Sector intelligence — ETF issuers

ETFs have seen strong growth but remain under 10% of AUM. What opportunities could further energize growth, and what are the product launch priorities over the next 12 to 18 months?

What drove the fee rate expansion quarter-over-quarter, were performance fees a factor, and why would you expect compression back to the 46 to 47 basis point range?

Can you provide more color on the annual fees included in Q1 and why the firm consistently outperforms the 46 to 47 basis point guidance?

Can you size the won but unfunded pipeline for the business?

Should the meaningful share repurchases this quarter be interpreted as a signal that inorganic growth is not imminent?

What is driving the addition of sales and marketing resources across channels, is it product specialization or something else?

What was the rationale for pursuing Janus given size and product overlap, and should we expect similar-sized deals in the forward pipeline?

What advantages does WisdomTree's tokenized money market fund have compared to non-tokenized yield-generating options, particularly regarding the new Stable C partnership?

Can you dig into the 26% increase in equity strategy sales? Was it partly buying the dip, especially in March? Any specific areas like value or growth? Has the trend continued in April?

Net outflows remain elevated over recent quarters. What needs to happen, macro and micro, to move toward more neutral flows over the longer term?

Are there opportunities to generate higher fees on model portfolios as WisdomTree gains scale, and what are the relationship dynamics including the Atlantic House addition?

Other revenues were strong this quarter. What drove that, and should we expect further growth?

Is the 95 basis point revenue yield for Atlantic House the right way to model revenues, or should constituent parts like models, restructuring fees, and management fees be modeled separately?

Will Atlantic House AUM appear in WisdomTree's daily AUM reporting similar to other ETPs, or will it be treated differently like Ceres?

Can you elaborate on the product strategy around Atlantic House and how it ties into revenue yields?

WTGXX is growing rapidly. How are you marketing it and communicating its use cases?

How should we think about rolling out Atlantic House capabilities to European and U.S. markets?

On digital assets, can you rank priorities between consumer, institutional, and white-label efforts, and do you see more distribution partnerships like Stable C ahead?

Can you explain the vertical integration of WisdomTree's digital asset offering?

Ceres inflows were strong despite lower seasonal performance fees. What drove that, and is WisdomTree distribution starting to contribute?

Can you expand on the deployment opportunity with wider spreads and less competition? Also, what is OHA's exposure to software and AI disruption risk?

What would a return to normal credit spreads over a year do to returns, and how prepared are institutional and wealth investors for that? How are OHA products positioned relative to peers in a normal spread environment?

How much ETF growth comes from new client acquisition versus migration from existing mutual fund assets? Can you update on your ETF strategy and key initiatives over the next 12-24 months, including Europe?

Markets are at all-time highs and April has been strong. What are you seeing in April so far, and what does the institutional pipeline look like? Should we expect large reallocations?