Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities
LimitedRegistered No: 90959
Unaudited Condensed Interim Financial Report for the
Six Months to 30 June 2024

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Contents

Directors’ Report

1-7

Condensed Statement of Profit or Loss and Other Comprehensive Income

8

Condensed Statement of Financial Position

9

Condensed Statement of Cash Flows10

Condensed Statement of Changes in Equity

11

Notes to the Condensed Interim Financial Statements

12-19

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report
The directors of WisdomTree Commodity Securities Limited (“CSL” or the “Company”), submit herewith theunaudited interim financial report and interim financial statements of the Company for the period ended 30
June 2024.
Directors
The names and particulars of the directors of the Company during or since the end of the financial period are:
Christopher Foulds
Bryan Governey
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
The most recent Prospectuses were issued on 27 October 2023 (Classic and Longer Dated) and 24 October
2023 (Short and Leveraged). As at 30 June 2024 the Company had the following number of classes, inaggregate, of Commodity Securities in issue and admitted to trading on the following exchanges:

London Stock Exchange
Borsa Italiana
Deutsche Börse
NYSE – Euronext Paris
NYSE – Euronext Amsterdam
Tokyo Stock Exchange
Bolsa Mexicana de Valores

Classic & Longer Dated
Commodity Securities*

Short & Leveraged
Commodity Securities

Total Listings*

53
33
36
10
14
6

33
28
18
4
-

86
61
54
10
4
14
6

* Whilst Micro Securities are admitted to trading on the Stock Exchanges, it is not anticipated that any active
secondary market will develop in any of the Micro Securities. Furthermore, on an ongoing basis the Micro
Securities themselves are not traded, with Security Holders receiving the Commodity Securities intransactions. As a result, Micro Securities have been excluded from the table above.
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 agreed formulae published in the Prospectuses, and areequal to the published NAV of each class of Commodity Security. Each time Commodity Securities are issued
or redeemed, matching Commodity Contracts between the Company and a Commodity Contract Counterparty
are created or cancelled by the Company.
IFRS 13 requires the Company to identify the principal market for the Commodity Securities and to utilise theavailable 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 theon-exchange price as quoted on the stock exchange demonstrating active trading with the highest trading
volume on each day that the price is obtained.

-1-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report (Continued)
Review of Operations (continued)
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 NAV of the Commodity Contracts and the price of Commodity Securities. The
Company recognises its assets (Commodity Contracts) and financial liabilities (Commodity Securities) at fairvalue in the Statement of Financial Position. The gain or loss on Commodity Securities and Commodity
Contracts is recognised through profit or loss in line with the Company’s accounting policy. This is presented
in more detail in notes 4 and 5 to these interim financial statements.
The Company is entitled to a management fee and licence allowance which are calculated on a daily basis:• classic and longer dated Commodity Securities have a management fee rate of 0.49% per annum,with the exception of WisdomTree Carbon Securities which has management fee rate of 0.35% perannum;• short and leveraged Commodity Securities have a management fee rate of 0.98% per annum; and• all Commodity Securities are subject to the licence allowance of 0.05% per annum.
The Company is also entitled to apply creation and redemption fees on the issue and redemption of Commodity
Securities.
During the period, the Company generated income from creation and redemption fees, management fees andlicence allowance as follows:
30 June 2024
USD

30 June 2023
USD

Creation and Redemption FeesManagement Fees and Licence Allowance

3,171,459
15,039,079

4,026,799
19,581,150

Total Fee Income

18,210,538

23,607,949

Non-GAAP Performance Measures
Under the terms of the service agreement with WisdomTree Management (Jersey) Limited (“ManJer”), theCompany 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 fairvalue movements for the period of USD Nil (2023: USD Nil).
As the difference in the valuation of Commodity Contracts (held to support the Commodity Securities) andCommodity Securities would be reversed on a subsequent redemption of the Commodity Securities andcancellation of the corresponding Commodity Contracts (as further described in note 4), 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.

-2-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report (Continued)

Review of Operations (continued)
Performance Review
The contractual value (at NAV) of the Commodity Securities, and the movement over the period amounted to:
30 June 2024
NAV
Securities
WisdomTree Agriculture
WisdomTree All Commodities
WisdomTree Aluminium
WisdomTree Cocoa
WisdomTree Coffee
WisdomTree Copper
WisdomTree Corn
WisdomTree Cotton
WisdomTree WTI Crude Oil
WisdomTree Energy
WisdomTree Gasoline
WisdomTree Gold
WisdomTree Grains
WisdomTree Heating Oil
WisdomTree Industrial Metals
WisdomTree Lead
WisdomTree Lean Hogs
WisdomTree Live Cattle
WisdomTree Livestock
WisdomTree Natural Gas
WisdomTree Nickel
WisdomTree Petroleum
WisdomTree Precious Metals
WisdomTree Silver
WisdomTree Softs-3-

43,669,694
8,849,221
26,667,395
1,703,190
839,658
26,472,725
896,427
2,292,692
60,263,697
14,374,830
97,072
2,788,613
5,197,002
199,852
33,033,667
63,422
137,804
241,410340,359
13,643,469
6,771,138
205,261
2,722,400
2,318,291
474,582

5.93
11.15
3.31
9.24
37.14
39.52
19.85
2.68
10.54
3.82
55.66
23.96
3.65
24.15
15.66
20.38
25.41
7.07
2.61
8.73
15.79
20.81
26.11
25.00
5.63

USD
258,823,975
98,701,162
88,258,402
15,735,459
31,181,344
1,046,260,403
17,794,129
6,134,358
635,257,064
54,959,214
5,403,460
66,824,713
18,969,707
4,827,076
517,183,494
1,292,772
3,500,928
1,707,858
888,176
119,047,117
106,892,600
4,271,595
71,095,149
57,950,566
2,670,410

31 December 2023
Securities
NAV
36,577,694
8,287,364
49,088,704
1,804,435
1,008,258
36,830,420
933,921
1,548,992
81,129,344
12,472,230
81,372
3,056,213
5,057,502
240,952
31,132,090
73,822
145,618
212,041
489,959
10,480,764
6,661,474
204,361
6,849,306
2,441,991
446,782

6.35
10.70
3.17
4.13
29.35
34.64
23.98
2.99
9.01
3.61
49.22
21.39
4.23
22.01
14.44
18.88
24.84
6.18
2.37
10.81
15.26
17.93
22.82
20.55
5.08

USD

Movement in
NAV

232,228,908
88,668,889
155,623,861
7,458,608
29,589,828
1,275,968,642
22,393,024
4,632,043
730,777,418
44,991,346
4,004,808
65,360,674
21,371,901
5,302,687
449,592,745
1,394,025
3,616,589
1,310,429
1,160,457
113,264,377
101,678,155
3,663,658
156,311,431
50,180,562
2,268,669(6.6%)
4.2
4.4%
123.5%
26.5%
14.1%(17.2%)(10.5%)
17.0%
6.0%
13.1%
12.1%
(13.6%)
9.8%
8.4%
7.9%
2.3%
14.5%
10.2%
(19.3%)
3.4%
16.1%
14.4%
21.6%
10.8%

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report (Continued)

Review of Operations (continued)
Performance Review (continued)

Securities
WisdomTree Soybean Oil
WisdomTree Soybeans
WisdomTree Sugar
WisdomTree Tin
WisdomTree Wheat
WisdomTree Zinc
WisdomTree Brent Crude Oil
WisdomTree Ex-Agriculture and Livestock
WisdomTree ETC Carbon USD Securities
WisdomTree California Carbon Security
WisdomTree Forward Agriculture
WisdomTree Forward All Commodities
WisdomTree Forward WTI Crude Oil
WisdomTree Forward Energy
WisdomTree Forward Industrial Metals
WisdomTree Forward Brent Crude Oil
WisdomTree Leveraged Agriculture
WisdomTree Leveraged Aluminium
WisdomTree Leveraged Cocoa
WisdomTree Leveraged Coffee
WisdomTree Leveraged Copper
WisdomTree Leveraged Corn
WisdomTree Leveraged Gold
WisdomTree Leveraged Platinum
WisdomTree Leveraged Silver
WisdomTree Leveraged Sugar-4-406,059
393,386
900,230
119,558
3,370,390
2,179,849
17,049,954
330,294
5,922,810
27,479223,354
100,62144,48026,224
46,529
11,135276,326
1,932,041
315,537
4,234,916
1,305,220
3,135,887
320,735
6,395,669
7,179,415
555,206

30 June 2024
NAV
5.94
27.13
12.63
72.28
22.71
9.63
54.43
13.08
23.38
35.32
11.26
28.48
64.84
29.45
23.49
66.30
7.80
2.18
48.57
1.48
9.31
1.36
74.79
1.93
6.83
4.23

USD
2,412,790
10,674,002
11,366,185
8,641,897
76,552,388
20,983,502
928,023,215
4,320,217
138,490,121
970,4632,514,506
2,866,139
2,883,945
772,261
1,093,126
738,237
2,156,454
4,211,881
15,326,283
6,262,484
12,156,010
4,263,922
23,987,243
12,370,509
49,011,241
2,348,936

31 December 2023
Securities
NAV
362,959
349,086
789,797
114,158
3,845,490
3,018,749
34,290,256
2,366,794
9,306,045
51,086
252,854
124,82137,39931,22452,4809,335
307,726
2,221,141
276,487
5,438,716
1,219,320
1,677,417
435,235
5,993,969
7,591,615
444,406

6.59
31.01
11.93
55.29
25.94
8.80
46.73
12.00
28.28
38.66
12.05
27.06
56.13
26.84
21.62
57.87
9.31
2.09
13.56
1.01
7.53
2.08
61.87
2.05
4.98
4.02

USD

Movement inNAV

2,392,360
10,823,744
9,425,046
6,311,388
99,750,614
26,573,817
1,602,550,715
28,395,541
263,135,111
1,974,856
3,046,442
3,378,083
2,099,086
837,958
1,134,415
540,205
2,865,592
4,650,239
3,747,860
5,467,537
9,187,112
3,481,739
26,929,157
12,273,307
37,778,939
1,788,080(9.9%)(12.5%)
5.8%
30.7%(12.4%)
9.4%
16.5%
9.0%
(17.3%)(8.6%)(6.6%)
5.3%
15.5%
9.7%
8.7%
14.6%
(16.2%)
4.1%
258.3%
47.1%
23.6%(34.5%)
20.9%(5.5%)
37.2%
5.2%

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report (Continued)

Review of Operations (continued)
Performance Review (continued)

Securities
3x Daily Long Coffee
3x Daily Long Sugar
3x Daily Long Wheat
WisdomTree Leveraged WTI Crude Oil
WisdomTree Leveraged Natural Gas
WisdomTree Leveraged Nickel
WisdomTree Leveraged Petroleum
WisdomTree Leveraged Wheat
WisdomTree Leveraged Brent Crude Oil
WisdomTree Short All Commodities
WisdomTree Short Copper
WisdomTree Short WTI Crude Oil
WisdomTree Short Gold
WisdomTree Short Industrial Metals
WisdomTree Short Natural Gas
WisdomTree Short Nickel
WisdomTree Short Silver
WisdomTree Short Brent Crude Oil

2,342,499
481,141
42,519,218
8,198,921
158,644,283
381,692
58,7481,249,906
246,683
89,059127,067
1,146,907
315,369
24,5605,263
350,766454,393
323,51230 June 2024
NAV
5.05
11.84
0.37
13.97
0.09
20.92
47.97
5.31
67.71
55.26
15.73
16.71
14.12
26.83
466.96
5.79
6.47
14.19

USD
11,822,688
5,696,378
15,791,081
114,520,387
13,689,907
7,984,059
2,818,395
6,635,461
16,703,877
4,921,511
1,998,474
19,165,637
4,453,085
658,978
2,457,613
2,029,550
2,938,938
4,589,161
4,819,904,271

31 December 2023
Securities
NAV
3,719,299
207,241
29,469,718
10,531,621
109,949,983
365,855
58,7481,004,716
334,033
76,55968,867
986,007259,034
19,7607,153
362,366
362,893323,212

3.11
11.67
0.66
10.58
0.15
20.78
37.37
7.42
52.58
55.96
17.68
19.44
15.38
28.43
416.86
5.95
7.94
16.19

USD

Movement in
NAV

11,558,089
2,418,250
19,423,821
111,430,450
16,859,104
7,602,388
2,195,159
7,456,974
17,564,632
4,283,863
1,217,729
19,168,679
3,984,961
561,7902,981,835
2,157,884
2,882,883
5,231,344

62.4%
1.5%
(43.7%)
32.0%(43.7%)
0.7%
28.4%(28.5%)
28.8%(1.2%)(11.1%)(14.0%)(8.2%)(5.6%)
12.0%(2.8%)(18.6%)(12.4%)

5,982,332,512

Whilst Micro Securities are admitted to trading on the Stock Exchanges, it is not anticipated that any active secondary market will develop in any of the Micro Securities.
Furthermore, on an ongoing basis the Micro Securities themselves are not traded, with Security Holders receiving the Commodity Securities in transactions. As aresult, Micro Securities which in aggregate, had a fair value at 30 June 2024 of $776 (31 December 2023: $732) have been excluded from the table above.
In addition, whilst the table above also reflects the NAV at 30 June 2024 and 31 December 2023, together with the movement, this does not reflect the recommended
holding period for Commodity Securities, which in some cases is one day. Further information on the contractual value (at NAV) of the Commodity Securities on adaily basis can be found on the WisdomTree website (https://www.wisdomtree.eu/en-gb/products).

-5-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report (Continued)

Future Developments
As of 14 June 2023, the administration and company secretarial services provided to ManJer changed fromR&H Fund Services (Jersey) Limited (“R&H” or the “Administrator”) to Apex Financial Services (Alternative
Funds) Limited, resulting in a change of ManJer’s registered office and directors. The directors of ManJer asat the date of these interim accounts are:Bryan Governey;
Hilary Jones;
Vinod Rajput;
Olivia Vuillemin; andPeter Ziemba.
The Board is not aware of any other developments that might have a significant effect on the operations of theCompany 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, Inc group do not receive separate remuneration in their capacity as directors of the Company.
The directors of the Company who are employees of R&H do not receive separate remuneration in theircapacity as directors of the Company, however R&H receives a fee from ManJer which includes services inrespect of the provision of directors who are employees of R&H.
Going Concern
The nature of the Company’s business dictates that the outstanding Commodity Securities may be redeemedat 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 mitigatedthrough this process which is considered to minimize exposure to liquidity risk. All other expenses of theCompany are met by ManJer. The directors closely monitor the financial position and performance of ManJer,
its assets under management, and therefore its related revenue streams, in respect of fulfilling the obligations
under the services agreement. The net reported position on balance sheet, including in instances where adeficit is reported, is not considered to impact the going concern position of the Company as this position
results solely due to the unrealised gains or losses on Commodity Contracts and Commodity Securities dueto the accounting measurement basis applied in accordance with IFRS. As Commodity Contracts are held to
support Commodity Securities, any deficit or surplus reported on unrealised positions would be reversed on asubsequent redemption of the Commodity Securities and the related cancellation of Commodity Contracts. A
reported deficit is not considered indicative of any issues relating to solvency of the Company and the directors
are satisfied that any obligations arising in respect of the Commodity Securities can be managed in accordancewith the terms of the applicable prospectus. The directors consider the operations of the Company to beongoing, with a reasonable expectation that the Company has adequate resources to continue in operational
until at least 30 September 2025 (Being the period of assessment), and accordingly these interim financial
statements have been prepared on the going concern basis.

-6-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Directors’ Report (Continued)

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 theDisclosure Guidance and Transparency Rules of the Financial Conduct Authority, the directors confirm that tothe best of their knowledge that:•the interim financial statements for the period ended 30 June 2024 give a true and fair view of theassets, liabilities, financial position and profit or loss of the Company as required by law and inaccordance with International Financial Reporting Standards as issued by the International AccountingStandards Board; and•the Directors’ Report gives a fair view of the development and performance of the Company’sbusiness, 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
Jersey22 August 2024

-7-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Condensed Statement of Profit or Loss and Other Comprehensive Income

Notes

Period Ended 30 June
2024
2023
Unaudited
Unaudited
USD
USD

Income2

18,210,538

23,607,949

Expenses2(18,210,538)(23,607,949)--

Result Before Fair Value Movements
Change in Contractual and Fair Value ofCommodity Contracts

4704,736,598(695,121,634)

Change in Fair Value of Commodity Securities

5(692,348,207)

621,389,712

12,388,391(73,731,922)

Profit/(Loss) for the Period1 2

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 ofCommodity 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 12 to 19 form part of these condensed interim financial statements-8-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Condensed Statement of Financial Position

Notes

As At
30 June 2024
31 December 2023
Unaudited
Audited
USD
USD

AssetsCommodity Contracts
Amounts Receivable on Commodity Contracts
Awaiting Settlement
Amounts Receivable on Commodity Securities
Awaiting Settlement
Trade and Other Receivables

4

4,819,905,048

5,982,333,244

4

31,006,954

18,861,634

5

15,588,471
2,592,223

8,025,335
4,123,305

4,869,092,696

6,013,343,518

5

4,822,865,061

5,997,681,648

5

31,006,954

18,861,634

4

15,588,471
2,592,221

8,025,335
4,123,303

4,872,052,707

6,028,691,920

Stated Capital
Revaluation Reserve2(2,960,013)

2(15,348,404)

Total Equity(2,960,011)(15,348,402)

4,869,092,696

6,013,343,518

Total Assets
Liabilities
Commodity Securities
Amounts Payable on Commodity Securities
Awaiting Settlement
Amounts Payable on Commodity Contracts
Awaiting Settlement
Trade and Other Payables
Total Liabilities
EquityTotal Equity and Liabilities

The assets and liabilities in the above Condensed Statement of Financial Position are presented in order ofliquidity from most to least liquid.
The condensed interim financial statements on pages 8 to 19 were approved and authorised for issue by theboard of directors and signed on its behalf on 22 August 2024.

Christopher Foulds
Director

The notes on pages 12 to 19 form part of these condensed interim financial statements-9-

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Condensed Statement of Cash Flows

Period Ended 30 June
2024
Unaudited
USD
Profit/(Loss) for the Period

2023
Unaudited
USD

12,388,391(73,731,922)(704,736,598)
692,348,207

695,121,634(621,389,712)

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--Non-cash Reconciling Items
Change in Contractual and Fair Value ofCommodity Contracts
Change in Fair Value of Commodity Securities

Commodity Securities are issued through a direct transfer of cash from the Authorised Participants to the
Commodity Contract Counterparties or redeemed by the direct transfer of cash by the Commodity Contract
Counterparties to the Authorised Participants. 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, inthe 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, licenceallowance and the creation and redemption fees (the “ManJer Fee”). The management fee and licenceallowance are transferred directly to ManJer by the Commodity Contract Counterparties under the terms of theCommodity Contracts. Creation and redemption fees are included and settled between the Authorised
Participants and the Commodity Contract Counterparties as part of each creation or redemption, and aretransferred directly to ManJer by the Commodity Contract Counterparties on a monthly basis. Accordingly,
there are no cash flows through the Company. These fees are disclosed in note 2.

The notes on pages 12 to 19 form part of these condensed interim financial statements- 10 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Condensed Statement of Changes in Equity
StatedCapital
USD

Retained
Earnings
USD

Revaluation
Reserve
USD

Total
EquityUSD

Audited Opening Balance at 1 January 2023

2-

70,884,909

70,884,911

Result and Total Comprehensive Loss for the Period
Transfer to Revaluation Reserve-(73,731,922)
73,731,922

73,731,922)(73,731,922)-

Unaudited Balance at 30 June 2023

2-(2,847,013)(2,847,011)

Unaudited Opening Balance at 1 July 2023

2-(2,847,013)(2,847,011)

Result and Total Comprehensive Income for the Period
Transfer to Revaluation Reserve-(12,501,391)
12,501,391(12,501,391)(12,501,391)-

Audited Balance at 31 December 2023

2-

(15,348,404)(15,348,402)

Audited Opening Balance at 1 January 20242-

(15,348,404)(15,348,402)

Result and Total Comprehensive Loss for the Period
Transfer to Revaluation Reserve-

12,388,391(12,388,391)

12,388,391

12,388,391-

Unaudited Balance at 30 June 20243

2-(2,960,013)(2,960,011)

3 A non-statutory and non-GAAP Condensed Statement of Changes in Equity reflecting adjustments representing the difference between the value of Commodity Contracts and the priceof Commodity Securities is set out in note 9.

The notes on pages 12 to 19 form part of these condensed interim financial statements- 11 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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 2024 have been prepared in accordancewith 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. Theinterim financial statements have been prepared under the historical cost convention, except for certain
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 theyear ended 31 December 2023. Except as described below under Changes in Accounting Standards theaccounting policies adopted are consistent with those of the annual financial statements for the year ended 31
December 2023. The changes in accounting policies are also expected to be reflected in the financial
statements for the year ended 31 December 2024.
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 directors do
not consider that any significant estimates have been applied in the preparation of these interim financial
statements. The key accounting judgement required to prepare these interim financial statements is in respectof 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 2023 the Company adopted all applicable annual improvements to IFRSs and have assessedthat the adoption of these revised and amended accounting standards has not resulted in any changes to theaccounting 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
2024
2023
Unaudited
Unaudited
USD
USD
Management Fees
Licence Allowance
Creation and Redemption Fees

13,717,116
1,321,963
3,171,459

17,841,284
1,739,866
4,026,799

Total Income

18,210,538

23,607,949

ManJer Fees

(18,210,538)(23,607,949)

Total Operating Expenses(18,210,538)(23,607,949)--

Result Before Fair Value Movements- 12 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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 theCompany 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 fromeach of these sources.
For the period ended 30 June 2024
Unaudited

Classic &Longer Dated
USD

Short &
Leveraged
USD

Total
USD

Management Fees
Licence Allowance
Creation and Redemption Fees

11,940,682
1,231,328
2,783,406

1,776,434
90,635
388,053

13,717,116
1,321,963
3,171,459

Total Income

15,955,416

2,255,122

18,210,538

Total Operating Expenses

15,955,416

2,255,122

18,210,538

-

-

-

Segmental Result
For the period ended 30 June 2023
Unaudited

Classic &Longer Dated
USD

Short &
Leveraged
USD

Total
USD

Management Fees
Licence Allowance
Creation and Redemption Fees

15,844,303
1,637,979
3,099,212

1,996,981
101,887
927,587

17,841,284
1,739,866
4,026,799

Total Income

20,581,494

3,026,455

23,607,949

Total Operating Expenses(20,581,494)(3,026,455)(23,607,949)

-

-

-

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
2024
2023
Unaudited
Unaudited
USD
USD

Classic & Longer Dated Commodity Contracts
Short & Leveraged Commodity Contracts

634,485,594
70,251,004(634,055,053)(61,066,581)

704,736,598(695,121,634)- 13 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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 2024
31 December 2023
Unaudited
AuditedUSD
USDClassic & Longer Dated Commodity Contracts
Short & Leveraged Commodity Contracts

4,448,934,905
370,970,143

5,635,183,849
347,149,395

Total Commodity Contracts

4,819,905,048

5,982,333,244

As at 30 June 2024, there were certain Commodity Contracts awaiting settlement in respect of the creation orredemption of Commodity Securities with transaction dates before the period end and settlement dates in thefollowing period:••

The amount receivable on Commodity Contracts awaiting settlement is USD 31,006,954 (31December 2023: USD 18,861,634).
The amount payable on Commodity Contracts awaiting settlement is USD 15,588,471 (31 December
2023: USD 8,025,335).

The below reconciliation of changes in the Commodity Contracts includes only non-cash changes.
Period Ended 30 June
2024
Unaudited
USD

2023
Unaudited
USD

Opening Commodity Contracts
Additions
Disposals
Management Fee and Licence Allowance
Change in Fair Value

5,982,333,244
2,817,450,297(4,669,576,012)(15,039,079)
704,736,598

5,526,745,526
4,820,334,638(3,007,836,656)(19,581,150)(695,121,634)

Closing Commodity Contracts

4,819,905,048

6,624,540,724

5.

Commodity Securities

Change in Fair ValueClassic & Longer Dated Commodity Contracts
Short & Leveraged Commodity Contracts

Period Ended 30 June
2024
2023
Unaudited
Unaudited
USD
USD(624,003,366)(68,344,841)

568,747,467
52,642,245(692,348,207)

621,389,712

Fair Value of Commodity Securities

As At
30 June 2024
31 December 2023
Unaudited
AuditedUSD
USDClassic & Longer Dated Commodity Contracts
Short & Leveraged Commodity Contracts

4,452,080,889
370,784,172

6,247,434,184
379,953,553

Total Commodity Contracts

4,822,865,061

6,627,387,737- 14 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

WisdomTree Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
5.

Commodity Securities (continued)

The gain or loss on the difference between the value of the Commodity Contracts and the fair value ofCommodity Securities would be reversed on a subsequent redemption of the Commodity Securities andcancellation of the corresponding Commodity Contracts. Refer to note 9 for the non-statutory and non-GAAP
adjustments which reflect the results of this reversal.
As at 30 June 2024, there were certain Commodity Securities awaiting settlement in respect of creations orredemptions 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 31,006,954(31 December 2023: USD 18,861,634).
The amount receivable as a result of unsettled creations of Commodity Securities is USD 15,588,471(31 December 2023: USD 8,025,335).

The below reconciliation of changes in the Commodity Securities, being liabilities arising from financing
activities, includes only non-cash changes.
Period Ended 30 June
2024
2023
Unaudited
Unaudited
USD
USD
Opening Commodity Securities
Securities Created
Securities RedeemedManagement Fee and Licence Allowance
Change in fair value

5,997,681,648
2,817,450,297(4,669,576,012)(15,039,079)
692,348,207

5,455,860,617
4,820,334,638(3,007,836,657)(19,581,150)(621,389,712)

Closing Commodity Securities at Fair
Value

4,822,865,061

6,627,387,736

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 thefair value measurement of each relevant asset/liability.
The Company is required to utilise the available market price as the Commodity Securities are quoted andtraded on the open market. Where the market on which the Commodity Securities prices are quoted isdetermined 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’s rights in respect of Commodity Contracts relate to its contractual obligations to issue andredeem 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.

- 15 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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) measured at fair value are as shown below:
As At
30 June 2024
UnauditedUSD

31 December 2023
Audited
USD

Level 1
Commodity Securities(4,810,656,623)(5,997,681,648)

Level 2
Commodity Securities
Commodity Contracts(12,208,438)
4,819,905,048

5,982,333,244

4,807,696,610

5,982,333,244

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 are recognised if the primary market on which the Commodity Securities prices arequoted 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 themarket for a particular Commodity Security is active. Transfers as a result of the analysis of the activity levelsof 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 2024 Commodity Securities with a fair value of USD 8,239,413 weretransferred from Level 1 to Level 2 (31 December 2023: USD nil). Commodity Securities with a fair value (asat 1 January 2024) of USD 5,173,097 were transferred from Level 2 to Level 1 (2023: USD 7,006,966).
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 relatedparties.
Fees charged by ManJer during the period:
Period Ended 30 June
2024
2023
Unaudited
Unaudited
USD
USD
ManJer Fees

- 16 -

18,210,538

42,856,333

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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 2024
31 December 2023
Unaudited
Audited
USD
USD
ManJer Fees Payable

2,592,223

7,086,502

At 30 June 2024, USD 2 is receivable from ManJer (31 December 2023: USD 2).
As disclosed in the Directors’ Report, ManJer paid fees to R&H Fund Services (Jersey) Limited (“R&H” or the“Administrator”) for administration services, which includes the provision of Directors, however following the
restructuring of the fee agreement effective from 1 July 2022, fees for those services are no longer separately
identified.
Steven Ross is a director of R&H Fund Services (Jersey) Limited (“R&H” or, the “Administrator”) and a partnerof Rawlinson & Hunter, Jersey Partnership, which wholly owns R&H. Christopher Foulds is a director of R&H.
During the period, R&H charged ManJer administration fees, which include the Company and other entities forwhich ManJer is the Manager and R&H is the Administrator, in aggregate, of GBP 593,468 (31 December
2023: GBP 1,221,529), of which GBP 291,402 (31 December 2023: GBP 291,402) was outstanding at theperiod end.
Peter Ziemba is an executive officer of WisdomTree, Inc. Bryan Governey is European General Counsel for
the WisdomTree, Inc group.

8.

Events Occurring After the Reporting Period

On 12 July 2024 the Company added one listing on Bolsa Institucional de Valores Mexico.
There have been no other significant events that have occurred since the end of the reporting period up to thedate 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 2024 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 theCommodity Securities) and Commodity Securities (as disclosed in notes 4 and 5) the profits and losses andcomprehensive 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 (heldto 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 theCommodity Securities) and the price of Commodity Securities would be reversed on a subsequent redemptionof the Commodity Securities and cancellation of the corresponding Commodity Contracts. Furthermore, eachclass of Commodity Security is issued under limited recourse arrangements whereby the holders haverecourse 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 andLicence 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.
- 17 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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
2024
2023
Unaudited
Unaudited
USD
USD
Change in Contractual and Fair Value of Commodity
Contracts
Change in Fair Value of Commodity Securities

704,736,598(692,348,207)(695,121,634)
621,389,712

12,388,391(73,731,922)

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
IncomePeriod Ended 30 June
2024
2023
Unaudited
Unaudited
USD
USD

Income18,210,538

23,607,949

Expenses(18,210,538)(23,607,949)--

Change in Fair Value of Commodity Contracts

704,736,598(695,121,634)

Change in Fair Value of Commodity Securities(692,348,207)

621,389,712

Profit/(Loss) for the Period

12,388,391(73,731,922)

Adjustment from Market Value to Contractual Value (asset out in the Prospectus) of Commodity Securities(12,388,391)

73,731,922--

Result Before Fair Value Movement

Adjusted Result- 18 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

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
StatedCapital
USD

Retained
Earnings
USD

Revaluation
Reserve4
USD

Total
EquityUSD

Adjusted
Total Equity
USD

Audited Opening Balance at 1 January 2023

2-

70,884,909

70,884,911

2

Result and Total Comprehensive Loss for the Period
Transfer from Revaluation Reserve
Adjustment from Market Value to Contractual Value (asset out in the Prospectus) of Commodity Securities-(73,731,922)
73,731,922(73,731,922)(73,731,922)-(73,731,922)
-

-

-

-

-

73,731,922

Unaudited Balance at 30 June 2023

2-(2,847,013)(2,847,011)

2

Unaudited Opening Balance at 1 July 2023

2-(2,847,013)(2,847,011)

2

Result and Total Comprehensive Income for the Period
Transfer to Revaluation Reserve
4
Adjustment from Market Value to Contractual Value(as set out in the Prospectus) of Commodity Securities-(12,501,391)
12,501,391(12,501,391)(12,501,391)-(12,501,391)
-

-

-

-

-

12,501,391

Audited Balance at 31 December 2023

2-

(15,348,404)(15,348,402)

2

Audited Opening Balance at 1 January 20242-

(15,348,404)(15,348,402)

2

Result and Total Comprehensive Income for the Period
Transfer to Revaluation Reserve
Adjustment from Market Value to Contractual Value (asset out in the Prospectus) of Commodity Securities-

12,388,391(12,388,391)

12,388,391

12,388,391-

12,388,390
-

-

-

-

-

(12,388,390)

Unaudited Balance at 30 June 2024

2-

(2,960,013)(2,960,011)

2

4 This represents the difference between the value of Commodity Contracts and the price of Commodity Securities.

- 19 -

www.wisdomtree.eu

Docusign Envelope ID: 6A7A5CF7-51F1-46C7-9E18-F1EC4B3FA238

www.wisdomtree.eu