WisdomTree Enhanced Commodity ETF Adds GBP Hedged Share Class

Distributing WCOP share class lists on the London Stock Exchange, joining WisdomTree’s existing accumulating range

Trading in the share class, ticker WCOP, ISIN IE00BFXX9Y76, began on 3 August 2026, with a total expense ratio of 0.23%. The share class tracks the WisdomTree Enhanced Commodity Total Return Index and normally distributes income annually, sitting alongside WisdomTree’s existing GBP-hedged accumulating share class of the same fund, which has traded on the LSE since 2018.

Listing details

The new share class is admitted to trading on the London Stock Exchange under the market identifier code XLON, within the exchange’s ETFS trading segment (EUET). According to LSE data, the total expense ratio is 0.23% and assets under management stood at 0.25 million in the traded currency at the point of listing, consistent with a newly launched line. CNBC market data lists the instrument as “WisdomTree Enhanced Commodity UCITS ETF – GBP Hedged Inc” under the ticker WCOP-GB.

The fund’s base currency is US Dollar. The share class is denominated in Sterling and applies a currency hedge against the US Dollar, aiming to reduce the impact of GBP/USD exchange rate movements on returns for Sterling-based investors.

Part of an existing product range

WisdomTree already offers the Enhanced Commodity UCITS ETF in several other share classes, including a GBP-hedged accumulating line (ticker WCOM, ISIN IE00BG88WH84), listed on the LSE since 14 August 2018 with the same 0.23% TER, alongside Euro-hedged and US Dollar share classes. The new WCOP listing extends this range with a distributing option for investors who prefer to receive income rather than have it reinvested within the fund.

Under the fund’s distribution policy, income received by the fund’s investments is normally distributed annually in respect of shares in the relevant class. LSE data confirms the share class as income-distributing (“Paid”), consistent with this policy.

Index and investment strategy

The fund seeks to track, before fees and expenses, the price and yield performance of the WisdomTree Enhanced Commodity Total Return Index, a US Dollar-denominated benchmark. The index aims to provide broad, UCITS-compliant commodity exposure across four sectors: energy, agriculture, industrial metals and precious metals, and rebalances on a daily basis.

Base weightings for each commodity are set by the Bloomberg Commodity Index (BCOM). On top of these base weights, the index applies a daily, systematic factor-based overlay that overweights or underweights each commodity, excluding gold and silver, within defined caps and floors. The overlay is driven by three factors: roll yield, or the degree of backwardation in futures curves; slope momentum; and price momentum.

Exposure to individual commodities is achieved through the relevant Bloomberg Roll Select indices, which use an optimised roll mechanism designed to capture roll yield. Gold and silver exposure is instead obtained via the relevant Bloomberg Gold and Silver indices, while so-called seasonal commodities are accessed through Bloomberg Seasonal Roll indices.

Notably, the underlying index was rebranded during 2025. WisdomTree’s own product documentation for the accumulating GBP-hedged share class states that, before 18 September 2025, the fund’s benchmark was named the Optimised Roll Commodity Total Return Index, with performance data before that date reflecting the older index name and data from that date onward reflecting the WisdomTree Enhanced Commodity Total Return Index. The underlying multi-factor methodology appears unchanged; editorial confirmation of this point is recommended before publication (see editorial notes below).

Replication, concentration limits and exposure

The fund gains indirect exposure to the index components synthetically, through swap agreements with one or more bank counterparties. Under these agreements the fund receives payments from the counterparty bank when the index rises and makes payments when it falls, with the fund’s investment manager responsible for managing the associated cash and collateral. The fund may also enter into repurchase, reverse repurchase and stock lending arrangements for efficient portfolio management purposes, within the limits set out in the prospectus for WisdomTree Issuer ICAV.

Concentration limits cap the fund’s indirect exposure to any single index component at 20% of net asset value under normal conditions. This limit may rise to 35% for a single issuer in exceptional market conditions, such as one commodity index component becoming dominant within the basket.

Access, structure and risk considerations

The fund is domiciled in Ireland and structured as a sub-fund of WisdomTree Issuer ICAV, an Irish Collective Asset-management Vehicle authorised by the Central Bank of Ireland. As with other WisdomTree ETFs in this structure, only Authorised Participants can create or redeem shares directly with the fund; other investors buy and sell shares on-exchange during trading hours.

WisdomTree’s own documentation for the fund’s other share classes notes that returns depend on payments received from swap counterparties and are therefore subject to counterparty credit risk, that commodity index performance can differ significantly from spot commodity prices, and that commodity investments can be volatile.

Outlook

The WCOP listing gives UK investors and other Sterling-based investors a distributing alternative to WisdomTree’s existing accumulating GBP-hedged commodity ETF, without altering the underlying index exposure or strategy. As with any newly listed share class, assets under management and on-screen liquidity are expected to build gradually following the 3 August 2026 listing date.

Conclusions

WisdomTree listed a new share class of its Enhanced Commodity UCITS ETF on the London Stock Exchange on 3 August 2026: WCOP, ISIN IE00BFXX9Y76, GBP-hedged and income-distributing, with a total expense ratio of 0.23%.