WisdomTree, Inc. (WT) 2026 Q1 法說會逐字稿

Greetings, and welcome to the WisdomTree Q1 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 WisdomTree 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Jessica Zaloom, Head of Corporate Communications. Thank you, Jessica. You may begin.

現在我將把會議交給企業傳播主管 Jessica Zaloom。謝謝你，Jessica。你可以開始了。

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.

早安。在開始之前，我想先提及今日簡報中提供的法律聲明。本簡報可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

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 WisdomTree's annual report on Form 10-K for the year ended December 31, 2025, 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.

多項因素可能導致實際結果與前瞻性陳述中討論的結果出現重大差異，包括但不限於本簡報所載風險、WisdomTree 截至 2025 年 12 月 31 日止年度之 Form 10-K 年報「風險因素」章節所列風險，以及其後向美國證券交易委員會提交或提供的後續報告中所載風險。WisdomTree 不承擔且不承諾更新任何前瞻性陳述之義務。

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

現在我很高興將電話會議交給 WisdomTree 財務長 Bryan Edmiston。

Thank you, Jessica, and good morning, everyone. I'll begin with a review of our first quarter results, followed by updates to our forward-looking guidance before turning the call over to Jarrett and Jono for additional business updates. . Our assets under management reached a record $152.6 billion, marking our fifth consecutive quarter of record AUM and up 6% from year-end driven by net inflows and market appreciation. Growth was broad-based with record AUM across our US, European and digital asset platforms.

謝謝你，Jessica，各位早安。我將先回顧第一季業績，接著更新我們的前瞻性指引，然後把電話交給 Jarrett 和 Jono，提供更多業務更新。。我們的資產管理規模（AUM）達到創紀錄的 1,526 億美元，連續第五個季度創新高，較年末成長 6%，主要由淨流入與市場上漲帶動。成長面向廣泛，我們在美國、歐洲及數位資產平台的 AUM 皆創下新高。

We generated $5.9 billion of net inflows globally, a 17% annualized organic growth rate, including $3.1 billion in Europe, $2.6 billion in the US, $100 million in Digital assets and $75 million in private assets.

我們全球淨流入達 59 億美元，年化有機成長率為 17%，其中歐洲 31 億美元、美國 26 億美元、數位資產 1 億美元，以及私募資產 7,500 萬美元。

Flows were led by our international equity exposures, including our Japan strategies and UCITS thematic products with particular strength in areas such as our European defense and rare earth funds. Fixed income was also a key contributor and our leveraged and inverse suite also generated meaningful inflows, reflecting elevated volatility in the commodity markets.

資金流入主要由我們的國際股票曝險帶動，包括日本策略與 UCITS 主題型產品，尤其在歐洲國防與稀土基金等領域表現強勁。固定收益亦是重要貢獻來源；此外，我們的槓桿與反向產品組合也帶來可觀淨流入，反映商品市場波動性升高。

Notably, flows were skewed toward higher fee products resulting in a 1 basis point increase in our average advisory fee during the quarter. We also just completed our acquisition of Atlantic House, a U.K.-based asset manager with approximately $4 billion in AUM, generating 53 basis points in advisory fees from its defined outcome and derivatives driven strategies. The business also generates complementary revenues including 25 basis points on $1.5 billion of AUA in managed models as well as structuring fees from bespoke investment solutions, which totaled $13 million during 2025.

值得注意的是，資金流向偏向費率較高的產品，使我們本季平均顧問費率上升 1 個基點。我們也剛完成對 Atlantic House 的收購；該公司為英國資產管理機構，AUM 約 40 億美元，其「定義結果」與衍生品驅動策略可產生 53 個基點的顧問費收入。該業務亦帶來互補性收入，包括在 15 億美元管理模型 AUA 上收取 25 個基點，以及為客製化投資解決方案收取的結構設計費；2025 年結構設計費合計為 1,300 萬美元。

Taken together, these revenue streams represent an overall revenue yield of approximately 95 basis points. The purchase price is $200 million, which has been financed through recently issued convertible notes. This transaction is expected to increase our overall revenue yield by almost 2 basis points, is modestly accretive and further enhances our product capabilities and distribution footprint across Europe, while supporting higher quality revenue growth over time.

綜合而言，這些收入來源代表整體收入收益率約為 95 個基點。收購價格為 2 億美元，已透過近期發行的可轉換公司債融資。預期此交易將使我們整體收入收益率提高近 2 個基點，對獲利略具增益，並進一步強化我們在歐洲的產品能力與通路布局，同時支持長期更高品質的收入成長。

Overall, our record AUM and strong organic growth underscore the strength of our business, while our disciplined approach to strategic expansion positions us well to continue driving growth and long-term shareholder value. Global AUM currently stands at approximately $164.3 billion, up almost $12 billion or 8% from March 31, driven by favorable market conditions, approximately $800 million of net inflows and the inclusion of Atlantic House.

整體而言，我們創紀錄的 AUM 與強勁的有機成長凸顯業務實力；同時，我們在策略性擴張上保持紀律，使我們具備持續推動成長與長期股東價值的良好定位。目前全球 AUM 約為 1,643 億美元，較 3 月 31 日增加近 120 億美元或 8%，主要受惠於有利的市場環境、約 8 億美元的淨流入，以及納入 Atlantic House。

Next slide. Revenues were $159.5 million during the quarter, an increase of 8% from the fourth quarter and 48% from the prior year quarter driven by higher AUM and growth in other revenues. Other revenues of $16.4 million reflect higher AUM and elevated trading activity in our European products, up from almost $13 million recognized in the prior quarter.

下一張投影片。本季營收為 1.595 億美元，較第四季增加 8%，較去年同期增加 48%，主要由 AUM 提升及其他收入成長所帶動。其他收入為 1,640 萬美元，反映 AUM 增加及我們歐洲產品交易活動升溫，較前一季認列的近 1,300 萬美元增加。

Results versus the prior year quarter also include approximately $8 million of revenue contribution from Ceres. Ceres' contribution included management fees and performance fees of $5.2 million and $3 million, respectively. Performance fees reflect normal seasonality tied to performance-based fee structures along with limited activity in the solar portfolio during the quarter.

與去年同期相比的結果亦包含 Ceres 約 800 萬美元的營收貢獻。Ceres 的貢獻包括管理費 520 萬美元與績效費 300 萬美元。績效費反映與績效型費率結構相關的正常季節性因素，以及本季太陽能投資組合活動有限。

Our adjusted operating margin has expanded 770 basis points when compared to the prior year quarter. Adjusted net income was $40.6 million or $0.27 per share. Adjusted net income excludes the loss on extinguishment of convertible notes related to the repurchase of a significant portion of our 2026 and 2029 maturities. This refinancing reflects a proactive repositioning of our capital structure, replacing lower conversion price instruments with new convertible notes at a 4.5% coupon and $21.58 per share conversion price, providing meaningful headroom and reducing potential dilution.

相較去年同期，我們的調整後營業利益率擴張 770 個基點。調整後淨利為 4,060 萬美元，或每股 0.27 美元。調整後淨利排除因回購我們 2026 年與 2029 年到期可轉債之大部分而產生的可轉債提前清償損失。此次再融資反映我們主動調整資本結構，以票息 4.5%、轉換價每股 21.58 美元的新可轉債取代轉換價較低的工具，提供顯著的緩衝空間並降低潛在稀釋。

This transaction also supports funding for the Atlantic House acquisition, aligning our financing strategy with our broader growth and capital allocation priorities. As a reminder, the Atlantic House acquisition is expected to add approximately $4 billion in AUM, generating 53 basis points in advisory fees, along with complementary revenues from managed models as well as structuring fees from bespoke investment solutions. The transaction closed this morning. Next slide.

此交易亦支持 Atlantic House 收購案的資金需求，使我們的融資策略與更廣泛的成長與資本配置優先事項一致。提醒一下，Atlantic House 收購案預期將增加約 40 億美元 AUM，產生 53 個基點的顧問費，並帶來管理模型及客製化投資解決方案結構設計費等互補性收入。該交易已於今晨完成交割。下一張投影片。

Now a few comments on our forward-looking guidance, which includes the impact of the Atlantic House acquisition on our expense base. Our compensation to revenue ratio of 26% to 28% remains unchanged, and we expect to trend towards the upper half of the range, reflecting the addition of Atlantic House which is accretive to our operating margins and earnings, but carries a modestly higher compensation ratio. We are also increasing our gross margin guidance by 1-percentage-point, now ranging from 83% to 84%, reflecting continued operating leverage from organic growth as well as the Atlantic House acquisition.

接下來針對我們的前瞻性指引補充幾點，該指引已包含 Atlantic House 收購對費用基礎的影響。我們的薪酬占營收比率 26% 至 28% 維持不變，且預期將趨向區間上半部，反映納入 Atlantic House；該收購對營業利益率與獲利具增益，但其薪酬比率略高。我們也將毛利率指引上調 1 個百分點至 83% 至 84%，反映有機成長帶來的持續營運槓桿，以及 Atlantic House 收購的影響。

We are also increasing our discretionary spending guidance by $3 million to reflect the inclusion of Atlantic House. Our third-party distribution expense is expected to range from $20 million to $24 million, driven by higher AUM and elevated trading activity primarily across our European platforms, with commodity market volatility influencing where we fall within the range.

我們亦將可裁量支出指引上調 300 萬美元，以反映納入 Atlantic House。第三方通路費用預期介於 2,000 萬至 2,400 萬美元，主要由 AUM 增加及交易活動升溫所帶動，且主要集中於我們的歐洲平台；商品市場波動將影響我們落在區間內的哪一端。

Interest expense is forecasted to be approximately $53 million for the year, reflecting our current capital structure and the anticipated retirement of our remaining 2026 and 2029 notes this summer.

全年利息費用預估約為 5,300 萬美元，反映我們目前的資本結構，以及預期於今年夏季償還剩餘 2026 年與 2029 年到期票據。

Quarterly interest expense is expected to be approximately $15 million in the second quarter declining to approximately $14 million in both the third and fourth quarters. We are increasing our interest income guidance by $2 million to $10 million for the year, reflecting the level of our interest-earning assets in the forecasted rate environment.

第二季單季利息費用預期約為 1,500 萬美元，第三季與第四季則各降至約 1,400 萬美元。我們將全年利息收入指引上調 200 萬美元至 1,000 萬美元，反映在預測利率環境下，我們可生息資產的水準。

Our adjusted tax rate is expected to be approximately 24% to 25% compared to 24% previously, reflecting the addition of Atlantic House. And finally, our weighted average diluted shares were 152 million in the first quarter. We expect shares to increase to approximately 155 million to 158 million in the second quarter reflecting the full impact of shares issued in connection with our convertible note refinancing and then declining to approximately 154 million in the second half of the year, following the retirement of the remainder of our 2026 and 2029 notes, which we anticipate settling for cash. That's all I have.

我們的調整後有效稅率預期約為 24% 至 25%，先前為 24%，反映納入 Atlantic House。最後，我們第一季加權平均稀釋後股數為 1.52 億股。我們預期第二季股數將增加至約 1.55 億至 1.58 億股，反映與可轉債再融資相關之發行股份的完整影響；其後在下半年將下降至約 1.54 億股，因我們將償還剩餘的 2026 年與 2029 年到期票據，且預期以現金結算。我就說到這裡。

I will now turn the call over to Jarrett.

我現在把電話交給 Jarrett。

All right. Thank you, Bryan, and good morning. This was another quarter marked by steady broad-based execution and continued momentum across the business. The results were strong, but more importantly, they reflect the consistency of a strategy that is delivering and scaling. As Bryan just highlighted, we generated nearly $6 billion of net inflows in the quarter including $2.6 billion in March, making this our strongest quarter since Q1 of 2023.

好的。謝謝你，Bryan，大家早安。本季同樣展現穩健、廣泛的執行力，且全業務持續保持動能。業績表現強勁，但更重要的是，這反映出一套正在落地並可擴張的策略所帶來的一致性成果。如同 Bryan 剛才強調的，我們本季淨流入接近 60 億美元，其中 3 月淨流入 26 億美元，使本季成為自 2023 年第一季以來最強的一季。

And what stands out the most, though, is the quality and the breadth of those flows. We saw inflows across 7 of our 8 major product categories, reinforcing that WisdomTree is increasingly winning as a diversified platform rather than tied to any single product, theme or market call. And that matters because it demonstrates that we can generate growth across market environments and not just when conditions are favorable. This quarter also highlighted how clients are using us. They engage with us across geographies, asset classes and use cases from international developed equity to fixed income to leverage strategies to digital assets.

不過，最突出的其實是這些資金流入的品質與廣度。我們在 8 大主要產品類別中的 7 類都看到資金流入，這再次印證 WisdomTree 正日益以多元化平台取勝，而非依賴單一產品、主題或市場判斷。這點很重要，因為它顯示我們能在不同市場環境下都能創造成長，而不僅是在條件有利時。本季也凸顯客戶如何使用我們的平台。他們跨地域、跨資產類別與多種使用情境與我們合作，從已開發市場的國際股票、固定收益、槓桿策略到數位資產。

And in March, in particular, we saw a bear market playbook unfold in real time across our platform. Clients were allocating to both offense and defense, income, liquidity and hedging strategies alongside risk-taking exposures. And what stood out in that environment was how well the platform held up despite an extremely volatile backdrop, AUM ended the quarter at approximately $153 billion and has since recovered to $164 billion including $4 billion from Atlantic House.

尤其在 3 月，我們在平台上即時看到一套熊市操作手冊的展開。客戶同時配置進攻與防守部位，在承擔風險曝險的同時，也配置收益、流動性與避險策略。在那樣的環境下，最令人印象深刻的是，即便市場極度波動，我們的平台仍表現穩健；季末 AUM 約為 1,530 億美元，之後已回升至 1,640 億美元，其中包含 Atlantic House 帶來的 40 億美元。

And that resilience speaks directly to the strength and utility of our product lineup. Products like USFR continue to serve as an important portfolio ballast and more broadly, you can see the key drivers of that stability and growth. Our UCITS platform continues to lead with over $3.4 billion of inflows year-to-date, and AUM up over 26%. Portfolio Solutions continues to gain traction as a structural growth engine. And in digital, we generated $98 million of inflows in Q1 with AUM reaching a record $867 million, driven primarily by our tokenized money market fund.

這種韌性直接反映我們產品線的強度與實用性。像 USFR 這類產品持續扮演重要的投資組合穩定器；更廣泛來看，你可以看到支撐穩定與成長的關鍵驅動因素。我們的 UCITS 平台今年迄今持續領先，淨流入超過 34 億美元，AUM 成長逾 26%。Portfolio Solutions 持續獲得市場採用，成為結構性成長引擎。在數位資產方面，我們第一季淨流入 9,800 萬美元，AUM 創新高達 8.67 億美元，主要由我們的代幣化貨幣市場基金所帶動。

Importantly, the story there is evolving. It's increasingly about real use cases and adoption and not just infrastructure. Alongside that organic progress, we also continued to make measured strategic progress. Ceres is now part of the base business, and with the closing of Atlantic house this morning, we are continuing to build out the platform in a disciplined way. Both transactions are consistent with how we think about capital allocation and creating faster, more durable long-term growth, which Jono will walk through in more detail in a moment.

重要的是，這個故事正在演進。焦點愈來愈是實際使用情境與採用，而不只是基礎設施。在這些有機進展之外，我們也持續以審慎方式推進策略性進展。Ceres 現已成為基本業務的一部分，而隨著今天早上完成 Atlantic House 的交割，我們正以紀律性的方式持續擴建平台。這兩筆交易都符合我們對資本配置與打造更快、更具韌性的長期成長的思考方式；Jono 稍後會更詳細說明。

Overall, there's a difference between having a strategy and delivering on it. And what we are doing is delivering, and we built a proven track record of consistent execution. Quarter-by-quarter, we are strengthening the platform and building real momentum.

整體而言，有策略是一回事，把策略落地交付又是另一回事。而我們正在做到交付，並建立了持續穩定執行的可驗證紀錄。一季接一季，我們持續強化平台並累積真正的動能。

And with that, let me turn it over to Jono.

接下來我把時間交給 Jono。

Thank you, Jarrett, and good morning, everybody. What Bryan and Jarrett just walked through really speaks to the strength of the business we have built. We delivered another quarter of broad-based execution in a volatile environment with strong inflows, with resilient assets and continued traction across the platforms.

謝謝你，Jarrett，大家早安。Bryan 和 Jarrett 剛才的說明，充分展現我們所打造業務的實力。在波動的環境中，我們再度交出一季廣泛且穩健的執行成果：資金流入強勁、資產具韌性，且各平台持續獲得採用。

I think the most important takeaway is that this was not driven by any one product or one strategy or one market backdrop. It reflects a business that is becoming more diversified, more durable and increasingly more capable of compounding growth over time. That is exactly the foundation we want in place as we continue to build WisdomTree.

我認為最重要的重點是，這並非由任何單一產品、單一策略或單一市場背景所驅動。這反映出我們的業務正變得更為多元、更具韌性，且愈來愈能隨時間複利式成長。這正是我們在持續打造 WisdomTree 時，希望奠定的基礎。

That brings me to the two transactions we have recently closed; Ceres and Atlantic House. We are not pursuing acquisitions for the sake of being acquisitive. M&A for us is a complement to organic growth, not the core strategy. The bar is high, the fit has to be clear and the transaction has to strengthen the business in tangible ways. At a high level, the logic is simple we want companies that help us diversify the business by adding differentiated products and capabilities we do not have today.

這也帶到我們近期完成的兩筆交易：Ceres 與 Atlantic House。我們並不是為了併購而併購。對我們而言，併購是有機成長的補充，而非核心策略。我們的門檻很高：契合度必須明確，且交易必須以具體方式強化業務。從高層次來看，邏輯很簡單：我們希望這些公司能透過加入我們目前尚未具備的差異化產品與能力，協助我們讓業務更多元化。

We want them to enhance the economics of the firm by bringing higher revenue yields and stronger margin characteristics. We want them to accelerate growth, by giving us more ways to win flows, deepen client relationships and extend those offerings more broadly across WisdomTree. Ceres is a very good example of that approach. It brought us into private assets to an uncorrelated asset class, and it did so in a way that adds attractive economics to the business.

我們希望它們能透過帶來更高的營收收益率與更強的利潤率特性，提升公司的經濟性。我們希望它們能加速成長，讓我們有更多方式贏得資金流入、深化客戶關係，並將這些產品更廣泛地延伸至 WisdomTree 平台。Ceres 就是這種做法的很好例子。它讓我們進入私募資產、切入一個低相關性的資產類別，並以能為業務帶來具吸引力經濟性的方式完成。

It expands our capabilities in an area where we see real client demand while also improving the earnings profile of the firm. Atlantic House fits the same logic. It adds differentiated derivatives capability expands our reach, particularly in the UK wealth channel and strengthens our ability to deliver more outcome-oriented solutions for clients. It also helps globalize our portfolio solutions business by extending that footprint into the UK and accelerating the international expansion of that offering.

它在我們看到真實客戶需求的領域擴展了能力，同時也改善公司的獲利結構。Atlantic House 也符合相同邏輯。它加入差異化的衍生品能力、擴大我們的觸及範圍，特別是在英國財富管理通路，並強化我們為客戶提供更偏結果導向解決方案的能力。它也透過把版圖延伸到英國，協助我們將 Portfolio Solutions 業務全球化，並加速該產品在國際市場的擴張。

From an economic standpoint, Atlantic House brings a revenue yield of approximately 95 basis points which lifts our overall firm-wide revenue yield by about 2 basis points to roughly 43.5 basis points. Just as importantly, it brings expertise and solutions that we believe can be scaled through the broader global WisdomTree platform. So again, this is not simply about adding assets, it's about adding enhanced expertise and differentiated offerings with better economics and greater growth potential.

從經濟性角度來看，Atlantic House 帶來約 95 個基點的營收收益率，將我們全公司整體營收收益率提高約 2 個基點至約 43.5 個基點。同樣重要的是，它帶來我們相信可透過更廣泛的全球 WisdomTree 平台進行規模化的專業能力與解決方案。因此再次強調，這不只是增加資產規模，而是加入更強的專業能力與差異化產品，具備更佳的經濟性與更高的成長潛力。

Stepping back, what these deals really show is how we are continuing to strengthen the business. We are broadening the platform, improving the quality of our revenue and adding areas of expertise that we believe can help accelerate firm-wide organic growth over time. That is why both Ceres and Atlantic House fit so well with where we are taking WisdomTree. We are still in the early stages of integrating and scaling these capabilities, but the fit is clear, the rationale is clear and the opportunity is clear. We are building a business with more ways to win better economics and greater earnings power.

退一步來看，這些交易真正展現的是我們如何持續強化業務。我們正在擴大平台、提升營收品質，並加入我們相信能隨時間加速全公司有機成長的專業領域。這就是為什麼 Ceres 與 Atlantic House 都如此契合我們推進 WisdomTree 的方向。我們仍處於整合與擴大這些能力的早期階段，但契合度清楚、理由清楚、機會也清楚。我們正在打造一個有更多方式取勝、具更佳經濟性與更強獲利能力的企業。

That is how we will continue to deliver strong top line growth, continued margin expansion and even faster earnings per share growth over time.

這將是我們持續實現強勁營收成長、持續擴大利潤率，並在時間推移下帶來更快每股盈餘成長的方式。

Thank you. Now let's open up the call to questions.

謝謝。現在我們開放提問。

(Operator Instructions)

(接線員指示)

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Could you talk about the advantages of WisdomTree's tokenized money market fund compared to other non-tokenized yield-generating options with respect to your new partnership with Stable Sea?

就你們與 Stable Sea 的新合作而言，你能談談 WisdomTree 的代幣化貨幣市場基金，相較於其他非代幣化的收益型選項有哪些優勢嗎？

Absolutely. Thank you for the question. Will, will you pick that up?

當然可以。謝謝你的提問。Will，你來接這題可以嗎？

Yeah, absolutely. So Page 11 of the deck talks about our, we're positioned to win business through a combination of the functionality that we've got and our strong US regulatory positioning. So unlike a lot of the tokenized money market funds that are out there, WTGXX ours is a 1940 Act fund sold by prospectus in the US It's available to US

是的，完全同意。所以簡報第 11 頁談到我們的情況：我們透過既有的功能組合，以及在美國強而有力的監管合規定位，具備贏得業務的優勢。因此，不同於市面上許多代幣化貨幣市場基金，我們的 WTGXX 是一檔依《1940 年投資公司法》設立、在美國以公開說明書（prospectus）銷售的基金，可提供給美國

retail, US businesses and global businesses as well. So just by virtue of doing that and also having kind of strong functionality around that.

零售投資人、美國企業以及全球企業使用。所以僅憑這一點，再加上我們在這方面也具備相當強的功能性。

Also this quarter, we announced that we got an exemptive relief from the SEC to have the money market fund trade view of broker-dealer in the secondary market on an intraday 24/7 basis, which is like truly unique functionality, especially in the '40 Act here in the US So we feel really strong about our positioning of our tokenized money market fund, and we're establishing a lot of partnerships and relationships.

另外在本季，我們宣布已獲得美國證券交易委員會（SEC）的豁免性救濟（exemptive relief），使該貨幣市場基金得以透過經紀自營商（broker-dealer）在次級市場以盤中、24/7 的方式交易；這可說是真正獨特的功能，尤其是在美國的《1940 年法》框架下。

Stable Sea is a great example. Stable Sea as a start-up run by some former blocked employees, that's focused, and their payments experts, they're focused on bringing payments use cases to small- and medium-sized businesses throughout the United States.

Stable Sea 就是一個很好的例子。Stable Sea 是一家新創公司，由一些前 Block 員工創立並經營；他們專注於（而且他們是支付領域的專家）把支付應用情境帶給全美各地的中小企業。

And like I would not have thought about a small business in the US as being kind of underbanked but kind of through these conversations, we've been learning a lot about how, hey, getting access to a tokenized money market fund yielding 3.5% today is much, much better than what they were getting through maybe nonexistent savings accounts paying essentially nothing, right?

而且我原本不會把美國的小型企業視為「金融服務不足」（underbanked），但透過這些對話，我們學到很多：例如，能夠取得一檔目前收益率 3.5% 的代幣化貨幣市場基金，遠遠好過他們可能只有不存在的儲蓄帳戶、幾乎不付利息的情況，對吧？

So it's just showing kind of new use cases in us kind of building distribution relationships, both in TradFi in addition to kind of like DeFi channels where we've been focusing today. So that's some of the ways that we're differentiated and why we feel really good about our positioning right now.

所以這顯示出一些新的使用情境，也讓我們在建立通路合作關係方面有所進展：除了我們目前著重的 DeFi 通路之外，也包括傳統金融（TradFi）。以上就是我們的一些差異化之處，以及為什麼我們對目前的定位感到非常有信心。

Great. And then are there opportunities to generate higher fees on model portfolios as WisdomTree gain scale in the adviser relationships? And could you provide some detail on the overall relationship dynamics there, especially given the additional model AUM from Atlantic House?

很好。接著，隨著 WisdomTree 在顧問關係上取得規模，模型投資組合（model portfolios）是否有機會產生更高的費率？另外，能否談談整體的合作關係動態，特別是考量到 Atlantic House 帶來的額外模型資產管理規模（model AUM）？

Jarrett, I think that starts with you and maybe Jeremy?

Jarrett，我想這題先從你開始，或許再請 Jeremy 補充？

Sure. I think in general, yes, the model opportunity for us globally does a number of things. First of all, though, it brings stickier assets. deepens the relationship with our partners, and it does lead us to a nice stable mix of WisdomTree funds that are in those portfolios. In addition to that, as you add sort of horsepower from Atlantic House, you add even further sort of value add that as Jono sort of covered in prepared remarks, comes at a higher revenue capture.

當然。我認為整體而言，是的，我們在全球的模型業務機會能帶來幾件事。首先，它帶來更黏著的資產、加深與合作夥伴的關係，並讓 WisdomTree 基金在這些投資組合中形成一個良好且穩定的配置組合。此外，隨著加入 Atlantic House 的「馬力」（能力），你會再增加更多附加價值；正如 Jono 在事先準備的發言中提到的，這也會帶來更高的收入擷取率（revenue capture）。

So overall, these things, including SMAs, by the way, which is another area where we're pushing forward quite nicely. All of these things just lead to higher quality flows, I think, with a tilt towards higher revenue capture and just better quality of earnings.

所以整體來看，這些事情——順帶一提也包括 SMA（分別管理帳戶），這也是我們推進得相當不錯的另一個領域——都會帶來我所說的更高品質的資金流入，並且更偏向較高的收入擷取率，讓獲利品質更好、更穩健。

If I have time for one more. We saw other revenues were strong in the quarter. Could you talk about what contributed to that? And if there's going to be additional growth there?

如果我還有時間再問一題。我們看到本季其他收入（other revenues）表現強勁。能否談談是哪些因素貢獻了這部分？以及未來是否還會有額外成長？

Yes. So this is Bryan and thank you for the question. You're right. Our other revenues were $16 million this quarter versus $13 million last quarter. And again, that was driven by higher AUM and transaction fees, largely tied to our European commodity products.

可以。我是 Bryan，謝謝你的提問。你說得沒錯。我們本季其他收入為 1,600 萬美元，上季為 1,300 萬美元。同樣地，主要是由更高的 AUM 與交易費帶動，且多半與我們在歐洲的商品產品相關。

And if volatility persists, we could see similar levels of that revenue growth going forward. About 40% of that line item is the transaction fee element, 60% is AUM base. So there is some variability and volatility there as well.

如果波動性持續，我們未來可能會看到類似水準的收入成長。該項目中約 40% 來自交易費要素，60% 來自以 AUM 為基礎的收入。因此這部分也存在一定的變動性與波動。

The other thing we don't want you to overlook is Atlantic House and that acquisition. In 2025, Atlantic House generated about $16 million of revenue between its models and product structuring business. That revenue is also going to run through this line item going forward. So if you were to prorate that as of today, it would be about $11 million of incremental revenue.

另外一點我們不希望你忽略的是 Atlantic House 以及那筆收購。在 2025 年，Atlantic House 在其模型與產品結構設計（product structuring）業務之間合計創造了約 1,600 萬美元的收入。未來這部分收入也會計入這個項目。因此如果以今天的時間點按比例估算，約相當於額外增加 1,100 萬美元的收入。

Let me just add on the Atlantic House, they're sort of derivative solutions that they've been doing just in the U.K. They have really established a business that has scaled. So they've done over $20 billion of structured solutions delivered across more than 120 clients. And we do believe that, that solution clients that want to want these sort of bespoke defined outcome for themselves. It's sort of like in, almost like an SMA, but not the SMA structure, but very tailored to the clients needs.

我再補充一下 Atlantic House：他們在英國所做的衍生性解決方案（derivative solutions）業務，已經建立起一個具規模化的成熟事業。他們已交付超過 200 億美元的結構型解決方案，服務超過 120 家客戶。我們確實相信，這類想要為自己量身打造「特定結果」（defined outcome）的解決方案客戶——某種程度上有點像 SMA，但不是 SMA 的架構，而是非常貼合客戶需求的客製化方案。

Has both broad European and US appeal. And so that other revenue line, we really do think should grow not just for the rest of this year, but significantly in 2027.

在歐洲與美國都具有廣泛吸引力。因此，我們確實認為這條其他收入線不僅在今年剩餘時間會成長，並且在 2027 年會有顯著成長。

Anything else, Wilma?

還有其他要補充的嗎，Wilma？

No.

沒有。

Chris Kotowski, Oppenheimer.

Oppenheimer 的 Chris Kotowski。

This is actually John Coffey on for Chris. I just had a couple of questions. One is on Page 4. I think when you mentioned your 95 basis point yield for Atlantic House. Is that the right way to look at revenues going forward?

其實我是代 Chris 發言的 John Coffey。我有幾個問題。第一個是關於第 4 頁。我想你提到 Atlantic House 的 95 個基點收益率（yield）。這是看待未來收入的正確方式嗎？

Or do you think it should be, or should I really look at some of the constituent parts like the models under advisement, yield and restructuring fees, like should this be really modeled out on sort of a more granular level? Or is that 95 a pretty good way to think about it going forward?

還是你認為我應該看一些構成要素，例如受託建議（under advisement）的模型、收益與重組費（restructuring fees）等——也就是說，是否應該用更細的層級來建模？或者 95 個基點就是一個相當不錯的方式來思考未來？

I'll start Bryan but maybe you can jump in. So I think about the business in revenue yield terms. It's very, very important to me that we grow our revenue yield. I think it's really one of the, and it ties to even product consideration. So you think that we're 43.5 basis points on $165 billion today, Atlantic House was 95 basis points of revenue yield, Ceres is 200 plus and just know that we are focused on it as part of our strategic initiatives.

我先回答，Bryan 你也可以補充。我會用「收入收益率」（revenue yield）的角度來看這門生意。對我來說，提升我們的收入收益率非常、非常重要。我認為這真的是其中一個關鍵，而且也會連結到產品面的考量。所以你看，我們目前在 1,650 億美元資產上是 43.5 個基點；Atlantic House 的收入收益率是 95 個基點；Ceres 是 200 個基點以上。請理解，我們把它作為策略性倡議的一部分，並且非常聚焦在這件事上。

So now there is some volatility that is outside of our control, meaning asset mix, where the market goes. But from what we can control, that is a metric that we are laser-focused on. But Bryan I'll turn it to you.

當然也有一些我們無法控制的波動，例如資產組合、以及市場走勢。但就我們能控制的部分而言，這是一個我們高度聚焦的指標。不過 Bryan，我把問題交給你。

Yeah. So, from a modeling standpoint, I would suggest, though, just not looking at it as 1 overall revenue yield, but looking at the component part. So that advisory fee line is going to grow based upon the AUM on our platform, excluding Ceres' AUM at whatever our revenue capture is in that particular line item. And again, that revenue capture ticked up 1 basis point this quarter.

好的。所以從建模的角度，我會建議不要只把它視為單一的整體收入收益率，而是要看各個組成部分。因此，顧問費（advisory fee）那一行會隨著我們平台上的 AUM 成長而成長（不含 Ceres 的 AUM），並依該項目中的收入擷取率來計算。而且同樣地，這一季該收入擷取率上升了 1 個基點。

I would think about Ceres separately, modeling those management fees at 1% of AUM. And then the performance fee is another variable element to be taken into consideration as well. And then when it comes down to the last line item, our other revenue line, again, a lot of that has been driven by the activity that we're seeing out in Europe in our commodity products. You have a trend over the last few quarters in that particular line item. And as I just mentioned in the prior response, Atlantic House is also going to factor into that line item going forward, too.

我會把 Ceres 分開來看，並以 AUM 的 1% 來建模那些管理費。另外，績效費也是另一個需要納入考量的變動要素。至於最後一個項目，也就是我們的其他營收項目，同樣地，其中很大一部分是由我們在歐洲商品產品所看到的活動所帶動。在過去幾個季度，你可以看到該項目呈現一個趨勢。而且如我在前一個回覆中提到的，Atlantic House 未來也會納入該項目。

All right. Great. Very helpful. And just 1 last question. When we think about Atlantic House, will that show up on your IR page, you have your daily AUMs?

好的。很好。非常有幫助。我還有最後一個問題。當我們談到 Atlantic House 時，它會出現在你們的 IR 頁面上嗎？你們那邊有每日 AUM。

Is that something that at some point in the future, we'll start to see AUM from Atlantic House contributing to those? Or is this something like Ceres where it's sort of treated a little bit differently than your other ETPs?

未來某個時間點，我們會開始看到 Atlantic House 的 AUM 也貢獻到那些數字裡嗎？還是說它會像 Ceres 一樣，在處理方式上與你們其他 ETP 有些不同？

We should be having that AUM as part of what we're reporting over, in the not-too-distant future. We need a little bit of time to just get integrated.

在不久的將來，我們應該會把那部分 AUM 納入我們對外揭露的報告中。我們需要一點時間完成整合。

Jeremy Schwartz, could you just add a little bit on a future product around Atlantic House, which will also obviously contribute to the AUM on the IR side. But just from a strategy and even how it ties into revenue yields?

Jeremy Schwartz，你能不能再補充一下關於 Atlantic House 未來產品的部分？這顯然也會在 IR 端的 AUM 上有所貢獻。但從策略面，以及它如何連結到營收收益率（revenue yields）的角度來看呢？

Yeah. They currently have a bunch of UCITS funds in addition to that derivative solutions business that Jono talked about. We definitely plan to be part of the global synergies is extending that franchise both to the UCITS ETF market as well as the US market. We definitely have plans to be aggressive with the product road map.

好的。他們目前除了 Jono 提到的衍生性解決方案業務之外，還有一系列 UCITS 基金。我們確實計畫把全球協同效益的一部分，放在把這個平台延伸到 UCITS ETF 市場以及美國市場。我們在產品路線圖上確實有積極進取的規劃。

And when you look at where has been big growth in ETFs, the focus on whether from income or protection type strategy, we're calling it defined outcome and sort of target-type return we can do in many different asset classes.

而當你看 ETF 的主要成長動能時，焦點在於不論是收益或保護型策略；我們稱之為「定義結果」（defined outcome）以及某種目標型報酬（target-type return），而且我們可以在許多不同資產類別中做到。

So we have targets to launch both in the US and Europe as many as 15 to 20 funds over the next 24 months. And so we're going to have a big family. We're excited to be working with their team. It's a very strong, actively managed DNA within them, and we think we can really position ourselves well versus the market in that space.

因此，我們的目標是在未來 24 個月內，於美國與歐洲兩地推出多達 15 到 20 檔基金。所以我們會形成一個很大的產品家族。我們很期待與他們的團隊合作。他們內部有非常強的主動式管理 DNA，我們認為在那個領域相較於市場，我們能把自身定位得非常好。

So you'll definitely see a big product road map coming from us in both markets.

所以你一定會看到我們在兩個市場都推出一個很大的產品路線圖。

Michael Grondahl, Northland Securities.

Michael Grondahl，Northland Securities。

First question is with your not brand new, but newer digital money market fund, WTGXX, that is growing like a weed, but it seems like there's a lot of demand for that product. I wanted to understand a little bit better how you're marketing that? What's kind of that communication strategy just to get the word out?

第一個問題是關於你們那檔不算全新、但相對較新的數位貨幣市場基金 WTGXX，它成長非常快，但看起來市場對這個產品的需求很強。我想更了解你們是如何行銷它的？你們用來擴散訊息、讓更多人知道的溝通策略大概是什麼？

Well, that's you, obviously, but touch on its use cases as well because it's being used differently in the world of on-chain than just how it's being used in the mutual fund format.

當然，這部分主要是你在推動，但也請談談它的使用情境，因為在鏈上世界裡，它的使用方式與在共同基金形式下的使用方式不同。

Yeah, absolutely. Thanks for the question. Yes, it's continuing to grow strongly. Even since this deck was dated as of March 31, at least the AUM. We're up another $50 million in April in assets primarily into that fund.

好的，當然。謝謝你的問題。是的，它仍在持續強勁成長。即使這份簡報的日期截至 3 月 31 日，至少就 AUM 而言，我們在 4 月又增加了 5,000 萬美元的資產，主要流入那檔基金。

So it's continuing to grow. WisdomTree Connect users, we had 29 at year-end. There's 41 on the page as of March 31. That number is higher today as well. .

所以它仍在持續成長。WisdomTree Connect 的用戶數在年底是 29 個。截至 3 月 31 日，頁面上顯示是 41 個。而今天這個數字也更高。.

So we are seeing kind of continued strong growth in that. Like I said, we distribute both to US retail through WisdomTree Prime, also to global businesses and global platforms really through WisdomTree Connect. Today, 90%, 95% of the AUM is through the WisdomTree Connect platform. Really, that's focused on serving kind of different use cases that we've spoken about.

因此，我們確實看到這方面持續的強勁成長。如我所說，我們一方面透過 WisdomTree Prime 向美國零售端分銷，也透過 WisdomTree Connect 向全球企業與全球平台分銷。目前 90% 到 95% 的 AUM 來自 WisdomTree Connect 平台。而這主要是聚焦在服務我們先前談到的不同使用情境。

It could be a stablecoin issuer. We've seen a lot of them post Genius Act being implemented, looking to hold WTGXX's reserved asset for stablecoins that they issued. WTGXX is clearly within the Genius Act, sorry, the Genius Act is a compliant reserve asset. It's treasury management for stablecoin native businesses. So this is exactly what Stable Sea is helping to serve.

例如可能是穩定幣發行商。我們看到很多發行商在 Genius Act 實施後，開始尋求持有 WTGXX 作為其所發行穩定幣的準備資產。WTGXX 明確符合 Genius Act——抱歉，Genius Act 規範下的合規準備資產。這是針對原生穩定幣業務的國庫管理（treasury management）。因此，這正是 Stable Sea 正在協助服務的需求。

And the last piece is really around collateral mobility, right? The ability to use WTGXX in the yield-bearing form of collateral rather than just sitting in stable coins, if you're doing a crypto transaction, also increasingly playing in other kind of non-crypto related transactions. WTGXX being a yield-bearing form of collateral that's able to be moved instantly, right, which gives people participating in that transaction kind of makes it much more capital efficient for them.

最後一塊則是圍繞在擔保品流動性（collateral mobility），對吧？也就是能以具收益的擔保品形式使用 WTGXX，而不是只是放在穩定幣裡；如果你在做加密交易，並且也愈來愈多地應用在其他與加密無關的交易中。WTGXX 作為一種可產生收益、且能即時移轉的擔保品形式，對參與該交易的人而言，能讓資本使用效率大幅提升。

So we're seeing actually considerable growth in that use case as well, onboarding new clients focused on that. So it's really those use cases where the tokenized money market fund is adding a lot of value for people. It's not just a buy-and-hold sort of thing. It's about making it more useful, serving different clients, really the on-chain community growing into more of the traditional finance community as well that just aren't able to be served well from a kind of traditional money market fund.

所以我們也看到這個使用情境其實有相當可觀的成長，並且正在導入聚焦於此的新客戶。因此，真正的重點在於：代幣化貨幣市場基金在這些使用情境中為人們帶來很大的價值。它不只是買入並持有（buy-and-hold）那種用途。而是讓它更有用、服務不同客戶；也就是鏈上社群逐步擴展到更傳統的金融社群，而這些客戶用傳統貨幣市場基金的方式其實很難被有效服務。

Got it. And then, Jono, when talking about Atlantic House in those funds, you had mentioned the broad European appeal, US appeal. How should we think about you rolling out to those 2 additional markets? .

了解。接著，Jono，談到 Atlantic House 以及那些基金時，你提到它在歐洲與美國都有廣泛吸引力。我們應該如何看待你們向那兩個額外市場的推進與落地？.

So we obviously launched 20, 30 funds a year every year. There will be a significant number of new fund launches in the next 18 to 24 months dedicated to the capabilities that we have just acquired around active derivative solutions, options-based strategies, sometimes called buffer funds or defined outcome funds. It's a broad, broad category, more than $100 billion globally in ETFs.

所以我們顯然每年都會推出 20 到 30 檔基金。在接下來 18 到 24 個月，將會有相當多的新基金發行，專門聚焦於我們剛收購的能力：主動式衍生性解決方案、以選擇權為基礎的策略，有時也被稱為緩衝基金（buffer funds）或定義結果基金（defined outcome funds）。這是一個非常、非常大的類別，全球 ETF 規模超過 1,000 億美元。

We think that sort of what's in the market today for the most part, is like a 1.0. There's real room for differentiation. It's a little more developed here in the US, but still tremendous room for differentiation and growth, almost open fields for the European team. The team that we acquired will play not just the portfolio management role, but they'll be part of the sales process, really showing global clients, they're very strong communicators. They really will give us, I think, an ability to, well, really raise assets against the funds that we're launching.

我們認為目前市場上的產品多半還停留在 1.0 版本，仍有很大的差異化空間。在美國這邊發展得稍微成熟一些，但仍有巨大的差異化與成長空間；對歐洲團隊而言幾乎是廣闊的藍海。我們收購的團隊不只會扮演投資組合管理的角色，也會參與銷售流程，向全球客戶進行展示；他們非常擅長溝通。我認為他們確實會讓我們具備能力——嗯——真正為我們即將推出的基金募集資產。

I think that if I had a range of expense ratio, it's probably between 55 and 85 basis points for the types of products that we'll be launching, which is above our expense ratio average now. So very, very excited about putting the Atlantic House team to work. I hope that answers the question.

我認為如果要給一個費用率區間，對於我們將推出的這類產品，大概會落在55到85個基點之間，這高於我們目前的平均費用率。因此，非常、非常期待讓Atlantic House團隊開始投入運作。希望這回答了你的問題。

Yeah. No, that's helpful.

是的。不，這很有幫助。

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

It is Logan on for George. Can you hear me all right?

我是Logan，代George發言。你聽得到我嗎？

Yeah.

聽得到。

Yeah. Awesome. I want to follow up there on the digital asset side. Will, I wondered if you could just kind of walk through the priorities there. I mean, I think for a long time, it was a bit more of a consumer-focused effort.

聽得到。太好了。我想就數位資產這一塊追問一下。Will，我想請你大致說明一下那邊的優先事項。我的意思是，我覺得很長一段時間以來，這比較像是以消費者為主的努力。

It seems like a lot of the momentum now is on the institutional side. And then there's also been talk about, at times about white labeling. So I wondered if you could just kind of rank those for us. And then also the stable fee partnership is nice to see. Do you see kind of more opportunity for sort of distribution partnerships out there similar to that?

看起來現在很多動能都在機構端。另外也曾經有談到白標（white labeling）。所以我想請你幫我們大致排一下這些的優先順序。另外，穩定費用（stable fee）的合作夥伴關係很高興看到。你是否也看到類似那樣的、偏向通路/分銷合作的機會還會更多？

Yeah. Happy to take that. So I wouldn't really rank them. I mean for us, it's about growing AUM and growing the number of people that are using the platform. So that's tied directly to the metrics that we have on the page for you guys.

是的。很樂意回答。所以我不會真的去排名。對我們而言，重點是擴大AUM並增加使用平台的人數。這也直接連結到我們在頁面上提供給各位的那些指標。

That's what I look at every day to see if we're being successful.

我每天都看這些，來判斷我們是否成功。

Are we driving AUM growth? Are we driving the number of people using the platform? In the future, and you started to see this with the WTGXX announcement, there's going to be other types of transactions, other types of revenue streams, that we're going to see continue to grow over time as well. And that will be really like a third metric that I look at. So we don't kind of stack rank as one more important than the other.

我們是否在推動AUM成長？我們是否在推動使用平台的人數成長？未來，而且你已經從WTGXX的公告開始看到，還會有其他類型的交易、其他類型的營收來源，隨著時間推移也會持續成長。那將會是我關注的第三個指標。所以我們不會把它們堆疊排序，說哪一個比哪一個更重要。

They all kind of are servicing as part of that. What I would say is unique about like digital assets and blockchain is we're seeing, we're going to be servicing retail beyond just WisdomTree Prime.

它們都算是在服務同一個目標的一部分。我想說的是，數位資產與區塊鏈的獨特之處在於：我們將能服務零售端，而且不僅限於WisdomTree Prime。

WisdomTree Prime is a key priority for us. We want to continue to drive people and use that platform, that app, but we're able to serve MetaMask wallet holders, other self-custody wallet holders and we want to meet people where they are. And economically, WisdomTree is indifferent. It's really about getting people to use our products and services. So again, not really stack ranking kind of different things.

WisdomTree Prime對我們而言是關鍵優先事項。我們希望持續導入更多人使用那個平台、那個App，但我們也能服務MetaMask錢包持有人、其他自我託管錢包持有人，我們希望在使用者所在之處與他們接軌。從經濟性角度來看，WisdomTree並不偏好哪一種。重點在於讓人們使用我們的產品與服務。所以再說一次，並沒有真的把不同事項做堆疊式排序。

It's really an all of the above, driving people to invest in our funds, use our products and services.

基本上是「以上皆是」：推動人們投資我們的基金、使用我們的產品與服務。

Will, could you just touch on because I think it's sometimes overlooked, the vertical integration of your offering sort of, you put in a lot of effort over the last 7 years. Can you just touch on the vertical integration?

Will，你能否談一下我覺得有時候會被忽略的部分：你們產品供應的垂直整合？你們在過去7年投入了很多努力。你能否談談這個垂直整合？

Yeah, absolutely. So touch on this on Page 11 as well. But I think if you look at some kind of competitive products out there, you'd find that there's probably like 3 or 4 different firms that kind of comprise that stack, right? There might be a separate tokenization provider and transfer agent and then there's a separate asset manager and there might be a separate kind of stablecoin conversion service or a stablecoin orchestrator provider. And then WisdomTree's case, since we've invested early, we've kind of built that all, kind of we have built that all ourselves, right?

當然可以。我們在第11頁也有提到。但我認為，如果你看市面上一些競品，你會發現那個技術/服務堆疊可能是由3到4家不同公司組成，對吧？可能有獨立的代幣化供應商與過戶代理（transfer agent），然後有另一家資產管理公司，還可能有另一個穩定幣兌換服務或穩定幣編排（orchestrator）供應商。而在WisdomTree的情況下，因為我們很早就投入，我們基本上把這些都自己建起來了，對吧？

So when you're buying the WisdomTree tokenized money market fund using USDC, for example, the other counterparty you're facing in that transaction is WisdomTree, right? We're able to convert the stablecoin. If you wanted to trade it instantly, you can do it against our broker-dealer, then you're investing in a WisdomTree managed fund. So we've built all of these capabilities ourselves, which has allowed us to win business in the areas we're competing today. It also opens up good optionality for us, and we're having active conversations around this to license elements of this technology stack to other asset managers or other people in the space.

所以例如你用USDC購買WisdomTree代幣化貨幣市場基金時，你在那筆交易中面對的另一個交易對手就是WisdomTree，對吧？我們能夠進行穩定幣兌換。如果你想即時交易，你可以透過我們的券商自營商（broker-dealer）來完成，然後你投資的是由WisdomTree管理的基金。因此，我們把這些能力都自行建置，這也讓我們能在目前競爭的領域贏得業務。同時也為我們帶來很好的選擇權；我們也正就此進行積極對話，將這個技術堆疊的部分元素授權給其他資產管理公司或這個領域的其他參與者。

So we feel really good about the investments we've made to kind of be in this position. I mean this is such a hot topic on Wall Street, and I speak to a lot of people. And every time I do, I just feel great about the decisions we've made and the position that we occupy in the market. And I think we're going to be continue to kind of grow market share as more and more people are adopting this technology, more and more wallets come online, stablecoin AUM continues to grow. We're going to continue to win share in that environment.

所以我們對自己所做的投資、讓我們能處於這個位置感到非常滿意。我的意思是，這在華爾街是非常熱門的話題，我也和很多人交流。每次交流後，我都更覺得我們做出的決策以及我們在市場中的定位非常好。我認為，隨著越來越多人採用這項技術、越來越多錢包上線、穩定幣AUM持續成長，我們將會持續擴大市占。在那樣的環境下，我們會持續贏得份額。

Thanks, Will. Anything else, Logan?

謝謝你，Will。Logan，還有其他問題嗎？

Yeah. One other. That was very helpful. You mentioned kind of the lower seasonal performance fees with Ceres, but it looks like the inflows were pretty strong this quarter. Just curious if you could unpack that a little bit.

有。還有一個。這非常有幫助。你提到Ceres的季節性績效費較低，但看起來本季的資金流入相當強勁。想請你再拆解說明一下。

I mean is that just blocking and tackling by the Ceres team? Or how much of that is maybe your distribution capabilities starting to have an impact there?

我的意思是，這只是Ceres團隊把基本功做好（blocking and tackling）嗎？還是其中有多少是你們的分銷/通路能力開始在那邊產生影響？

So I think this is a combination, probably you, Bryan and maybe Jeremy.

所以我想這可能是綜合因素，可能你、Bryan，還有也許Jeremy一起回答。

Yeah, sure. So on the flow side, it was, I can respond to the flow side. Let me take it and then Jeremy, if there's anything else, just feel free to elaborate. But, it was a strong first quarter, $75 million in the quarter. Our first fund was closing.

好的，當然。就資金流向而言，我可以回應資金流向的部分。我先回答，然後Jeremy如果還有其他補充，請隨時補充。不過，第一季表現強勁，本季是7,500萬美元。我們的第一檔基金正在結束募集。

So the closure of that fund did accelerate some flow into this particular quarter to get where our investors wanted to get some money in before that fund closed, and we're focused on getting our second fund launched in the not-too-distant future.

因此，該基金的結束募集確實加速了一些資金在這一季流入，因為投資人希望在基金關閉前把資金投入到他們想要的部位；同時我們也專注於在不久的將來推出第二檔基金。

So from a flow perspective, look, we can expect variability quarter-to-quarter. We generally don't provide guidance on flows. But that said, I would say our long-term target remains unchanged. We're targeting $750 million over 5 years, and we'll see if that ultimately proves to be conservative. On the performance fee, there was some seasonality there.

所以從資金流向的角度來看，你看，我們可以預期各季之間會有波動。我們一般不會對資金流向提供指引。但即便如此，我會說我們的長期目標維持不變。我們的目標是在5年內達到7.5億美元，我們也會看看最終這是否會被證明是偏保守的。至於績效費，確實存在一些季節性因素。

The fee was a bit lower than it was in the fourth quarter of last year. There was some seasonality.

該費用比去年第四季略低。存在一些季節性因素。

There wasn't much solar activity this quarter. But again, we'll see some ebbs and flows in the mark, but we don't foresee any changes in the earnings power of our prior guidance. Our framework remains consistent as it relates to what we've communicated in the past. Think about it as take your AUM, take a flow assumption, multiply it by, call it, a 7% return on average and then factor in our 15% participation rate to arrive at a performance fee. And we'd say that's our baseline working assumption and then there's upside for solar and data center opportunities as well.

本季太陽能活動不多。但再說一次，我們會看到該指標有些起伏，不過我們不預期先前指引所反映的獲利能力會有任何變化。就我們過去所溝通的內容而言，我們的框架仍然一致。可以這樣想：以你的AUM為基礎，採用一個資金流入/流出假設，乘上平均約7%的報酬率，再納入我們15%的參與率，便可得出績效費用。我們會說這是我們的基準工作假設，此外太陽能與資料中心機會也還有上行空間。

So again, really no change versus what we had previously communicated.

所以，再次強調，與我們先前溝通的內容相比，確實沒有變化。

Yeah, this is Jeremy Schwartz, our CIO. The only thing I would say on the seasonality is that the way the appraisals work is the same farms are appraised in Q1, of each Q1. And Q1 has happened to be a little bit below performance on a regular basis in the last 4, 5 years. So I think we'd expect to sort of, as the other firms continue to get appraised from Q2, Q3, Q4, they tend to be a bit higher in terms of where they have been. And so that's just for now, that what we've been seeing on the performance trend.

是的，我是我們的CIO Jeremy Schwartz。關於季節性，我唯一想補充的是，估值（鑑價）的運作方式是：每年第一季（Q1）都會對同一批農場進行估值。而在過去4、5年裡，Q1通常都會規律性地略低於整體表現。因此我認為，隨著其他公司在Q2、Q3、Q4持續完成估值，其估值水準往往會比先前略高一些。所以就目前而言，這就是我們在績效趨勢上所看到的情況。

But we remain optimistic on where things are going.

但我們仍對未來的走向保持樂觀。

Yeah. And this is Jarrett. Let me just hop in too. Bryan mentioned how we had closed Fund I and Fund II is on its way. Fund II is on its way, and that will be launched in the next couple of months.

是的。我是Jarrett。我也插一句。Bryan提到我們已經完成了基金I的募集，而基金II正在推進中。基金II正在推進中，並將在接下來幾個月內推出。

That is when the WisdomTree distribution team gets involved already without having the fund to market, we've got strong interest, a strong pipeline of live leads. So we're pretty optimistic on that good track record of flows continuing.

那時WisdomTree的通路（分銷）團隊就會介入；即使基金尚未正式推向市場，我們已經看到強勁的興趣與強勁的管線（pipeline）與有效線索（live leads）。因此我們對資金流入延續這樣的良好紀錄相當樂觀。

And let me just add, and I'll foreshadow something that will become increasingly important to WisdomTree in the second half of this year and in 2027. You will see, I believe, in very farmland in ETFs, as you probably know, the '40 Act does allow for up to 15% of assets in illiquid assets. And we do see appropriate in some broad commodity and real estate ETFs an opportunity to put in farmland. And so that battle of privates and ETFs is something that WisdomTree is very focused on in really the second half of this year and the coming years.

我再補充一下，也先預告一件事：這將在今年下半年以及2027年對WisdomTree變得愈來愈重要。我認為你會看到，在ETF中的農地配置方面，如你可能知道的，《1940年投資公司法》（'40 Act）允許最多15%的資產配置於非流動性資產。我們確實看到，在某些廣泛商品與不動產ETF中，納入農地是一個合適的機會。因此，私募與ETF之間的這場競爭，是WisdomTree在今年下半年以及未來幾年非常聚焦的方向。

Understood. Congrats on the continued strength, I will leave it there.

了解。恭喜你們持續展現強勁表現，我就先到這裡。

Thank you. We have reached the end of our question-and-answer session. And I would like to turn the floor back over to Jonathan Steinberg for any closing comments.

謝謝。我們的問答環節到此結束。我想把時間交還給Jonathan Steinberg，請他做任何結語。

Thank you. Yes, let me say something. As we approach the 20th anniversary of launching our first 20 ETFs this June, it's worth pausing to recognize just how far we've come and how well positioned we are for what comes next.

謝謝。是的，我想說幾句。隨著我們在今年六月迎來推出首批20檔ETF的20週年，值得停下來回顧我們走過的路，以及我們對下一步有多麼好的布局。

Today, with $165 billion in assets under management and a global team of 400 employees, WisdomTree stands stronger than at any point in our history. The efficiency of our business model, the breadth and diversity of our product set and the distinctly entrepreneurial culture continues to differentiate us in a crowded and evolving industry.

如今，我們的資產管理規模達1,650億美元，並擁有一支由400名員工組成的全球團隊，WisdomTree在公司歷史上的任何時點都未曾如此強健。我們商業模式的效率、產品組合的廣度與多元性，以及鮮明的創業家文化，持續讓我們在一個擁擠且不斷演變的產業中脫穎而出。

Our first quarter momentum is not an outlier. It's the continuation of years of consistent high-quality organic growth, delivering 17% annualized organic growth across a diversified asset base in a volatile market underscores both the resilience of our platform and the strength of client demand. At the same time, expanding margins are translating that growth into meaningful earnings per share acceleration.

我們第一季的動能並非特例。這是多年來一貫且高品質的有機成長的延續；在波動市場中，於多元化資產基礎上實現年化17%的有機成長，凸顯了我們平台的韌性以及客戶需求的強勁。同時，利潤率擴張正把這些成長轉化為每股盈餘（EPS）加速成長的實質成果。

Importantly, we are not standing still. Our investments in tokenization and private assets are opening new avenues for growth and positioning WisdomTree at the forefront of where the industry is heading. Our commitment to shareholders is clear in the numbers. We've compounded earnings per share at 30% over the past five years and more than 50% over multiple three-year periods. This isn't just strong growth.

重要的是，我們並未停下腳步。我們在代幣化與私募資產方面的投資，正在開啟新的成長途徑，並讓WisdomTree站在產業發展方向的最前沿。我們對股東的承諾，從數字上清楚可見。過去五年，我們的每股盈餘以30%的速度複合成長；在多個三年期間更超過50%。這不只是強勁的成長。

It's growth that is accelerating, driven by increasing scale and efficiency.

這是正在加速的成長，由規模擴大與效率提升所驅動。

With the impact of recent acquisitions of Ceres and Atlantic House coming online in the second quarter, we expect that acceleration to continue over the next several quarters. The trajectory is unmistakable. We are entering our next chapter from a position of strength with momentum, with innovation and with discipline, all working in our favor.

隨著近期收購Ceres與Atlantic House的效益在第二季開始反映，我們預期這種加速將在接下來幾個季度持續。這一趨勢非常明確。我們正以強勢的基礎進入下一個篇章，兼具動能、創新與紀律，而這些都正朝著對我們有利的方向運作。

If the first 20 years were about building the foundation, the next 20 years will be about scaling it in ways that create even greater value for our clients and our shareholders. So I want to thank all of you for participating in today's call, and we'll speak to you next quarter. Thank you.

如果前20年是奠定基礎，那麼接下來的20年將是以能為客戶與股東創造更大價值的方式來擴大規模。因此我要感謝各位參與今天的電話會議，我們下個季度再與各位交流。謝謝。

Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time, and enjoy the rest of your day.

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位的參與。此刻您可以掛斷電話，祝您今天剩餘時間愉快。