WisdomTree Inc (WT) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to the WisdomTree Third Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to introduce your host for today's program, Jessica Zaloom, Head of Corporate Communications and Public Relations. Please go ahead.

感謝您的收看，歡迎參加 WisdomTree 2022 年第三季財報電話會議。 （接線員指示）現在，我想介紹今天節目的主持人，企業傳播和公共關係主管 Jessica Zaloom。請開始。

Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation and in the Risk Factors section of WisdomTree's annual report, on Form 10-K for the year ended December 31, 2021, as amended, and quarterly report on Form 10-Q for the quarter ended June 30, 2022. WisdomTree assumes no duty and does not undertake to update any forward-looking statements.

早安.在開始之前，我想先引用我們今天簡報中的法律免責聲明。本簡報可能包含《1995年私人證券訴訟改革法》所定義的前瞻性聲明。許多因素可能導致實際結果與前瞻性陳述中討論的結果有重大差異，包括但不限於本簡報以及WisdomTree截至2021年12月31日的年度報告（經修訂）10-K表和截至2022年6月30日的季度報告（10-Q表）中「風險因素」部分中所述風險。 WisdomTree不承擔任何義務，也不承諾更新任何前瞻性陳述。

Now it's my pleasure to turn the call over to WisdomTree's CFO, Bryan Edmiston.

現在我很高興將電話轉給 WisdomTree 的財務長 Bryan Edmiston。

Thank you, Jessica, and welcome, everyone. I'll begin by reviewing the results of the third quarter, and we'll then turn the call over to Jarrett Lilien for additional updates on our business.

謝謝傑西卡，歡迎大家。首先，我將回顧第三季的業績，然後我們將把電話轉給賈勒特·利利恩，讓他進一步介紹我們的業務進展。

We've been operating against an incredibly challenging market backdrop with interest rate increases occurring at a pace not seen in decades to combat surging inflation and concerns over an imminent recession. Broad-based equity markets dropped into bear market territory during the quarter, contributing to a decline in our AUM from negative market movement. That said, our results have been remarkable considering the market conditions, as we have generated $1.7 billion of flows during the quarter and $8.7 billion year-to-date for October.

我們一直在極具挑戰性的市場環境下運營，為了應對飆升的通膨和對即將到來的經濟衰退的擔憂，利率以數十年來前所未有的速度上升。本季，股市普遍跌入熊市區域，導致我們的資產管理規模因市場波動而下降。即便如此，考慮到市場狀況，我們的業績仍然非常出色，我們在本季創造了17億美元的資金流，10月份迄今的資金流已達到87億美元。

Fixed income has been the primary contributor of our success with our Floating Rate Treasury product, USFR, generating over $2.8 billion of flows during the quarter and almost $9.7 billion year-to-date. However, not to be overlooked is the 13% annualized organic growth of our U.S. Equity product suite, which brought in $1.2 billion during the quarter and $2.5 billion year-to-date.

固定收益是我們浮動利率國債產品 USFR 成功的主要推動力，該產品在本季度帶來了超過 28 億美元的資金流入，年初至今已帶來近 97 億美元的資金流入。然而，不容忽視的是，我們的美國股票產品系列實現了 13% 的年化有機成長，在本季度帶來了 12 億美元的資金流入，年初至今已帶來 25 億美元的資金流入。

Notwithstanding challenges we are experiencing in our commodity suite, we are delivering best-in-class annualized organic growth of 14% across our AUM with sustained momentum as evidenced by 8 consecutive positive flowing quarters. Our AUM currently stands at $74.6 billion, an increase of 5% from the end of September, as our momentum continues having generated almost $1.8 billion of flows in October and having benefited from positive market movement.

儘管我們的商品業務面臨挑戰，但我們的資產管理規模 (AUM) 仍實現了業內最佳的 14% 年化有機增長率，並保持了持續增長勢頭，連續 8 個季度的正向流動資金就是明證。目前，我們的資產管理規模 (AUM) 為 746 億美元，較 9 月底增長 5%，這得益於我們 10 月份近 18 億美元的資金流入，並受益於積極的市場走勢，我們保持了持續的增長勢頭。

Next slide. Revenues were $72.4 million, a decrease of 6% from the prior quarter due to the impact of negative market movement on our AUM. Our average advisory fee also declined 1 basis point due to changes in our AUM mix. Adjusted net income was $9.3 million or $0.06 a share. Our non-GAAP results exclude a noncash after-tax gain of $78 million for our future gold commitment payments, resulting from an increase to the discount rate used to compute the present value of the annual payment obligations. Our non-GAAP results also exclude $6 million in other net nonoperating losses.

下一張投影片。由於市場負面波動對我們資產管理規模 (AUM) 的影響，本季營收為 7,240 萬美元，季減 6%。由於 AUM 結構的變化，我們的平均諮詢費也下降了 1 個基點。調整後淨利為 930 萬美元，即每股 0.06 美元。我們的非公認會計準則 (Non-GAAP) 業績不包括未來黃金承諾付款的 7,800 萬美元非現金稅後收益，該收益源於用於計算年度付款義務現值的折現率上調。我們的非公認會計準則 (Non-GAAP) 業績還不包括 600 萬美元的其他非營業性淨虧損。

Next slide. Our adjusted operating expenses were down 3% for the quarter. This decrease was largely due to lower incentive compensation accruals as well as lower marketing and sales-related expenses.

下一張投影片。本季度，我們的調整後營運費用下降了 3%。下降的主要原因是激勵性薪酬應計費用的減少，以及行銷和銷售相關費用的減少。

Next slide. Now a few updates regarding our expense guidance. As a reminder, last quarter, we had tightened the high end of our compensation guidance range by $3 million as we tempered our hiring plans. Our compensation guidance remains at $96 million to $99 million. Our discretionary spending guidance is being reduced and now ranges from $50 million to $51 million as we continue to balance expense management against our investments for growth. We had previously communicated a range of $51 million to $53 million.

下一張投影片。現在更新一下我們的支出指引。提醒一下，上個季度，由於我們調整了招聘計劃，我們將薪酬指引範圍的上限下調了300萬美元。我們的薪酬指引仍維持在9,600萬美元至9,900萬美元之間。我們的可自由支配支出指引正在下調，目前在5,000萬美元至5,100萬美元之間，因為我們將繼續在支出管理和成長投資之間取得平衡。我們先前公佈的指引範圍是5,100萬美元至5,300萬美元。

We currently anticipate gross margins of 78% to 79% for the year at current AUM and flow levels, an update from the 79% communicated last quarter. Our contractual gold payments guidance remains unchanged at about $17 million for the year, while our third-party distribution (technical difficulty) $8.5 million, given the impact of market volatility on the AUM on our platforms.

我們目前預計，在目前的資產管理規模 (AUM) 和流量水準下，今年的毛利率將達到 78% 至 79%，較上季公佈的 79% 有所提升。考慮到市場波動對我們平台資產管理規模的影響，我們今年的合約黃金支付預期保持不變，約為 1,700 萬美元；第三方分銷（技術難度）預期為 850 萬美元。

And our adjusted tax rate was approximately 26% for the quarter. This included the impact of adjustments identified when finalizing our 2021 income tax returns. Going forward, we anticipate a normalized income tax rate of 22%, the high end of our prior guidance of 21% to 22%.

本季我們的調整後稅率約為26%。這已計入我們2021年所得稅申報表最終確定的調整影響。展望未來，我們預期正常化所得稅稅率為22%，處於我們先前21%至22%指引的高端。

That's all I have. I will now turn the call over to Jarrett.

我說的就這麼多。現在把電話交給賈瑞特。

Thanks, Bryan. I will focus my comments on what have become consistent themes, our strong organic growth in ETFs and models, our strong operating leverage, and our progress and potential in digital assets and blockchain-enabled finance.

謝謝，布萊恩。我的評論將集中在一些一貫的主題上：我們在ETF和模型方面的強勁有機成長、我們強大的營運槓桿，以及我們在數位資產和區塊鏈金融方面的進展和潛力。

Starting with growth, Q3 extended our quarterly net inflow streak to 8 quarters in counting. In total, we have gathered over $8.8 billion of inflows year-to-date, an industry-leading 14% organic growth rate. This is a noteworthy streak, but the breadth and depth of our flows and strong product performance might be even more noteworthy as they position us for continued growth.

首先從成長開始，第三季我們實現了連續八個季度的淨流入。年初至今，我們已累計獲得超過88億美元的資金流入，有機成長率達到業界領先水準的14%。這是一個值得關注的成績，但我們資金流入的廣度和深度以及強勁的產品表現可能更加引人注目，因為它們為我們持續成長奠定了基礎。

Looking at flows, more than $9 billion of year-to-date fixed income inflows are only part of the story. In this past quarter and year-to-date, we have had inflows in 6 of 8 of our major product categories. In addition to fixed income, our U.S. equity products have gathered over $2.5 billion in year-to-date net inflows, representing 13% annualized growth in this suite alone. In addition, our product performance continues to be outstanding, with over 80% of our U.S. AUM beating benchmarks and over 40% of our AUM in 4- and 5-star funds, while less than 7% is in 1 and 2 star funds.

從資金流入來看，年初至今超過90億美元的固定收益產品流入只是冰山一角。在過去一個季度及年初至今，我們8個主要產品類別中的6個均有資金流入。除固定收益產品外，我們的美國股票產品年初至今的淨流入量超過25億美元，光是此一項的年化成長率就達到13%。此外，我們的產品表現持續出色，超過80%的美國資產管理規模超過基準水平，超過40%的資產管理規模來自四星和五星基金，而一星和二星基金的資產管理規模不到7%。

Contributing to our best-in-class organic growth is our Managed Models business. Our strategy is succeeding on 2 levels. First, with our platform partners such as Merrill Lynch and Morgan Stanley. And second, with our RAA and independent broker-dealer partners through our WisdomTree Portfolio and Growth Solutions offering. With our platform partners, engagement in activity remains high at both Morgan Stanley, where we just hit the 1-year anniversary of winning that mandate, and at Merrill Lynch, where we are a top performing and flowing manager with our multi-asset income mandate.

我們的託管模型業務為我們一流的有機成長做出了貢獻。我們的策略在兩個層面上都取得成功。首先，與美林證券和摩根士丹利等平台合作夥伴的合作。其次，透過我們的WisdomTree投資組合和成長解決方案，與我們的RAA和獨立經紀商合作夥伴的合作。與平台合作夥伴的合作活動在摩根士丹利和美林證券都保持著高水準。摩根士丹利剛迎來獲得該授權一週年；而美林證券憑藉其多元資產收益授權，已成為表現最佳、流動性最強的管理公司。

In fact, I'm pleased to announce that we've been able to leverage our success at Merrill to win an additional opportunity to launch 3 additional models within our multi-asset income mandate that are expected to go live soon on their platform subject to final due diligence. When we won new mandates in the past, we've said that it typically takes 12 to 24 months before we start to see material flows. Given we are already on the platform and have high engagement with Merrill Advisors, I expect that time line will be greatly accelerated.

事實上，我很高興地宣布，我們能夠利用在美林的成功經驗，贏得額外的機會，在我們的多資產收益授權中推出另外三個模型，這些模型預計將很快在其平台上線，但需完成最終的盡職調查。過去，當我們贏得新的授權時，我們曾表示，通常需要12到24個月才能開始看到實質的收益流。鑑於我們已經在該平台上線，並且與美林顧問公司保持著密切的合作，我預計這個進度將大大加快。

We are seeing equal success with our RIA and independent broker-dealer partners. Our easy button solution that helps implement trade and rebalance model portfolios clears the major hurdle for RIA and IBD model adoption. Currently, that pipeline for this segment is 40 deep, and we are adding to it every day.

我們與RIA和獨立經紀商合作夥伴同樣取得了成功。我們便捷的按鈕解決方案可協助客戶實施交易和再平衡模型投資組合，清除了RIA和IBD模型應用的主要障礙。目前，我們在該領域的管道已達40個，並且每天都在增加。

As important as growth is operational efficiency. We have built a global ETP and models business that is extremely scalable and delivers robust incremental margins. Over the past several years, we've made many operational improvements and now have incremental margins well more than 50%. And this means, as markets normalize, WisdomTree will be 1 of the only asset managers with both a margin improvement story and an inflow story.

營運效率與成長同等重要。我們已建立了全球性的 ETP 和模型業務，該業務具有極高的可擴展性，並實現了強勁的增量利潤率。過去幾年，我們進行了多項營運改進，目前增量利潤率已遠超過 50%。這意味著，隨著市場恢復正常，WisdomTree 將成為少數幾家利潤率和資金流入均實現成長的資產管理公司之一。

We are also executing and delivering on our digital assets business. WisdomTree's core DNA is to provide best structured access to various asset classes. We seek to make hard to access and sometimes hard to trade exposures easy to access and easy to trade. Today's best structures are ETFs and ETPs, but the next evolution in asset management is the blockchain-enabled digital wrapper. Attacking this digital assets opportunity is consistent with our DNA. It's a natural extension of what we do today and it will be an important contributor and driver of future growth.

我們也在執行和推進數位資產業務。 WisdomTree 的核心理念是提供各種資產類別的最佳結構化存取。我們致力於讓那些難以取得、有時難以交易的風險敞口變得易於獲取和交易。目前最好的結構是 ETF 和 ETP，但資產管理的下一個發展方向是區塊鏈支援的數位包裝器。抓住這數位資產機會與我們的理念相符。這是我們當前業務的自然延伸，並將成為未來成長的重要貢獻者和驅動力。

As we have discussed before, our approach is to bring crypto mainstream and to bring mainstream exposures like fixed income, equities and commodities into the digital world through blockchain-enabled funds and tokenized assets. Regarding crypto, we have already broken ground with the launch of our crypto and crypto basket ETPs in Europe and our early direct index offering in the U.S.

正如我們之前所討論的，我們的策略是將加密貨幣推向主流，並透過基於區塊鏈的基金和代幣化資產，將固定收益、股票和大宗商品等主流投資帶入數位世界。在加密貨幣領域，我們已經取得了突破性進展，在歐洲推出了加密貨幣和加密貨幣籃子 ETP，並在美國推出了早期的直接指數產品。

Regarding digital assets, again, we are working to provide tomorrow's best structured access to mainstream asset classes. ETFs are today's best structure. Blockchain-enabled digital assets are tomorrow's best structure. We've already minted gold in U.S. dollar tokens. We recently hit a key milestone with SEC approval for our digital treasury fund, and we are building out a full digital fund suite that includes recent filings for several fixed income funds as well as equity focused strategies from large captive thematic, basically everything a customer needs to build an entire portfolio.

關於數位資產，我們正致力於提供未來最佳的結構化主流資產類別存取。 ETF 是當今最佳的結構。基於區塊鏈的數位資產是未來最佳的結構。我們已經用美元代幣鑄造了黃金。最近，我們的數位財務基金獲得了美國證券交易委員會 (SEC) 的批准，這是一個重要的里程碑。我們正在建立一套完整的數位基金，其中包括最近提交申請的幾隻固定收益基金，以及來自大型專屬主題基金的股票型策略，基本上涵蓋了客戶建立完整投資組合所需的一切。

Taken together, our vision is fast becoming a reality. These are the first bricks in the foundation that will allow us to lead in the coming evolution in financial services, laying claim to the deepest exposures in the digital wrapper and positioning us to lead in an even larger opportunity, our expansion in the blockchain-enabled finance or spending, saving and investing or merge.

綜上所述，我們的願景正迅速成為現實。這些是我們未來金融服務變革的基石，將使我們在數位領域佔據最深的份額，並讓我們在更大的機會中佔據領先地位，拓展區塊鏈賦能的金融領域，無論是消費、儲蓄、投資還是併購。

All in all, our steady march continues. We continue to produce best-in-class organic growth on a platform with strong operating leverage and a vision that is fast becoming a reality, which will allow us to lead the next evolution in financial services.

總而言之，我們將繼續穩步前進。我們將繼續在強大的營運槓桿和快速實現願景的平台上實現一流的有機成長，這將使我們能夠引領金融服務的新一輪變革。

With that, let me now turn it over to Jono.

說完這些，現在讓我把麥克風交給喬諾。

Thank you, Jarrett. As we've said before, ETFs are the best structured, transparent products that exist today, and I'm very pleased with the success of our ETF franchises having in the face of a difficult macro environment. It is a fact WisdomTree is 1 of the few providers with net inflows year-to-date. Jarrett did a great job showcasing how our success in solutions and models is improving the consistency and quality of our inflows. I'm thrilled with the expanded model lineup we've earned at Merrill, where our momentum is accelerating.

謝謝你，Jarrett。正如我們之前所說，ETF是目前結構最佳、透明度最高的產品，我對我們的ETF業務在艱難的宏觀環境下的成功感到非常高興。事實上，WisdomTree是今年迄今為止少數幾家實現淨流入的供應商之一。 Jarrett出色地展示了我們在解決方案和模型方面的成功如何提升了我們資金流入的一致性和品質。我很高興美林的模型陣容得到了擴展，我們的發展勢頭正在加速。

Equally exciting is our early success from our expanded RIA outsourced CIO offering. Jarrett mentioned, but it's worth repeating, that our high-quality pipeline is growing quickly. I think our results now prove that WisdomTree has successfully evolved from individual ticker sales, though still important, to being a true solutions provider. Our confidence has never been higher regarding future model success.

同樣令人興奮的是，我們擴展的RIA外包CIO服務取得了初步成功。 Jarrett提到過，但值得重申的是，我們的高品質管道正在快速成長。我認為，我們的業績證明了WisdomTree已成功從個人股票代碼銷售（儘管仍然很重要）發展成為真正的解決方案提供者。我們對未來模式的成功充滿信心。

We've also made exciting progress towards the best structured transparent products of tomorrow. We recently received SEC approval of our first blockchain-enabled fund, the short-term digital treasury fund. We've minted a dollar token, a gold token and the product road map does not end there. We've recently filed for 9 additional funds, building out a broad blockchain-enabled fund suite that includes several additional fixed income funds as well as equity focused strategies.

我們在打造未來最佳結構化透明產品方面也取得了令人振奮的進展。我們近期獲得了美國證券交易委員會（SEC）的批准，批准了我們的首支區塊鏈基金—短期數位財務基金。我們鑄造了美元代幣和黃金代幣，而產品路線圖遠不止於此。我們最近又申請了9隻新基金，建立了一個廣泛的區塊鏈基金套件，其中包括幾個額外的固定收益基金以及專注於股票的策略。

I realized about 4 years ago, how WisdomTree strengths are uniquely aligned with what would be needed to succeed in blockchain financial services. I knew that it was in our DNA, our deep knowledge of regulation, our trusted brand, our special culture, our strength in compliance and our leadership in product innovation has driven this cost-effective early success. Our efficiency and effectiveness implementing our digital asset strategy has been noteworthy. It's been reported Facebook spent around $300 million attempting to bring a regulated, branded digital wallet with exposures to market and they failed.

大約四年前，我意識到WisdomTree的優勢與區塊鏈金融服務的成功要素有著獨特的契合。我知道，正是我們的基因、對監管的深厚理解、值得信賴的品牌、獨特的文化、強大的合規能力以及在產品創新方面的領導力，共同推動了我們取得如此具有成本效益的早期成功。我們實施數位資產策略的效率和效果令人矚目。據報道，Facebook曾斥資約3億美元，試圖將一款受監管的、有品牌影響力的數位錢包推向市場，但最終失敗了。

Since the start of our digital asset journey several years ago, WisdomTree has spent less than $20 million on tokenization and on WisdomTree Prime, our digital wallet. As we've discussed on prior calls, WisdomTree Prime is currently in beta testing and remains on track for a national rollout towards the end of Q1 next year. Additionally, I want to repeat what I said last quarter. Digital assets will begin generating revenue in 2023 without a significant uptick in cost versus 2022 levels.

自從幾年前開啟數位資產之旅以來，WisdomTree 在代幣化和數位錢包 WisdomTree Prime 上的投入不到 2000 萬美元。正如我們在先前的電話會議中討論過的，WisdomTree Prime 目前處於 Beta 測試階段，預計將於明年第一季末在全國推出。此外，我想重申我上個季度說過的話。數位資產將在 2023 年開始產生收入，成本不會比 2022 年的水準大幅上升。

I'm very excited about where WisdomTree is headed. We have a tremendous and holistic opportunity ahead in both ETFs, models and Advisor Solutions business as well as an early mover in digital assets and blockchain-enabled financial services. So a week ago, we announced that WisdomTree is changing its name to WisdomTree Inc. and changing our ticker symbol to WT. By dropping investments from our name and dropping ETFs from our ticker, we are expanding our mission and recognizing the importance of this moment. This brand enhancement is less limiting in nature and a natural evolution as a company.

我對 WisdomTree 的未來發展充滿期待。我們在 ETF、模型和顧問解決方案業務方面都擁有龐大的整體機遇，同時也是數位資產和區塊鏈金融服務領域的先驅。因此，一週前，我們宣布 WisdomTree 將更名為 WisdomTree Inc.，並將股票代碼更改為 WT。從名稱中移除投資，從股票代碼中移除 ETF，這反映了我們拓展使命的決心，也反映了我們意識到這一刻的重要性。此次品牌升級本質上減少了限制，是公司發展的自然結果。

Our momentum remains strong, and I look forward to sharing our ongoing success in the coming quarters.

我們的勢頭依然強勁，我期待在未來幾季分享我們持續的成功。

With that, operator, can you turn the call over to our Head of Investor Relations, Jeremy Campbell to take some questions from our shareholders.

接線員，您能否將電話轉給我們的投資者關係主管傑里米·坎貝爾 (Jeremy Campbell)，以回答股東的一些問題。

Certainly, I'd like to hand the program over to Jeremy Campbell, Head of Investor Relations. Please go ahead, sir.

當然，我想把這個環節交給投資人關係主管傑瑞米‧坎貝爾。先生，請講。

Thanks, Jonathan, and good morning, everybody.

謝謝，喬納森，大家早安。

Similar to prior quarters, we are going to take a couple of questions from our direct shareholders of the [UCITS] platform.

與前幾季類似，我們將回答 [UCITS] 平台直接股東的幾個問題。

So the first question here is, how is WisdomTree thinking about the spot bitcoin approval process at this point? What is the next step? And what is the realistic path to getting a spot bitcoin ETF approved and launched?

所以第一個問題是，WisdomTree 目前是如何考慮比特幣現貨核准流程的？下一步是什麼？獲得比特幣現貨 ETF 的批准和推出的現實途徑是什麼？

Will Peck, Head of Digital Assets, will you take this call -- this question?

數位資產主管威爾佩克 (Will Peck)，您會接聽這個電話——這個問題嗎？

Yes, happy to, Jon. So there has been some recent headlines recently on the spot bitcoin ETF. I think important to note is that this is for the U.S. We already have this product live in ETP format today in Europe. So in the U.S., look, our objective has always been to work productively with regulators. There's been a lot of news, some other providers are in the process of suing the SEC or kind of other things like that. That's certainly not part of our plan at all.

是的，喬恩，很高興。最近有一些關於比特幣ETF的新聞。我認為需要注意的是，這是針對美國的。我們目前已經在歐洲以ETP的形式推出了該產品。所以在美國，我們的目標一直是與監管機構進行有效的合作。有許多新聞報導，一些其他提供者正在起訴美國證券交易委員會（SEC）或類似的機構。這當然不在我們的計劃之內。

We want to be working productively with them and we expect to be first or among the first to ultimately get there. I don't have an exact time line on what that might be right now. Clearly, the SEC still has concerns. But for us, it's important to be working with them productively to try and address that.

我們希望與他們進行富有成效的合作，並期望成為第一個或首批最終實現這一目標的公司之一。目前我還沒有確切的時間表。顯然，SEC 仍心存疑慮。但對我們來說，與他們進行富有成效的合作，努力解決這個問題至關重要。

On another note, we actually did get a very important approval from the SEC this past quarter for the WisdomTree Short-term Treasury Digital Fund. I know that was mentioned earlier in the remarks. For us, that's actually been one of the most important developments in the year for us. And yes, senior people at the SEC have actually recently kind of flagged that as one of the innovation-friendly things that they've been focused on and doing.

另外，我們上個季度確實獲得了美國證券交易委員會（SEC）對WisdomTree短期國債數位基金的一項非常重要的批准。我知道我之前的評論中提到過這一點。對我們來說，這實際上是今年最重要的進展之一。是的，SEC的高層最近確實將其列為他們一直關注和開展的有利於創新的事情之一。

So we're focused on engaging with them productively on lots of things. A Bitcoin ETF is included in that. And we think we'll get there someday, but there is no immediate time line on that right now, and we're focused on a number of other initiatives, including in digital assets with them.

因此，我們專注於與他們在許多方面進行富有成效的合作。其中包括比特幣ETF。我們相信總有一天會實現這個目標，但目前還沒有確定具體的時間表。我們目前正專注於其他一些項目，包括與他們合作開發數位資產。

And Jarrett, I think you wanted to add a couple of points.

賈瑞特，我想你想補充幾點。

Yes. Let me jump in as well. I think it's very important to distinguish between Bitcoin and blockchain-enabled finance. And a lot of people confuse the two. For us, crypto is interesting, but it's really only a use case for what can be done on the blockchain. A lot of people talk about crypto winter. Again, that may impact crypto, but the march towards blockchain-enabled finance, the much more exciting opportunity, is unwavering.

是的。我也想插一句。我認為區分比特幣和區塊鏈金融非常重要。很多人把兩者混淆了。對我們來說，加密貨幣很有趣，但它實際上只是區塊鏈的一個用例。很多人談論加密貨幣寒冬。同樣，這可能會影響加密貨幣，但邁向區塊鏈金融——一個更令人興奮的機會——的步伐堅定不移。

We think blockchain-enabled finance is a place where we are leading, and it will change the way financial services are conducted. And really here, this is about the future. We have the opportunity to lay claim to the deepest exposures in the next evolution in asset management. This is a huge opportunity, and that one is completely on track.

我們認為，區塊鏈金融是我們引領的領域，它將改變金融服務的運作方式。這關乎未來。我們有機會在資產管理的下一輪變革中佔據最深的份額。這是一個巨大的機遇，而且我們正處於正軌上。

Great. And question number 2 is along the lines of a couple of ones that kind of get blended together, but it's -- the first being, as equity markets have waned, have you seen interest in dividend products as investors search for yield. And the other one is how have fixed income products fared in this higher rate environment?

太好了。第二個問題有點像幾個容易混淆的問題，但首先是——隨著股市低迷，您是否看到投資者為了追求收益而對股息產品產生了興趣？另一個問題是，在利率上升的環境下，固定收益產品的表現如何？

Great, I'm going to start with the fixed income, the second segment first, because it's really been for WisdomTree. We've had $10 billion in fixed income flows year-to-date. So this has really just been a breakout year for WisdomTree's fixed income team, and it speaks to our core product development and innovation excellence. We identified an opportunity to launch the first-to-market beta instrument with Floating Rate Treasuries about 8 years ago, and this has just been the star performing asset class this year, as rates have moved up.

好的，我先從固定收益部分開始，也就是第二部分，因為這部分對 WisdomTree 來說非常重要。今年迄今為止，我們的固定收益資金流已達 100 億美元。所以，對於 WisdomTree 的固定收益團隊來說，這無疑是突破性的一年，這體現了我們核心產品開發和創新的卓越性。大約 8 年前，我們抓住機會推出了浮動利率國債這一首個上市的 Beta 工具。隨著利率的上升，浮動利率國債成為了今年表現最亮眼的資產類別。

And we've captured that with the 1-week treasury getting 4% income. It's really attracting a growing set of buyers in that Floating Rate Treasury vehicle. But what's exciting for the team in fixed income and future opportunities is now our team has been talking about for the first time in a decade, there's now income back in fixed income. In the high-yield space, you can get over 8% yields while still screening for quality in a very systematic fashion and 5 years ago, WisdomTree launched proprietary quality screen, high-yield and investment-grade ETF. In the high-yield category, in particular, our high-yield ETF WSHY has performed well versus the traditional beta, high-yield ETF since it launched, even without a serious credit cycle that could demonstrate the value add of our focus on quality in that segment.

我們抓住了這個機會，推出的1週期公債殖利率達到4%。浮動利率國債投資工具確實吸引了越來越多的買家。但令固定收益和未來投資機會團隊感到興奮的是，十年來我們團隊首次討論固定收益領域收益的回歸。在高收益領域，您可以獲得超過8%的收益率，同時仍以非常系統化的方式篩選優質產品。五年前，WisdomTree推出了專有的優質篩選、高收益和投資等級ETF。尤其是在高收益領域，我們的高收益ETF WSHY自推出以來就表現優於傳統的Beta高收益ETF，即使沒有經歷嚴重的信貸週期，也能證明我們在該領域注重品質所帶來的附加價值。

So this looks like a really good setup for future performance, future flows of that high-yield category, again 8% yields there now. We also have very good core investment-grade fixed income. AGGY is a yield-enhanced aggregate fund at scale of over $1 billion in assets, higher duration than the traditional aggregate bond index and ETF. So if money does flow back to higher duration at some point, with our success in fixed income generally this year, we're now much better positioned, deeper client relationships to cross-sell these other bond ETFs really that we've been in our entire history as a firm.

因此，這看起來對未來業績、高收益類別的未來資金流入（目前收益率再次達到8%）來說是一個非常好的鋪墊。我們的核心投資等級固定收益產品也非常出色。 AGGY是一檔收益增強集合基金，資產規模超過10億美元，久期比傳統的集合債券指數和ETF更長。因此，如果資金在某個時候回流到久期更長的投資組合，鑑於我們今年在固定收益領域取得的普遍成功，我們現在擁有更有利的條件，能夠與客戶建立更深厚的關係，從而交叉銷售我們公司歷史上一直持有的其他債券ETF。

So it's a very exciting moment for fixed income stalwart. To come back to the equity question and the team talked about earlier, we've had $2.5 billion of equity inflows year-to-date for U.S. equities, which has been, again, a 13% annualized rate. And you had this 15-year stretch where growth stocks dominated value and that was largely a headwind for our firm going back to our inception, but this is completely reversed.

所以，對於固定收益領域的資深人士來說，這是一個非常令人興奮的時刻。回到股票問題，團隊之前也提到過，今年迄今為止，我們已獲得25億美元的美國股票流入，年化成長率再次達到13%。過去15年，成長型股票一直主導著價值型股票，這在很大程度上對我們公司來說是一個阻力，尤其是在我們公司成立之初，但這次情況完全逆轉了。

And more specifically, the value strategy is focusing on dividends, and we focus on a lot on high dividend stocks just performed incredibly well. (inaudible) about the 4 and 5 stars. A few other ways to talk about the performance. We had 20 different ETFs in the U.S. within the top deciles of Morningstar peer groups and 75% of our -- all of our U.S.-listed AUM is in the top quartile. So you could see the whole approach is set up incredibly well across equity. You're seeing that in strong performance, which is catalyzing those strong inflows.

更具體地說，價值策略專注於股息，而我們非常關注那些表現出色的高股息股票。 （聽不清楚）關於四星和五星評級。還有其他幾種談論業績的方式。我們在美國擁有20隻不同的ETF，它們在晨星同類產品中排名前十分位，我們75%——我們所有在美國上市的資產管理規模都位於前四分之一。所以，你可以看到，我們的整個策略在股票領域都運作良好。你可以看到，這些股票表現強勁，並催化了強勁的資金流入。

And a few of the ETFs just to overemphasize the flow picture, in the 16-year history we've had for the original dividend suite, 2 of those ETFs are having their best flow year since we launched. DLN, large cap dividends, has taken $500 million this year, best year since we've launched. DHS is a high-dividend ETF. It's actually positive on our performance year-to-date when the SBR 100 is down 20%, highlighting again the strong relative performance, but globally, this strategy, we have it in UCITS form and ETF form has taken a $500 million this year.

為了強調資金流動情況，我們先來看看幾隻ETF。在我們最初的股息基金組合16年的歷史中，其中兩隻ETF的資金流動創下了自推出以來的最佳年份。 DLN（大盤股股息）今年已獲得5億美元，是我們推出以來的最佳年份。 DHS是一檔高股息ETF。這實際上對我們今年迄今的表現產生了積極的影響，儘管SBR 100指數下跌了20%，再次凸顯了強勁的相對錶現。但在全球範圍內，我們以UCITS和ETF形式持有的這項策略，今年已獲得5億美元的資金。

And so you can really see across the board from fixed income to equities, the improved track record, a very compelling macro environment for what we focus on at WisdomTree, we think, is going to support sales over the coming quarters.

因此，您可以真正看到，從固定收益到股票，業績記錄的改善以及 WisdomTree 所關注的非常引人注目的宏觀環境將在未來幾季支持銷售。

Great. And the last question from our [UCITS] platform is, where do you see the opportunity to gather assets going forward and continue organic growth?

太好了。我們（UCITS）平台的最後一個問題是，您認為未來聚集資產並持續有機成長的機會在哪裡？

Jarrett, why don't you start there?

賈瑞特，為什麼不從那裡開始呢？

Great. All right. I see really 3 main areas for continued organic growth, and those would be digital assets, our ETF lineup and managed models. Just taking those 1 at a time, digital assets, we just covered it. But really, again, a huge opportunity to own the deepest exposures and what we see as the next evolution in asset management, so a very large opportunity.

好的。好的。我認為持續有機成長的三個主要領域是數位資產、我們的ETF產品線和管理模式。我們只是逐一討論數位資產，我們剛才已經講過了。但實際上，這是一個巨大的機會，可以擁有最深的投資機會，而且我們認為這將是資產管理的下一個發展方向，所以這是一個非常大的機會。

In terms of our ETF lineup, Jono also just covered that. But I'd just reiterate, we've got best-in-class organic growth. We've got breadth and depth of our flows. We've got outstanding fund performance, and that gives us momentum that we see continuing. And an example of that, in the third quarter, we had net inflows of $1.75 billion. October already has net inflows of $1.9 billion. So momentum is there and it's continuing.

關於我們的ETF產品線，Jono剛才也提到了。但我還是想重申一下，我們擁有一流的有機成長。我們的資金流動廣度和深度都很高。我們的基金表現非常出色，這給了我們持續的動力。例如，第三季我們的淨流入資金為17.5億美元。 10月的淨流入資金已經達到19億美元。所以，我們的勢頭還在，而且還在持續。

Managed models. We also spent a little time talking about that on the prepared remarks, but let me go into that a little more because this is also very exciting. It's one of the most important macro trends in all of wealth management. And again, as I said earlier, our strategy is succeeding on 2 levels: first, with platform partners, such as Merrill Lynch and Morgan Stanley, but then second, with RIAs and independent broker-dealer partners and through our portfolio and growth solutions offering.

管理模式。我們在準備好的發言稿中也花了一些時間討論這個問題，但我還是想再詳細說一下，因為這也非常令人興奮。這是整個財富管理領域最重要的宏觀趨勢之一。正如我之前所說，我們的策略在兩個層面上取得了成功：首先，與美林和摩根士丹利等平台合作夥伴的合作；其次，與註冊投資顧問 (RIA) 和獨立經紀商合作夥伴的合作，以及透過我們提供的投資組合和成長解決方案。

And here, we help implement trade and rebalance model portfolios and growth for all of that is really threefold. We want to get to have more partners. So we want more wealth management partners. We want more of our models on those platforms with our partners. And then we want to grow our mind share with the advisors that are on all of those platforms.

在這裡，我們幫助實施交易並重新平衡模型投資組合，所有這些的成長實際上是三重的。我們希望擁有更多的合作夥伴。因此，我們希望擁有更多的財富管理合作夥伴。我們希望與合作夥伴在這些平台上使用更多我們的模型。然後，我們希望在所有這些平台上的顧問中提升我們的認知度。

And those are the 3 areas of focus. But just touching on our pipeline, it's robust and it's growing every day. We mentioned in the prepared remarks at Merrill, we've got new models being launched there later this year. So that's an example of an existing relationship where we're doing well. We've got traction, and now we're adding existing -- sorry, additional models.

這就是我們關注的三個領域。不過，說到我們的產品線，它非常強大，而且每天都在成長。我們在美林的準備演講中提到，今年稍後我們將在那裡推出新的車型。這就是我們與現有合作關係的一個例子，我們在這方面做得很好。我們已經獲得了發展動力，現在我們正在增加現有的——抱歉，是額外的車型。

Yesterday, we had a press release on a new partnership with Private Advisor Group. We're a preferred partner for their 750 advisors and $29 billion in assets. And we got to be a preferred partner after a rigorous due diligence process where they evaluated our investment management capabilities, our technology and our distribution support. So again, another piece and evidence of great success.

昨天，我們發布了與 Private Advisor Group 建立新合作關係的新聞稿。我們是他們 750 名顧問和 290 億美元資產的首選合作夥伴。經過嚴格的盡職調查，他們評估了我們的投資管理能力、技術和分銷支持，最終我們成為了首選合作夥伴。這再次證明了我們的巨大成功。

And then our Portfolio and Growth Solutions offering, we've got a pipeline of 40 firms there, generally between the size of $100 million to $750 million where there, we have a different approach and get a large sort of meaningful portion of those firms assets. So all in all, this is working. We've got a long runway for growth. And a really important point is model inflows are recurring in nature. As you establish these relationships, new money comes in, it builds in the models. It's stackable on existing flows, and it's also sticky. It tends to stick around. So very excited about organic growth. And again, through those 3 areas: digital assets, our ETF lineup and managed models.

然後是我們的投資組合和成長解決方案，我們在那裡擁有40家公司的投資管道，這些公司的規模通常在1億美元到7.5億美元之間。我們採用不同的方法，獲得了這些公司資產中相當一部分有意義的份額。總而言之，這種方法很有效。我們擁有長期的成長空間。非常重要的一點是，模型流入本質上是循環的。當你建立這些關係時，新的資金就會流入，並融入模型中。它可以疊加在現有的資金流上，而且具有黏性，往往會持續存在。因此，我們對有機成長感到非常興奮。再次強調，這三個領域分別是：數位資產、我們的ETF產品線和管理模型。

Thanks, Jarrett. Jonathan, feel free to open it up for some questions from our sell-side analysts.

謝謝，賈瑞特。喬納森，歡迎賣方分析師提問。

(Operator Instructions) Our first question comes from the line of Dan Fannon from Jefferies.

（操作員指示）我們的第一個問題來自 Jefferies 的 Dan Fannon。

I guess just to follow up on the managed model discussion. Can you talk about what the AUM is today within this channel? I know you've mentioned some big firms. And then how are discussions kind of going with other larger platforms? Or is it -- you can't really be on all of them because there's some -- you're on some, are you precluded from getting on other platforms given your existing relationships?

我想只是想跟進一下關於管理模式的討論。您能談談目前這個通路的資產管理規模 (AUM) 是多少嗎？我知道您提到了一些大公司。那麼，與其他大型平台的討論進度如何？或者說，您無法覆蓋所有平台，因為有些平台——您只在某些平台上——考慮到您現有的關係，您是否無法覆蓋其他平台？

Jarrett, do you want to take that first?

賈瑞特，你想先拿那個嗎？

Sure. So in the past, we've talked about asset levels and ratios of new flows being around 12%. Those ratios and asset levels are holding. In terms of the partner opportunities, yes, we have other partner opportunities. So I was saying a second ago that the pipeline across the Board is pretty robust, and there are no restrictions so far as we are on 1 platform, there are no restrictions on being in another.

當然。過去我們討論過資產水準和新增資金流比率在12%左右。這些比率和資產水準目前保持不變。就合作夥伴機會而言，是的，我們還有其他合作夥伴機會。我剛才說過，整個董事會的管道非常強勁，只要我們在一個平台上，就不會受到任何限制，在另一個平台上也不會受到任何限制。

So a big area where we are expecting to see it continue to contribute to our growth. And if I didn't mention it, we had on our AUM levels, we were at 0 in this initiative early in 2020. We're now over $2 billion today.

因此，我們期待它能繼續為我們的成長做出貢獻。如果我沒提的話，我們的資產管理規模在2020年初還為零。現在我們的資產管理規模已經超過20億美元。

And our next question comes from the line of Brennan Hawken from UBS.

我們的下一個問題來自瑞銀的布倫南·霍肯。

Will's comments suggested that the spot bitcoin ETF efforts are not finished. So could you help us understand what your next steps here are? Have you received feedback and -- from the SEC? And can you share any of that? And why are the concerns that bitcoin is not considered a security that is traded on an exchange, a structural impediment to a spot ETF in the U.S.?

威爾的評論表明，現貨比特幣ETF的努力尚未完成。您能否幫助我們了解您下一步的計劃？您是否收到了來自SEC的回饋？能否分享一下？為什麼擔心比特幣不被視為在交易所交易的證券，會成為美國現貨ETF的結構性障礙？

Will, why don't you take that?

威爾，你為什麼不接受這個？

Yes. I mean, so I think the -- maybe just restating what I think you said in terms of the concerns with the spot bitcoin ETF approval in the U.S. So the SEC's biggest concern so far has been around the potential for market manipulation. There -- in their rejection letters, they consistently referenced that, price discovery for the bitcoin spot market happens on venues that they don't have oversight over or that no U.S. regulator has oversight over, which has the potential for market manipulation.

是的。我的意思是，我想——也許只是重申一下你之前提到的關於美國批准比特幣現貨ETF的擔憂。 SEC迄今為止最大的擔憂是市場操縱的可能性。在他們的拒絕信中，他們一再提到，比特幣現貨市場的價格發現發生在他們沒有監管的場所，或者美國監管機構沒有監管的場所，這存在市場操縱的可能性。

I think you can really get into the weeds on this, you can point to examples in the past. You can talk about how price discovery happens on the futures markets. That could be -- we could definitely spend a lot of time talking about that. But I mean, big picture, I think like I said in my earlier remarks, we're not planning on joining great skilled lawsuit or anything like that. We want to keep working productively with the SEC.

我認為你可以深入探討這個問題，可以列舉過去的例子。你可以談談期貨市場的價格發現是如何進行的。這方面我們絕對可以花很多時間來討論。但從總體上來說，就像我之前所說，我們不打算參與任何高明的訴訟或類似的事情。我們希望繼續與SEC進行富有成效的合作。

And in past media interviews, I've said this, it can't just be WisdomTree as a single asset manager alone, there's going to need to be some kind of ecosystem development with an evolution here. But the next steps are just continuing to be on that journey, engaging with members of the SEC and (inaudible) more broadly on this topic. But also, like I said, it's not stopping us from doing other things in the digital asset space, like we did with WTSY and we found the SEC and regulators to be open to that kind of responsible innovation in other formats.

我在先前的媒體訪談中也說過，WisdomTree 不能只是作為一家單一的資產管理公司，還需要某種生態系統的建設和演進。接下來，我們將繼續推進這項進程，與美國證券交易委員會 (SEC) 的成員進行更廣泛的溝通，探討這個主題。而且，正如我之前所說，這不會阻止我們在數位資產領域開展其他業務，就像我們與 WTSY 合作一樣，我們發現 SEC 和監管機構對其他形式的負責任創新持開放態度。

Yes. And let me -- let me just add 1 thing. The Bitcoin ETP has nothing related to WisdomTree Prime launching. So that's not going to be a deterrent from our launching that product. Just wanted to get that out there that they're unrelated.

是的。我再補充一點。比特幣 ETP 與 WisdomTree Prime 的推出沒有任何關聯。所以這不會妨礙我們推出該產品。我只是想明確說明，它們之間沒有關聯。

Yes. And where I wanted to jump in is, again, let's not miss the forest for the trees. Crypto is interesting. But the real opportunity is blockchain-enabled finance. That's what WisdomTree Prime is about. So holdups on the crypto ETF approval don't do anything to the opportunity that we're working on for blockchain-enabled finance. We've got the 1 fund approved. We've got 9 more filed. We've got great momentum here, and it's a mistake to confuse crypto, which is a use case for the blockchain. It's a big mistake to confuse that with the broader opportunity that we're really pursuing in blockchain-enabled finance, and that's WisdomTree Prime.

是的。我想再次強調的是，我們不能只見樹木不見森林。加密貨幣確實很有趣，但真正的機會在於區塊鏈金融。 WisdomTree Prime 正是為此而生。因此，加密貨幣 ETF 審批的延誤不會影響我們正在努力探索的區塊鏈金融機會。我們已經有一檔基金獲批，還有 9 檔基金提交了申請。我們在這方面發展勢頭強勁，將加密貨幣與區塊鏈的一個用例混為一談是錯誤的。將其與我們真正在區塊鏈金融領域追求的更廣泛機會——也就是 WisdomTree Prime——混淆是一個很大的錯誤。

Yes. They're clearly separate, one's a functional rail and the other is sort of an asset class thing. Anyway, on that point, though, I'd love to ask another. You have your first blockchain-enabled fund that's received SEC approval. So are you now in a position where you might be more comfortable to try to explain the benefits of using those rails. I think it's interesting and at least ironic, if not more significant than that, that treasuries are like 1 of the most traditional asset classes and yet it's being administered on 1 of the most innovative and new platforms. And so how should we think about potential operational or efficiency improvements and benefits that you can garner through this new and unusual administration?

是的。它們顯然是分開的，一個是功能軌道，另一個是某種資產類別。不過，關於這一點，我想再問一個問題。您擁有第一個獲得美國證券交易委員會批准的區塊鏈基金。那麼您現在是否更願意解釋使用這些軌道的好處？我覺得這很有趣，至少也很諷刺，甚至比這更重要：國債就像是最傳統的資產類別之一，但它卻在最具創新性和最新平台上進行管理。那麼，我們應該如何看待透過這種全新且不尋常的管理方式，您可以獲得哪些潛在的營運或效率改善和效益呢？

Will or Jarrett, if you want to start on this one? I may come in over the top, of course, but you guys want to start?

Will 或 Jarrett，你們想先開始嗎？當然，我可能有點過頭了，但你們想先開始嗎？

Yes, let me start. Yes, I'll start. So some of the things we really liked about ETFs, we think ETFs are better than mutual fund. Liquidity, transparency, standardization, right? ETFs have greater liquidity than mutual funds do, total transparency to the underlying holdings and standardization, right? The experience of a -- the largest institution in the world and the experience of a single day trader are very similar with this.

是的，我先說。是的，我先說。我們確實喜歡ETF的幾個方面，我們認為ETF比共同基金更好。流動性、透明度、標準化，對吧？ ETF比共同基金流動性更強，底層資產完全透明，而且標準化，對吧？全球最大的機構投資者和單一日內交易員的體驗非常相似。

Anyone with a brokerage account can access ETFs. You're seeing these same qualities but only enhance with the potential for tokenization and digital assets. And one thing I'll kind of -- maybe on the liquidity point, just add a little bit more on. I think a lot of people when Bitcoin first came out, saw it as, oh, look at this gold like asset, et cetera. I think a lot of people who are experienced in market structure look at this and remarked at how there's an asset that can be settled with near finality on a peer-to-peer basis on a 24/7, 365 basis.

任何擁有經紀帳戶的人都可以投資ETF。你看到的是同樣的特性，但代幣化和數位資產的潛力只會增強它。關於流動性，我想補充一點。我認為，比特幣剛出來的時候，很多人覺得它就像黃金一樣，等等。我認為很多熟悉市場結構的人看到比特幣後，會評論說，有一種資產可以在點對點的基礎上，全天候、全年無休地進行近乎最終的結算。

For the securities markets broadly, for asset markets broadly, that is profound, right? Like that is a huge innovation in terms of how we exchange value. That has lots of implications moving from the system today, which is highly intermediated, which has T+2 settlement times to one where settlement times can come down much further. More and more people can participate in financial markets, more financial inclusion and less cost.

對於廣義的證券市場和資產市場來說，這意義深遠，對吧？就價值交換方式而言，這是一項巨大的創新。這將帶來許多影響，使當今高度中介化、結算時間為T+2的系統轉變為結算時間可以進一步縮短的系統。越來越多的人可以參與金融市場，提高金融包容性，並降低成本。

So that's what we're seeing with tokenization digital assets and that's why we've embarked on this. So WTSY is just the first step on kind of this journey in terms of unlocking a lot of these use cases and demonstrating the potential of this. One very specific example that you'll be able to do with WTSY today, this peer-to-peer transferability, right? Transferring securities from one account to another is a very cumbersome process that no one would ever do, right? And to be able to unlock that for something as simple as a short-term treasury fund allowing peer-to-peer is an innovation that we think is constructive.

這就是我們在代幣化數位資產方面所看到的，也是我們著手進行這項工作的原因。 WTSY 只是我們邁出的第一步，它將解鎖許多用例，並展示其潛力。今天，你就能用 WTSY 實作一個非常具體的例子，那就是點對點的可轉移性，對吧？將證券從一個帳戶轉移到另一個帳戶是一個非常繁瑣的過程，沒有人會這麼做，對吧？而能夠為像短期國庫基金這樣簡單的項目解鎖點對點的可轉移性，我們認為是一項具有建設性的創新。

Another one would be connecting it more closely to other elements in financial services, right? Payments today and your brokerage count are on 2 totally different tech stacks. If you wanted to move value from one to another, you're talking about like a 7-day time line, and it just isn't something you would do. In the future, this is all one tech stack, right? We're diving in the future today with what we're doing with (inaudible). All one tech stack, much quicker and faster exchange of value, which we think moves savings and payments much closer to investments, which we think is a constructive benefit, will lower cost, enhance user efficiency for users.

另一個是將其與金融服務中的其他元素更緊密地聯繫起來，對吧？今天的支付和你的經紀業務是基於兩個完全不同的技術堆疊。如果你想將價值從一個轉移到另一個，你談論的就像一個7天的時間線，而這根本不是你會做的事情。在未來，這一切都將成為一個技術棧，對吧？我們今天正在深入探討未來（聽不清楚）。所有技術堆疊都使用同一個技術棧，價值交換將更加快捷，我們認為這將使儲蓄和支付更接近投資，我們認為這是一個建設性的好處，將降低成本，提高用戶效率。

So those are just a few of the examples of what we're seeing. I blogged about it if you want to take a look at that, and we'll be demonstrating this more too soon as we go live increasingly and nationally later in Q1.

這些只是我們所看到的一些例子。如果你想看的話，我之前在部落格上提到過。隨著我們在第一季後期逐步在全國範圍內上線，我們將很快展示更多。

Jarrett, did you have more to add or was that good?

賈瑞特，你還有什麼要補充的嗎？或者說你覺得這樣很好嗎？

Just a couple of things. I mean I think it's important that this is compelling for the end customer. Will covered it all. But you look at our first digital treasury fund, it's at 0 expense ratio. So there's just immediate value to the consumer, but also the utility, the fact that you can spend, save and invest in basically the same asset is new. And it's a profound difference in the financial services experience where the consumer directly benefits.

就說幾件事。我的意思是，我認為重要的是要讓終端客戶覺得有吸引力。 Will 已經講完了。但看看我們的第一個數位財務基金，它的費用率為 0。所以它不僅能為消費者帶來直接的價值，還能帶來實用性，因為消費者可以消費、儲蓄和投資基本上是同一種資產，這本身就是一個全新的體驗。這對金融服務體驗來說是一個深刻的改變，消費者將直接受益。

And then there's, of course, benefit on our side. We cut out a lot of middlemen. We cut out a lot of unnecessary expense. We diversify our revenue streams. So it enables us to succeed and thrive in a world where there's today fee pressure. So compelling for the consumer, compelling for WisdomTree.

當然，我們也從中受益。我們省去了許多中間商，削減了許多不必要的開支，實現了收入來源的多元化。這讓我們能夠在當今收費壓力巨大的環境下取得成功並蓬勃發展。這對消費者和 WisdomTree 來說都極具吸引力。

Thanks, Jarrett. Jeremy, do you want to give us the next question?

謝謝，Jarrett。 Jeremy，你想問我們下一個問題嗎？

And our next question comes from the line of Keith Housum from Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Keith Housum。

I was hoping you guys provide probably a little bit more color on the beta version of Prime so far in terms of -- any statistics in terms of number of beta users you have, a number of transactions. But help us understand, I guess, create some confidence that the Beta Prime is heading towards a national role in the first quarter?

我希望你們能提供更多關於 Prime 測試版的信息，例如測試用戶數量和交易量方面的統計數據。請幫助我們理解，讓我們相信 Beta Prime 會在第一季走向全國市場。

Okay. Will, you want to start?

好的。威爾，你想開始嗎？

Yes, sure. So we're not disclosing any kind of metrics at this point in time on beta. Everything is on track for the Q1 launch. The WTSY regulatory approval was a great hurdle that we cleared. So we're quite excited about that. So no specific color on the beta testing beyond it's been successful so far, and we're on track for our broader rollout in Q1.

是的，當然。所以目前我們不會透露任何關於測試版的指標。一切都按計劃進行，預計將於第一季發布。 WTSY 的監管審批是我們克服的一大障礙。我們對此感到非常興奮。目前為止，除了 Beta 測試取得成功之外，我們還沒有透露具體的進展，我們正按計劃在第一季進行更廣泛的推廣。

Okay. Understood. Appreciate it. In terms of, I guess, the European versus the U.S. ETF portfolios, I think there are 2 different trends here. We're seeing obviously great funding flows to the U.S. in part because of the USFR. But -- and obviously, Europe is not doing so well, probably more because of commodity exposure. Is there the opportunity to do more of the European treasury type -- fixed income funds out there. Are you trying to have a success, but how do we think about that economy between the 2 different segments?

好的。明白了。非常感謝。就歐洲和美國ETF投資組合而言，我認為有兩種不同的趨勢。我們顯然看到大量資金流向美國，部分原因是美國聯邦儲備委員會（USFR）。但是，歐洲的表現顯然不太好，可能更多是因為大宗商品曝險。是否有機會投資更多歐洲國債類型的固定收益基金？您是否希望取得成功？但是，我們如何看待這兩個不同領域之間的經濟差異？

Will or Jeremy who wants to start?

威爾 (Will) 還是傑瑞米 (Jeremy) 誰想開始？

This is Jeremy. I'll start. So when we acquired the ETF Securities platform, they were -- we were excited because they were a leader in commodities and actually, for an inflation environment or elevated inflation over the coming years, we still do like a lot of that. Gold in particular has had some challenges with the strong dollar this year. That's been one of the headwinds rising real interest rates, the Fed hiking cycle.

我是傑里米，我先開始。當我們收購ETF證券平台時，我們非常興奮，因為他們是大宗商品領域的領導者，實際上，對於未來幾年通膨環境或通膨上升，我們仍然非常看好他們。今年，黃金尤其受到美元走強的挑戰。這是實際利率上升和聯準會升息週期帶來的阻力之一。

You could get a more supportive backdrop for the sort of their large exposure to gold as the Fed pivots from a very aggressively hiking rates. So that will be something we look to potentially next year some time, at least in the second half of next year. But they are -- they've been diversifying from the commodity focus, and they are seeing very good flows to things like the quality dividend growth franchise that has been our U.S. largest ETF, DGRW in the U.S. They have the same exposure. It's growing adoption over in Europe. The high dividend ETF that I mentioned earlier, also in Europe is resonating.

隨著聯準會逐漸放棄激進的升息策略，他們大規模持有黃金的策略可能會獲得更有利的背景支持。因此，我們預計明年某個時候，至少在明年下半年，這種情況可能會出現。他們一直在從大宗商品的重點轉向多元化投資，並且看到資金流向優質股息成長基金（我們在美國最大的ETF，DGRW）等。他們的投資規模也與DGRW相同。在歐洲，DGRW的採用率也不斷提高。我之前提到的高股息ETF也在歐洲引起了共鳴。

And they've been focused on thematics or we've been focused on thematics in Europe. And we do think there's a long-term opportunity as sectors have shifted to more very specific execution, and we have a very robust thematic lineup globally, but sort of, you could say, leading out of Europe. And so it helps diversify the firm.

他們一直專注於主題投資，我們也一直專注於歐洲的主題投資。我們確實認為，隨著各行業轉向更具體的執行，存在著長期機會。我們在全球範圍內擁有非常強大的主題投資陣容，但可以說，我們在歐洲之外處於領先地位。這有助於公司實現多元化發展。

And we're continuing to focus on all of the above in terms of -- you've got equity, fixed income, commodities. They've got the crypto exposures. It's a very robust global lineup. And as a firm, we're very globally diversified for many different environments.

我們將繼續專注於上述所有領域—股票、固定收益、大宗商品。此外，我們也涉足加密貨幣領域。這是一個非常強大的全球投資組合。作為一家公司，我們在全球範圍內實現了高度多元化，以適應多種不同的環境。

(Operator Instructions) And our next question comes from the line of Michael Cyprys from Morgan Stanley.

（操作員指示）我們的下一個問題來自摩根士丹利的邁克爾·賽普里斯。

On the blockchain-enabled digital treasury fund, I was hoping you could talk a little bit about the distribution strategy. How you plan to go about getting customers to invest in this digital wrapper? What do you envision as the customers here? Are these -- and retail customers are these advisors? How different is the customer set from those that you have sold products to in the past?

關於區塊鏈數位財務基金，我希望您能談談分銷策略。您計劃如何吸引客戶投資這個數位包裝？您設想的客戶是哪些人？這些是零售客戶還是顧問？這些客戶與您過去銷售產品的客戶有何不同？

Good question. I think Will and Jarrett, why don't you guys field this?

問得好。我想威爾和賈瑞特，你們為什麼不來回答這個問題呢？

Yes. I'm happy to start again. So initially, the customers for the digital funds will be -- will only be available through WisdomTree Prime as infrastructure and that's (inaudible) requirement with the D2C wallet application that we've been referring to over time, and I think this could happen fairly quickly. We expect distribution opportunities to grow outside of WisdomTree Prime, but there is no current like immediate time line on that happening. But over time, we see a lot of assets migrating into the structure, and we're going to be very well placed to serve them.

是的，我很高興重新開始。所以，最初，數位基金的客戶只能透過 WisdomTree Prime 作為基礎設施使用，這是我們一直以來提到的 D2C 錢包應用程式的必要條件，我認為這很快就會實現。我們預計在 WisdomTree Prime 以外的分銷機會也會增加，但目前還沒有明確的時間表。但隨著時間的推移，我們看到大量資產正在遷移到這個架構中，我們將做好充分的準備來為他們提供服務。

So whether that's with financial advisors, institutions and the like, that's all on the road map, and it's something that we think we're particularly well suited for given our existing distribution.

因此，無論是與財務顧問、機構或類似機構合作，這都在路線圖上，而且我們認為，考慮到我們現有的分銷管道，我們特別適合做這件事。

I'd just add, if you look back just trying to size the opportunity a little bit and talk about -- a little bit about distribution. But we got -- we've launched our first ETF 16 years ago. We were innovators. We were considered pioneers, but we were nonetheless 13 years late to the party. And therefore, others got to claim the deepest exposures in the new wrapper being ETFs.

我想補充一點，如果你回顧一下，試著稍微評估這個機會，並談談分銷。但我們16年前就推出了第一隻ETF。我們是創新者，被認為是先驅，但我們還是晚了13年才進入這個領域。因此，其他人得以在ETF這個新領域中佔據最大份額。

Today, it's a much different story. We're actually a little early to the party. But we are claiming the deepest exposures in this new wrapper, but being early to the party, some of the world needs to catch up with us. And so right now, as securities, others need to be regulated to be able to sell our product. And so as Will said in the beginning, it will be through our wallet.

如今，情況大不相同。我們實際上有點早了。但我們聲稱自己在這個新領域擁有最深的曝光度，但正因為提早加入，世界上一些國家需要趕上我們。所以現在，作為證券，其他公司需要受到監管才能銷售我們的產品。正如威爾一開始所說，最終還是要通過我們的錢包。

Now I think marketing will have a big role in how we sell, but the compelling value also, I think, will sell. And if you think about it in today's world, a lot of people and Will touched on these comments earlier, but you sit in cash in a brokerage account earning 0 or you sit in a checking account at a bank earning close to 0. And when you actually want to move that money around, you physically have to move it from one environment to another environment.

現在我認為行銷在我們的銷售方式中扮演著重要角色，但我認為，令人信服的價值也會影響銷售。如果你思考一下當今世界，很多人，包括威爾，之前也提到過這些，但你放在經紀帳戶裡的現金收益為零，或者放在銀行支票帳戶裡的收益接近於零。當你真正想要轉移這些資金時，你必須實際地把它從一個環境轉移到另一個環境。

And one of the really exciting things about blockchain-enabled finance is those worlds are merged or unified. And so you look at something like our Digital Treasury yielding 3.5%, 4%, that can be your source of spending. That can be your source of investing. You don't -- you no longer have to sit there in a different account, in a different environment, earning next to 0.

區塊鏈金融真正令人興奮的一點是，這些領域正在融合或統一。因此，您可以看到我們的數位國庫，收益率高達3.5%或4%，這可以成為您的支出來源，也可以成為您的投資來源。您不再需要在不同的環境、不同的帳戶中賺取幾乎為零的收益。

So this is going to, I hope, sell itself, because the value proposition is so compelling. But as -- certainly as the rest of the world catches up, as regulation catches up, we'll broaden out how we distribute.

所以我希望它能賣得出去，因為它的價值主張非常引人注目。但隨著世界其他地區迎頭趕上，監管也越來越完善，我們的分銷方式也會越來越廣泛。

Michael, it's also being early gives us a nice opportunity to do business development to platforms and to institutional investors as well. I'm sorry. Did I interrupt you, Michael?

邁克爾，現在時機還早，也為我們提供了一個很好的機會，可以面向平台和機構投資者開展業務。抱歉。我打擾你了嗎，麥可？

Yes, that's great. Can I just ask a follow-up question just around how much in resources would you plan to put up against customer acquisition? How would you sort of quantify that? Is that sort of embedded into the sort of current run rate with the spend that you have already on the discretionary side, I think it's been about $10 million or so of investments. How do we think about that growing into next year, as you look to grow customers? And maybe you could talk a little bit about how you're planning to spend that, whether it's on marketing, advertising and such?

是的，太好了。我可以問一個後續問題嗎？您計劃投入多少資源來獲取客戶？您如何量化？這些投入是否已經包含在目前的營運率中，以及您目前在可自由支配的支出方面？我記得當時的投資大約在1000萬美元左右。考慮到您明年的客戶成長，我們預計這筆資金會如何成長？您能否談談您計劃如何使用這筆資金，是用於行銷、廣告還是其他方面？

So I'll take this. We'll give you more guidance next quarter, but roughly what we've said in the last 2 quarters -- in the earlier comments as well as last quarter is that, we're rolling out WisdomTree Prime, and we're not expecting a significant increase in WisdomTree's overall expenses. So it is -- I think that should be comforting to many of the analysts. Rolling out nationally, but the cost base should not be significantly changing, but we'll have to give you more next quarter.

所以我接受這個。下個季度我們會提供更多指引，但大致上我們在過去兩個季度——之前的評論以及上個季度——所說的是，我們正在推出 WisdomTree Prime，我們預計 WisdomTree 的總體支出不會大幅增加。所以，我認為這應該會讓很多分析師感到安心。 WisdomTree 將在全國範圍內推出，但成本基礎應該不會有顯著變化，但我們必須在下個季度提供更多資訊。

And our final question for today. One moment for our final question. Comes from the line of Michael Brown from KBW.

這是我們今天的最後一個問題。請稍等片刻，我們最後一個問題由 KBW 的 Michael Brown 提出。

So you clearly have an early-mover advantage on the digital and blockchain front here. And I just wanted to hear how you anticipate the competitive landscape to evolve. I guess I can't help but think about some of the bigger players here with large investment budgets that they seem determined to catch up could likely throw some money at a digital initiative to try and catch up to what you've already been building out and to continue to roll out. So what are you seeing from competitors at this time? And how do you expect that competitive landscape to evolve?

所以，你們在數位化和區塊鏈領域顯然擁有先發優勢。我想聽聽您對競爭格局未來如何演變的預測。我不禁想到，一些規模較大的公司擁有龐大的投資預算，而且似乎決心迎頭趕上，它們可能會在數位化項目上投入一些資金，試圖趕上你們已經在構建的領域，並繼續推進。那麼，目前你們的競爭對手狀況如何？您預期競爭格局將如何演變？

So I'll take this. I certainly expect over time that there will be more competitors. This is because it is so compelling. I'm expecting really financial services broadly to move on to the blockchain. So far, we've seen more from broad competitors. They're more in an exploratory mode. I think that they're investigating. They have to come up with their own use cases and business models and how they'll exploit the new technology.

所以我接受這個。我當然預計隨著時間的推移會有更多的競爭對手。這是因為它太引人注目了。我預計金融服務業將廣泛轉向區塊鏈。到目前為止，我們看到了更多來自廣泛競爭對手的行動。他們更多地處於探索模式。我認為他們正在調查。他們必須提出自己的用例和商業模式，以及如何利用這項新技術。

And so it's not quite so easy because there's a blurring of definitions. And so it does take a little bit of creativity, but we're not expecting to be alone, but we are pleased with our -- that we seem to be early, if not amongst the very earliest. And we're also excited that many, who are discussing this now seem to be coming to conclusions that we came to maybe 3 years ago, and we've been very quickly with our conclusions, started creating our use cases and putting those ideas into motion.

所以這並不容易，因為定義有些模糊。這確實需要一點創造力，但我們並不孤單，我們很高興——我們似乎起步較早，甚至可以說是最早的一群人之一。我們也很高興，現在討論這個問題的許多人似乎都得出了我們大概三年前得出的結論，而我們很快就得出了結論，並開始創建用例，並將這些想法付諸實踐。

Let's see if these other firms can navigate their legacy issues. There's a significant amount of disruption coming to existing business models. And so it takes a lot of conviction to really tackle this with energy.

讓我們看看其他公司能否解決它們遺留的問題。現有的商業模式正面臨巨大的顛覆。因此，需要很大的決心才能真正用精力去解決這個問題。

Jarrett, did you have anything you're going to add?

賈瑞特，你還有什麼要補充的嗎？

Yes. Just really quickly and mostly reiterating what you said. But this isn't as simple as developing an app, WisdomTree Prime is our app, and that does take time. But as you've heard, there was over 3 years of efforts with regulators. As you've seen with press releases recently, we've been building an operational ecosystem of partners with people like Stride Bank and Galileo. So there's work on product. You've seen us launch a product. We've got 9 more filed. There's functionality. There's client experience.

是的。我只是快速地重申你剛才說的話。但這不像開發應用程式那麼簡單，WisdomTree Prime 是我們的應用程序，這確實需要時間。正如你所聽到的，我們與監管機構合作了三年多。正如你最近在新聞稿中看到的，我們一直在與 Stride Bank 和 Galileo 等公司合作，建立一個營運生態系統。所以，我們正在進行產品開發。你已經看到我們推出了一款產品。我們還有另外 9 項申請。這包括功能方面，以及客戶體驗方面。

So this is a real effort that we've undertaken. We've been working on it for really 3-plus years, leveraging very well our existing infrastructure and people, but this isn't something that can be repeated quickly.

所以這是我們付出的真正努力。我們為此已經努力了三年多，充分利用了我們現有的基礎設施和人員，但這不是一件可以快速複製的事情。

And just to double click on that last point of Jarrett's. We have 25 roughly people in digital assets and 250 people in the ETF business. But what the 250 people do is of great relevance to the digital asset efforts. And without them, you wouldn't be able to accomplish nearly as well where as quickly as cost effectively as we are doing in digital assets. So really, we keep saying that this is holistic, but we mean it. We're really well positioned to be the company to try to exploit this opportunity.

再次強調Jarrett最後提到的一點。我們大約有25名員工負責數位資產業務，250名員工負責ETF業務。但這250名員工的工作與數位資產業務息息相關。如果沒有他們，我們不可能像在數位資產領域那樣，既快速又經濟高效地取得如此佳績。所以，我們一直強調這是一個整體性的策略，但我們是認真的。我們完全有能力成為一家能夠抓住這項機會的公司。

Any more questions?

還有其他問題嗎？

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Jonathan Steinberg, CEO for any further remarks.

今天節目的問答環節到此結束。接下來，請執行長喬納森·斯坦伯格繼續發言。

No further remarks. We just want to thank you for your support and attention, and we'll talk to you next quarter. Have a great day, everybody.

沒什麼好說的。我們只想感謝大家的支持和關注，下個季度我們再聯繫。祝大家有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。今天的節目到此結束。現在您可以斷開連線了。大家好。