At a glance
DGS charges 0.58% a year, below the 0.61% average of the 5 funds most like it (the 3rd cheapest of 6). It has $1.78B in assets, the 2nd largest of that group; it paid 3.97% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds; over three years it returned +15.0% a year. At its worst it fell 35.0% in the 2020 crash (S&P 500: 33.7%) and 23.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows. Its ten largest positions make up 11.3% of the fund, out of 1,012 in all.
The short version
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) is an index ETF that holds about 1,000 small, dividend-paying companies in emerging markets such as Taiwan, South Korea and South Africa. It weights stocks by the dividends they pay, not by company size. Its expense ratio of 0.58% is slightly below the 0.61% average of similar funds. It paid out 3.97% over the 12 months to October 27, 2026.
Price history
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DGS +8.7% 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 | |
|---|---|---|---|---|---|---|
| DGS official prospectus, to Dec 31, 2025 | — | +20.40% | — | +8.23% | +9.10% | — |
| Wisdom Tree Emerging Markets Small Cap Dividend Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +20.93% | — | +9.15% | +10.13% | — |
| MSCI Emerging Markets Small Cap Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +18.58% | — | +8.43% | +8.31% | — |
| Index114 index, same period | — | +33.57% | — | +4.20% | +8.42% | — |
| DGS price data to Oct 27, 2026 | +7.8% | +8.7% | +15.0% | +7.0% | +8.0% | +4.6% |
- Over the year to Oct 27, 2026, DGS returned +8.7%, 3rd of 6 among similar funds.
- Its 5-year annualized return was +7.0% and its 10-year +8.0%.
- In the 2020 COVID crash it fell 35% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2008 (-45.8%); its best was 2009 (+83.2%).
- The deepest fall in its price history was 61.8% (Oct 31, 2007 to Nov 20, 2008), recovered by Sep 10, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.8% | — |
| 2025 | +21.2% | +20.40% |
| 2024 | +1.2% | +2.13% |
| 2023 | +19.1% | +18.92% |
| 2022 | -12.3% | -12.15% |
| 2021 | +15.3% | +15.60% |
| 2020 | +4.1% | +4.14% |
| 2019 | +18.9% | +17.28% |
| 2018 | -16.5% | -15.39% |
| 2017 | +37.5% | +35.48% |
| 2016 | +15.4% | +14.91% |
| 2015 | -16.3% | — |
| 2014 | -3.6% | — |
| 2013 | -3.5% | — |
| 2012 | +23.5% | — |
| 2011 | -21.2% | — |
| 2010 | +30.1% | — |
| 2009 | +83.2% | — |
| 2008 | -45.8% | — |
| 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 35% over that stretch · deepest drop along the way 35%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.3% over that stretch · deepest drop along the way 23.7%, back to its old high 14.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8000 | |
| 2025 | $1.9900 | +20.6% |
| 2024 | $1.6500 | -27.6% |
| 2023 | $2.2800 | -3.0% |
| 2022 | $2.3500 | +11.4% |
| 2021 | $2.1100 | +19.9% |
| 2020 | $1.7600 | -6.9% |
| 2019 | $1.8900 | +6.2% |
| 2018 | $1.7800 | +21.1% |
| 2017 | $1.4700 | +9.7% |
| 2016 | $1.3400 | +16.5% |
| 2015 | $1.1500 | -16.1% |
| 2014 | $1.3700 | -13.3% |
| 2013 | $1.5800 | +8.2% |
| 2012 | $1.4600 | -14.1% |
| 2011 | $1.7000 | +31.8% |
| 2010 | $1.2900 | +5.7% |
| 2009 | $1.2200 | 0.0% |
| 2008 | $1.2200 |
What's inside
As of Jun 30, 2026, the fund held 1,012 securities; the ten largest made up 11.35% of assets. It also reported 8.9% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| INNOLUX CORP | 3.24% | |
| GROWTHPOINT PROPERTIES LTD | 1.22% | |
| POWERTECH TECHNOLOGY INC | 1.16% | |
| BANCO DEL BAJIO SA | 0.97% | |
| COMPEQ MANUFACTURING COMPANY LTD | 0.93% | |
| OLD MUTUAL LTD | 0.92% | |
| WPG HOLDINGS LTD | 0.76% | |
| TRANSMISSORA ALIANCA DE ENERGIA ELETRICA SA | 0.73% | |
| GRUPO AEROPORTUARIO DEL CENTRO SAB DE CV | 0.72% | |
| REDEFINE PROPERTIES LTD | 0.70% | |
| ALIOR BANK SA | 0.69% | |
| SAMSUNG SECURITIES COMPANY LTD | 0.69% | |
| SYNNEX TECHNOLOGY INTERNATIONAL CORP | 0.68% | |
| LOJAS RENNER SA | 0.67% | |
| NATIONAL ALUMINIUM COMPANY LTD | 0.63% |
By country
Taiwan 28.84%South Korea 11.12%South Africa 9.37%India 8.35%China 7.19%By asset type
Stocks 99.19%Preferred stock 0.31%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $19.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.31%, +4.08%, -1.19%.
How it works
DGS tracks the WisdomTree Emerging Markets SmallCap Dividend Index. WisdomTree designed the index, and its subsidiary, WisdomTree Asset Management, runs the fund. The starting pool is the WisdomTree Emerging Markets Dividend Index, which covers companies in 18 emerging countries. To qualify, a company needs positive earnings, must have paid at least $5 million in cash dividends over the prior year, and must pass minimum size and trading tests. DGS's index keeps only the smallest companies: those in the bottom 10% of the pool's total market value (share price times shares outstanding). A company already in the index stays until it grows past the bottom 13%. The index also adds about 100 mainland Chinese stocks that trade through Stock Connect, a link between the Hong Kong and mainland exchanges. As of June 30, 2026, company sizes ranged from $126.1 million to $17.2 billion.
Each stock's weight depends on the total dollars of dividends it paid in the prior year. Once a year, on the screening date, the index caps any one country or sector at 25% and real estate at 15%. Weights can drift between these annual resets. As of June 30, 2026, Taiwan made up 28.8% of the fund.
The fund uses representative sampling. That means it owns a group of index stocks that behaves like the whole index instead of owning every stock. It must keep at least 80% of net assets in index stocks or close equivalents. Portfolio turnover was 37%. It held no derivatives as of June 30, 2026.
What it really costs
- DGS charges 0.58% a year, versus an average of 0.61% for the similar funds below (3rd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DGS | $59 | $186 | $324 | $726 |
In a retirement portfolio
It concentrates on small emerging-market companies, and its price has fallen far further than a typical core stock fund's.
DGS gives a portfolio exposure to smaller emerging-market companies, plus dividends paid quarterly. Those dividends totaled 3.97% over the 12 months to October 27, 2026. The price swings can be severe. The fund launched in October 2007 and dropped 61.8% by November 2008. It lost 45.8% in calendar 2008 alone and took about 21.6 months after that low to get back to its old peak. In the 2020 COVID crash it fell 35% and recovered in about 7.6 months. In 2022 it fell 23.7%, and recovery took 14.9 months. Someone drawing on this money in a year like that could have to cash out shares at low prices, and small companies can cut their dividends too. Costs are moderate: the SEC's standard $10,000 example comes to $726 in fees 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 adding a small slice of emerging-market small caps who value quarterly income, with a 3.97% trailing yield as of October 27, 2026.
- Those who like dividend-weighted indexing spread across about 1,000 stocks, where the top 10 holdings were just 11.35% of assets.
- Long-term investors who can live through drops like the fund's 61.8% fall in 2007–2008 without needing to touch the money.
Look elsewhere if
- Cost-focused investors: DVYE and EDIV charge 0.49% versus DGS's 0.58%, though they hold mostly different stocks.
- Investors wary of concentration in Taiwan, which was 28.8% of assets on June 30, 2026; Taiwan's Innolux was the largest holding.
- Retirees who may need cash within a few years; after its 2022 drop, the fund took 14.9 months to recover.
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 |
|---|---|---|---|---|---|
| DGS this fund | — | 0.58% | $1.78B | +8.7% | +15.0% |
| DEM WisdomTree Emerging Markets High Dividend F… | 25% | 0.63% | $3.87B | +20.4% | +19.1% |
| EWX SPDR S&P Emerging Markets Small Cap ETF | 15% | 0.65% | $732.9M | +2.3% | +12.7% |
| FEMS First Trust Emerging Markets Small Cap Alph… | 10% | 0.8% | $251.8M | +1.2% | +8.9% |
| DVYE iShares Emerging Markets Dividend ETF | 6% | 0.49% | $1.22B | +16.3% | +22.4% |
| EDIV SPDR S&P Emerging Markets Dividend ETF | 5% | 0.49% | $1.22B | +8.7% | +16.9% |
Questions investors ask
Does DGS pay monthly dividends?
No. DGS pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $2.38 per share, a trailing yield of 3.97%. Payouts change from quarter to quarter, because the companies it owns change their dividends and because currency moves change what foreign payouts are worth in dollars. Small companies in emerging markets can cut dividends sharply in hard times, so past payouts aren't guaranteed.
What is the expense ratio of DGS?
DGS's expense ratio is 0.58% a year, according to its prospectus filed July 29, 2026. The full amount is the management fee, and there is no fee waiver. That is a little below the 0.61% average of the similar funds it was compared with, and third-lowest of the six. Under the SEC's standard example ($10,000 invested, 5% annual return), fees total about $59 after one year and $726 after 10 years.
DGS vs DEM: what's the difference?
Both are WisdomTree emerging-market dividend funds, but they own different stocks. DGS holds the smallest dividend payers, while DEM, WisdomTree Emerging Markets High Dividend Fund, targets high-dividend stocks. Their holdings overlap by about 25%, the most of any similar fund. DEM costs 0.63% versus 0.58% for DGS. As of October 27, 2026, DEM had returned 20.4% over one year and 19.1% a year over three years. DGS returned 8.7% and 15%.
How has DGS performed over the long term?
Over 10 years to December 31, 2025, DGS returned an average of 9.1% a year, according to its prospectus. Its 5-year average was 8.23% and its 1-year return was 20.4%. Over 10 years, its own index returned 10.13% a year, so the fund trailed by about one point a year after fees. It beat the MSCI Emerging Markets Small Cap Index, which returned 8.31% a year over 10 years. Calendar-year results ranged from a 35.48% gain in 2017 to a 15.39% loss in 2018.
What are the top holdings in DGS?
As of June 30, 2026, the largest holding was Innolux, a Taiwanese display maker, at 3.2% of assets. Next came Growthpoint Properties (South Africa, 1.2%), Powertech Technology (Taiwan, 1.2%), Banco del Bajío (Mexico, 1.0%) and Compeq Manufacturing (Taiwan, 0.9%). The top 10 made up only 11.35% of the fund's 1,012 holdings. By country, Taiwan led at 28.8%, followed by South Korea at 11.1% and South Africa at 9.4%.