WisdomTree Inc (WT) 2025 Q1 法說會逐字稿

Greetings and welcome to the WisdomTree Q1 2025 earnings call. (Operator Instructions)

問候並歡迎參加 WisdomTree 2025 年第一季財報電話會議。（操作員指示）

Please note this conference is being recorded.

請注意，本次會議正在錄製。

I will now turn the conference over to your host, Jessica Zaloom, Head of Corporate Communications.

現在，我將會議交給主持人、企業傳播主管 Jessica Zaloom。

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 1,995.

早安.在我們開始之前，我想參考今天演示中的法律免責聲明。本簡報可能包含 1995 年私人證券訴訟改革法案所定義的前瞻性聲明。

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. In the risk factors section of the WisdomTree annual report on form for the year ended December 30, 2024 and in subsequent reports filed with or furnished to the Securities and Exchange Commission, WisdomTree assumes no duty and does not undertake to update any forward-looking statements.

許多因素可能導致實際結果與前瞻性聲明中討論的結果有重大差異，包括但不限於本簡報中提出的風險。在截至 2024 年 12 月 30 日的 WisdomTree 年度報告的風險因素部分以及向美國證券交易委員會提交或提供的後續報告中，WisdomTree 不承擔任何義務，也不承諾更新任何前瞻性陳述。

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

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

Thank you, Jessica, and good morning everyone. I'll begin by covering our first quarter results along with commentary on our forward-looking guidance before turning the call over to Jarrett and Jono for additional updates on our business.

謝謝你，潔西卡，大家早安。我將首先介紹我們的第一季業績以及對我們前瞻性指引的評論，然後將電話轉給 Jarrett 和 Jono 以了解有關我們業務的更多更新。

We ended the quarter with record AUM of $115.8 billion of 5.5% from the prior quarter. Net inflows totalled $3 billion, reflecting an annualized organic growth rate of 11% with contributions that were broad-based across our global product suite. In the US, we generated over $1.8 billion of inflows, including into our fixed income and US equity product categories.

本季結束時，我們的資產管理規模達到創紀錄的 1,158 億美元，比上一季成長 5.5%。淨流入總額達到 30 億美元，反映出 11% 的年化有機成長率，貢獻廣泛來自我們全球的產品套件。在美國，我們產生了超過 18 億美元的資金流入，包括流入我們的固定收益和美國股票產品類別。

Our digital money market fund also attracted $100 million of AUM during the quarter. In Europe, we generated over $1.1 billion of inflows, primarily into our UCITS ETF suite, including $770 million of net inflows into our European Defence Fund, which was launched in March.

我們的數位貨幣市場基金在本季也吸引了 1 億美元的 AUM。在歐洲，我們吸引了超過 11 億美元的資金流入，主要流入我們的 UCITS ETF 套件，其中包括 3 月推出的歐洲防務基金 7.7 億美元的淨流入。

We also benefited from positive market movement as favorable conditions and commodities helped offset headwinds in the US market.

由於有利的條件和商品有助於抵消美國市場的阻力，積極的市場趨勢也使我們受益。

Next slide.

下一張投影片。

We generated $108 million of revenue during the quarter, down slightly from the fourth quarter due to two fewer trading days and a lower average fee capture offset by higher average AUM. Our revenues were 11.6% higher than the same period last year, driven by higher average AUM and higher other revenues attributable to our European listed products.

本季我們的營收為 1.08 億美元，較第四季略有下降，原因是交易日減少兩個，平均費用減少但平均 AUM 增加。我們的收入比去年同期增長了 11.6%，這得益於平均 AUM 的增加以及我們歐洲上市產品的其他收入的增加。

Our adjusted net income for the quarter was $23 million or $0.16 per share. These results were impacted by seasonal compensation, including payroll taxes, benefits, and other items recognized in connection with year-end bonuses.

本季調整後的淨收入為 2,300 萬美元，即每股 0.16 美元。這些結果受到季節性薪資的影響，包括薪資稅、福利和與年終獎金相關的其他項目。

Next slide.

下一張投影片。

Our 2025 guidance remains largely unchanged versus what was communicated last quarter. Refer to our guidance update included in our earnings presentation for additional information.

與上個季度公佈的相比，我們的 2025 年指引基本上保持不變。請參閱我們的收益報告中包含的指導更新以獲取更多資訊。

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

這就是我所擁有的一切。現在我將把電話轉給賈瑞特。

Thanks, Brian.

謝謝，布萊恩。

As you just heard, we had a strong quarter by the numbers, and I'd like to now build on that by walking through some of the operational drivers behind the performance and how we're positioned for what's next. So, let's start with flows and outlook, we came into 2025 with real client momentum and Q1 was a fantastic start to the year. With over $3 billion in net inflows across a diverse set of products, that said, we're now operating in a more volatile market, but that's exactly where WisdomTree shines.

正如您剛才聽到的，從數據上看，我們本季的業績表現強勁，現在我想在此基礎上，介紹一下業績背後的一些營運驅動因素，以及我們為下一步所做的準備。因此，讓我們從流程和展望開始，我們帶著真正的客戶勢頭進入 2025 年，而第一季是今年的一個好開始。儘管我們目前在多元化產品中擁有超過 30 億美元的淨流入，但 WisdomTree 的閃光點恰恰在於此。

We are very well positioned with our AUM being more balanced today than at any point in our history, and that diversification is serving us well with our large exposures to gold and the metals in Europe. And USFR here in the US, it is noteworthy that our group AUM is up this month and is up year-to-date, a standout versus our peers.

我們目前的地位非常有利，我們的資產管理規模比歷史上任何時候都更加平衡，而且由於我們在歐洲大量投資黃金和金屬，這種多元化投資對我們非常有利。在美國的 USFR，值得注意的是，我們集團的 AUM 本月有所上升，並且年初至今也有所上升，與我們的同行相比表現突出。

It's also worth highlighting the exceptional launch of our WisdomTree European Defence Fund, which brought in $770 million in Q1 alone and has already added more than $700 million in April. This is one of the most successful launches in our history. And the fund's flow momentum creating shares every day but one since launch, should not be overlooked.

同樣值得強調的是，我們 WisdomTree 歐洲防務基金的出色啟動，僅在第一季就吸引了 7.7 億美元的資金，4 月已增加了 7 億多美元。這是我們歷史上最成功的發射之一。該基金自推出以來，每天都創造股票流動勢頭，不容忽視。

Beyond the impressive flows, this launch is a clear example of our ability to adapt to evolving market dynamics and act as a pioneer of unique first of their kind investment ideas. We began focusing on shifting geopolitical risks over a year ago with the introduction of our geopolitical risk aware model portfolios.

除了令人印象深刻的流量之外，此次發布還清楚地證明了我們能夠適應不斷變化的市場動態，並成為獨特的投資理念的先驅。一年多前，我們開始關注不斷變化的地緣政治風險，並推出了地緣政治風險感知模型組合。

And we've since carried those insights forward into a broader suite of ETF offerings. A case in point, we are in the final stages of repositioning our European currency hedge small cap fund into a more expansive European opportunities fund, one that not only reflects a broader opportunity set, but also embeds the geopolitical themes we believe are increasingly relevant.

從那時起，我們就將這些見解運用到更廣泛的 ETF 產品中。舉個例子，我們正處於將歐洲貨幣對沖小型股基金重新定位為更具擴張性的歐洲機會基金的最後階段，該基金不僅反映了更廣泛的機會，而且還嵌入了我們認為越來越相關的地緣政治主題。

We see greater AUM potential in this strategy, and we believe our differentiated ability to innovate and bring timely high conviction products to market is a key ingredient in driving industry leading organic growth.

我們看到這項策略具有更大的 AUM 潛力，我們相信，我們差異化的創新能力和及時將高信念產品推向市場的能力是推動產業領先有機成長的關鍵因素。

Look beyond flows, we continue to focus on deepening and expanding the quality of our client relationships. Through Q1, we are on track to grow the total number of clients using WisdomTree products by 4% this year, a pace that continues the strong client growth we saw in 2024, and those clients are using more of our solutions than ever before, with the average product usage per client growing at a double digit annualized rate so far this year.

除了流程之外，我們還將繼續致力於深化和擴大客戶關係的品質。截至第一季度，我們預計將今年使用 WisdomTree 產品的客戶總數增加 4%，這一速度延續了我們在 2024 年看到的強勁客戶成長勢頭，而且這些客戶比以往任何時候都更多地使用我們的解決方案，今年迄今為止，每個客戶的平均產品使用量以兩位數的年化率增長。

And that's a powerful combination, deepening relationships while expanding reach, and it's exactly the formula that drives sustainable long-term organic growth. Our model portfolios business remains a standout with AUA reaching $4 billion. That's up 4% to date, reflecting a nearly 20% annualized organic growth rate. This momentum highlights our growing mind share and wallet share, even in a tough market with 2,700 advisors now using our models.

這是一個強大的組合，在擴大影響力的同時深化了關係，這正是推動可持續長期有機成長的公式。我們的模型投資組合業務依然表現突出，AUA 達到 40 億美元。迄今為止，這一數字已上漲 4%，反映出近 20% 的年有機成長率。這一勢頭凸顯了我們的心智份額和錢包份額不斷增長，即使在艱難的市場中，目前仍有 2,700 名顧問使用我們的模型。

We're on track to meet our 2025 growth targets. Our portfolio consultations practice, powered by AI-driven analytics has tripled output versus a year ago, strengthening our broader portfolio solutions offering. With an addressable market of 85,000 advisors and $8 trillion in assets, we see significant runway ahead and are focused on deepening our market penetration.

我們正穩步實現 2025 年的成長目標。我們的投資組合諮詢業務由人工智慧驅動的分析提供支持，產出比一年前增加了兩倍，增強了我們更廣泛的投資組合解決方案。我們擁有 85,000 名顧問和 8 兆美元資產的目標市場，看到了巨大的發展空間，並致力於深化我們的市場滲透。

Finally, on digital assets, we're continuing to build traction across both WisdomTree Prime and WisdomTree Connect. In Q1, we expanded Prime's availability to Georgia, Tennessee, and North Carolina, and we saw modest growth in both the number of accounts and client assets.

最後，在數位資產方面，我們將繼續在 WisdomTree Prime 和 WisdomTree Connect 上建立吸引力。在第一季度，我們將 Prime 的服務範圍擴大到了喬治亞州、田納西州和北卡羅來納州，帳戶數量和客戶資產均實現了適度增長。

As I mentioned last quarter, our target opportunity is the on-chain community. A segment where the infrastructure is still catching up and where our on and off ramps are not yet in place. We expect to begin enabling on-chain transfers for a subset of users in the coming months with broader functionality coming in September.

正如我上個季度提到的，我們的目標機會是鏈上社區。路段的基礎設施仍在完善中，我們的上、下坡道尚未到位。我們預計在未來幾個月內開始為部分用戶提供鏈上轉帳功能，並在 9 月推出更廣泛的功能。

Meanwhile, WisdomTree Connect continues to differentiate us. We remain the only asset manager with a full suite of tokenized funds on chain. And we've now opened access to institutional users across multiple blockchains. So across the Board, flows, client growth, model portfolios, digital infrastructure, we're executing on what we can control and positioning the business to capitalize on the opportunities ahead.

同時，WisdomTree Connect 繼續讓我們與眾不同。我們仍然是唯一一家擁有全套鏈上代幣化基金的資產管理公司。現在我們已經向多個區塊鏈的機構用戶開放了存取權限。因此，在各個方面，包括流量、客戶成長、模型組合、數位基礎設施，我們都在執行我們能夠控制的措施，並定位業務以利用未來的機會。

And with that, I'll hand it over to Jono.

說完這些，我就把它交給喬諾。

Thanks, Jarrett. Hello, everyone.

謝謝，賈瑞特。大家好。

Last quarter, I ended my comments by saying I believe WisdomTree deserved a significant expansion of our public company multiple. Our Q1 results strongly reinforced that belief. During these volatile times, the strength and resilience of our global platform was obvious.

上個季度，我在結束評論時說，我相信 WisdomTree 值得大幅擴大我們的上市公司本益比。我們的第一季業績強烈地強化了這一信念。在這些動盪的時期，我們全球平台的力量和彈性顯而易見。

Let's start with growth. At $116 billion, assets under management were up over 6% year-to-date. Q1 earnings per share were up 33% compared to last year that builds on WisdomTree's 73% increase in earnings per share in 2024.

讓我們從成長開始。年初至今，管理資產已達 1,160 億美元，成長逾 6%。第一季每股收益較去年同期成長 33%，這得益於 WisdomTree 2024 年每股收益將成長 73%。

Our strong multi-year momentum continues in 2025, uninterrupted. WisdomTree's strong organic growth and flows help drive our earnings growth. With over $3 billion in net inflows in Q1, that's an 11% organic growth rate, one of the fastest in the industry.

我們的強勁多年發展勢頭將在 2025 年持續維持。WisdomTree 強勁的有機成長和流量有助於推動我們的獲利成長。第一季淨流入超過 30 億美元，有機成長率達到 11%，是業界最快的成長率之一。

WisdomTree is worthy of a higher multiple, we are executing exceptionally well. Two clear recent examples of that. As Jarrett and Bryan mentioned, the WisdomTree European Defence Fund, launched seven weeks ago, has brought in over $1.4 billion in net inflows year-to-date, making it our 26th fund with more than $1 billion in AUM.

WisdomTree 值得更高的估值，我們的執行力非常出色。最近有兩個明顯的例子。正如賈勒特和布萊恩所提到的，七週前推出的智慧樹歐洲防衛基金今年迄今已帶來超過 14 億美元的淨流入，成為我們第 26 個資產管理規模超過 10 億美元的基金。

It was the first UCITS fund offering a pure basket of European Defence stocks. As the Trump administration is pushing Europe to spend 5% of their GDP on self-defence. The fund has had broad appeal to all flavor of investors, virtually every region and every channel. I've been doing this for a long time, but it's still so much fun when a fund really connects with the moment.

這是第一隻提供純歐洲國防股票籃子的 UCITS 基金。川普政府正在敦促歐洲將其 GDP 的 5% 用於自衛。該基金對幾乎所有地區和所有管道的各種投資者都具有廣泛的吸引力。我已經做這個很長時間了，但是當一個基金真正與當下聯繫起來時，它仍然很有趣。

We are very proud of the European team and want them to enjoy it for as long as it lasts. And for WisdomTree shareholders, you never know what's possible till it happens. Next, I'd like to draw your attention to our tokenized products, which brought in over $100 million in flows year-to-date.

我們為歐洲隊感到非常自豪，並希望他們能夠一直享受比賽。對於 WisdomTree 股東來說，你永遠不知道會發生什麼，直到它發生。接下來，我想請大家關注我們的代幣化產品，今年迄今已帶來超過 1 億美元的資金流入。

It's just the beginning, I know it's early but it's exciting to see this strategic initiative starting to prove itself with tangible successes. Remember, WisdomTree has the most extensive suite of tokenized real-world assets across equities, fixed income, and commodities. WisdomTree has positioned itself to be a huge beneficiary as adoption expands.

這只是個開始，我知道現在還為時過早，但看到這項策略舉措開始以切實的成功證明自己，我感到很興奮。請記住，WisdomTree 擁有最廣泛的代幣化現實世界資產套件，涵蓋股票、固定收益和商品。隨著採用範圍的擴大，WisdomTree 已將自己定位為巨大的受益者。

Another multiple expanders on the AUM front, diversification continues to be a real strength for WisdomTree across geography, asset classes, and client types. It wasn't always that way. Ten years ago, this was not a strength for the company.

作為 AUM 方面的另一個多重擴張者，多元化仍然是 WisdomTree 在地理、資產類別和客戶類型方面的真正優勢。但情況並不總是這樣的。十年前，這並不是該公司的優勢。

But today it is the result of years of disciplined organic and inorganic execution. Another reason I feel WisdomTree is undervalued. Lastly, I'd like you to think about our business model. With $116 billion in AUM and approximately 300 employees, our efficiency stands out.

但今天，它是多年來嚴謹的有機和無機執行的結果。我覺得 WisdomTree 被低估的另一個原因。最後，我希望您考慮我們的商業模式。我們的資產管理規模達 1,160 億美元，約有 300 名員工，效率非常突出。

As WisdomTree begins to deploy AI across every aspect of our global platform, I'm energized by how it will further improve our efficiency and the speed and quality of our execution. The future is incredibly bright for WisdomTree. We have the platform, the strategy, and the execution to drive real lasting value creation for our shareholders in the years ahead.

隨著 WisdomTree 開始在我們全球平台的各個方面部署人工智慧，我對它將如何進一步提高我們的效率以及執行的速度和品質感到興奮。WisdomTree 的未來一片光明。我們擁有平台、策略和執行力，可以在未來幾年為股東創造真正的持久價值。

Thank you. Now let's open up the call to Q&A.

謝謝。現在讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

George Sutton, Craig Hallam.

喬治·薩頓、克雷格·哈勒姆。

Thank you and many congrats on the European Defence Fund. That's a biggie. So, I wondered if we could talk a little bit more in detail about the on and the off-ramp opportunity for WisdomTree Prime. You mentioned some near term timing, but then also a little more expanded roll out in September. Can you just give us a better sense of what you mean by that?

感謝您，並對歐洲防衛基金表示祝賀。那是一件大事。因此，我想知道我們是否可以更詳細地談談 WisdomTree Prime 的入門和出站機會。您提到了一些近期的時間安排，但 9 月的推出範圍還會進一步擴大。您能讓我們更能理解您這句話的意思嗎？

Absolutely George, thank you for the question. Will pack our head of digital assets, will you take this?

當然，喬治，謝謝你的提問。將打包我們頭部的數位資產，你會接這個嗎？

Hey George, yeah, thanks for the question. Good morning. So, in terms of the on and off brands, I mean, I think that's actually one of the most critical features if you're doing something in the public blockchain space, right? The ability to interact with stablecoins that are out there, other crypto assets like Bitcoin and ether, and allow our products to travel to external wallets as well, right?

嘿，喬治，是的，謝謝你的提問。早安.因此，就線上和線下品牌而言，我的意思是，我認為如果你在公共區塊鏈領域做某事，這實際上是最關鍵的特徵之一，對嗎？能夠與現有的穩定幣、比特幣和以太幣等其他加密資產進行交互，並允許我們的產品進入外部錢包，對嗎？

So that to me is like one of the core user experience enhancements and really allows us to go after the crypto native community that's out there. So as we've talked about in the past, it's been, a regulatory grind you could say we still need some states, we still need some of these product features like the external transferability.

所以對我來說，這就像是核心使用者體驗的增強之一，它確實讓我們能夠追逐現有的加密原生社群。正如我們過去所討論的，這是一個監管難題，你可以說我們仍然需要一些州，我們仍然需要一些產品功能，例如外部可轉移性。

We're targeting rolling that out in kind of a measured way over the course of the summer, which sets up in September where we could really kind of increase marketing spend and really go after that user base from there. So that's some of the stuff that Jarrett was referring to when he made that point on the on the prepared remarks.

我們計劃在夏季以有計劃的方式推出這項計劃，也就是九月份，屆時我們可以真正增加行銷支出，並真正從那時開始爭取用戶群。這就是賈瑞特在準備好的發言中提出這一觀點時所指的一些內容。

And we'll just a brief follow up there relative to partners or distribution is September the time frame when we might anticipate some partner announcements and things like that?

我們將對合作夥伴或分銷情況進行簡要的跟進，9 月是我們可能預期發布一些合作夥伴公告等消息的時間範圍嗎？

We're not going to give any sort of specific forecast in terms of that. I mean, I think we're in lots of conversations currently, as, we mentioned we had $100 million in flows here to date through the Wisdom to connect platforms through some partner relationships. So we're seeing the early green shoots of a lot of those relationships, so far, and I think we'll continue to build those out in that time period, but there's no kind of like guidance in terms of partnership announcements.

我們不會對此做出任何具體的預測。我的意思是，我認為我們目前正在進行大量對話，正如我們所提到的，迄今為止，我們透過 Wisdom 已經獲得了 1 億美元的資金流入，透過一些合作夥伴關係連接平台。因此，到目前為止，我們看到許多此類合作關係開始出現萌芽，我認為我們會在這段時間內繼續建立這些合作關係，但在合作公告方面還沒有類似的指導。

And if I could just ask John a follow up on the AI deployment, can you give us a little bit more of a sense of how it's going to get deployed and what sort of impacts you might anticipate?

如果我可以問約翰關於人工智慧部署的後續情況，您能否給我們更多地介紹一下它將如何部署以及您預計會產生什麼樣的影響？

Yes, And I'm going to turn it over to you Jarrett in a in a moment, but I will say that you know regulated financial services requires employees and so you can't just go, the SEC won't.

是的，我稍後會把這個任務交給你，賈瑞特，但我要說的是，你知道受監管的金融服務需要員工，所以你不能就這樣離開，美國證券交易委員會不會這樣做。

Look just to code for approval, human beings have to stand in the middle, so, and we have this incredible culture which I think, is a true advantage in implementing AI throughout the firm, but Jarrett, why don't you go into the specifics?

看看批准程式碼，人類必須站在中間，所以，我們有這種令人難以置信的文化，我認為這是在整個公司實施人工智慧的真正優勢，但是賈勒特，你為什麼不講具體細節呢？

Sure, and I think, just following up on that, a lot of people talk about using AI we're really doing it, and I think the size of our company makes that more possible. We've got everyone in the company involved and we're really looking at three broad buckets of where we can use AI to enhance our performance and the first buckets really how do we enhance the customer experience and customer outcomes. The second one is how do we enhance growth and efficiency.

當然，我認為，很多人都在談論使用人工智慧，我們確實在這樣做，而且我認為我們公司的規模使這更有可能。我們讓公司中的每個人都參與其中，我們正在真正研究三個可以利用人工智慧來提高我們績效的領域，而第一個領域實際上是如何提高客戶體驗和客戶成果。第二個問題是如何提高成長和效率。

And the third one I think is very interesting is how do we actually enhance decision making and in all cases, it's about doing more better and doing more faster. And I can go into more detail, but in every other in every part of the company we're seeing results whether that's in sales research, marketing, tech, and even in our legal work stream. So, it's across the board with every employee.

我認為第三個非常有趣的問題是，我們如何真正提升決策能力，在所有情況下，這都是為了做得更好、做得更快。我可以講得更詳細一些，但在公司的每個部門，我們都看到了成果，無論是在銷售研究、行銷、技術，甚至是我們的法律工作流程中。所以，這對每個員工來說都是全面的。

Perfect, congrats on the results. Thanks guys.

完美，祝賀結果。謝謝大家。

(Operator Instructions)

（操作員指示）

Mike Grondahl, Northland Securities.

北國證券公司的麥克‧格隆達爾 (Mike Grondahl)。

Hey guys, thanks. Can you just give us a little bit of update on your crypto funds today, digital assets and sort of how you see those developing over the next year or two?

嘿，大家，謝謝。您能否向我們介紹一下您目前的加密基金、數位資產的最新情況，以及您對未來一兩年內這些資產的發展有何看法？

And then secondly, just kind of I know you can't name names but like how does the pipeline look for some new ETFs?

其次，我知道你不能說出名字，但是一些新的 ETF 的管道是怎麼樣的呢？

Jeremy, or I think maybe you could touch on all crypto, in Europe or in the US. You want to start there, maybe you'll have something to add.

傑里米，或者我認為也許你可以談談歐洲或美國的所有加密貨幣。如果你想從那裡開始，也許你會有一些東西要補充。

Yeah, in the US, you're from a pure crypto perspective we've focused on Bitcoin and then in Europe we've had a, it's really where we've shown a lot more leadership in having baskets. We launched a broad 20-coin basket product and we had some good early capital around $100 million come into that type of basket.

是的，在美國，從純粹的加密角度來看，我們專注於比特幣，然後在歐洲，我們確實在籃子方面表現出了更多的領導力。我們推出了包含 20 種貨幣的籃子產品，並且我們早期獲得了約 1 億美元的良好資本投入到這種籃子產品中。

We've taken in over $100 million in the crypto offering in Europe this year and so we're seeing good leadership out of Europe. We continue to look at the US and what to do in terms of more crypto offerings. We're certainly focused on that in the prime app that Will is overseeing, but I think as you get a new regulatory environment in the US, we'll start to look to see what else we can do. In the US was a very restrictive environment here in the US for a while.

今年，我們在歐洲的加密貨幣發行中獲得了超過 1 億美元的資金，因此我們看到了歐洲良好的領導力。我們將繼續關注美國以及如何提供更多的加密貨幣產品。我們當然會專注於威爾負責的 Prime 應用程序，但我認為，隨著美國出現新的監管環境，我們會開始尋找還能做些什麼。有一段時間，美國的環境非常嚴格。

In terms of the broader products that you asked about, we can't talk about things that are not filed or coming to market, but Jarrett highlighted this new opportunities fund for Europe. It's a Another version of what they're doing with Defence over in the usage form we found for more of that flavors in the US as well.

就您詢問的更廣泛的產品而言，我們不能談論尚未提交或尚未上市的產品，但賈勒特強調了這個針對歐洲的新機會基金。這是我們在美國發現的更多類似使用形式的防禦措施的另一個版本。

So we're going to be continuing to expand new products as we always do, looking at the right themes and you know we're very excited that we're as diversified as ever with both growth, value, thematics really in terms of the global rotation that's happening this year, you're seeing our AUM hold up much better than the broader. A sort of US market op opportunity set and we're excited about that.

因此，我們將一如既往地繼續擴展新產品，關注正確的主題，你知道，我們非常高興，我們的多元化程度一如既往，既有增長，又有價值，主題真正就今年發生的全球輪換而言，你會看到我們的 AUM 比更廣泛的範圍要好得多。這是一種美國市場營運機會，我們對此感到興奮。

Thank you.

謝謝。

No, I think Jeremy covered the crypto ETPs very well, very excited about that, and there's a lot of natural synergy with what we're doing in tokenization. Where, like I mentioned earlier, we've got a really robust client pipeline for wisdom for Connect over the course of the year. The money market fund's obviously been a hit so far. We're also seeing some interest in equities as well, so we're excited about that.

不，我認為 Jeremy 對加密 ETP 的報道非常透徹，對此感到非常興奮，而且與我們在代幣化方面所做的工作有很多自然的協同作用。正如我之前提到的，我們在一年內為 Connect 建立了真正強大的客戶管道。到目前為止，貨幣市場基金顯然受到了歡迎。我們也看到人們對股票有一些興趣，所以我們對此感到興奮。

And I think, over time we're really going to be levered to the stablescoin growth story here in the US. We're seeing stablecoin legislation making its way through Congress right now, which is just going to open up a huge user base for our products, WisdomTree Prime as well, in addition to WisdomTree Connect. So, we're quite excited about it.

我認為，隨著時間的推移，我們確實會利用美國穩定幣的成長故事。我們看到穩定幣立法正在國會審議，這將為我們的產品 WisdomTree Prime 和 WisdomTree Connect 開闢龐大的用戶群。因此，我們對此感到非常興奮。

As well.

也一樣。

Any other questions?

還有其他問題嗎？

No, thank you.

不，謝謝。

Thank you. And there are no further questions in queue at this time, so I'll hand the floor back to Jonathan Steinberg for closing remarks.

謝謝。目前沒有其他問題，因此我將把發言權交還給喬納森·斯坦伯格 (Jonathan Steinberg) 作結束語。

Thank you. A very strong, clean quarter. We appreciate, your, support and attention on today's call, and we'll speak to you, in 90 days.

謝謝。這是一個非常強勁、乾淨的季度。我們感謝您對今天電話會議的支持和關注，我們將在 90 天後與您通話。

Thank you, everybody. Have a good day.

謝謝大家。祝你有美好的一天。

Thank you and that concludes today's call. All parties may disconnect. Have a good day.

謝謝，今天的通話到此結束。各方均可斷開連線。祝你有美好的一天。