WCOA/WCOB
WisdomTree Enhanced Commodity UCITS ETF - USD Acc
Le fonds WisdomTree Enhanced Commodity ETF UCITS - USD (le « Fonds ») a pour objectif de répliquer le cours, avant frais et dépenses, de l'indice Optimised Roll Commodity Total Return (l'« Indice »). Le fonds vise également à surperformer l'indice Bloomberg Commodity Index TR sur le long terme. Le fonds investit dans des bons du Trésor américain et utilise des swaps sur le rendement total pour offrir la performance de l'indice. Les swaps sont collatéralisés quotidiennement et réinitialisés mensuellement.
Pourquoi investir?
- Obtenir une exposition largement diversifiée aux matières premières en tant que classe d'actifs.
- Possibilité de réduire la volatilité globale du portefeuille pendant les périodes où les matières premières sont négativement corrélées aux actions et aux obligations.
- Processus innovant de roulement dynamique conçu pour minimiser les coûts à long terme de la détention d'expositions aux matières premières.
Des Risques
- Les rendements versés par le Fonds dépendent des paiements reçus par le Fonds de la part de la contrepartie de swap concernée, conformément aux conditions de ce swap, et sont donc exposés au risque de crédit de la contrepartie de swap.
- La performance des indices de la matière première peut être sensiblement différente des prix au comptant de la matière première.
- Un investissement dans les matières premières peut connaître une forte volatilité et doit être considéré comme un investissement à long terme.
- Cette liste ne couvre pas tous les risques - d'autres risques sont indiqués dans le DICI et le Prospectus.
Overview
Fund Overview | |
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Classe d'actifs | Produit de base |
Utilisation des revenus | Accumulation |
Devise de base | USD |
Date de création | 27 Apr 2016 |
Fréquence des dividendes | s/o |
Ticker boursier | WCOA/WCOB |
Nom de l'indice | Optimised Roll Commodity Total Return Index |
TFE (%) | 0.35% |
Taux swap annuel | 0.35% |
Structure | |
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Méthode de duplication | Bons du Trésor américains avec superposition de swaps |
Forme juridique | Irish Collective Asset-management Vehicle (ICAV) |
Fonds parapluie | WisdomTree Issuer ICAV |
Domicile | Irlande |
Structure | Fonds négociable en bourse à capital variable |
Fin de l'exercice financier | 31 décembre |
Conforme à la directive OPCVM | Conforme |
Further Legal and Tax Information | |
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ISA | Eligible |
SIPP | Eligible |
UCITS Eligible | Eligible |
Key Service Providers | |
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Dépositaire | State Street Custodial Services (Ireland) Limited |
Administrateur | State Street Fund Services (Ireland) Limited |
Gestionnaire de fonds | Assenagon Asset Management S.A |
Auditeur | Ernst & Young Ireland |
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Listings & Codes
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Benchmark Composition
Index Details
Indice Optimised Roll Commodity Total Return
L'Indice est libellé en dollars américains et a pour principal objectif de fournir une exposition diversifiée aux matières premières et conforme aux normes UCITS, couvrant quatre grands secteurs de matières premières : Énergie, Agriculture, Métaux industriels et Métaux précieux. L'Indice utilise des contrats à terme pour répliquer la performance de chaque composant du Bloomberg Commodity Index TR. L'Indice utilise une approche basée sur des règles pour chacun de ses composants et passe d'un contrat à terme à un autre pour chaque matière première de l'Indice. La sélection du nouveau contrat à terme ne se fait pas sur la base d'un calendrier prédéfini (par exemple, mensuel), mais sur la base du contrat à terme qui génère le rendement implicite maximum. L'Indice vise à maximiser les avantages potentiels du roulement sur les marchés en backwardation et à minimiser la perte résultant du ralentissement de la courbe sur les marchés en contango.
Index Details | |
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Index Name | Optimised Roll Commodity Total Return Index |
Index Provider | S&P |
Bloomberg Ticker | EBCIWTT |
Leverage Factor | N/A |
Documents and Links |
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Security | 12 juil. 2024 |
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1. Gold | 16.28% |
2. Brent Crude | 7.95% |
3. WTI Crude | 7.83% |
4. Copper (LME) | 6.03% |
5. Silver | 5.73% |
6. Natural Gas | 5.55% |
7. Soybean | 4.86% |
8. Corn | 4.79% |
9. Aluminum | 4.16% |
10. Coffee | 4.00% |
11. Live Cattle | 3.63% |
12. Soybean Oil | 3.02% |
13. Soybean Meal | 2.99% |
14. Gasoil | 2.99% |
15. Zinc | 2.76% |
16. Nickel | 2.53% |
17. Sugar | 2.51% |
18. SRW Wheat | 2.33% |
19. RBOB Gasoline | 2.31% |
20. ULS Diesel | 2.14% |
21. Lean Hogs | 1.69% |
22. HRW Wheat | 1.63% |
23. Cotton | 1.43% |
24. Lead | 0.86% |
Responsible Investing
SFDR Disclosure
The EU Sustainable Finance Disclosures Regulation (SFDR) took effect on 10 March 2021 as part of the EU Action Plan on Sustainable Finance. The SFDR lays down harmonised sustainability related disclosure rules for EU financial market participants and advisors and requires certain sustainability disclosures to be made for financial products which promote environmental or social characteristics (Article 8 SFDR) and funds which have a sustainable investment objective (Article 9 SFDR).
There are different SFDR product categorisations for these sustainability disclosure requirements:
+ Article 6 products: require disclosures relating to the manner in which sustainability risks are integrated into the decision-making process.
+ Article 8 products: promote, among other characteristics, environmental or social characteristics or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices.
+ Article 9 products: have sustainable investment as their objective
Please refer to EU regulation guidelines for more details: https://www.esma.europa.eu/sections/sustainable-finance
SFDR categorisations | |
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SFDR Disclosure | Article 6 |
Sustainability Characteristics | |
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MSCI ESG Fund Ratings (AAA-CCC) | N/A |
Collateral Details
Collateral Structure
Replicating Exposure to Commodities Through a Swap
The fund aims to track the Optimised Roll Commodity Total Return Index (the “Index”) by holding a portfolio of short-terms US T-Bills and achieving exposure to commodities by entering into unfunded swap arrangements (“Swaps”) with highly rated swap counterparties. The Fund’s portfolio is composed of:
- A portfolio of 91-day US T-Bills acquired with subscription proceeds
- Swaps, passing the performance of the Index (from swap counterparties to Fund if performance is positive, the other way around if negative)
Structure Diagram
Counterparty Risk Management
Counterparty risk is managed mainly through the daily exchange of collateral between the fund and the swap provider(s). The value of the collateral required is based on a daily calculation of counterparty exposure using the prior day’s mark-to-market of the Swaps and any unsettled cash flowing between the fund and the swap provider.
Assets posted as collateral may only include cash (US Dollars only) or government bonds of US, UK, France or Germany, with a minimum rating of AA-/Aa3 (“eligible collateral assets”). When valuing the bonds posted as collateral, a haircut is applied to each bond's value based on the issuing country and the bond's maturity, as specified in the following table. Applying a haircut to the value of eligible collateral typically results in the collateral value exceeding the counterparty exposure and in any exposure being “over-collateralised”.
Haircuts / Over-Collateralisation Applied to Collateral Securities
DISCLAiMERS
“WisdomTree” is a registered trademark of WisdomTree, Inc. Neither the Company, the Manager, the Investment Manager, WisdomTree nor their affiliates guarantee the accuracy or the completeness of the Index or any data included therein and shall have no liability for any errors, omissions or interruptions therein. Such parties make no warranty, express or implied, to the owners of Shares of the Fund or to any other person or entity, as to results to be obtained by the Fund from the use of the Index or any data included therein. Without limiting any of the foregoing, in no event shall such parties have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages.The Company is required to provide details of WisdomTree’s website to enable Shareholders to obtain further details of the Index (including its constituents). Neither the Company, the Manager nor the Investment Manager has any responsibility for the contents of such website and are not involved in any way in sponsoring, endorsing or otherwise involved in the establishment, maintenance or contents of the website.
The methodology of and rules governing the index (the "Index Methodology" and the "Index") are proprietary and shall not be reproduced or disseminated without the prior written consent of the “Index Sponsor” (as defined in the “Index Rules” available on http://www.wisdomtree.eu/home).None of the Index Sponsor, the index calculation agent (where such party is not also the Index Sponsor, the "Index Calculation Agent") nor, where applicable, the index Investment Advisor (the "Index Investment Advisor") guarantee that there will be no errors or omissions in computing or disseminating the Index. The Index Methodology is based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor, the Index Calculation Agent and, where applicable, the Index Investment Advisor, and may have certain inherent limitations. Information prepared on the basis of different models, calculation methods or assumptions may yield different results. You have no authority to use or reproduce the Index Methodology in any way, and neither the Index Sponsor nor any of its affiliates shall be liable for any loss whatsoever, whether arising directly or indirectly from the use of the Index or Index Methodology or otherwise in connection therewith. The Index Sponsor reserves the right to amend or adjust the Index Methodology from time to time in accordance with the rules governing the Index and accepts no liability for any such amendment or adjustment. Neither the Index Sponsor nor the Index Calculation Agent are under any obligation to continue the calculation, publication or dissemination of the Index and accept no liability for any suspension or interruption in the calculation thereof which is made in accordance with the rules governing the Index. None of the Index Sponsor, the Index Calculation Agent nor, where applicable, the Index Investment Advisor accept any liability in connection with the publication or use of the level of the Index at any given time. The Index Methodology embeds certain costs in the strategy which cover amongst other things, friction, replication and repo costs in running the Index. The levels of such costs (if any) may vary over time in accordance with market conditions as determined by the Index Sponsor acting in a commercially reasonable manner. The Index Sponsor and its affiliates may enter into derivative transactions or issue financial instruments (together, the "Products") linked to the Index. The Products are not in any way sponsored, endorsed, sold or promoted by the sponsor of any index component (or part thereof) which may comprise the Index (each a "Reference Index") that is not affiliated with BNP Paribas (each such sponsor, a "Reference Index Sponsor"). The Reference Index Sponsors make no representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Index and/or the levels at which the relevant Reference Index stands at any particular time on any particular date or otherwise. No Reference Index Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in the relevant Reference Index and the relevant Reference Index Sponsor is under no obligation to advise any person of any error therein. None of the Reference Index Sponsors makes any representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the Products. The Index Sponsor and its affiliates have no rights against or recourse to any Reference Index Sponsor should any Reference Index not be published or for any errors in the calculation thereof or on any other basis whatsoever in relation to any Reference Index, its production, or the level or constituents thereof. The Index Sponsor and its affiliates shall have no liability to any party for any act or failure to act by any Reference Index Sponsor in connection with the calculation, adjustment or maintenance of the relevant Reference Index and have no affiliation with or control over any Reference Index or the relevant Reference Index Sponsor or the computation, composition or dissemination of any Reference Index. Although the Index Calculation Agent will obtain information concerning each Reference Index from publicly available sources that it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by the Index Sponsor or any of its affiliates nor the Index Calculation Agent as to the accuracy, completeness and timeliness of information concerning any Reference Index. The Index Sponsor and/or its affiliates may act in a number of different capacities in relation to the Index and/or products linked to the Index, which may include, but not be limited to, acting as market-maker, hedging counterparty, issuer of components of the Index, Index Sponsor and/or Index Calculation Agent. Such activities could result in potential conflicts of interest that could influence the price or value of a Product.
The methodology of and rules governing the index (the "Index Methodology" and the "Index") are proprietary and shall not be reproduced or disseminated without the prior written consent of the “Index Sponsor” (as defined in the “Index Rules” available on http://www. Wisdomtree. Eu/home). None of the Index Sponsor, the index calculation agent (where such party is not also the Index Sponsor, the "Index Calculation Agent") nor, where applicable, the index Investment Advisor (the "Index Investment Advisor") guarantee that there will be no errors or omissions in computing or disseminating the Index. The Index Methodology is based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor, the Index Calculation Agent and, where applicable, the Index Investment Advisor, and may have certain inherent limitations. Information prepared on the basis of different models, calculation methods or assumptions may yield different results. You have no authority to use or reproduce the Index Methodology in any way, and neither the Index Sponsor nor any of its affiliates shall be liable for any loss whatsoever, whether arising directly or indirectly from the use of the Index or Index Methodology or otherwise in connection therewith. The Index Sponsor reserves the right to amend or adjust the Index Methodology from time to time in accordance with the rules governing the Index and accepts no liability for any such amendment or adjustment. Neither the Index Sponsor nor the Index Calculation Agent are under any obligation to continue the calculation, publication or dissemination of the Index and accept no liability for any suspension or interruption in the calculation thereof which is made in accordance with the rules governing the Index. None of the Index Sponsor, the Index Calculation Agent nor, where applicable, the Index Investment Advisor accept any liability in connection with the publication or use of the level of the Index at any given time. The Index Methodology embeds certain costs in the strategy which cover amongst other things, friction, replication and repo costs in running the Index. The levels of such costs (if any) may vary over time in accordance with market conditions as determined by the Index Sponsor acting in a commercially reasonable manner. The Index Sponsor and its affiliates may enter into derivative transactions or issue financial instruments (together, the "Products") linked to the Index. The Products are not in any way sponsored, endorsed, sold or promoted by the sponsor of any index component (or part thereof) which may comprise the Index (each a "Reference Index") that is not affiliated with BNP Paribas (each such sponsor, a "Reference Index Sponsor"). The Reference Index Sponsors make no representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Index and/or the levels at which the relevant Reference Index stands at any particular time on any particular date or otherwise. No Reference Index Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in the relevant Reference Index and the relevant Reference Index Sponsor is under no obligation to advise any person of any error therein. None of the Reference Index Sponsors makes any representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the Products. The Index Sponsor and its affiliates have no rights against or recourse to any Reference Index Sponsor should any Reference Index not be published or for any errors in the calculation thereof or on any other basis whatsoever in relation to any Reference Index, its production, or the level or constituents thereof. The Index Sponsor and its affiliates shall have no liability to any party for any act or failure to act by any Reference Index Sponsor in connection with the calculation, adjustment or maintenance of the relevant Reference Index and have no affiliation with or control over any Reference Index or the relevant Reference Index Sponsor or the computation, composition or dissemination of any Reference Index. Although the Index Calculation Agent will obtain information concerning each Reference Index from publicly available sources that it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by the Index Sponsor or any of its affiliates nor the Index Calculation Agent as to the accuracy, completeness and timeliness of information concerning any Reference Index. The Index Sponsor and/or its affiliates may act in a number of different capacities in relation to the Index and/or products linked to the Index, which may include, but not be limited to, acting as market-maker, hedging counterparty, issuer of components of the Index, Index Sponsor and/or Index Calculation Agent. Such activities could result in potential conflicts of interest that could influence the price or value of a Product.