At a glance
DWMF charges 0.38% a year, above the 0.12% average of the 8 funds most like it (the most expensive of 9). It has $34.0M in assets, the 9th largest of that group; it paid 3.01% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +15.0% a year. At its worst it fell 29.7% in the 2020 crash (S&P 500: 33.7%) and 16.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 6 months after the lows. Its ten largest positions make up 13.4% of the fund, out of 202 in all.
The short version
WisdomTree International Multifactor Fund (DWMF) is an actively managed ETF that uses an in-house computer model to pick stocks from developed markets outside the US and Canada. It scores companies on traits such as value, quality and momentum, and it hedges between 0% and 100% of its foreign-currency exposure against the dollar. The trade-off is cost: its annual fee, 0.38% of assets, is well above the 0.12% average for similar funds.
Price history
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DWMF +5.1% 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 | |
|---|---|---|---|---|---|---|
| DWMF official prospectus, to Dec 31, 2025 | — | +25.02% | — | +9.52% | — | +7.26% |
| Index 74 index, same period | — | +31.22% | — | +8.92% | — | +8.21% |
| Index 75 index, same period | — | +20.60% | — | +11.47% | — | +8.87% |
| DWMF price data to Oct 27, 2026 | +3.6% | +5.1% | +15.0% | +8.3% | — | +6.9% |
- Over the year to Oct 27, 2026, DWMF returned +5.1%, 9th of 9 among similar funds.
- Its 5-year annualized return was +8.3%.
- In the 2020 COVID crash it fell 29.7% and regained its old high 12.6 months after the low.
- Its worst full calendar year was 2022 (-7.3%); its best was 2025 (+24.5%).
- The deepest fall in its price history was 29.7% (Feb 19, 2020 to Mar 16, 2020), recovered by Apr 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.6% | — |
| 2025 | +24.5% | +25.02% |
| 2024 | +10.2% | +10.82% |
| 2023 | +10.8% | +10.69% |
| 2022 | -7.3% | -7.25% |
| 2021 | +11.3% | +10.78% |
| 2020 | -1.2% | -0.74% |
| 2019 | +16.2% | +15.93% |
| 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 29.2% over that stretch · deepest drop along the way 29.7%, back to its old high 12.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.8% over that stretch · deepest drop along the way 16.5%, back to its old high 6.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8000 | |
| 2025 | $0.9200 | -3.2% |
| 2024 | $0.9500 | -7.8% |
| 2023 | $1.0300 | +25.6% |
| 2022 | $0.8200 | -13.7% |
| 2021 | $0.9500 | +86.3% |
| 2020 | $0.5100 | -29.2% |
| 2019 | $0.7200 |
What's inside
As of Jun 30, 2026, the fund held 202 securities; the ten largest made up 13.42% of assets.
| Holding | Weight | |
|---|---|---|
| ASML HOLDING NV | 2.51% | |
| AVOLTA AG | 1.64% | |
| INTERCONTINENTAL HOTELS GROUP PLC | 1.61% | |
| NOVARTIS AG | 1.45% | |
| HSBC HOLDINGS PLC | 1.25% | |
| TOKYO ELECTRON LTD | 1.12% | |
| BANCO SANTANDER SA | 1.02% | |
| SHELL PLC | 0.95% | |
| ADVANTEST CORP | 0.94% | |
| BHP GROUP LTD | 0.93% | |
| ALLIANZ SE | 0.91% | |
| WH GROUP LTD | 0.91% | |
| SIEMENS AG | 0.88% | |
| GSK PLC | 0.88% | |
| ROLLS-ROYCE HOLDINGS PLC | 0.78% |
By country
Japan 25.17%United Kingdom 15.91%France 7.95%Sweden 6.98%Italy 5.81%By asset type
Stocks 98.41%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.81%, +0.06%, +2.28%.
How it works
DWMF is actively managed rather than tied to an index. Its adviser, WisdomTree Asset Management, runs it with a quantitative model, which is a set of computer-driven rules. The model ranks stocks in developed countries outside the US and Canada on factors such as value (how cheap a stock looks), quality (how sound the business is), momentum (recent price strength) and TAPE, a WisdomTree machine-learning signal built from price and trading volume. The model also decides when to trade.
The portfolio is rebalanced at least monthly, and more often when market conditions call for it. Between rebalances it may hold stocks the model no longer favors. The prospectus reports portfolio turnover of 117%, which is roughly like replacing the whole portfolio more than once a year. As of June 30, 2026, the fund had 202 holdings. The 10 largest made up just 13.4% of assets, led by ASML (2.5%), Avolta (1.6%) and InterContinental Hotels Group (1.6%).
The fund also manages currency risk. A stronger dollar shrinks the value of foreign stocks for US investors, and a weaker one lifts it. The fund hedges, or offsets, between 0% and 100% of each currency's moves against the dollar. It adjusts the hedge as often as weekly, based on signals such as momentum, interest-rate differences and volatility. It uses currency forward or futures contracts, and the hedge may not work as planned.
What it really costs
- DWMF charges 0.38% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWMF | $39 | $122 | $213 | $480 |
In a retirement portfolio
It holds developed-market stocks outside the US and Canada, led by Japan and the UK as of June 30, 2026, which may complement a US-focused portfolio.
DWMF could add stocks from developed markets outside the US and Canada to a US-heavy portfolio, but it has fallen hard in broad downturns. It launched in 2018, so it has no 2008 record. In the 2020 COVID crash it fell 29.7% in under a month and took about 12.6 months to recover. In the 2022 bear market it dropped 16.5% and recovered in about 6.4 months. Its worst calendar year was 2022, a loss of 7.25%. Cashing out near those lows would have locked in steep losses.
Its yield over the prior 12 months was 3.01% as of October 27, 2026, paid quarterly. Its 0.38% annual expense ratio is above the 0.12% peer average. In the SEC's standard example, that comes to $480 over 10 years on $10,000. Past results don't predict future ones, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based tilt toward value, quality and momentum stocks in developed markets outside the US and Canada, rather than a plain index.
- Investors comfortable letting a model decide how much currency risk to hedge against the dollar, anywhere from 0% to 100%, adjusted as often as weekly.
- Investors who want quarterly distributions from foreign stocks; the yield over the prior 12 months was 3.01% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: its 0.38% expense ratio is well above IEFA's 0.07% and VEA's 0.03%, both of which share many holdings with DWMF.
- Anyone wanting results close to a broad international index: its one- and three-year returns trailed all eight similar funds as of October 27, 2026.
- Those wary of a small, heavily traded fund: net assets were about $34 million as of June 30, 2026, and portfolio turnover was 117%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DWMF this fund | — | 0.38% | $34.0M | +5.1% | +15.0% |
| EFA iShares MSCI EAFE ETF | 39% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 35% | 0.07% | $190.11B | +13.7% | +18.5% |
| EFV iShares MSCI EAFE Value ETF | 34% | 0.33% | $29.11B | +21.9% | +23.3% |
| IDEV iShares Core MSCI International Developed M… | 31% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 30% | 0.06% | $69.68B | +17.7% | +20.4% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 28% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 27% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
Does DWMF pay dividends?
Yes. DWMF pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.99 per share, a yield of 3.01%. The amount isn't fixed. It depends on dividends from the foreign companies it holds, which change as the model rotates holdings. It also depends on exchange rates when those dividends are converted into dollars. The fund's stated objective is capital appreciation (growth in value), not income, so payouts are a by-product of its stock picks.
What's the difference between DWMF and EFA?
DWMF is actively managed with a computer model, while EFA, the iShares MSCI EAFE ETF, follows an index. DWMF tilts toward value, quality and momentum and decides how much currency risk to hedge. EFA is its closest match by holdings, with about 39% overlap. It is cheaper (0.32% versus 0.38%) and far larger: about $78 billion as of July 31, 2026, against DWMF's $34 million as of June 30, 2026. EFA returned 12.9% over one year to October 30, 2026; DWMF returned 5.1% to October 27, 2026.
What is DWMF's expense ratio?
DWMF's expense ratio, the yearly fee taken from fund assets, is 0.38%, according to its prospectus filed July 29, 2026. All of it is the management fee. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs total $39 after one year, $213 after five and $480 after ten. That makes DWMF costlier than all eight similar funds, which average 0.12%. IEFA charges 0.07% and VEA 0.03%.
Does DWMF hedge currency risk?
Yes, but by a varying amount. DWMF can hedge anywhere from 0% to 100% of its exposure to each foreign currency against the US dollar. WisdomTree adjusts those hedge levels as often as weekly. It uses signals such as momentum, interest-rate differences, volatility and cross-asset returns, and it hedges with currency forward or futures contracts. When the dollar strengthens, a hedge softens the hit to foreign stocks. When the dollar weakens, a hedge gives up some gain. The prospectus warns the hedging may not work as intended.
How has DWMF performed?
According to its prospectus, DWMF returned 9.52% a year over the five years to December 31, 2025, and 7.26% a year since its 2018 launch. Its strongest calendar year was 2025, at 25.02%. Its weakest was 2022, a loss of 7.25%. Its worst quarter, the first of 2020, was a loss of 18.06%. Based on market prices, it returned 5.1% over the year to October 27, 2026, and 15% a year over three years. It trailed all eight similar funds on both measures.