What WisdomTree, Inc. told the SEC could break it.

WisdomTree's advisory revenue is a percentage of AUM, and its AUM is concentrated in a handful of products: at December 31, 2025, 50% of AUM sat in ten ETPs — ~18% in three domestic-equity ETFs, ~15% in four precious-metal products, ~11% in the Floating Rate Treasury Fund (USFR) and ~6% in two international developed-market equity ETPs. Outflows or performance/sentiment shifts in these flagship products (e.g., a drop in gold/precious-metals or a USFR rotation as rates fall) would disproportionately reduce AUM-based revenue. A real product/AUM concentration that drives revenue concentration.

“At December 31, 2025, 50% of our AUM was concentrated in ten of our WisdomTree ETPs with approximately 18% in three of our domestic equity ETFs, 15% in four of our precious metal products, 11% in the WisdomTree Floating Rate Treasury Fund, or USFR, and 6% in two of our international developed market equity ETPs.”

WisdomTree relies on a number of third parties to provide critical administrative, custody and portfolio-management services to its ETPs — including BNY Mellon for custody/fund accounting/administration (captured as a named edge), sub-advisers for portfolio management, index providers that license and calculate the indexes its ETFs track, and a third-party distributor. It also depends on Jersey administrators (Apex Financial Services, JTC) and European investment managers (Assenagon, Irish Life) for its non-US products. Failure of any of these key vendors to deliver could materially harm operations and investors in the affected products. A broad critical-vendor / sole-source service dependence.

“We depend on a number of parties to provide critical administrative, custody and portfolio management services to our ETPs.”

Through its 2025 acquisition of Ceres Partners (a farmland investment manager), WisdomTree took on a new agricultural-commodity exposure: Ceres Farms' revenue depends on crop values, and where rent is based on a share of crop production it is also exposed to commodity-price fluctuations, adverse weather (flooding/drought) and pest/plant-disease problems. A decline in crop prices could reduce the rent Ceres Farms charges tenant farmers and cause it to operate at a loss. Although Ceres is currently a small slice of WisdomTree (~2.4% of revenue), it adds a distinctive ag-commodity and weather/climate channel to an asset manager. A bounded but distinctive farmland/crop-commodity dependence.

“If the value of these crops declines, it could negatively impact the level of rent that Ceres Farms can charge to tenant farmers and cause Ceres Farms to operate at a loss.”