<SEC-DOCUMENT>0000921895-23-000980.txt : 20230501
<SEC-HEADER>0000921895-23-000980.hdr.sgml : 20230501
<ACCEPTANCE-DATETIME>20230501163645
ACCESSION NUMBER:		0000921895-23-000980
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230501
DATE AS OF CHANGE:		20230501

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree, 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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10932
		FILM NUMBER:		23874342

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		212-801-2080

	MAIL ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WisdomTree Investments, Inc.
		DATE OF NAME CHANGE:	20090401

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Capital Limited.
		CENTRAL INDEX KEY:			0001520619
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		Ordnance House
		STREET 2:		31 Pier Road
		CITY:			St. Helier, Channel Islands
		STATE:			Y9
		ZIP:			JE4 8PW
		BUSINESS PHONE:		44-153--482-5500

	MAIL ADDRESS:	
		STREET 1:		Ordnance House
		STREET 2:		31 Pier Road
		CITY:			St. Helier, Channel Islands
		STATE:			Y9
		ZIP:			JE4 8PW

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ETF Securities Ltd
		DATE OF NAME CHANGE:	20110512
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a13246002_05012023.htm
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



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    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase">WisdomTree, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
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    <TD>&nbsp;</TD></TR>
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Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Graham Tuckwell
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">BRUCE AUST</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-transform: uppercase">TONIA PANKOPF</FONT></P>
</TD></TR>
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    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">ETFS Capital Limited, together
with the other participants named herein (collectively, &ldquo;ETFS Capital&rdquo;), has filed a preliminary proxy statement and accompanying
<B>GOLD</B> proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of its slate of highly-qualified
director nominees at the 2023 annual meeting of stockholders of WisdomTree, Inc., a Delaware corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On May 1, 2023, ETFS Capital
issued the following press release and open letter to stockholders of the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ETFS CAPITAL COMMENTS ON WISDOMTREE&rsquo;S
Q1 2023 RESULTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>Revenue Growth and Operating Margins &ndash;
the Key Value Drivers &ndash; Remain Extremely Disappointing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>Despite AUM Increasing by $11.3B (14%),
Revenue only increased by 4.7% Year Over Year (YOY), while Adjusted Operating Income declined 13% YOY and Adjusted Operating Margin Contracted
by 4.3%</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>Appears WisdomTree has Completely Failed
to Achieve Operating Leverage, Something They Claimed Is Inherent in an ETF Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>Q1 2023 Results Further Reinforce the
Need for Immediate Change; Addition of our Nominees Will Add Much Needed ETF Expertise and Management Oversight to the Board</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>Further Information Available at </I>www.WiseUpWT.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NEW YORK, NY &ndash; May 1, 2023</B> &ndash;
ETFS Capital Limited (&ldquo;ETFS Capital&rdquo;), the largest combined owner of common stock, $0.01 par value (the &ldquo;Common Stock&rdquo;),
and Series A Non-Voting Convertible Preferred Stock (the &ldquo;Series A Preferred Stock&rdquo;) of WisdomTree, Inc. (&ldquo;WisdomTree&rdquo;
or the &ldquo;Company&rdquo;) (NYSE: WT), with aggregate ownership of approximately 10.2% of the outstanding Common Stock, which together
with its Series A Preferred Stock would represent approximately 18.3% of the Company&rsquo;s outstanding Common Stock on an as-converted
basis, commented today on WisdomTree&rsquo;s Q1 2023 earnings announced on Friday, April 28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">ETFS Capital has filed a preliminary proxy
statement with the Securities and Exchange Commission (SEC) for the election of three highly qualified individuals to the Board of Directors
of WisdomTree (the &ldquo;Board&rdquo;) at the Company&rsquo;s 2023 annual meeting of stockholders (the &ldquo;Annual Meeting&rdquo;).
Further information is available at www.WiseUpWT.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The full text of the letter follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">May 1, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Fellow Stockholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As the largest stockholder in the Company,
with over <B><U>$180 million</U></B>&nbsp;of our own capital invested in WisdomTree, we are deeply concerned with WisdomTree&rsquo;s continued
failure to make progress on key metrics that are critical for shareholder value creation &ndash; Revenue Growth and Operating Margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As we have communicated previously, WisdomTree&rsquo;s
ability to deliver for all its shareholders has been severely impacted by its distracted CEO, entrenched Board, mismanagement, and lack
of focus on the core business. To be clear, we believe that WisdomTree has potential to deliver for shareholder, but not under the guidance
of directors that are either long tenured and closely tied to Founder CEO, Jonathan Steinberg, or lack the needed industry and public
company experience to be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Last week&rsquo;s disappointing results for
Q1 2023, despite achieving a record $91 billion of assets under management, suggest WisdomTree&rsquo;s management led by Jonathan Steinberg,
lack a credible strategy to translate AUM into expected revenue and operating margins. Most importantly, <B>it is clear that WisdomTree
does not have a real plan to turn performance around.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The launch of WisdomTree Prime (&ldquo;WT Prime&rdquo;),
which the Company expects to drive the next phase of growth, is delayed by over a year, has only 6,500 potential users on the waitlist
(compared to hundreds of millions for its competitors), lacks a credible team, and is likely to remain a drag on earnings and distract
management from focusing on the core ETF business. This is a classic case of taking good shareholder money and throwing it at a sub-scale
business that is poorly thought out and appears to have little to no chance of success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We encourage stockholders to consider the following
facts:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify"><B><U>Failure to Translate Record AUM into Revenue Growth and Operating Margins:</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12 0.5in; text-align: justify">Mr. Steinberg and his Board have repeatedly
tried to confuse shareholders by focusing on AUM and flows instead of revenue and operating margins &ndash; the actual drivers of shareholder
value. The same holds true for Q1 2023 results, when management stated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 12 0; text-align: justify; text-indent: 0.75in">&ldquo;&hellip;<I>the
first quarter of the year was the third best quarter of net inflows in company history</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in; text-align: justify"><I>&ldquo;WisdomTree&rsquo;s business
has never been stronger; we&rsquo;ve had ten consecutive quarters of net inflows coupled with all-time record high assets under management
of over $90 billion</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">What WisdomTree deliberately fails to mention
is that despite AUM hitting a record $91 billion &ndash; up 14.2% from the prior year &ndash; Revenue only rose just 4.6% whereas Adjusted
Operating Income and Adjusted Operating Margins both <B><I>contracted</I></B> by double-digits for the same period by 12.9% and 16.7%
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">WisdomTree&rsquo;s failure to translate
AUM into revenue and operating margin is deeply concerning as management for years has acknowledged that the ETF business should have
significant operating leverage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 0.75in; text-align: justify"><I>&ldquo;<B>There is a lot of operating
leverage in our business as our AUM continues to scale</B>. Because of our business model the way our expenses are built, they will decline
as a percentage of our revenues as our revenues increase, particularly around compensation, gross margins, and our other AUM variable
costs. <B>So, as AUM scales, we do expect to see increases in our operating margin</B>.</I>&rdquo; Stated Amit Muni, WisdomTree CFO in
June 2020), when AUM was just $58 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Yet management has failed to achieve any
such operating leverage and record gains in AUM has not rendered any meaningful growth in profitability or shareholder value creation.
Even worse, management continues to obscure this failure by focusing shareholders&rsquo; attention primarily on AUM and net inflows with
the hope that the basic operating failures and a lack of focus on the core business will be overlooked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">It seems clear to us that WisdomTree lacks
a credible plan to grow revenue and improve margins. The current record AUM, led by inflows in low fee, highly interest-rate sensitive
USFR (92% of flows in 2022 and 17% of total AUM) has only resulted in single-digit revenue growth and declining operating income and related
margins. Should interest rates reverse, these easy AUM &ldquo;wins&rdquo; will evaporate. Considering the current uptrend rate is unlikely
to continue indefinitely and more likely than not will reverse in the near term, shareholders need clarity on management&rsquo;s plan
to maintain current AUM levels.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1Q2022</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1Q2023</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>% change yoy</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;AUM&mdash;end of period ($ billions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">79.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">90.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Average AUM ($ billions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">77.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">87.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Average advisory fee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.40%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.36%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">-10.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Operating revenues </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">78.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">82.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Adjusted Gross margin </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">80.2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">79.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">-1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Adjusted Operating income margin</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">21.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">-16.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Operating Income (adjusted, $ millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">20.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">-12.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Net income (adjusted) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">11.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">-20.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;Diluted earnings per share (adjusted) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.09</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">-22.2%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Source: WisdomTree Press Release</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Management and Long-Tenured Directors are Responsible for Shareholder Value Destruction </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">WisdomTree&rsquo;s dismal financial performance,
coupled with the failure of long-tenured directors to provide much needed oversight is largely responsible for the massive shareholder
value destruction that has occurred. Since the ETF Securities acquisition in April of 2018, this Board has overseen a loss of $1.45 billion
of shareholder value - including Frank Salerno and Win Neuger who are both up for election at the 2023 Annual Meeting. While management
tries to spin shareholders with their focus on AUM growth, shareholder value has been eviscerated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 289px; width: 481px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Source: Factset, WisdomTree SEC filings,
ETFS Capital analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B><U>WT Prime is Not the Answer for Shareholders:</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">WT Prime was initially supposed to launch
by 2Q2022. It is now expected that launch will be in 2Q2023, one year later with total cost expected to be at least $30m by the end of
2023.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>More importantly, WisdomTree has provided no roadmap
or milestones to evaluate its success. According to WisdomTree&rsquo;s Letter to Stockholders in December 2022, WT Prime had a waitlist
of more than 6,500 potential users. This is a mere nominal number of users in comparison to WT Prime&rsquo;s self-stated competitors*
including Robinhood (11.4 million monthly users), Chime (13 million active users) and Revolut (27 million retail customers).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Therefore, it is not surprising that WisdomTree&rsquo;s
management refuses to provide any benchmarks against which it might be evaluated. Moreover, <U>WisdomTree has actively avoided discussion
on how WT Prime will actually create value for shareholders. </U>Given the responses to analyst questions dating back to 2021, it is obvious
that <B><U>there is no credible plan for WT Prime.</U></B></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT> Source&rdquo; Earnings Call Guidance. Calculated as $11m-$12m (2022) plus 'late teens' (2023).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><U></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Analyst Questions</I></B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>WisdomTree Response</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Business Economics (4Q2021 Earnings):</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Michael J. Cyprys (Morgan Stanley):</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>I was hoping you could elaborate a bit more on
    the economics [on WisdomTree Prime], how that will work.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;&hellip;we're going to learn a lot with
    the beta test and be able to provide more guidance on that in the future.&rdquo; &ndash; William Peck</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Keith Housum (Northcoast Research)</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Is there a payback period where you guys see where
    you can perhaps be profitable in this unit? Are you two or three years away from that, you think?</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;I think that's a little early for us to
    give guidance on. We'll see how quickly it ramps.&rdquo; &ndash; Jonathan Steinberg</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Distribution (1Q2023 Earnings):</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Michelle Foley (Morgan Stanley): </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>My question is about the distribution of WisdomTree
    Prime. How have you been trying to sell this to clients? Like, what's the approach here and what actions are you taking?</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;&hellip; we're focused on lean marketing</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>there's actually an article in the Journal recently
    about a bunch of crypto investors now Googling how to buy gold. I mean, that's perfect for us&hellip;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>A digital fund for floating rate notes has a great
    yield right now, kind of having a good user experience&hellip;.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>So, getting to those self-directed retail investors,
    kind of with those two messages as well as some others, are some areas we're going to start right now. But as I said, lean marketing.
    So, if we find something else working, we're going to go there as well.&rdquo; &ndash; William Peck</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Team (4Q2021 Earnings)</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Michael J. Cyprys (Morgan Stanley): </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&hellip; another follow-up there on the WisdomTree
    Prime and more broadly on the digital asset strategy. Can you just talk a little bit about the team that you have built out behind the
    digital asset strategy, how large is the team and maybe talk a little bit about the head count ambitions that you have looking out over
    the next year or two for that team and maybe talk a little bit about where you're recruiting this expert talent from as well? </I></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;&hellip; I'm not sure we're giving like
    specific guidance on like number of people. </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>I think we made an announcement earlier this year
    when a gentleman by the name of John Davidson joined the team as a Global Head of Financial Crimes that we're in the range of 15. </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>We've got a great brand. A lot of people in the
    financial services would like to work with us, and we found that our story is resonating very well with technical and other talent in
    the market today.&rdquo;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>- William Peck </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Source: WisdomTree Earnings Transcripts</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>We believe that WisdomTree needs a new plan, with
improved execution and </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>greatly enhanced Board oversight.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We believe WisdomTree needs to focus on achieving operational efficiency,
focus on its core ETF business, and re-evaluate all capital allocation decisions including WT Prime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We firmly believe that with the right Board
in place, WisdomTree can be a best-in-class company in its industry and generate significant value for all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">It is clear to us that the Board needs true
change, with real ETF expertise and directors with public board experience. It is time to remove the stranglehold CEO Jonathan Steinberg
exerts on the Board through his long-tenured directors &ndash; including Frank Salerno and Win Neuger. The Board must be held accountable
for destroying over $1 billion of shareholder value since 2018 and rewarding the CEO over $20 million for failed performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We have sought to engage with the Board in a constructive dialogue
to reach a mutually agreeable resolution to avoid a proxy contest in 2023. When we engaged a few weeks ago, the Board demanded names of
our nominees in order to move forward with settlement discussions. The Board has now had the identity of our nominees for almost 3 weeks
and has provided no feedback or proposal for resolution. We, therefore, assume that the Company has no intention to engage. Meanwhile,
the Company continues to waste shareholder money on advisors. In 1Q2023 alone, WisdomTree spent approx. $1 million defending an underperforming
CEO and two directors who have served for more than a decade while overseeing over $1 billion of shareholder value destruction. The time
for change is now and our director nominees are committed to acting in the best interests of all shareholders to help realize the full
potential of WisdomTree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Graham Tuckwell<BR>
Executive Chairman<BR>
ETFS Capital Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">campaign@etfscapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>About ETFS Capital Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">ETFS Capital is a London-based strategic investment
company focused on growth opportunities across the ETF ecosystem. As part of its investment process, ETFS Capital receives and analyses
many dozens of business ideas and proposals within the ETF ecosphere each year and conducts in-depth technical and commercial due diligence
on the companies where it chooses to deploy capital. Thereafter it engages in a hands-on approach, as a partner to management teams and
Boards bringing its unparalleled industry-specific expertise for the benefit of those companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">ETFS Capital Limited, a Jersey company (&ldquo;ETFS
Capital&rdquo;), together with the other participants in its anticipated solicitation (collectively, &ldquo;ETFS&rdquo;), has filed a
preliminary proxy statement and accompanying&nbsp;<B>GOLD</B>&nbsp;proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
to be used to solicit votes in connection with the 2023 annual meeting of stockholders of WisdomTree, Inc., a Delaware corporation (the
 &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">ETFS STRONGLY ADVISES ALL STOCKHOLDERS OF THE
COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS
PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD
BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The participants in the proxy solicitation
are anticipated to be ETFS Capital, Bruce E. Aust, Tonia Pankopf and Graham Tuckwell AO.</P>

<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of the date hereof, ETFS Capital beneficially
owns directly 15,250,000 shares of Common Stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;) and 14,750 shares of Series
A Non-Voting Convertible Preferred Stock, par value $0.01 (the &ldquo;Series A Preferred Stock&rdquo;). Mr. Tuckwell, as the Executive
Chairman and controlling shareholder of ETFS Capital, may be deemed to beneficially own the 15,250,000 shares of Common Stock directly
owned by ETFS Capital and the 14,750 shares of Series A Preferred Stock directly owned by ETFS Capital. As of the date hereof, Mr. Aust
and Ms. Pankopf do not beneficially own any securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Investor Contact:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Martyn James</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">+44 (0) 207-509-0674</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">+1 347 566 8291<BR>
<FONT STYLE="color: blue">campaign@etfscapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Media Contact:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dan Gagnier / Riyaz Lalani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">+1-646-569-5897</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ETFS@gagnierfc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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