<SEC-DOCUMENT>0000921895-23-001250.txt : 20230517
<SEC-HEADER>0000921895-23-001250.hdr.sgml : 20230517
<ACCEPTANCE-DATETIME>20230517170415
ACCESSION NUMBER:		0000921895-23-001250
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230517
DATE AS OF CHANGE:		20230517

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:		23932676

	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>
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<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a13246002_05172023.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</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; text-align: center">(Amendment No. )</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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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>Preliminary Proxy Statement</TD></TR></TABLE>

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

<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>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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

<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 Proxy Statement</TD></TR></TABLE>



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

<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">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<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>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <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>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">ETFS Capital
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>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>Fee paid previously with preliminary materials</TD></TR></TABLE>



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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>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 definitive proxy statement and
accompanying <B>GOLD</B> proxy card with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to be used to solicit votes for
the election of its slate of highly-qualified director nominees at the 2023 annual meeting of stockholders (the &ldquo;Annual Meeting&rdquo;)
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 16, 2023, Graham
Tuckwell, Executive Chairman of ETFS Capital Limited, was quoted in the following article published by the Australian Financial Review:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121"><B>Tuckwell&rsquo;s showdown with ETF firm WisdomTree takes
a bitter turn</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121">Australian Financial Review</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121">By Hans van Leeuwen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121">16 May 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121">Australian ETF pioneer Graham Tuckwell&rsquo;s public stoush
with WisdomTree, the US-listed company that bought his European business, has turned vitriolic ahead of a showdown at the company&rsquo;s
AGM next month.</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; color: #212121">In a letter to its shareholders released late last week,
the $US91 billion ($136 billion) ETF manager accused Mr Tuckwell of previously mistreating his own investors, and attacked what it called
his &ldquo;high-handed, self-serving conduct and his violations of corporate governance practices&rdquo;.</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; color: #212121">WisdomTree said the former AFR Rich Lister&rsquo;s alleged
conflicts of interest and poor reputation as a leader would make him &ldquo;toxic to our boardroom&rdquo;.</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; color: #212121">Mr Tuckwell has hit back, telling The Australian Financial
Review from New York that &ldquo;if they&rsquo;re getting this nasty, and this personal, they&rsquo;re doing it out of complete desperation&rdquo;.</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; color: #212121">&ldquo;These are just vicious ad hominem attacks. When
you start calling people names, it means you haven&rsquo;t got any actual arguments to mount. So you get personal,&rdquo; he said.</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; color: #212121">They don&rsquo;t address any of our points because they&rsquo;ve
got no defence, they&rsquo;ve got no counter to our arguments.&rdquo;</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; color: #212121">Mr Tuckwell is in New York for meetings with the big proxy
shareholder agencies, Institutional Shareholder Services and Glass Lewis, whose opinions on the proposals going to a vote could sway shareholders
<U>on June 16.</U></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; color: #212121">Mr Tuckwell&rsquo;s company ETFS Capital has 15.3 million
ordinary WisdomTree shares, a stake of 10.2 per cent, alongside Series A preferred stock that takes his total holding to 18.3 per cent.
The stake was acquired when he sold his European business to WisdomTree for $US611 million in cash and shares back in November 2017.</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; color: #212121">He has been running an activist shareholder campaign for
more than 18 months, culminating in an attempt to get himself and two associates elected to the nine-member WisdomTree board. Six director
slots are up for election at the AGM.</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; color: #212121">In a statement from ETFS Capital this week, Mr Tuckwell
renewed his accusation that WisdomTree had &ldquo;presided over the destruction of $US1 billion of shareholder value&rdquo; since the
2017 sale.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212121"></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; color: #212121">He accuses the company of failing to control costs and
losing market share. He says WisdomTree&rsquo;s focus on assets under management as a metric has masked a shift in those assets from high-margin
to low-margin products.</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; color: #212121">He reserves particular criticism for WisdomTree&rsquo;s
ambitious multi-pronged digital strategy, saying it has little chance of success and comes at the expense of running the core business
profitably.</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; color: #212121"><B>Tit for tat</B></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; color: #212121">Although ETFS said in its statement on Monday that it did
not want to &ldquo;indulge the [WisdomTree] board in its desire for an exchange of mudslinging and personal attacks&rdquo;, its defence
did go on the offensive.</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; color: #212121">WisdomTree had said that Mr Tuckwell&rsquo;s fellow nominees
for the board lacked &ldquo;public company C-suite experience or ETF operational experience, or any experience related to digital and
technology&rdquo;.</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; color: #212121">ETFS Capital responded that WisdomTree&rsquo;s own new
nominee had &ldquo;no ETF experience, no public board experience (except a non-operating SPAC) and a highly questionable track record
in the area in which she is purported to be an expert&rdquo;.</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; color: #212121">WisdomTree revisited Mr Tuckwell&rsquo;s 2020 Jersey courtroom
battle with three private-equity firms to raise doubts about his character and conduct. ETFS responded that this was a &ldquo;smear&rdquo;
which &ldquo;mischaracterised ... a routine commercial dispute&rdquo;.</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; color: #212121">ETFS Capital&rsquo;s statement then turned fire on WisdomTree
CEO Jonathan Steinberg, accusing him of &ldquo;an unprofessional demeanour and haphazard comments&rdquo; during a May 10 investor call.</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; color: #212121">WisdomTree declined to comment on the ETFS Capital statement,
pointing the Financial Review to its own May 2 letter defending its corporate performance.</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; color: #212121">In that letter, WisdomTree said its assets under management
stood at a record $US90.7 billion at the end of March, after 10 consecutive quarters of net inflows. Revenue growth was 16.5 percentage
points above the median of its peers, and margins had declined less than many rivals.</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; color: #212121">WisdomTree proffered charts showing that its stock price
has lately outperformed a basket of publicly traded US asset managers, though Mr Tuckwell argues the longer-term trend is one of underperformance.</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; color: #212121">The company said Mr Tuckwell&rsquo;s vision would condemn
WisdomTree to a fate like Kodak or Xerox, unfit for the digital world.</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; color: #212121">Mr Tuckwell disagrees with some elements of the digital
strategy, and also counters that WisdomTree is too small to compete effectively against the digital offerings of the big players and platforms.</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; color: #212121">He sought to portray himself as a reluctant proxy warrior.
 &ldquo;I&rsquo;m not wanting to do this stuff. As [my wife] Lou says, I&rsquo;m meant to be retired &ndash; and she&rsquo;s right,&rdquo;
he told the Financial Review. &ldquo;But the only way we are ever going to get decent value out of the shares is to have the shareholders
change the board and hence change the management behaviour.&rdquo;</P>

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

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

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