1695 小麦ＥＴＦ 2020-09-14 10:30:00
令和2年12月期 中間決算短信（令和2年1月1日～令和2年6月30日） [pdf]
令和2年12月期 中間決算短信（令和2年1月1日～令和2年6月30日）
令和2年9月14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 ブロード上場投資信託 1684 ブルームバーグ総合商品指数 （注2） 10
天然ガス、原油、ガソリ
WisdomTree エネルギー上場投資信託 1685 ブルームバーグエネルギー商品指数 10
ン、灯油
アルミニウム、銅、ニッ
WisdomTree 産業用金属上場投資信託 1686 ブルームバーグ産業用金属商品指数 10
ケル、亜鉛
WisdomTree 農産物上場投資信託 1687 ブルームバーグ農産物商品指数 （注3） 10
小麦、とうもろこし、大
WisdomTree 穀物上場投資信託 1688 ブルームバーグ穀物商品指数 10
豆
WisdomTree 天然ガス上場投資信託 1689 ブルームバーグ天然ガス商品指数 天然ガス 100
ﾌﾞﾙｰﾑﾊﾞｰｸﾞWTI原油ﾏﾙﾁﾃﾅｰｲｸｾｽﾘﾀｰﾝ指数
WisdomTree WTI原油上場投資信託 1690 WTI原油 10
(注１)
WisdomTree ガソリン上場投資信託 1691 ブルームバーグガソリン商品指数 ガソリン 10
WisdomTree アルミニウム上場投資信
1692 ブルームバーグアルミニウム商品指数 アルミニウム 100
託
WisdomTree 銅上場投資信託 1693 ブルームバーグ銅商品指数 銅 10
WisdomTree ニッケル上場投資信託 1694 ブルームバーグニッケル商品指数 ニッケル 10
WisdomTree 小麦上場投資信託 1695 ブルームバーグ小麦商品指数 小麦 100
WisdomTree とうもろこし上場投資信
1696 ブルームバーグとうもろこし商品指数 とうもろこし 100
託
WisdomTree 大豆上場投資信託 1697 ブルームバーグ大豆商品指数 大豆 10
（注1） 令和2年7月29日より、連動対象指標を『ﾌﾞﾙｰﾑﾊﾞｰｸﾞWTI原油ﾏﾙﾁﾃﾅｰｲｸｾｽﾘﾀｰﾝ指数』に変更しております。
（注2） 天然ガス、WTI原油、ブレンド原油、ガソリン、灯油、アルミニウム、銅、亜鉛、ニッケル、金、銀、生体牛、赤身豚肉、
小麦、トウモロコシ、大豆、砂糖、綿花、コーヒー、大豆油
（注3） 小麦、トウモロコシ、大豆、砂糖、綿花、コーヒー、大豆油
外 国 投 資 法 人 ウィズダムツリー・コモディティ・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
httpst//www.wisdomtree.eu/en-gb/resource-dibrary/prospectus-and-regudatory-reports#tab-2A942D
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２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. 2020年12月中間決算期の運用状況（令和2年1月1日～令和2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 ブロード上場投資信託 2020年12月中間決算期 8,589 (100) 8,589 (100)
2019年12月中間決算期 21,797 (100) 21,797 (100)
百万円 ％ 百万円 ％
WisdomTree エネルギー上場投資信託 2020年12月中間決算期 2,714 (100) 2,714 (100)
2019年12月中間決算期 5,521 (100) 5,521 (100)
百万円 ％ 百万円 ％
WisdomTree 産業用金属上場投資信託 2020年12月中間決算期 7,125 (100) 7,125 (100)
2019年12月中間決算期 19,451 (100) 19,451 (100)
百万円 ％ 百万円 ％
WisdomTree 農産物上場投資信託 2020年12月中間決算期 15,350 (100) 15,350 (100)
2019年12月中間決算期 21,913 (100) 21,913 (100)
百万円 ％ 百万円 ％
WisdomTree 穀物上場投資信託 2020年12月中間決算期 2,189 (100) 2,189 (100)
2019年12月中間決算期 2,293 (100) 2,293 (100)
百万円 ％ 百万円 ％
WisdomTree 天然ガス上場投資信託 2020年12月中間決算期 4,906 (100) 4,906 (100)
2019年12月中間決算期 4,250 (100) 4,250 (100)
百万円 ％ 百万円 ％
WisdomTree WTI原油上場投資信託 2020年12月中間決算期 229,553 (100) 229,553 (100)
2019年12月中間決算期 50,862 (100) 50,862 (100)
百万円 ％ 百万円 ％
WisdomTree ガソリン上場投資信託 2020年12月中間決算期 650 (100) 650 (100)
2019年12月中間決算期 375 (100) 375 (100)
百万円 ％ 百万円 ％
WisdomTree アルミニウム上場投資信 2020年12月中間決算期 2,467 (100) 2,467 (100)
託
2019年12月中間決算期 4,498 (100) 4,498 (100)
百万円 ％ 百万円 ％
WisdomTree 銅上場投資信託 2020年12月中間決算期 31,268 (100) 31,268 (100)
2019年12月中間決算期 18,685 (100) 18,685 (100)
百万円 ％ 百万円 ％
WisdomTree ニッケル上場投資信託 2020年12月中間決算期 28,126 (100) 28,126 (100)
2019年12月中間決算期 55,131 (100) 55,131 (100)
百万円 ％ 百万円 ％
WisdomTree 小麦上場投資信託 2020年12月中間決算期 5,435 (100) 5,435 (100)
2019年12月中間決算期 6,352 (100) 6,352 (100)
百万円 ％ 百万円 ％
WisdomTree とうもろこし上場投資信 2020年12月中間決算期 2,878 (100) 2,878 (100)
託
2019年12月中間決算期 2,832 (100) 2,832 (100)
百万円 ％ 百万円 ％
WisdomTree 大豆上場投資信託 2020年12月中間決算期 1,215 (100) 1,215 (100)
2019年12月中間決算期 967 (100) 967 (100)
（注） 主要投資資産は、令和2年8月31日午前零時（ロンドン時間2019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＝106.02円、1ポンド＝141.945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 ブロード上場 2020年12月中間決算期 18,853 1,852 8,565 12,139
投資信託
2019年12月中間決算期 38,421 7,833 21,199 25,055
千口 千口 千口 千口
WisdomTree エネルギー上 2020年12月中間決算期 8,578 19,723 15,289 13,013
場投資信託
2019年12月中間決算期 25,674 32,739 44,264 2,624
千口 千口 千口 千口
WisdomTree 産業用金属上 2020年12月中間決算期 9,767 7,914 11,173 6,508
場投資信託
2019年12月中間決算期 24,452 40,455 48,507 16,399
千口 千口 千口 千口
WisdomTree 農産物上場投 2020年12月中間決算期 53,024 6,238 17,296 41,966
資信託
2019年12月中間決算期 66,492 51,577 68,450 32,746
千口 千口 千口 千口
WisdomTree 穀物上場投資 2020年12月中間決算期 6,771 2,032 638 8,165
信託
2019年12月中間決算期 6,740 1,544 1,469 6,890
千口 千口 千口 千口
WisdomTree 天然ガス上場 2020年12月中間決算期 2,007,070 5,711,104 4,116,452 3,601,722
投資信託
2019年12月中間決算期 1,358,477 887,468 692,163 1,553,781
千口 千口 千口 千口
WisdomTree WTI原油上場投 2020年12月中間決算期 57,427 894,985 372,321 580,091
資信託
2019年12月中間決算期 57,484 129,509 131,523 55,469
千口 千口 千口 千口
WisdomTree ガソリン上場 2020年12月中間決算期 156 819 565 409
投資信託
2019年12月中間決算期 221 441 526 136
千口 千口 千口 千口
WisdomTree アルミニウム 2020年12月中間決算期 11,532 11,206 12,942 9,796
上場投資信託
2019年12月中間決算期 36,108 57,087 77,975 15,220
千口 千口 千口 千口
WisdomTree 銅上場投資信 2020年12月中間決算期 8,636 11,138 7,822 11,952
託
2019年12月中間決算期 7,914 13,843 14,729 7,028
千口 千口 千口 千口
WisdomTree ニッケル上場 2020年12月中間決算期 34,915 4,865 17,924 21,856
投資信託
2019年12月中間決算期 23,918 26,097 7,461 42,554
千口 千口 千口 千口
WisdomTree 小麦上場投資 2020年12月中間決算期 82,397 43,986 36,362 90,021
信託
2019年12月中間決算期 162,173 52,998 123,547 91,624
千口 千口 千口 千口
WisdomTree とうもろこし 2020年12月中間決算期 34,725 19,393 9,234 44,884
上場投資信託
2019年12月中間決算期 67,929 22,872 61,117 29,684
千口 千口 千口 千口
WisdomTree 大豆上場投資 2020年12月中間決算期 542 385 173 754
信託
2019年12月中間決算期 1,215 858 1,539 534
（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
（注）
総資産 負債 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 ブロー
ド上場投資信託 2020年12月中間決算期 8,589 - 8,589 7,075
2019年12月中間決算期 21,797 - 21,797 8,699
百万円 百万円 百万円 円
WisdomTree エネル 2020年12月中間決算期 2,714 - 2,714 2,085
ギー上場投資信託
2019年12月中間決算期 5,521 - 5,521 21,039
百万円 百万円 百万円 円
WisdomTree 産業用 2020年12月中間決算期 7,125 - 7,125 10,949
金属上場投資信託
2019年12月中間決算期 19,451 - 19,451 11,860
百万円 百万円 百万円 円
WisdomTree 農産物
2020年12月中間決算期 15,350 - 15,350 3,657
上場投資信託
2019年12月中間決算期 21,913 - 21,913 6,691
百万円 百万円 百万円 円
WisdomTree 穀物上
2020年12月中間決算期 2,189 - 2,189 26,817
場投資信託
2019年12月中間決算期 2,293 - 2,293 33,278
百万円 百万円 百万円 円
WisdomTree 天然ガ
2020年12月中間決算期 4,906 - 4,906 136
ス上場投資信託
2019年12月中間決算期 4,250 - 4,250 273
百万円 百万円 百万円 円
WisdomTree WTI原油
2020年12月中間決算期 229,553 - 229,553 3,957
上場投資信託
2019年12月中間決算期 50,862 - 50,862 9,169
百万円 百万円 百万円 円
WisdomTree ガソリ
2020年12月中間決算期 650 - 650 15,863
ン上場投資信託
2019年12月中間決算期 375 - 375 27,459
百万円 百万円 百万円 円
WisdomTree アルミ
2020年12月中間決算期 2,467 - 2,467 25,190
ニウム上場投資信託
2019年12月中間決算期 4,498 - 4,498 29,553
百万円 百万円 百万円 円
WisdomTree 銅上場
2020年12月中間決算期 31,268 - 31,268 26,160
投資信託
2019年12月中間決算期 18,685 - 18,685 26,584
百万円 百万円 百万円 円
WisdomTree ニッケ 2020年12月中間決算期 28,126 - 28,126 12,868
ル上場投資信託
2019年12月中間決算期 55,131 - 55,131 12,955
百万円 百万円 百万円 円
WisdomTree 小麦上
2020年12月中間決算期 5,435 - 5,435 6,037
場投資信託
2019年12月中間決算期 6,352 - 6,352 6,933
百万円 百万円 百万円 円
WisdomTree とうも
2020年12月中間決算期 2,878 - 2,878 6,414
ろこし上場投資信託
2019年12月中間決算期 2,832 - 2,832 9,541
百万円 百万円 百万円 円
WisdomTree 大豆上
2020年12月中間決算期 1,215 - 1,215 16,101
場投資信託
2019年12月中間決算期 967 - 967 18,116
（注1） 売買単位は、総合商品指数、エネルギー商品指数、産業用金属商品指数、農産物商品指数、原油、ガソリン、銅、
ニッケル、及び大豆については10口、穀物商品指数、天然ガス、アルミニウム、小麦及びとうもろこしについて
は100口となります。
（注2） 商品上場投資信託1単位当たりの資産は、商品上場投資信託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。商品上場投資信託1単位当たりの基準価額は、相応する商品上場投資信託1単位当たりの商品契約の価
格に相当するものとなります。各々の商品上場投資信託の裏付けとなっている商品契約の総価値は、相応する商
品上場投資信託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、商品上場投資信託の
裏付けとなる商品契約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
2020年12月中間決算期 496,984 498,779 -1,794
2019年12月中間決算期 368,153 370,832 -2,678
(注1) 商品上場投資信託は、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
WisdomTree Commodity Securities
Limited
Registered No: 90959
Unaudited Interim Financial Report for the
Six Months to 30 June 2020
WisdomTree Commodity Securities Limited
Contents
Directors’ Report 1-5
Condensed Statement of Profit or Loss and Other Comprehensive Income 6
Condensed Statement of Financial Position 7
Condensed Statement of Cash Flows 8
Condensed Statement of Changes in Equity 9
Notes to the Condensed Interim Financial Statements 10-17
www.wisdomtree.eu
WisdomTree Commodity Securities Limited
Directors’ Report
The directors of WisdomTree Commodity Securities Limited (“CSL” or the “Company”), formerly ETFS
Commodity Securities Limited until a change of name on 26 September 2019, submit herewith the unaudited
interim financial report and interim financial statements of the Company for the period ended 30 June 2020.
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 (Appointed 15 April 2020)
Hilary Jones (Resigned 15 April 2020)
Steven Ross
Peter Ziemba
Directors’ Interests
No director has an interest in the Ordinary 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 2020 the Company had the following number of classes, in aggregate, of Commodity Securities
in issue and admitted to trading on the following exchanges:
London NYSE- NYSE- Tokyo Bolsa
Stock Borsa Deutsche Euronext Euronext Stock Mexicana
Exchange Italiana Börse Paris Amsterdam Exchange de Valores
Classic & Longer
Dated Commodity
Securities 44 31 34 9 - 14 1
Short & Leveraged
Commodity
Securities 30 30 18 - 4 - -
Total Commodity
Securities 74 61 52 9 4 14 1
As at 30 June 2020, the fair value of assets under management amounted to USD 4,656.7 million (31
December 2019: USD 2,752.4 million). The Company recognises its financial assets (Commodity Contracts)
and financial liabilities (Commodity Securities) at fair value in the Condensed Statement of Financial Position.
During the period, the Company generated income from creation and redemption fees, management fees and
licence allowance as follows:
30 June 2020 30 June 2019
USD USD
Creation and Redemption Fees 316,604 311,928
Management Fees and Licence Allowance 9,867,622 9,915,500
Total Fee Income 10,184,226 10,227,428
-1- www.wisdomtree.eu
WisdomTree Commodity Securities Limited
Directors’ Report (Continued)
Review of Operations (continued)
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 licence allowance and
creation and redemption fees, which, after taking into account other operating income and expenses, resulted
in an operating result for the period of USD Nil (30 June 2019: USD Nil).
The gain or loss on Commodity Securities and Commodity Contracts is recognised in the Condensed
Statement of Profit or Loss and Other Comprehensive Income in line with the Company’s accounting policies.
The Company has entered into contractual obligations to issue and redeem Commodity Securities at set prices
on each trading day. These prices are based on an agreed formula published in the Prospectus, and are equal
to the published net asset value (“NAV”) of each class of Commodity Security.
IFRS 13 requires the Company to identify the principal market and to utilise the available market price within
that principal market. The directors consider that the stock exchanges where the Commodity Securities are
listed to be the principal market and as a result the fair value of the Commodity Securities is the on-exchange
price as quoted on those stock exchanges demonstrating active trading. As a result of the difference in
valuation methodology between Commodity Contracts and Commodity Securities there is a mis-match
between the accounting values, and the results of the Company reflect a gain or loss on the difference between
the agreed formula price of the Commodity Contracts and the market price of Commodity Securities. This gain
or loss would be reversed on a subsequent redemption of the Commodity Securities and cancellation of the
corresponding Commodity Contracts. This is presented in more detail in note 6 to these interim financial
statements.
Coronavirus disease (COVID-19)
On 11 March 2020, the Director-General of the World Health Organisation (“WHO”) announced that the WHO
had assessed the worldwide outbreak of COVID-19 as a pandemic. National governments and supranational
organisations in multiple states have taken 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. The steps outlined above, and public sentiment, may affect both the volatility and prices of
commodities and hence the prices of the Commodity 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, and continues to implement measures to maintain
the ongoing safety and well-being of employees, whilst continuing to operate business as usual.
Oil Markets
Following an analysis of the potential impact of the price of Crude Oil WTI futures, the Company decided that
a significant increase in the number of relevant Commodity Securities in issue may impact on the Commodity
Contract Counterparties’ ability to hedge the exposure under the relevant Commodity Contracts in these
particularly volatile markets. Having regard to the interests of existing Security Holders in the relevant
Commodity Securities, rather than potential future Security Holders, a decision was made to focus the attention
of the Commodity Contract Counterparties on providing (and hedging) the current exposures rather than taking
on additional exposures during this volatile period. As a result, on 24 April 2020 the Company released an
announcement to the Stock Exchanges that with effect from 2.30pm (London) the Company would temporarily
no longer accept applications from Authorised Participants for new Short and Leveraged Commodity Securities
of the following classes:
WisdomTree WTI Crude Oil 2x Daily Leveraged (Ticker: LOIL, ISIN: JE00BDD9Q840); and
WisdomTree WTI Crude Oil 1x Daily Short (Ticker: SOIL, ISIN: JE00B24DK975).
-2- www.wisdomtree.eu
WisdomTree Commodity Securities Limited
Directors’ Report (Continued)
Review of Operations (continued)
Oil Markets (continued)
On 30 April 2020 the Company released a further announcement to the Stock Exchanges that with effect from
2.30pm (London) the Company would temporarily no longer accept applications from Authorised Participants
for new Classic and Longer Dated Commodity Securities of the following class:
WisdomTree WTI Crude Oil (Ticker: CRUD, ISIN GB00B15KXV33).
The three classes of Commodity Securities named above collectively being the “Affected Securities”.
On 24 April 2020, Bloomberg announced a change to the Roll Period for the Bloomberg WTI Crude Oil Sub-
IndexSM. According to the announcement from Bloomberg, the Roll Period for changing the Lead Future from
July to September for the Bloomberg WTI Crude Oil Sub-IndexSM was scheduled to take place in June 2020.
Bloomberg announced that this Roll Period would take place in May 2020, a month earlier than scheduled:
Beginning on 8 May 2020 and ending on 14 May 2020, Bloomberg will roll the Designated Month Contract for
the Lead Future from July to September for the Bloomberg WTI Crude Oil Sub-IndexSM. The Affected
Securities each provide exposure to the Bloomberg WTI Crude Oil Sub-IndexSM.
On 1 July 2020 the Company released an announcement to the Stock Exchanges that with effect from 2.30pm
(London) the Company would accept applications from Authorised Participants for WisdomTree WTI Crude
Oil Securities, and on 3 September 2020 the Company released an announcement to the Stock Exchanges
that with effect from 2.30pm (London) the Company would accept applications from Authorised Participants
for WisdomTree WTI Crude Oil 2x Daily Leveraged Securities and WisdomTree WTI Crude Oil 1x Daily Short
Securities.
Whilst the Company did not accept applications in the Affected Securities during the periods described, the
Company continued to accept redemptions in the Affected Securities, and trading of the Affected Securities
on Stock Exchanges continues. The market price of Commodity Securities is a function of supply and demand
amongst investors wishing to buy and sell Commodity Securities and the bid-offer spread that the market
makers are willing to quote. The action taken by the Company directly impacted the supply of those Affected
Securities and therefore may have impacted the market price.
During June and July 2020 the Company released a series of announcements to the Stock Exchanges in
respect of WisdomTree WTI Crude Oil (Ticker: CRUD, ISIN GB00B15KXV33) (“WTI Crude Securities”)
regarding a change in the underlying index that WTI Crude Securities would reference, from the Bloomberg
WTI Crude Oil Sub-IndexSM to the Bloomberg WTI Crude Oil Multi-Tenor Excess Return Index. The Company
announced the completion of the transition of the index on 4 August 2020. Furthermore, the Company also
announced that terms of the WTI Crude Securities would be amended to include a Compulsory Redemption
when Intra-day Price of the WTI Crude Securities falls to zero. These announcements followed circulars being
sent out by the Company and a voting process by investors in accordance with the programme documents.
Whilst it is not currently possible to predict future market conditions and therefore determine if any further
action may be required, the Company is continually assessing the market conditions and as a result of the
continuing assessment of market conditions, the Company may be required to react to external events that
could potentially impact other Commodity Securities in issue. The Company will make further announcements
in due course should any further action be required. The action that may be required includes, but is not limited
to, temporarily not accepting applications for Commodity Securities, temporarily suspending Commodity
Securities from trading on Stock Exchanges or a Compulsory Redemption of Commodity Securities. Other
than the actions outlined above, the Company has not initiated any of these further actions to date. Any such
action will be undertaken in accordance with the constitutive documents of the Commodity Securities.
Furthermore, there are mechanisms within the constitutive documents of the Commodity Securities that enable
the Counterparties to request a Compulsory Redemption in certain circumstances as set out and explained
within the prospectus.
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WisdomTree Commodity Securities Limited
Directors’ Report (Continued)
Future Developments
United Kingdom's (“UK’s”) withdrawal from the European Union (“EU”)
Pursuant to the European Referendum Act 2015, a referendum on the United Kingdom’s membership of the
EU was held on 23 June 2016 with the majority voting to leave the EU. On 29 March 2017, the UK Government
exercised its right under Article 50 of the Treaty of the European Union. The UK left the EU on 31 January
2020, subject to a withdrawal agreement between the UK and the other EU Member States which provides for
a transition period lasting until December 2020 during which EU law continues to apply to the UK as if it were
a Member State may take place without any transitional arrangements in place.
The Company is domiciled in Jersey, outside of the EU, and the Commodity Securities are distributed in the
EU under the EU Prospectus Directive which requires their offering to the public to be approved by an EU
Member State regulator. To date, the Company has chosen the UK Financial Conduct Authority (“FCA”) as
its Member State regulator for these purposes. Request is then made to the FCA, as the chosen Member State
regulator, for the passporting of the offering across the EU, once again, under the EU Prospectus Directive.
The Company is working with an alternate EU Member State regulator to obtain approval of its prospectus and
request passporting for its offering to maintain the Company's access to relevant markets post the departure
of the UK from the EU. As the Commodity Securities already comply with the European wide requirements of
the EU Prospectus Directive, this is not expected to cause any disruption or alteration to the terms or nature
of the Commodity Securities.
The Commodity Securities continue to comply with all applicable laws and regulations. The directors regularly
assess the impact on the Company of the ongoing withdrawal process and consider that the decision to select
an alternate EU Member State regulator substantially mitigates the key risks to the Company.
The directors are not aware of any other 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.
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 2020 30 June 2019
GBP GBP
Stuart Bell Nil Nil
Christopher Foulds 1,680 Nil
Hilary Jones 2,320 4,000
Steven Ross 4,000 4,000
Peter Ziemba Nil Nil
Going Concern
The nature of the Company’s business dictates that the outstanding Commodity Securities may be redeemed
at any time by the holder and in certain circumstances may be redeemed by the Company. As the redemption
of Commodity Securities will coincide with the cancellation of an equal amount of Commodity Contracts, no
net liquidity risk is considered to arise. All other expenses of the Company 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 Company to be a going
concern for the foreseeable future and have prepared the interim financial statements on this basis.
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WisdomTree Commodity Securities Limited
Directors’ Report (Continued)
Directors Statement
With regard to 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 2020 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
Steven Ross
Director
Jersey
4 September 2020
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WisdomTree Commodity Securities Limited
Condensed Statement of Profit or Loss and Other Comprehensive Income
Period ended 30 June
2020 2019
Unaudited Unaudited
Notes USD USD
Revenue 2 10,184,226 10,227,428
Expenses 2 (10,184,226) (10,227,428)
Operating Result - -
Net Gain Arising on Contractual and Fair Value
of Commodity Contracts 4 285,096,514 313,981,462
Net Loss Arising on Fair Value of Commodity
Securities 5 (289,927,391) (310,116,255)
Result and Total Comprehensive
(Expense)/Income for the Period (4,830,877) 3,865,207
1Adjustment from Market Value to Contractual
Value (as set out in the Prospectus) of
Commodity Securities 6 4,830,877 (3,865,207)
Adjusted Result - -
The directors consider the Company’s activities as continuing.
1 An explanation of the non-statutory and non-GAAP adjustment is set out on pages 13 to 15 This represents the movement
in the difference between the Contractual Value of the Commodity Contracts and the market price of Commodity Securities.
The notes on pages 8 to 14 form part of these condensed interim financial statements
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WisdomTree Commodity Securities Limited
Condensed Statement of Financial Position
As at
30 June 2020 31 December 2019
Unaudited Audited
Notes USD USD
Assets
Commodity Contracts 4 4,656,692,671 2,752,378,081
Amounts Receivable on Commodity Securities
Awaiting Settlement 5 11,885,247 5,271,900
Amounts Receivable on Commodity Contracts
Awaiting Settlement 4 15,744,512 6,742,278
Trade and Other Receivables 3,327,834 2,528,332
Total Assets 4,687,650,264 2,766,918,589
Liabilities
Commodity Securities 5 4,673,620,027 2,764,472,560
Amounts Payable on Commodity Contracts
Awaiting Settlement 4 11,885,247 5,271,900
Amounts Payable on Commodity Securities
Awaiting Settlement 5 15,744,512 6,742,276
Trade and Other Payables 3,327,832 2,528,330
Total Liabilities 4,704,577,618 2,779,015,066
Equity
Stated Capital 2 2
Revaluation Reserve (16,927,356) (12,096,479)
Total Equity (16,927,354) (12,096,477)
Total Equity and Liabilities 4,687,650,264 2,766,918,589
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 6 to 17 were approved and authorised for issue by the
board of directors and signed on its behalf on 4 September 2020.
Steven Ross
Director
The notes on pages 8 to 14 form part of these condensed interim financial statements
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WisdomTree Commodity Securities Limited
Condensed Statement of Cash Flows
Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Operating Result for the Period - -
Cash Generated from Operating Activities - -
Net Increase in Cash and Cash Equivalents - -
Cash and Cash Equivalents at the Beginning of the
Period - -
Net Increase in Cash and Cash Equivalents - -
Cash and Cash Equivalents at the End of the Period - -
Commodity Securities are issued through a direct transfer of cash directly from the Authorised Participant to
the Commodity Contract Counterparties or redeemed by the direct transfer of cash by the Commodity Contract
Counterparties to the Authorised Participant. As such the Company is not a party to any cash transactions.
The creations and redemptions of Commodity Securities and additions and disposals of Commodity Contracts,
which are non-cash transactions for the Company, are disclosed in notes 4 and 5 respectively in the
reconciliation of opening to closing Commodity Securities and Commodity Contracts.
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 Commodity 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, licence
allowance and the creation and redemption fees (the “ManJer Fee”). As a result, amounts in respect of the
management fee and licence allowance are transferred directly to ManJer by the Commodity Contract
Counterparties under the terms of the Commodity Contracts and ManJer receives creation and redemption
fees directly from Authorised Participants. Accordingly there are no cash flows through the Company.
The notes on pages 8 to 14 form part of these condensed interim financial statements
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WisdomTree Commodity Securities Limited
Condensed Statement of Changes in Equity
Stated Retained Revaluation Total Adjusted Total
Capital Earnings Reserve2 Equity Equity
Notes USD USD USD USD USD
Audited Opening Balance at 1 January 2019 2 - (29,133,562) (29,133,560) 2
Result and Total Comprehensive Income for the Period - 3,865,207 - 3,865,207 3,865,207
Transfer to Revaluation Reserve - (3,865,207) 3,865,207 - -
3 Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities - - - - (3,865,207)
Unaudited Balance at 30 June 2019 2 - (25,268,355) (25,268,353) 2
Unaudited Opening Balance at 1 July 2019 2 - (25,268,355) (25,268,355) 2
Result and Total Comprehensive Income for the Period - 13,171,876 - 13,171,876 13,171,876
Transfer to Revaluation Reserve - (13,171,876) 13,171,876 - -
3 Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities - - - - (13,171,876)
Audited Balance at 31 December 2019 2 - (12,096,479) (12,096,477) 2
Audited Opening Balance at 1 January 2020 2 - (12,096,479) (12,096,477) 2
Result and Total Comprehensive Income for the Period - (4,830,877) - (4,830,877) (4,830,877)
Transfer to Revaluation Reserve 6 - 4,830,877 (4,830,877) - -
3 Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities 6 - - - - 4,830,877
Unaudited Balance at 30 June 2020 2 - (16,927,356) (16,927,354) 2
2 This represents the difference between the Contractual Value of the Commodity Contracts and the market price of Commodity Securities.
3 An explanation of the non-statutory and non-GAAP adjustment is set out on pages 13 to 15.
The notes on pages 8 to 14 form part of these condensed interim financial statements
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WisdomTree Commodity 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 2020 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 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 2019. 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 2019. The changes in accounting policies are also expected to be reflected in the financial
statements for the year ended 31 December 2020.
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 only key
accounting judgement required to prepare these interim financial statements is in respect of the valuation of
Commodity Contracts and Commodity Securities held at fair value through profit or loss as disclosed in notes
4, 5 and 6. Actual results could vary from these estimates.
This half yearly report has not been audited or reviewed by the Company’s auditors.
Changes in Accounting Standards
On 1 January 2020 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.
2. Operating Result
Operating result for the period comprised:
Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Management Fees 9,038,963 9,093,433
Licence Allowance 828,659 822,067
Creation and Redemption Fees 316,604 311,928
Total Revenue 10,184,226 10,227,428
ManJer Fees (10,184,226) (10,227,428)
Total Operating Expenses (10,184,226) (10,227,428)
Operating Result - -
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
3. Segmental Reporting
The Company reports information on its operations for each of the Company’s business segments only, as the
Company only has one geographic segment which is Europe. In addition the Company has no single major
customer from which greater than 10% of revenue is generated. The directors believe that the Company has
two operating segments; Classic & Longer Dated and Short & Leveraged. The Company earns revenues from
each of these sources.
For the period ended 30 June 2020 Classic & Short &
Unaudited Longer Dated Leveraged Total
USD USD USD
Management Fees 6,449,477 2,589,486 9,038,963
Licence Allowance 594,636 234,023 828,659
Creation and Redemption Fees 164,517 152,087 316,604
Total Revenue 7,208,630 2,975,596 10,184,226
Total Operating Expenses (7,208,630) (2,975,596) (10,184,226)
Segmental Result - - -
For the period ended 30 June 2019 Classic & Short &
Unaudited Longer Dated Leveraged Total
USD USD USD
Management Fees 7,019,083 2,074,350 9,093,433
Licence Allowance 716,233 105,834 822,067
Creation and Redemption Fees 156,605 155,323 311,928
Total Revenue 7,891,921 2,335,507 10,227,428
Total Operating Expenses (7,891,921) (2,335,507) (10,227,428)
Segmental Result - - -
Additional information relating to the assets and liabilities associated with these securities is disclosed in notes
4, 5 and 6.
4. Commodity Contracts
Change in Fair Value Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts 209,362,470 280,492,939
Short & Leveraged Commodity Contracts 75,734,044 33,488,523
285,096,514 313,981,462
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
4. Commodity Contracts (continued)
Fair Value of Commodity Contracts As at
30 June 2020 31 December 2019
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 4,078,932,911 2,474,746,715
Short & Leveraged Commodity Contracts 577,759,760 277,629,366
Total Commodity Contracts 4,656,692,671 2,752,376,081
As at 30 June 2020, there were certain Commodity Contracts awaiting settlement in respect of the creation or
redemption of Commodity Securities with transaction dates before the period end and settlement dates in the
following period:
The amount payable on Commodity Contracts as a result of unsettled creations of Commodity
Securities is USD 11,885,247 (31 December 2019: USD 5,271,900).
The amount receivable on Commodity Contracts as a result of unsettled redemptions of Commodity
Securities is USD 15,744,512 (31 December 2019: USD 6,742,276).
The below reconciliation of changes in the Commodity Contracts includes only non-cash changes.
Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Opening Commodity Contracts 2,752,376,081 3,091,983,052
Additions 5,524,134,958 2,843,157,039
Disposals (3,895,047,260) (3,077,503,941)
Management Fee (9,867,622) (9,915,500)
Change in Fair Value 285,096,514 313,981,462
Closing Commodity Contracts 4,656,692,671 3,161,702,112
5. Commodity Securities
Change in Fair Value Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts (210,205,734) (277,148,540)
Short & Leveraged Commodity Contracts (79,721,657) (32,967,715)
(289,927,391) (310,116,255)
Fair Value of Commodity Securities As at
30 June 2020 31 December 2019
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 4,089,604,621 2,484,575,162
Short & Leveraged Commodity Contracts 584,015,407 279,897,398
Total Commodity Contracts 4,673,620,027 2,764,472,560
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
5. Commodity Securities (continued)
As at 30 June 2020, there were certain Commodity Securities awaiting settlement in respect of creations or
redemptions with trade dates before the period end and settlement dates in the following period:
The amount payable as a result of unsettled redemptions of Commodity Securities is USD 15,744,512
(31 December 2019: USD 6,742,276).
The amount receivable as a result of unsettled creations of Commodity Securities is USD 11,885,247
(31 December 2019: USD 5,271,900).
The below reconciliation of changes in the Commodity Securities, being liabilities arising from financing
activities, includes only non-cash changes.
Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Opening Commodity Securities 2,764,472,560 3,121,116,614
Additions 5,524,134,958 2,843,157,039
Disposals (3,895,047,260) (3,077,503,941)
Management fee (9,867,622) (9,915,500)
Change in fair value 289,927,391 310,116,255
Closing Commodity Securities at Fair Value 4,673,620,027 3,186,970,468
6. Adjustment from Market Value to Contractual Value of Commodity Securities
The Commodity Contracts are priced by reference to the value of the commodity indices calculated and
published by Bloomberg L.P. or Bloomberg Finance L.P. (together “Bloomberg”) and a multiplier calculated by
the Company and agreed with the Commodity Contract Counterparties. The multiplier takes into account the
daily accrual of the management fee, licence allowance and swap spread as well as the incremental capital
enhancement component of the Commodity Security, and is the same across all Commodity Securities of the
same type (i.e. all Classic Commodity Securities use the same multiplier). This price is calculated based on
the formula set out in the Prospectus, and is referred to as the ‘Contractual Value’.
The Company measures the Commodity Securities at their market value rather than their Contractual Value
(as described in the Prospectus) because IFRS 13 requires the Company to identify the principal market and
to utilise the available market price within that principal market. The directors consider that the stock
exchanges where the Commodity Securities are listed to be the principal market and as a result the fair value
of the Commodity Securities is the on-exchange price as quoted on those stock exchanges demonstrating
active trading.
Consequently a difference arises between the value of Commodity Contracts (at Contractual Value) and
Commodity Securities (at market value) presented in the Statement of Financial Position. This difference is
reversed on a subsequent redemption of the Commodity Securities and cancellation of the corresponding
Commodity Contracts.
Whilst the Commodity Securities are quoted on the open market, the Company’s liability relates to its
contractual obligations to issue and redeem Commodity Securities at set prices on each trading day and the
prices are equal to the published NAVs of each class of Commodity Security. The actual contractual issue
and redemption of Commodity Securities occur at a price that corresponds to gains or losses on the Commodity
Contracts and as a result the Company has no net exposure to gains or losses on the Commodity Securities
and Commodity Contracts.
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
6. Adjustment from Market Value to Contractual Value of Commodity Securities (continued)
The contractual redemption values and movements in unrealised gains/losses during the period/year based
on the contractual settlement values are:
Change in Contractual Value Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts (209,362,470) (280,492,939)
Short & Leveraged Commodity Contracts (75,734,044) (33,488,523)
(285,096,514) (313,981,462)
Contractual Value of Commodity Securities As at
30 June 2020 31 December 2019
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 4,078,932,911 2,474,746,715
Short & Leveraged Commodity Contracts 577,759,760 277,629,366
Total Commodity Contracts 4,656,692,671 2,752,376,081
Through the mis-matched accounting values, the results of the Company reflect a gain or loss which represents
the movement in the cumulative difference between the agreed Contractual Value (based on the formula set
out in the prospectus) of the Commodity Contracts and the market price of Commodity Securities. The results
of the Company are adjusted through the presentation of a non-statutory and non-GAAP movement entitled
‘Adjustment from Market Value to Contractual Value (as set out in the Prospectus) of Commodity Securities’.
The mismatched accounting values are as shown below and represent the non-statutory and non-GAAP
adjustment presented in the Condensed Statement of Profit or Loss and Other Comprehensive Income:
Period ended 30 June
2020 2019
Unaudited Unaudited
USD USD
Net Gain Arising on Contractual and Fair Value of
Commodity Contracts 285,096,514 313,981,462
Net(Loss Arising on Fair Value of Commodity
Securities (289,927,391) (310,116,255)
(4,830,877) 3,865,207
The gain or loss on the difference between the Contractual Value of the Commodity Contracts and the market
price of Commodity Securities would be reversed on a subsequent redemption of the Commodity Securities
and cancellation of the corresponding Commodity Contracts.
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
6. Adjustment from Market Value to Contractual Value of Commodity Securities (continued)
This gain or loss is transferred to a Revaluation Reserve which is non-distributable and a reconciliation of the
movements throughout the period/year is detailed below.
2020 2019
Unaudited Audited
USD USD
Balance brought forward at 1 January (12,096,477) (29,133,562)
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities:
Period 1 January to 30 June (4,830,877) 3,865,207
Period 1 July to 31 December - 13,171,876
(4,830,877) 17,037,083
Closing balance at 30 June / 31 December (16,927,354) (12,096,477)
7. Fair Value Hierarchy
The fair value hierarchy levels 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 market price as the Commodity Securities are quoted and
traded on the open market. Where the market on which the Commodity Securities prices are quoted is
determined to be active at the relevant reporting date, the Commodity Securities are classified as level 1
financial liabilities. Where the market on which the Commodity Securities prices are quoted is determined to
be inactive at the relevant reporting date, the Commodity Securities are classified as level 2 financial liabilities.
The Company values the Level 2 Commodity Securities using the unadjusted market price available at each
reporting date. This is considered to most appropriately reflect the price at which transactions would occur as
at the reporting date.
The Company’s rights in respect of Commodity Contracts relate to its contractual obligations to issue and
redeem Commodity Securities at set prices on each trading day. These prices are based on an agreed formula
(set out in the Prospectus), and are equal to the published NAV’s of each class of Commodity Security.
Therefore, Commodity Contracts are classified as level 2 financial assets, as the value is calculated using third
party pricing sources supported by observable, verifiable inputs.
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
7. Fair Value Hierarchy (continued)
The categorisation of the Company’s assets and (liabilities) are as shown below:
Period ended Year ended
30 June 2020 31 December 2019
Unaudited Audited
USD USD
Level 1
Commodity Securities (2,499,914,270) (2,735,930,316)
Level 2
Commodity Securities (2,173,705,757) (28,542,244)
Commodity Contracts 4,656,692,671 2,752,376,081
2,482,986,914 2,723,833,837
The Commodity Securities and the Commodity Contracts are recognised at fair value through profit or loss
upon initial recognition 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 the accounting policies adopted, or
should there be changes 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. Transfers between levels may also be recognised if the primary market on which the
Commodity Securities prices are quoted was determined to be inactive at the relevant reporting date. The
Company considers both the last trade date and trading volumes during the 5 trading days leading up to each
reporting date to determine if the market for a particular Commodity Security is active. Transfers as a result
of the analysis of the activity levels of the market are identified and recognised at each reporting date. There
were no transfers or reclassifications between Level 1 and Level 2 for any of the assets during the year or at
the reporting date. As at 30 June 2020 Commodity Securities with a fair value of USD 2,167,538,801 were
transferred from Level 1 to Level 2 , and Commodity Securities with a fair value of USD 10,325,935 were
transferred from Level 2 to Level 1.
8. 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
2020 2019
Unaudited Unaudited
USD USD
ManJer Fees 10,184,226 10,227,428
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WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
8. Related Party Disclosures (continued)
The following balances were due to ManJer at period end:
As at
30 June 2020 31 December 2019
Unaudited Audited
USD USD
ManJer Fees Payable 3,327,834 2,528,332
At 30 June 2020, USD 2 is receivable from ManJer (31 December 2019: USD 2).
As disclosed in the Directors’ Report, ManJer paid directors’ fees in respect of the Company of GBP 8,000 (30
June 2019: GBP 8,000).
Steven Ross is a director of R&H Fund Services (Jersey) Limited (“R&H” or, the “Administrator”) and Steven
Ross is a partner of Rawlinson & Hunter, Jersey Partnership, which wholly owns R&H. Hilary Jones is a
consultant representing R&H. During the period, R&H charged ManJer administration fees in respect of the
Company of GBP 180,606 (30 June 2019: GBP 166,500), of which GBP 90,303 (31 December 2019: GBP
90,610) was outstanding at the period end.
Peter Ziemba and Stuart Bell are executive officers of WisdomTree Investments, Inc.
9. Events Occurring After the Reporting Period
The directors are continuing to closely monitor 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 acknowledge that
any impacts on the amounts reported by the Company, including subsequent movements in the fair value of
assets or securities in issue, are non-adjusting from an IFRS perspective.
Other than as noted above, there have been no significant events since the reporting period that require
disclosure.
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