At a glance
DLS charges 0.58% a year, above the 0.33% average of the 6 funds most like it (the most expensive of 7). It has $1.03B in assets, the 4th largest of that group; it paid 3.53% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.7% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +21.4% a year. At its worst it fell 38.3% in the 2020 crash (S&P 500: 33.7%) and 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 21 months after the lows. Its ten largest positions make up 5.7% of the fund, out of 1,020 in all.
The short version
WisdomTree International SmallCap Dividend Fund (DLS) is an index ETF that tracks the WisdomTree International SmallCap Dividend Index. As of June 30, 2026, it held about 1,020 dividend-paying small companies in developed markets outside the US and Canada. It weights companies by the dividends they pay, not by their size, and its trailing yield was 3.53% as of October 27, 2026. Its 0.58% expense ratio is higher than any of six similar funds, which average 0.33%.
Price history
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DLS +11.7% 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 | |
|---|---|---|---|---|---|---|
| DLS official prospectus, to Dec 31, 2025 | — | +33.49% | — | +7.97% | +7.27% | — |
| Index 66 index, same period | — | +34.16% | — | +8.44% | +7.94% | — |
| Index 67 index, same period | — | +31.83% | — | +5.62% | +7.49% | — |
| Index 68 index, same period | — | +37.65% | — | +9.12% | +8.11% | — |
| DLS price data to Oct 27, 2026 | +9.0% | +11.7% | +21.4% | +7.3% | +7.7% | +6.4% |
- Over the year to Oct 27, 2026, DLS returned +11.7%, 5th of 7 among similar funds.
- Its 5-year annualized return was +7.3% and its 10-year +7.7%.
- In the 2020 COVID crash it fell 38.3% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2008 (-44.3%); its best was 2009 (+37.2%).
- The deepest fall in its price history was 63.1% (Oct 31, 2007 to Mar 9, 2009), recovered by Aug 13, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +34.1% | +33.49% |
| 2024 | +3.1% | +3.24% |
| 2023 | +15.3% | +15.40% |
| 2022 | -17.3% | -17.36% |
| 2021 | +11.7% | +11.66% |
| 2020 | -1.3% | -1.23% |
| 2019 | +22.2% | +22.11% |
| 2018 | -18.9% | -18.69% |
| 2017 | +31.8% | +30.95% |
| 2016 | +6.8% | +7.00% |
| 2015 | +7.5% | — |
| 2014 | -9.0% | — |
| 2013 | +26.4% | — |
| 2012 | +24.1% | — |
| 2011 | -12.3% | — |
| 2010 | +19.4% | — |
| 2009 | +37.2% | — |
| 2008 | -44.3% | — |
| 2007 | +4.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.9% over that stretch · deepest drop along the way 63.1%, back to its old high 53.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.3% over that stretch · deepest drop along the way 38.3%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.5% over that stretch · deepest drop along the way 28.9%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2100 | |
| 2025 | $3.1300 | +9.1% |
| 2024 | $2.8700 | +4.4% |
| 2023 | $2.7500 | -4.5% |
| 2022 | $2.8800 | +19.0% |
| 2021 | $2.4200 | +40.7% |
| 2020 | $1.7200 | -28.3% |
| 2019 | $2.4000 | +8.6% |
| 2018 | $2.2100 | +2.8% |
| 2017 | $2.1500 | +8.6% |
| 2016 | $1.9800 | +25.3% |
| 2015 | $1.5800 | -21.0% |
| 2014 | $2.0000 | -18.4% |
| 2013 | $2.4500 | +31.7% |
| 2012 | $1.8600 | +3.3% |
| 2011 | $1.8000 | +21.6% |
| 2010 | $1.4800 | +26.5% |
| 2009 | $1.1700 | -40.3% |
| 2008 | $1.9600 | +33.3% |
| 2007 | $1.4700 |
What's inside
As of Jun 30, 2026, the fund held 1,020 securities; the ten largest made up 5.69% of assets. It also reported 3.36% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| ELECNOR SA | 0.74% | |
| HOEGH AUTOLINERS ASA | 0.72% | |
| PLUS500 LTD | 0.64% | |
| HAFNIA LTD | 0.64% | |
| TAIYO YUDEN CO LTD | 0.57% | |
| MAN GROUP PLC | 0.54% | |
| NOS SGPS SA | 0.50% | |
| DOF GROUP ASA | 0.46% | |
| FIRST RESOURCES LTD | 0.45% | |
| FIBI HOLDINGS LTD | 0.43% | |
| APERAM SA | 0.42% | |
| ODFJELL DRILLING LTD | 0.40% | |
| REN - REDES ENERGETICAS NACIONAIS SGPS SA | 0.39% | |
| TP ICAP GROUP PLC | 0.39% | |
| VENTIA SERVICES GROUP LTD | 0.39% |
By country
Japan 28.29%United Kingdom 12.16%Australia 9.8%Sweden 6.55%Israel 6.17%By asset type
Stocks 99.17%Preferred stock 0.24%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $12.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.49%, +2.66%, -4.04%.
How it works
DLS tracks an index designed by WisdomTree, the parent company of the fund's adviser. The index starts from the WisdomTree International Equity Index, a list of dividend-paying companies in developed countries outside the US and Canada. It removes the 300 largest of those companies, then keeps the ones that make up the bottom 25% of the remaining market value. To qualify, a company must be based and listed in one of 20 countries, such as Japan, the UK, Australia, Israel, Singapore and much of Europe. It must also have paid at least $5 million in cash dividends over the prior year, be worth at least $100 million, and trade often enough. As of June 30, 2026, index companies ranged from $59.8 million to $16.2 billion in value.
The index weights each company by the total dollar amount of dividends it paid over the prior year, so bigger payers get more weight. Once a year, on its screening date, the index rebalances and caps each country and sector at 25%, and real estate at 15%. Weights can drift past those caps between rebalances. Japan made up 28.29% of the fund as of June 30, 2026.
The fund uses representative sampling, which means it may hold a sample of index stocks that looks like the whole index rather than every stock in it. It keeps at least 80% of net assets in index stocks or close equivalents. It held no derivatives as of June 30, 2026, and its portfolio turnover was 45%.
What it really costs
- DLS charges 0.58% a year, versus an average of 0.33% for the similar funds below (7th of 7, 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 |
|---|---|---|---|---|
| DLS | $59 | $186 | $324 | $726 |
In a retirement portfolio
It adds small international companies, weighted by dividends, that many US-focused portfolios barely own, though its price swings have been large.
DLS may add small companies in Japan, the UK, Australia and Europe that many US-focused portfolios barely own. It also pays quarterly dividends, with a trailing yield of 3.53% as of October 27, 2026. The trade-off is deep falls. From October 2007 to March 2009 it lost 63.1%, and it did not regain its peak until August 2013, about 53 months later. Its worst calendar year was 2008, at -44.3%. It fell 38.3% in the 2020 COVID crash and recovered in about nine months. It fell 28.9% in the 2022 bear market and took 21 months to recover. Selling shares in a year like that could lock in losses, and small companies can cut their dividends. Its 0.58% expense ratio, or $726 over 10 years in the SEC's $10,000 example, is the highest among similar funds. 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 who want broad international small-cap exposure across about 1,020 companies, with no single holding above 0.75% as of June 30, 2026.
- People comfortable with stock risk who want quarterly income; the trailing yield was 3.53% as of October 27, 2026.
- Those who prefer weighting by dividends paid instead of company size, with annual caps of 25% per country and sector.
Look elsewhere if
- Cost-focused investors: the 0.58% expense ratio compares with 0.11% for Schwab International Small-Cap Equity ETF (SCHC).
- Anyone who can't tolerate deep losses: it fell 63.1% in 2007–2009 and took about 53 months to recover.
- Investors wary of heavy Japan exposure, which was 28.29% of assets as of June 30, 2026, or of foreign currency swings.
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 |
|---|---|---|---|---|---|
| DLS this fund | — | 0.58% | $1.03B | +11.7% | +21.4% |
| AVDV Avantis International Small Cap Value ETF | 21% | 0.36% | $20.50B | +22.1% | +27.1% |
| GWX SPDR S&P International Small Cap ETF | 17% | 0.4% | $868.6M | +12.8% | +21.2% |
| ISCF iShares International Small‑Cap Equity Fact… | 16% | 0.23% | $658.1M | +10.4% | +21.7% |
| SCHC Schwab International Small-Cap Equity ETF | 13% | 0.11% | $5.77B | +9.3% | +21.4% |
| DFIS Dimensional International Small Cap ETF | 13% | 0.39% | $5.74B | +14.0% | +23.1% |
| PDN Invesco RAFI Developed Markets ex-U.S. Smal… | 12% | 0.49% | $352.6M | +12.8% | +21.7% |
Questions investors ask
Does DLS pay monthly dividends?
No. DLS pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $3.04 per share, a trailing yield of 3.53%. Because the index weights companies by the dividends they paid over the prior year, income is a central part of the fund's design. Payouts can still change from quarter to quarter. Small companies can cut dividends, and currency moves affect how much the payouts are worth in US dollars.
What is the DLS expense ratio?
DLS charges 0.58% a year, all of it management fee, according to the prospectus filed July 29, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $59 after one year, $324 after five years and $726 after ten. That makes it the most expensive of seven similar international small-cap funds, which average 0.33%. Schwab International Small-Cap Equity ETF (SCHC) charges 0.11%.
DLS vs AVDV: what's the difference?
Avantis International Small Cap Value ETF (AVDV) has the most holdings in common with DLS, but the two still share only about 21%. AVDV charges 0.36%, compared with 0.58% for DLS. AVDV is also much larger, with about $20.5 billion in net assets as of August 31, 2026, compared with $1.03 billion for DLS as of June 30, 2026. AVDV returned 21.2% over one year as of October 30, 2026. DLS returned 11.7% as of October 27.
What countries does DLS invest in?
DLS invests in developed markets outside the US and Canada, and Japan is by far its largest country. As of June 30, 2026, Japan made up 28.29% of the fund, followed by the United Kingdom at 12.16%, Australia at 9.8%, Sweden at 6.55%, Israel at 6.17% and Singapore at 5.34%. The largest holdings included Elecnor in Spain, Hoegh Autoliners in Norway, Plus500 in Israel and Hafnia in Singapore. Each was under 1% of assets.
How has DLS performed over the long term?
DLS's long-term returns have been moderate but uneven. As of December 31, 2025, the prospectus shows average annual returns of 33.49% over one year, 7.97% over five years and 7.27% over ten years. Calendar years ranged from a 30.95% gain in 2017 to an 18.69% loss in 2018. Its worst quarter was a 31.83% drop in the first quarter of 2020. Since its 2006 launch, it has returned about 6.4% a year as of October 27, 2026.