# State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD (EMSM) **Source:** https://fundology.uk/fund/emsm · ISIN IE00B48X4842 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS ## 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 30/09/2026, EMSM (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD, ISIN IE00B48X4842) closed at £116.98 on the London Stock Exchange. Its ongoing charge is 0.55% a year (about £55 on £10,000). Over the five years to 30/09/2026 its total return was +44.2%, or +12.8% 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: **£116.98** (30/09/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | EMSM | | ISIN | IE00B48X4842 | | 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 | £360m | | Launched | 2011 | | Domicile | Ireland | ## Past returns (periods to 30/09/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +16.07% | +12.43% | income reinvested | | 3 years | +37.41% | +24.00% | income reinvested | | 5 years | +44.25% | +12.76% | income reinvested | Returns: TradingView (delayed data). Inflation: ONS 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 +3.9%, 2025 +12.2%; 2026 to 30/09/2026 +14.0%. 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: +15.9%; to 30/09/2025: +7.9%; to 30/09/2024: +9.9%; to 30/09/2023: +12.6%; to 30/09/2022: −6.9%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -7.0% | -14.9% | Price | | 2023 | +15.5% | +10.9% | Price | | 2024 | +3.9% | +0.3% | Price | | 2025 | +12.2% | +8.3% | Price | | 2026 to 30/09/2026 | +14.0% | +10.8% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 17.99% | -11.75% | | 3 years | 14.12% | -16.63% | | 5 years | 13.94% | -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 30/09/2026: 18.0% over 1 year, 14.1% over 3 years, 13.9% over 5 years. Largest fall in the price of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD since October 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 30/09/2026 the price of State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD was 4.0% below its highest weekly close since October 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, as of 01/10/2026: 5 of the 32 other smaller-company funds charge more, 0 the same and 27 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 (30/09/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | iShares MSCI EM Small Cap UCITS ETF | 0.74% | +16.0% | +39.3% | +42.3% | | State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USD (this fund) | 0.55% | +16.1% | +37.4% | +44.2% | Returns are the data vendor’s, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.55%** per year - ISA eligible: yes - SIPP eligible: yes ## Top holdings Largest positions (as of 30/09/2026): | Holding | Weight | |---|---| | Taiwan Union Technology | 0.72% | | Nan Ya Printed Circuit Board | 0.61% | | Kinsus Interconnect Technology | 0.57% | | Powerchip Semiconductor Manufacturing | 0.52% | | Tripod Technology | 0.45% | | Auo | 0.44% | | Compeq Manufacturing | 0.44% | | Macronix International | 0.43% | | LandMark Optoelectronics | 0.41% | | United Integrated Services | 0.41% | ## Where it invests Shares of the whole fund. Bonds, cash and positions the source does not classify are shown as they come, not guessed. ### By sector Added up from the holdings SPDR publishes, as of 30/09/2026. | Sector | Weight | |---|---| | Information Technology | 25.4% | | Industrials | 17.2% | | Financials | 10.5% | | Consumer Discretionary | 9.9% | | Materials | 9.7% | | Health Care | 8.5% | | Real Estate | 5.5% | | Consumer Staples | 5.1% | | Other sectors | 8.1% | ### By country Added up from the holdings SPDR publishes, as of 30/09/2026. | Country | Weight | |---|---| | Taiwan | 27.8% | | India | 20.8% | | South Korea | 15.2% | | China | 8.8% | | Brazil | 3.5% | | South Africa | 3.4% | | Saudi Arabia | 3.1% | | Malaysia | 2.6% | | Other countries | 14.7% | All 1,749 holdings: https://fundology.uk/fund/emsm/holdings --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.