WisdomTree Enhanced Commodity Carry
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WisdomTree Enhanced Commodity Carry is a fully collateralised, UCITS eligible Exchange Traded Commodity (ETC) designed to provide investors with a total return exposure to a basket of Commodity futures contracts. The ETC provides a total return comprised of the daily performance of the BNP Paribas Enhanced Commodity Carry Excess Return Index (BNPIF73P), plus the interest revenue adjusted to reflect fees and costs associated with the product.
For example, if the BNP Paribas Enhanced Commodity Carry Excess Return Index rises by 1% over a day, then the ETC will rise by 1%, excluding fees. However if the BNP Paribas Enhanced Commodity Carry Excess Return Index falls by 1% over a day, then the ETC will fall by 1%, excluding fees.
The BNP Paribas Enhanced Commodity Carry Excess Return Index provides an exposure to the difference in performance of two underlying commodity indices seeking to generate positive returns that are independent of the commodity market environment. Its objective is therefore not to directly track movements in commodity markets. The BNP Paribas Enhanced Commodity Carry Excess Return Index also utilises leverage, meaning that its value may rise or fall more than the difference in performance of the two commodity indices to which it has exposure.
Why Invest?
- Gain exposure to a leveraged premium (also known as the commodity carry factor) from the difference in the carry costs between the long and short positions in futures contracts of the same set of underlying commodities
- UCITS eligible and fully collateralised.
- Transparent performance and fees.
- Easy to invest: rules based exposure to the carry factor without the need to manage commodity futures
- Risk Management: You cannot lose more than the amount invested.
- Liquidity: Trades on exchange, with multiple authorised participants (APs) and market makers (MMs).
Potential Risks
- An investment in an ETP involves a degree of risk. Any decision to invest should be based on the information contained in the relevant prospectus. Prospective investors should obtain independent accounting, tax and legal advice and should consult their professional advisers to ascertain the suitability of this ETP as an investment to their own circumstances.
- This ETP is structured as a debt security and not as shares (equity) and can be created and redeemed on demand by authorised participants and traded on exchange just like shares in a company. This ETP is not a UCITS product.
- Investing in ETPs that incorporate leverage is only suitable for sophisticated and or informed investors who understand leverage, impact of rebalancing and compounded returns and are willing to magnify potential losses. Any investment in a short or leveraged ETP should be monitored regularly to ensure consistency with your investment strategy. In extreme volatility, returns of leveraged ETPs may under-perform expected returns because of protection mechanisms within the ETP structure, intended to protect against market crashes between rebalance. Market Risk: The value of securities in this ETP is directly affected by increases and decreases in the value of the Index. Accordingly, the value of a security may go up or down and a security holder may lose some or all of the amount invested but can not lose more than the amount invested.
- Liquidity risk: There can be no certainty that securities can always be bought or sold on a stock exchange or that the market price at which the securities may be traded on a stock exchange will always accurately reflect the performance of the Index.
- Currency Risk: The price of securities in this ETP is generally quoted in USD. To the extent that a security holder purchases securities in another currency, the value will be affected by changes in the exchange rate.
- Counterparty risk: The Issuer is reliant on there being swap counterparties available to enter into swap agreements on a continuing basis and, if no swap counterparties are willing to do so, the ETP will not be able to achieve its investment policy of tracking the performance of the Index.
Overview
| Product Overview | |
|---|---|
| Base/Trading Currency | USD/EUR |
| Bloomberg Ticker | CRRY IM |
| Index Bloomberg Ticker | BNPIF73P |
| Index Name | BNP Paribas Enhanced Commodity Carry Excess Return Index |
| ISIN | XS3022291473 |
| Leverage Factor | N/A |
| Structure | |
|---|---|
| Physical Assets | Yes (Collateral) |
| Structure | ETC |
| Domicile | Ireland |
| Replication Method | Fully Collateralised Swap |
| Legal form | Debt security |
| Further Legal and Tax Information | |
|---|---|
| ISA | Eligible |
| SIPP | Eligible |
| UCITS Eligible | Eligible |
| UK Fund Reporting Status | Yes |
| Key Service Providers | |
|---|---|
| Issuers | WisdomTree Multi Asset Issuer PLC |
| Administrator | Apex IFS Limited |
| Custodian | Bank of New York Mellon |
| Trustee | Law Debenture Trust |
| Auditor | Deloitte LLP |
| Swap Provider | BNP Paribas Arbitrage SNC |
| Market Makers | Market Makers |
| Authorised Participants | APs |
| Fees | |
|---|---|
| Annual Management Fee Rate | 0.34% |
| Annual Swap Rate | 0.32% |
Passported Countries
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Poland
Spain
Sweden
United Kingdom
Listings & Codes
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Performance
| Product | |
|---|---|
| Month-To-Date (mtd) | -1.04% |
| Year-To-Date (ytd) | -22.94% |
| 1 Year | -22.00% |
Index Details
The BNP Paribas Enhanced Commodity Carry ER Index (the “Index”) is a BNP Paribas index that extracts a leveraged premium (also known as the commodity carry factor) from the difference in the carry cost between the long and short positions in futures contracts of the same set of underlying commodities with different maturities.
The Index is designed as an “absolute return index”, which are indices that generally seek to generate positive returns that are independent of the market environment for a particular asset class. By establishing offsetting short and long positions in futures contracts of the same set of underlying commodities, the targeted exposure aims to be commodities market-neutral except for the maturity profile of the long positions compared to the short positions which is expected to generate positive performance.
To maintain an “absolute return” profile, the Index resets its long and short exposures to 300% and -300%, respectively, on a monthly basis.
During the period between two monthly rebalancing dates, the effective exposures of the long and short legs may not equal 300% and -300% due to the differences in their returns.
The maturity of the exposures and frequency of rolling the exposures differs between the long position and the short position.
More information on the above Index, such as details of the index calculation and construction methodology appear in the index handbook which can be found at: https://indx.bnpparibas.com/
The Index is designed as an “absolute return index”, which are indices that generally seek to generate positive returns that are independent of the market environment for a particular asset class. By establishing offsetting short and long positions in futures contracts of the same set of underlying commodities, the targeted exposure aims to be commodities market-neutral except for the maturity profile of the long positions compared to the short positions which is expected to generate positive performance.
To maintain an “absolute return” profile, the Index resets its long and short exposures to 300% and -300%, respectively, on a monthly basis.
During the period between two monthly rebalancing dates, the effective exposures of the long and short legs may not equal 300% and -300% due to the differences in their returns.
The maturity of the exposures and frequency of rolling the exposures differs between the long position and the short position.
More information on the above Index, such as details of the index calculation and construction methodology appear in the index handbook which can be found at: https://indx.bnpparibas.com/
| Index Details | |
|---|---|
| Index Name | BNP Paribas Enhanced Commodity Carry Excess Return Index |
| Currency | USD |
| Index Provider | BNP Paribas |
| Bloomberg Ticker | BNPIF73P |
| Leverage Factor | N/A |
| Documents and Links |
|---|
|
BNP Paribas Enhanced Commodity Carry Excess Return Index Homepage |
Collateral Details
| Collateral Details | 03 Jun 2026 |
|---|---|
| Collateral Coverage Ratio | 105.1% |
| Collateralised | Yes |
| Over Collateralised | Yes |
| Custodian | Bank of New York Mellon |
Collateral Structure
