WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF - USD Acc
The Fund seeks to track the performance, before fees and expenses of the Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index. Learn more about the Index that WXAG is designed to track.
- Diversified index which provides broad commodity ex-Agriculture & Livestock exposure
- Enhancing cross-commodity carry by overweighting commodities with higher historical long term roll yield.
- Designed to maximise potential roll returns by selecting the futures contract with the highest implied roll yield for each commodity
- Proceeds are invested in T-Bills, and the swap is guaranteed by high quality collateral.
- The ETF is UCITS compliant
Potential Risks?
- The returns payable on the Fund are dependent on payments received by the Fund from the swap counterparty under the terms of the relevant swap and therefore are subject to the credit risk of the swap counterparty
- The performance of commodity indices may differ significantly from spot commodity prices
- An investment in commodities may experience high volatility and should be considered as a longer-term investment
- Investment risk may be concentrated in specific sectors, countries, companies or currencies
- This list does not cover all risks-further risks are disclosed in the KIID and Prospectus
Overview
| Product Overview | |
|---|---|
| Asset Class | Commodity |
| Use of Income | Accumulating |
| Base Currency | USD |
| Inception Date | 11 Oct 2021 |
| Dividend Frequency | N/A |
| Exchange Ticker | WXAG |
| Index Name | Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index |
| TER | 0.35% |
| Annual Swap Rate | 0.25% |
| Structure | |
|---|---|
| Replication Method | US TBills With Swap Overlay |
| Legal Form | Irish Collective Asset-management Vehicle (ICAV) |
| Fund Umbrella | WisdomTree Issuer ICAV |
| Domicile | Ireland |
| Structure | Open-ended Exchange Traded Fund |
| Financial Year End | 31 December |
| UCITS Compliant | Compliant |
| Further Legal and Tax Information | |
|---|---|
| ISA | Eligible |
| SIPP | Eligible |
| UCITS Eligible | Eligible |
| PEA Eligible | No |
| Key Service Providers | |
|---|---|
| Custodian | The Bank of New York Mellon SA/NV, Dublin Branch |
| Administrator | BNY Mellon Fund Services (Ireland) Designated Activity Company |
| Fund Manager | Assenagon Asset Management S.A |
| Auditor | Deloitte Ireland LLP |
Austria
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Listings & Codes
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Benchmark Composition
Sector Breakdown
Fund Holdings
| Security | Weight |
|---|---|
| 1. "US Treasury Bill (BVPJDQ5)" | 9.63% |
| 2. "US Treasury Bill (BT9R101)" | 9.36% |
| 3. "US Treasury Bill (BT3F9K7)" | 8.51% |
| 4. "US Treasury Bill (BVMNBH7)" | 7.22% |
| 5. "US Treasury Bill (BSSBJ03)" | 7.07% |
| 6. "US Treasury Bill (BTWQYX9)" | 7.06% |
| 7. "US Treasury Bill (BTMT074)" | 7.01% |
| 8. "US Treasury Bill (BV3PBJ4)" | 6.87% |
| 9. "US Treasury Bill (BVN7R03)" | 6.69% |
| 10. "US Treasury Bill (BVBFK11)" | 6.54% |
| 11. "US Treasury Bill (BV2FL84)" | 6.14% |
| 12. "US Treasury Bill (BRT7WS2)" | 5.78% |
| 13. "US Treasury Bill (BTPGTR5)" | 5.62% |
| 14. "US Treasury Bill (BMXGXP4)" | 5.21% |
| 15. "" | 1.33% |
| 16. "EURO INCOME A/C" | 0.41% |
| 17. "CASH W-O" | 0.05% |
Index Details
The Index is designed to provide a broad and diversified UCITS compliant* commodity exposure, tracking the performance of a basket of commodities indices covering 3 sectors: Energy, Industrial Metals and Precious Metals.
The Index achieves exposure to each commodity through investment in the relevant S&P GSCI Dynamic Roll Indices (for Platinum and Palladium, the front-month S&P GSCI Platinum and Palladium indices are used), which use an optimised roll mechanism to maximise the implied roll yield.
The Index is rebalanced on a quarterly basis. The energy, industrial and precious metals sectors are equally-weighted quarterly. The target weight of each index component is derived based on the supply and demand characteristics of each commodity and those with the higher expectation to be in backwardation will receive a higher target weight.
* The assessment of UCITS compliance is made solely by WisdomTree and not made in reliance on any representations, warranties, undertakings or statements by Morgan Stanley or any of its affiliates.
| Index Details | |
|---|---|
| Index Name | Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index |
| Currency | USD |
| Index Provider | Morgan Stanley |
| Bloomberg Ticker | MSRXALTR |
| Leverage Factor | N/A |
| Documents and Links |
|---|
|
Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index Morgan Stanley radar ex-agriculture and livestock commodity index |
| Security | 03 Jun 2026 |
|---|---|
| 1. Copper (LME) | 10.84% |
| 2. RBOB Gasoline | 10.10% |
| 3. Lead | 8.77% |
| 4. Silver | 8.48% |
| 5. Gold | 8.16% |
| 6. Gasoil | 8.08% |
| 7. Platinum | 7.99% |
| 8. Palladium | 7.30% |
| 9. Nickel | 6.56% |
| 10. Brent Crude | 6.26% |
| 11. Zinc | 5.47% |
| 12. Aluminium | 3.65% |
| 13. ULS Diesel | 3.37% |
| 14. WTI Crude | 3.25% |
| 15. Natural Gas | 1.71% |
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 | |
|---|---|
| SFDR Disclosure | Article 6 |
| Sustainability Characteristics | |
|---|---|
| MSCI ESG Fund Ratings (AAA-CCC) | A |
Collateral Details
Collateral Structure
Replicating Exposure to Commodities Through a Swap
The Fund aims to track the Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index (the “Index”). The Fund gains indirect exposure to the constituents of the Index through the use of swaps on the Index. The Fund holds a portfolio of short-term US T-bills.
Structure Diagram
Counterparty Risk Management
Counterparty risk is primarily managed through the daily exchange of collateral between the Fund and its swap provider(s) (also referred to as the swap counterparty).
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. 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”.
DISCLAIMERS
The products discussed in this document are issued by WisdomTree Issuer ICAV (“WT Issuer”). WT Issuer is an umbrella investment company with variable capital having segregated liability between its funds organised under the laws of Ireland as an Irish Collective Asset-management Vehicle and authorised by the Central Bank of Ireland (“CBI”). WT Issuer is organised as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the laws of Ireland and shall issue a separate class of shares ("Shares”) representing each fund.
The Fund is described in a Key Information Document (KID) or Key Investor Information Document (KIID) for UK investors, and the prospectus of WT Issuer (“WT Prospectus”). A copy of the WT Prospectus and the KID / KIID is available, for EEA/UK only, in English at www.wisdomtree.eu. Where required under national rules, the KID will also be available in the local language of the relevant EEA Member State. Investors should read the WT Prospectus before investing and should refer to the section of the WT Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in the Shares.
The summary of investor rights associated with an investment in the fund is available in English on WisdomTree Europe’s website. WisdomTree Management Limited may decide to terminate the arrangements made for the marketing of its collective investment undertakings. In such circumstances, shareholders in the affected EEA Member State will be notified of this decision and will be provided with the opportunity to redeem their shareholding in the fund free of any charges or deductions for at least 30 working days from the date of such notification.
The Morgan Stanley RADAR ex Agriculture & Livestock Commodity Index℠ (the “Index”) is the exclusive property of Morgan Stanley Capital Group Inc. and/or its affiliates (collectively, “Morgan Stanley”), which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P Dow Jones Indices”) to maintain and calculate the Index. The Index Components comprising the Index are the property of S&P Dow Jones Indices, its affiliates and/or their third party licensors and has been licensed by S&P Dow Jones Indices for use by Morgan Stanley in connection with the Index. S&P Dow Jones Indices, its affiliates and their third party licensors shall have no liability for any errors or omissions in calculating the Index.
The Index is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices, its affiliates or their third party licensors and neither S&P Dow Jones Indices, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the Index. Morgan Stanley and the Index names are service mark(s) of Morgan Stanley and have been licensed for use for certain purposes by WisdomTree. The Fund referred to herein is not sponsored, endorsed, or promoted by Morgan Stanley. Neither Morgan Stanley nor any other party (including without limitation any calculation agents or data providers) make any express or implied warranties, and hereby expressly disclaim all warranties of merchantability or fitness for a particular purpose, with respect to the Index or any Index related data. Without limiting any of the foregoing, in no event shall Morgan Stanley or any other party (including without limitation any calculation agents or data providers) have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) with respect to the Index, Index related data, the Fund, or any shares or investment units, even if notified of the possibility of such damages.
The assessment of UCITS compliance is made solely by WisdomTree and not made in reliance on any representations, warranties, undertakings or statements by Morgan Stanley or any of its affiliates.