ETF · iShares
CES1 iShares MSCI EMU Small Cap UCITS ETF
ISIN IE00B3VWMM18London Stock Exchange: CES1BlackRock, Inc.
- Smaller companies
- ETF
- ISA
- SIPP
- Accumulating
Latest close
LSE£302.68
on
- Ongoing charge
- 0.58% a year
- Fund size
- £697m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, CES1 (iShares MSCI EMU Small Cap UCITS ETF, ISIN IE00B3VWMM18) closed at £302.68 on the London Stock Exchange. Its ongoing charge is 0.58% a year (about £58 on £10,000). Over the five years to 13/11/2026 its total return was +24.2%, or −3.1% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +7.4%
- +3.6% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +41.9%
- +28.2% after inflation (UK CPIH)
- 5 years to 13/11/2026
- +24.2%
- −3.1% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £1,242 on 13/11/2026 — about £969 in today’s spending power, once price rises are taken out. Past performance is not a guide to future returns.
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of iShares MSCI EMU Small Cap UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −11.6%, 2023 +11.9%, 2024 −4.0%, 2025 +31.5%; 2026 to 13/11/2026 +3.0%. Returns of iShares MSCI EMU Small Cap UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +7.9%; to 30/09/2025: +22.7%; to 30/09/2024: +9.0%; to 30/09/2023: +17.5%; to 30/09/2022: −21.5%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +3.0% | −0.3% | |
| to | +31.5% | +27.0% | |
| to | −4.0% | −7.3% | |
| +11.9% | +7.5% | ||
| −11.6% | −19.1% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +7.9% | +4.1% |
| from | +22.7% | +18.0% |
| from | +9.0% | +6.3% |
| from | +17.5% | +10.4% |
| from | −21.5% | −27.9% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
16.2%over 5 years
| 1 year | 15.8% |
|---|---|
| 3 years | 14.5% |
| 5 years | 16.2% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −23.2%
- From to
- Lowest 12-month return
- −22.0%
- 12 months to
- Highest 12-month return
- +34.2%
- 12 months to
- Below its highest weekly close since November 2021
- 7.1%
- High of , latest
In words: Volatility of iShares MSCI EMU Small Cap UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 15.8% over 1 year, 14.5% over 3 years, 16.2% over 5 years. Largest fall in the price of iShares MSCI EMU Small Cap UCITS ETF since November 2021, in pounds: −23.2% from 19/11/2021 to 30/09/2022. The lowest 12-month return of iShares MSCI EMU Small Cap UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −22.0% (12 months to 14/10/2022); the highest was +34.2% (12 months to 09/01/2026). On 13/11/2026 the price of iShares MSCI EMU Small Cap UCITS ETF was 7.1% below its highest weekly close since November 2021 (29/05/2026), in pounds.
As of , price, with income reinvested in the fund
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.58%
- a year
- On £10,000
- £58
- a year, roughly
- Over five years
- £287
- of £10,000, before growth
- 31 charge less
- 1 the same
- 4 charge more
Ongoing charge of iShares MSCI EMU Small Cap UCITS ETF 0.58% a year. Compared on 14/11/2026, 4 of the 36 other smaller-company funds charge more, 1 the same and 31 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
iShares MSCI EMU Small Cap UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2009.
It tracks the MSCI EMU Small Cap Index - EUR.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.58% a year — about £58 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
Smaller companies: Smaller firms, which can grow faster than large ones but whose prices usually swing more.
Terms:ETFIndex fundUCITSAccumulating or incomeShare classISIN
Key facts
- Ticker
- CES1
- ISIN
- IE00B3VWMM18
- Also listed as
- SXRJ (Xetra, euros)
- Provider
- iShares
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Accumulating
- Income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
- Ongoing charge
- 0.58% a year · about £58 on £10,000
- Fund size
- £697m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- Pounds (GBP)
- Category
- Smaller companies
Price chart
Over the last year, the closing price went from £284.20 on 14/11/2025 to £302.68 on 13/11/2026 (+6.5%). The lowest close shown was £275.70 on 21/11/2025 and the highest £325.90 on 29/05/2026.
One close a week. Before 29/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Weeks missing from our record are filled from the same history.
As of , at least 15 min delayed
Five years of prices, and after inflation
261 weekly closes, from 12/11/2021 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 382
- on record
- Ten largest
- 11.4%
- of the whole fund
- Effective number of holdings
- 199
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 1.3%
- Spie
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | SpieSPIEIndustrials | 1.27% |
| 2 | Gaztransport & TechnigazGTTEnergy | 1.26% |
| 3 | Lottomatica GroupLTMCConsumer Discretionary | 1.20% |
| 4 | Scout24G24Communication Services | 1.16% |
| 5 | AedificaAEDReal Estate | 1.14% |
| 6 | ImcdIMCDIndustrials | 1.11% |
| 7 | thyssenkruppTKAMaterials | 1.11% |
| 8 | Ackermans & van HaarenACKBIndustrials | 1.08% |
| 9 | NordexNDX1Industrials | 1.05% |
| 10 | SaipemSPMEnergy | 1.03% |
As of , holdings as published
Where it invests
The portfolio by sector, country and type of asset, as a share of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.
By sector
- Industrials27.5%
- Consumer Discretionary11.5%
- Materials11.5%
- Financials10.5%
- Information Technology7.4%
- Real Estate7.0%
- Energy6.2%
- Communication Services5.8%
- Other sectors12.6%
By country
- Germany22.7%
- France21.1%
- Italy15.3%
- Netherlands9.0%
- Spain8.6%
- Belgium8.5%
- Finland5.8%
- Austria4.8%
- Other countries4.1%
By type of asset
- Equity99.3%
- Cash and money market0.8%
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 100 largest and what changed since .
More of the portfolio
The fund publishes 381 holdings; the ten largest make up 11.4% of it. The fund's portfolio is also split by currency.
Create a free account to see the full holdings list and the currency, maturity and credit-quality breakdowns
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Funds tracking the same index
2 funds track MSCI EMU Small Cap Index - EUR, this one included and share classes counted once; their ongoing charges range from 0.32% to 0.58% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares MSCI EMU Small Cap UCITS ETFThis fundAccumulating · 0.58% a year | 0.58% | +7.4% | +41.9% | +24.2% |
| UBS MSCI EMU Small Cap UCITS ETF EUR dis- DistributionDistributing · 0.32% a year | 0.32% | +6.4% | +39.4% | +25.8% |
As of
MSCI EMU Small Cap funds compared: charges, sizes and share classes
Read more:Index fundsTracking differenceHow funds are compared
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1, 3 and 5 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 252 rolling 12-month returns since January 2021, and of 148 rolling three-year returns, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 3 largest falls since November 2021, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Moves compared with a similar fund
Correlation and beta of weekly returns in pounds against iShares Core MSCI Europe UCITS ETF EUR (Acc), over the three years to 13/11/2026 (127 weeks).
Pro
Pro — currently by invitation
Pro includes moves against a comparable fund
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of CES1?
The ongoing charge of CES1 is 0.58% a year — about £58 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares MSCI EMU Small Cap UCITS ETF 0.58% a year. Compared on 14/11/2026, 4 of the 36 other smaller-company funds charge more, 1 the same and 31 less (share classes counted once).
What does CES1 track?
CES1 tracks the MSCI EMU Small Cap Index - EUR.
Is CES1 accumulating or distributing?
CES1 is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
What is the ISIN of CES1?
The ISIN of CES1 is IE00B3VWMM18. An ISIN identifies one exact share class of a fund; CES1 is its ticker on the London Stock Exchange. The same share class is also listed as SXRJ (Xetra, euros).
What does CES1 hold?
As of 06/11/2026, CES1 holds 381 positions, according to its published holdings. The largest is Spie at 1.27% of the fund; the ten largest make up 11.4%. Its ten largest holdings are Spie (1.27%), Gaztransport & Technigaz (1.26%), Lottomatica Group (1.20%), Scout24 (1.16%), Aedifica (1.14%), Imcd (1.11%), thyssenkrupp (1.11%), Ackermans & van Haaren (1.08%), Nordex (1.05%) and Saipem (1.03%).
What were CES1’s returns in each of the last five years?
Calendar-year returns of CES1 in pounds (price, with income reinvested in the fund): 2022 −11.6%, 2023 +11.9%, 2024 −4.0%, 2025 +31.5%; 2026 to 13/11/2026 +3.0%. Past performance is not a guide to future returns.
How has CES1 done after inflation?
Over the five years to 13/11/2026 CES1’s total return was +24.2%, or −3.1% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
- Fund documents
- Fund page at iShares · Key investor information document (KIID) · Factsheet (links checked )
Methodology:ReturnsCategoriesAll methods
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