$ |
110.5 |
$ |
109.5 |
|||||
|
Gross margin |
|
82.2% |
|
81.1% |
|
80.8% |
|
79.3% |
|
80.8% |
|||||
|
Net income, as adjusted |
$ |
34.5 |
$ |
25.9 |
$ |
23.0 |
$ |
25.3 |
$ |
28.8 |
|||||
|
Diluted earnings per share, as adjusted |
$ |
0.23 |
$ |
0.18 |
$ |
0.16 |
$ |
0.17 |
$ |
0.18 |
|||||
|
Operating income margin, as adjusted |
|
38.3% |
|
32.5% |
|
31.6% |
|
31.7% |
|
37.3% |
|||||
|
|
|
|
|
|
|
||||||||||
RECENT BUSINESS DEVELOPMENTS
|
Company News
Product News
|
|
WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) |
|||||||||||||||||||||||||||
|
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||
|
|
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
Sept. 30, |
Sept. 30, |
||||||||||||||||||||
|
Operating Revenues: |
|
|
|
|
|
|
|
||||||||||||||||||||
|
Advisory fees |
$ |
114,485 |
|
$ |
103,241 |
|
$ |
99,549 |
|
$ |
102,264 |
|
$ |
101,659 |
|
$ |
317,275 |
|
$ |
293,098 |
|
||||||
|
Other revenues |
|
11,131 |
|
|
9,380 |
|
|
8,533 |
|
|
8,433 |
|
|
11,509 |
|
|
29,044 |
|
|
23,942 |
|
||||||
|
Total revenues |
|
125,616 |
|
|
112,621 |
|
|
108,082 |
|
|
110,697 |
|
|
113,168 |
|
|
346,319 |
|
|
317,040 |
|
||||||
|
Operating Expenses: |
|
|
|
|
|
|
|
||||||||||||||||||||
|
Compensation and benefits |
|
33,791 |
|
|
32,827 |
|
|
33,788 |
|
|
30,032 |
|
|
29,405 |
|
|
100,406 |
|
|
91,249 |
|
||||||
|
Fund management and administration |
|
22,353 |
|
|
21,252 |
|
|
20,714 |
|
|
22,858 |
|
|
21,004 |
|
|
64,319 |
|
|
61,105 |
|
||||||
|
Marketing and advertising |
|
4,788 |
|
|
5,330 |
|
|
4,813 |
|
|
6,117 |
|
|
4,897 |
|
|
14,931 |
|
|
14,415 |
|
||||||
|
Sales and business development |
|
3,943 |
|
|
4,232 |
|
|
4,137 |
|
|
4,101 |
|
|
3,465 |
|
|
12,312 |
|
|
10,716 |
|
||||||
|
Professional fees |
|
3,505 |
|
|
3,177 |
|
|
2,782 |
|
|
4,559 |
|
|
6,315 |
|
|
9,464 |
|
|
16,539 |
|
||||||
|
Occupancy, communications and equipment |
|
1,601 |
|
|
1,559 |
|
|
1,482 |
|
|
1,423 |
|
|
1,397 |
|
|
4,642 |
|
|
3,921 |
|
||||||
|
Depreciation and amortization |
|
615 |
|
|
580 |
|
|
540 |
|
|
504 |
|
|
447 |
|
|
1,735 |
|
|
1,248 |
|
||||||
|
Third-party distribution fees |
|
3,977 |
|
|
4,083 |
|
|
3,112 |
|
|
3,161 |
|
|
2,983 |
|
|
11,172 |
|
|
7,977 |
|
||||||
|
Acquisition-related costs |
|
2,409 |
|
|
1,967 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,376 |
|
|
— |
|
||||||
|
Other |
|
2,980 |
|
|
2,982 |
|
|
2,552 |
|
|
2,902 |
|
|
2,463 |
|
|
8,514 |
|
|
7,617 |
|
||||||
|
Total operating expenses |
|
79,962 |
|
|
77,989 |
|
|
73,920 |
|
|
75,657 |
|
|
72,376 |
|
|
231,871 |
|
|
214,787 |
|
||||||
|
Operating income |
|
45,654 |
|
|
34,632 |
|
|
34,162 |
|
|
35,040 |
|
|
40,792 |
|
|
114,448 |
|
|
102,253 |
|
||||||
|
Other Income/(Expenses): |
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interest expense |
|
(8,466 |
) |
|
(5,490 |
) |
|
(5,441 |
) |
|
(5,616 |
) |
|
(5,027 |
) |
|
(19,397 |
) |
|
(13,295 |
) |
||||||
|
Interest income |
|
4,015 |
|
|
2,090 |
|
|
1,897 |
|
|
2,147 |
|
|
1,795 |
|
|
8,002 |
|
|
4,631 |
|
||||||
|
Loss on extinguishment of convertible notes |
|
(13,011 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,632 |
) |
|
(13,011 |
) |
|
(30,632 |
) |
||||||
|
Other gains and losses, net |
|
1,325 |
|
|
638 |
|
|
(250 |
) |
|
2,627 |
|
|
(3,062 |
) |
|
1,713 |
|
|
(1,753 |
) |
||||||
|
Income before income taxes |
|
29,517 |
|
|
31,870 |
|
|
30,368 |
|
|
34,198 |
|
|
3,866 |
|
|
91,755 |
|
|
61,204 |
|
||||||
|
Income tax expense |
|
9,816 |
|
|
7,093 |
|
|
5,739 |
|
|
6,890 |
|
|
8,351 |
|
|
22,648 |
|
|
21,819 |
|
||||||
|
Net income/(loss) |
|
19,701 |
|
$ |
24,777 |
|
$ |
24,629 |
|
$ |
27,308 |
|
$ |
(4,485 |
) |
|
69,107 |
|
|
39,385 |
|
||||||
|
Earnings/(loss) per share—basic |
$ |
0.14 |
|
$ |
0.17 |
|
$ |
0.17 |
|
$ |
0.19 |
|
$ |
(0.13)(3 |
) |
$ |
0.48 |
|
$ |
0.16(2 |
) |
||||||
|
Earnings/(loss) per share—diluted |
$ |
0.13 |
|
$ |
0.17 |
|
$ |
0.17 |
|
$ |
0.18 |
|
$ |
(0.13)(3 |
) |
$ |
0.47 |
|
$ |
0.16(2 |
) |
||||||
|
Weighted average common shares—basic |
|
139,584 |
|
|
143,076 |
|
|
142,580 |
|
|
141,275 |
|
|
143,929 |
|
|
141,736 |
|
|
145,756 |
|
||||||
|
Weighted average common shares—diluted |
|
150,675 |
|
|
146,640 |
|
|
146,545 |
|
|
147,612 |
|
|
143,929 |
|
|
146,360 |
|
|
162,691 |
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
As Adjusted (Non-GAAP(1)) |
|
|
|
|
|
|
|
||||||||||||||||||||
|
Total revenues |
$ |
125,616 |
|
$ |
112,621 |
|
$ |
108,082 |
|
$ |
110,505 |
|
$ |
109,507 |
|
|
|
||||||||||
|
Total operating expenses |
$ |
77,553 |
|
$ |
76,022 |
|
$ |
73,920 |
|
$ |
75,465 |
|
$ |
68,715 |
|
|
|
||||||||||
|
Operating income |
$ |
48,063 |
|
$ |
36,599 |
|
$ |
34,162 |
|
$ |
35,040 |
|
$ |
40,792 |
|
|
|
||||||||||
|
Income before income taxes |
$ |
45,318 |
|
$ |
33,798 |
|
$ |
30,947 |
|
$ |
33,033 |
|
$ |
37,187 |
|
|
|
||||||||||
|
Income tax expense |
$ |
10,842 |
|
$ |
7,935 |
|
$ |
7,933 |
|
$ |
7,753 |
|
$ |
9,049 |
|
|
|
||||||||||
|
Net income |
$ |
34,476 |
|
$ |
25,863 |
|
$ |
23,014 |
|
$ |
25,280 |
|
$ |
28,768 |
|
|
|
||||||||||
|
Earnings per share—diluted |
$ |
0.23 |
|
$ |
0.18 |
|
$ |
0.16 |
|
$ |
0.17 |
|
$ |
0.18 |
|
|
|
||||||||||
|
Weighted average common shares—diluted |
|
150,675 |
|
|
146,640 |
|
|
146,545 |
|
|
147,612 |
|
|
156,745 |
|
|
|
||||||||||
QUARTERLY HIGHLIGHTS
Operating Revenues
- Operating revenues increased 11.5% from the second quarter of 2025 due to higher average AUM and higher other revenues attributable to our European listed ETPs. Operating revenues increased 11.0% from the third quarter of 2024 due to higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee. Other income for the third quarter of 2024 also included $3.7 million of other revenue related to legal and other related expenses incurred in connection with a settlement with the U.S. Securities and Exchange Commission (the “SEC”) regarding certain statements about the ESG screening process for three exchange-traded funds (“ETFs”) advised by WisdomTree Asset Management, Inc. (the “SEC ESG Settlement”) that were covered by insurance.
- Our average advisory fee was 0.35% during the second and third quarters of 2025 and 0.37% during the third quarter of 2024.
Operating Expenses
- Operating expenses increased 2.5% from the second quarter of 2025 primarily due to higher fund management and administration expenses and compensation expense. These increases were partly offset by lower marketing expense.
- Operating expenses increased 10.5% from the third quarter of 2024 primarily due to higher compensation expense, acquisition-related costs, fund management and administration expenses and third-party distribution fees. These increases were partly offset by lower professional fees, as the third quarter of 2024 included $3.7 million of legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.
Other Income/(Expenses)
- Interest expense increased 54.2% and 68.4% from the second quarter of 2025 and third quarter of 2024, respectively, due to a higher level of debt outstanding, partly offset by a lower average interest rate.
- Interest income increased 92.1% and 123.7% from the second quarter of 2025 and the third quarter of 2024, respectively, due to an increase in the level of interest-earning assets.
- During the third quarter of 2025, we recognized a loss on extinguishment of convertible notes of $13.0 million arising from the repurchase of $24.0 million aggregate principal amount of our 2028 Notes.
- Other gains and losses, net, was a gain of $1.3 million for the third quarter of 2025. This included net gains of $1.1 million on our financial instruments owned, and net losses of $1.0 million on our investments. Gains and losses also generally arise from the sale of gold and cryptocurrency earned from management fees paid by our physically-backed gold and crypto ETPs, foreign exchange fluctuations and miscellaneous items.
Income Taxes
- Our effective income tax rate for the third quarter of 2025 was 33.3%, resulting in income tax expense of $9.8 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to a non-deductible loss on extinguishment of convertible notes and non-deductible executive compensation. These items were partly offset by a lower tax rate on foreign earnings.
- Our adjusted effective income tax rate for the third quarter of 2025 was 23.9%(1).
NINE MONTH HIGHLIGHTS
- Operating revenues increased 9.2% as compared to 2024 due to higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee. Other income for the prior year also included $4.1 million of other revenue related to legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.
- Operating expenses increased 8.0% as compared to 2024 primarily due to higher compensation expense, acquisition-related costs, fund management and administration expenses, third-party distribution fees and sales and business development expenses. These increases were partly offset by lower professional fees, as the prior year included $5.0 million of expenses incurred in response to an activist campaign and $4.1 million of other revenue related to legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.
- Significant items reported in other income/(expense) in 2025 include: an increase in interest expense of 45.9% due to a higher level of debt outstanding, partly offset by a lower average interest rate; a loss on extinguishment of convertible notes of $13.0 million arising from the repurchase of $24.0 million aggregate principal amount of our 2028 Notes; an increase in interest income of 72.8% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $1.9 million and $2.4 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, other foreign exchange fluctuations and miscellaneous items.
- Our effective income tax rate for 2025 was 24.7%, resulting in an income tax expense of $22.6 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to a non-deductible loss on extinguishment of convertible notes and non-deductible executive compensation. These items were partly offset by a lower tax rate on foreign earnings.
CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS
WisdomTree will discuss its results and operational highlights during a live webcast on Friday, October 31, 2025 at 11:00 a.m. ET, which, together with all earnings materials, can be accessed via WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will be available shortly after the call.
Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers.
To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time.
About WisdomTree
WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, as well as digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our blockchain-native digital wallet, WisdomTree Prime®, and institutional platform, WisdomTree Connect™.*
* The WisdomTree Prime digital wallet and digital asset services and WisdomTree Connect institutional platform are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://www.wisdomtreeprime.com, the WisdomTree Prime mobile app or https://wisdomtreeconnect.com for more information.
WisdomTree currently has approximately $138.4 billion in assets under management globally, inclusive of assets under management attributable to our recently completed acquisition of Ceres Partners, LLC.
For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.
Please visit us on X at @WisdomTreeNews.
WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through the WisdomTree Prime app and WisdomTree Connect are not endorsed, indemnified or guaranteed by any regulatory agency.
|
____________________ |
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|
(1) |
|
See “Non-GAAP Financial Measurements.” |
|
(2) |
|
Adjusted revenue yield is computed by dividing our annualized adjusted operating revenues as reported in the GAAP to Non-GAAP Reconciliation herein by our average AUM during the period. |
|
(3) |
|
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. In addition, the three months ended September 30, 2025 includes $718 of stock repurchase excise taxes. The three months ended September 30, 2024 includes a loss of $11,375 recognized upon the repurchase of our Series A Non-Voting Convertible Preferred Stock convertible into approximately 14.75 million shares of common stock from ETFS Capital Limited and $1,868 of stock repurchase excise taxes. These items are excluded from net income but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis. |
|
WISDOMTREE, INC. AND SUBSIDIARIES KEY OPERATING STATISTICS (Unaudited) |
|||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
||||||||||||||
|
GLOBAL PRODUCTS ($ in millions) |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
126,070 |
|
$ |
115,787 |
|
$ |
109,779 |
|
$ |
112,577 |
|
$ |
109,686 |
|
||||
|
Add: Digital Assets—Jan. 1, 2025 |
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
— |
|
||||
|
Inflows/(outflows) |
|
2,237 |
|
|
3,529 |
|
|
3,052 |
|
|
(281 |
) |
|
(2,395 |
) |
||||
|
Market appreciation/(depreciation) |
|
8,868 |
|
|
6,754 |
|
|
2,924 |
|
|
(2,517 |
) |
|
5,286 |
|
||||
|
End of period assets |
$ |
137,175 |
|
$ |
126,070 |
|
$ |
115,787 |
|
$ |
109,779 |
|
$ |
112,577 |
|
||||
|
Average assets during the period |
$ |
130,760 |
|
$ |
119,185 |
|
$ |
114,622 |
|
$ |
112,349 |
|
$ |
110,369 |
|
||||
|
Average advisory fee during the period |
|
0.35 |
% |
|
0.35 |
% |
|
0.35 |
% |
|
0.36 |
% |
|
0.37 |
% |
||||
|
Revenue days |
|
92 |
|
|
91 |
|
|
90 |
|
|
92 |
|
|
92 |
|
||||
|
Number of products—end of the period |
|
397 |
|
|
383 |
|
|
375 |
(1) |
|
353 |
|
|
352 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
U.S. LISTED ETFs ($ in millions) |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
85,179 |
|
$ |
80,531 |
|
$ |
79,095 |
|
$ |
81,267 |
|
$ |
79,722 |
|
||||
|
(Outflows)/inflows |
|
(448 |
) |
|
1,110 |
|
|
1,847 |
|
|
(40 |
) |
|
(1,650 |
) |
||||
|
Market appreciation/(depreciation) |
|
3,562 |
|
|
3,538 |
|
|
(411 |
) |
|
(2,132 |
) |
|
3,195 |
|
||||
|
End of period assets |
$ |
88,293 |
|
$ |
85,179 |
|
$ |
80,531 |
|
$ |
79,095 |
|
$ |
81,267 |
|
||||
|
Average assets during the period |
$ |
87,205 |
|
$ |
81,525 |
|
$ |
81,127 |
|
$ |
80,661 |
|
$ |
80,335 |
|
||||
|
Number of ETFs—end of the period |
|
84 |
|
|
81 |
|
|
78 |
|
|
78 |
|
|
78 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
EUROPEAN LISTED ETPs ($ in millions) |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
40,541 |
|
$ |
35,124 |
|
$ |
30,684 |
|
$ |
31,310 |
|
$ |
29,964 |
|
||||
|
Inflows/(outflows) |
|
2,447 |
|
|
2,201 |
|
|
1,104 |
|
|
(241 |
) |
|
(745 |
) |
||||
|
Market appreciation/(depreciation) |
|
5,302 |
|
|
3,216 |
|
|
3,336 |
|
|
(385 |
) |
|
2,091 |
|
||||
|
End of period assets |
$ |
48,290 |
|
$ |
40,541 |
|
$ |
35,124 |
|
$ |
30,684 |
|
$ |
31,310 |
|
||||
|
Average assets during the period |
$ |
42,853 |
|
$ |
37,439 |
|
$ |
33,415 |
|
$ |
31,688 |
|
$ |
30,034 |
|
||||
|
Number of ETPs—end of the period |
|
295 |
|
|
285 |
|
|
280 |
|
|
275 |
|
|
274 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
DIGITAL ASSETS ($ in millions) |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
350 |
|
$ |
132 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
||||
|
Add: Digital Assets—Jan. 1, 2025 |
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
— |
|
||||
|
Inflows |
|
238 |
|
|
218 |
|
|
101 |
|
|
— |
|
|
— |
|
||||
|
Market appreciation/(depreciation) |
|
4 |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
— |
|
||||
|
End of period assets |
$ |
592 |
|
$ |
350 |
|
$ |
132 |
|
$ |
— |
|
$ |
— |
|
||||
|
Average assets during the period |
$ |
702 |
|
$ |
221 |
|
$ |
80 |
|
$ |
— |
|
$ |
— |
|
||||
|
Number of products—end of the period |
|
18 |
|
|
17 |
|
|
17 |
(1) |
|
— |
|
|
— |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
PRODUCT CATEGORIES ($ in millions) |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
U.S. Equity |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
38,617 |
|
$ |
35,628 |
|
$ |
35,414 |
|
$ |
34,643 |
|
$ |
31,834 |
|
||||
|
Add: Digital Assets—Jan. 1, 2025 |
|
— |
|
|
— |
|
|
9 |
|
|
— |
|
|
— |
|
||||
|
Inflows |
|
41 |
|
|
1,288 |
|
|
962 |
|
|
1,099 |
|
|
328 |
|
||||
|
Market appreciation/(depreciation) |
|
2,319 |
|
|
1,701 |
|
|
(757 |
) |
|
(328 |
) |
|
2,481 |
|
||||
|
End of period assets |
$ |
40,977 |
|
$ |
38,617 |
|
$ |
35,628 |
|
$ |
35,414 |
|
$ |
34,643 |
|
||||
|
Average assets during the period |
$ |
40,024 |
|
$ |
36,080 |
|
$ |
36,278 |
|
$ |
35,714 |
|
$ |
33,175 |
|
||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
||||||||||||||
|
Commodity & Currency |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
26,696 |
|
$ |
25,487 |
|
$ |
21,906 |
|
$ |
23,034 |
|
$ |
21,987 |
|
||||
|
Add: Digital Assets—Jan. 1, 2025 |
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
||||
|
Inflows/(outflows) |
|
1,097 |
|
|
(110 |
) |
|
(159 |
) |
|
(440 |
) |
|
(741 |
) |
||||
|
Market appreciation/(depreciation) |
|
3,912 |
|
|
1,319 |
|
|
3,739 |
|
|
(688 |
) |
|
1,788 |
|
||||
|
End of period assets |
$ |
31,705 |
|
$ |
26,696 |
|
$ |
25,487 |
|
$ |
21,906 |
|
$ |
23,034 |
|
||||
|
Average assets during the period |
$ |
28,162 |
|
$ |
25,888 |
|
$ |
23,996 |
|
$ |
22,989 |
|
$ |
22,016 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
International Developed Market Equity |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
21,725 |
|
$ |
18,178 |
|
$ |
17,602 |
|
$ |
18,075 |
|
$ |
19,385 |
|
||||
|
Inflows/(outflows) |
|
476 |
|
|
1,645 |
|
|
474 |
|
|
63 |
|
|
(1,391 |
) |
||||
|
Market appreciation/(depreciation) |
|
1,692 |
|
|
1,902 |
|
|
102 |
|
|
(536 |
) |
|
81 |
|
||||
|
End of period assets |
$ |
23,893 |
|
$ |
21,725 |
|
$ |
18,178 |
|
$ |
17,602 |
|
$ |
18,075 |
|
||||
|
Average assets during the period |
$ |
22,481 |
|
$ |
19,577 |
|
$ |
18,275 |
|
$ |
17,716 |
|
$ |
18,636 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Fixed Income |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
22,543 |
|
$ |
22,230 |
|
$ |
20,043 |
|
$ |
20,767 |
|
$ |
21,430 |
|
||||
|
Add: Digital Assets—Jan. 1, 2025 |
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
||||
|
(Outflows)/inflows |
|
(61 |
) |
|
148 |
|
|
2,093 |
|
|
(387 |
) |
|
(897 |
) |
||||
|
Market appreciation/(depreciation) |
|
27 |
|
|
165 |
|
|
73 |
|
|
(337 |
) |
|
234 |
|
||||
|
End of period assets |
$ |
22,509 |
|
$ |
22,543 |
|
$ |
22,230 |
|
$ |
20,043 |
|
$ |
20,767 |
|
||||
|
Average assets during the period |
$ |
23,128 |
|
$ |
22,526 |
|
$ |
21,464 |
|
$ |
20,398 |
|
$ |
21,135 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Emerging Market Equity |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
10,957 |
|
$ |
9,985 |
|
$ |
10,468 |
|
$ |
12,452 |
|
$ |
11,875 |
|
||||
|
(Outflows)/inflows |
|
(250 |
) |
|
28 |
|
|
(445 |
) |
|
(908 |
) |
|
(20 |
) |
||||
|
Market appreciation/(depreciation) |
|
148 |
|
|
944 |
|
|
(38 |
) |
|
(1,076 |
) |
|
597 |
|
||||
|
End of period assets |
$ |
10,855 |
|
$ |
10,957 |
|
$ |
9,985 |
|
$ |
10,468 |
|
$ |
12,452 |
|
||||
|
Average assets during the period |
$ |
10,874 |
|
$ |
10,295 |
|
$ |
10,072 |
|
$ |
11,407 |
|
$ |
12,083 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Cryptocurrency |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
2,087 |
|
$ |
1,553 |
|
$ |
1,912 |
|
$ |
1,054 |
|
$ |
838 |
|
||||
|
Add: Digital Assets—Jan. 1, 2025 |
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
||||
|
Inflows/(outflows) |
|
764 |
|
|
198 |
|
|
(89 |
) |
|
315 |
|
|
201 |
|
||||
|
Market appreciation/(depreciation) |
|
317 |
|
|
336 |
|
|
(271 |
) |
|
543 |
|
|
15 |
|
||||
|
End of period assets |
$ |
3,168 |
|
$ |
2,087 |
|
$ |
1,553 |
|
$ |
1,912 |
|
$ |
1,054 |
|
||||
|
Average assets during the period |
$ |
2,412 |
|
$ |
1,800 |
|
$ |
1,900 |
|
$ |
1,599 |
|
$ |
917 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Leveraged & Inverse |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
2,631 |
|
$ |
2,133 |
|
$ |
1,924 |
|
$ |
2,082 |
|
$ |
1,922 |
|
||||
|
(Outflows)/inflows |
|
(52 |
) |
|
141 |
|
|
116 |
|
|
(69 |
) |
|
71 |
|
||||
|
Market appreciation/(depreciation) |
|
334 |
|
|
357 |
|
|
93 |
|
|
(89 |
) |
|
89 |
|
||||
|
End of period assets |
$ |
2,913 |
|
$ |
2,631 |
|
$ |
2,133 |
|
$ |
1,924 |
|
$ |
2,082 |
|
||||
|
Average assets during the period |
$ |
2,750 |
|
$ |
2,354 |
|
$ |
2,083 |
|
$ |
2,032 |
|
$ |
1,962 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Alternatives |
|
|
|
|
|
||||||||||||||
|
Beginning of period assets |
$ |
814 |
|
$ |
593 |
|
$ |
510 |
|
$ |
470 |
|
$ |
415 |
|
||||
|
Inflows |
|
222 |
|
|
191 |
|
|
100 |
|
|
46 |
|
|
54 |
|
||||
|
Market appreciation/(depreciation) |
|
119 |
|
|
30 |
|
|
(17 |
) |
|
(6 |
) |
|
1 |
|
||||
|
End of period assets |
$ |
1,155 |
|
$ |
814 |
|
$ |
593 |
|
$ |
510 |
|
$ |
470 |
|
||||
|
Average assets during the period |
$ |
929 |
|
$ |
665 |
|
$ |
554 |
|
$ |
494 |
|
$ |
445 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Headcount |
|
338 |
|
|
321 |
|
|
315 |
|
|
313 |
|
|
314 |
|
||||
Contacts
Investor Relations
Jeremy Campbell
+1.917.267.3859
[email protected]
Media Relations
Jessica Zaloom
+1.917.267.3735
[email protected]
