Short interest for WisdomTree U.S. SmallCap Dividend Fund gives investors a sense of the degree to which investors are betting on the decline of WisdomTree U.S. SmallCap Dividend Fund's stock. Short interest data is updated every two weeks.

WisdomTree U.S. SmallCap Dividend Fund (ARCA:DES), Short Interest Report

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In the past month with the Russell 2000 index up roughly 7%, as compared to the S&amp;P 500 index up nearly 4.8%, it is evident that small cap stocks are leading the charge in this bear market rally. The WisdomTree U.S.

As Small Caps Rally, These 3 Finance High-Yielders Could Have Further Upside

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These are go-go days for small-cap stocks and the related exchange-traded funds. The widely followed Russell 2000 Index jumped 18.29% in November, good for its best monthly performance on record.

3 Sizzling Small-Cap ETFs To Embrace Ahead Of 2021

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DESRI Inc

In the past month&nbsp;with the Russell 2000 index&nbsp;up roughly 7%, as compared to the S&amp;P 500 index up nearly 4.8%, it is evident that small cap stocks&nbsp;are leading the charge in this bear market rally. The WisdomTree U.S. SmallCap Dividend Fund (ARCA: DES) has seen a nice rally in the past month surging <a href="https://www.benzinga.com/news/large-cap/22/10/29403982/these-3-high-yielding-etfs-could-be-a-great-hedge-against-rising-prices">by more than 9%</a>.
Small cap dividend stocks are an interesting investment, since sharing their distributions with shareholders is less common during the younger stages of a firm. When a <a href="https://www.benzinga.com/money/best-small-cap-etfs/">small cap</a> does offer dividends, it can be a positive sign the firm is profitable and fundamentally sound.
Another important factor when investing in small cap stocks&nbsp;is they tend to be more volatile than the market. If the economy is truly in a bear market rally, investing in a small cap to reap the volatile returns, as well as earning a high yield, could be a great strategy.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/22/10/29404781/looking-for-a-short-squeeze-candidate-2-small-caps-with-soaring-yields-and-are-heavily-shorted">Looking For A Short Squeeze Candidate: 2 Small Caps With Soaring Yields And Are Heavily Shorted</a>
Learn more about three small cap stocks in the financial industry with high yields.
Hercules Capital Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/htgc#NYSE">HTGC</a>) is offering a dividend yield of 10.21% or $1.44 per share annually, making quarterly payments, with a consistent track record of increasing its dividends for three consecutive years.
Hercules is the largest business development company engaged in providing senior secured loans to high-growth, venture capital-backed companies in various technology, life sciences&nbsp;and sustainable and renewable technology industries.
Hercules has approximately $2.9 billion in assets under management and has partnered with more than&nbsp;590 innovative companies in the technology, life sciences, sustainable and&nbsp;renewable, and special situations verticals, since 2003. Two of these firms include zero-emission electric bus maker Proterra Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ptra#NASDAQ">PTRA</a>) and aerospace and launch service provider Rocket Lab USA Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rklb#NASDAQ">RKLB</a>).
Sixth Street Specialty Lending Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tslx#NYSE">TSLX</a>) is offering a dividend yield of 9.28% or $1.68 per share annually, making quarterly payments, with an inconsistent track record of increasing its dividends.
Sixth Street Specialty Lending is a specialty finance company focused on providing flexible financing solutions to middle-market companies located in the U.S.
Since its inception in 2011, Sixth Street has originated at least $22 billion aggregate principal amount of investments and has approximately $60 billion in assets under management.
Sixth Street&rsquo;s portfolio had a fair value of at least $2.5 billion invested across 94 portfolio companies, including&nbsp;Staples and JCPenney, which is partially owned by Simon Property Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spg#NYSE">SPG</a>).
Hanmi Financial Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hafc#NASDAQ">HAFC</a>) is offering a dividend yield of 3.81% or $1.00 per share annually, making quarterly payments, with a track record of increasing its dividends once in the past year.
Hanmi Financial was established as the first Korean American bank in 1982, helping fellow Korean American immigrants fulfill their dreams.
President and CEO Bonnie Lee&nbsp;mentioned in the third quarter press release, &ldquo;Our strategic initiatives to diversify our business are fueling growth across our loan and lease portfolio in an increasingly competitive lending environment.&rdquo;
In the third quarter, loans receivable grew to $5.80 billion, up 2.6% sequentially from the end of the second quarter and 12.6% from year-end as loan production returned to more historical levels at $492.3 million <a href="https://www.benzinga.com/top-stocks-under-5">for the third quarter</a>.
Photo: Shutterstock
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These are go-go days for small-cap stocks and the related exchange-traded funds. The widely followed Russell 2000 Index jumped 18.29% in November, good for its best monthly performance on record.
On Tuesday, the first trading day of December, nearly a dozen small-cap ETFs hit all-time highs. Some market observers believe recent small stock bullishness is more a start than a finish. In fact, Jefferies sees small caps, backed by 40% earnings growth, <a href="https://www.cnbc.com/2020/12/01/wall-streets-no-1-small-cap-strategist-hasnt-been-this-bullish-in-years-sees-12percent-gain-in-2021.html">topping large-cap</a> names next year.
With December looking it will be kind to stocks and with the aforementioned tailwinds in place for 2021, investors may want to consider any and all of the following small-cap ETFs over the near-term.
Invesco S&amp;P SmallCap Information Technology ETF (PSCT)
The Invesco S&amp;P SmallCap Information Technology ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/psct#NASDAQ">PSCT</a>) is one of the small-cap ETFs that hit an all-time high Tuesday, adding to a run that&#39;s seen the Invesco fund surge 23.66% over the past month.
PSCT, which tracks the S&amp;P SmallCap 600 Capped Information Technology Index, holds 74 stocks, about half of which are semiconductor or software names. Combine those alluring industry exposures with an <a href="https://www.invesco.com/us/financial-products/etfs/product-detail?productId=ETF-PSCT">average market capitalization</a> of $1.82 billion and it&#39;s not a stretch to say if mergers and acquisitions heat up next year, some PSCT holdings will be picked off, boosting the fund in the process.
WisdomTree U.S. SmallCap Dividend Fund (DES)
Small caps aren&#39;t often thought of as dividend destinations and the S&amp;P SmallCap 600 Index came under considerable dividend duress alongside the S&amp;P 500 earlier this year at the hands of the coronavirus pandemic. However, the WisdomTree U.S. SmallCap Dividend Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/des#NYSE">DES</a>) is in recovery/rally mode.
The fund is higher by 16.23% over the past month, good for one of the best showings among all dividend ETFs. DES yields 3.38%, roughly double the dividend yield on the S&amp;P SmallCap 600.
DES is an avenue for investors to generate income while positioning for a more extensive cyclical rebound because the financial services, industrial, real estate and materials sectors combine for two-thirds of the fund&#39;s roster.
IQ Chaikin U.S. Small Cap ETF (CSML)
The IQ Chaikin U.S. Small Cap ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csml#NASDAQ">CSML</a>) is a hidden gem among small-cap ETFs, though up more than 20% over the past month, perhaps it shouldn&#39;t be hidden. CSML follows the NASDAQ Chaikin Power U.S. Small Cap Index and is a quantitative strategy rooted in the application of 20 factors spanning both fundamental and technical analysis.
None of the fund&#39;s components exceed weights of 0.50% and CSML doesn&#39;t lean too heavily toward either growth or value stocks as its top five sector weights, which combine for 79% of the fund, span both growth and value.
Disclosure: The author owns shares of DES.

May was a brutal month for stocks, with the S&amp;P 500 losing 5.67 percent. Small caps were worse with the Russell 2000 Index dropping almost 7 percent for the month. The WisdomTree U.S. SmallCap Dividend Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/des#NYSE">DES</a>) was not immune from that negativity as the dividend sank 8.20 percent in May.
<h3>What Happened</h3>
That is not a ringing endorsement of DES, one of the original small-cap dividend exchange traded funds, but that May turbulence could bring opportunity with a fund that has historically outperformed non-dividend small-cap strategies.
DES, which turns 13 years old next month, tracks the fundamentally-weighted WisdomTree U.S. SmallCap Dividend Index. That benchmark&#39;s holdings are weighted by cash dividends paid.
&ldquo;This portfolio targets dividend payers without incurring too much risk,&rdquo; <a href="https://www.morningstar.com/articles/931696/this-dividendweighted-smallcap-etf-is-a-solid-pick.html">said Morningstar in a recent note</a>. &ldquo;Although the fund doesn&rsquo;t screen its holdings for profitability or dividend sustainability, a few dividend cuts across its portfolio shouldn&rsquo;t significantly affect its performance because it is broadly diversified and skews toward larger, more-stable names in the small-value Morningstar Category.&rdquo;
<h3>Why It&#39;s Important</h3>
DES holds nearly 700 stocks and has a distribution yield of 2.81 percent, more than double the comparable yield on the Russell 2000. The largest weight assigned to any of the fund&#39;s holdings is just 1.36 percent.
&ldquo;Its broad reach limits its exposure to firm-specific risk and the highest-yielding stocks, which are more likely to cut their dividends than their lower-yielding counterparts,&rdquo; said Morningstar. &ldquo;At the end of April 2019, it had greater exposure to consumer discretionary, real estate&nbsp;and utility stocks than the Russell 2000 Value Index, and less exposure to the healthcare and information technology sectors.&rdquo;
DES allocates just over 46 percent of its combined weight to the industrial, consumer discretionary and real estate sectors.
<h3>What&#39;s Next</h3>
Past performance is not a guarantee of future returns, but DES has a tradition of besting rival <a href="https://www.benzinga.com/money/best-small-cap-etfs/">small-cap</a> value strategies.
&ldquo;From its launch in June 2006 through April 2019, the strategy has topped the small-value category average and the Russell 2000 Value Index by 1.2 and 1.0 percentage points annually, respectively, with similar risk,&rdquo; according to Morningstar. &ldquo;The fund&rsquo;s favorable stock exposure within the energy and consumer discretionary sectors contributed to most to its outperformance.&rdquo;
The research firm has a Bronze rating on the $1.9 billion DES.
Disclosure: The author owns shares of DES.
Related Links:
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Small-cap exchange traded are in rally mode this year and some of the more conservative strategies in this market segment are participating in that upside. That includes dividend-focused ETFs.
Just look at the WisdomTree U.S. SmallCap Dividend Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/des#NYSE">DES</a>), which is higher by nearly 17 percent year-to-date.
<h3>What Happened</h3>
<a href="https://www.benzinga.com/money/best-small-cap-etfs/">Small-cap ETFs</a> were drubbed in the fourth quarter and entered bear markets before their large-cap counterparts. During that period, small-cap dividend funds faltered as well, but many were less volatile than their traditional rivals.
Last December, &ldquo;when perceptions and sentiment were stressed and in <a href="https://www.wisdomtree.com/blog/glossary#Risk-on/risk-off">risk-off</a> mode, the Russell 2000 Index dropped farther than the S&amp;P 500 Index,&rdquo; said WisdomTree <a href="https://www.wisdomtree.com/blog/2019-02-25/its-time-to-get-excited-about-us-small-caps">in a note out Monda</a>y. &ldquo;During the risk-on period in January 2019, the <a href="https://www.wisdomtree.com/blog/glossary#Russell%202000%20Index">Russell 2000 Index</a> outperformed the <a href="https://www.wisdomtree.com/blog/glossary#S&amp;P%20500%20Index">S&amp;P 500 Index</a>, showcasing the capability of <a href="https://www.wisdomtree.com/blog/glossary#Small%20caps">small caps</a> to respond quickly in a positive direction as conditions change.&rdquo;
Last year, DES was 280 basis points less volatile than the Russell 2000 Index. In each year from 2013 through 2018, the small-cap dividend fund was less volatile than the Russell 2000. (Disclosure: The author owns shares of DES.)
<h3>Why It&#39;s Important</h3>
DES yields 3.28 percent, or 202 basis points above the dividend yield on the Russell 2000. Year to date, DES is performing inline with the Russell 2000 Value Index with a dividend yield that&#39;s more than 130 basis points higher. From 2007 through 2018, DES outperformed the Russell 2000 Value Index in all but three years.
&ldquo;The <a href="https://www.wisdomtree.com/index/wtsdi">WisdomTree U.S. SmallCap Dividend Index</a> includes only dividend-paying companies and weights those firms on the cash dividends they pay,&rdquo; said WisdomTree. &ldquo;<a href="https://www.wisdomtree.com/blog/glossary#Valuation">Valuation</a> risk is mitigated, as companies with more established businesses tend to commit to paying regular dividends.&rdquo;
<h3>What&#39;s Next</h3>
The value comparison is credible because DES&#39;s multiples historically reside below those of the Russell 2000, a scenario that is showing itself again this year.
&ldquo;At the end of 2018, the WisdomTree U.S. SmallCap Earnings Index indicated a forward P/E ratio that was more than 54% less expensive than the Russell 2000 Index,&rdquo; according to WisdomTree. &ldquo;The WisdomTree U.S. SmallCap Earnings Index has been in live calculation since February 1, 2007, and has never ended a year with a discount like it has now. This tells us that, if there are to be late-cycle rallies and a bit of multiple expansion in U.S. small caps, this strategy may have the potential to capitalize.&rdquo;
Related Links
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/02/13232632/venturing-into-values-vindication">Venturing Into Value </a>
<a href="https://www.benzinga.com/news/19/02/13225244/this-quirky-etf-has-the-largest-kraft-heinz-weight">A Kraft Killer For This ETF</a>

A Surprising Thrill With A Small-Cap ETF

Various data points suggest that some sectors and market capitalization spectrums are more sensitive to <a href="https://www.benzinga.com/markets/cryptocurrency/18/05/11760779/a-dividend-etf-gets-aggressive-with-interest-rate-protection">a stronger dollar</a> than others. Recent performance confirms the notion that small-caps are better bets during strong dollar environments than large-caps.
For the 90-day period ended May 31, the PowerShares DB U.S. Dollar Index Bullish Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uup#NYSE">UUP</a>) gained 4.9 percent while the S&amp;P 500 added 1.6 percent. The S&amp;P 500&#39;s gain over that stretch pales in comparison to the 8.8 percent returned by the Russell 2000 Index,the widely followed small-cap benchmark.
<h3>
	What Happened</h3>
Plenty of other small-cap exchange-traded funds have recently been surging alongside the dollar, including some dividend strategies. The WisdomTree U.S. SmallCap Dividend Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/des#NYSE">DES</a>) is higher by nearly 8 percent for the three months ended May 31. The $2.08 billion DES tracks the dividend-weighted WisdomTree U.S. SmallCap Dividend Index (WTSDI).
DES turns 12 years old later this month, a milestone its underlying index hit at the end of May, so there&#39;s plenty of data to measure the fund&#39;s performance in various strong dollar environments. Historically, DES and its index have outperformed the S&amp;P 500 and the Russell 2000 as the dollar strengthens.
<h3>
	Why It&#39;s Important </h3>
Historical data confirm DES and its index do benefit from a stronger dollar.
&ldquo;The last time the market experienced a strengthening U.S. dollar was from the middle of 2014 through the end of 2016, with DXY appreciating 10.12 percent annually,&rdquo; <a href="https://www.wisdomtree.com/blog/2018-05-30/how-a-strengthening-us-dollar-affects-equity-returns">said WisdomTree in a recent note</a>. &ldquo;During this period, the WisdomTree SmallCap Dividend and Earnings Indexes outperformed the S&amp;P 500 Index, which rose 7.70% on an annual basis, by 264 and 51 <a href="https://www.wisdomtree.com/blog/glossary#Basis%20point">basis points (bps)</a>, respectively. WTSDI and WTSEI also outperformed the Russell 2000 Index by 356 and 143 bps annually, respectively.&rdquo;
Like many small-cap strategies, DES is more domestically focused. The ETF allocates nearly 21 percent of its weight to consumer discretionary stocks and over 17 percent to industrials.
<h3>
	What&#39;s Next</h3>
&ldquo;After depreciating in 2017, the dollar recently has reversed this trend and rallied more than 5 percent since February,&rdquo; said WisdomTree.
DES is usually less volatile than non-dividend small-cap counterparts and its index yields 3.76 percent, which is nearly triple the yield on the Russell 2000.
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PowerShares DB US Dollar Index Bullish Fund

Strong Dollar Defense And Rewards With This ETF

House Republicans approved the biggest U.S. tax overhaul in three decades with some tweaks with the aim of making America more competitive. The plan will slash the corporate income tax rates from 35% to 20% as proposed but reduce the number of individual income tax brackets from seven to four instead of three. The bill would limit state, local and mortgage interest deduction, eliminate personal exemption, and nearly double the standard deduction.
	The tax reform plan was passed with 227 votes in favor and 205 against. The step marks a significant achievement for the Trump administration and his promise to deliver historic tax cuts for Americans by the end of the year. Additionally, tax reform is the most prestigious legislative move for Republicans to enter into 2018 midterm elections (read: <a href="https://www.zacks.com/stock/news/281708/winners-amp-loser-of-trumps-tax-reform">Winners &amp; Loser of Trump&#39;s Tax Reform</a>).
	This has led to a huge rally in the broad stock market with small caps leading the way higher. The Russell 2000 index climbed 1.6% on Nov 17, leading to year-to-date returns of 9.6%. This is especially true as small caps are the biggest beneficiaries of the tax cuts relative to big companies. Companies on the Russell 2000 pay a median effective tax rate of 31.9% while the larger, multi-national companies on the S&amp;P 500 pay a median effective tax rate of 28%, according to Thomson Reuters data. The median tax rate for the 30 mega-cap stocks on the Dow Jones Industrial Average is even low at 23.8%.
	ETF Impact
	The surge also sent the small-cap ETF space into the green territory on Nov 17. In particular, PowerShares DWA SmallCap Momentum Portfolio DWAS, Guggenheim S&amp;P SmallCap 600 Pure Value ETF RZV and WisdomTree US SmallCap Dividend ETF DES stole the show. These funds gained nearly 2% on the day (see: <a href="https://www.zacks.com/funds/etfs/etf-categories/Small-Cap-ETFs-3">all the Small Cap ETFs here</a>).
	Below we profile these ETFs in detail and discuss some of the specifics behind their recent rally.
	DWAS
	This ETF offers exposure to the small-cap segment of the broad U.S. stock market. It follows the popular Dorsey, Wright &amp; Associates proprietary selection methodology that is designed to identify small-cap firms with positive relative strength characteristics in an attempt to follow companies with strong forward momentum. The product holds a basket of 200 stocks with none holding more than 1.93% of assets. From a sector look, healthcare takes the top spot with 25.8% share while financials, industrials, and information technology, round off the next three spots. The fund has $219.9 million in AUM and charges investors 60 bps a year in fees (read: <a href="https://www.zacks.com/stock/news/277572/small-cap-etf-dwas-hits-new-52week-high">Small Cap ETF Hits New 52-Week High</a>).
	RZV
	This fund provides exposure to the pure value segment of the small-cap market by tracking the S&amp;P SmallCap 600 Pure Value Index. It holds a well-diversified portfolio of 156 stocks with each security holding less than 2% of assets. In terms of sector exposure, consumer discretionary takes the largest share at 29.2% while industrials, financials and information technology round off the next three spots. It has been able to manage $178.4 million in its asset and charges 35 bps in fees per year from investors. RZV has a Zacks ETF Rank #3 (Hold) with a High risk outlook (read: <a href="https://www.zacks.com/stock/news/276770/small-cap-etfs-amp-stocks-crushing-russell-2000">Small Cap ETFs &amp; Stocks Crushing Russell 2000</a>).
	DES
	This ETF offers exposure to the dividend-paying small-cap companies in the U.S. equity market by tracking the WisdomTree U.S. SmallCap Dividend Index. Holding 655 stocks in its basket, it is widely spread out across components with each security holding less than 2% share. Consumer discretionary, industrials, real estate and financials are the top four sectors accounting for a double-digit exposure each. The product has amassed nearly $2 billion in its asset base and charges 38 bps in annual fees. It has a Zacks ETF Rank #3 with a Medium risk outlook.
	What Lies Ahead?
	Though the tax bill was passed by the House, it needs to get through Senate, which passed the $1.4 trillion budget resolution last month, paving the way for the approval of the tax bill. Given that the tax reform will come into play by the end of the year or early next year, small caps will continue to enjoy the rally. Additionally, increasing activities in the economy will fuel growth in these pint-sized stocks.
	This is because growth in the U.S. economy has been accelerating with GDP expanding 3% year over year in the third quarter, following 3.1% growth in the second quarter. This represents the best back-to-back quarters of at least 3% growth since 2014. Unemployment dropped to the lowest level since December 2000 to 4.1%.
	Americans also have an optimistic view of the economy with confidence hitting the highest level in almost 17 years. The Conference Board consumer confidence index jumped to 125.9 in October from a revised 120.6 in September. Meanwhile, consumer spending, which accounts for more than two-thirds of U.S. economic activity, recorded its biggest increase in more than eight years in September.
	Against such a backdrop, small-cap stocks led the way higher as these are closely tied to the U.S. economy and do not have much exposure to the international market. These pint-sized stocks generate most of their revenues from the domestic market and generally outperform on improving American economic health (read: <a href="https://www.zacks.com/stock/news/279948/5-biggest-etf-winners-of-trump-trade-resurgence">5 Biggest ETF Winners of Trump Trade Resurgence</a>).
	Moreover, after hiking rates in December 2015 and December 2016, the Fed has raised interest rates two times this year and is on track for another liftoff in December. This indicates a stronger economy and propels small-cap stocks higher.
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Health Care

DWAS

Rydex ETF Trust S&P Smallcap 600 Pure Value ETF

Small Cap ETFs Surge As House Passes Tax Bill

Investors that are tempted by the recent rally in U.S. small-cap stocks but have some reservations about that rally can consider dividend strategies to help smooth some of the volatility associated with smaller stocks.
The WisdomTree U.S. SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) is one of the dominant names among small-cap dividend exchange-traded funds. DES, which recently ascended to record highs, is up more than 7 percent over the past month.
While the number of small caps paying dividends has been rising in recent years, the asset class still is not known as income destination. That underscores the advantages of DES for income investors yearning for small-cap exposure. At the end of the third quarter, barely more than half of the S&amp;P SmallCap 600 Index paid dividends, proving the point that traditional small-cap ETFs are not adequate dividend ideas.
<h3>Playing Politics</h3>
If the White House can get Congress to approve tax reform, U.S. small-caps are expected to benefit.
&ldquo;Finally, U.S. small-cap stocks tend to pay higher <a href="https://www.wisdomtree.com/blog/glossary#Effective%20tax%20rate">effective corporate taxes</a> than do U.S. large-cap multinationals, which may leave a portion of their earnings outside of the United States to avoid paying taxes,&rdquo; <a href="https://www.wisdomtree.com/blog/2017-10-04/2017-anatomy-of-a-small-cap-junk-rally">said WisdomTree</a>.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/10/10136797/this-healthcare-etf-continues-beating-higher">An Impressive Healthcare ETF</a>
&quot;After President Trump&rsquo;s 2016 election, small-cap stocks went on a massive rally&mdash;the <a href="https://www.wisdomtree.com/blog/glossary#Russell%202000%20Index">Russell 2000 Index</a> was positive 15 days in a row. As the momentum behind corporate tax reform has seemed to wane for most of the year, small caps have underperformed large caps in the U.S.&rdquo;
DES sports a distribution yield of 4.4 percent, more than triple the dividend yield on the widely followed Russell 2000 Index.
<h3>Dividends, Fundamentals Matter</h3>
Given that small caps are more volatile than their larger counterparts, investors can be rewarded by focusing on fundamentals and the financial health of smaller companies while making an effort to eschew riskier, cash-strapped firms.
DES tracks the WisdomTree U.S. SmallCap Dividend Index. That benchmark &ldquo;focuses solely on dividend-paying companies, to the exclusion of any non-dividend payers.&rdquo; said WisdomTree. &ldquo;Notably, almost 50% of the Russell 2000 Index <a href="https://www.wisdomtree.com/blog/glossary#Market%20capitalization-weighting">market capitalization</a> is in stocks that do not pay dividends, so in U.S. small caps this is an important selection criterion to consider.&rdquo;
Long-term data suggest investors are not compensated enough for embracing riskier smaller stocks. Over the past three years, DES has slightly outperformed the Russell 2000 while being less volatile and having a significantly lower maximum drawdown.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/10/10136812/traders-up-the-ante-with-financial-etf">Bullish Bets On A Bank ETF</a>

Futures

Politics

Markets

An Ideal Time For Small-Cap Compensation

Investing in small-caps, even exchange traded funds, can be trying because smaller stocks are consistently more volatile than their larger peers. Even in good years for small-caps, investors will usually have to endure at least one nasty drawdown.
There are ways, however, for buy-and-hold investors to effectively deal with small-cap volatility.
Various investment factors can help investors limit small-cap volatility relative to traditional small stock strategies. However, not all investment factors are adept at trimming small-cap drawdowns. An avenue for generating income and potentially reducing small-cap drawdowns is the WisdomTree SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>).
&ldquo;The crucial question regards whether these premiums reduced the average drawdown experienced by small caps broadly, and an additional focus of interest is on the differences between small-cap value and small-cap growth, small-cap high quality and small-cap low quality, and small-cap high momentum and small-cap low momentum,&rdquo; WisdomTree said <a href="https://www.wisdomtree.com/blog/2017-05-04/Small-Cap-Investors-Hang-On">in a recent note</a>.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/05/9424348/hedge-fund-etfs-for-a-lower-fee-than-actual-hedge-funds">Hedge Fund ETFs For A Lower Fee Than Actual Hedge Funds</a>
DES is outperforming small-cap growth stocks over the past three years, and over the past decade, DES&#39;s underlying index hasn&#39;t lagged the Russell 2000 Growth Index by much. DES can be viewed as a quality factor play with value tilts. For skittish investors, those are favorable traits because historical data suggest small-cap quality and value stocks usually experience lower drawdowns than the broader small-cap space.
Not surprisingly, the strategy offered by DES is also likely to incur lower drawdowns compared to small-cap growth stocks or those smaller <a href="https://www.benzinga.com/trading-ideas/long-ideas/16/12/8765418/a-superb-small-cap-etf-with-income">stocks with low quality traits</a>.
DES has some other advantages. Notably, it charges just 0.38 percent per year in fees, which is about 100 basis points less than the average actively managed small-cap growth fund. Plus, DES isn&#39;t saddled with the long-term track record of mediocre (or worse) performance as are <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/7710994/dont-pay-up-for-actively-managed-growth-funds">many</a> actively managed small-cap mutual funds.
&ldquo;Small value also tended to, on average, exhibit drawdowns 2.6% less than a broad exposure to small caps. In fact, tilting toward higher quality or momentum also tended toward less-severe drawdowns than small caps broadly,&rdquo; WisdomTree said.
DES allocates a combined 37.7 percent of its weight to consumer discretionary and industrial names. Small-cap energy and healthcare stocks, which can often be more volatile than the broader small-cap space, combine for less 7 percent of the ETF&#39;s weight.

How To Deal With Small-Cap Volatility

There are massive sums of money sitting in various small-cap exchange traded funds, but in some cases, investors may not be getting the small-cap purity they signed up. Part of the reason for this could be that there isn&#39;t a uniform definition of &ldquo;small cap,&rdquo; though widely accepted definitions usually <a href="http://www.investopedia.com/terms/s/small-cap.asp?ad=dirN&amp;qo=investopediaSiteSearch&amp;qsrc=0&amp;o=40186">use $2 billion</a> as the cut off for small stocks and the start of the mid-cap arena.
A small-cap ETF&#39;s weighted average market value is an integral determinant of the fund&#39;s performance. Said another way, in a good year for small caps, such as 2016, investors looking for small-caps exposure don&#39;t want to be in an ETF that is a mid-cap fund in disguise.
&ldquo;While we certainly couldn&rsquo;t say that this would always be the case, the more important point is that&mdash;even though these are all Indexes focused on U.S. small-cap stocks&mdash;there was a spread of greater than a cumulative 20% between the top and bottom performers,&rdquo; said WisdomTree <a href="https://www.wisdomtree.com/blog/2017-03-15/how-small-is-your-small-cap-index">in a recent note</a>. &ldquo;It clearly matters how the exposure is garnered. 2016 is an example of a year when the small-cap theme worked well, and it&rsquo;s interesting that the small-cap Indexes from CRSP and MSCI that had higher weighted average market capitalizations did not perform as strongly.&rdquo;
Take the case of the WisdomTree SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>). DES has a long tradition of topping active small-cap funds as well as non-dividend ETF rivals, with much of that outperformance <a href="https://www.benzinga.com/trading-ideas/long-ideas/16/12/8765418/a-superb-small-cap-etf-with-income">owed to dividends</a>. However, the weighted average market value of the nearly 700 stocks found in DES&#39;s underlying index is below that of some widely followed small-cap benchmarks, a contributing factor in the ETF&#39;s out-performance.
DES competes with ETFs such as the Vanguard Small-Cap ETF (NYSE: <a class="ticker" href="/stock/vb#NYSE">VB</a>), which follows the CRSP US Small Cap Index, and the Vanguard Small-Cap Value ETF (NYSE: <a class="ticker" href="/stock/vbr#NYSE">VBR</a>). VBR also tracks a CRSP index. The indexes VB and VBR track apparently have a loose interpretation of &ldquo;small cap&rdquo; because VB and VBR&#39;s holdings have median market values of $3.7 billion and $3.6 billion.
The size impact was clear in last year&#39;s returns. VB and VBR returned 18.4 percent and 24.9 percent, respectively, while DES surged 31.4 percent. Notably, investors didn&#39;t have to take on significantly more volatility to embrace DES. That ETF&#39;s annualized volatility last year was 17.1 percent compared to an average of 16.7 percent for VB and VBR.

Technicals

Size Matters With Small-Caps ETFs

Small-cap stocks and exchange-traded funds are integral parts of properly diversified equity portfolios and the asset class is receiving increased attention after posting banner November returns. Still, many investors do not associate small-caps with dividends.
<h3>DES And Small-Cap Strategies</h3>
For ten and a half years, the WisdomTree SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) has proven to investors that they can have their cake and eat it too when it comes to small-caps and dividends. Among U.S. small-cap strategies, DES is the undisputed king small-cap dividend ETFs, a fact confirmed by the ETF&#39;s $1.8 billion in assets under management.
While the number of small-caps paying dividends has increased in recent years, the number of dividend payers residing in this cap spectrum is significantly less than investors are accustomed to finding in the large-cap universe. That is part of the reason DES can be considered a value strategy and an outperforming one at that.
<h3>The Well-Worn Path Of Success</h3>
Interestingly, despite its value tilt, DES is outperforming small-cap growth stocks over the past three years, and over the past decade, DES&#39;s underlying index has not lagged the Russell 2000 Growth Index by much.
&ldquo;This well-crafted fund effectively diversifies risk and rebalances into stocks as they become cheaper relative to their dividends, which should give it an edge against its peers. It offers a large cost-advantage compared with actively managed peers, but there are cheaper index alternatives,&rdquo; said Morningstar <a href="http://beta.morningstar.com/articles/783199/a-worthy-pick-for-small-cap-dividend-exposure.html">in a recent note</a>.
Morningstar has a &ldquo;bronze&rdquo; rating on DES. Importantly, DES has a long track record of outperforming rival small-cap funds. For the five years ended March 31, 2016, the ETF topped<a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7926008/this-dividend-etf-has-been-winning-for-a-long-time"> 99 percent of rival funds</a>.
<h3>A Strategy Paying Off</h3>
DES sports a distribution yield of 2.41 percent and pays a monthly dividend. The distribution yield of 1.28 percent on the Russell 2000 looks paltry by comparison.
&ldquo;So far, the fund&rsquo;s approach has paid off. Over the trailing 10 years through September 2016, it bested the small-cap value category average and Russell 2000 Value Index by 0.8 and 1.5 percentage points annually. More favorable stock exposure in real estate and industrials sectors contributed the most to this outperformance,&rdquo; noted Morningstar.
DES currently allocates 18.4 percent of its weight to industrial stocks, its largest sector allocation. <a href="https://www.benzinga.com/topic/real-estate">Real estate </a>is the ETF&#39;s third-largest sector weight at 13.6 percent.

Analyst Ratings

A Superb Small-Cap ETF With Income

Actively managed funds are under considerable pressure, much of it coming courtesy of lower-cost, passively managed exchange-traded funds. However, active&#39;s advocates, of whom there remain plenty, believe there are asset classes and market segments where active management works for investors.
One of those areas is small-cap equities. Indeed, there are some fine actively managed mutual funds dedicated to smaller stocks. The unfortunate reality is the odds are stacked against investors finding their way to the active small-cap funds that really shine.
<h3>Diamond In The Rough</h3>
&ldquo;Overall, just 10 percent of all domestic equity mutual funds outperformed the multi-cap S&amp;P 1500 Index in 12-month period ended June 2016, with 13 percent and 5 percent out gaining in the respective three- and five-year periods. Digging deeper into the 12 investment categories across market capitalization (large-, mid-, small-, and multi-cap) and styles (growth, core, and value), large-cap growth and small-cap core funds stood out the most unfavorably in the three-year period,&rdquo; said <a href="http://trymsatoday.com/">S&amp;P Capital IQ</a> in a note out Monday.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/09/8475025/where-the-cash-is-at-among-sector-etfs">Where The Cash Is At Among Sector ETFs</a></bzrelatedlink>
As S&amp;P Capital IQ points out, a mere 4 percent of active small-cap managers outperformed the S&amp;P SmallCap 600 Index. On its own, that statistic is shameful, but it is made even more so when noting that the average actively managed small-cap core fund charges a staggering 1.2 percent per year, or $120 on a $10,000 investment.
<h3>Lots Of Income For A Job Poorly Done?</h3>
Translation: A lot of active small-cap managers are getting paid a lot of money to not be very good at their jobs. Isn&#39;t Wall Street great?
Well, Wall Street isn&#39;t all that bad, because that is where exchange-traded funds come from. The iShares S&amp;P SmallCap 600 Index (ETF) (NYSE: <a class="ticker" href="/stock/ijr#NYSE">IJR</a>), which tracks the aforementioned S&amp;P SmallCap 600 Index, is up 28 percent over the past three years. Investors owning that ETF pay just $12 a year on a $10,000 investment, or the equivalent of two trips to Starbucks.
Investors willing to pay a bit more in fees, though still much less than the comparable active fund, should consider the WisdomTree SmallCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>). DES, the leader among small-cap dividend ETFs, is passively managed and does what many active counterparts do not: outperform the S&amp;P SmallCap 600.
Over the past five years, DES topped 99 percent of active funds in its Morningstar category and its annual fee of 0.38 percent is less than a third of that found on the average actively managed small-cap fund.
<a href="https://pro.benzinga.com/?utm_source=Benzinga&amp;utm_medium=Benzinga%20Top%20of%20Article&amp;am%22%3">Full ratings data available on Benzinga Pro.</a>
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Small-Cap ETFs Top Active Rivals

It has been noted <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7918486/a-small-cap-dividend-etf-keeps-proving-its-worth">several times in this space</a> this year that while small-cap stocks and the corresponding exchange-traded funds have been decent performers, adding dividends to that equation not only reduces volatility but bolsters returns as well.
<h3>In Theory, In Practice</h3>
The WisdomTree SmallCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) proves as much. While the widely followed Russell 2000 Index and the S&amp;P SmallCap 600 Index are up an average of 11.5 percent year-to-date, DES is thrashing those returns with a 2016 gain of 17.4 percent. This is old hat for DES, which during the course of its just over 10 years on the market, has made a habit of <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/09/5814715/keeping-it-fundamental-with-small-cap-etf">outperforming its actively managed rivals</a>.
DES has a stablemate, the WisdomTree U.S. SmallCap Quality Dividend Growth Fund (WisdomTree Trust (NASDAQ: <a class="ticker" href="/stock/dgrs#NASDAQ">DGRS</a>)), that deserves some attention, too. In simple terms, DGRS is the small-cap answer to the popular WisdomTree U.S. Quality Dividend Growth Fund (WisdomTree Trust (NASDAQ: <a class="ticker" href="/stock/dgrw#NASDAQ">DGRW</a>)).
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/08/8398505/low-vol-hot-streak-could-be-cooled-by-valuations">Low Vol Hot Streak Could Be Cooled By Valuations</a></bzrelatedlink>
<h3>DGRS, In Focus</h3>
That means DGRS combines the growth and quality factors to use earnings growth, return on assets (ROA) and return on equity (ROE) to identify compelling sources of future dividend growth. Like DES, DGRS is topping the Russell 2000 Index and the S&amp;P SmallCap 600 Index with a gain of nearly 16 percent.
There are some clear reasons why DES and DGRS are outperforming traditional small-cap benchmarks.
&ldquo;One explanation for this is that in a cap-weighted universe that includes non-dividend payers, there are more companies in &#39;growth&#39; stages that are using their capital to grow &mdash; or even just to break a profit, in many cases, for an index like the Russell 2000,&rdquo; said WisdomTree Research Director Jeremy Schwartz <a href="https://www.wisdomtree.com/blog/index.php/small-cap-dividends-and-quality-adding-value/">in a recent note</a>.
DGRS constituents also offer a compelling buyback yield relative to the Russell 2000, indicating companies found in the WisdomTree could be potentially more shareholder friendly than standard small caps.
&ldquo;While the Index that DGRS is designed to track has a dividend yield of 2.3 percent, still higher than the Russell 2000 and even the <a href="http://www.wisdomtree.com/blog/index.php/glossary/#S&amp;P%20500%20Index">S&amp;P 500 Index</a>, it has a net buyback yield of +1.87 percent. This means companies in this Index are reducing shares outstanding, which is one factor that can lead to more positive per share dividend growth in the future,&rdquo; added Schwartz.
DGRS is benefiting on another front: Exposure to financial services stocks or lack thereof. Small-cap financials are particularly sensitive to interest rates, meaning the group has been hampered by the Fed Reserve&#39;s refusal to raise interest rates this year. Financials account for just 10 percent of DGRS, making that the ETF&#39;s fifth-largest sector weight.
Additionally, DGRS is significantly underweight healthcare names relative to standard small-cap benchmarks, a plus when smaller healthcare names are struggling against a backdrop of negative political rhetoric.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email <a href="mailto:feedback@benzinga.com">feedback@benzinga.com</a> with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
Disclosure: Todd Shriber owns shares of DGRW.

DGRS

DGRW

Small Caps, Big Dividend Potential With This ETF

With many dividend exchange-traded funds easily outpacing broader benchmarks, such as the S&amp;P 500 this year, a logical deduction would be that some of these ETFs are home to richly valued stocks. That is true of some dividend ETFs, particularly those with heavy weights to the consumer staples and utilities sectors.
<h3>Things Are Not Always As They Appear</h3>
Investors have overtly favored defensive, low beta sectors this year, leading to frothy multiples for high-yielding staples and utilities names. Dividend investors looking for compelling valuations might be surprised about where to turn: mid- and small-cap dividend payers. Perhaps it was surprising to some investors when the WisdomTree MidCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/don#NYSE">DON</a>) and the WisdomTree SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) were highlighted as <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/06/8152577/a-post-brexit-etf-prescription-for-safety#/null">post-Brexit safety ideas</a>.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8152584/value-and-yield-meet-in-this-dividend-etf">Value And Yield Meet In This Dividend ETF</a></bzrelatedlink>
<h3>Give DES And DON A Second Look</h3>
However, those ETFs are historically less volatile than standard mid- and small-cap benchmarks. Likewise, it might surprise some investors to learn that attractive valuations are currently available with DES and DON. Think about it. Conventional investment wisdom holds that dividend stocks are often pricier than dividend payers. Add to that, mid and small caps are often more expensive than large caps. That is the trade-off investors make to gain the long-term return advantages offered by smaller stocks. So it would be logical to believe DES and DON are not attractively valued. Data suggest otherwise.
<h3>It's All In Performance</h3>
&ldquo;The <a href="https://www.wisdomtree.com/etfs/index-details.aspx?indexid=7">WisdomTree Midcap Dividend Index</a> traded at just a 9 percent premium to its 10-year median P/E, slightly higher than the 7 percent premium exhibited by the <a href="http://www.wisdomtree.com/blog/index.php/glossary/#S&amp;P%20MidCap%20400%20Index">S&amp;P MidCap 400 Index</a>,&rdquo; said WisdomTree Chief Investment Strategist Luciano Siracusano in a recent note.
Currently DON&#39;s underlying index trades at 21.1 times earnings while the S&amp;P MidCap 400 trades at 21.5 times earnings. Not a huge difference, but DON has outpaced the S&amp;P MidCap 400 by nearly 500 basis points this year while being 240 basis points less volatile.
&ldquo;The WisdomTree SmallCap Dividend Index, based on its most recent quarter-end P/E, was the only one of the four WisdomTree Indexes to be trading at a discount to its 10-year median P/E,&rdquo; added Siracusano.
DES tracks the WisdomTree SmallCap Dividend Index, which currently trades at just over 21 times earnings, according to issuer data. The competing Russell 2000 and S&amp;P SmallCap 600 trade at 23.8 and 36.7 times earnings, respectively.
As is the case DON, DES is crushing competing non-dividend ETFs this year. The benchmark ETFs tracking the Russell 2000 and S&amp;P SmallCap 600 are up an average of 2.75 percent year-to-date while DES is higher by 9.6 percent. DES has also been slightly less volatile than ETFs tracking those widely followed small-cap indexes.

On Valuation, These Dividend ETFs Are Bargains

After global financial markets were pummeled by Great Britain&#39;s decision to leave the European Union, investors are understandably hunting for safe-haven assets, but that search doesn&#39;t need to be limited to U.S. Treasurys and the Japanese yen, two of this year&#39;s most favored safe-haven destinations. Nor does Brexit mean investors should altogether eschew equities.

	&quot;S&amp;P Global Market Intelligence thinks investors should look closely at to mid- and small-cap dividend paying securities as well as investment-grade focused bond products,&quot; said <a href="http://trymsatoday.com/">S&amp;P Capital IQ</a> in a note out Friday.

	While flocking to mid caps and small caps in the wake of event such as Brexit isn&#39;t likely to strike many investors as logical, what is logical is that mid- and small-cap dividend payers historically display less volatility than their non-dividend paying counterparts.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8152582/post-brexit-analysis-shows-many-etfs-did-their-jobs">Post-Brexit Analysis Shows Many ETFs Did Their Jobs</a></bzrelatedlink>

	Among exchange traded funds, the WisdomTree MidCap Dividend Fund (NYSE: <a class="ticker" href="/stock/don#NYSE">DON</a>) and the WisdomTree SmallCap Dividend Fund(NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) are the dominant names when it comes to smaller dividend-paying U.S. equities.

	DON has <a href="https://www.wisdomtree.com/blog/index.php/middle-management-increasing-mid-cap-allocations/">a lengthy track record</a> of not only topping actively managed mid-cap mutual funds, but of outpacing traditional mid-cap indexes while being less volatile.

	That penchant for being less volatile was on display less Friday when DON performed about 80 basis points less poorly than mid-cap ETFs tracking the S&amp;P MidCap 400 Index.

	For investors looking for income and safety with smaller stocks, DES offers its own set of advantages.

	&quot;For investors seeking small-cap dividend approach, WisdomTree Small Cap Dividend (DES 72 Marketweight) is a strong candidate. Rather than focusing on the dividend record of the company, as REGL does, DES looks at the dividends the company is projected to pay in the coming year. While financials (25% of assets) and industrials (17%) are widely held, so are consumer discretionary (17%) securities,&quot; said S&amp;P Capital IQ.

	The research firm has a marketweight rating on DES.

	Like DON, DES was less bad than its non-dividend rivals last Friday. Following the Brexit fallout, DES lost 3.2 percent while ETFs tracking the Russell 2000 and the S&amp;P SmallCap 600 Index lost an average of 3.7 percent.

Analyst Color

A Post-Brexit ETF Prescription For Safety

Although S&amp;P 500 dividend growth will slow this year, it is accurate to say the current bull market has been kind to dividend investors. Many trusted dividend payers have extended lengthy streaks, some in the order of multiple decades, of boosting payouts while other companies have become new dividend payers and growers.
Scores of dividend exchange-traded funds have been born during the current bull market, but some well-known dividend ETFs are older than that. For example, the WisdomTree High Dividend Fund (NYSE: <a class="ticker" href="/stock/dhs#NYSE">DHS</a>) will turn 10, along with several other WisdomTree dividend ETFs, next month. And what a decade it has been for the $1 billion DHS.
DHS&#39;s underlying index, the WisdomTree High Dividend Index (WTHYE) &ldquo;is dividend weighted annually to reflect the proportionate share of the aggregate cash dividends each component company is projected to pay in the coming year, based on the most recently declared dividend per share,&rdquo; <a href="http://www.wisdomtree.com/etfs/index-details.aspx?indexid=3">according to WisdomTree</a>.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7918486/a-small-cap-dividend-etf-keeps-proving-its-worth">A Small-Cap Dividend ETF Keeps Proving Its Worth</a></bzrelatedlink>
<h3>What Sets DHS Apart</h3>
Unlike rival dividend ETFs, DHS is not reliant on dividend increase streaks as a stock selection tool. That said, investors will be assured to know that many of the over 400 companies found in DHS are dividend aristocrats. For example, top 10 holdings Procter &amp; Gamble Co (NYSE: <a class="ticker" href="/stock/pg#NYSE">PG</a>) and The Coca-Cola Co (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>) have two of the longest dividend increase streaks among all S&amp;P 500 companies. 
DHS is a defensive ETF that marries two favored income themes: low volatility and dividend yield. The ETF&#39;s underlying index yields just over 4 percent with annualized volatility of under 18 percent, according to issuer data.
In <a href="http://www.wisdomtree.com/blog/index.php/our-u-s-dividend-funds-are-turning-10-years-old/">a note out Tuesday</a>, WisdomTree pointed out that since inception, DHS has topped 77 percent of rival funds. Over the past five years, that number jumps to 99 percent.
<h3>2 More Names</h3>
&ldquo;For the five years ended March 31, 2016, every single WisdomTree Fund we show beat more than 90 percent of its respective peer group. <a href="http://www.wisdomtree.com/etfs/fund-details.aspx?etfid=4">DHS</a>, <a href="http://www.wisdomtree.com/etfs/fund-details.aspx?etfid=3">DON</a> and <a href="http://www.wisdomtree.com/etfs/fund-details.aspx?etfid=15">DES</a> all beat 99 percent of their respective categories over this time frame,&rdquo; said WisdomTree.
DON and DES refer to the WisdomTree MidCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/don#NYSE">DON</a>) and the WisdomTree SmallCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>), which have recently been <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7918486/a-small-cap-dividend-etf-keeps-proving-its-worth">highlighted in this space</a>. 
DHS&#39;s returns during the current bull market are staggering as well. This bull market started on March 10, 2009, and since then, DHS is up nearly 212 percent. When accounting for reinvested dividends, the ETF&#39;s bull market performance is even more jaw dropping with a gain of nearly 308 percent since March 10, 2009. By comparison, the largest U.S. dividend ETF has returned &ldquo;just&rdquo; 197 percent over that period even factoring in reinvested dividends.

This Dividend ETF Has Been Winning For A Long Time

It is believed that small-cap value stocks are excellent long-term investments, but over the past three years, the Russell 2000 Value Index has lagged the benchmark Russell 2000 Index and the Russell 2000 Growth Index in significant fashion.
Small-cap value stocks lagging broader small-cap benchmarks and growth equivalents might imply that small-cap dividend payers have faced headwinds as well. The WisdomTree SmallCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) has something to say about that. Although the Russell 2000 Value Index is up 24.6 percent over the past three years, DES has thrashed those returns by soaring 38 percent, including dividends paid, over the same period.
<h3>Dividends And Small Caps</h3>
While the number of small-caps paying dividends has increased in recent years, the number of dividend payers residing in this cap spectrum is significantly less than investors are accustomed to finding in the large-cap universe. That is part of the reason DES can be considered a value strategy and an outperforming one at that.
Interestingly, despite its value tilt, DES is outperforming small-cap growth stocks over the past three years, and over the past decade, DES&#39;s underlying index has not lagged the Russell 2000 Growth Index by much.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7911569/signs-traders-are-looking-to-hedge-in-may-with-etfs">Signs Traders Are Looking To Hedge In May With ETFs</a></bzrelatedlink>
&ldquo;If we&rsquo;re thinking of the period from June 1, 2006, to March 31, 2016, the bulk of that period was characterized by extremely low interest rates that only started on the path to normalization in December of 2015. The income-generating potential of the Real Estate and Utilities exposures over the course of the WisdomTree SmallCap Dividend Index&rsquo;s history could explain the desirability of the income from these types of stock,&rdquo; said WisdomTree <a href="http://www.wisdomtree.com/blog/index.php/small-cap-value-has-been-getting-crushed-until-now/">in a recent note</a>.
<h3>Allocation To Financials</h3>
DES shares one thing in common with traditional large-cap value ETFs, that being a large weight (24.3 percent) to financial services stocks. However, DES&#39;s weight to the energy sector, another hallmark of large-cap value funds, is low 4.5 percent. Consumer discretionary and industrial names combine for over 34 percent of the ETF&#39;s weight.
DES offers <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/7737145/a-prime-avenue-to-mid-cap-dividends">a surprising yield advantage</a> considering it is a small-cap fund. According to WisdomTree data current as of December 31, 2015, DES yielded over 4 percent, while the Russell 2000 checked in with a yield of just under 1.7 percent.
&ldquo;Through March 31, 2016, the Russell 2000 Value Index has delivered outperformance on a cumulative basis against the Russell 2000 Growth Index. There is no way to know if this will continue, but we find it interesting that the WisdomTree SmallCap Dividend Index held up very well in what many would consider a non-favorable environment, characterized by the outperformance of growth over value. If value begins to outperform, it stands to reason that the overall environment could be more favorable to a dividend-focused, small-cap U.S. strategy,&rdquo; added WisdomTree.

A Small-Cap Dividend ETF Keeps Proving Its Worth

When income investors think of dividend stocks, more often than not, those thoughts focus on large- and mega-cap names, but dividend hunters should not sleep on smaller stocks. More than half of the members of the S&amp;P SmallCap 600 Index are dividend payers, a percentage that has steadily increased in recent years.
Add to that, some of those companies have dividend increase spanning 10 years, while a smaller number have boosted payouts every year for <a href="http://blogs.barrons.com/incomeinvesting/2015/03/18/more-small-cap-stocks-paying-dividends/">more than two decades</a>.
The WisdomTree SmallCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) does not track the S&amp;P SmallCap 600 or a related index, but the $1.1 billion DES is, arguably, the most venerable name among exchange-traded funds holding small-cap stocks while offering the dividend twist. Nearly a decade old, it can be said DES was ahead of the small-cap dividend curve.
<h3>A Closer Look At DES</h3>
DES offers <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/7737145/a-prime-avenue-to-mid-cap-dividends">a surprising yield advantage</a> considering it is a small-cap fund. According to WisdomTree data current as of December 31, 2015, DES yielded over 4 percent while the Russell 2000 checked in with a yield of just under 1.7 percent.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/7753638/why-now-for-value-etfs">Why Now For Value ETFs</a></bzrelatedlink>
&ldquo;We feel that investors typically have a large-cap bias when it comes to income as well as in their general portfolio allocation decisions. We believe that mid- and small-cap dividend payers offer a further set of exposures beyond traditional large caps and can potentially lower portfolio risk and enhance returns through these diversification benefits. Moreover, the stocks themselves tend to display different characteristics than large-cap stocks,&rdquo; said WisdomTree <a href="http://www.wisdomtree.com/resource-library/documents/schwartzcommentary/wt-research-commentary-03-18-16-94.pdf">in a recent research piece</a>.
<h3>Allocations And Advantages</h3>
DES does offer some sector-level perks. For example, the ETF&#39;s healthcare allocation is just 3.6 percent, indicating a retrenchment in biotech stocks would basically be a non-event for the fund. Additionally, small-cap energy stocks have been among that downtrodden sector&#39;s worst offenders, but that group is less than 3.8 percent of DES&#39;s weight. Only healthcare and telecom stocks garner a smaller weight in the fund.
DES has some other advantages. Notably, it charges just 0.38 percent per year in fees, which is about 100 basis points less than the average actively managed small-cap growth fund. Plus, DES is not saddled with the long-term track record of mediocre (or worse) performance as are <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/7710994/dont-pay-up-for-actively-managed-growth-funds"> many</a> actively managed small-cap mutual funds.
&ldquo;Mid- and small-cap stocks have traditionally outperformed large-cap stocks over long periods. This outperformance is typically a result of the higher growth potential of mid- and small-cap companies, but it also is usually associated with greater risks due to the volatility in earnings and uncertainty about new or unproven business models,&rdquo; added WisdomTree.
Since inception, DES&#39;s underlying index has outperform major small-cap and small-cap value rivals.
Image Credit: <a href="https://pixabay.com/en/man-fig-toys-pokes-fun-at-blade-76196/">Public Domain</a>

A Premier Small-Cap Dividend Destination

Framed as strong dollar plays, major small-cap indexes have disappointed this year with the Russell 2000 and the S&amp;P SmallCap 600 posting an average year-to-date loss of almost 4.4 percent. Some fundamentally-weighted small-cap exchange traded funds have performed even worse than traditional benchmarks, but laggard performances by the fundamental ETFs could be opening the door to opportunity with these funds.

	The WisdomTree SmallCap Earnings Fund (NYSE: <a class="ticker" href="/stock/ees#NYSE">EES</a>) and the WisdomTree SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) are two prime fundamentally-weighted small-cap ETFs for investors to consider because even these ETFs have lagged their traditionally-weighted peers this year, the long-term track records of <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5797284/staying-passive-with-small-cap-etfs">DES and EES are compelling</a>.
<h3>
	Advantages</h3>

	Before getting involved, investors should understand the advantages offered by DES and EES and exactly what makes these ETFs tick.

	&ldquo;One of the most important elements of a fundamental index is the annual rebalance process, where the index screens the eligible universe and then weights those securities based on their fundamentals. In essence, the process takes a detailed look at the relationship between the underlying fundamentals and price performance,&rdquo; said WisdomTree in a&nbsp;<a href="http://www.wisdomtree.com/blog/index.php/the-power-of-fundamentals-among-small-caps/">note out Thursday</a>.

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/09/5814475/an-etf-that-provides-shelter-from-stormy-markets">An ETF That Provides Shelter From Stormy Markets</a>

	EES, home to nearly $390 million in assets under management, tracks an index that holds almost 960 stocks. What is most important about that index is that it only includes companies that have displayed profitability over the previous four fiscal quarters. Often times, small-cap investors are willing to sacrifice a company&#39;s profitability for its growth prospects, but EES does not subscribe to that line of thinking.

	What investors need to know is that the index EES tracks and the ETF itself have been around since February 2007 and over that time, the WisdomTree index has delivered a higher Sharpe Ratio, meaning superior risk-adjusted returns, than the Russell 2000, according to WisdomTree data.

	The $1.1 billion DES, as its name implies, captures a concept that is usually foreign in standard small-cap ETFs. That being a dependable dividend stream. DES is not a yield-based ETF. Rather, its roughly 700 holdings are weighted based on cash dividends paid.

	As is seen with EES, since inception, the index DES tracks has delivered better average annual performance with a higher Sharpe Ratio than the Russell 2000.

	&ldquo;WisdomTree believes that the more inefficient the market, the greater the potential for fundamentally weighted indexes to outperform market capitalization-weighted indexes. Therefore, it has come as no surprise to us that, since their inception, WisdomTree&rsquo;s fundamentally weighted Indexes have produced some of the greatest outperformance compared to their cap-weighted peers in the small-capitalization size segments,&rdquo; said the issuer.

Intraday Update

Keeping It Fundamental With Small-Cap ETFs

The struggles of active managers over the past several years have been well documented. Plenty of folks appear on various financial media outlets year after year proclaiming &ldquo;this is a stock picker&#39;s market.&rdquo;
The thing is, stock-picking is difficult. Worse yet, data suggest there are not many great stock pickers out there. S&amp;P Dow Jones data show 82 percent of active large-cap managers failed to beat the S&amp;P 500 over the past decade.
Maybe in theory, active management should work more to investors&#39; advantage with small caps. The reality is, active small-cap managers are actually worse at beating their benchmark than their large-cap counterparts. Over the same 10-year period, more than 87 percent of small-cap active managers lagged the S&amp;P SmallCap 600 Index, according to S&amp;P Dow Jones.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/15/08/5793043/citi-double-downgrades-wisdomtree-to-sell-slashes-target">Citi Double-Downgrades WisdomTree To Sell, Slashes Target</a></bzrelatedlink>
Investors searching for small-cap exposure can eschew the usual cap-weighted funds, while sticking with the advantages of passive management and the exchange traded funds wrapper. Ideas include the fundamentally-weighted WisdomTree SmallCap Earnings Fund (ETF) (NYSE: <a class="ticker" href="/stock/ees#NYSE">EES</a>) and the dividend-weighted WisdomTree SmallCap Dividend Fund (ETF) (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>).
&ldquo;We think investors have a tendency to get excited about future growth potential and risk bidding up security prices past their fundamentals. We believe this risk tends to be greater in the small-cap space where you have higher growth expectations and more speculative companies, or companies that are not profitable or pay dividends,&rdquo; said WisdomTree <a href="http://www.wisdomtree.com/blog/index.php/you-dont-need-an-active-manager-for-small-caps/">in a note</a> out Thursday.
<h3>A Closer Look At EES</h3>
EES combats the conundrum of small caps that are not profitable by following the WisdomTree SmallCap Earnings Index (WTSEI), which mandates that constituent companies &ldquo;have generated positive cumulative earnings over their most recent four fiscal quarters prior to the index measurement date,&rdquo; <a href="http://www.wisdomtree.com/etfs/index-details.aspx?indexid=72">according to WisdomTree</a>.
With that, it is not surprising that EES is lightly allocated to healthcare and energy names, arguably two of the more speculative small-cap sectors. Those groups combine for just 15.6 percent of the ETF&#39;s weight, less than the fund&#39;s allocations to financial services, industrial and consumer discretionary names.
Since the March 9, 2009, market bottom, EES has returned 348 percent compared to a gain of just over 290 percent for the S&amp;P SmallCap 600 Index.
Although small caps have not been thought of as prime dividend destinations, dividend growth in the S&amp;P SmallCap 600 has notably increased in recent years. Dividends also help reduce some of the volatility inherent with small-caps, as is highlighted by the WisdomTree SmallCap Dividend Fund. Since the March 9, 2009, market bottom, DES has been slightly less volatile than the Russell 2000.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5790177/returning-to-some-popular-etf-trades">Returning To Some Popular ETF Trades</a></bzrelatedlink>
<h3>A Closer Look At DES</h3>
DES features an even smaller combined energy/healthcare weight than EES at just over 8.3 percent. The small-cap dividend ETF allocates a combined 41.4 percent of its weight to financial services and consumer discretionary stocks, sectors that have been significant contributors to small-cap dividend growth in recent years.
All the passively managed DES has done since the 2009 market bottom is return 322 percent.
&ldquo;WisdomTree indexes, and the ETFs designed to track them, use rules-based methodologies to weight companies by their underlying fundamentals, such as dividends or earnings, because we believe that prices are not always the best determinant of a security&rsquo;s value.
&quot;Furthermore, WisdomTree rebalances its Indexes annually to adjust for relative value to help manage valuation risks, and we are pleased with the results thus far,&rdquo; said the issuer.
Image Credit: <a href="https://pixabay.com/en/money-dollars-currency-pennies-235586/">Public Domain</a>

Staying Passive With Small-Cap ETFs

Small-cap exchange traded funds have betrayed their reputations as credible beneficiaries of the stronger U.S. dollar. The iShares Russell 2000 ETF (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>) and the iShares Core S&amp;P Small-Cap ETF (NYSE: <a class="ticker" href="/stock/ijr#NYSE">IJR</a>) are up an average of just 1.5 percent year-to-date while the S&amp;P 500 is higher by 2.2 percent.

	The theory is that smaller companies should thrive when the dollar rises because these companies generate the bulk of their revenue within the confines of U.S. borders. Slack performances turned in by small-cap ETFs indicate smaller stocks have been vulnerable to <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5758056/some-small-cap-etfs-have-been-duds-this-year">rising real interest rates</a>, perhaps the biggest contributor to dollar strength.

	There are no guarantees that small-caps will remain unresponsive to the strong dollar and if the situation reverses, investors should be prepared. The WisdomTree SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>) is an ETF that helps with that preparation. DES tracks the fundamentally-weighted WisdomTree SmallCap Dividend Index (WTSDI).

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5769008/a-weird-political-catalyst-could-spark-brazil-etfs">A Weird Political Catalyst Could Spark Brazil ETFs</a>

	Of WisdomTree&#39;s dozens of equity benchmarks, only the WisdomTree Strong Dollar U.S. Equity Index (WTUSSD) sees its components generate a higher percentage of revenue within the US than the WisdomTree SmallCap Dividend Index. WisdomTree&#39;s strong dollar index is the benchmark for the new WisdomTree Strong Dollar U.S. Equity Fund (NYSE: USSD), an ETF dedicated to companies positioned to&nbsp;<a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5748503/how-to-play-the-strong-dollar">be strong dollar winners</a>.

	USSD member firms generate 96 percent of their revenue inside the US while DES holdings check in at 81 percent of revenue generated on a domestic basis, which is slightly ahead of the 80 percent average for S&amp;P SmallCap 600 member firms, <a href="http://www.wisdomtree.com/blog/index.php/how-u-s-economy-centric-is-your-u-s-equity-exposure/">according to a WisdomTree note</a> out Monday.

	&ldquo;Small- and Mid-Cap Indexes &ndash; typically generate a higher percentage of their revenues from their domestic economies than do large-cap indexes. Another way to potentially steer around the negative earnings impact from a strong dollar would be to focus on small- and mid-cap companies, which tend to be less reliant on exports to drive revenue,&rdquo; said WisdomTree Research Director Jeremy Schwartz in the note.

	DES, which recently turned nine years old, is home to 700 stocks, only of two which command more than 1 percent of the ETF&#39;s weight. For a small-cap ETF, DES&#39;s distribution yield of 2.6 percent is almost exceptional and 45 basis points above where 10-year Treasury yields reside at this writing.

	DES allocates a quarter of its weight to financial services stocks, which explains the ETF&#39;s tepid year-to-date showing. Investors have fretted over the impact a flatter yield curve will have on small-cap financials, a fear that has dragged on the likes of DES and IWM.

	Still, DES does offer some sector-level perks. For example, the ETF&#39;s healthcare allocation is just 4.8 percent, indicating a retrenchment in biotech stocks would basically be a non-event for the fund. Additionally, small-cap energy stocks have been among that downtrodden sector&#39;s worst offenders, but that group is less than 3.8 percent of DES&#39;s weight. Only telecom stocks garner a smaller weight in the fund.

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