WisdomTree Investments

-15.31%

Live  

WisdomTree Investments is a global asset management company that specializes in exchange-traded funds (ETFs). It was Founded in 2006 by a group of Wall Street veterans, WisdomTree offers a range of ETFs covering various asset classes, including equities, fixed income, currencies, and commodities.
The company is headquartered in New York City and has offices in the United States, Europe, Canada, and Japan. Its ETFs are listed on major stock exchanges around the world, including the New York Stock Exchange, Nasdaq, and Tokyo Stock Exchange.
WisdomTree is known for its unique approach to ETFs, incorporating factor-based investing and other innovative strategies into its products. It has a strong focus on research and development, with a team of experienced investment professionals continuously seeking out new opportunities for its clients.
The company’s mission is to provide intelligent, transparent, and cost-effective investment solutions for investors. It strives to empower investors to make smart investment decisions and achieve their financial goals.
In addition to its range of ETFs, WisdomTree also offers investment advisory services, including model portfolios and customized solutions for institutional and individual investors.
Overall, WisdomTree Investments has established itself as a leader in the ETF industry, with a reputation for innovation, transparency, and client-focused solutions.

T2theSEgSW 1hZ2luZSB5 b3UgaGF2ZS BhIGJpZyBi b3ggb2YgdG 95cywgYW5k IHNvbWV0aW 1lcyB5b3Ug d2FudCB0by BzaGFyZSB0 aGVtIHdpdG ggZnJpZW5k cyB3aG8gYX JlbuKAmXQg c3VyZSB3aG ljaCB0b3lz IHRvIHBsYX kgd2l0aC4g V2lzZG9tVH JlZSBJbnZl c3RtZW50cy BpcyBraW5k IG9mIGxpa2 UgdGhhdCwg YnV0IGluc3 RlYWQgb2Yg dG95cywgdG hleSBoZWxw IHBlb3BsZS B3aXRoIG1v bmV5IGFuZC BpbnZlc3Rt ZW50cy48Yn I+U28sIGhl cmXigJlzIG hvdyBpdCB3 b3JrczogV2 lzZG9tVHJl ZSBjcmVhdG VzIHNvbWV0 aGluZyBjYW xsZWQgZXhj aGFuZ2UtdH JhZGVkIGZ1 bmRzIChFVE ZzKS4gQW4g RVRGIGlzIG xpa2UgYSBi aWcgYmFza2 V0IHRoYXQg aG9sZHMgbG 90cyBvZiBk aWZmZXJlbn Qgc3RvY2tz IG9yIG90aG VyIHR5cGVz IG9mIGludm VzdG1lbnRz LiBXaGVuIH Blb3BsZSBi dXkgYSBzaG FyZSBvZiBh biBFVEYsIG l04oCZcyBs aWtlIHRoZX nigJlyZSBi dXlpbmcgYS BsaXR0bGUg cGllY2Ugb2 YgdGhhdCBi aWcgYmFza2 V0LiBUaGlz IGhlbHBzIH Blb3BsZSBp bnZlc3QgdG hlaXIgbW9u ZXkgd2l0aG 91dCBoYXZp bmcgdG8gcG ljayBpbmRp dmlkdWFsIH N0b2NrcyB0 aGVtc2Vsdm VzLjxicj5X aXNkb21Ucm VlIG1ha2Vz IG1vbmV5IG J5IGNoYXJn aW5nIGEgc2 1hbGwgZmVl IChsaWtlIG EgdGlueSB0 b2xsKSBldm VyeSB5ZWFy IGZvciBwZW 9wbGUgdG8g aW52ZXN0IG luIHRoZWly IEVURnMuIF NpbmNlIGxv dHMgb2YgcG VvcGxlIHdh bnQgdG8gaW 52ZXN0IGJ1 dCBkb27igJ l0IHdhbnQg dG8gZG8gYW xsIHRoZSBo YXJkIHdvcm sgdGhlbXNl bHZlcywgV2 lzZG9tVHJl ZSBoYXMgYS Bsb3Qgb2Yg Y3VzdG9tZX JzLjxicj5O b3csIHdoeS BpcyBXaXNk b21UcmVlIH N1Y2Nlc3Nm dWwgYW5kIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWw/IEZpcn N0LCB0aGV5 IGhhdmUgYS Bnb29kIHJl cHV0YXRpb2 4gZm9yIGhl bHBpbmcgcG VvcGxlIGlu dmVzdCB3aX NlbHkuIFRo ZXkgdHJ5IH RvIGNvbWUg dXAgd2l0aC BuZXcgaWRl YXMgYW5kIH Byb2R1Y3Rz IHRoYXQgY2 FuIG1ha2Ug aW52ZXN0aW 5nIGVhc2ll ciBhbmQgYm V0dGVyIGZv ciBldmVyeW 9uZS4gU2Vj b25kLCB0aG VyZSBhcmUg YWx3YXlzIG 1vcmUgcGVv cGxlIHdoby B3YW50IHRv IGludmVzdC B0aGVpciBt b25leSwgZX NwZWNpYWxs eSBhcyBwZW 9wbGUgZ2V0 IG9sZGVyIG FuZCB3YW50 IHRvIHNhdm UgZm9yIHRo aW5ncyBsaW tlIHJldGly ZW1lbnQgb3 IgYmlnIHB1 cmNoYXNlcy 4gPGJyPkxh c3RseSwgdG hleSBrZWVw IGFuIGV5ZS BvbiB0aGUg Y2hhbmdpbm cgd29ybGQg YW5kIG1ha2 UgYWRqdXN0 bWVudHMgdG 8gdGhlaXIg b2ZmZXJpbm dzLiBTaW5j ZSB0aGV5IG FkYXB0IGFu ZCBvZmZlci B3aGF0IHBl b3BsZSBuZW VkLCB0aGV5 IGFyZSBsaW tlbHkgdG8g a2VlcCBoZW xwaW5nIG90 aGVycyBhbm QgbWFraW5n IG1vbmV5IG ZvciBhIGxv bmcgdGltZS 48YnI+

MS4gUGlvbm VlciBvZiBT bWFydCBCZX RhIEludmVz dGluZzogV2 lzZG9tVHJl ZSBJbnZlc3 RtZW50cyB3 YXMgb25lIG 9mIHRoZSBm aXJzdCBjb2 1wYW5pZXMg dG8gaW50cm 9kdWNlIGV4 Y2hhbmdlLX RyYWRlZCBm dW5kcyAoRV RGcykgYmFz ZWQgb24gYS BzbWFydCBi ZXRhIGFwcH JvYWNoLCB3 aGljaCBzZW VrcyB0byBv dXRwZXJmb3 JtIHRyYWRp dGlvbmFsIG 1hcmtldC1j YXAgd2VpZ2 h0ZWQgaW5k ZXhlcyBieS B0YXJnZXRp bmcgc3BlY2 lmaWMgZmFj dG9ycyBzdW NoIGFzIGRp dmlkZW5kIH lpZWxkIG9y IGVhcm5pbm dzIGdyb3d0 aC48YnI+Mi 4gU3Ryb25n IEZvY3VzIG 9uIFJlc2Vh cmNoIGFuZC BJbm5vdmF0 aW9uOiBUaG UgY29tcGFu eSBwcmlkZX MgaXRzZWxm IG9uIGNvbm R1Y3Rpbmcg ZXh0ZW5zaX ZlIHJlc2Vh cmNoIGFuZC B1dGlsaXpp bmcgY3V0dG luZy1lZGdl IHRlY2huaX F1ZXMgdG8g ZGV2ZWxvcC BpdHMgaW52 ZXN0bWVudC BzdHJhdGVn aWVzLiBJdC BoYXMgYSBk ZWRpY2F0ZW QgdGVhbSBv ZiBleHBlcn RzLCBpbmNs dWRpbmcgZW Nvbm9taXN0 cywgc3RyYX RlZ2lzdHMs IGFuZCBmaW 5hbmNpYWwg ZW5naW5lZX JzLCB3aG8g Y29udGludW 91c2x5IGFu YWx5emUgYW 5kIGVuaGFu Y2UgdGhlaX IgcHJvZHVj dCBvZmZlcm luZ3MuPGJy PjMuIEdsb2 JhbCBSZWFj aDogV2l0aC BvZmZpY2Vz IGluIE5vcn RoIEFtZXJp Y2EsIEV1cm 9wZSwgYW5k IEFzaWEsIF dpc2RvbVRy ZWUgaGFzIG Egc3Ryb25n IGludGVybm F0aW9uYWwg cHJlc2VuY2 UgYW5kIGEg Z2xvYmFsIH BlcnNwZWN0 aXZlIG9uIG ludmVzdGlu Zy4gSXQgb2 ZmZXJzIEVU RnMgYWNyb3 NzIHZhcmlv dXMgYXNzZX QgY2xhc3Nl cyBhbmQgcm VnaW9ucywg cHJvdmlkaW 5nIGludmVz dG9ycyB3aX RoIGFjY2Vz cyB0byBhIG RpdmVyc2Ug cmFuZ2Ugb2 YgaW52ZXN0 bWVudHMuPG JyPjQuIEVt cGhhc2lzIG 9uIENsaWVu dCBFZHVjYX Rpb246IFdp c2RvbVRyZW UgaXMgY29t bWl0dGVkIH RvIGVkdWNh dGluZyBpbn Zlc3RvcnMg YW5kIGZpbm FuY2lhbCBh ZHZpc29ycy BvbiB0aGUg YmVuZWZpdH MgYW5kIHVz ZXMgb2YgRV RGcy4gVGhl IGNvbXBhbn kgb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBlZHVjYX Rpb25hbCBy ZXNvdXJjZX MgaW5jbHVk aW5nIHBvZG Nhc3RzLCB3 ZWJpbmFycy wgYW5kIHdo aXRlcGFwZX JzLCBhaW1l ZCBhdCBoZW xwaW5nIGlu dmVzdG9ycy BtYWtlIGlu Zm9ybWVkIG RlY2lzaW9u cy48YnI+NS 4gU29jaWFs bHkgUmVzcG 9uc2libGUg SW52ZXN0aW 5nOiBXaXNk b21UcmVlIG 9mZmVycyBh IHJhbmdlIG 9mIHNvY2lh bGx5IHJlc3 BvbnNpYmxl IGludmVzdG 1lbnQgKFNS SSkgRVRGcy B0aGF0IGZv Y3VzIG9uIG NvbXBhbmll cyB3aXRoIH N0cm9uZyBl bnZpcm9ubW VudGFsLCBz b2NpYWwsIG FuZCBnb3Zl cm5hbmNlIC hFU0cpIHBy YWN0aWNlcy 4gVGhpcyBo aWdobGlnaH RzIHRoZSBj b21wYW554o CZcyBjb21t aXRtZW50IH RvIHByb21v dGluZyByZX Nwb25zaWJs ZSBpbnZlc3 RpbmcuPGJy PjYuIFRyYW 5zcGFyZW5j eSBhbmQgTG 93IEZlZXM6 IFdpc2RvbV RyZWUgaXMg a25vd24gZm 9yIGl0cyB0 cmFuc3Bhcm VudCBmZWUg c3RydWN0dX JlLCB3aGlj aCBpcyB0eX BpY2FsbHkg bG93ZXIgdG hhbiB0aG9z ZSBvZiB0cm FkaXRpb25h bCBtdXR1YW wgZnVuZHMu IEl0cyBFVE ZzIGFsc28g aGF2ZSBsb3 dlciBleHBl bnNlIHJhdG lvcyBjb21w YXJlZCB0by B0aGUgaW5k dXN0cnkgYX ZlcmFnZS48 YnI+Ny4gSW 5kdXN0cnkg UmVjb2duaX Rpb24gYW5k IEF3YXJkcz ogV2lzZG9t VHJlZSBoYX MgcmVjZWl2 ZWQgbnVtZX JvdXMgaW5k dXN0cnkgYX dhcmRzIGFu ZCByZWNvZ2 5pdGlvbiBm b3IgaXRzIG lubm92YXRp dmUgcHJvZH VjdHMsIHJl c2VhcmNoLC BhbmQgY2xp ZW50IHNlcn ZpY2VzLiBU aGVzZSBpbm NsdWRlIEJl c3QgRVRGIF Byb3ZpZGVy LCBNb3N0IE lubm92YXRp dmUgRVRGLC BhbmQgQmVz dCBUaGVtYX RpYyBFVEYg YXdhcmRzIG Zyb20gdmFy aW91cyBmaW 5hbmNpYWwg cHVibGljYX Rpb25zIGFu ZCBvcmdhbm l6YXRpb25z Lg==

V2lzZG9tVH JlZSBJbnZl c3RtZW50cy BpcyBhbiBh c3NldCBtYW 5hZ2VtZW50 IGNvbXBhbn kgdGhhdCBm b2N1c2VzIG 9uIHByb3Zp ZGluZyBleG NoYW5nZS10 cmFkZWQgZn VuZHMgKEVU RnMpIGFuZC BleGNoYW5n ZS10cmFkZW QgcHJvZHVj dHMgKEVUUH MpLiBUaGVz ZSBpbnZlc3 RtZW50IHZl aGljbGVzIG FyZSBkZXNp Z25lZCB0by B0cmFjayB0 aGUgcGVyZm 9ybWFuY2Ug b2YgZGlmZm VyZW50IG1h cmtldCBpbm RleGVzLCBz ZWN0b3JzLC BvciBhc3Nl dCBjbGFzc2 VzLiBXaXNk b21UcmVlIG 9mZmVycyBh IHdpZGUgdm FyaWV0eSBv ZiBFVEZzIG FuZCBFVFBz LCBpbmNsdW RpbmcgZXF1 aXR5LCBmaX hlZCBpbmNv bWUsIGN1cn JlbmN5LCBh bmQgYWx0ZX JuYXRpdmUg c3RyYXRlZ2 llcy4gPGJy PlRoZSBjb2 1wYW554oCZ cyBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiB0 aGUgY3JlYX Rpb24sIG1h bmFnZW1lbn QsIGFuZCBk aXN0cmlidX Rpb24gb2Yg dGhlc2UgaW 52ZXN0bWVu dCBwcm9kdW N0cy4gV2lz ZG9tVHJlZS BlYXJucyBy ZXZlbnVlIG J5IGNoYXJn aW5nIGFubn VhbCBtYW5h Z2VtZW50IG ZlZXMgZm9y IGl0cyBFVE ZzIGFuZCBF VFBzLiBUaG VzZSBmZWVz IGFyZSB0eX BpY2FsbHkg YSBzbWFsbC BwZXJjZW50 YWdlIG9mIH RoZSBhc3Nl dHMgdW5kZX IgbWFuYWdl bWVudCAoQV VNKSBhbmQg Y2FuIHZhcn kgZm9yIGRp ZmZlcmVudC Bwcm9kdWN0 cy4gPGJyPk luIGFkZGl0 aW9uIHRvIE VURnMgYW5k IEVUUHMsIF dpc2RvbVRy ZWUgYWxzby BvZmZlcnMg ZmVlLWJhc2 VkIGFkdmlz b3J5IHNlcn ZpY2VzIHRv IGluc3RpdH V0aW9uYWwg aW52ZXN0b3 JzLiBUaGlz IGluY2x1ZG VzIGN1c3Rv bSBpbmRleG luZywgYXNz ZXQgYWxsb2 NhdGlvbiwg YW5kIHJpc2 sgbWFuYWdl bWVudCBzdH JhdGVnaWVz LiBUaGUgY2 9tcGFueSBh bHNvIGVhcm 5zIHJldmVu dWUgdGhyb3 VnaCBsaWNl bnNpbmcgYW dyZWVtZW50 cyB3aXRoIG 90aGVyIGZp bmFuY2lhbC BpbnN0aXR1 dGlvbnMgZm 9yIHRoZSB1 c2Ugb2YgaX RzIGludmVz dG1lbnQgaW 5kZXhlcy4g PGJyPldpc2 RvbVRyZWXi gJlzIGJ1c2 luZXNzIG1v ZGVsIGlzIG ZvY3VzZWQg b24gcHJvdm lkaW5nIGxv dy1jb3N0LC B0cmFuc3Bh cmVudCBpbn Zlc3RtZW50 IHNvbHV0aW 9ucyBmb3Ig aW52ZXN0b3 JzIHNlZWtp bmcgZXhwb3 N1cmUgdG8g dmFyaW91cy BtYXJrZXRz IGFuZCBhc3 NldCBjbGFz c2VzLiBUaG UgY29tcGFu eSBhbHNvIH ByaW9yaXRp emVzIGlubm 92YXRpb24g YW5kIGhhcy BsYXVuY2hl ZCBzZXZlcm FsIHVuaXF1 ZSBFVEZzLC BzdWNoIGFz IHRoZSBmaX JzdCBkaXZp ZGVuZC13ZW lnaHRlZCBF VEYgYW5kIH RoZSBmaXJz dCBjdXJyZW 5jeS1oZWRn ZWQgRVRGLg ==

AI has the potential to significantly impact financial services, including companies like WisdomTree Investments. There are several ways AI could pose a threat through substitution, disintermediation, or margin pressure.
Firstly, substitution refers to AI-enabled solutions that could replace traditional investment products or services. Robo-advisors powered by AI can offer investment advice at a lower cost and with fewer human resources, potentially drawing customers away from traditional asset management firms. If these robo-advisors provide similar or superior performance with lower fees, investors may choose them over WisdomTree’s products.
Secondly, disintermediation can occur if AI technology enables end-users to access financial markets or investment opportunities directly, bypassing intermediaries like WisdomTree. For instance, AI platforms that allow individual investors to execute trades or manage their portfolios could reduce the demand for mutual funds and ETFs, areas in which WisdomTree operates.
Lastly, margin pressure could arise as competition intensifies due to AI-driven efficiencies. If competitors leverage AI to reduce their operational costs and improve service delivery, they may be able to offer lower fees, leading to a price war in the industry. This could compel WisdomTree to lower its margins to remain competitive, affecting profitability.
In summary, while AI presents opportunities for innovation, it also brings challenges that could potentially threaten the competitive positioning and profitability of WisdomTree Investments through substitution, disintermediation, and margin pressure. Firms in this space will need to adapt and leverage AI to enhance their offerings and maintain their market share.

WisdomTree Investments’ earnings, cash flow, and valuation are significantly influenced by changes in interest rates due to several key factors.
Firstly, as a financial services company focused on asset management, WisdomTree’s revenue is heavily dependent on the management fees it earns from its investment products. These fees can be sensitive to interest rates because higher interest rates often lead to higher borrowing costs and may result in lower investment inflows into equities or riskier assets. Conversely, lower interest rates typically encourage borrowing and investment, which can boost assets under management and, consequently, revenue.
Secondly, changes in interest rates affect the broader market environment. Rising interest rates can lead to increased volatility in the markets, potentially impacting investor sentiment and leading to outflows from equity funds, which could further affect WisdomTree’s revenue and earnings. Additionally, if interest rates rise too quickly, it might lead to recessionary pressures, which can adversely affect the overall asset management industry.
Cash flow is similarly impacted as changes in revenue from management fees will directly influence operating cash flow. If interest rates rise and dampen investment activities, the company’s cash flow may decline due to decreased management fees from lower assets under management.
Lastly, valuation is influenced as well. Higher interest rates generally lead to a higher discount rate applied to the company’s future cash flows, which can reduce the present value of those cash flows and, thus, the company’s overall valuation. Investors might also perceive higher interest rates as a risk factor, leading to a re-evaluation of growth prospects and an adjustment of price-to-earnings ratios.
In summary, WisdomTree Investments’ earnings, cash flow, and valuation are sensitive to interest rate changes due to their impact on market conditions, investor behavior, and the overall economic environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgV2 lzZG9tVHJl ZSBJbnZlc3 RtZW50c+KA mSBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy Bjb3VsZCBi ZSBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg ZGVjbGluZS BpbiBkZW1h bmQgZm9yIG V4Y2hhbmdl LXRyYWRlZC BmdW5kcyAo RVRGcykgZH JpdmVuIGJ5 IHNldmVyYW wgZmFjdG9y cywgaW5jbH VkaW5nIHJl Z3VsYXRvcn kgY2hhbmdl cywgYW4gb3 ZlcmFsbCBz aGlmdCBpbi BpbnZlc3Rv ciBwcmVmZX JlbmNlcywg b3IgaW5jcm Vhc2VkIGNv bXBldGl0aW 9uIGZyb20g YWx0ZXJuYX RpdmUgaW52 ZXN0bWVudC B2ZWhpY2xl cyBzdWNoIG FzIHByaXZh dGUgZXF1aX R5IG9yIGRp cmVjdCBpbm RleGluZy48 YnI+MS4gUm VndWxhdG9y eSBDaGFuZ2 VzOiBTdXBw b3NlIHRoZX JlIGFyZSBu ZXcgcmVndW xhdGlvbnMg dGhhdCBpbX Bvc2UgaGln aGVyIGNvbX BsaWFuY2Ug Y29zdHMgb3 IgcmVzdHJp Y3QgbWFya2 V0aW5nIHBy YWN0aWNlcy Bmb3IgRVRG cywgbWFraW 5nIGl0IGhh cmRlciBmb3 IgV2lzZG9t VHJlZSB0by BhdHRyYWN0 IG5ldyBpbn Zlc3RtZW50 cy4gVGhpcy BzaXR1YXRp b24gY291bG QgbGVhZCB0 byBhIHJlZH VjdGlvbiBp biBhc3NldH MgdW5kZXIg bWFuYWdlbW VudCAoQVVN KSwgd2hpY2 ggZGlyZWN0 bHkgaW1wYW N0cyByZXZl bnVlIHNpbm NlIHRoZXkg bGFyZ2VseS ByZWx5IG9u IG1hbmFnZW 1lbnQgZmVl cyB0aWVkIH RvIEFVTS48 YnI+Mi4gU2 hpZnQgaW4g SW52ZXN0b3 IgUHJlZmVy ZW5jZXM6IE EgZ3Jvd2lu ZyB0cmVuZC BmYXZvcmlu ZyBwZXJzb2 5hbGl6ZWQg aW52ZXN0bW VudCBzdHJh dGVnaWVzIG 9yIGRpcmVj dCBpbmRleG luZyBjb3Vs ZCBsZWFkIH RvIGEgZGVj bGluZSBpbi BFVEYgdXNh Z2UuIElmIG ludmVzdG9y cyBpbmNyZW FzaW5nbHkg cHJpb3JpdG l6ZSBjdXN0 b21pemFibG UgcG9ydGZv bGlvcyBvdm VyIHRoZSBi cm9hZCBtYX JrZXQgZXhw b3N1cmUgcH JvdmlkZWQg YnkgRVRGcy wgV2lzZG9t VHJlZSBjb3 VsZCBzZWUg YSBzaHJpbm tpbmcgbWFy a2V0IHNoYX JlLjxicj4z LiBJbmNyZW FzZWQgQ29t cGV0aXRpb2 46IElmIGxv dy1jb3N0IH Byb3ZpZGVy cyBzdWNjZX NzZnVsbHkg Y2FwdHVyZS BhIGxhcmdl IHNlZ21lbn Qgb2YgdGhl IG1hcmtldC BvciBpZiBu ZXcgYW5kIG lubm92YXRp dmUgZmluYW 5jaWFsIHBy b2R1Y3RzIG dhaW4gdHJh Y3Rpb24sIF dpc2RvbVRy ZWUgY291bG QgZmFjZSBz aWduaWZpY2 FudCBjb21w ZXRpdGl2ZS BwcmVzc3Vy ZS4gTG93ZX IgZmVlcyBm cm9tIGFnZ3 Jlc3NpdmUg Y29tcGV0aX RvcnMgY291 bGQgZnVydG hlciBlcm9k ZSB0aGVpci ByZXZlbnVl Ljxicj5JZi B0aGlzIHNj ZW5hcmlvIH BsYXllZCBv dXQsIFdpc2 RvbVRyZWXi gJlzIG9wZX JhdGlvbmFs IG1ldHJpY3 MgY291bGQg YmUgc3Vic3 RhbnRpYWxs eSBhZmZlY3 RlZDo8YnI+ LSA8c3Ryb2 5nPk1hcmdp bnM8L3N0cm 9uZz46IEFz IHJldmVudW UgZGVjbGlu ZXMgZnJvbS Bsb3dlciBB VU0gYW5kIG luY3JlYXNl ZCBjb21wZX RpdGlvbiwg cHJvZml0IG 1hcmdpbnMg d291bGQgbG lrZWx5IGRp bWluaXNoLi BGaXhlZCBj b3N0cyBhc3 NvY2lhdGVk IHdpdGggbW FuYWdpbmcg dGhlIGZ1bm Rz4oCUc3Vj aCBhcyBzYW xhcmllcywg dGVjaG5vbG 9neSBpbnZl c3RtZW50cy wgYW5kIGNv bXBsaWFuY2 UgZXhwZW5k aXR1cmVz4o CUd291bGQg cmVtYWluIH JlbGF0aXZl bHkgY29uc3 RhbnQsIHB1 dHRpbmcgZn VydGhlciBw cmVzc3VyZS BvbiBwcm9m aXRhYmlsaX R5Ljxicj4t IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBU aGUgY29tcG FueeKAmXMg Y2FzaCBmbG 93IGNvdWxk IHR1cm4gbm VnYXRpdmUg b3Igc3RhYm lsaXplIGF0 IGxvd2VyIG xldmVscyBk dWUgdG8gcm VkdWNlZCBt YW5hZ2VtZW 50IGZlZXMg YW5kIHBvdG VudGlhbGx5 IGhpZ2hlci BvcGVyYXRp b25hbCBjb3 N0cy4gQ2Fz aCByZXNlcn ZlcyBtYXkg c3RhcnQgdG 8gZHdpbmRs ZSBhcyB0aG UgY29tcGFu eSBhdHRlbX B0cyB0byBz dXN0YWluIG 9wZXJhdGlv bnMgb3IgaW 52ZXN0IGlu IGNvbXBldG l0aXZlIHN0 cmF0ZWdpZX MsIGxlYWRp bmcgdG8gYS B0aWdodGVy IGxpcXVpZG l0eSBwb3Np dGlvbi48Yn I+LSA8c3Ry b25nPkJhbG FuY2UgU2hl ZXQ8L3N0cm 9uZz46IE92 ZXIgYSBsb2 5nZXIgdGVy bSwgV2lzZG 9tVHJlZeKA mXMgYmFsYW 5jZSBzaGVl dCBjb3VsZC BzdWZmZXIg ZnJvbSByZW R1Y2VkIHJl dGFpbmVkIG Vhcm5pbmdz IGFuZCBwb3 RlbnRpYWxs eSBpbmNyZW FzaW5nIGxp YWJpbGl0aW VzIGlmIHRo ZSBjb21wYW 55IHJlc29y dHMgdG8gZG VidCBmaW5h bmNpbmcgdG 8gY292ZXIg b3BlcmF0aW 5nIGV4cGVu c2VzIG9yIG ludmVzdCBp biBncm93dG ggaW5pdGlh dGl2ZXMuIF RoZSBoZWFs dGggb2YgdG hlIGJhbGFu Y2Ugc2hlZX QgY291bGQg YmUgY29tcH JvbWlzZWQg aWYgZXF1aX R5IGRyb3Bz IGR1ZSB0by BzdXN0YWlu ZWQgbG9zc2 VzIG9yIGFz c2V0IGltcG Fpcm1lbnQs IGxlYWRpbm cgdG8gYSB3 ZWFrZXIgZm luYW5jaWFs IHBvc2l0aW 9uIG92ZXJh bGwuPGJyPk luIHN1bW1h cnksIHRoaX Mgc2NlbmFy aW8gY291bG QgZ3JlYXRs eSBkaW1pbm lzaCBXaXNk b21UcmVlIE ludmVzdG1l bnRz4oCZIG FiaWxpdHkg dG8gb3Blcm F0ZSBzdXN0 YWluYWJseS BpbiB0aGUg bG9uZyB0ZX JtLCBsZWFk aW5nIHRvIG xvd2VyIG1h cmdpbnMsIH N0cmFpbmVk IGNhc2ggZm xvdywgYW5k IGEgZGV0ZX Jpb3JhdGlu ZyBiYWxhbm NlIHNoZWV0 LiBUaGlzIH NpdHVhdGlv biB3b3VsZC Bwb3RlbnRp YWxseSB0aH JlYXRlbiB0 aGUgY29tcG FueeKAmXMg dmlhYmlsaX R5IGlmIGNv cnJlY3Rpdm UgbWVhc3Vy ZXMgd2VyZS Bub3QgaW1w bGVtZW50ZW Qgc3dpZnRs eSBhbmQgZW ZmZWN0aXZl bHkuPGJyPg ==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvRU lmWnRqSGZq ZTlUWXNFOD luQnkud2Vi cCIgYWx0PS JXaXNkb21U cmVlIEludm VzdG1lbnRz IiB0aXRsZT 0iV2lzZG9t VHJlZSBJbn Zlc3RtZW50 cyIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBXaXNk b21UcmVlIE ludmVzdG1l bnRzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+a gCBEb27igJ l0IG1pc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdWMm x6WkcgOXRW SEpsWlNCSi BiblpsYzNS dFpXIDUwY3 lCcGN5Qmgg SUU1bGR5Ql piMyBKckxX SmhjMlZrIE lHWnBibUZ1 WTIgbGhiQ0 J6WlhKMiBh V05sY3lCam IyIDF3WVc1 NUlIUm8gWV hRZ2QyRnpJ RyBadmRXNW taV1FnIGFX NGdNakF3Tm kgQmllU0JL YjI1aCBkR2 hoYmlCVGRH IFZwYm1KbG NtY3MgSUdF Z1ptOXliVy BWeUlITmxi bWx2IGNpQm xlR1ZqZFgg UnBkbVVnWV hRZyBUV1Z5 Y21sc2JDIE JNZVc1amFD NDggWW5JK0 1pNGdWRyBo bElHTnZiWE JoIGJua2dh WE1nYTIgNX ZkMjRnWm05 eSBJR2wwY3 lCbGVHIE5v WVc1blpTMT AgY21Ga1pX UWdabiBWdV pITWdLRVZV IFJuTXBMQ0 IzYUcgbGph Q0JoY21VZy BhVzUyWlhO MGJXIFZ1ZE NCbWRXNWsg Y3lCMGNtRm taVyBRZ2Iy NGdjM1J2IF kyc2daWGhq YUcgRnVaMl Z6SUdGdSBa Q0J2Wm1abG NpIEJwYm5a bGMzUnYgY2 5NZ2RHaGxJ RyBGaWFXeH BkSGtnIGRH OGdkSEpoWT Igc2dZVzRn YVc1ayBaWG dnYjNJZ1lT IEJ6Y0dWam FXWnAgWXlC elpXTjBiMy BJZ2IyWWdk R2hsIElHMW hjbXRsZEMg NDhZbkkrTX k0ZyBWMmx6 Wkc5dFZIIE psWmVLQW1Y TWcgWm1seW MzUWdSViBS R0xDQjBhR1 VnIFYybHpa Rzl0VkggSm xaU0JFYVha cCBaR1Z1Wk NCVWIzIEFn TVRBd0lFWj EgYm1Rc0lI ZGhjeSBCc1 lYVnVZMmhs IFpDQnBiaU JLZFcgNWxJ REl3TURZdS BJRWwwSUdo aGN5IEJ6YV c1alpTQm4g Y205M2JpQj BieSBCdlpt WmxjaUJoIE lIZHBaR1Vn Y20gRnVaMl VnYjJZZyBS VlJHY3lCam IzIFpsY21s dVp5QmsgYj IxbGMzUnBZ eSBCaGJtUW dhVzUwIFpY SnVZWFJwYj IgNWhiQ0Js Y1hWcCBkR2 xsY3l3Z1pt IGw0WldRZ2 FXNWogYjIx bExDQmpkWC BKeVpXNWph V1Z6IExDQm hibVFnWVcg eDBaWEp1WV hScCBkbVVn YVc1MlpYIE 4wYldWdWRI TXUgUEdKeV BqUXVJRSBG eklHOW1JRE l3IE1qRXNJ RmRwYzIgUn ZiVlJ5WldV ZyBhR0Z6SU c5MlpYIEln SkRVd0lHSn AgYkd4cGIy NGdhVyA0Z1 lYTnpaWFJ6 IElIVnVaR1 Z5SUcgMWhi bUZuWlcxbC BiblFnWVc1 a0lHIDltWm 1WeWN5QnQg YjNKbElIUm 9ZVyA0Z01U QXdJRVZVIF JuTXVQR0p5 UGogVXVJRT l1WlNCdiBa aUJYYVhOa2 IyIDFVY21W bDRvQ1ogY3 lCMWJtbHhk VyBVZ1ptVm hkSFZ5IFpY TWdhWE1nYV ggUnpJSFZ6 WlNCdiBaaU JoSUhCeWIz IEJ5YVdWMF lYSjUgSUhk bGFXZG9kRy BsdVp5QnRa WFJvIGIyUn ZiRzluZVMg QmpZV3hzWl dRZyBablZ1 WkdGdFpXID UwWVd3Z2Qy VnAgWjJoMG FXNW5MQyBC M2FHbGphQ0 IxIGMyVnpJ SE5wZW0gVW dZVzVrSUhC eSBiMlpwZE dGaWFXIHhw ZEhrZ2JXVj AgY21samN5 QjBieSBCa1 pYUmxjbTFw IGJtVWdkR2 hsSUggZGxh V2RvZEdsdS BaM01nYjJZ Z1kyIDl0Y0 dGdWFXVnog SUdsdUlHbD BjeSBCRlZF WnpJSEpoIG RHaGxjaUIw YUcgRnVJRz FoY210bCBk Q0JqWVhCcG RHIEZzYVhw aGRHbHYgYm k0OFluSStO aSA0Z1NXNG dZV1JrIGFY UnBiMjRnZE cgOGdhWFJ6 SUVWVSBSaU J2Wm1abGNt IGx1WjNNc0 lGZHAgYzJS dmJWUnlaVy BVZ1lXeHpi eUJ3IGNtOT JhV1JsY3kg QmhJSEpoYm 1kbCBJRzlt SUdsdWRtIF Z6ZEcxbGJu UWcgYzI5c2 RYUnBiMiA1 eklHRnVaQ0 J6IFpYSjJh V05sY3kgQj BieUJtYVc1 aCBibU5wWV d3Z1lXIFIy YVhOdmNuTX MgSUdsdWMz UnBkSCBWMG FXOXVZV3dn IGFXNTJaWE 4wYjMgSnpM Q0JoYm1RZy BjbVYwYVhK bGJXIFZ1ZE NCd2JHRnUg Y3k0OFluSS tOeSA0Z1ZH aGxJR052IG JYQmhibmtn YVggTWdiR2 x6ZEdWayBJ Rzl1SUhSb1 pTIEJPUVZO RVFWRWcgWl hoamFHRnVa MiBVZ2RXNW taWElnIGRH aGxJSFJwWT IgdGxjaUJ6 ZVcxaSBiMn dnVjBWVVJp IDQ4WW5JK0 9DNGcgVjJs elpHOXRWSC BKbFpTQm9Z WE1nIGQyOX VJRzUxYlcg VnliM1Z6SU dGMyBZWEpr Y3lCbWIzIE lnYVhSeklF VlUgUm5Nc0 lHbHVZMiB4 MVpHbHVaeU JDIFpYTjBJ RTVsZHkgQk ZWRVlnU1hO eiBkV1Z5SU dGMElIIFJv WlNCRlZFWX UgWTI5dElF RjNZWCBKa2 N5QnBiaUF5 IE1ERXlJR0 Z1WkMgQkNa WE4wSUVWVS BSaUJRY205 MmFXIFJsY2 lCaGRDQjAg YUdVZ1JWUk dJRSBWNGNI SmxjM01nIF FYZGhjbVJ6 SUcgbHVJRE l3TVRVdSBQ R0p5UGprdU lGIGRwYzJS dmJWUnkgWl dVZ2FHRnpJ RyBFZ1oyeH ZZbUZzIElI QnlaWE5sYm 0gTmxMQ0Iz YVhSbyBJRz ltWm1salpY IE1nYVc0Z2 RHaGwgSUZW dWFYUmxaQy BCVGRHRjBa WE1zIElFTm hibUZrWVMg d2dSWFZ5Yj NCbCBMQ0Jo Ym1RZ1NtIE Z3WVc0dVBH SnkgUGpFd0 xpQkpiaSBB eU1ESXdMQ0 JYIGFYTmti MjFVY20gVm xJR0ZqY1hW cCBjbVZrSU dFZ2JXIEZx YjNKcGRIa2 cgYzNSaGEy VWdhVyA0Z1 FXUjJhWE52 IGNrVnVaMm x1WlMgd2dZ U0JrYVdkcC BkR0ZzSUhk bFlXIHgwYU NCdFlXNWgg WjJWdFpXNT BJSCBCc1lY Um1iM0p0IE xDQjBieUJs ZUggQmhibV FnYVhSeiBJ SFJsWTJodW IyIHh2WjNr Z2IyWm0gWl hKcGJtZHpJ RyBGdVpDQn laV0ZqIGFD QmhJSGRwWk cgVnlJSEpo Ym1kbCBJRz ltSUdOc2FX IFZ1ZEhNdQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=