Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The industry and market are increasingly focusing on multi - asset ETFs as an innovative product offering one - stop asset allocation solutions. The report explores the development of US multi - asset ETFs to provide insights for domestic market innovation [2][11]. - US multi - asset ETFs have shown significant growth in recent years, with distinct characteristics such as strong head - effects in scale, rapid development of actively managed products, and extensive application of FOF - type products [2][20][31]. - The development of US multi - asset ETFs offers important lessons for the domestic market, including deepening multi - asset index development, diversifying allocation strategies, and broadening underlying asset investment tools [5]. 3. Summary by Directory 3.1 Two Action Plans Mentioned, Multi - asset ETFs Are Approaching - The "Public Offering Plan" emphasizes increasing the creation of asset - allocation products to meet the needs of investors with different risk preferences and promote the coordinated development of equity and fixed - income investments [8]. - The "Index Plan" proposes researching and launching innovative index products such as multi - asset ETFs and expanding the underlying asset categories of ETFs. Recent releases of multi - asset indices indicate growing market attention [10][11]. 3.2 Analysis of the Development History and Current Situation of US Multi - asset ETFs - In 2005, BlackRock issued the world's first multi - asset ETF in Canada. In 2006, Invesco launched the first US multi - asset ETF. After the 2008 financial crisis, multi - asset ETFs evolved rapidly [13][14]. - As of March 31, 2025, there are 181 multi - asset ETFs in the US market, with a total scale of $36 billion, ranking first globally. However, their scale accounts for only 0.35% of all US ETFs, indicating significant growth potential [18]. - The top three fund managers in terms of management scale are BlackRock, Pacer Advisors, and First Trust Portfolios, with a combined scale ratio of 45.35%. The top ten multi - asset ETFs in terms of fund scale account for 51.26% of the total scale [22][25]. - Actively managed multi - asset ETFs have developed rapidly. As of March 31, 2025, 146 out of 181 multi - asset ETFs are actively managed, accounting for 80.66%. Their issuance has increased explosively since 2021 [31]. - FOF - type products are widely used in US multi - asset ETFs. As of March 31, 2025, 73 out of 181 multi - asset ETFs are marked as FOF - type, accounting for nearly 40%, with a fund scale of $13.041 billion, about 36% of the total [34]. - The expense ratios of US multi - asset ETFs vary significantly. The average expense ratio of all 181 multi - asset ETFs is 0.80%, with actively managed and passively managed products having average expense ratios of 0.83% and 0.69% respectively. The expense ratio has generally remained low since 2016 [5][40]. 3.3 Exploration of the Strategy Classification of US Multi - asset ETFs - **Core Allocation Type**: This is the most common strategy type, further divided into target - risk, macro - strategy, and subjective - allocation subtypes. Target - risk type aims to meet pre - designed risk metrics, with 28 products and a scale of $8.176 billion. Macro - strategy type adjusts asset allocation based on macro - economic analysis, with 12 products and a scale of $0.937 billion. Subjective - allocation type gives investment managers high freedom, with 57 products and a scale of $10.402 billion [44][47][51]. - **Trend - Following Type**: These ETFs use momentum factors or trend - following models for asset allocation. As of March 31, 2025, there are 26 products with a scale of $7.193 billion, accounting for about 20% of the total [54][55]. - **Target - Dividend Type**: These ETFs focus on interest (dividend) income, with 22 products and a scale of $6.384 billion. The average historical dividend rate of 17 products issued before 2024 is 7.20%, much higher than other types [58][63]. - **Option - Strategy Type**: These ETFs add option - based derivatives to underlying assets to change the risk - return characteristics. As of March 31, 2025, there are 36 products with a scale of $2.907 billion, accounting for 8.08% of the total [63][64]. 3.4 Suggestions and Insights - **Investor Suggestions**: Different types of investors can choose corresponding multi - asset ETFs. For example, risk - sensitive investors can choose target - risk type; policy - sensitive investors can choose macro - strategy type; investors seeking stable cash flow can choose target - dividend type; those preferring quantitative strategies can choose trend - following type; and investors interested in alternative strategies can choose option - strategy type [68][69][70]. - **Insights for the Domestic Market**: The domestic market should prioritize using existing multi - asset indices as tracking targets, deepen the development of multi - asset indices, focus on stable strategies and diversify allocation strategies, and broaden underlying asset investment tools to promote the development of multi - asset ETFs [72][73][75].

Core Viewpoint - WisdomTree, Inc. is experiencing solid improvements in earnings estimates, which may lead to continued short-term price momentum for the stock [1][2] Estimate Revisions - Analysts show growing optimism regarding WisdomTree's earnings prospects, reflected in upward revisions of earnings estimates [2] - The current-quarter earnings estimate is $0.18 per share, representing a +12.5% change from the previous year, with a 14.81% increase in the Zacks Consensus Estimate over the last 30 days [6] - For the full year, the earnings estimate is $0.75 per share, indicating a +19.1% change from the year-ago number, with an 8.13% increase in the consensus estimate due to three upward revisions [7][8] Zacks Rank - WisdomTree has earned a Zacks Rank 2 (Buy), indicating promising estimate revisions that suggest potential outperformance compared to the S&P 500 [9] - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the market [9] Stock Performance - WisdomTree shares have increased by 25.1% over the past four weeks, indicating investor confidence in the company's earnings growth prospects [10]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: WisdomTree, Inc. (WT) - WisdomTree, Inc. currently holds a Momentum Style Score of B, indicating a favorable position in momentum investing [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, WT shares have increased by 2%, while the Zacks Financial - Miscellaneous Services industry remained flat [5] - In a longer timeframe, WT's shares have risen by 26.59% over the past month, outperforming the industry's 7.95% [5] - For the past quarter, WT shares have surged by 49.71%, and over the last year, they have gained 19.91%, compared to the S&P 500's increases of 19.65% and 14.95%, respectively [6] Trading Volume - WT's average 20-day trading volume is 2,962,634 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - Recent earnings estimate revisions for WT show positive momentum, with 2 estimates moving higher and none lower over the past two months, raising the consensus estimate from $0.69 to $0.72 [9] - For the next fiscal year, 1 estimate has increased, with no downward revisions noted [9] Conclusion - Considering the positive performance metrics and earnings outlook, WT is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [11]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The US ETF innovation products have expanded with hedge - fund replication products. Last week, 15 new products were issued in the US, covering various strategies such as option strategies, theme products, and hedge - fund replication strategies [1][6]. - Bitcoin products in US ETFs have seen continuous inflows. Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, while bond ETFs had outflows [1][10]. - Technology products in US ETFs rebounded significantly in the second quarter. Despite a large drawdown in the first quarter due to the DeepSeek event, the technology sector has rebounded, with year - to - date returns exceeding the S&P 500 and the technology sector having higher gains than other industries in the past three months [1][14]. - Regarding the capital flow of US ordinary public funds, in May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [1][16]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Expansion of Hedge - Fund Replication Products - Last week, 15 new products were issued in the US, including a cross - border investment product by JPMorgan, 2x leveraged products by GraniteShares, 2 hedge - fund replication strategy products by Unlimited, a China generative AI ETF by Theme, a European military industry ETF by WisdomTree, a carbon - neutral ETF by Invesco, a bond Covered Call product by Global X, and an aggressive allocation ETF by Amplius [6][7][9]. - Unlimited's 2 new hedge - fund replication strategy products aim to provide 2 times the volatility of similar hedge funds to boost returns, with fees of 0.95% and 1% [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Continuous Inflows into Bitcoin Products - Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, and bond ETFs had outflows. Inflow - leading products were mainly broad - based equity ETFs, and BlackRock's Bitcoin and Ethereum ETFs had significant inflows, while small - cap and corporate - bond ETFs had significant outflows [10][12]. - The Russell 2000 ETF had daily outflows last week, and ARKK, which has performed well this year, did not see significant inflows [13]. 3.2.2 US ETF Performance: Significant Rebound of Technology Products in the Second Quarter - Affected by the DeepSeek event, US technology ETFs had a large drawdown in the first quarter but rebounded significantly in the second quarter. Year - to - date returns have exceeded the S&P 500, and the technology sector has had higher gains than other industries in the past three months, with ARKK having a gain of over 30% [14][15]. 3.3 Recent Capital Flow of US Ordinary Public Funds - In May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic equity products in the US increased by 5.49%, slightly lower than the stock price increase [16]. - From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [16].

Group 1 - WisdomTree, Inc. (WT) has reached a significant support level and is considered a good pick for investors from a technical perspective due to a "golden cross" formation [1] - The golden cross occurs when a stock's 50-day simple moving average breaks above its 200-day moving average, indicating a potential bullish breakout [1][2] - WT has moved 27.7% higher over the last four weeks, suggesting it may be on the verge of a breakout [3] Group 2 - The company currently holds a 2 (Buy) rating on the Zacks Rank, indicating positive sentiment among analysts [3] - There have been two upward revisions in earnings estimates over the past two months, with no estimates going lower, further solidifying the bullish outlook for WT [3] - Investors are encouraged to consider adding WT to their watchlist due to the positive technical indicators and earnings estimate movements [5]

Company Overview - WisdomTree, Inc. (WT) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [3] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook compared to the market [4] Price Performance - WT shares have increased by 10.44% over the past week, outperforming the Zacks Financial - Miscellaneous Services industry, which rose by 3.35% [6] - Over the past month, WT's price change is 25.64%, significantly higher than the industry's 7.02% [6] - In the last quarter, WT shares have risen by 44.63%, and over the past year, they have gained 23.36%, while the S&P 500 has only moved 10.24% and 14.41%, respectively [7] Trading Volume - The average 20-day trading volume for WT is 2,391,614 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, two earnings estimates for WT have been revised upwards, increasing the consensus estimate from $0.69 to $0.72 [10] - For the next fiscal year, two estimates have also moved upwards with no downward revisions during the same period [10] Conclusion - Considering the strong momentum indicators and positive earnings outlook, WT is positioned as a promising investment opportunity with a Momentum Score of A and a Zacks Rank of 2 (Buy) [12]

Core Insights - WisdomTree, Inc. (WT) shares experienced a significant increase of 6.6%, closing at $12.25, with a notable trading volume, contributing to a total gain of 20.4% over the past four weeks [1][2]. Analyst Ratings - Morgan Stanley raised its price target for WisdomTree from $9.75 to $11.00 while maintaining an equal weight rating [2] - Northcoast Research upgraded WisdomTree from neutral to buy, setting a price target of $15.00 [2] - Goldman Sachs upgraded its rating from sell to neutral and increased the price target from $9.50 to $11.90, reflecting a wave of bullish sentiment among analysts [2] Earnings Expectations - WisdomTree is expected to report quarterly earnings of $0.17 per share, representing a year-over-year increase of 6.3% [3] - Revenue expectations stand at $111.06 million, which is a 3.8% increase compared to the same quarter last year [3] Earnings Estimate Trends - The consensus EPS estimate for WisdomTree has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - WisdomTree currently holds a Zacks Rank of 2 (Buy), suggesting positive market sentiment [4] Industry Context - WisdomTree operates within the Zacks Financial - Miscellaneous Services industry, where another company, Moody's (MCO), closed 1.1% lower at $497.12, with a 4.2% return over the past month [4]

Core Insights - The article discusses potential investment opportunities in a specific company, highlighting the analyst's intention to initiate a long position in the stock within the next 72 hours [1]. Group 1 - The analyst has no current stock, option, or similar derivative position in the companies mentioned but may consider purchasing stock or call options in the near future [1]. - The article expresses the analyst's personal opinions and is not influenced by any compensation from the companies discussed [1]. - There is an emphasis on the independence of the analysis, indicating that it does not reflect the views of Seeking Alpha as a whole [2].

Core Insights - The article discusses the financial sector and highlights the author's extensive experience in journalism and reporting, particularly in the context of Canadian politics and economics [3]. Group 1 - The author has over a decade of reporting experience, focusing on financial news since 2007 [3]. - The author has a diploma in journalism from Lethbridge College, indicating a formal education in the field [3]. - The article emphasizes the author's expertise in covering both territorial and federal politics in Canada, showcasing a broad understanding of the economic landscape [3].

Assets Under Management (AUM) - As of March 31, 2025, the company managed approximately $115.8 billion in Assets Under Management (AUM), reflecting a diverse range of strategies including equities, fixed income, and cryptocurrency exposures[155]. - The AUM of U.S. listed ETFs rose from $79.1 billion at December 31, 2024, to $80.5 billion at March 31, 2025, due to net inflows despite market depreciation[172]. - The AUM of European listed ETPs increased from $30.7 billion at December 31, 2024, to $35.1 billion at March 31, 2025, attributed to market appreciation and net inflows[176]. - Average assets under management (AUM) increased by 11.9% from $102,461 million in Q1 2024 to $114,622 million in Q1 2025[193]. Financial Performance - Total revenues increased by 11.6% year-over-year to $108.1 million for the three months ended March 31, 2025, driven by higher average AUM and increased revenues from European listed products[182]. - The company reported net income of $24.6 million for the three months ended March 31, 2025, compared to $22.1 million for the same period in 2024[182]. - Total operating revenues rose by 11.6% from $96,838 thousand in Q1 2024 to $108,082 thousand in Q1 2025, driven by a 7.6% increase in advisory fees[193][194]. - Adjusted net income for Q1 2025 was $23.0 million, up from $20.3 million in Q1 2024, with diluted earnings per share increasing from $0.12 to $0.16[215]. Expenses and Margins - The gross margin for the three months ended March 31, 2025, was 80.8%, with an estimated range of 81.0% to 82.0% for the year ending December 31, 2025[181]. - Operating expenses increased by 7.3% from $68,888 thousand in Q1 2024 to $73,920 thousand in Q1 2025, with significant increases in sales and business development expenses by 14.6%[196]. - Interest expense rose by 31.8% from $4,128 thousand in Q1 2024 to $5,441 thousand in Q1 2025[206]. - The average advisory fee during the period was 0.35%, slightly down from 0.36% in the previous quarter[189]. Cash Flow and Liquidity - Operating cash flows for Q1 2025 were $6.4 million, a significant improvement from a negative $1.0 million in Q1 2024[216]. - Total available liquidity as of March 31, 2025, was $163.5 million, compared to $142.2 million at the end of 2024[216]. - Cash, cash equivalents, and restricted cash decreased by $10.8 million in Q1 2025, primarily due to $12.7 million used for stock repurchases[218]. Shareholder Actions - During the three months ended March 31, 2025, the company repurchased 1,282,498 shares of common stock for an aggregate cost of $12.7 million, with approximately $150.0 million remaining under the repurchase program[228]. - The company repurchased Series C Preferred Stock from GBH for approximately $84.4 million, with $54.8 million paid to date and the remainder payable in equal, interest-free installments[232]. Regulatory and Legal Matters - The company incurred $4.3 million in legal expenses related to the SEC ESG Settlement, which were covered by insurance[213]. - As of March 31, 2025, the company has approximately $35.6 million in regulatory capital requirements across certain subsidiaries[227]. Debt and Interest - As of March 31, 2025, the company had $520.8 million in outstanding convertible notes, with varying maturity dates and interest rates[221]. - The company’s Convertible Notes bear fixed interest rates of 3.25% for the 2026 and 2029 Notes and 5.75% for the 2028 Notes[247]. - Interest income rose by 35.7% from $1.4 million in Q1 2024 to $1.9 million in Q1 2025, driven by an increase in interest-earning assets[208]. Market and Asset Fluctuations - U.S. listed ETF industry net flows were $286.4 billion for the three months ended March 31, 2025, with equity and fixed income gathering the majority of those flows[165]. - European listed ETPs experienced inflows of $1,104 million in Q1 2025, compared to outflows of $241 million in Q4 2024[190]. - Digital assets reached an end-of-period asset total of $132 million as of March 31, 2025, with inflows of $101 million during the quarter[190]. - Fluctuations in commodity and cryptocurrency prices linked to certain ETPs could materially affect the company's AUM and revenues[250].