1673 銀ＥＴＦ 2021-09-08 17:00:00
令和3年12月期 中間決算短信（令和3年1月1日～令和3年6月30日) [pdf]
令和3年12月期 中間決算短信（令和3年1月1日～令和3年6月30日)
令和3年9月8日
上場取引所 東京証券取引所
銘柄名 コード番号 連動対象指標 主要投資資産 売買単位
WisdomTree 金上場投資信託 1672 金価格 金 1
WisdomTree 銀上場投資信託 1673 銀価格 銀 10
WisdomTree 白金上場投資信託 1674 白金価格 白金 1
WisdomTree パラジウム上場投資信託 1675 パラジウム価格 パラジウム 1
WisdomTree 貴金属バスケット 金・銀・白金・
上場投資信託
1676 貴金属バスケット価格（注） パラジウム
1
（注） 貴金属バスケット価格は、金価格、銀価格、白金価格、パラジウム価格に基づいて算出されます。
なお、WisdomTree貴金属バスケット上場投信の一口当たりの貴金属は、およそ0.04ファイン・トロイ・
オンスの金、およそ1.2トロイ・オンスの銀、およそ0.01トロイ・オンスの白金、およそ0.02ト
ロイ・オンスのパラジウムの合計です。
外 国 投 資 法 人 ウィズダムツリー・メタル・セキュリティーズ・リミテッド
代 表 者 名 クリストファー・フォールズ
管 理 会 社 ウィズダムツリー・マネジメント・ジャージー・リミテッド
https://www.wisdomtree.eu/en-gb/resource-library/prospectus-and-regulatory-reports#tab-2A942D42-5AA1-4008-9080-3C2DADB050A7
代 表 者 名 スティーブン・ロス
問合せ先責任者 ＴＭＩ総合法律事務所 （中川秀宣） TEL 03-6438-5660
有価証券報告書提出予定日 令和3年9月30日提出（予定）
分配金支払い開始予定日 該当なし
Ⅰファンドの運用状況
1. 2021年12月中間決算期の運用状況（令和3年1月1日～令和3年6月30日）
(1)資産内訳 （百万円未満切捨て）
主要投資資産 合計（資産）
構成比
金額 金額 構成比
百万円 ％ 百万円 ％
WisdomTree 金上場投資信託 2021年12月中間決算期 669,563 (100) 669,563 (100)
2020年12月中間決算期 913,907 (100) 913,907 (100)
百万円 ％ 百万円 ％
WisdomTree 銀上場投資信託 2021年12月中間決算期 283,566 (100) 283,566 (100)
2020年12月中間決算期 171,463 (100) 171,463 (100)
百万円 ％ 百万円 ％
WisdomTree 白金上場投資信託 2021年12月中間決算期 72,280 (100) 72,280 (100)
2020年12月中間決算期 47,344 (100) 47,344 (100)
百万円 ％ 百万円 ％
WisdomTree パラジウム上場投資信託 2021年12月中間決算期 25,617 (100) 25,617 (100)
2020年12月中間決算期 18,685 (100) 18,685 (100)
百万円 ％ 百万円 ％
WisdomTree 貴金属バスケット 2021年12月中間決算期 21,340 (100) 21,340 (100)
上場投資信託
WisdomTree 貴金属バスケット
上場投資信託 2020年12月中間決算期 16,619 (100) 16,619 (100)
（注） 主要投資資産は、令和3年8月31日午前零時（ロンドン時間2021年8月31日午後4時）現在のものとしてブルームバーグに
よって表示される為替レート（スポット・レート）（1米ドル＝109.835円、1ポンド＝151.177円）に基づいて円換算して
います。(以下同じ)
(2)設定・償還実績
前営業期間末 設定口数 償還口数 当営業期間末
発行済口数 発行済口数
(①) (②) (③) （①+②-③）
千口 千口 千口 千口
WisdomTree 金上場投資信託2021年12月中間決算期 41,104 2,764 7,356 36,512
2020年12月中間決算期 49,571 12,478 12,965 49,084
千口 千口 千口 千口
WisdomTree 銀上場投資信託2021年12月中間決算期 98,664 18,814 10,971 106,507
2020年12月中間決算期 72,474 42,829 23,905 91,399
千口 千口 千口 千口
WisdomTree 白金上場投資信託
2021年12月中間決算期 6,360 1,359 1,110 6,609
2020年12月中間決算期 6,055 1,639 2,151 5,543
千口 千口 千口 千口
WisdomTree パラジウム上 2021年12月中間決算期 890 236 219 906
場投資信託 2020年12月中間決算期 941 262 264 939
千口 千口 千口 千口
WisdomTree 貴金属バス 2021年12月中間決算期 1,160 183 112 1,231
ケット
上場投資信託 2020年12月中間決算期 1,170 155 179 1,146
（注） 上記の設定・償還実績については、営業期末時点の未決済上場投信を含んでいません。
(3)基準価額
売買単位当たり基準価額
総資産 負債（注） 資産 （（③/当営業期間末
発行済口数）×売買単位）
百万円 百万円 百万円 円
WisdomTree 金上場 2021年12月中間決算期 669,563 - 669,563 18,338
投資信託 2020年12月中間決算期 913,907 - 913,907 18,619
百万円 百万円 百万円 円
WisdomTree 銀上場 2021年12月中間決算期 283,566 - 283,566 26,624
投資信託 2020年12月中間決算期 171,463 - 171,463 18,759
百万円 百万円 百万円 円
WisdomTree 白金上 2021年12月中間決算期 72,280 - 72,280 10,935
場投資信託 2020年12月中間決算期 47,344 - 47,344 8,540
百万円 百万円 百万円 円
WisdomTree パラジ 2021年12月中間決算期 25,617 - 25,617 282,501
ウム上場投資信託 2020年12月中間決算期 18,685 - 18,685 198,905
百万円 百万円 百万円 円
ETFS貴金属バスケッ 2021年12月中間決算期 21,340 - 21,340 17,324
ト上場投資信託 2020年12月中間決算期 16,619 - 16,619 14,490
（注1） 売買単位は、金、白金、パラジウム及び貴金属バスケットについては1口、銀については10口となります。
（注2） 貴金属証券の一単位当たりの資産は、証券1単位当たりの基準価額に基づいたものとなっています。証
券1単位当たりの基準価額は、相応する証券1単位当たりの貴金属エンタイトルメントに対応する値決め
による価格を乗じたものとなります。各々の類型の貴金属にかかる証券の裏付けとなっている貴金属ご
との総価値は、相応する証券の残高と等しくなります。このために、純資産額は零となり、総資産額は、
は、証券の裏付けとなる貴金属の総額と等しくなります。
［参考］外国投資法人の財政状態
総資産額 総負債額 投資主持分額
百万円 百万円 百万円
2021年12月中間決算期 1,470,188 1,479,002 -8,813
2020年12月中間決算期 1,471,820 1,486,279 -14,458
(注1) 貴金属証券は、期限の定めのない、請求権の限定されている発行体による債務です。全出資口は、親会社である
ウィズダムツリー・ホールディングス・ジャージー・リミテッドにより保有されています。投資主持分額は、
総資産額から総負債額を差し引いたものです。
2. 会計方針の変更
① 会計基準等の改正に伴う変更 有・無
② ①以外の変更 有・無
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Registered No: 95996
Unaudited Interim Financial Report for the
Six Months to 30 June 2021
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Contents
Directors’ Report 1-3
Condensed Statement of Profit or Loss and Other Comprehensive Income 4
Condensed Statement of Financial Position 5
Condensed Statement of Cash Flows 6
Condensed Statement of Changes in Equity 7
Notes to the Condensed Interim Financial Statements 8-15
www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Directors’ Report
The directors of WisdomTree Metal Securities Limited (“MSL” or the “Company”), submit herewith the
unaudited interim financial report and interim financial statements of the Company for the period ended 30
June 2021.
Directors
The names and particulars of the directors of the Company during or since the end of the financial period are:
Stuart Bell
Christopher Foulds
Steven Ross
Peter Ziemba
Directors’ Interests
No director has an interest in the Shares of the Company as at the date of this report.
Principal Activities
During the period there were no significant changes in the nature of the Company’s activities.
Review of Operations
As at 30 June 2021, the Company had the following classes of Metal Securities in issue and admitted to trading
on the following exchanges:
London NYSE - Tokyo Bolsa
Stock Borsa Deutsche Euronext Stock Mexicana
Exchange Italiana Börse Amsterdam Exchange de Valores
WisdomTree Physical
-
Platinum
WisdomTree Physical
-
Palladium
WisdomTree Physical
-
Silver
WisdomTree Physical
-
Gold
WisdomTree Physical
-
PM Basket
WisdomTree Physical
-
Swiss Gold
WisdomTree Core
- - -
Physical Gold
As at 30 June 2021, the fair value of assets under management amounted to USD 13,339.9 million (31
December 2020: USD 14,476.1 million). The Company recognises its assets (“Metal Bullion”) and financial
liabilities (“Metal Securities”) at fair value in the Condensed Statement of Financial Position.
The Company holds Metal Bullion to support the Metal Securities as determined by the Metal Entitlement
(which is calculated in accordance with an agreed formula published in the Prospectus). Metal Bullion is
marked to fair value using the latest price published by the London Bullion Market Association (“LBMA”). The
Company has entered into contractual obligations to issue and redeem Metal Securities in exchange for Metal
Bullion as determined by the Metal Entitlement of each class of Metal Security on each trading day. The Metal
Bullion in respect of each creation and redemption is recorded using the price published by the LBMA on the
transaction date.
-1- www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Directors’ Report (Continued)
Review of Operations (continued)
IFRS 13 requires the Company to identify the principal market and to utilise the available price within that
principal market. The directors consider the stock exchanges where the Metal Securities are listed to be the
principal market and as a result the fair value of the Metal Securities is the on-exchange price as quoted on
the stock exchange demonstrating active trading with the highest trading volume on each day that the price is
obtained. As a result of the difference in valuation between Metal Bullion and Metal Securities there is a mis-
match between the values recognised, and the results of the Company reflect a gain or loss on the difference
between the value of the Metal Bullion (through the application of the price published by the LBMA against the
Metal Entitlement and referred to within this financial statements as the “Contractual Value”) and the price of
Metal Securities.
The gain or loss on Metal Securities and Metal Bullion is recognised through profit or loss in line with the
Company’s accounting policy.
During the period, the Company generated income from creation and redemption fees and management fees
as follows:
30 June 2021 30 June 2020
USD USD
Creation and Redemption Fees 22,274 33,932
Management Fees 24,495,175 22,484,340
Total Fee Income 24,517,449 22,518,272
Non-GAAP Performance Measures
Under the terms of the service agreement with WisdomTree Management (Jersey) Limited (“ManJer” or the
“Manager”), the Company accrued expenses equal to the management fees and creation and redemption
fees, which, after taking into account other operating income and expenses, resulted in an Result Before Fair
Value Movements for the period of USD Nil (30 June 2020: USD Nil).
As the difference in the valuation of Metal Bullion (held to support the Metal Securities) and Metal Securities
would be reversed on a subsequent redemption of the Metal Securities and transfer of the corresponding Metal
Bullion, the Company presents an adjusted Condensed Statement of Profit or Loss and Total Comprehensive
Income and an adjusted Condensed Statement of Changes in Equity in note 9 of the interim financial
statements.
Coronavirus disease (COVID-19)
The COVID-19 pandemic continues to persist and the ultimate duration of the pandemic and its short-term and
long-term impact on the global economy is unknown. National governments and supranational organisations
in multiple states continue taking steps designed to protect their populations from COVID-19, including
requiring or encouraging home working, the cancellation of sporting, cultural and other events and restricting
or discouraging gatherings of people. COVID-19 has created market turmoil and increased market volatility
generally. Mutations in the virus, a setback in vaccine distribution and negative global economic
consequences arising from the pandemic, amongst other factors, could have a future adverse impact on the
global financial markets. The steps outlined above, and public sentiment, may affect both the volatility and
prices of Metal Bullion and hence the prices of the Metal Securities, and such effects may be significant and
may be long-term in nature.
The directors are closely monitoring the advice and developments relating to the spread of COVID-19, which
is fluid and rapidly changing. The WisdomTree group has implemented, and continues to implement,
measures to maintain the ongoing safety and well-being of employees, whilst continuing to operate business
as usual.
Future Developments
The board of directors (the “Board”) are not aware of any developments that might have a significant effect on
the operations of the Company in subsequent financial periods not already disclosed in this report or the
attached interim financial statements.
-2- www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Directors’ Report (Continued)
Directors’ Remuneration
No director has a service contract with the Company. The directors of the Company who are employees within
the WisdomTree group do not receive separate remuneration in their capacity as directors of the Company.
R&H Fund Services (Jersey) Limited (“R&H” or the “Administrator”) receives a fee in respect of the directors
of the Company who are employees of R&H.
The directors’ fees which have been paid by ManJer on behalf of the Company for the period:
30 June 2021 30 June 2020
GBP GBP
Stuart Bell Nil Nil
Christopher Foulds 4,000 1,680
Hilary Jones (resigned 15 April 2020) Nil 2,320
Steven Ross 4,000 4,000
Peter Ziemba Nil Nil
Going Concern
The nature of the Company’s business dictates that the outstanding Metal Securities may be redeemed at any
time by Authorised Participants and in certain circumstances by individual holders and also, in certain
circumstances, may be compulsorily redeemed by the Company. As the redemption of Metal Securities will
always coincide with the transfer of an equal amount (in value) of Metal Bullion, liquidity risk is mitigated such
that there is no residual liquidity risk. All other expenses are met by ManJer. The directors are closely
monitoring the advice and developments relating to the spread of COVID-19, particularly with its impact on
ManJer, its assets under management, and therefore its related revenue streams, in respect of fulfilling the
obligations under the services agreement. The directors consider the operations of the Company to be
ongoing, with a reasonable expectation that the Company has adequate resources to continue in operational
existence for a period of 12 months from the date of these interim financial statements, and accordingly these
interim financial statements have been prepared on the going concern basis.
Directors Statement
With regard to Directive 2004/109/EC, amended by Directive 2013/50/EU (collectively the Transparency
Directive), the Central Bank (Investment Market Conduct) Rules of the Central Bank of Ireland and the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the directors confirm that to
the best of their knowledge that:
• the interim financial statements for the period ended 30 June 2021 give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company as required by law and in
accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board; and
• the Directors’ Report gives a fair view of the development and performance of the Company’s
business, including financial position and the important events that have occurred during the period
and their impact on these interim financial statements.
On behalf of the directors
Christopher Foulds
Director
25 August 2021
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DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Condensed Statement of Profit or Loss and Other Comprehensive Income
Period Ended 30 June
2021 2020
Unaudited Unaudited
Notes USD USD
Income 2 24,517,449 22,518,272
Expenses 2 (24,517,449) (22,518,272)
Result Before Fair Value Movements - -
Change in Contractual and Fair Value of Metal
Bullion 3 (833,206,486) 1,441,660,268
Change in Fair Value of Metal Securities 4 773,469,030 (1,582,199,832)
Loss for the Period 1, 2 (59,737,456) (140,539,564)
The directors consider the Company’s activities as continuing.
1 A non-statutory and non-GAAP Condensed Statement of Profit or Loss and Total Comprehensive Income reflecting
adjustments representing the movement in the difference between the Value of Metal Bullion and the price of Metal
Securities is set out in note 9.
2 There are no items of Other Comprehensive Income, therefore the (Loss) / Profit for the Year also represented the Total
Comprehensive Income for the Year.
The notes on pages 8 to 15 form part of these condensed interim financial statements
-4- www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Condensed Statement of Financial Position
As At
30 June 2021 31 December 2020
Unaudited Audited
Notes USD USD
Assets
Metal Bullion 3 13,339,869,993 14,476,114,674
Metal Bullion on Loan 5 1,225,758 502,637
Amounts Receivable on Securities Awaiting
Settlement 4 15,527,122 -
Amounts Receivable on Assets Awaiting Settlement 3 24,886,370 13,743,626
Metal Bullion Held in Respect of Fees 3,882,622 4,334,123
Trade and Other Receivables 40,062 40,062
Total Assets 13,385,431,927 14,494,735,122
Liabilities
Metal Securities 4 13,420,115,803 14,496,623,028
Overdraft Facility 5 1,225,758 502,637
Amounts Payable on Assets Awaiting Settlement 3 15,527,122 -
Amounts Payable on Securities Awaiting Settlement 4 24,886,370 13,743,626
Trade and Other Payables 3,922,681 4,374,182
Total Liabilities 13,465,677,734 14,515,243,473
Equity
Stated Capital 4 4
Revaluation Reserve (80,245,811) (20,508,355)
Total Equity (80,245,807) (20,508,351)
Total Equity and Liabilities 13,385,431,927 14,494,735,122
The assets and liabilities in the above Condensed Statement of Financial Position are presented in order of
liquidity from most to least liquid.
The condensed interim financial statements on pages 4 to 15 were approved and authorised for issue by the
board of directors and signed on its behalf on 25 August 2021.
Christopher Foulds
Director
The notes on pages 8 to 15 form part of these condensed interim financial statements
-5- www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Condensed Statement of Cash Flows
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Loss for the Year (59,737,456) (140,539,564)
Non-cash Reconciling Items
Change in Fair Value of Metal Bullion 833,206,486 (1,441,660,268)
Change in Fair Value of Metal Securities (773,469,030) 1,582,199,832
- -
Cash Generated from Operating Activities - -
Net Movement in Cash and Cash Equivalents - -
Cash and Cash Equivalents at the Beginning of the
Period - -
Net Movement in Cash and Cash Equivalents - -
Cash and Cash Equivalents at the End of the
Period - -
Metal Securities are issued through a direct transfer of Metal Bullion from the Authorised Participants to the
custodian or redeemed by the direct transfer of Metal Bullion by the custodian to the Authorised Participants.
Transactions related to the Metal Bullion on Loan and the Overdraft Facilities are included within this direct
transfer process with the custodian. As such the Company is not a party to any cash transactions. The
creations and redemptions of Metal Securities and additions and disposals of Metal Bullion, which are non-
cash transactions for the Company, are disclosed in notes 4 and 3 respectively in the reconciliation of opening
to closing Metal Securities and Metal Bullion.
The Company has entered into a service agreement with WisdomTree Management Jersey Limited (“ManJer”
or the “Manager”), whereby ManJer is responsible for supplying or procuring the supply of all management
and administration services required by the Company, (including marketing) as well as the payment of costs
relating to the listing and issue of Metal Securities. In return for these services, the Company has an obligation
to remunerate ManJer with an amount equal to the aggregate of the Management Fee and the creation and
redemption fees (the “ManJer Fee”). The Metal Bullion in respect of the Management Fee is transferred by
the Trustee from the Company’s custodian accounts to ManJer’s custodian accounts. In addition, amounts in
respect of the creation and redemption fees are transferred directly from the Authorised Participants to ManJer
and there are no cash flows through the Company.
The notes on pages 8 to 15 form part of these condensed interim financial statements
-6- www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Condensed Statement of Changes in Equity
Stated Retained Revaluation Total
Capital Earnings Reserve Equity
USD USD USD USD
Audited Opening Balance at 1 January 2020 4 - 4,160,626 4,160,630
Result and Total Comprehensive Loss for the Period - (140,539,564) - (140,539,564)
Transfer to Revaluation Reserve - 140,539,564 (140,539,564) -
Unaudited Balance at 30 June 2020 4 - (136,378,938) (136,378,934)
Unaudited Opening Balance at 1 July 2020 4 - (136,378,938) (136,378,934)
Result and Total Comprehensive Income for the Period - 115,870,583 - 115,870,583
Transfer to Revaluation Reserve - (115,870,583) 115,870,583 -
Audited Balance at 31 December 2020 4 - (20,508,355) (20,508,351)
Audited Opening Balance at 1 January 2021 4 - (20,508,355) (20,508,351)
Result and Total Comprehensive Loss for the Period - (59,737,456) - (59,737,456)
Transfer to Revaluation Reserve - 59,737,456 (59,737,456) -
Unaudited Balance at 30 June 2021 4 - (80,245,811) (80,245,807)
The notes on pages 8 to 15 form part of these condensed interim financial statements
-7- www.wisdomtree.eu
DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements
1. Accounting Policies
The main accounting policies of the Company are described below.
Basis of Preparation
The interim financial statements for the six months ended 30 June 2021 have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”)
and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB. The
interim financial statements have been prepared under the historical cost convention, as modified by the
revaluation of physical metal bullion, financial assets and financial liabilities held at fair value through profit or
loss.
The interim financial statements do not include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the Company’s annual financial statements for the
year ended 31 December 2020. Except as described below under Changes in Accounting Standards the
accounting policies adopted are consistent with those of the annual financial statements for the year ended 31
December 2020. The changes in accounting policies are also expected to be reflected in the financial
statements for the year ended 31 December 2021.
The presentation of interim financial statements in conformity with International Financial Reporting Standards
(“IFRSs”) requires the use of certain critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the Company’s accounting policies.
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities.
Estimates are continually evaluated and based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. The key accounting
judgements required to prepare these interim financial statements are:
1. In respect of the presentation of non-statutory and non-GAAP adjustments to the Condensed
Statement of Profit or Loss and Other Comprehensive Income and the Condensed Statement of
Changes in Equity, as disclosed in note 9.
2. The determination of the appropriate accounting policy to be applied to Metal Bullion.
Under IFRS there is no standard treatment for the classification of physical metals (as they do not
meet the definition of a financial asset, cash, inventory or property, plant or equipment) therefore the
election of how to treat physical metals is left to some interpretation for companies which hold these
assets. The Metal Bullion is held to provide the security holders with the exposure to changes in the
fair value of Metal Bullion and therefore the Directors consider that carrying the Metal Bullion at fair
value through profit or loss, consistent with the treatment that would be applicable to a financial
instrument, reflects the objectives and the purpose of holding the asset.
This half yearly report has not been audited or reviewed by the Company’s auditors.
Changes in Accounting Standards
On 1 January 2021 the Company adopted all applicable annual improvements to IFRSs and have assessed
that the adoption of these revised and amended accounting standards has not resulted in any changes to the
accounting policies and disclosures within these financial statements.
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WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
2. Result Before Fair Value Movements
Result Before Fair Value Movements for the period comprised:
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Creation and Redemption Fees 22,274 33,932
Management Fees 24,495,175 22,484,340
Total Income 24,517,449 22,518,272
ManJer Fees (24,517,449) (22,518,272)
Total Operating Expenses (24,517,449) (22,518,272)
Result Before Fair Value Movements - -
3. Metal Bullion
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Change in Fair Value of Metal Bullion (833,206,486) 1,441,660,268
As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
Metal Bullion at Fair Value 13,339,869,993 14,476,114,674
As at 30 June 2021, there were certain amounts of Metal Bullion awaiting settlement in respect of the creation
or redemption of Metal Securities with transaction dates before the period end and settlement dates in the
following period:
• The amount payable as a result of unsettled creations of Metal Securities is USD 15,527,122 (31
December 2020: USD Nil).
• The amount receivable as a result of unsettled redemptions of Metal Securities is USD 24,886,370 (31
December 2020: USD 13,743,626).
All Metal Bullion assets have been valued using the PM fix on 30 June 2021 published by the London Bullion
Market Association (“LBMA”), being the last fix prices available at the period end.
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WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
3. Metal Bullion (continued)
The below reconciliation of changes in the Metal Bullion includes only non-cash changes.
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Opening Metal Bullion 14,476,114,674 11,955,880,980
Additions 1,761,942,352 3,626,424,241
Disposals (2,040,485,372) (3,271,287,754)
Metal Bullion Transferred to Metal Bullion Held in
Respect of Management Fees (24,495,175) (22,484,340)
Change in Fair Value (833,206,486) 1,441,660,268
Closing Metal Bullion 13,339,869,993 13,730,193,395
4. Metal Securities
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Change in Fair Value of Metal Securities 773,469,030 (1,582,199,832)
As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
Metal Securities at Fair Value 13,420,115,803 14,496,623,028
As at 30 June 2021, there were certain Metal Securities awaiting settlement in respect of creations or
redemptions with transaction dates before the period end and settlement dates in the following period:
• The amount receivable as a result of unsettled creations of Metal Securities is USD 15,527,122 (31
December 2020: USD Nil).
• The amount payable as a result of unsettled redemptions of Metal Securities is USD 24,886,370 (31
December 2020: USD 13,743,626).
The below reconciliation of changes in the Metal Securities, being liabilities arising from financing activities,
includes only non-cash changes.
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Opening Metal Securities 14,496,623,028 11,951,720,353
Securities Created 1,761,942,352 3,626,424,241
Securities Redeemed (2,040,485,372) (3,271,287,754)
Management Fee (24,495,175) (22,484,340)
Change in Fair Value (773,469,030) 1,582,199,832
Closing Metal Securities at Fair Value 13,420,115,803 13,866,572,332
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WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
5. Overdraft Facility
A total of three overdraft agreements have been entered into with the custodians. Each agreement allows for
the loan of up to one bullion bar of gold (collectively the “Overdraft Facility”). The gold held under the Overdraft
Facility (the “Metal Bullion on Loan”) is used by the Company to ensure all WisdomTree Physical Swiss Gold
Securities, WisdomTree Physical Gold and WisdomTree Core Physical Gold Securities, respectively, are
supported by holdings of gold in allocated form.
The Company had Metal Bullion drawn under the Overdraft Facilities as follows:
As at 30 June 2021 As at 30 June 2020
Troy Ounces USD Troy Ounces USD
Gold on Loan from JP Morgan 96.273 182,062 - -
Gold on Loan from HSBC 551.899 1,043,696 - -
1,225,758 -
The Metal Bullion on Loan and the Overdraft Facilities are recorded at the fair value of the Metal Bullion
6. Fair Value Hierarchy
The levels in the hierarchy are defined as follows:
• Level 1 fair value based on quoted prices in active markets for identical assets.
• Level 2 fair values based on valuation techniques using observable inputs other than quoted prices.
• Level 3 fair values based on valuation techniques using inputs that are not based on observable
market data.
Categorisation within the hierarchy is determined on the basis of the lowest level input that is significant to the
fair value measurement of each relevant asset/liability.
The Company is required to utilise the available on-market price as the Metal Securities are quoted and actively
traded on the open market. Therefore, Metal Securities are classified as Level 1 financial liabilities.
The Company holds Metal Bullion to support the Metal Securities as determined by the Metal Entitlement
(which is calculated in accordance with an agreed formula published in the Prospectus). Metal Bullion is
marked to fair value using the latest price published by the LBMA. The Company has contractual obligations
to issue and redeem Metal Securities in exchange for Metal Bullion as determined by the Metal Entitlement of
each class of Metal Security on each trading day. The fair value of each creation and redemption of Metal
Securities is recorded using the price published by the LBMA on the transaction date applied to that Metal
Entitlement. Therefore, Metal Bullion is classified as a level 2 asset, as the value is calculated using third party
pricing sources supported by observable, verifiable inputs.
The Company holds Metal Bullion on Loan under the Overdraft Facility, which are both recorded at fair value
using the latest price published by the LBMA. Therefore, Metal Bullion on Loan is classified as a level 2 asset,
as the value is calculated using third party pricing sources supported by observable, verifiable inputs, and the
Overdraft Facilities are classified as a Level 2 liability as the value is calculated using third party pricing sources
supported by observable, verifiable inputs.
The categorisation of the Company’s assets and (liabilities) are as shown below:
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WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
6. Fair Value Hierarchy (continued)
As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
Level 1
Metal Securities (13,420,115,803) (14,496,623,028)
Level 2
Overdraft Facility (1,225,758) (502,637)
Metal Bullion on Loan 1,225,758 502,637
Metal Bullion 13,339,869,993 14,476,114,674
13,339,869,993 14,476,114,674
Each of the Metal Securities, Overdraft Facility, the Metal Bullion on Loan and the Metal Bullion are recognised
at fair value through profit or loss upon initial recognition and revalued to fair value in line with the Company’s
accounting policy. There are no assets or liabilities classified in level 3. Transfers between levels would be
recognised if there was a change in in circumstances that prevented public information in respect of Level 1
inputs from being available. Any such transfers would be recognised on the date of the change in
circumstances that cause the transfer. There were no transfers or reclassifications between Level 1 and Level
2 for any of the assets or liabilities during the period.
7. Related Party Disclosures
Entities and individuals which have a significant influence over the Company, either through ownership or by
virtue of being a director of the Company are considered to be related parties. In addition, entities with common
ownership to the Company and entities with common directors are also considered to be related parties.
Fees charged by ManJer during the period:
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
ManJer Fees 24,495,175 22,518,272
The following balances were due to ManJer at the period/year end:
As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
ManJer Fees Payable 3,922,681 4,374,182
At 30 June 2021, USD 4 is receivable from ManJer (31 December 2020: USD 4).
As disclosed in the Directors’ Report, ManJer paid directors’ fees in respect of the Company of GBP 8,000 (30
June 2020: GBP 8,000).
Steven Ross is a director of R&H Fund Services (Jersey) Limited (“R&H” or the “Administrator”) and a partner
of Rawlinson & Hunter, Jersey Partnership which wholly owns R&H. Christopher Foulds is a senior employee
of R&H. During the period, R&H charged ManJer administration fees in respect of the Company of GBP
67,252 (30 June 2020: GBP 67,252), of which GBP 33,626 (31 December 2020: GBP 33,626) was outstanding
at the period end.
Peter Ziemba and Stuart Bell are executive officers of WisdomTree Investments, Inc.
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WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
8. Events Occurring After the Reporting Period
There have been no significant events that have occurred since the end of the reporting period up to the date
of signing the Interim Financial Statements which would impact on the financial position of the Company
disclosed in the Condensed Statement of Financial Position as at 30 June 2021 or on the results and cash
flows of the Company for the period ended on that date.
9. Non-GAAP and Non-Statutory Information
As a result of the mis-match in the accounting valuation of Metal Bullion (held to support the Metal Securities)
and Metal Securities (as disclosed in notes 3 and 4) the profits and losses and comprehensive income of the
Company presented in the Statement of Profit or Loss and Other Comprehensive Income reflect gains and
losses which represent the movement in the cumulative difference between the value of the Metal Bullion and
the price of Metal Securities. The Statement of Changes in Equity also reflects the fair value movements on
both the Metal Bullion (held to support the Metal Securities) and the Metal Securities.
These gains or losses on the difference between the value of the Metal Bullion (held to support the Metal
Securities) and the price of Metal Securities would be reversed on a subsequent redemption of the Metal
Securities and transfer of the corresponding Metal Bullion.
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DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
9. Non-GAAP and Non-Statutory Information (continued)
Furthermore, each class of Metal Security is issued under limited recourse arrangements whereby the holders
have recourse only to the relevant Metal Bullion (held to support the Metal Securities) and not to the Metal
Bullion of any other class of Metal Security or to the Company. As a result, the Company does not make gains
from trading in the underlying Metal Bullion (held to support the Metal Securities) and, from a commercial
perspective (with the exception of the impact of Management Fees) gains and losses in respect of Metal Bullion
(held to support the Metal Securities) will always be offset by a corresponding loss or gain on the Metal
Securities and the Company does not retain any net gains or losses.
The mismatched accounting values are as shown below:
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Change in Fair Value of Metal Bullion (833,206,486) 1,441,660,268
Change in Fair Value of Metal Securities 773,469,030 (1,582,199,832)
(59,737,456) (140,539,564)
To reflect the commercial results, the Company has presented below a non-GAAP and non-Statutory
Condensed Statement of Profit or Loss and Total Comprehensive Income and Condensed Statement of
Changes in Equity for the period which reflect an Adjustment from Market Value to Contractual Value (as set
out in the Prospectus) of Metal Securities, together with those gains or losses being transferred to a separate
reserve which is deemed non-distributable.
(a) Non-GAAP and Non-Statutory Condensed Statement of Profit or Loss and Other Comprehensive
Income
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Income 24,517,449 22,518,272
Expenses (24,517,449) (22,518,272)
Result Before Fair Value Movements - -
Change in Contractual and Fair Value of Metal Bullion (833,206,486) 1,441,660,268
Change in Fair Value of Metal Securities 773,469,030 (1,582,199,832)
Loss for the Period (59,737,456) (140,539,564)
Adjustment from Market Value to Contractual Value (as
set out in the Prospectus) of Metal Securities 59,737,456 140,539,564
Adjusted Result - -
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DocuSign Envelope ID: 54281699-5856-4C2B-A0C0-7436D86AEF28
WisdomTree Metal Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
9. Non-GAAP and Non-Statutory Information (continued)
(b) Non-GAAP and Non-Statutory Condensed Statement of Changes in Equity
Stated Retained Revaluation Total Adjusted
Capital Earnings Reserve 3 Equity Total Equity
USD USD USD USD USD
Audited Opening Balance at 1 January 2020 4 - 4,160,626 4,160,630 4
Result and Total Comprehensive Loss for the Period - (140,539,564) - (140,539,564) (140,539,564)
Transfer to Revaluation Reserve - 140,539,564 (140,539,564) - -
Adjustment from Market Value to Contractual Value (as set
out in the Prospectus) of Metal Securities - - - - 140,539,564
Unaudited Balance at 30 June 2020 4 - (136,378,938) (136,378,934) 4
Unaudited Opening Balance at 1 July 2020 4 - (136,378,938) (136,378,934) 4
Result and Total Comprehensive Income for the Period - 115,870,583 - 115,870,583 115,870,583
Transfer to Revaluation Reserve - (115,870,583) 115,870,583 - -
Adjustment from Market Value to Contractual Value (as set
out in the Prospectus) of Metal Securities - - - - (115,870,583)
Audited Balance at 31 December 2020 4 - (20,508,355) (20,508,351) 4
Audited Opening Balance at 1 January 2021 4 - (20,508,355) (20,508,351) 4
Result and Total Comprehensive Loss for the Period - (59,737,456) - (59,737,456) (59,737,456)
Transfer to Revaluation Reserve - 59,737,456 (59,737,456) - -
Adjustment from Market Value to Contractual Value (as set
out in the Prospectus) of Metal Securities - - - - 59,737,456
Unaudited Balance at 30 June 2021 4 - (80,245,811) (80,245,807) 4
3 This represents the difference between the Value of Metal Bullion and the price of Metal Securities.
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