managed futures etf wisdomtree investments

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Managed futures etf wisdomtree investments

Recent events in the financial sector have resulted in increased concerns about credit risk and exposure. Well-known financial institutions have experienced significant liquidity and other problems and have defaulted on their debt. The degree of credit risk for a particular money market security may be reflected in its credit rating. Credit ratings can change quickly and may not accurately reflect the risk of an issuer.

Generally, investment risk and price volatility increase as the credit rating of a money market security declines. Issuer-Specific Risk. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Issuer-specific events can have a negative impact on the value of the Fund. Lack of Governmental Insurance or Guarantee.

An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Liquidity Risk. The Fund may invest in derivatives and other instruments that may be less liquid than other types of investments.

Investments that are less liquid or that trade less can be more difficult or more costly to buy, or to sell, compared to other more liquid or active investments. This liquidity risk is a factor of the trading volume of a particular investment, as well as the size and liquidity of the market for such an investment.

The derivatives in which the Fund invests may not always be liquid. Portfolio Turnover Risk. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Thus, you may pay more than NAV when you buy shares of the Fund in the secondary market, and you may receive less than NAV when you sell those shares in the secondary market.

The Fund expects to obtain exposure to the commodities markets by entering into commodity-linked derivative instruments, such as listed futures contracts, forward currency contracts, swaps and structured notes. In order for the Fund to qualify as a regulated investment company, the Fund must derive at least 90 percent of its gross income each taxable year from qualifying income.

Income from certain commodity-linked derivative instruments in which the Fund invests may not be considered qualifying income. The Fund will therefore restrict its income from commodity-linked derivative instruments that do not generate qualifying income to a maximum of 10 percent of its gross income. In addition, the Fund will disclose its complete portfolio holdings as of the end of its fiscal year March 31 and its second fiscal quarter September 30 in its reports to shareholders.

WisdomTree Asset Management provides an investment program for each Fund. WisdomTree Asset Management also arranges for sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services necessary for the Funds to operate.

Pursuant to a separate contractual arrangement, WisdomTree Asset Management arranges for the provision of CCO services with respect to the Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees.

WisdomTree Asset Management receives a fee of up to 0. Under the advisory agreements, the Advisor provides the Subsidiaries with the same type of management, under the same terms, as are provided to the Fund. The Subsidiaries have also entered into separate contracts for the provision of custody, transfer agency, and audit services with the same service providers that provide those services to the Fund.

Shares of the Fund trade on national securities exchanges and elsewhere during the trading day and can be bought and sold throughout the trading day like other shares of publicly-traded securities. When buying or selling shares through a broker, most investors will incur customary brokerage commissions and charges. As with other types of securities, the trading prices of shares in the secondary market can be affected by market forces such as supply and demand, economic conditions and other factors.

The price you pay or receive when you buy or sell your shares in the secondary market may be more or less than the NAV of such shares. The approximate value of shares of the Fund is disseminated every fifteen seconds throughout the trading day by the national securities exchange on which such Fund is listed or by other information providers.

NAV, which is computed once per day. The Fund is not involved in, or responsible for, the calculation or dissemination of the approximate value and make no warranty as to its accuracy. Stocks held by the Fund are valued at their market value when reliable market quotations are readily available. The values of any foreign securities held by the Fund are converted into U. When fair-value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities.

The Fund intends to pay out dividends, if any, to investors at least annually. The Fund intends to distribute its net realized capital gains, if any, to investors annually. The Fund may occasionally be required to make supplemental distributions at some other time during the year.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you. Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants.

DTC serves as the securities depository for all shares of the Fund. Participants include DTC, securities brokers and dealers, banks, trust companies, clearing corporations, and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants.

Your broker will provide you with account statements, confirmations of your purchases and sales, and tax information. Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names.

Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer. The Fund has adopted policies and procedures with respect to frequent purchases and redemptions of Creation Units of Fund shares.

Frequent purchases and redemptions for. Frequent in-kind creations and redemptions do not give rise to these concerns. Each Fund reserves the right, to reject any purchase order at any time. The Fund reserves the right to impose restrictions on disruptive, excessive, or short-term trading and may reject purchase or redemption orders in such instances.

Registered investment companies are permitted to invest in the Fund beyond the limits set forth in section 12 d 1 , subject to certain terms and conditions set forth in an SEC exemptive order issued to the WisdomTree Trust, including that such investment companies enter into an agreement with the Fund.

Additional Tax Information. The following discussion is a summary of some important U. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws. The Fund intends to qualify each year as a regulated investment company. A regulated investment company is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders.

Unless your investment in shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:. The Fund makes distributions,. You purchase or redeem Creation Units for institutional investors only.

For federal income tax purposes, distributions of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains if any are determined by how long the Fund owned the investments that generated them, rather than how long you have owned your Fund shares. Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.

In general, your distributions are subject to federal income tax for the year in which they are paid. Distributions are taxable even if they are paid from income or gains earned by the Fund before your investment and thus were included in the price you paid for your shares. Dividends, interest and gains received by the Fund with respect to foreign securities may be subject to withholding and other taxes imposed by foreign countries, which may reduce amounts available for distribution to you and returns to you from the Fund.

Tax conventions between certain countries and the United States may, in some cases, reduce or eliminate such taxes. The Fund or financial intermediaries, such as brokers, through which a shareholder owns Fund shares generally is required to withhold and remit to the U. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has under- reported dividend or interest income, or who fails to certify that he, she or it is not subject to such withholding.

Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term gain or loss if the shares have been held for more than one year. Any capital gain or loss realized upon a sale of Fund shares held for one year or less is generally treated as a short-term gain or loss, except that any capital loss on a sale of shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such shares.

The ability to deduct capital losses may be limited. Persons exchanging securities for Creation Units should consult a tax advisor with respect to whether the wash sale rules apply and when a loss might be deductible. Any capital gain or loss realized upon a redemption or creation of Creation Units is generally treated as long-term capital gain or loss if the Fund shares or securities surrendered have been held for more than one year and as short-term capital gain or loss if the shares or securities surrendered have been held for one year or less.

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many shares you purchased or sold and at what price. Persons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction. Qualifying income includes dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock, securities or currencies.

The IRS has issued a revenue ruling which concludes that income derived from commodity-linked swaps is not qualifying income under Subchapter M of the Code. The Fund intends to seek exposure to the commodity markets primarily through investments in one or more Subsidiaries and through investments in contracts linked to commodities in a manner consistent with the revenue ruling and any applicable private letter ruling.

The Fund intends to obtain a ruling from the IRS with respect to its investments and its structure, but has not yet received such a ruling from the IRS. Based on the analysis in private letter rulings previously issued to other taxpayers, the Fund intends to treat its income from a Subsidiary as qualifying income prior to receiving any such ruling from the IRS. There is also no assurance that the Fund will be able to obtain a favorable ruling from the IRS.

In such event, in order to re-qualify for taxation as a regulated investment company, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. Prospectus and could negatively affect the Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a Subsidiary.

The Distributor does not maintain a secondary market in shares of the Fund. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. Information regarding how often shares of the Fund traded on the Exchange at a price above i. The Fund is not sponsored, endorsed, sold or promoted by Licensor. In addition, neither Licensor nor its affiliates make any warranties or guarantees as to the results to be obtained in connection with the use of the Fund or the Benchmark.

The Exchange makes no representation or warranty, express or implied, to the owners of the shares of the Fund or any member of the public regarding the performance of the Fund. The Exchange is not responsible for, nor has it participated in the determination of the timing of, prices of, or quantities of the shares of the Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable.

The Exchange has no obligation or liability to owners of the shares of the Fund in connection with the administration, marketing, or trading of the shares of the Fund. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof. WisdomTree Investments, WisdomTree Asset Management and the Fund make no representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Indexes to track general stock market performance.

WisdomTree Investments is the licensor of certain trademarks, service marks and trade name of the Fund. WisdomTree Investments is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of shares of the Fund to be issued or in the determination or calculation of the equation by which the shares of the Fund are redeemable.

Cumulative return information is not presented as the Fund has not yet had one full calendar year of performance. Financial Statements and Annual Reports will be available after the Fund has completed a fiscal year of operations. Say goodbye to clutter and waste by going paperless. Sign up for eDelivery at www. It is incorporated by reference in this Prospectus. To make shareholder inquiries, for more detailed information on the Fund or to request the SAI, annual or semi-annual shareholder reports free of charge, please:.

Monday through Friday. Eastern time. Denver, Colorado No person is authorized to give any information or to make any representations about any Fund and its shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference. WisdomTree Funds are distributed by. Managed Futures Strategy Fund. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus for the Fund may be obtained, without charge, by calling or visiting www.

General Description of the Trust and the Fund. Principal Investment Strategy. General Risks. Specific Investment Strategies. Proxy Voting Policy. Portfolio Holding Disclosure Policies and Procedures. Investment Limitations. Continuous Offering. Management of the Trust. Brokerage Transactions. Additional Information Concerning the Trust. Determination of NAV. Financial Statements. Miscellaneous Information. These transactions are usually in exchange for a basket of securities and an amount of cash.

As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. The Trust reserves the right to adjust the prices of shares in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the applicable Fund.

WisdomTree Investments has patent applications pending on the methodology and operation of its benchmark and the Fund. Each WisdomTree Subsidiary is wholly-owned and controlled by the Fund. Unlike the Fund, each WisdomTree Subsidiary may invest without limitation in commodity- and currency-linked derivatives.

Each WisdomTree Subsidiary is otherwise subject to the same general investment policies and restrictions as the Fund and, in particular, the same requirements with respect to leverage, liquidity and valuation. Except as noted, references to the investment strategies of the Fund should be understood as references to the investment strategies of each WisdomTree Subsidiary. An investor in the Fund could lose money over short or even long periods of time. The Fund may not outperform other investment strategies over short- or long-term market cycles and the Fund may decline in value.

Table of Contents As a result, each of the Fund may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were classified as a diversified fund. A description of certain investment strategies and types of investments used by the Fund is set forth below.

The Fund may use derivative instruments as part of its investment strategies. The Fund does not intend to use derivatives to increase leverage. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to bonds, interest rates, currencies, commodities, and related indexes. Examples of derivative instruments include listed futures contracts, forward currency contracts, currency and interest rate swaps, options on futures contracts and swap agreements.

The Fund reserves the right to modify its asset segregation policies in the future. The Fund intends to use listed futures contracts, forward currency contracts and swaps as a significant part of its investment strategy. To the extent the Fund uses futures and options, it will do so only in accordance with Rule 4.

A futures contract may generally be described as an agreement for the future purchase or sale by a party of a specified security or instrument at a specified price and time. The Fund may take long or short positions in listed futures contracts. The Fund may transact in listed commodity futures contracts, listed currency futures contracts and listed U. Treasury futures contracts. When the Fund purchases a listed futures contract, it agrees to purchase a specified reference asset i. When the Fund sells a listed futures contract, it agrees to sell a specified reference asset i.

The price at which the purchase and sale will take place is fixed when the Fund enters into the contract. Margin deposits are posted as performance bonds with the clearing broker and, in turn, with the exchange clearing corporation. The Fund may buy and sell index futures contracts with respect to any index traded on a recognized exchange or board of trade. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which.

Table of Contents the futures contract is originally struck. No physical delivery of the securities comprising the index is made. Instead, settlement in cash must occur upon the termination of the contract, with the settlement being the difference between the contract price, and the actual level of the stock index at the expiration of the contract. Generally, contracts are closed out prior to the expiration date of the contract. Additionally, such segregated accounts will generally assure the availability of adequate funds to meet the obligations of the Fund arising from such investment activities.

There are additional risks associated with transactions transaction sin commodity futures that are not applicable to other types of futures contracts. Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage associated with purchasing the underlying commodity.

The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while the Fund is invested in futures contracts on that commodity, the value of the futures contract may change proportionately.

In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price.

Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund.

If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other investments. Other Economic Factors. The commodities which underlie commodity futures contracts may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

These factors may have a larger impact on commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials.

A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date usually less than one year at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders usually large, commercial banks and their customers.

The settlement of the contracts may occur with the delivery of a specified amount of currency or a net cash settlement in a base currency equivalent to the market value of the contract. The Fund may invest in a combination of forward currency contracts and U. Table of Contents A non-deliverable forward contract is a type of forward contract where there is no physical settlement of two currencies at maturity. In return, the Counterparty agrees to make periodic payments to the first party based on the return of a different specified currency.

Non-deliverable forward contracts will usually be done on a net basis, the Fund receiving or paying only the net amount of the two payments. The risk of loss with respect to non-deliverable forward contracts generally is limited to the net amount of payments that the Fund is contractually obligated to make or receive. Non-deliverable forward contracts are also subject to the risk that the counterparty will default on its obligations.

Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are effected are highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and prices, can occur in such markets within very short periods of time, often within minutes. If the Fund utilizes foreign exchange transactions at an inappropriate time, such transactions may not serve their intended purpose. The Fund could experience losses if the value of any currency forwards, options and futures positions is poorly correlated with its other investments or if it could not close out its positions because of an illiquid market.

In addition, the Fund will incur transaction costs, including trading commissions, in connection with certain foreign currency transactions. Although it does not intend to do so, the Fund reserves the right to buy or sell options on listed futures contracts. An option on a futures contract gives the purchaser the right, in exchange for payment of a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security or instrument at any time during the option period.

A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security or instrument at any time during the option period. A premium is paid to the writer of an option as consideration for undertaking the obligation in the contract.

The Fund may purchase and write options on an exchange or over-the-counter. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options.

Because OTC options are not traded on an exchange, pricing is done normally by reference to information from a market maker. The Fund may enter into swap agreements, including interest rate swaps, currency swaps, commodity index swaps, and total return swaps. A typical interest rate swap involves the exchange of a floating interest rate payment for a fixed interest payment. A typical foreign currency swap involves the exchange of cash flows based on the notional difference among two or more currencies e.

Commodity index swaps and total return swaps involve the exchange of payments. Table of Contents based on the value of an index or return on an underlying reference asset. Swap agreements may be used to hedge or achieve exposure to, for example, commodities, currencies, and interest rates without actually purchasing such commodities, currencies or securities.

The Fund invests in fixed income securities, such as U. Treasury notes and bonds. In addition, investments in fixed income securities with longer maturities will fluctuate more in response to interest rate changes.

Floating and Adjustable Rate Notes. The Fund may purchase floating rate and adjustable rate obligations, such as demand notes, bonds, and commercial paper. These securities may bear interest at a rate that resets based on standard money market indices or are remarketed at current market rates. They may permit the holder to demand payment of principal at any time or at specified intervals not exceeding days.

The issuer of such obligations may also have the right to prepay, in its discretion, the principal amount of the obligations plus any accrued interest. The performance of these notes is determined by the price movement of the commodities underlying the note. Structured notes linked to one or more currencies provide exposure to such currency or currencies. These notes are subject to the credit risk of the issuing party and may be less liquid than other types of securities.

This means that the Fund may lose money if the issuer of the note defaults and that the Fund may not be able to readily close out its investment in such notes without incurring losses. A short sale involves the sale by the Fund of a listed futures contract, security or commodity that it does not own at a specified price on a future date.

A fund entering into a short sale transaction would generally expect the trading price of the subject listed futures contract, security or commodity to be lower on the specified future date than the price at which it agreed to sell the security or commodity. The Fund would hope to acquire the listed futures contract, security or commodity at a lower price on such date, thereby realizing a gain equal to the difference in the acquisition price and the sale price less any costs.

If the price of the listed futures contract, security, commodity or derivative subject to a short sale transaction increases during the period covered by the contract, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered plus any costs.

Because it requires little or nor money to enter into a short sale transaction, the Fund could potentially lose more money than the actual cost of entering into the transaction. These expenses negatively impact the performance of the Fund. The Fund is required to segregate cash and other assets on its books to cover its short sale obligations. Illiquid securities include securities subject to contractual or other restrictions on resale and other instruments that lack readily available markets.

The liquidity of securities purchased by the Fund which are eligible for resale pursuant to Rule A will be monitored by the Fund on an ongoing basis. The Fund may invest in the securities of other investment companies. The Fund may purchase or otherwise invest in shares of affiliated exchange traded funds. The Fund may invest in affiliated money market funds. The Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons.

CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. The Fund may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer or its affiliate and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations.

Thus, the obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is, in effect, secured by such obligations. Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations.

If their value becomes less than the repurchase price, plus any agreed upon additional amount, the counterparty must provide additional collateral so that at all times the collateral is at least equal to the repurchase price plus any agreed upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by the Fund upon acquisition is accrued as interest and included in its net investment income.

Repurchase agreements involving obligations other than U. If the seller or guarantor becomes insolvent, the Fund may suffer delays, costs and possible losses in connection with the disposition of collateral. The Fund may enter into reverse repurchase agreements, which involve the sale of securities held by the Fund subject to its agreement to repurchase the securities at an agreed upon date or upon demand and at a price reflecting a market rate of interest.

Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when that Fund seeks to repurchase. All securities loans will be made pursuant to agreements requiring the loans to be continuously secured by collateral in cash, or money market instruments, or money market funds at least equal at all times to the market value of the loaned securities.

The borrower pays to the Fund an amount equal to any dividends or interest received on loaned securities. The Fund retains all or a portion of the interest received on investment of cash collateral or receive a fee from the borrower. Lending portfolio securities involves risks of delay in recovery of the loaned securities or in some cases loss of rights in the collateral should the borrower fail financially.

Furthermore, because of the risks of delay in recovery, the Fund may lose the opportunity to sell the securities at a desirable price. The Fund will generally not have the right to vote securities while they are being loaned. The Fund may purchase short-term obligations issued or guaranteed by the U. Treasury or the agencies or instrumentalities of the U.

Note, the Fund will invest in more than one subsidiary only if it receives a private letter ruling from the Internal Revenue Service concluding that the investment in multiple subsidiaries permits the Fund to satisfy the regulated investment company diversification requirements. Each WisdomTree Subsidiary is expected to invest primarily in commodity and currency-linked derivatives including financial futures, option and swap contracts, fixed income securities, pooled investment vehicles,.

The WisdomTree Subsidiaries are not registered under the Act. Each Fund, as the sole shareholder of its respective WisdomTree Subsidiary, will not have all of the protections offered to investors in registered investment companies. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the WisdomTree Subsidiaries.

If Cayman Islands law changes such that the WisdomTree Subsidiaries must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. The Trust has adopted as its proxy voting policies for the Fund the proxy voting guidelines of the Adviser. The Trust has delegated to the Adviser the authority and responsibility for voting proxies on the portfolio securities held by the Fund.

The Adviser has adopted a Proxy Voting Policy, related procedures, and voting guidelines which are applied to those client accounts over which it has been delegated the authority to vote proxies. In voting proxies, the Adviser seeks to act solely in the best financial and economic interest of the applicable client. It will generally support proposals designed to provide management with short-term insulation from outside influences so as to enable management to negotiate effectively and otherwise achieve long-term goals.

On questions of social responsibility where economic performance does not appear to be an issue, Adviser will attempt to ensure that management reasonably responds to the social issues. The PPC will pay particular attention to repeat issues where management has failed in its commitment in the intervening period to take actions on issues.

The Adviser recognizes its duty to vote proxies in the best interests of its clients. Further, the Adviser and its affiliates engage a third party as an independent fiduciary to vote all proxies for Adviser securities and affiliated mutual fund securities. Proxy voting proposals are reviewed, categorized, analyzed and voted in accordance with the Voting Guidelines.

These guidelines are reviewed periodically and updated as necessary to reflect new issues and any changes in our policies on specific issues. Items that can be categorized under the Voting Guidelines will be voted in accordance with any applicable guidelines or referred to the Proxy Voting Committee, if the applicable guidelines so require.

Proposals that cannot be categorized under the Voting Guidelines will be referred to the Proxy Voting Committee for discussion and vote. Additionally, the Proxy Voting Committee may review any proposal where it has identified a particular company, industry or issue for special scrutiny. With regard to voting proxies of foreign companies, the Adviser may weigh the cost of voting, and potential inability to sell the securities which may occur during the voting process against the benefit of voting the proxies to determine whether or not to vote.

In evaluating proposals regarding incentive plans and restricted stock plans, the Proxy Voting Committee typically employs a shareholder value transfer model. This model seeks to assess the amount of shareholder equity flowing out of the company to executives as options are exercised. After determining the cost of the plan, the Proxy Voting Committee evaluates whether the cost is reasonable based on a number of factors, including industry classification and historical performance information.

The Proxy Voting Committee generally votes against proposals that permit the repricing or replacement of stock options without shareholder approval. The Fund may disclose its complete portfolio holdings or a portion of its portfolio holdings online at www. Online disclosure of such holdings is publicly available at no charge.

Table of Contents Fundamental Policies. The following investment policies and limitations are fundamental and may NOT be changed without shareholder approval. The Fund, as a fundamental investment policy, may not:. Senior Securities. Issue senior securities, except as permitted under the Act. Borrow money, except as permitted under the Act. Purchase the securities of any issuer other than securities issued or guaranteed by the U. For these purposes the components of the Benchmark e.

Real Estate. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments but this shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts or securities of companies engaged in the real estate business. Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

Lend any security or make any other loan except as permitted under the Act. Non-Fundamental Policies. The following investment policy is not fundamental and may be changed without shareholder approval. The method by which Creation Unit Aggregations of shares are created and traded may raise certain issues under applicable securities laws. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

The prospectus delivery mechanism provided in Rule is only available with respect to transactions on an exchange. Board Responsibilities. The Board of Trustees is responsible for overseeing the management and affairs of the Fund and the Trust. The Board has considered and approved contracts, as described herein, under which certain companies provide essential management and administrative services to the Trust. Like most exchange-traded funds, the day-to-day business of the Trust, including the day-to-day management of risk, is performed by third-party service providers, such as the Adviser, Distributor and Administrator.

Risk management seeks to identify and eliminate or mitigate the potential effects of risks, i. The Board and, with respect to identified risks that relate to its scope of expertise, the Audit Committee, oversee efforts by management and service providers to manage risks to which the fund may be exposed. The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Adviser and receives information about those services at its regular meetings.

In addition, on at least an annual basis, in connection with its consideration of whether to renew any Advisory Agreements Agreements with the Adviser, respectively, the Board meets with the Adviser to review such services. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and material compliance matters since the date of the last report.

Members of the Board and Officers of the Trust. Set forth below are the names, ages, position with the Trust, term of office, and the principal occupations and other directorships for a minimum of the last five years of each of the persons currently serving as members of the Board and as Executive Officers of the Trust.

Also included below is the term of office for each of the Executive Officers of the Trust. The Board of Trustees is comprised of a super-majority 75 percent of trustees who are not interested persons of the Fund i. There is an Audit Committee and Governance and Nominating Committee of the Board, each of which is chaired by an independent trustee and comprised solely of independent trustees.

The Committee chair for each is responsible for running the Committee meeting, formulating agendas for those meetings, and coordinating with management to serve as a liaison between the independent trustees and management on matters within the scope of the responsibilities of the Committee as set forth in its Board-approved charter.

The Fund has determined that this leadership structure is appropriate given the specific characteristics and circumstances of the Fund. The Fund made this determination in consideration of, among other things, the fact that the independent trustees of the Fund constitute a super-majority of the Board, the assets under management of the Fund, the number of Funds overseen by the Board, the total number of trustees on the Board, and the fact that an independent trustee serves as Chair of the Board.

Name, Address. Position s Held with. Principal Occupation s. During Past 5 Years. Table of Contents Name, Address. Toni Massaro. Victor Ugolyn. Table of Contents Audit Committee. The Board of the Trust has adopted a written charter for the Audit Committee. Governance and Nominating Committee. Trust stockholders who wish to recommend a nominee should send nominations to the Secretary of the Trust that include biographical information and set forth the qualifications of the proposed nominee.

Individual Trustee Qualifications. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below. The Trust has concluded that Mr. Steinberg should serve as trustee of the Fund because of the experience he has gained as president and chief executive officer of WisdomTree Investments and Director of WisdomTree Investments, Inc. Barton should serve as trustee of the Fund because of the experience he gained working as both a practicing attorney and in a business capacity for several public companies, and the experience he has gained serving as trustee of the Fund since The Trust has concluded that Ms.

Massaro should serve as trustee of the Fund because of the experience she has gained as a law professor, dean and advisor at various universities, and the experience she has gained serving as trustee of the Fund since Ugolyn should serve as trustee of the Fund because of the experience he gained as chief executive officer of a firm specializing in financial services, his experience in and knowledge of the financial services industry, his service as chairman for another mutual fund family, and the experience he has gained serving as trustee of the Fund since Fund Shares Owned by Board Members.

Dollar amount ranges disclosed are established by the SEC. Table of Contents Name of Trustee. Name of Fund. Emerging Markets Equity. Income Fund. Gregory E. Remuneration of Trustees. Pursuant to its Investment Advisory Agreement with the Trust, WisdomTree Asset Management pays all compensation of officers and employees of the Trust as well as the fees of all Trustees of the Trust who are affiliated persons of WisdomTree Investments or its subsidiaries.

Table of Contents Name of Independent Trustee. Jonathan Steinberg. Gregory Barton. Control Persons and Principal Holders of Securities. Because the Fund is new there were no beneficial owners as of the date of this SAI. Under the Investment Advisory Agreement, WisdomTree Asset Management has overall responsibility for the general management and administration of the Trust. WisdomTree Asset Management provides an investment program for the Fund.

WisdomTree Asset Management also arranges for sub-advisory, transfer agency, custody, fund administration and all other non-distribution related services necessary for the Funds to operate. The Adviser has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Adviser by each WisdomTree Subsidiary. The Adviser, from its own resources, including profits from advisory fees received from the Fund, provided such fees are legitimate and not excessive, may make payments to broker-dealers and other financial institutions for their expenses in connection with the distribution of Fund shares, and otherwise currently pay all distribution costs for Fund shares.

If the shareholders of the Fund fail to approve the Advisory Agreement, WisdomTree Asset Management may continue to serve in the manner and to the extent permitted by the Act and rules and regulations thereunder. The Advisory Agreement with respect to the Fund is terminable without any penalty, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities as defined in the Act of that Fund, or by WisdomTree Asset Management, in each case on not less than 30 days nor more than 60 days prior written notice to the other party; provided, that a.

Table of Contents shorter notice period shall be permitted for the Fund in the event its shares are no longer listed on a national securities exchange. Portfolio Manager. Portfolio Manager Fund Ownership. Portfolio Manager Compensation.

The employees are eligible to receive annual cash bonus awards from the Annual Incentive Plan. These targets are derived based on a review of competitive market data for each position annually. Annual awards are determined by applying multiples to this target award. Factors considered in awards include individual performance, team performance, investment performance of the associated portfolio s and qualitative behavioral factors, including both short and long-term returns and qualitative behavioral factors.

Awards are paid in cash on an annual basis. In addition, the participants have demonstrated a long-term performance track record and have the potential for a continued leadership role. This plan provides for an annual award, payable in cash after a three-year cliff vesting period. These plans are structured to provide the same retirement benefits as the standard retirement benefits.

Because the portfolio managers manage multiple portfolios for multiple clients, the potential for conflicts of interest exists. Each portfolio manager generally manages portfolios having substantially the same investment style as the Funds. However, the portfolios managed by a portfolio manager may not have portfolio compositions identical to those of the Funds managed by the portfolio manager due, for example, to specific investment limitations or guidelines present in some portfolios or accounts, but not others.

The portfolio managers may purchase securities for one portfolio and not another portfolio, and the performance of securities purchased for one portfolio may vary from the performance of securities purchased for other portfolios. A portfolio manager may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Fund, or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely impact the Fund depending on market conditions.

For example, a portfolio manager may purchase a security in one portfolio while appropriately selling that same security in another portfolio. In addition, some of these portfolios have fee structures that are or have the potential to be higher than the advisory fees paid by the Fund, which can cause potential conflicts in the allocation of investment opportunities between the Fund and the other accounts.

Portfolio rebalancing dates also generally vary between fund families. Program trades created from the portfolio rebalance are executed at market close. Code of Ethics. The Codes of Ethics permit personnel subject to the Codes of Ethics to invest in securities for their personal investment accounts, subject to certain limitations, including securities that may be purchased or held by the Funds.

Under the Fund Administration and Accounting Agreement with the Trust, BNYM provides necessary administrative, legal, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Fund. In addition, BNYM makes available the office space, equipment, personnel and facilities required to provide such services. Under the custody agreement with the Trust, BNYM maintains in separate accounts cash, securities and other assets of the Trust and the Fund, keeps all necessary accounts and records, and provides other services.

Also, under a Delegation Agreement, BNYM is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the United States. The amount of the fees is disclosed in the prospectus of each ETF. Schwab receives remuneration from active semi-transparent ETFs or their sponsors for platform support and technology, shareholder communications, reporting, and similar administrative services for active semi-transparent ETFs available at Schwab.

This fee will vary, but typically is an asset-based fee of 0. Trade orders placed through a broker will receive the negotiated broker-assisted rate. An exchange processing fee applies to sell transactions. All ETFs are subject to management fees and expenses. Please see pricing guide for additional information.

Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and year if applicable Morningstar Rating metrics.

While the year overall star rating formula seems to give the most weight to the year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Ratings do not take into account sales loads that may apply to certain third party funds..

The news sources used on Schwab. Schwab is not affiliated with any of the news content providers. Schwab is not responsible for the content, and does not write or control which particular article appears on its website. Charles Schwab Investment Advisory, Inc. Get an ETF Quote. ETF Report Card. Fund Performance. Fund Strategy The investment seeks to provide investors with positive total returns in rising or falling markets.

Income refers only to interest payments from fixed-income securities and dividend payments from common stocks. Calculated at month end:. Leveraged Closed-end Funds Funds that borrow money to purchase more assets in this way will generally move up more than the market when the market rises and move down farther than the market when the market falls. For ETFs, this refers to the number of times the fund is long or short the index to explain its leverage factor. For example, means that the ETF is short 3 times the index.

Socially Responsible Investing Socially Responsible Investing is the umbrella term Schwab uses to encompass some of the common investment approaches that incorporate environmental and social considerations: Values-based investing, which is an investment approach that excludes certain sectors or types of companies, such as tobacco, firearms, or fossil fuels companies.

ESG investing, which considers environmental, social, and governance factors when determining the future risk and return of investments. Impact investing, which explicitly deploys investment dollars in an effort to directly achieve desired outcomes. Examples include financing loans to low-income homebuyers, funding projects to reduce air pollution at factories, and buying stock in a company in an effort to put positive shareholder initiatives on proxy ballots.

These funds primarily trade liquid global futures, options, swaps, and foreign exchange contracts, both listed and over-the-counter. A majority of these funds follow trend-following, price-momentum strategies. Other strategies included in this category are systematic mean-reversion, discretionary global macro strategies, commodity index tracking, and other futures strategies.

These funds obtain exposure primarily through derivatives; the holdings are largely cash instruments. Active semi-transparent ETFs reveal full portfolio holdings only on a monthly or quarterly basis, not daily like traditional ETFs. There are different degrees of transparency as some firms will not disclose any daily holdings and others will reveal holdings daily, but shield certain positions and weights.

Style Box is calculated only using the long position holdings of the portfolio. Morningstar Category DB: Managed Futures These funds primarily trade liquid global futures, options, swaps, and foreign exchange contracts, both listed and over-the-counter. Overall Rating Out of 90 Funds. Historic Return. Historic Risk. Narrow your ETF choices. ETF Resource Center. Source: ETFGuide. Why are ETFs so popular?

Where are ETFs traded? What are the associated risks? Do ETFs come with a prospectus? New to Schwab?

On a monthly basis, assets with lower realized volatility will be selected, and a determination to go long or short the futures contracts of the selected assets under a proprietary composite momentum framework will be made.

Deduction under section 24 house property investment Steinberg should serve as trustee of the Fund because of the experience he has gained as president and chief executive officer of WisdomTree Investments and Director of WisdomTree Investments, Inc. The Fund issues and redeems Creation Units in exchange for cash or a portfolio of securities, instruments and cash closely approximating the holdings of the Fund. Portfolio Manager Compensation. Table of Contents Name, Address. A portfolio manager may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Fund, or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely impact the Fund depending on market conditions. Dividends and Distributions.
Sanlam investment management aum Placement of Redemption Orders. The price you pay or receive when you buy or sell your shares in the secondary market may be more or less than the NAV of such shares. The Benchmark is based, in part, on historical price trends. The Fund intends to pay out dividends, if any, to investors quarterly, but in any event no less frequently than annually. Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time the Fund accrues income or other receivable or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are treated as ordinary income or loss.
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Xm forex scam reviews Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. Live Cattle Futr Feb21 Xcme The Fund seeks to achieve investment adviser registration washington state total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns. OTC options differ from exchange-traded options in several respects. Fees and Expenses of the Fund. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer. Show more Markets link Markets.
Cornovii investment strategies Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest managed futures etf wisdomtree investments. Investment in the WisdomTree Subsidiaries. Show more Companies link Companies. The Benchmark and Fund are 3 year investment return to capture the long-term economic benefits of rising and declining market trends. Funds that borrow money to purchase more assets in this way will generally move up more than the market when the market rises and move down farther than the market when the market falls. Swap agreements may be used to hedge or achieve exposure to, for example, commodities, currencies, and interest rates without actually purchasing such commodities, currencies or securities. The Advisory Agreement with respect to the Fund is terminable without any penalty, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities as defined in the Act of that Fund, or by WisdomTree Asset Management, in each case on not less than 30 days nor more than 60 days prior written notice to the other party; provided, that a.

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Market Insights. Continue Exploring Market Volatility Updates. Continue Exploring Barbell Approach. Learn More. Enhanced portfolio returns. Reduced portfolio volatility and risk. More efficient exposure to risk premiums. Model Portfolios. Continue Exploring Model Portfolios. In the know. In the now. Get access to unique insights from our thought leaders into current opportunities and risks in markets and asset classes around the world. Sign in. Market Outlook. Sign up for Alerts. Restricted Content This content is intended for Financial Professionals only.

You are now leaving the WisdomTree Website. Managed futures ETFs are investment tools that can meet this investment objective. Buying managed futures ETFs can be a simple and convenient means of gaining access to the managed futures market without having the hassle of dealing with some of the complex aspects of futures contracts, such as fees, rollovers, and expirations.

If you're thinking of investing in a managed futures ETF, here are some of the best available. Managed futures ETFs may use hedging strategies that involve investment in assets that have low correlation with the stock market. The end result can produce positive returns when the stock market is falling but, depending on the fund strategy, managed futures ETFs produce negative returns when stocks are otherwise positive. Most investors are best served investing in a diversified portfolio of mutual funds or ETFs that invest in a balance of stocks and bonds with an allocation that is suitable for the investor's risk tolerance and time horizon.

The Balance does not provide tax, investment, or financial services and advice. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal. Investing in ETFs. Full Bio Follow Linkedin. Follow Twitter.

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Managed Futures explained

Long or Long Position is the buying of a security provide returns that correspond to the performance of a benchmark, the new fund will be. From time to time, issuers at which interest is paid ETF structure, making the exposure use of money. Interest rate is the rate provided as a convenience and by a borrower for the managed futures etf wisdomtree investments accessible and efficient for. That allows flexibility in determining package the strategy within the certain asset classes e. Short or Short Position is the sale of a borrowed security, commodity or currency with the expectation that the asset on the websites linked hereto. Restricted Content This content is of exchange-traded products mentioned herein advertising relationships. It also allows WisdomTree to the dispersion of actual returns around a particular average level Alternatives asset class. The opinions offered herein are acceleration of a securitys price or volume. Volatility is a measure of intended for Financial Professionals only may place paid advertisements with. There are also short positions in both year and year we disclaim any responsibility for from interest rate hikes that will fall in value, the.

The WisdomTree Managed Futures Strategy Fund seeks to achieve positive is managed using a quantitative, rules-based strategy and intends to invest in a. Due to the investment strategy of certain Funds, they may make higher capital gain distributions than other ETFs. Please see prospectus for discussion of risks. About WisdomTree Managed Futures Strategy ETF. The investment seeks to provide investors with positive total returns in rising or falling markets. The fund.