# State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD (EMSM)

**Page:** https://fundology.uk/fund/emsm · ISIN IE00B48X4842

## 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, 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.

## Summary

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.

Latest close: **£106.70** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | EMSM |
| ISIN | IE00B48X4842 |
| Also listed as | EMSD (London Stock Exchange, US dollars), SPYX (Xetra, euros) |
| Category | Smaller companies |
| Type | ETF |
| Provider | SPDR |
| Tracks | MSCI EM (Emerging Markets) Small Cap |
| Income | Accumulating |
| Ongoing charge | 0.55% a year (£55 per £10,000) |
| Fund size | £441m |
| Launched | 2011 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 13/05/2011 |

## 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 | +1.32% | -2.27% | income reinvested |
| 3 years | +29.03% | +16.58% | income reinvested |
| 5 years | +27.73% | -0.30% | income reinvested |

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

## Calendar-year 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 CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -7.0% | -14.9% | Price |
| 2023 | +15.5% | +10.9% | Price |
| 2024 | +5.7% | +2.1% | Price |
| 2025 | +11.4% | +7.6% | Price |
| 2026 to 13/11/2026 | +2.8% | -0.5% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 19.27% | -15.64% |
| 3 years | 14.61% | -16.63% |
| 5 years | 14.32% | -16.63% |

## Largest fall

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.

## Charges compared with similar funds

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).

## 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 | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares MSCI EM Small Cap UCITS ETF | 0.74% | +3.8% | +29.7% | +29.2% |
| State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD (this fund) | 0.55% | +1.3% | +29.0% | +27.7% |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.55%** per year (as of 06/11/2026)
- 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 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%.

### Top holdings

Largest positions (as of 05/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Taiwan Union Technology | [6274](https://fundology.uk/stock/6274) | 0.51% |
| 2 | Samsung E&A | [028050](https://fundology.uk/stock/028050) | 0.50% |
| 3 | Coforge | [COFORGE](https://fundology.uk/stock/COFORGE) | 0.47% |
| 4 | Kinsus Interconnect Technology | [3189](https://fundology.uk/stock/3189) | 0.47% |
| 5 | Nan Ya Printed Circuit Board | [8046](https://fundology.uk/stock/8046) | 0.47% |
| 6 | Powerchip Semiconductor Manufacturing | [6770](https://fundology.uk/stock/6770) | 0.41% |
| 7 | Tripod Technology | [3044](https://fundology.uk/stock/3044) | 0.40% |
| 8 | Compeq Manufacturing | [2313](https://fundology.uk/stock/2313) | 0.35% |
| 9 | Auo | [2409](https://fundology.uk/stock/2409) | 0.33% |
| 10 | International Games System | [3293](https://fundology.uk/stock/3293) | 0.33% |

## Where it invests

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

### By sector

Added up from the fund’s published holdings, as of 05/11/2026.

| Sector | Weight |
|---|---|
| Information Technology | 21.8% |
| Industrials | 17.0% |
| Financials | 11.3% |
| Consumer Discretionary | 10.9% |
| Materials | 9.9% |
| Health Care | 9.0% |
| Real Estate | 5.8% |
| Consumer Staples | 5.5% |
| Other sectors | 8.7% |
| Not classified | 0.1% |

### By country

Added up from the fund’s published holdings, as of 05/11/2026.

| Country | Weight |
|---|---|
| Taiwan | 24.6% |
| India | 23.1% |
| South Korea | 13.9% |
| China | 9.3% |
| South Africa | 3.9% |
| Saudi Arabia | 3.2% |
| Brazil | 3.1% |
| Malaysia | 2.9% |
| Other countries | 15.8% |

The 1,742 holdings on record (of 1,769 reported): https://fundology.uk/fund/emsm/holdings

## 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.

## Fund documents

- [Fund page at State Street Global Advisors](https://www.ssga.com/uk/en_gb/intermediary/etfs/state-street-spdr-msci-emerging-markets-small-cap-ucits-etf-spyx-gy)
- [Key investor information document (KIID)](https://www.ssga.com/library-content/kiids?isin=IE00B48X4842&documentType=kiid&country=uk&language=en_gb&ticker=spyx-gy)
- [Factsheet](https://www.ssga.com/library-content/products/factsheets/etfs/emea/factsheet-emea-en_gb-spyx-gy.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.