ETF · SPDR
EMSM State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD
ISIN IE00B48X4842London Stock Exchange: EMSMState Street Corp.
- Smaller companies
- ETF
- ISA
- SIPP
- Accumulating
Latest close
LSE£106.70
on
- Ongoing charge
- 0.55% a year
- Fund size
- £441m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, EMSM (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD, ISIN IE00B48X4842) closed at £106.70 on the London Stock Exchange. Its ongoing charge is 0.55% a year (about £55 on £10,000). Over the five years to 13/11/2026 its total return was +27.7%, or −0.3% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +1.3%
- −2.3% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +29.0%
- +16.6% after inflation (UK CPIH)
- 5 years to 13/11/2026
- +27.7%
- −0.3% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £1,277 on 13/11/2026 — about £997 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 State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD in pounds (price, with income reinvested in the fund): 2022 −7.0%, 2023 +15.5%, 2024 +5.7%, 2025 +11.4%; 2026 to 13/11/2026 +2.8%. Returns of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +14.1%; to 30/09/2025: +9.7%; to 30/09/2024: +9.9%; to 30/09/2023: +12.6%; to 30/09/2022: −6.1%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +2.8% | −0.5% | |
| to | +11.4% | +7.6% | |
| to | +5.7% | +2.1% | |
| +15.5% | +10.9% | ||
| −7.0% | −14.9% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +14.1% | +10.0% |
| from | +9.7% | +5.4% |
| from | +9.9% | +7.1% |
| from | +12.6% | +5.8% |
| from | −6.1% | −13.7% |
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)
14.3%over 5 years
| 1 year | 19.3% |
|---|---|
| 3 years | 14.6% |
| 5 years | 14.3% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −16.6%
- From to
- Lowest 12-month return
- −12.6%
- 12 months to
- Highest 12-month return
- +41.2%
- 12 months to
- Below its highest weekly close since November 2021
- 12.4%
- High of , latest
In words: Volatility of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD in pounds, annualised from weekly returns to 13/11/2026: 19.3% over 1 year, 14.6% over 3 years, 14.3% over 5 years. Largest fall in the price of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD since November 2021, in pounds: −16.6% from 05/07/2024 to 11/04/2025. The lowest 12-month return of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD in pounds (price, with income reinvested in the fund) since January 2021 was −12.6% (12 months to 11/04/2025); the highest was +41.2% (12 months to 17/04/2026). On 13/11/2026 the price of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD was 12.4% below its highest weekly close since November 2021 (19/06/2026), 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
- 0.55%
- a year
- On £10,000
- £55
- a year, roughly
- Over five years
- £272
- of £10,000, before growth
- 30 charge less
- 0 the same
- 6 charge more
Ongoing charge of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD 0.55% a year. Compared on 14/11/2026, 6 of the 36 other smaller-company funds charge more, 0 the same and 30 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD is an exchange-traded fund (ETF) from SPDR, launched in 2011.
It tracks the MSCI EM (Emerging Markets) Small Cap — companies in emerging economies such as China, India, Taiwan and Brazil.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.55% a year — about £55 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
- EMSM
- ISIN
- IE00B48X4842
- Also listed as
- EMSD (London Stock Exchange, US dollars), SPYX (Xetra, euros)
- Provider
- SPDR
- 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
- 0.55% a year · about £55 on £10,000
- Fund size
- £441m
- 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 £106.05 on 14/11/2025 to £106.70 on 13/11/2026 (+0.6%). The lowest close shown was £102.22 on 12/12/2025 and the highest £121.81 on 19/06/2026.
One close a week. Before 30/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded.
As of , at least 15 min delayed
Five years of prices, and after inflation
262 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
- 1,742
- 1,769 reported in all
- Ten largest
- 4.2%
- of the whole fund
- Effective number of holdings
- 866
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 0.5%
- Taiwan Union Technology
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | Taiwan Union Technology6274Information TechnologyTaiwan | 0.51% |
| 2 | Samsung E&A028050IndustrialsSouth Korea | 0.50% |
| 3 | CoforgeCOFORGEInformation TechnologyIndia | 0.47% |
| 4 | Kinsus Interconnect Technology3189Information TechnologyTaiwan | 0.47% |
| 5 | Nan Ya Printed Circuit Board8046Information TechnologyTaiwan | 0.47% |
| 6 | Powerchip Semiconductor Manufacturing6770Information TechnologyTaiwan | 0.41% |
| 7 | Tripod Technology3044Information TechnologyTaiwan | 0.40% |
| 8 | Compeq Manufacturing2313Information TechnologyTaiwan | 0.35% |
| 9 | Auo2409Information TechnologyTaiwan | 0.33% |
| 10 | International Games System3293Communication ServicesTaiwan | 0.33% |
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
- Information Technology21.8%
- Industrials17.0%
- Financials11.3%
- Consumer Discretionary10.9%
- Materials9.9%
- Health Care9.0%
- Real Estate5.8%
- Consumer Staples5.5%
- Other sectors8.7%
- Not classified0.1%
By country
- Taiwan24.6%
- India23.1%
- South Korea13.9%
- China9.3%
- South Africa3.9%
- Saudi Arabia3.2%
- Brazil3.1%
- Malaysia2.9%
- Other countries15.8%
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 1,769 holdings; the ten largest make up 4.2% 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 EM (Emerging Markets) Small Cap, this one included and share classes counted once; their ongoing charges range from 0.55% to 0.74% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares MSCI EM Small Cap UCITS ETFDistributing · 0.74% a year | 0.74% | +3.8% | +29.7% | +29.2% |
| State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USDThis fundAccumulating · 0.55% a year | 0.55% | +1.3% | +29.0% | +27.7% |
As of
MSCI EM (Emerging Markets) 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 254 rolling 12-month returns since January 2021, and of 150 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 EM IMI UCITS ETF, over the three years to 13/11/2026 (156 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 EMSM?
The ongoing charge of EMSM is 0.55% a year — about £55 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 State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD 0.55% a year. Compared on 14/11/2026, 6 of the 36 other smaller-company funds charge more, 0 the same and 30 less (share classes counted once).
What does EMSM track?
EMSM tracks the MSCI EM (Emerging Markets) Small Cap — companies in emerging economies such as China, India, Taiwan and Brazil.
Is EMSM accumulating or distributing?
EMSM 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 EMSM?
The ISIN of EMSM is IE00B48X4842. An ISIN identifies one exact share class of a fund; EMSM is its ticker on the London Stock Exchange. The same share class is also listed as EMSD (London Stock Exchange, US dollars) and SPYX (Xetra, euros).
What does EMSM hold?
As of 05/11/2026, EMSM holds 1,769 positions, according to its published holdings. The largest is Taiwan Union Technology at 0.51% of the fund; the ten largest make up 4.2%. Its ten largest holdings are Taiwan Union Technology (0.51%), Samsung E&A (0.50%), Coforge (0.47%), Kinsus Interconnect Technology (0.47%), Nan Ya Printed Circuit Board (0.47%), Powerchip Semiconductor Manufacturing (0.41%), Tripod Technology (0.40%), Compeq Manufacturing (0.35%), Auo (0.33%) and International Games System (0.33%).
What were EMSM’s returns in each of the last five years?
Calendar-year returns of EMSM in pounds (price, with income reinvested in the fund): 2022 −7.0%, 2023 +15.5%, 2024 +5.7%, 2025 +11.4%; 2026 to 13/11/2026 +2.8%. Past performance is not a guide to future returns.
How has EMSM done after inflation?
Over the five years to 13/11/2026 EMSM’s total return was +27.7%, or −0.3% after UK CPIH inflation. Past performance is not a guide to future returns.
Similar funds
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- R2SCState Street SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF Accum Ptg USD0.30% a year · £3.6bn
- XXSCXtrackers MSCI Europe Small Cap UCITS ETF Capitalisation 1C0.33% a year · £2.9bn
- CUS1iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF Accum.Ptg.Shs USD0.43% a year · £2.1bn
- ISP6iShares S&P SmallCap 600 UCITS ETF USD0.30% a year · £1.9bn
- WOSCState Street SPDR MSCI World Small Cap UCITS ETF0.45% a year · £1.3bn
- AVSGAvantis Global Small Cap Value UCITS ETF AccumUSD0.39% a year · £1.2bn
- USSCState Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF Accum Ptg USD0.30% a year · £806m
Fund documents and methods
- Fund documents
- Fund page at State Street Global Advisors · Key investor information document (KIID) · Factsheet (links checked )
Methodology:ReturnsCategoriesAll methods
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