At a glance
EMMF charges 0.48% a year, above the 0.38% average of the 8 funds most like it (the 6th cheapest of 9). It has $179.0M in assets, the 7th largest of that group; it paid 2.02% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +18.6% a year. At its worst it fell 27.1% in the 2020 crash (S&P 500: 33.7%) and 22.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows. Its ten largest positions make up 32.3% of the fund, out of 221 in all.
The short version
WisdomTree Emerging Markets Multifactor Fund (EMMF) is an actively managed ETF. It uses a computer model to pick emerging-market stocks based on value, quality, momentum and price-trend signals. Unlike most similar funds, it can hedge some or all of its foreign currency exposure back to the US dollar. Its 0.48% expense ratio is above the 0.38% average of similar funds and well above index funds such as IEMG, at 0.09%.
Price history
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EMMF +13.9% 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 | |
|---|---|---|---|---|---|---|
| EMMF official prospectus, to Dec 31, 2025 | — | +21.68% | — | +7.82% | — | +5.84% |
| Index116 index, same period | — | +33.57% | — | +4.20% | — | +6.34% |
| EMMF price data to Oct 27, 2026 | +13.1% | +13.9% | +18.6% | +9.1% | — | +6.9% |
- Over the year to Oct 27, 2026, EMMF returned +13.9%, 4th of 9 among similar funds.
- Its 5-year annualized return was +9.1%.
- In the 2020 COVID crash it fell 27.1% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-13.4%); its best was 2025 (+21.2%).
- The deepest fall in its price history was 32.5% (Aug 29, 2018 to Mar 23, 2020), recovered by Dec 4, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.1% | — |
| 2025 | +21.2% | +21.68% |
| 2024 | +9.5% | +9.39% |
| 2023 | +20.6% | +19.35% |
| 2022 | -13.4% | -13.40% |
| 2021 | +6.0% | +5.92% |
| 2020 | +9.2% | +9.64% |
| 2019 | +2.4% | +2.98% |
| 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 27.1% over that stretch · deepest drop along the way 27.1%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.6% over that stretch · deepest drop along the way 22.9%, back to its old high 14.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4600 | |
| 2025 | $0.7700 | +120.0% |
| 2024 | $0.3500 | -12.5% |
| 2023 | $0.4000 | -45.2% |
| 2022 | $0.7300 | +9.0% |
| 2021 | $0.6700 | +45.7% |
| 2020 | $0.4600 | -32.4% |
| 2019 | $0.6800 |
What's inside
As of Jun 30, 2026, the fund held 221 securities; the ten largest made up 32.28% of assets.
| Holding | Weight | |
|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 8.14% | |
| SK HYNIX INC | 7.32% | |
| SAMSUNG ELECTRONICS CO LTD | 5.73% | |
| TENCENT HOLDINGS LTD | 2.81% | |
| ALIBABA GROUP HOLDING LTD | 1.90% | |
| COUPANG INC | 1.49% | |
| MERCADOLIBRE INC | 1.44% | |
| HYUNDAI MOTOR COMPANY | 1.37% | |
| MEDIATEK INC | 1.12% | |
| DELTA ELECTRONICS INC | 0.96% | |
| BAIDU INC | 0.94% | |
| KING SLIDE WORKS COMPANY LTD | 0.90% | |
| YAGEO CORP | 0.90% | |
| ELITE MATERIAL COMPANY LTD | 0.85% | |
| ASE TECHNOLOGY HOLDING CO LTD | 0.83% |
By country
Taiwan 23.38%South Korea 21.24%India 14.69%Cayman Islands 10.13%Brazil 6.59%By asset type
Stocks 96.22%Preferred stock 2.46%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.13%, +12.02%, -3.47%.
How it works
EMMF does not track an index. Its adviser, WisdomTree Asset Management, runs a quantitative model that scores emerging-market stocks on fundamental factors and technical factors. The fundamental factors include value (how cheap a stock looks) and quality (how sound the business is). The technical factors include momentum (recent price strength) and TAPE, a proprietary machine-learning signal built from price and trading volume. At least 80% of net assets go into companies that do most of their business in an emerging market and list their shares there. The fund mostly owns large and mid-sized companies but may hold smaller ones.
The model rebalances the portfolio at least once a month, and more often when the adviser chooses. That trading shows up in a 100% portfolio turnover rate. As of June 30, 2026, the fund held 221 companies, with about 32% in the top 10. Taiwan Semiconductor (8.1%), SK Hynix (7.3%) and Samsung Electronics (5.7%) led. Taiwan (23.4%) and South Korea (21.2%) were the largest countries, followed by India (14.7%).
Its less common feature is currency hedging. For each foreign currency, the fund can offset anywhere from 0% to 100% of its exposure against the US dollar, using forward and futures contracts. It can change those hedges as often as weekly, based on signals such as momentum and interest rate differences. Hedging can soften returns or add to them, depending on how currencies move.
What it really costs
- EMMF charges 0.48% a year, versus an average of 0.38% for the similar funds below (6th of 9, 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 |
|---|---|---|---|---|
| EMMF | $49 | $154 | $269 | $604 |
In a retirement portfolio
It is a high-turnover, model-driven emerging-markets fund with a beta of 1.27 as of October 27, 2026, so it has swung more than the broad market.
EMMF could add emerging-market companies, especially Asian chipmakers, that a US-focused portfolio lacks. The ride has been bumpy. The fund launched in 2018, so it has no 2008 record. It fell 27.1% in the 2020 COVID crash and recovered in about 4.4 months. In 2022 it dropped 22.9% and needed 14.8 months to recover, and that year's 13.4% loss is its worst calendar year. Its deepest fall, 32.5%, ran from August 2018 to March 2020. Anyone who had to sell during those stretches would have locked in losses. The yield was 2.02% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs come to $49 after one year and $604 after 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 who want a rules-based emerging-markets fund that tilts toward value, quality and momentum instead of simply owning the largest companies.
- People who like the idea of partial currency hedging to reduce swings from emerging-market currencies against the US dollar.
- Holders comfortable with heavy Taiwan and South Korea exposure, including about 21% in TSMC, SK Hynix and Samsung as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: IEMG charges 0.09% and BKEM 0.11%, compared with EMMF's 0.48% expense ratio.
- Anyone who needs steady value for near-term withdrawals: the fund fell 22.9% in 2022 and took 14.8 months to recover.
- Investors seeking peer-beating results: its 18.6% three-year annualized return ranked last of nine similar funds as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EMMF this fund | — | 0.48% | $179.0M | +13.9% | +18.6% |
| EEM iShares MSCI Emerging Markets ETF | 45% | 0.72% | $31.21B | +12.7% | +20.3% |
| EEMX SPDR MSCI Emerging Markets Fossil Fuel Free… | 45% | 0.3% | $181.2M | +15.3% | +23.6% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 43% | 0.25% | $24.92B | +27.3% | +24.6% |
| GSEE Goldman Sachs MarketBeta Emerging Markets E… | 43% | 0.36% | $138.7M | +12.9% | +21.7% |
| BKEM BNY Mellon Emerging Markets Equity ETF | 42% | 0.11% | $89.2M | +13.7% | +21.8% |
| IEMG iShares Core MSCI Emerging Markets ETF | 42% | 0.09% | $160.90B | +11.7% | +19.8% |
| AAXJ iShares MSCI All Country Asia ex-Japan ETF | 41% | 0.72% | $3.72B | +15.1% | +23.3% |
Questions investors ask
Is EMMF good for retirement?
It may suit retirees and savers only as a smaller, higher-risk part of a portfolio, not as a core holding. EMMF is an actively managed emerging-markets stock fund with a 0.48% expense ratio. It fell 27.1% in early 2020 and 22.9% in 2022, and the 2022 drop took 14.8 months to recover. It paid a 2.02% yield as of October 27, 2026, in quarterly payments. Investors who may need to sell in a downturn could face losses.
What's the difference between EMMF and EEM?
EEM, the iShares MSCI Emerging Markets ETF, follows an MSCI index, while EMMF picks stocks with WisdomTree's factor model and can hedge currencies. About 45% of their holdings overlap. EMMF is cheaper, at 0.48% against EEM's 0.72%, but much smaller: $179 million in net assets as of June 30, 2026, compared with EEM's $31.2 billion. EEM returned 21.1% a year over three years as of October 30, 2026. EMMF returned 18.6% a year as of October 27, 2026.
Does EMMF pay dividends?
Yes. EMMF pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.71 per share, a yield of 2.02%. The payments come from the dividends of the emerging-market companies it owns, so the amount can change from quarter to quarter. Because the fund trades heavily, with 100% portfolio turnover, holders in taxable accounts may also receive capital gains distributions in some years.
How has EMMF performed since it launched?
EMMF has gained, but it has been uneven. The prospectus reports a 5.84% average annual return from launch through December 31, 2025, and 7.82% a year over five years. Its 2025 return was 21.68%, behind the 33.57% posted by the comparison index in its prospectus. Over five years, though, it beat that index's 4.2%. The fund's worst year was 2022, at minus 13.4%. It was up 13.1% for 2026 through October 27.
Does EMMF hedge currency risk?
Yes, partly and flexibly. For each foreign currency, the fund can hedge anywhere from 0% to 100% of its exposure against the US dollar, using forward and futures contracts. It can adjust those hedges as often as weekly, based on signals such as momentum, interest rate differences and volatility. As of June 30, 2026, it held 42 currency derivative positions. The prospectus warns that the hedges may not work as intended.