<SEC-DOCUMENT>0000921895-23-001449.txt : 20230607
<SEC-HEADER>0000921895-23-001449.hdr.sgml : 20230607
<ACCEPTANCE-DATETIME>20230607165946
ACCESSION NUMBER:		0000921895-23-001449
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230607
DATE AS OF CHANGE:		20230607

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:		23999700

	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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    <TD STYLE="width: 100%; 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">WISDOMTREE, INC.</P>
</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>
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    <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">ETFS CAPITAL LIMITED</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TONIA PANKOPF</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 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">Item 1: On the evening
of June 6, 2023, ETFS Capital issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Glass Lewis Joins ISS in Recommending WisdomTree
Stockholders Vote for Boardroom Change</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Glass Lewis Validates Several of ETFS Capital&rsquo;s
Critiques &ndash; Finds WisdomTree&rsquo;s Underperformance Difficult to Overlook and Reasons for Board Change Justified</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Glass Lewis and ISS Agreed with ETFS Capital that
WisdomTree Failed to Improve Operating Margins Despite Record AUM</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>ETFS Capital Urges WisdomTree Stockholders to Vote
<B><U>FOR</U></B> All Three ETFS Capital Nominees on the <B><U>GOLD</U></B> Proxy Card Today</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NEW YORK, June 6, 2023 -- 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 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, today announced that a second leading independent
proxy advisory firm Glass, Lewis &amp; Co. (&ldquo;Glass Lewis&rdquo;) recommended that WisdomTree stockholders vote for change in the
boardroom.</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">In its report, Glass Lewis recommended stockholders vote <B><U>FOR</U></B>
ETFS Capital nominee Tonia Pankopf to WisdomTree&rsquo;s board of directors (the &ldquo;Board&rdquo;) and <B><U>WITHHOLD</U></B> from
Chairman Frank Salerno, in connection with the Company&rsquo;s Annual Meeting of Stockholders to be held on June 16, 2023. Glass Lewis&rsquo;
report follows Institutional Shareholder Services Inc.&rsquo;s (&ldquo;ISS&rdquo;) report issued earlier today that also recommended WisdomTree
stockholders vote for boardroom change. ETFS Capital encourages you to vote <B><U>FOR</U></B> all three ETFS Capital nominees on the <B><U>GOLD
</U></B>proxy card today.</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">Graham Tuckwell, Executive Chairman of ETFS Capital, commented, &ldquo;We
are pleased that a second independent proxy advisor has joined ISS in recognizing the significant underperformance at WisdomTree and the
need for change on its long-tenured and entrenched Board. Despite WisdomTree&rsquo;s campaign of mischaracterizations and distraction
tactics, the Board cannot escape the facts about its failure to drive value for stockholders. At the heart of WisdomTree&rsquo;s problems
is a governance structure that is unwilling or unable to hold management to account.&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">&ldquo;If elected, I and the other ETFS Capital nominees, Bruce E. Aust
and Tonia Pankopf, will contribute much needed independence, expertise, and relevant backgrounds and experience to the Board, and will
add the missing voice of stockholders in the boardroom and be accountable to you, the true owners of the business,&rdquo; continued Mr.
Tuckwell.</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">In its report recommending WisdomTree stockholders vote for change on WisdomTree&rsquo;s
Board, Glass Lewis*:</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Validated several of ETFS Capital&rsquo;s key criticisms of the Company&rsquo;s
underperformance and ETFS Capital&rsquo;s arguments for board change:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&ldquo;Wisdom Tree's shareholder returns prior to ETFS Capital's initial
13D filing and the effective launch of its campaign substantially underperformed both peer groups and the industry index across all periods
presented. In particular, for the unaffected three- and five-year and the post-ETFS Acquisition periods, WisdomTree's TSR underperformed
the traditional asset manager peer group by roughly 100 percentage points. During the unaffected 10-year period, the Company's underperformance
was nearly double that, or 200 percentage points. Such substantial long-term underperformance prior to the Dissident's involvement arguably
establishes a sufficient case for change on its own&hellip;&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&ldquo;&hellip;it is difficult to overlook the Company&rsquo;s long-term
TSR underperformance, historical and recent reliance on a handful of products that have generated outsized inflows, and an apparent lack
of cost control and capital allocation discipline which, in our view, has hindered increased profitability and shareholder returns.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Joined ISS in recommending that WisdomTree stockholders withhold their
votes from Chairman Salerno and recommend voting FOR ETFS Capital nominee Tonia Pankopf:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Glass Lewis</U>: &ldquo;Based on his lengthy 18-year board tenure
and current positions as chair of the board and compensation committee, in light of the Company's poor long term TSR track record and
certain governance concerns, as discussed elsewhere in this report, we believe shareholders are justified in opposing the re-election
of Mr. Salerno.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>ISS</U>: &ldquo;While recognizing that targeting the chairman may
be viewed as a strong message, Salerno has nevertheless been on the board for 18 years, and the company's TSR has underperformed that
of its peers and the index during his chairmanship.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Glass Lewis</U>: &ldquo;In his place we believe the expertise and
experience of dissident nominee Ms. Pankopf is best suited for the Company's needs and strategic direction at this time. We expect her
investment experience, public company board experience, capital markets and corporate finance expertise, particularly in the areas of
cost and capital allocation discipline, as well as her independent oversight, would be additive to the current composition of the board,
enhanced operational and capital allocation discipline, and help to ensure more favorable outcomes for all shareholders.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Echoed ISS&rsquo; observation in noting WisdomTree&rsquo;s failure to
improve operating margins despite record AUM:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Glass Lewis</U>: <I>&ldquo;&hellip;we tend to agree with one of the
Dissident&rsquo;s central points that long-term underperformance is due, in part, to WisdomTree&rsquo;s inability to consistently achieve
operating leverage by translating AUM growth and inflows into greater revenue growth and profitability. In our view, this aspect of the
Company&rsquo;s performance track record is particularly difficult to overlook when long-tenured directors and executives remain in key
leadership and oversight roles.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>ISS</U>: <I>&ldquo;The gross margin and the operating margin have declined
in the five-year period through 2022 &hellip; primarily driven by significant growth in compensation and benefits expense during this
period, as well as more recently, digital spend. The declines in margin appear to contradict the company's past promises of margin expansion
driven by SG&amp;A leverage and raise some questions about management credibility as it relates to expense control.&rdquo;</I></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Appeared to share ISS&rsquo; concerns that the WisdomTree&rsquo;s long-tenured
Board would not, or could not, hold management accountable: </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Glass Lewis</U>: &ldquo;&hellip;from a governance perspective, we
share certain of the Dissident's concerns regarding a lack of board refreshment at the committee chair level, the potential inability
of long-tenured directors to hold management accountable if necessary, an apparent loss of focus around operational execution, and what
appears to be a suboptimal incentive structure.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>ISS</U>: &ldquo;&hellip;the board's decision to not re-nominate Fuhr
at the 2023 AGM, suggest that the balance of power on the refreshed board is skewed toward the longer-tenured members, who have worked
alongside founder Steinberg for 10-18 years. The recent change to Steinberg's employment agreement that incorporates an expanded change
of control definition suggests his ongoing significant influence on the board.&rdquo;</I></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">*Permission to use quotations from the Glass Lewis and ISS reports was
neither sought nor obtained.&nbsp;</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">A copy of ETFS Capital&rsquo;s letter to stockholders, definitive proxy
statement, investor presentation, and information on how to vote for ETFS Capital&rsquo;s three director candidates on the&nbsp;<B>GOLD</B>&nbsp;proxy
card or&nbsp;<B>GOLD</B>&nbsp;voting instruction form, are available at&nbsp;<FONT STYLE="color: #0563C1"><U>www.WiseUpWT.com</U></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">Stockholders who have questions, require assistance in voting their&nbsp;<B>GOLD</B>&nbsp;universal
proxy card, or need additional copies of ETFS Capital&rsquo;s proxy materials, are encouraged to contact Okapi Partners at (877) 629-6356
or&nbsp;<FONT STYLE="color: #0563C1"><U>info@okapipartners.com</U></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"><B>About ETFS Capital Limited</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">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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investor Contact:</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"><U>ETFS Capital:</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">Martyn James<BR>
+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: #0563C1"><U>campaign@etfscapital.com</U></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"><U>Okapi Partners</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">Bruce Goldfarb / Chuck Garske<BR>
(212) 297-0720 or (877) 629-6356<BR>
<FONT STYLE="color: #0563C1"><U>info@okapipartners.com</U></FONT></P>

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

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

<!-- Field: Page; Sequence: 4 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Media Contact:</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">Dan Gagnier / Riyaz Lalani<BR>
+1-646-569-5897<BR>
<FONT STYLE="color: #0563C1"><U>ETFS@gagnierfc.com</U></FONT>&nbsp;</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; text-align: justify; text-indent: 0.5in">Item 2: On the evening
of June 6, 2023, ETFS Capital posted the following material to www.WiseUpWT.com:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 66px; width: 623px"></P>

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