The gloves are off in the battle for WisdomTree's future. ETFS Capital, an activist investor, is calling for a leadership overhaul, urging shareholders to vote against the re-election of key directors and CEO Jonathan Steinberg. They believe the current team is piloting the company towards an undervalued future, choked by strategic missteps and a lack of focus on core business.

ETFS Capital paints a bleak picture, arguing that WisdomTree is trading far below its true potential, a stark contrast to the $2.1 - $3.0 billion valuation they believe its core ETF business deserves. The culprit? A misguided focus on ventures like WisdomTree Prime, which haven't delivered a significant financial return and have instead diverted resources from what ETFS considers the company's bread and butter - profitable ETF management.

Their criticism extends to the board's composition. ETFS views the reappointment of long-serving directors as a recipe for perpetuating unsuccessful strategies. They urge shareholders to cast a vote of no confidence against Chairman Win Neuger, Director Anthony Bossone, and CEO Steinberg himself.

But WisdomTree isn't going down without a fight. The board countered with a strong response, defending their track record and highlighting a record $107.2 billion in assets under management – a testament to the success of their core ETP business. They view ventures like WisdomTree Prime as strategic investments, necessary for positioning the company for future growth in emerging markets.

The board emphasizes their commitment to robust corporate governance and long-term shareholder value creation. They urge investors to stand behind their leadership team and vote "FOR" the current board nominees.

This public spat sets the stage for a crucial showdown at WisdomTree's upcoming shareholder meeting. Whether ETFS Capital can force significant changes or if the board's track record will win over investors remains to be seen. One thing is certain - the battle lines are drawn, and the future of WisdomTree hangs in the balance.