<SEC-DOCUMENT>0001193125-16-639824.txt : 20161202
<SEC-HEADER>0001193125-16-639824.hdr.sgml : 20161202
<ACCEPTANCE-DATETIME>20160701120203
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-639824
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Investments, Inc.
		CENTRAL INDEX KEY:			0000880631
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				133487784
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		245 PARK AVENUE
		STREET 2:		35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		212-801-2080

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE
		STREET 2:		35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEX DEVELOPMENT PARTNERS INC
		DATE OF NAME CHANGE:	20020812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FINANCIAL DATA SYSTEMS
		DATE OF NAME CHANGE:	19951120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIVIDUAL INVESTOR GROUP INC
		DATE OF NAME CHANGE:	19951120
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g219733image002.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;1, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Amit Pande </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief, Office of
Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 4720 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>WisdomTree Investments, Inc. </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for Fiscal Year Ended December&nbsp;31, 2015 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed February&nbsp;29, 2016 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-Q for Fiscal Quarter Ended March&nbsp;31, 2016 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed May&nbsp;9, 2016 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;001-10932 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Pande: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted on behalf of WisdomTree Investments, Inc. (the &#147;Company&#148;) in response to the comments of the staff of the
Division of Corporate Finance of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the Company&#146;s Form 10-K for the fiscal year ended December&nbsp;31, 2015 and Form 10-Q for the fiscal year ended March&nbsp;31,
2016 as set forth in your letter dated June&nbsp;22, 2016 addressed to the undersigned, Amit Muni, Chief Financial Officer of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For reference purposes, the text of the comment letter has been reproduced herein with the Company&#146;s response below the numbered comment.
For your convenience, we have italicized the reproduced staff comments from the comment letter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Form 10-Q for Quarterly Period Ended March&nbsp;31,
2016 </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Non-GAAP Financial Measures, page 20 </U></I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>You disclose a non-GAAP performance measure that appears to exclude normal, recurring, cash operating expenses necessary to operate your business. We note similar disclosure in your earnings release for the quarter
ended March&nbsp;31, 2016 furnished as Exhibit 99.1 to your Form 8-K filed on April&nbsp;29, 2016. This presentation appears to be inconsistent with the updated Compliance and Disclosure Interpretations (CDI) issued on May&nbsp;17, 2016, including
Question 100.01 of the CDI. Please review this guidance when preparing your future filings. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: The
Company acknowledges the Staff&#146;s comment and advises the Staff that the Company will review the updated CDI issued on May&nbsp;17, 2016, including Question 100.01 of the CDI, when preparing its earnings release and Form 10-Q for the quarter
ended June&nbsp;30, 2016. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Amit Pande </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 1, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby acknowledges that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or further comments regarding the Company&#146;s filings or this response letter, please contact the undersigned at
(917)&nbsp;267-3746. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>/s/ Amit Muni </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amit Muni </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President &#150; Finance and Chief
Financial Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Principal Financial and Accounting Officer) </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g219733image002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g219733image002.jpg
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M[8+'\/6N@U#5M.TFUDNM0O8+:&+&]Y' P3T'U]JEL[RWU"SAO+602P3H'C<
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M^&?$]CXJLKBZL"=EO<O <GKM/#?0C!IOBS79O#>@SZM%;QW*V^-T32%"V2%
M4X/.35_2YKZXL8YM1M8[6=U#&%)"^S(Z$X'-7**********:R*XPZAAZ$9KF
M[V[U>VUZ2WT/PW:3PQQ*9;J2809<Y^484YX )^M96H^/->TO7=/T6Z\,P"[U
M'/D;=1!4XZY.SBM*;7?%EL\#3^%[<6[S)'+)'J =HU9@-VW8,XS74T444457
M34+.2Z:U2ZA:=>L0<%A^%6**\S\>K_PC_P 1_#/BA?EBF?[%<L/0\ G\&/\
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M1$,GF;=V 1VJ6QFU+0OB3'H*WUQ>Z7?637*)<N9'MF4XX<\E3[^M7?B498?
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M^/$WAR5DTN6=%U'3"<QX9@-Z>AR?P^G%;GQ7Y^&NK?[L?_HQ:ZC3O^09:_\
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+F'.,@9QBMZBO_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
