At a glance
DDLS charges 0.48% a year, above the 0.34% average of the 6 funds most like it (the 6th cheapest of 7). It has $425.7M in assets, the 7th largest of that group; it paid 3.4% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +20.1% a year. At its worst it fell 34.5% in the 2020 crash (S&P 500: 33.7%) and 19.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 14 months after the lows. Its ten largest positions make up 5.7% of the fund, out of 1,043 in all.
The short version
WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (DDLS) is an index ETF. It holds more than 1,000 small, dividend-paying companies in developed markets outside the US and Canada, led by Japan, the UK and Australia. What sets it apart is a currency hedge that its index resets each month, anywhere from 0% to 100%, and weights based on dividends paid. Its 0.48% expense ratio is above the 0.34% average of similar funds.
Price history
The interactive chart needs JavaScript.
DDLS +9.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DDLS official prospectus, to Dec 31, 2025 | — | +29.13% | — | +11.34% | +9.76% | — |
| Wisdom Tree Dynamic International Small Cap Equity Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +29.85% | — | +11.69% | +10.17% | — |
| MSCI EAFE Small Cap Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +31.83% | — | +5.62% | +8.03% | — |
| MSCI EAFE Small Cap Value Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +37.65% | — | +9.12% | +8.65% | — |
| DDLS price data to Oct 27, 2026 | +7.0% | +9.4% | +20.1% | +9.5% | +9.4% | +9.6% |
- Over the year to Oct 27, 2026, DDLS returned +9.4%, 6th of 7 among similar funds.
- Its 5-year annualized return was +9.5% and its 10-year +9.4%.
- In the 2020 COVID crash it fell 34.5% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2018 (-16.9%); its best was 2025 (+28.0%).
- The deepest fall in its price history was 36.8% (Jan 2, 2020 to Mar 23, 2020), recovered by Feb 8, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.0% | — |
| 2025 | +28.0% | +29.13% |
| 2024 | +10.3% | +9.84% |
| 2023 | +15.3% | +15.16% |
| 2022 | -10.1% | -9.79% |
| 2021 | +17.8% | +16.11% |
| 2020 | -2.9% | -1.78% |
| 2019 | +24.9% | +24.74% |
| 2018 | -16.9% | -16.59% |
| 2017 | +27.0% | +25.02% |
| 2016 | +14.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.5% over that stretch · deepest drop along the way 34.5%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.6% over that stretch · deepest drop along the way 19%, back to its old high 14.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1800 | |
| 2025 | $1.6500 | +13.8% |
| 2024 | $1.4500 | +7.4% |
| 2023 | $1.3500 | -17.2% |
| 2022 | $1.6300 | +45.5% |
| 2021 | $1.1200 | +14.3% |
| 2020 | $0.9800 | -19.7% |
| 2019 | $1.2200 | +154.2% |
| 2018 | $0.4800 | -12.7% |
| 2017 | $0.5500 | -41.5% |
| 2016 | $0.9400 |
What's inside
As of Jun 30, 2026, the fund held 1,043 securities; the ten largest made up 5.67% of assets, and 2.85% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ELECNOR SA | 0.75% | |
| HOEGH AUTOLINERS ASA | 0.71% | |
| HAFNIA LTD | 0.63% | |
| PLUS500 LTD | 0.63% | |
| TAIYO YUDEN CO LTD | 0.58% | |
| MAN GROUP PLC | 0.54% | |
| NOS SGPS SA | 0.50% | |
| DOF GROUP ASA | 0.45% | |
| FIRST RESOURCES LTD | 0.45% | |
| FIBI HOLDINGS LTD | 0.43% | |
| APERAM SA | 0.42% | |
| VENTIA SERVICES GROUP LTD | 0.39% | |
| ODFJELL DRILLING LTD | 0.39% | |
| REN - REDES ENERGETICAS NACIONAIS SGPS SA | 0.39% | |
| DAH SING BANKING GROUP LTD | 0.39% |
By country
Japan 28.03%United Kingdom 12.08%Australia 9.72%Sweden 6.51%Israel 6.12%By asset type
Stocks 98.39%Preferred stock 0.24%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $25.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.66%, +3.14%, -3.21%.
How it works
DDLS tracks the WisdomTree Dynamic International SmallCap Equity Index. WisdomTree, Inc. built the index and also owns the fund's adviser. The index starts with the WisdomTree International Equity Index, removes the 300 largest companies, and keeps the bottom 25% by market value. Each company must be based in Europe, Japan, Australia, Hong Kong, Israel or Singapore. It must also have paid at least $5 million in cash dividends in the prior year, be worth at least $100 million and pass trading-volume tests.
The index weights companies by the total dollars of dividends they paid, so bigger payers get bigger weights. At each annual screening, one country is capped at 40%, one sector at 25% and real estate at 15%. The fund uses representative sampling, which means it may hold a sample of the index's stocks rather than every one. As of June 30, 2026, it held 1,043 companies, and the top 10 made up just 5.67% of assets.
The currency hedge is the unusual part. A hedge uses currency contracts to offset changes in foreign currencies against the dollar. Each month the index sets a hedge ratio for each currency, from 0% to 100%, using four signals: momentum, interest rate differences, volatility and the dollar's broad trend. The aim is to limit losses when foreign currencies fall. The prospectus warns that the hedge may not work as intended.
What it really costs
- DDLS charges 0.48% a year, versus an average of 0.34% for the similar funds below (6th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DDLS | $49 | $154 | $269 | $604 |
In a retirement portfolio
It adds small foreign companies and a managed currency hedge that a US-focused stock portfolio may lack, but its large swings fit a minority slice better than the core.
DDLS spreads money across about 1,000 smaller companies in Japan, Europe, Australia and elsewhere. As of October 27, 2026, its trailing 12-month yield was 3.4%, paid quarterly. It is still a stock fund, and it can drop sharply. It launched in 2016, so it has no 2008 record. In the 2020 COVID crash it fell 34.5%. Its deepest drop, 36.8% in early 2020, took 10.6 months to recover. In the 2022 bear market it fell 19% and needed 14.2 months to get back. Its worst calendar year was 2018, when it lost 16.6%. Someone forced to sell in a year like that would lock in losses. Under the SEC's $10,000 example, costs come to $49 for one year and $604 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors holding mostly US stocks who want small companies in Japan, the UK, Australia and Europe, spread across 1,043 holdings.
- Income-minded investors comfortable with stock risk, given the 3.4% trailing yield as of October 27, 2026, paid quarterly.
- Those who want currency swings partly managed, with hedges reset monthly anywhere from 0% to 100% of foreign-currency exposure.
Look elsewhere if
- Cost-focused investors: the 0.48% expense ratio ranks 6th of 7 among similar funds, while Schwab's SCHC charges 0.11%.
- Anyone who may need to sell in a downturn; the fund fell 36.8% in early 2020 and took 10.6 months to recover.
- Investors wanting simplicity; the hedge relies on derivatives and four quantitative signals that the prospectus warns may not work.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DDLS this fund | — | 0.48% | $425.7M | +9.4% | +20.1% |
| DLS WisdomTree International SmallCap Dividend … · different strategy | 79% | 0.58% | $1.03B | +11.7% | +21.4% |
| AVDV Avantis International Small Cap Value ETF · different strategy | 20% | 0.36% | $20.50B | +22.1% | +27.1% |
| GWX SPDR S&P International Small Cap ETF · different strategy | 16% | 0.4% | $868.6M | +12.8% | +21.2% |
| ISCF iShares International Small‑Cap Equity Fact… · different strategy | 16% | 0.23% | $658.1M | +10.4% | +21.7% |
| SCHC Schwab International Small-Cap Equity ETF · different strategy | 13% | 0.11% | $5.77B | +9.3% | +21.4% |
| DFIS Dimensional International Small Cap ETF · different strategy | 13% | 0.39% | $5.74B | +14.0% | +23.1% |
Questions investors ask
Does DDLS pay dividends?
Yes. DDLS pays dividends quarterly. In the 12 months to October 27, 2026, it paid $1.52 per share, a trailing yield of 3.4%. The income comes from how the index is built: every company must have paid at least $5 million in cash dividends in the prior year, and larger dividend payers get larger weights. Payouts can change, because they depend on the dividend decisions of the companies the fund holds.
What's the difference between DDLS and DLS?
Both are WisdomTree international small-cap dividend funds, and about 79% of their holdings overlap, based on the latest N-PORT reports. They follow different strategies, though. DDLS tracks an index that hedges currency risk and adjusts the hedge each month. As of June 30, 2026, DLS had about $1.03 billion in net assets versus about $426 million for DDLS. DLS charges 0.58% versus 0.48%. Over the year to October 27, 2026, DLS returned 11.7% and DDLS returned 9.4%.
What is the DDLS expense ratio?
DDLS charges 0.48% a year, according to its prospectus filed October 28, 2026. All of it is management fee, with no waiver. In the SEC's standard example, $10,000 earning 5% a year would pay $49 in costs over one year, $269 over five years and $604 over 10 years. That is above the 0.34% average for similar funds, and DDLS ranks 6th of 7 on cost. Schwab's SCHC charges 0.11% but follows a different strategy.
How has DDLS performed over the long term?
As of December 31, 2025, DDLS returned 9.76% a year over 10 years and 11.34% a year over five years, according to its prospectus. Its index returned 10.17% and 11.69% over the same periods. Both beat the MSCI EAFE Small Cap Index, which returned 8.03% and 5.62%. The fund gained 29.13% in 2025 but lost 16.59% in 2018 and 9.79% in 2022. Its worst quarter was a 29.08% drop in early 2020.
Is DDLS currency hedged?
Partly, and the amount changes. Each month the index sets a hedge ratio from 0% to 100% for each of 12 currencies, including the yen, euro and British pound. It uses four signals: momentum, interest rate differences, volatility and the US dollar's broad trend. The aim is to limit losses when foreign currencies fall against the dollar. The fund uses currency contracts with banks such as Deutsche Bank and JPMorgan to do this. The prospectus warns that the hedging may not succeed.