At a glance
EES charges 0.38% a year, above the 0.21% average of the 8 funds most like it (the 7th cheapest of 9). It has $724.3M in assets, the 7th largest of that group; it paid 1.18% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +19.4% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +19.9% a year. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 7.2% of the fund, out of 889 in all.
The short version
WisdomTree U.S. SmallCap Fund (EES) is an index ETF that held 889 small U.S. companies as of June 30, 2026. Each company had to be profitable over its prior four quarters. The fund doesn't weight stocks by market value. Instead, the companies that earn the most get the largest weights. That earnings tilt costs more: its 0.38% expense ratio is well above the 0.21% average of similar funds.
Price history
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EES +19.4% 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 | |
|---|---|---|---|---|---|---|
| EES official prospectus, to Dec 31, 2025 | — | +6.93% | — | +9.40% | +9.97% | — |
| Wisdom Tree U.S. Small Cap Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +7.40% | — | +9.82% | +10.30% | — |
| Index46 index, same period | — | +6.02% | — | +7.31% | +9.81% | — |
| Index47 index, same period | — | +6.70% | — | +8.96% | +9.64% | — |
| EES price data to Oct 27, 2026 | +17.4% | +19.4% | +19.9% | +7.6% | +10.8% | +8.7% |
- Over the year to Oct 27, 2026, EES returned +19.4%, 5th of 9 among similar funds.
- Its 5-year annualized return was +7.6% and its 10-year +10.8%.
- In the 2020 COVID crash it fell 46.1% and regained its old high 8 months after the low.
- Its worst full calendar year was 2008 (-32.4%); its best was 2009 (+48.8%).
- The deepest fall in its price history was 63.6% (Jun 4, 2007 to Mar 9, 2009), recovered by Nov 4, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.4% | — |
| 2025 | +7.0% | +6.93% |
| 2024 | +9.9% | +9.89% |
| 2023 | +18.6% | +18.42% |
| 2022 | -16.2% | -16.16% |
| 2021 | +34.4% | +34.34% |
| 2020 | +3.0% | +2.79% |
| 2019 | +21.7% | +21.92% |
| 2018 | -10.1% | -9.96% |
| 2017 | +12.4% | +12.56% |
| 2016 | +30.3% | +29.96% |
| 2015 | -7.2% | — |
| 2014 | +2.4% | — |
| 2013 | +45.2% | — |
| 2012 | +15.1% | — |
| 2011 | -1.9% | — |
| 2010 | +26.9% | — |
| 2009 | +48.8% | — |
| 2008 | -32.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.6% over that stretch · deepest drop along the way 61.6%, back to its old high 13.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.8% over that stretch · deepest drop along the way 46.1%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.8% over that stretch · deepest drop along the way 24.8%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5800 | |
| 2025 | $0.7400 | -1.3% |
| 2024 | $0.7500 | +25.0% |
| 2023 | $0.6000 | +25.0% |
| 2022 | $0.4800 | -44.8% |
| 2021 | $0.8700 | +70.6% |
| 2020 | $0.5100 | 0.0% |
| 2019 | $0.5100 | -12.1% |
| 2018 | $0.5800 | +70.6% |
| 2017 | $0.3400 | +1.0% |
| 2016 | $0.3367 | -3.8% |
| 2015 | $0.3500 | +28.1% |
| 2014 | $0.2733 | +28.1% |
| 2013 | $0.2133 | -45.8% |
| 2012 | $0.3933 | +81.5% |
| 2011 | $0.2167 | +16.1% |
| 2010 | $0.1867 | +143.4% |
| 2009 | $0.0767 | -62.3% |
| 2008 | $0.2033 |
What's inside
As of Jun 30, 2026, the fund held 889 securities; the ten largest made up 7.21% of assets.
| Holding | Weight | |
|---|---|---|
| VENTURE GLOBAL INC | 1.22% | |
| ORGANON & COMPANY | 0.83% | |
| GARRETT MOTION INC | 0.76% | |
| MATSON INC | 0.71% | |
| BREAD FINANCIAL HOLDINGS INC | 0.70% | |
| VIRTU FINANCIAL INC | 0.67% | |
| BGC GROUP INC | 0.61% | |
| UNITI GROUP INC | 0.58% | |
| LEVI STRAUSS & COMPANY | 0.58% | |
| CRESCENT ENERGY COMPANY | 0.55% | |
| CABOT CORP | 0.54% | |
| ENOVA INTERNATIONAL INC | 0.51% | |
| ACM RESEARCH INC | 0.51% | |
| RINGCENTRAL INC | 0.50% | |
| HARLEY-DAVIDSON INC | 0.49% |
By country
United States 95.25%Bermuda 1.01%Puerto Rico 0.76%Cayman Islands 0.64%Ireland 0.51%By asset type
Stocks 99.89%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $15.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.47%, +0.87%, +6.47%.
How it works
EES tracks the WisdomTree U.S. SmallCap Index. WisdomTree, Inc. built the index and also owns the fund's adviser. The index starts with WisdomTree's U.S. Total Market Index and removes the 500 largest companies. It then keeps the bottom 25% of what remains by market value. To qualify, a company must be based and listed in the U.S. and have positive total earnings over its last four fiscal quarters. It also needs a market value of at least $100 million, median daily trading of at least $200,000 and a price-to-earnings ratio of at least two. As of June 30, 2026, company sizes ranged from $21.3 million to $12.4 billion, with an average of $1.6 billion.
Once a year, the index weights each company by its share of the group's total earnings. Bigger earners get bigger weights. Weights may be trimmed or raised based on market value and trading volume limits. The fund uses "representative sampling": it may hold a sample of index stocks with similar traits rather than every one. It must keep at least 80% of its assets in index stocks or close equivalents. Portfolio turnover was 48%.
The fund is passive. It won't move to defense in a falling market. It uses no leverage or options, and it held no derivatives as of June 30, 2026. Legally it is "non-diversified," but the top 10 holdings made up only 7.21% of assets. Financials were roughly 15% or more of the index.
What it really costs
- EES charges 0.38% a year, versus an average of 0.21% for the similar funds below (7th 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 |
|---|---|---|---|---|
| EES | $39 | $122 | $213 | $480 |
In a retirement portfolio
EES adds profitable small U.S. companies to a portfolio, but its drops have been deep enough that it fits better as a small side holding than as the core.
EES adds smaller U.S. companies that large-cap funds mostly miss. The ride has been rough. The fund fell 61.6% in the 2008 financial crisis, 46.1% in the 2020 COVID crash and 24.8% in the 2022 bear market. It took until July 2024 to recover from the 2022 drop. Its worst calendar year was 2008, at -32.4%. Its deepest drop, 63.6% from June 2007 to March 2009, wasn't fully made up until November 2010. Selling shares near lows like those to cover living costs would have locked in large losses.
Income is modest: a 1.18% trailing yield as of October 27, 2026, paid quarterly. At 0.38% a year, or $39 on $10,000 in the first year under the SEC's standard example, it costs more than many small-cap index 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 only small companies with positive earnings, weighted by profits rather than by stock market value.
- Long-term holders who can sit through drops like the 46.1% fall in early 2020 and the 63.6% slide of 2007–2009.
- People who want wide spread: 889 holdings as of June 30, 2026, with the top 10 at just 7.21% of assets.
Look elsewhere if
- Cost-focused investors: SPDR Portfolio S&P 600 Small Cap ETF (SPSM) charges 0.03% and iShares Core S&P Small-Cap ETF (IJR) 0.06%, versus 0.38%.
- Retirees who need meaningful income: the trailing yield was 1.18% as of October 27, 2026, paid quarterly.
- Anyone who may need the money within a few years: after the 2022 drop, the fund took until July 2024 to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EES this fund | — | 0.38% | $724.3M | +19.4% | +19.9% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 47% | 0.61% | $1.37B | +25.4% | +24.3% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 41% | 0.38% | $2.19B | +19.0% | +17.1% |
| AVSC Avantis U.S Small Cap Equity ETF | 39% | 0.25% | $3.11B | +22.7% | +21.5% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 39% | 0.15% | $248.2M | +17.1% | +18.9% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 38% | 0.03% | $16.92B | +21.7% | +17.4% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 38% | 0.07% | $6.45B | +16.7% | +18.6% |
| IJR iShares Core S&P Small-Cap ETF | 37% | 0.06% | $111.32B | +21.7% | +17.4% |
Questions investors ask
How has EES performed over the long term?
EES returned an average of 9.97% a year over the 10 years ended December 31, 2025, according to its prospectus. Its index, which has no costs, returned 10.30%. The fund's five-year and one-year average returns were 9.40% and 6.93%. Based on share price, it gained 19.4% over the year to October 27, 2026. Results swing widely: it lost 41.51% in the first quarter of 2020 and gained 30.84% in the last quarter of that year.
What is the EES expense ratio?
EES charges 0.38% a year, according to its prospectus filed July 29, 2026. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs come to about $39 after one year, $213 after five years and $480 after ten. Similar small-cap funds average 0.21%. Some S&P 600 trackers cost far less, such as Vanguard S&P Small-Cap 600 ETF (VIOO) at 0.07%.
Does EES pay a monthly dividend?
No. EES pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.78 per share, a trailing yield of 1.18%. That is modest, because the fund picks and weights stocks by earnings, not by dividends. WisdomTree also offers the WisdomTree U.S. SmallCap Dividend Fund (DES). DES also charges 0.38%, and about 41% of its holdings overlap with EES.
EES vs FYX: what's the difference?
FYX overlaps more with EES than any other similar fund, about 47% by holdings. EES follows WisdomTree's earnings-weighted index of profitable small companies and charges 0.38%. First Trust Small Cap Core AlphaDEX Fund (FYX) costs more, at 0.61%. FYX also returned more through October 27, 2026. Its returns were 25.4% over one year and 24.3% a year over three years. EES returned 19.4% and 19.9% over the same periods.
What are the top holdings in EES?
As of June 30, 2026, EES's largest holdings were Venture Global (1.2%), Organon (0.8%), Garrett Motion (0.8%), Matson (0.7%) and Bread Financial (0.7%). The fund held 889 stocks, and the top 10 made up only 7.21% of assets. Financials were roughly 15% or more of the index. About 95% of assets were in U.S. companies, with small amounts in places such as Bermuda and Puerto Rico.