WisdomTree Wheat (WEAT.MI) is a fully collateralised, UCITS-eligible Exchange Traded Commodity (ETC) that provides investors with total return exposure to wheat futures contracts by synthetically replicating the Bloomberg Commodity Wheat Subindex 4W Total Return (BCOMWH4T) through a fully funded swap mechanism; the underlying index reflects the performance of continuously rolled wheat futures contracts used in the Bloomberg Commodity Index, incorporating roll yield effects from contango or backwardation, with physical delivery avoided. The ETC offers targeted commodity exposure without the need for investors to manage storage, insurance, or delivery of wheat; it is backed by daily marked-to-market collateral primarily in government bonds from the United States, Germany, Austria, Netherlands, and Finland, held in segregated accounts by The Bank of New York Mellon; key service providers include WisdomTree Commodity Securities Limited as issuer, Citigroup Global Markets Limited and Merrill Lynch International as swap counterparties, and The Law Debenture Trust Corporation p.l.c. as trustee, with a management expense ratio of 0.49% per annum and an annual swap rate of 0.45%. Launched on September 22, 2006, and domiciled in Jersey with ISIN JE00BN7KB664, the ETC trades on multiple exchanges including Borsa Italiana (WEAT.MI in EUR), London Stock Exchange (WEAT in USD, WEAP in GBP), Xetra (OD7S in EUR), Euronext Paris (WEATP in EUR), and Tokyo Stock Exchange (1695 in JPY), serving institutional and retail investors seeking agricultural commodity diversification across Europe, the UK, and Asia. In October 2025, WisdomTree completed its acquisition of Ceres Partners, LLC, a leading U.S.-based farmland investment manager, marking the firm's entry into private asset markets and expanding beyond ETPs into real assets like farmland with adjacencies in solar leasing, AI data infrastructure, and water rights; this strategic move, announced in July 2025, aims to deliver equity-like returns with low volatility and inflation protection.