WisdomTree Energy (1685) is designed to enable investors to gain an exposure to a total return investment in a basket of commodity futures by tracking the Bloomberg Energy Subindex plus a collateral return. 1685 is an Exchange Traded Commodity ("ETC") that can be created and redeemed on demand (by Authorised Participants). It trades on exchanges just like an equity and its pricing and tracking operates similarly to an Exchange Traded Fund. The ETC is backed by contracts (fully funded swaps) with counterparties whose payment obligations are backed by collateral which is marked to market daily. The collateral is held in pledge accounts at The Bank of New York Mellon.