WisdomTree, Inc. (WT) 2026 Q2 法說會逐字稿

Greetings, and welcome to the WisdomTree second-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Jessica Zaloom, Head of Corporate Communications. Please go ahead.

各位好，歡迎參加 WisdomTree 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹企業傳播主管 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.

早安。在開始之前，我想先提及我們在今日簡報中提供的法律免責聲明。本簡報可能包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。

A number of factors could cause actual results to differ initially 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, 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. Now it is my pleasure to turn the call over to WisdomTree's CFO, Bryan Edmiston.

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差異，包括但不限於本簡報所列風險，以及 WisdomTree 截至 2025 年 12 月 31 日止年度之 Form 10-K 年報「風險因素」章節所載風險，並包括其後向美國證券交易委員會提交或提供的報告中所載風險。WisdomTree 不承擔亦不承諾更新任何前瞻性陳述之義務。現在很榮幸將電話會議交給 WisdomTree 財務長 Bryan Edmiston。

Thank you, Jessica, and good morning, everyone. I'll begin with a review of our second-quarter results, followed by updates to our forward-looking guidance before turning the call over to Jarrett and Jono for additional business updates.

謝謝你，Jessica，各位早安。我將先回顧我們第二季的業績，接著更新我們的前瞻性指引，然後把電話會議交給 Jarrett 與 Jono，提供更多業務更新。

Our assets under management reached $162.9 billion at quarter end, marking our sixth consecutive quarter of record AUM. Assets increased 7% from March 31, driven by favorable market conditions, positive net inflows, and the addition of Atlantic House, which closed on May 1. Record AUM was achieved across both our US and European businesses, reflecting continued growth across our global platform.

截至季末，我們的資產管理規模（AUM）達到 1,629 億美元，連續第六個季度創下 AUM 新高。資產較 3 月 31 日增加 7%，主要受惠於有利的市場環境、正向淨流入，以及於 5 月 1 日完成交割的 Atlantic House 併入。我們美國與歐洲業務的 AUM 均創新高，反映我們全球平台持續成長。

During the quarter, we generated $3.1 billion of net inflows, including $2.1 billion in Europe and $1 billion in the US year-to-date net inflows totaled $9 billion, representing an annualized organic growth rate of approximately 13%. Flows were generated across a broad range of strategies, and geographies, contributing to another quarter of strong organic growth.

本季我們產生 31 億美元的淨流入，其中歐洲 21 億美元、美國 10 億美元；年初至今淨流入合計 90 億美元，代表約 13% 的年化有機成長率。資金流入來自多元策略與地理區域，帶動又一季強勁的有機成長。

We also completed the acquisition of Atlantic House, adding more than $4 billion of assets under management, along with complementary revenue streams. The acquisition expands our presence in Europe, enhances our capabilities in outcome-oriented and derivatives-based investment solutions, and provides additional avenues for growth across our international business.

我們也完成對 Atlantic House 的收購，新增超過 40 億美元的資產管理規模，並帶來互補的營收來源。此收購擴大我們在歐洲的布局，強化我們在結果導向與衍生品為基礎的投資解決方案能力，並為國際業務提供更多成長途徑。

Alongside our growth initiatives, we continue to execute upon our capital management priorities. During the quarter, we retired approximately $127 million principal amount of our convertible notes maturing in 2026 and 2029, using cash to reduce leverage and simplify our capital structure.

在推動成長計畫的同時，我們也持續落實資本管理的優先事項。本季我們以現金償還約 1.27 億美元本金的可轉換公司債（到期日為 2026 年與 2029 年），以降低槓桿並簡化資本結構。

We also commenced open market share repurchases during the quarter and have repurchased approximately $29 million through today, representing roughly 1.7 million shares. These repurchases reflect our confidence in the business and our commitment to enhancing shareholder value.

我們也於本季開始在公開市場回購股份，截至今日已回購約 2,900 萬美元，約合 170 萬股。這些回購反映我們對業務的信心，以及我們致力於提升股東價值的承諾。

Overall, the first half of the year has been characterized by strong organic growth, targeted strategic expansion, and disciplined capital allocation. Together, these initiatives have strengthened our platform and position us well for continued growth and long-term shareholder value creation.

整體而言，今年上半年呈現強勁的有機成長、聚焦的策略性擴張，以及嚴謹的資本配置。這些措施共同強化了我們的平台，並使我們具備持續成長與長期創造股東價值的良好定位。

Global AUM currently stands at approximately $164 billion, up 1%, reflecting $700 million of net inflows and positive market movements since quarter end.

目前全球 AUM 約為 1,640 億美元，較季末增加 1%，反映季末以來 7 億美元的淨流入以及正向的市場變動。

Next slide. Revenues were $177.2 million during the quarter, an increase of 11% from the first quarter and 57% from the prior year quarter, driven by higher AUM, including the Atlantic House acquisition, contributions from Ceres, and growth in other revenues. Ceres contributed $5.4 million of management fees and $6 million of performance fees. Other revenues of $19.5 million reflected higher AUM in our European products and revenues from Atlantic House, partly offset by more moderate European trading activity.

下一張投影片。本季營收為 1.772 億美元，較第一季增加 11%，較去年同期增加 57%，主要由更高的 AUM（包含 Atlantic House 收購）、Ceres 的貢獻，以及其他營收成長所帶動。Ceres 貢獻 540 萬美元的管理費與 600 萬美元的績效費。其他營收 1,950 萬美元，反映我們歐洲產品 AUM 提升及 Atlantic House 的營收貢獻，但部分被較為溫和的歐洲交易活動所抵銷。

Year-to-date revenues increased 53%, driven by higher AUM, elevated trading activity relative to the prior year, and contributions from the Ceres and Atlantic House acquisitions. Operating leverage in our business model, together with our recent acquisitions, resulted in a year-to-date adjusted operating margin of 41.1%, an expansion of 900 basis points compared to the prior year period. Surpassing a 40% operating margin marks an important milestone and underscores the scalability of our operating model as we continue to grow. Adjusted net income for the quarter was $48.1 million or $0.31 per share.

年初至今營收增加 53%，主要受更高的 AUM、相較去年更活躍的交易活動，以及 Ceres 與 Atlantic House 收購案的貢獻所帶動。我們商業模式的營運槓桿，加上近期收購，使年初至今調整後營業利益率達 41.1%，較去年同期擴大 900 個基點。營業利益率突破 40% 是一項重要里程碑，並凸顯隨著我們持續成長，營運模式具備可擴展性。本季調整後淨利為 4,810 萬美元，或每股 0.31 美元。

Next slide. Now a few comments on our forward-looking guidance. As mentioned previously, we have commenced open market share repurchases this quarter and expect to continue repurchasing our common stock over time. While we are not committing to a specific level of repurchases each quarter, we anticipate ongoing activity, balancing capital return with our continued focus on deleveraging, and maintaining flexibility for strategic initiatives.

下一張投影片。接下來針對我們的前瞻性指引做幾點說明。如先前所提，我們已於本季開始在公開市場回購股份，並預期將隨時間持續回購普通股。雖然我們不承諾每季特定的回購規模，但我們預期回購活動將持續進行，在資本回饋與持續去槓桿之間取得平衡，並維持策略性計畫所需的彈性。

Our diluted share guidance for the second half of the year is 152 million to 155 million compared with previous guidance of 154 million shares. This guidance reflects repurchases to date of 1.7 million shares and also contemplates incremental shares associated with our convertible notes, assuming the stock price approximating recent levels. As a reminder, our remaining convertible notes have conversion prices of approximately $19 and $21. An illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward.

我們對下半年稀釋後股數的指引為 1.52 億至 1.55 億股，先前指引為 1.54 億股。此指引反映截至目前已回購 170 萬股，並同時納入與可轉換公司債相關的增量股數，假設股價約在近期水準附近。提醒各位，我們剩餘的可轉換公司債之轉換價格約為 19 美元與 21 美元。我們在財報簡報中提供示意圖，以協助量化未來與可轉換公司債相關的增量股數。

We are also updating our interest income guidance to $8 million from $10 million, reflecting the allocation of a portion of our interest-earning assets to share repurchases, which we believe is a more efficient use of capital. All other elements of our forward-looking guidance remain unchanged from the guidance we provided last quarter. That concludes my remarks. I will now turn the call over to Jarrett.

我們也將利息收入指引由 1,000 萬美元下修至 800 萬美元，反映我們將部分可生息資產配置用於股份回購，我們認為這是更有效率的資本運用。前瞻性指引的其他各項要素，均維持與上季提供的指引一致。以上為我的說明。接下來我把電話會議交給 Jarrett。

Thanks, Bryan, and good morning, everyone. This was another strong quarter for WisdomTree and more importantly, another quarter that demonstrated the strength of the business we've been building. Repeating some of the metrics that Bryan just listed. In the quarter, we generated $3.1 billion of net inflows. Year to date, we've delivered a 13% annualized organic growth rate. We finished the quarter with a record $162.9 billion of assets under management, our sixth consecutive quarter ending at an all-time high. And we delivered adjusted earnings per share of $0.31 while expanding our adjusted operating margin by 900 basis points year over year.

謝謝，Bryan，各位早安。這是 WisdomTree 又一個強勁的季度，更重要的是，這一季再次展現我們多年來打造之業務的實力。我重申 Bryan 剛才列出的部分指標。本季我們產生 31 億美元的淨流入。年初至今，我們達成 13% 的年化有機成長率。我們以創紀錄的 1,629 億美元資產管理規模結束本季，連續第六季季末創歷史新高。同時，我們交出調整後每股盈餘 0.31 美元，並使調整後營業利益率年增 900 個基點。

Those are excellent results, but what I find most encouraging isn't any single number, it's where those results came from. For several years, we've talked about creating more ways to win, building a business with greater breadth across geographies, client channels, investment capabilities, and revenue streams. And this quarter showed exactly what that looks like.

這些都是非常出色的成果，但我覺得最令人振奮的不是任何單一數字，而是這些成果的來源。過去幾年，我們一直在談打造更多致勝方式，建立一個在地理區域、客戶通路、投資能力與營收來源上更具廣度的企業。而本季正好清楚展現這樣的樣貌。

Growth came from both the US and Europe. It came from multiple asset classes, multiple client segments, and businesses we've deliberately invested in over several years. No single product or market drove the quarter. And that diversification matters because it makes the business more durable. It gives us greater confidence that we can continue to perform across different market environments rather than depending on one product, one theme, or one geography.

成長同時來自美國與歐洲。也來自多種資產類別、多個客戶區隔，以及我們在過去數年有意投入的業務。本季並非由任何單一產品或市場所驅動。而這種多元化很重要，因為它讓業務更具韌性。它也讓我們更有信心能在不同市場環境中持續表現，而不是依賴單一產品、單一主題或單一地理區域。

Portfolio Solutions is another highlight. We've invested heavily in building deeper relationships with advisers through models and SMAs, and that business continues to grow faster than the firm overall. And those are long-term relationships with stickier assets that should become an increasingly important contributor to our organic growth over time.

投資組合解決方案（Portfolio Solutions）是另一個亮點。我們在透過模型投資組合與 SMA（分別管理帳戶）與顧問建立更深層關係方面投入了大量資源，而該業務持續以快於公司整體的速度成長。而這些都是長期關係、資產黏著度更高，隨著時間推移應會成為我們有機成長日益重要的貢獻來源。

This quarter also demonstrates the strength of our operating model. As we've continued to grow organically, we've translated that growth into higher revenues, expanding margins, and higher earnings while continuing to invest in the business. We're also executing against our broader strategic priorities.

本季也展現了我們營運模式的強韌性。隨著我們持續有機成長，我們在持續投資業務的同時，已將成長轉化為更高的營收、擴大的利潤率與更高的獲利。我們也正按計畫推進更廣泛的策略優先事項。

During the quarter, we completed the Atlantic House acquisition, we continued integrating Ceres, and we repurchased approximately 1.7 million of our shares and each reflects the disciplined way we're building the firm while thoughtfully allocating capital. So overall, the quarter reinforces something we've been saying for a long time. The strategy is working. We're creating more ways to win. Growth is becoming broader and more durable, and the operating model is delivering exactly as we expected.

本季期間，我們完成了 Atlantic House 的收購、持續整合 Ceres，並回購約 170 萬股自家股票；每一項都反映出我們以審慎的方式打造公司，同時周全地配置資本。因此整體而言，本季再次印證了我們長期以來一直在說的一件事。策略正在奏效。我們正在創造更多致勝方式。成長正變得更廣泛且更具持久性，而營運模式的表現也完全符合我們的預期。

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

接下來，我把時間交給 Jono。

Thank you, Jarrett, and good morning, everyone. As Bryan and Jarrett have said, this was another strong quarter for WisdomTree with record average AUM, strong diversified net inflows, adjusted operating margin expansion to 42.6% for the second quarter and EPS growth up 72% year over year and 15% from last quarter. This quarter also marks an important milestone for WisdomTree, 20 years since we launched our first 20 ETFs.

謝謝你，Jarrett，各位早安。正如 Bryan 與 Jarrett 所說，這是 WisdomTree 又一個強勁的季度：平均 AUM（管理資產）創新高、強勁且多元化的淨流入、第二季調整後營業利益率擴張至 42.6%，每股盈餘（EPS）年增 72%，較上季成長 15%。本季也標誌著 WisdomTree 的一個重要里程碑：距離我們推出首批 20 檔 ETF 已滿 20 年。

Over the last two decades, we have grown from an ETF pioneer into a truly modern global asset manager spanning exchange-traded products, private markets, and tokenized financial infrastructure. Years of disciplined investments are tangibly paying off. Our operating model continues to do exactly what it was designed to do, translate sustained top line growth into expanding profitability and earnings per share growth.

在過去二十年裡，我們從 ETF 的先驅，成長為真正現代化的全球資產管理公司，業務涵蓋交易所交易產品、私募市場，以及代幣化金融基礎設施。多年來有紀律的投資正以具體成果回收。我們的營運模式持續如其設計般運作：將持續的營收成長轉化為獲利能力擴張與每股盈餘成長。

For years, we've described the financial model we're building at WisdomTree. Today, we are seeing that model play out. It starts with sustained organic growth, layer on appreciation over time as you generate consistent asset growth, add a stable to improving revenue yield as we diversify into higher-value capabilities like private markets and liquid alternatives, and you create the potential for double-digit revenue growth through the market cycle.

多年來，我們一直在描述 WisdomTree 正在打造的財務模型。今天，我們正看到該模型逐步實現。它始於持續的有機成長；隨著你持續帶來資產成長，時間推移疊加資產升值；再加上隨著我們多元化至私募市場與流動性另類投資等更高價值能力，營收收益率維持穩定並逐步改善；從而在整個市場循環中創造兩位數營收成長的潛力。

That revenue growth drives operating leverage. We've consistently generated incremental margins of more than 50%. That formula has delivered compound annual earnings per share growth of 30% over the past five years and more than 50% over the past three years. And now with disciplined share repurchases, we've added another lever for long-term earnings per share growth.

該營收成長帶來營運槓桿。我們一貫創造超過 50% 的增量利潤率。這套公式在過去五年帶來 30% 的每股盈餘複合年成長率，在過去三年更超過 50%。而現在，透過有紀律的股票回購，我們又增加了一個推動長期每股盈餘成長的槓桿。

Switching gears. As you know, WisdomTree spent years building one of the industry's most advanced tokenization platforms. Today, public markets are assigning billion-dollar valuations to companies focused on tokenized financial infrastructure, yet we believe our own platform, which spans regulated infrastructure, tokenized investment products, and institutional distribution capabilities and digital asset services is largely unrecognized in our current valuation.

換個話題。如各位所知，WisdomTree 花了多年打造業界最先進的代幣化平台之一。如今，公開市場正給予專注於代幣化金融基礎設施的公司數十億美元估值；然而我們認為，我們自有的平台——涵蓋受監管的基礎設施、代幣化投資產品、機構級分銷能力與數位資產服務——在我們目前的估值中仍大致未被認可。

If WisdomTree were simply a global ETF franchise with industry-leading organic growth, expanding operating margins, and consistent earnings per share growth, we believe it should command a meaningfully higher valuation than where our shares trade today.

如果 WisdomTree 只是擁有業界領先有機成長、營業利益率持續擴張、且每股盈餘穩定成長的全球 ETF 特許經營（franchise），我們相信其合理估值應顯著高於目前股價所反映的水準。

But we are not simply an ETF company. We also have a growing private markets business with meaningfully higher revenue yields and expanded liquid alternatives platform through Atlantic House and a tokenization business that we believe is not reflected in our current share price.

但我們不僅僅是一家 ETF 公司。我們也擁有正在成長的私募市場業務，其營收收益率顯著更高；並透過 Atlantic House 擴大了流動性另類投資平台；同時還有我們認為尚未反映在目前股價中的代幣化業務。

As Bryan mentioned, we repurchased $29 million of our stock at an average price of $17.40. We will continue approaching capital allocation with discipline. And at today's valuation, we believe repurchasing our own shares remains one of the most compelling opportunities to create long-term shareholder value.

如 Bryan 所提到，我們以每股平均 17.40 美元的價格回購了 2,900 萬美元的股票。我們將持續以有紀律的方式進行資本配置。以目前的估值水準來看，我們認為回購自家股票仍是創造長期股東價值最具吸引力的機會之一。

In conclusion, 20 years after launching our first ETFs, our vision has remained remarkably consistent. Our business has never been stronger, and we believe we're still in the early innings of what this platform can become. Our vision has never changed. The world around us has. That concludes my remarks. Thank you. We can now open the call up to questions.

總結而言，在推出首批 ETF 的 20 年後，我們的願景仍然驚人地一致。我們的業務從未如此強勁，而我們相信，這個平台未來能成為什麼樣子，我們仍處於非常早期的階段。我們的願景從未改變。改變的是我們周遭的世界。以上是我的發言。謝謝。現在我們可以開放提問。

(Operator Instructions) Chris Kotowski, Oppenheimer.

(接線員指示) Chris Kotowski，Oppenheimer。

I wonder -- just a couple of things. One is we were wondering is there a cadence to the Ceres both flows and also the incentive fees from Ceres -- or should we assume that those are kind of random through the year?

我想——有幾點。第一個是，我們想了解 Ceres 的資金流入以及 Ceres 的績效費（incentive fees）是否有某種節奏——還是我們應該假設這些在一年當中是比較隨機的？

Bryan, do you want to go first on that (inaudible)?

Bryan，你要先回答這個嗎(聽不清)？

Yeah, I can take that question. On the flows, if you recall, we generated, I think it was $75 million in the first quarter. I suggest that's a nice quarter for us. It was about $5 million this quarter, but we just -- we've closed the flagship Fund II new investment. We just launched Fund II. So there's a transition period there with respect to flow cadence. I wouldn't necessarily think of flows as fits and starts, although there may be certain periods in the year where it may very well be fits and starts.

好的，我可以回答這個問題。關於資金流入，如果你還記得，我們在第一季帶來了，我想是 7,500 萬美元。我認為那對我們來說是一個不錯的季度。本季大約是 500 萬美元，但我們剛——我們已完成旗艦 Fund II 的新投資募集結束。我們剛推出 Fund II。因此在資金流入節奏方面會有一段過渡期。我不一定會把資金流入視為忽多忽少、斷斷續續，儘管一年中某些時段確實可能會出現這種情況。

But this particular quarter, it was a transition quarter, when I think I have to attribute it to that. On the performance fee, $6 million, was maybe $3 million in the prior quarter, if memory serves correctly, the first quarter does have some seasonality in it. There is some seasonality with respect to the performance fee structures.

但就本季而言，這是一個過渡季度，我想我必須把原因歸因於此。至於績效費，6 百萬美元；如果我記得沒錯，上一季大概是 3 百萬美元，而第一季確實帶有一些季節性。在績效費結構方面也存在一些季節性。

This $6 million number, in my mind, is a, call it, more normalized number. If you're thinking about modeling, I guess I'd keep my message consistent, just take our AUM and multiply it by a reasonable rate of return, maybe 7% or 8% and multiply that by a 15% fee capture.

在我看來，這個 600 萬美元的數字算是——可以說——較為常態化的水準。如果你在做模型推估，我想我會維持一致的訊息：用我們的 AUM 乘上一個合理的報酬率，可能 7% 或 8%，再乘上 15% 的費用分成（fee capture）。

And I just -- I'd throw one more thing on about Ceres. We're very happy that the Ceres team is part of the WisdomTree team today. And as Bryan said, a little bit of transition or integration right now as we've closed Fund I to new investment, launched Fund II in June. But more importantly, the pipeline looks great. We've got over 100 interested investors that have come from the WisdomTree distribution team, representing over $100 million of assets. So feeling very good today.

另外我還想補充一點關於 Ceres。我們非常高興 Ceres 團隊如今成為 WisdomTree 團隊的一部分。如 Bryan 所說，因為我們已停止 Fund I 接受新投資、並在 6 月推出 Fund II，目前正處於一些過渡或整合階段。但更重要的是，案源（pipeline）看起來非常好。我們已經有超過 100 位有興趣的投資人是透過 WisdomTree 的分銷團隊而來，代表超過 1 億美元的資產。所以目前感覺非常好。

Okay. Great. Then the other more technical modeling question is you had Atlantic House in for two months of the quarter. And I guess we can see the advisory fees just from the AUM disclosures that you give.

好的。很好。另一個比較技術性的建模問題是：本季 Atlantic House 只併入了兩個月。而我想，從你們提供的 AUM 揭露中，我們可以看到顧問費（advisory fees）。

But just -- I'm curious in terms of the AUA and the structuring fees that they generate. How would that have looked in your P&L that you disclosed on page 23? How would it have looked if that were -- if Atlantic House had been in for the whole quarter?

但我只是——想了解就 AUA（管理中資產）以及他們產生的結構設計費（structuring fees）而言。在你們於第 23 頁揭露的損益表（P&L）中會如何呈現？如果 Atlantic House 整個季度都併入的話，它會呈現成什麼樣子？

Yeah. And I'll take this one again. So you're right, Atlantic House, we closed on May 1, we have two months of Atlantic House in our P&L. As it relates to the advisory fees, that should be straightforward because you have our AUM, you have our fees that we're earning on our AUM. That's all embedded in the information that we provide on our website.

是的。我再回答一次這題。所以你說得沒錯，Atlantic House 我們在 5 月 1 日完成交割，我們的損益表（P&L）中包含了兩個月的 Atlantic House。至於顧問費，那應該很直接，因為你有我們的資產管理規模（AUM），也有我們在 AUM 上賺取的費率。這些都已經包含在我們網站上提供的資訊裡。

The other portion of Atlantic House rolls through other revenue. They have a models business. There's about $1.5 billion of assets AUA in their models business. It captures 25 basis points. That's not going to fluctuate meaningfully quarter to quarter. So whatever that math is, would establish a good run rate. It will grow over time, but it's not going to be highly sporadic.

Atlantic House 的另一部分會計入其他營收。他們有一個模型投資（models）業務。他們的模型業務大約有 15 億美元的資產（AUA）。它收取 25 個基點。這不會在季度之間有顯著波動。所以不管那個數學怎麼算，都能建立一個不錯的常態化水準（run rate）。它會隨時間成長，但不會高度零星起伏。

The structuring fee stuff, that could ebb and flow each quarter. The prior 12 months, just to provide some kind of indication as it relates to magnitude. In the 2025 year, that number was $13 million for the year. And again, I can't tell you exactly how that's going to come in each quarter because it's dependent upon when a particular product gets structured, launched, and issued.

至於結構設計費（structuring fee）那部分，每一季可能會有起伏。過去 12 個月，我只是提供一個量級上的參考。在 2025 年，那個數字全年是 1,300 萬美元。再說一次，我無法精確告訴你每一季會怎麼進來，因為這取決於特定產品何時完成結構設計、推出並發行。

But that was their baseline number in '25. We think there's a lot of opportunity to grow that line over time by providing those offerings, not only in the UK market, but also in the US and Europe as well.

但那是他們在 2025 年的基準數字。我們認為，隨著時間推移，透過提供這些產品，我們有很大的機會把這條營收線做大，不僅在英國市場，也包括美國與歐洲。

Right. But we'll see all the Atlantic House revenues in what you classify as other revenues in European.

了解。但我們會在你們分類為歐洲的其他營收中看到所有 Atlantic House 的收入。

In Other Revenue. And then if I were just to shed a little color on Other Revenue, we were $19 million this quarter, $16 million last quarter. It's probably a good baseline going into the third quarter. We'll have one more month of Atlantic House, but the transaction fees, markets aren't as volatile as they once were in our European products. That might be a partial offset versus Atlantic House rolling in for a full three months next quarter.

在其他營收裡。如果我再補充一點其他營收的背景，本季是 1,900 萬美元，上季是 1,600 萬美元。這大概是進入第三季的一個不錯基準。我們還會多一個月的 Atlantic House，但在我們的歐洲產品中，交易費用方面，市場波動不像以前那麼大。相較於下季 Atlantic House 會完整併入三個月，這可能會形成部分抵銷。

George Sutton, Craig-Hallum Capital Group.

George Sutton，Craig-Hallum Capital Group。

First, 41% margins, just outstanding. Congratulations. So I wonder, Jono, as we look at this, the market has endorsed and I believe will continue to endorse your M&A strategy. As I look at the AUM breakdown chart, you've got some smaller sleeves, obviously, like the newer private assets or liquid alts. I'm curious how you're thinking of broadening out via future M&A. Would it be in some of these smaller sleeves? Would you be looking for more international distribution? Just curious how you're thinking about that.

首先，41% 的利潤率，真的非常出色。恭喜。所以我想問，Jono，從這個角度看，市場已經認可、而且我相信會持續認可你們的併購（M&A）策略。我看你們的 AUM 拆分圖表，有一些較小的區塊，顯然像是較新的私募資產或流動性另類投資（liquid alts）。我很好奇你們如何透過未來的併購來擴大版圖。會是在這些較小的區塊嗎？還是你們會尋求更多國際化的通路分銷？只是想了解你們對此的思考。

Thank you for the question, George. So first, M&A has historically been, and I think will continue to be a secondary strategy, though I think we have proven to be very adept at it, considering that we've made now three acquisitions in Europe plus our private assets Ceres acquisition.

謝謝你的問題，George。首先，併購在歷史上一直是、我認為未來也會繼續是次要策略；不過我認為我們已經證明自己非常擅長這件事，因為我們現在已在歐洲完成三筆收購，另外還有我們私募資產的 Ceres 收購案。

We have guardrails when we're trying to make acquisitions. We want it to be accretive. We'd like it to be revenue enhancing or revenue capture enhancing and really strategically important to the firm as opposed to just trying to buy AUM for the sake of AUM. I think you have to be somewhat opportunistic, which we were in both Ceres and in Atlantic House. But I think we'll continue to try to find those winning opportunities. And when we do, we'll, I think, pounce on them, again, particularly if it meets those criteria.

我們在進行收購時有一些護欄（guardrails）。我們希望它能增厚（accretive）。我們希望它能提升營收，或提升營收捕捉能力，並且在策略上對公司非常重要，而不是只是為了 AUM 而買 AUM。我認為你必須在某種程度上把握機會，而我們在 Ceres 與 Atlantic House 兩案上都是如此。但我認為我們會持續尋找那些勝率高的機會。當我們找到時，我想我們會迅速出手，尤其是當它符合那些標準時。

So I'm curious relative to your tokenized plans, where are we in terms of expanding partnerships? And we're in a weird period, I think, in the tokenized market, but we are also -- hopefully just in front of the CLARITY Act. So I'm just kind of curious how you're thinking of expansion opportunities in that part of the market.

所以我也想就你們的代幣化（tokenized）計畫請教，目前在擴大合作夥伴關係方面進展到哪裡？而且我覺得代幣化市場正處於一個有點奇怪的時期，但我們也——希望——正好在 CLARITY 法案之前。所以我想了解你們如何看待這一塊市場的擴張機會。

Thank you. Will?

謝謝。Will？

Yeah, happy to take this one. The pipeline has never been more robust. I mean it's -- I think as you noted, it's kind of an interesting time, pre-CLARITY Act. But I think certainly post-GENIUS Act, you've just seen an immense amount of investment and interest across different parts of the financial services ecosystem in tokenization and in stablecoins. I mean you saw a big stablecoin consortium announced recently that was bringing a lot of new people in. You've heard major US broker-dealers talk about adding wallet offerings to their platforms.

好的，我很樂意回答這題。我們的合作/業務管線（pipeline）從未如此強勁。我的意思是——如你所說，這是一個很有意思的時間點，在 CLARITY 法案之前。但我認為，尤其是在 GENIUS 法案之後，你已經看到金融服務生態系不同領域對代幣化與穩定幣投入了大量資金與興趣。你也看到最近宣布了一個大型穩定幣聯盟，帶進了很多新成員。你也聽到美國主要券商/經紀自營商（broker-dealers）談到要在其平台上加入錢包服務。

You've seen some of the largest fintechs as well engaging in the space on top of just what we call crypto platforms. So for us, those are all opportunities. Like that's a very rich pipeline and opportunity set for us to sell products and services into. Right now, that's largely the tokenized money market fund, WTGXX. I'd also highlight that we've got a very novel filing in for a tokenized ETF.

你也看到一些最大的金融科技公司（fintechs）也在這個領域積極布局，除了我們所稱的加密平台之外。所以對我們而言，這些都是機會。那是一個非常豐富的管線與機會集合，讓我們可以把產品與服務銷售進去。目前主要是代幣化貨幣市場基金 WTGXX。我也要強調，我們已經提交了一個非常新穎的代幣化 ETF 申請。

What we would believe if it were to launch and become effective would be the first tokenized ETF in the market. We haven't seen anyone thinking about things the way that we are thinking about them with that. And that would just open up a whole new set of opportunities for WisdomTree extending into products beyond the money market funds, so to equities, others.

我們相信，如果它能推出並生效，將會是市場上第一檔代幣化 ETF。我們還沒看到有人用我們這種方式來思考這些事情。而這將為 WisdomTree 開啟一整套新的機會，讓產品從貨幣市場基金延伸到股票及其他類別。

So I'd say the opportunity set has never been larger than it is today. We feel extremely confident in it and excited about it. And I think maybe it happens with CLARITY or whatever in the next couple of months, nothing is going to slow us down there. We think the things are out of the barn, so to speak, and things are going to keep growing from here.

所以我會說，今天的機會集合比以往任何時候都更大。我們對此非常有信心，也很興奮。而且我認為，不管接下來幾個月是 CLARITY 還是其他因素，都不會讓我們在這方面放慢腳步。我們認為事情已經「出籠」了，接下來只會持續成長。

Right. I will add a little color on this as well if you don't mind. Recently, Broadridge had a survey of asset managers where 85% of asset managers say tokenization is strategically important. They say tokenization is not an if, it's a when. Personally, I have to be one of the few CEOs in asset management who feels great, who feels extraordinarily confident in our tokenization strategy.

對。如果你不介意，我也補充一點背景。最近 Broadridge 對資產管理公司做了一項調查，其中 85% 的資產管理公司表示代幣化在策略上很重要。他們說代幣化不是會不會的問題，而是何時的問題。就我個人而言，我可能是資產管理業少數幾位對我們的代幣化策略感到非常踏實、並且極度有信心的 CEO 之一。

As I indicated in my opening remarks, I think we have $1 billion of value in our on-chain platform that has yet to be recognized. And why does tokenization matter? The practical problem that tokenization addresses is simple. Modern markets increasingly operate in real time 24/7, 365 days a year, while most traditional financial infrastructure still depends on business hours, batch processing, and multi-day settlements.

如同我在開場致詞中提到的，我認為我們的鏈上（on-chain）平台有 10 億美元的價值尚未被市場認可。那為什麼代幣化重要？代幣化所解決的實務問題很簡單。現代市場愈來愈以全年無休、24/7、365 天的即時方式運作，但大多數傳統金融基礎設施仍依賴營業時間、批次處理，以及多日交割。

That's the mismatch and that tokenization solves. And WisdomTree has demonstrated with our 24/7 trading of our money market fund that we're actually executing currently on the strategy and on the promise of tokenization. So we're feeling great about it going forward.

這就是不匹配之處，而代幣化能解決它。WisdomTree 已經透過我們貨幣市場基金的 24/7 交易證明，我們正在把代幣化的策略與承諾真正落地執行。所以我們對未來發展感到非常樂觀。

Speaking of acquire there. Last question, relative to the farm assets, we are obviously seeing a lot of these NIM, not in my backyard concerns relative to data centers. You obviously have a wide portfolio with a lot of different potential use case opportunities, understanding, including solar. But I'm curious specifically about the AI data center opportunity. And I know you've contemplated pursuing some opportunities there. Can you give us a sense of that opportunity?

說到在那裡收購。最後一個問題，關於農場資產，我們顯然看到很多這類 NIM（不要在我家後院）對資料中心的疑慮。你們顯然擁有非常廣泛的投資組合，具備許多不同的潛在用途機會，我也理解其中包括太陽能。但我特別好奇 AI 資料中心的機會。我知道你們曾考慮在那方面追求一些機會。你能否讓我們了解一下那個機會的概況？

Jarrett or Will, do you -- not Will. Jarrett or Jeremy, would you want to take this or I can. (multiple speakers)

Jarrett 或 Will，你們要——不是 Will。Jarrett 或 Jeremy，你們想回答這題嗎？不然我也可以。（多位講者）

Yeah. This is Jeremy Schwartz, our Global CIO. I'm part of our investment committee on the Ceres Group, and we're looking at these things very closely. We always want to work with the communities for sure, and not against them in all those places.

好的。我是 Jeremy Schwartz，我們的全球投資長（Global CIO）。我也是 Ceres Group 投資委員會的一員，我們正非常密切地評估這些事情。我們當然始終希望與社區合作，而不是在那些地方與社區對立。

But we do see a continued exploration across the portfolio. There's a number of opportunities that the team is looking at. And these things are not overnight things. People buy options to do the development, and there's a number of conversations ongoing where there is opportunities that we think potentially will still very much come to market.

但我們確實看到在整個投資組合中持續進行探索。團隊正在評估多個機會。而這些事情不會一夕之間發生。人們會購買開發選擇權，目前也有許多對話正在進行中；我們認為其中一些機會很可能仍會真正進入市場。

You see the demand for compute and energy and all these things are like the most important theme for the global economy today. And we feel very strong about the position that Ceres has and all the optionality on the best-use case of their land. So we do think a number of these things will hit over time, and it just takes time for that to come to fruition.

你可以看到，對運算能力與能源以及所有這些要素的需求，是當今全球經濟最重要的主題之一。我們對 Ceres 的定位以及其土地在最佳用途上的各種選擇性（optionalities）非常有信心。因此我們確實認為，隨著時間推進，其中不少事情會逐步落地，只是需要時間才能開花結果。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

How -- can you give us some color on how far you are along in incorporating private farmland into ETFs and what the liquidity profile could look like?

你能否提供一些細節，說明你們在將私募農地納入 ETF 方面進展到什麼程度，以及流動性輪廓可能會是什麼樣子？

Jeremy, would you want to touch on it?

Jeremy，你要談一下嗎？

Yeah. We've talked about this on prior calls that, that is one of our goals that we are working for. We don't have an exact time line today, but we're absolutely looking to do it, and we will be thoughtful that -- of how do you do that in a way that manages liquidity of the different publicly traded vehicles on ETFs. So we don't have a specific time today, but it is something that we think is manageable and that we have a plan and working towards it as quickly as we can.

好的。我們在先前的電話會議中談過，這是我們正在努力達成的目標之一。目前我們沒有確切的時間表，但我們絕對在評估並希望推進，同時也會審慎思考——如何以能夠管理 ETF 等不同公開交易工具流動性的方式來做。所以今天沒有具體時間點，但我們認為這是可管理的，我們也有計畫，並正以最快速度朝這個方向推進。

You touched on this a bit earlier, but digital assets seem to have a little bit of outflows this quarter. And it's just been a little bit noisy there in that world in general. Could you talk about the development and just what you're expecting going forward?

你先前稍微提到過，但本季數位資產似乎出現了一些資金流出。而且整體而言，那個領域最近也有點雜訊。你能談談目前的發展，以及你對未來的預期嗎？

Yeah. I view -- yes, AUM goes up and down. I think you've seen in the chart that we've had kind of ups and downs along a broader uptrend in some sense, the business of asset management. Like I said in the answer earlier, we're just incredibly excited about the pipeline as it currently stands today and really where the industry is.

好的。我的看法是——是的，AUM 會上下波動。我想你從圖表也看到，我們在更廣泛的上升趨勢中，確實經歷了一些起伏；某種程度上，這就是資產管理業的常態。如同我先前回答所說，我們對目前的產品/業務管線（pipeline）以及整個產業的走向感到非常興奮。

So really, the overall market size needs to grow a lot for all of us for WisdomTree to really see the greatest possible benefit from this, and we're seeing a lot of the activity in the market that leads you to believe that the market size is just going to continue to grow, right, that stablecoins will grow from $300 billion in total value outstanding into the trillions that people have forecast. And so we're feeling very optimistic and excited about that growth trajectory and our ability to win and grow share into it.

因此，整體市場規模需要大幅成長，對我們所有人而言，WisdomTree 才能真正獲得最大的可能效益；而我們看到市場上許多活動，都讓你相信市場規模將會持續擴大，對吧？穩定幣的總流通價值將從目前約 3,000 億美元成長到外界預測的數兆美元規模。因此我們對這條成長軌跡，以及我們在其中勝出並擴大市占的能力，感到非常樂觀且興奮。

(Operator Instructions) Mike Grondahl, Northland Securities.

（接線員指示）Mike Grondahl，Northland Securities。

Congratulations. What are your couple of priorities for Atlantic House in the back half of the year in '27?

恭喜。你們在 2027 年下半年對 Atlantic House 的幾項優先事項是什麼？

Let me -- when we made the acquisition, we bought an asset manager of excellence, but in the derivative, block-based, defined outcome space. But what's interesting that they really operated solely in the United Kingdom.

我先說——我們收購時，買下的是一家非常優秀的資產管理公司，但其專長是在衍生性商品、以區塊（block-based）方式建構、以及定義結果（defined outcome）的領域。但有趣的是，他們過去幾乎只在英國營運。

We expect that we'll be launching ETFs, both in Europe and in the United States, using them as the underlying strategy to really develop -- what we've said in the past, expect something like 15 ETFs over the next 18 months between the US and in Europe as well as, we touched on earlier, the Solutions business, which again generated $13 million last year for them just in the United Kingdom to take that to the rest of the world as well.

我們預期會在歐洲與美國推出 ETF，以他們的策略作為底層策略，來真正推動——如同我們過去所說，預計未來 18 個月在美國與歐洲合計推出約 15 檔 ETF；此外，正如我們先前提到的 Solutions 業務——他們去年僅在英國就創造了 1,300 萬美元——我們也會把這項業務推向全球其他地區。

So I think you'll see a lot of activity, and it's been a very, very successful integration in a very short period of time.

所以我想你會看到很多動作，而且在非常短的時間內，整合已經非常、非常成功。

That's great to hear. It will be great to see some of those funds in the US. And then just secondly, models portfolio, that kind of continues to do well in grab assets. And it's done a lot in a couple of short years. What's next for that?

很高興聽到。也很期待在美國看到其中一些基金。另外第二點，模型投資組合（models portfolio）在吸納資產方面似乎持續表現不錯。而且在短短幾年內就做了很多。接下來的下一步是什麼？

Jarrett?

Jarrett？

Yeah. I think it's a continuation. And you're right, it has done well. We ended last year with about $6 billion. Today, we currently have $9 billion in model AUA. And importantly, the flows that are going into models are outpacing the ETF business as a whole and are tracking ahead of last year so momentum is increasing. But that's part of another one of our strategic initiatives is to continue to not only increase the sustainability of our flows, but the quality of the flows and model flows are stickier.

好的。我認為就是持續推進。你說得對，它確實做得很好。我們去年底大約是 60 億美元。今天，我們模型 AUA 目前是 90 億美元。更重要的是，流入模型的資金流量正超越整體 ETF 業務，且相較去年同期更為領先，因此動能正在增強。而這也是我們另一項策略倡議的一部分：不僅要提升資金流入的可持續性，也要提升資金流入的品質；模型資金流更具黏著度。

And so going forward, it's really blocking and tackling like it is with every part of the business. We want to increase the number of users and increase the assets per user. We continue to do that, and that's continuing to produce these good results.

因此展望未來，這真的就是像公司各個業務一樣，持續把基本功做好、把該做的事做好。我們希望增加使用者數量，並提高每位使用者的資產規模。我們持續在做這些，也持續帶來良好成果。

This concludes the question-and-answer session. And I'd like to turn the call back over to Jonathan Steinberg for closing remarks.

問答環節到此結束。接下來我想把電話交回給 Jonathan Steinberg 做結語。

Thank you. Markets, investors, and analysts are starting to recognize WisdomTree's operational successes and superior strategic positioning as demonstrated by our total shareholder return, year to date over 50% and over the last five years where we are best of all of our public peers.

謝謝。市場、投資人與分析師正開始認可 WisdomTree 的營運成果與更優越的策略定位；這從我們的股東總報酬可見一斑：今年迄今超過 50%，以及過去五年，我們在所有上市同業中表現最佳。

That said, we are still significantly undervalued. Investors should know that management and our Board are fully committed to closing the valuation gap that exists, and we are highly confident that we will be able to do so. The best is yet to come. And with that, I want to thank you all for your time and attention today, and we will speak to you again next quarter. Thank you. Have a great day.

即便如此，我們目前仍被顯著低估。投資人應該知道，管理團隊與董事會完全致力於縮小目前存在的估值落差，我們也非常有信心能夠做到。最精彩的還在後頭。最後，感謝各位今天撥冗與專注聆聽，我們下季再與各位通話。謝謝。祝各位有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。