1695 小麦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 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
https://www.wisdomtree.eu/en-gb/resource-library/prospectus-and-regulatory-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 ブロード上場投資信託 2021年12月中間決算期 17,679 (100) 17,679 (100)
2020年12月中間決算期 8,898 (100) 8,898 (100)
百万円 ％ 百万円 ％
WisdomTree エネルギー上場投資信託 2021年12月中間決算期 8,535 (100) 8,535 (100)
2020年12月中間決算期 2,812 (100) 2,812 (100)
百万円 ％ 百万円 ％
WisdomTree 産業用金属上場投資信託 2021年12月中間決算期 61,102 (100) 61,102 (100)
2020年12月中間決算期 7,382 (100) 7,382 (100)
百万円 ％ 百万円 ％
WisdomTree 農産物上場投資信託 2021年12月中間決算期 19,897 (100) 19,897 (100)
2020年12月中間決算期 15,902 (100) 15,902 (100)
百万円 ％ 百万円 ％
WisdomTree 穀物上場投資信託 2021年12月中間決算期 3,185 (100) 3,185 (100)
2020年12月中間決算期 2,268 (100) 2,268 (100)
百万円 ％ 百万円 ％
WisdomTree 天然ガス上場投資信託 2021年12月中間決算期 4,851 (100) 4,851 (100)
2020年12月中間決算期 5,083 (100) 5,083 (100)
百万円 ％ 百万円 ％
WisdomTree WTI原油上場投資信託 2021年12月中間決算期 131,409 (100) 131,409 (100)
2020年12月中間決算期 237,813 (100) 237,813 (100)
百万円 ％ 百万円 ％
WisdomTree ガソリン上場投資信託 2021年12月中間決算期 785 (100) 785 (100)
2020年12月中間決算期 673 (100) 673 (100)
百万円 ％ 百万円 ％
WisdomTree アルミニウム上場投資信 2021年12月中間決算期 6,006 (100) 6,006 (100)
託
2020年12月中間決算期 2,556 (100) 2,556 (100)
百万円 ％ 百万円 ％
WisdomTree 銅上場投資信託 2021年12月中間決算期 87,596 (100) 87,596 (100)
2020年12月中間決算期 32,393 (100) 32,393 (100)
百万円 ％ 百万円 ％
WisdomTree ニッケル上場投資信託 2021年12月中間決算期 25,408 (100) 25,408 (100)
2020年12月中間決算期 29,138 (100) 29,138 (100)
百万円 ％ 百万円 ％
WisdomTree 小麦上場投資信託 2021年12月中間決算期 5,562 (100) 5,562 (100)
2020年12月中間決算期 5,630 (100) 5,630 (100)
百万円 ％ 百万円 ％
WisdomTree とうもろこし上場投資信 2021年12月中間決算期 3,586 (100) 3,586 (100)
託
2020年12月中間決算期 2,982 (100) 2,982 (100)
百万円 ％ 百万円 ％
WisdomTree 大豆上場投資信託 2021年12月中間決算期 960 (100) 960 (100)
2020年12月中間決算期 1,259 (100) 1,259 (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 ブロード上場 2021年12月中間決算期 10,621 8,478 2,300 16,799
投資信託
2020年12月中間決算期 18,853 1,852 8,565 12,139
千口 千口 千口 千口
WisdomTree エネルギー上 2021年12月中間決算期 13,501 17,114 5,592 25,023
場投資信託
2020年12月中間決算期 8,578 19,723 15,289 13,013
千口 千口 千口 千口
WisdomTree 産業用金属上 2021年12月中間決算期 14,906 27,300 5,769 36,437
場投資信託
2020年12月中間決算期 9,767 7,914 11,173 6,508
千口 千口 千口 千口
WisdomTree 農産物上場投 2021年12月中間決算期 30,388 12,724 9,385 33,726
資信託
2020年12月中間決算期 53,024 6,238 17,296 41,966
千口 千口 千口 千口
WisdomTree 穀物上場投資 2021年12月中間決算期 8,550 2,876 3,989 7,438
信託
2020年12月中間決算期 6,771 2,032 638 8,165
千口 千口 千口 千口
WisdomTree 天然ガス上場 2021年12月中間決算期 4,312,327 1,971,217 3,479,208 2,804,336
投資信託
2020年12月中間決算期 2,007,070 5,711,104 4,116,452 3,601,722
千口 千口 千口 千口
WisdomTree WTI原油上場投 2021年12月中間決算期 329,892 89,783 237,155 182,520
資信託
2020年12月中間決算期 57,427 894,985 372,321 580,091
千口 千口 千口 千口
WisdomTree ガソリン上場 2021年12月中間決算期 309 74 127 257
投資信託
2020年12月中間決算期 156 819 565 409
千口 千口 千口 千口
WisdomTree アルミニウム 2021年12月中間決算期 14,268 35,845 34,647 15,466
上場投資信託
2020年12月中間決算期 11,532 11,206 12,942 9,796
千口 千口 千口 千口
WisdomTree 銅上場投資信 2021年12月中間決算期 10,765 21,080 10,839 21,006
託
2020年12月中間決算期 8,636 11,138 7,822 11,952
千口 千口 千口 千口
WisdomTree ニッケル上場 2021年12月中間決算期 29,386 9,678 25,437 13,627
投資信託
2020年12月中間決算期 34,915 4,865 17,924 21,856
千口 千口 千口 千口
WisdomTree 小麦上場投資 2021年12月中間決算期 77,078 39,286 44,433 71,931
信託
2020年12月中間決算期 82,397 43,986 36,362 90,021
千口 千口 千口 千口
WisdomTree とうもろこし 2021年12月中間決算期 38,224 42,732 49,839 31,117
上場投資信託
2020年12月中間決算期 34,725 19,393 9,234 44,884
千口 千口 千口 千口
WisdomTree 大豆上場投資 2021年12月中間決算期 487 585 709 362
信託
2020年12月中間決算期 542 385 173 754
（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 ブロー
ド上場投資信託 2021年12月中間決算期 17,679 - 17,679 10,523
2020年12月中間決算期 8,898 - 8,898 7,330
百万円 百万円 百万円 円
WisdomTree エネル 2021年12月中間決算期 8,535 - 8,535 3,410
ギー上場投資信託
2020年12月中間決算期 2,812 - 2,812 2,161
百万円 百万円 百万円 円
WisdomTree 産業用 2021年12月中間決算期 61,102 - 61,102 16,769
金属上場投資信託
2020年12月中間決算期 7,382 - 7,382 11,343
百万円 百万円 百万円 円
WisdomTree 農産物
2021年12月中間決算期 19,897 - 19,897 5,899
上場投資信託
2020年12月中間決算期 15,902 - 15,902 3,789
百万円 百万円 百万円 円
WisdomTree 穀物上
2021年12月中間決算期 3,185 - 3,185 42,824
場投資信託
2020年12月中間決算期 2,268 - 2,268 27,782
百万円 百万円 百万円 円
WisdomTree 天然ガ
2021年12月中間決算期 4,851 - 4,851 172
ス上場投資信託
2020年12月中間決算期 5,083 - 5,083 141
百万円 百万円 百万円 円
WisdomTree WTI原油
2021年12月中間決算期 131,409 - 131,409 7,199
上場投資信託
2020年12月中間決算期 237,813 - 237,813 4,099
百万円 百万円 百万円 円
WisdomTree ガソリ
2021年12月中間決算期 785 - 785 30,561
ン上場投資信託
2020年12月中間決算期 673 - 673 16,434
百万円 百万円 百万円 円
WisdomTree アルミ
2021年12月中間決算期 6,006 - 6,006 38,837
ニウム上場投資信託
2020年12月中間決算期 2,556 - 2,556 26,096
百万円 百万円 百万円 円
WisdomTree 銅上場
2021年12月中間決算期 87,596 - 87,596 41,698
投資信託
2020年12月中間決算期 32,393 - 32,393 27,101
百万円 百万円 百万円 円
WisdomTree ニッケ 2021年12月中間決算期 25,408 - 25,408 18,644
ル上場投資信託
2020年12月中間決算期 29,138 - 29,138 13,331
百万円 百万円 百万円 円
WisdomTree 小麦上
2021年12月中間決算期 5,562 - 5,562 7,732
場投資信託
2020年12月中間決算期 5,630 - 5,630 6,255
百万円 百万円 百万円 円
WisdomTree とうも
2021年12月中間決算期 3,586 - 3,586 11,527
ろこし上場投資信託
2020年12月中間決算期 2,982 - 2,982 6,645
百万円 百万円 百万円 円
WisdomTree 大豆上
2021年12月中間決算期 960 - 960 26,475
場投資信託
2020年12月中間決算期 1,259 - 1,259 16,681
（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
2021年12月中間決算期 548,396 543,946 4,449
2020年12月中間決算期 514,868 516,727 -1,859
(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
DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities
Limited
Registered No: 90959
Unaudited Interim Financial Report for the
Six Months to 30 June 2021
DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity 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: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Directors’ Report
The directors of WisdomTree Commodity Securities Limited (“CSL” 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 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 10 - 14 2
Short & Leveraged
Commodity
Securities 30 30 18 - 4 - -
Total Commodity
Securities 74 61 52 10 4 14 2
As at 30 June 2021, the fair value of assets under management amounted to USD 4,778.5 million (31
December 2020: USD 4,218.7 million). The Company recognises its financial assets (Commodity Contracts)
and financial liabilities (Commodity Securities) at fair value in the Condensed Statement of Financial Position.
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 Prospectuses 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 price within that
principal market. The directors consider 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 the stock exchanges 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 Commodity Contracts and Commodity
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 agreed fair value of the Commodity Contracts and the price of Commodity
Securities.
The gain or loss on Commodity Securities and Commodity Contracts is recognised through profit or loss in line
with the Company’s accounting policy.
-1- www.wisdomtree.eu
DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Directors’ Report (Continued)
Review of Operations (continued)
During the period, the Company generated income from creation and redemption fees, management fees and
licence allowance as follows:
30 June 2021 30 June 2020
USD USD
Creation and Redemption Fees 334,837 316,604
Management Fees and Licence Allowance 13,987,704 9,867,622
Total Fee Income 14,322,541 10,184,226
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 fee, licence allowance and creation
and redemption fees, which, after taking into account other operating income and expenses, resulted in a
result before fair value movements for the year of USD Nil (2019: USD Nil).
As the difference in the valuation of Commodity Contracts (held to support the Commodity Securities) and
Commodity Securities would be reversed on a subsequent redemption of the Commodity Securities and
cancellation of the corresponding Commodity Contracts, the Company presents an adjusted Condensed
Statement of Profit or Loss and Other 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 Commodity Contracts 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 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: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity 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 Commodity 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 Commodity Securities
will always coincide with the cancellation of an equal amount of Commodity Contracts, liquidity risk is mitigated
such that there is no residual liquidity risk. 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 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
Jersey
25 August 2021
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity 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 14,100,288 10,184,226
Expenses 2 (14,100,288) (10,184,226)
Result Before Fair Value Movements - -
Change in Contractual and Fair Value of
Commodity Contracts 4 1,270,410,983 285,096,514
Change in Fair Value of Commodity Securities 5 (1,261,696,949) (289,927,391)
Profit/(Loss) for the Period 1 2 8,714,034 (4,830,877)
The directors consider the Company’s activities as continuing.
1 A non-statutory and non-GAAP Condensed Statement of Profit or Loss and Other Comprehensive Income reflecting
adjustments representing the movement in the difference between the value of the Commodity Contracts and the price of
Commodity Securities is set out in note 9.
2 There are no items of Other Comprehensive Income, therefore the Profit for the Period also represented the Total
Comprehensive Income for the Period.
The notes on pages 8 to 15 form part of these condensed interim financial statements
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Condensed Statement of Financial Position
As At
30 June 2021 31 December 2020
Unaudited Audited
Notes USD USD
Assets
Commodity Contracts 4 4,778,456,640 4,218,667,859
Amounts Receivable on Commodity Contracts
Awaiting Settlement 4 163,065,748 15,365,725
Amounts Receivable on Commodity Securities
Awaiting Settlement 5 45,198,200 8,834,934
Trade and Other Receivables 6,188,731 3,585,255
Total Assets 4,992,909,319 4,246,453,773
Liabilities
Commodity Securities 5 4,737,947,841 4,186,873,094
Amounts Payable on Commodity Securities
Awaiting Settlement 5 163,065,748 15,365,725
Amounts Payable on Commodity Contracts
Awaiting Settlement 4 45,198,200 8,834,934
Trade and Other Payables 6,188,729 3,585,253
Total Liabilities 4,952,400,518 4,214,659,006
Equity
Stated Capital 2 2
Revaluation Reserve 40,508,799 31,794,765
Total Equity 40,508,801 31,794,767
Total Equity and Liabilities 4,992,909,319 4,246,453,773
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
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Condensed Statement of Cash Flows
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Profit/(Loss) for the Period 8,714,034 (4,830,877)
Non-cash Reconciling Items
Change in Contractual and Fair Value of Commodity
Contracts (1,270,410,983) (285,096,514)
Change in Fair Value of Commodity Securities 1,261,696,949 289,927,391
- -
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 - -
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 creations and cancellations of Commodity
Contracts, which are non-cash transactions for the Company, are disclosed in notes 5 and 4 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, 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 the
Authorised Participants. Accordingly, there are no cash flows through the Company.
The notes on pages 8 to 15 form part of these condensed interim financial statements
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity 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 2 - (12,096,479) (12,096,477)
Result and Total Comprehensive Loss for the Period - (4,830,877) - (4,830,877)
Transfer to Revaluation Reserve - 4,830,877 (4,830,877) -
Unaudited Balance at 30 June 2020 2 - (16,927,356) (16,927,354)
Unaudited Opening Balance at 1 July 2020 2 - (16,927,356) (16,927,354)
Result and Total Comprehensive Income for the Period - 48,722,121 - 48,722,121
Transfer to Revaluation Reserve - (48,722,121) 48,722,121 -
Audited Balance at 31 December 2020 2 - 31,794,765 31,794,767
Audited Opening Balance at 1 January 2021 2 - 31,794,765 31,794,767
Result and Total Comprehensive Income for the Period - 8,714,034 - 8,714,034
Transfer to Revaluation Reserve - (8,714,034) 8,714,034 -
Unaudited Balance at 30 June 2021 3 2 - 40,508,799 40,508,801
3A non-statutory and non-GAAP Condensed Statement of Changes in Equity reflecting adjustments representing the difference between the value of Commodity Contracts and the price
of Commodity Securities is set out in note 9.
The notes on pages 8 to 15 form part of these condensed interim financial statements
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
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 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 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
judgement required to prepare these interim financial statements is 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.
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.
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
Management Fees 12,608,064 9,038,963
Licence Allowance 1,157,387 828,659
Creation and Redemption Fees 334,837 316,604
Total Income 14,100,288 10,184,226
ManJer Fees (14,100,288) (10,184,226)
Total Operating Expenses (14,100,288) (10,184,226)
Result Before Fair Value Movements - -
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
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 2021 Classic & Short &
Unaudited Longer Dated Leveraged Total
USD USD USD
Management Fees 10,076,714 2,531,350 12,608,064
Licence Allowance 1,028,236 129,151 1,157,387
Creation and Redemption Fees 169,500 165,337 334,837
Total Income 11,274,450 2,825,838 14,100,288
Total Operating Expenses (11,274,450) (2,825,838) (14,100,288)
Segmental Result - - -
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 Income 7,208,630 2,975,596 10,184,226
Total Operating Expenses (7,208,630) (2,975,596) (10,184,226)
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
2021 2020
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts 1,038,111,422 209,362,470
Short & Leveraged Commodity Contracts 232,299,561 75,734,044
1,270,410,983 285,096,514
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
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 2021 31 December 2020
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 4,216,838,322 3,717,287,350
Short & Leveraged Commodity Contracts 561,618,318 501,380,509
Total Commodity Contracts 4,778,456,640 4,218,667,859
As at 30 June 2021, 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 45,198,200 (31 December 2020: USD 8,834,934).
• The amount receivable on Commodity Contracts as a result of unsettled redemptions of Commodity
Securities is USD 163,065,748 (31 December 2020: USD 15,365,725).
The below reconciliation of changes in the Commodity Contracts includes only non-cash changes.
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Opening Commodity Contracts 4,218,667,859 2,752,376,081
Additions 4,084,397,035 5,524,134,958
Disposals (4,781,253,786) (3,895,047,260)
Management Fee and Licence Allowance (13,765,451) (9,867,622)
Change in Fair Value 1,270,410,983 285,096,514
Closing Commodity Contracts 4,778,456,640 4,656,692,671
5. Commodity Securities
Change in Fair Value Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts (1,029,362,461) (210,205,734)
Short & Leveraged Commodity Contracts (232,334,488) (79,721,657)
(1,261,696,949) (289,927,391)
Fair Value of Commodity Securities As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 4,182,594,514 3,691,792,503
Short & Leveraged Commodity Contracts 555,353,327 495,080,591
Total Commodity Contracts 4,737,947,841 4,186,873,094
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
5. Commodity Securities (continued)
As at 30 June 2021, 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 163,065,748
(31 December 2020: USD 15,365,725).
• The amount receivable as a result of unsettled creations of Commodity Securities is USD 45,198,200
(31 December 2020: USD 8,834,934).
The below reconciliation of changes in the Commodity Securities, being liabilities arising from financing
activities, includes only non-cash changes.
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Opening Commodity Securities 4,186,873,094 2,764,472,560
Securities Created 4,084,397,035 5,524,134,958
Securities Redeemed (4,781,253,786) (3,895,047,260)
Management Fee and Licence Allowance (13,765,451) (9,867,622)
Change in fair value 1,261,696,949 289,927,391
Closing Commodity Securities at Fair Value 4,737,947,841 4,673,620,027
6. 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 NAVs 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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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
6. Fair Value Hierarchy (continued)
The categorisation of the Company’s assets and (liabilities) are as shown below:
As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
Level 1
Commodity Securities (4,730,491,298) (4,184,691,674)
Level 2
Commodity Securities (7,456,543) (2,181,420)
Commodity Contracts 4,778,456,640 4,218,667,859
4,771,000,097 4,216,486,439
The Commodity Securities and the Commodity Contracts 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 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 period
or at the reporting date. As at 30 June 2021 Commodity Securities with a fair value of USD 3,945,575 were
transferred from Level 1 to Level 2 (31 December 2020: USD Nil), and Commodity Securities with a fair value
of USD Nil were transferred from Level 2 to Level 1 (31 December 2020: USD 14,605,706).
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 14,100,288 10,184,226
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
7. Related Party Disclosures (continued)
The following balances were due to ManJer at period end:
As At
30 June 2021 31 December 2020
Unaudited Audited
USD USD
ManJer Fees Payable 6,188,729 3,327,834
At 30 June 2021, USD 2 is receivable from ManJer (31 December 2020: USD 2).
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
197,419 (30 June 2020: GBP 180,606), of which GBP 107,116 (31 December 2020: GBP 90,303) was
outstanding at the period end.
Peter Ziemba and Stuart Bell are executive officers of WisdomTree Investments, Inc.
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 Commodity Contracts (held to support the
Commodity Securities) and Commodity Securities (as disclosed in notes 4 and 5) the profits and losses and
comprehensive income of the Company presented in the Condensed 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 Commodity Contracts and the price of Commodity Securities. The Condensed
Statement of Changes in Equity also reflects the fair value movements on both the Commodity Contracts (held
to support the Commodity Securities) and the Commodity Securities.
These gains or losses on the difference between the value of the Commodity Contracts (held to support the
Commodity Securities) and the price of Commodity Securities would be reversed on a subsequent redemption
of the Commodity Securities and cancellation of the corresponding Commodity Contracts. Furthermore, each
class of Commodity Security is issued under limited recourse arrangements whereby the holders have
recourse only to the relevant Commodity Contracts (held to support the Commodity Securities) and not to the
Commodity Contracts of any other class of Commodity Security or to the Company. As a result, the Company
does not make gains from trading in the underlying Commodity Contracts (held to support the Commodity
Securities) and, from a commercial perspective (with the exception of the impact of Management Fees and
Licence Allowance) gains and losses in respect of Commodity Contracts (held to support the Commodity
Securities) will always be offset by a corresponding loss or gain on the Commodity Securities and the Company
does not retain any net gains or losses.
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
9. Non-GAAP and Non-Statutory Information (continued)
The mismatched accounting values are as shown below:
Period Ended 30 June
2021 2020
Unaudited Unaudited
USD USD
Change in Contractual and Fair Value of Commodity
Contracts 1,270,410,983 285,096,514
Change in Fair Value of Commodity Securities (1,261,696,949) (289,927,391)
8,714,034 (4,830,877)
To reflect the commercial results, the Company has presented below a non-GAAP and non-Statutory
Condensed Statement of Profit or Loss and Other 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 Commodity 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 14,100,288 10,184,226
Expenses (14,100,288) (10,184,226)
Result Before Fair Value Movement - -
Change in Fair Value of Commodity Contracts 1,270,410,983 285,096,514
Change in Fair Value of Commodity Securities (1,261,696,949) (289,927,391)
Profit/(Loss) for the Period 8,714,034 (4,830,877)
Adjustment from Market Value to Contractual Value (as
set out in the Prospectus) of Commodity Securities (8,714,034) 4,830,877
Adjusted Result - -
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DocuSign Envelope ID: 5FFBD906-9947-4EEC-ABE9-B8EFE3D9EC4D
WisdomTree Commodity 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 4 Equity Total Equity
USD USD USD USD USD
Audited Opening Balance at 1 January 2020 2 - (12,096,479) (12,096,477) 2
Result and Total Comprehensive Loss for the Period - (4,830,877) - (4,830,877) (4,830,877)
Transfer from Revaluation Reserve - 4,830,877 (4,830,877) - -
Adjustment from Market Value to Contractual Value (as
set out in the Prospectus) of Commodity Securities - - - - 4,830,877
Unaudited Balance at 30 June 2020 2 - (16,927,356) (16,927,354) 2
Unaudited Opening Balance at 1 July 2020 2 - (16,927,356) (16,927,354) 2
Result and Total Comprehensive Income for the Period - 48,722,121 - 48,722,121 48,722,121
Transfer to Revaluation Reserve - (48,722,121) 48,722,121 - -
3 Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities - - - - (48,722,121)
Audited Balance at 31 December 2020 2 - 31,794,765 31,794,767 2
Audited Opening Balance at 1 January 2021 2 - 31,794,765 31,794,767 2
Result and Total Comprehensive Income for the Period - 8,714,034 - 8,714,034 8,714,034
Transfer to Revaluation Reserve - (8,714,034) 8,714,034 - -
Adjustment from Market Value to Contractual Value (as
- - - (8,714,034)
set out in the Prospectus) of Commodity Securities -
Unaudited Balance at 30 June 2021 2 - 40,508,799 40,508,801 2
4 This represents the difference between the value of Commodity Contracts and the price of Commodity Securities.
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www.wisdomtree.eu