WisdomTree Emerging Markets Efficient Core Fund

WisdomTree Emerging Markets Efficient Core Fund (NTSE) is an actively managed ETF that puts about 90% of its assets in emerging markets stocks. It also uses U.S. Treasury futures to add bond exposure equal to about 60% of assets, which is a form of leverage. Its 0.34% expense ratio is well below the 0.78% charged by Harbor's EFFE. EFFE is its closest match by holdings, but the two share only 12% of their holdings.

• Over the year to Oct 27, 2026, NTSE returned +16.1%.
• Its 5-year annualized return was +5.4%.
• Its worst full calendar year was 2022 (-26.3%); its best was 2025 (+36.3%).
• The deepest fall in its price history was 42.8% (Jun 4, 2021 to Oct 24, 2022), recovered by Oct 3, 2025.

As of Jun 30, 2026, the fund held 434 securities; the ten largest made up 46.16% of assets, and 8.75% sat in cash and money-market holdings.

• 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: +13.31%, +11.26%, -0.84%.

The fund's adviser, WisdomTree Asset Management, runs NTSE with a model instead of tracking an index. Normally about 90% of net assets goes into a basket of emerging markets stocks weighted by market capitalization, so bigger companies get bigger slices. That makes the fund top-heavy. As of June 30, 2026, Taiwan Semiconductor Manufacturing was 16.2% of assets, Samsung Electronics 11.1% and SK Hynix 8.6%. The top 10 made up 46% of 434 holdings. Taiwan (27%) and South Korea (25%) were the largest country weights.

The rest sits mostly in cash, which serves as collateral for U.S. Treasury futures. A futures contract is an agreement to buy or sell something later at a set price, so the fund gets bond exposure without paying the full amount up front. Contracts with maturities from 2 to 30 years add Treasury exposure worth about 60% of net assets. They target a duration (sensitivity to interest rates) of 3 to 8 years, similar to intermediate-term bonds. The fund rolls each contract into a new one as it nears expiry.

Because the stock and bond exposure together exceed the money invested, gains and losses are magnified. The fund rebalances every quarter. It rebalances sooner if either part drifts 5% or more from its target. Portfolio turnover was a low 6%.

• NTSE charges 0.34% a year, versus an average of 0.78% for the similar funds below.
• Of that, 0.32% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $35 in the first year and $431 over 10 years (assuming a 5% annual return).

Its concentrated emerging markets stocks, built-in leverage and 42.8% peak-to-trough drop fit a smaller position better than a portfolio's foundation.

NTSE puts emerging markets stocks and intermediate Treasury exposure in one fund, which can free up room elsewhere in a portfolio. It has been volatile, though. It launched in May 2021, so it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 36.4% and took about 34 months to recover. Its deepest drop was 42.8%, from June 2021 to October 2022, and it did not recover until October 2025. Its worst calendar year was 2022, at -26.5%. Someone who has to sell or draw income in a stretch like that would lock in losses.

It yielded 2.15% over the 12 months to October 27, 2026, paid quarterly. Under the SEC's standard example, $10,000 would cost about $35 in the first year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).