# iShares MSCI EMU Small Cap UCITS ETF (CES1)

**Page:** https://fundology.uk/fund/ces1 · ISIN IE00B3VWMM18

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

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.

## Summary

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.

Latest close: **£302.68** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | CES1 |
| ISIN | IE00B3VWMM18 |
| Also listed as | SXRJ (Xetra, euros) |
| Category | Smaller companies |
| Type | ETF |
| Provider | iShares |
| Tracks | MSCI EMU Small Cap Index - EUR |
| Income | Accumulating |
| Ongoing charge | 0.58% a year (£58 per £10,000) |
| Fund size | £697m |
| Launched | 2009 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 22/03/2010 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +7.36% | +3.56% | income reinvested |
| 3 years | +41.89% | +28.19% | income reinvested |
| 5 years | +24.16% | -3.09% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year 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 CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -11.6% | -19.1% | Price |
| 2023 | +11.9% | +7.5% | Price |
| 2024 | -4.0% | -7.3% | Price |
| 2025 | +31.5% | +27.0% | Price |
| 2026 to 13/11/2026 | +3.0% | -0.3% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 15.77% | -11.66% |
| 3 years | 14.47% | -11.66% |
| 5 years | 16.23% | -25.44% |

## Largest fall

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.

## Charges compared with similar funds

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).

## 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 | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares MSCI EMU Small Cap UCITS ETF (this fund) | 0.58% | +7.4% | +41.9% | +24.2% |
| UBS (Lux) Fund Solutions SICAV - UBS MSCI EMU Small Cap UCITS ETF EUR dis- Distribution | 0.32% | +6.4% | +39.4% | +25.8% |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## Charges & eligibility

- Ongoing charges figure (OCF): **0.58%** per year
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

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%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Spie | [SPIE](https://fundology.uk/stock/SPIE) | 1.27% |
| 2 | Gaztransport & Technigaz | [GTT](https://fundology.uk/stock/GTT) | 1.26% |
| 3 | Lottomatica Group | [LTMC](https://fundology.uk/stock/LTMC) | 1.20% |
| 4 | Scout24 | [G24](https://fundology.uk/stock/G24) | 1.16% |
| 5 | Aedifica | [AED](https://fundology.uk/stock/AED) | 1.14% |
| 6 | Imcd | [IMCD](https://fundology.uk/stock/IMCD) | 1.11% |
| 7 | thyssenkrupp | [TKA](https://fundology.uk/stock/TKA) | 1.11% |
| 8 | Ackermans & van Haaren | [ACKB](https://fundology.uk/stock/ACKB) | 1.08% |
| 9 | Nordex | [NDX1](https://fundology.uk/stock/NDX1) | 1.05% |
| 10 | Saipem | [SPM](https://fundology.uk/stock/SPM) | 1.03% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 06/11/2026.

| Sector | Weight |
|---|---|
| Industrials | 27.5% |
| Consumer Discretionary | 11.5% |
| Materials | 11.5% |
| Financials | 10.5% |
| Information Technology | 7.4% |
| Real Estate | 7.0% |
| Energy | 6.2% |
| Communication Services | 5.8% |
| Other sectors | 12.6% |

### By country

As published for the fund, as of 06/11/2026.

| Country | Weight |
|---|---|
| Germany | 22.7% |
| France | 21.1% |
| Italy | 15.3% |
| Netherlands | 9.0% |
| Spain | 8.6% |
| Belgium | 8.5% |
| Finland | 5.8% |
| Austria | 4.8% |
| Other countries | 4.1% |

### By type of asset

Added up from the fund’s published holdings, as of 06/11/2026.

| Type of asset | Weight |
|---|---|
| Equity | 99.3% |
| Cash and money market | 0.8% |

All 382 holdings: https://fundology.uk/fund/ces1/holdings

## 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.

## Fund documents

- [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/253496/ishares-msci-emu-small-cap-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-msci-emu-small-cap-ucits-etf-eur-acc-gb-ie00b3vwmm18-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/csemus-ishares-msci-emu-small-cap-ucits-etf-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.