ETF · iShares
IEMS iShares MSCI EM Small Cap UCITS ETF
ISIN IE00B3F81G20London Stock Exchange: IEMSBlackRock, Inc.
- Smaller companies
- ETF
- ISA
- SIPP
- Distributing
Latest close
LSE$103.41
on
- Ongoing charge
- 0.74% a year
- Fund size
- £230m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, IEMS (iShares MSCI EM Small Cap UCITS ETF, ISIN IE00B3F81G20) closed at $103.41 on the London Stock Exchange. Its ongoing charge is 0.74% a year (about £74 on £10,000). Over the five years to 13/11/2026 its total return was +29.2%, or +0.8% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +3.8%
- +0.1% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +29.7%
- +17.2% after inflation (UK CPIH)
- 5 years to 13/11/2026
- +29.2%
- +0.8% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £1,292 on 13/11/2026 — about £1,008 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 EM Small Cap UCITS ETF in pounds (price only, income paid out not included): 2022 −11.2%, 2023 +13.9%, 2024 +3.1%, 2025 +9.6%; 2026 to 13/11/2026 +1.5%. Returns of iShares MSCI EM Small Cap UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +12.9%; to 30/09/2025: +6.1%; to 30/09/2024: +9.7%; to 30/09/2023: +7.7%; to 30/09/2022: −8.5%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +1.5% | −1.8% | |
| to | +9.6% | +5.9% | |
| to | +3.1% | −0.4% | |
| +13.9% | +9.3% | ||
| −11.2% | −18.7% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +12.9% | +8.9% |
| from | +6.1% | +2.0% |
| from | +9.7% | +6.9% |
| from | +7.7% | +1.2% |
| from | −8.5% | −15.9% |
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)
14.0%over 5 years
| 1 year | 19.0% |
|---|---|
| 3 years | 14.5% |
| 5 years | 14.0% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −16.5%
- From to
- Lowest 12-month return
- −13.6%
- 12 months to
- Highest 12-month return
- +39.5%
- 12 months to
- Below its highest weekly close since November 2021
- 11.9%
- High of , latest
In words: Volatility of iShares MSCI EM Small Cap UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 19.0% over 1 year, 14.5% over 3 years, 14.0% over 5 years. Largest fall in the price of iShares MSCI EM Small Cap UCITS ETF since November 2021, in pounds: −16.5% from 28/06/2024 to 11/04/2025. The lowest 12-month return of iShares MSCI EM Small Cap UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −13.6% (12 months to 11/04/2025); the highest was +39.5% (12 months to 17/04/2026). On 13/11/2026 the price of iShares MSCI EM Small Cap UCITS ETF was 11.9% below its highest weekly close since November 2021 (19/06/2026), in pounds.
As of , price only — income paid out is not included
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.74%
- a year
- On £10,000
- £74
- a year, roughly
- Over five years
- £365
- of £10,000, before growth
- 34 charge less
- 1 the same
- 1 charge more
Ongoing charge of iShares MSCI EM Small Cap UCITS ETF 0.74% a year. Compared on 14/11/2026, 1 of the 36 other smaller-company funds charge more, 1 the same and 34 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
iShares MSCI EM Small Cap UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2009.
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 0.74% a year — about £74 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Income from its investments is paid out to holders as cash, usually a few times a year.
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
- IEMS
- ISIN
- IE00B3F81G20
- Also listed as
- EUNI (Xetra, euros)
- Provider
- iShares
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Distributing, paid semi-annual
- Income is paid out to holders as cash, usually a few times a year.
- Ongoing charge
- 0.74% a year · about £74 on £10,000
- Fund size
- £230m
- 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
- USD
- Category
- Smaller companies
Price chart
Over the last year, the closing price went from $103.23 on 14/11/2025 to $103.41 on 13/11/2026 (+0.2%). The lowest close shown was $100.61 on 12/12/2025 and the highest $119.67 on 08/05/2026.
One close a week. Before 28/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Price only — income paid out is not included, so the line can end below the total return above.
As of , at least 15 min delayed
Five years of prices, and after inflation
260 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
- 1,737
- 1,800 reported in all
- Ten largest
- 4.2%
- of the whole fund
- Effective number of holdings
- 909
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 0.5%
- Coforge
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | CoforgeCOFORGEInformation Technology | 0.48% |
| 2 | Taiwan Union Technology6274Information Technology | 0.48% |
| 3 | Samsung E&A028050Industrials | 0.47% |
| 4 | Kinsus Interconnect Technology3189Information Technology | 0.44% |
| 5 | Nan Ya Printed Circuit Board8046Information Technology | 0.43% |
| 6 | Cash and other net assets | 0.40% |
| 7 | Powerchip Semiconductor Manufacturing6770Information Technology | 0.40% |
| 8 | Tripod Technology3044Information Technology | 0.38% |
| 9 | Compeq Manufacturing2313Information Technology | 0.34% |
| 10 | International Games System3293Communication Services | 0.34% |
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 Technology20.9%
- Industrials16.6%
- Financials11.4%
- Consumer Discretionary11.2%
- Materials9.9%
- Health Care9.2%
- Real Estate5.9%
- Consumer Staples5.6%
- Other sectors9.3%
By country
- Taiwan23.9%
- India23.5%
- South Korea13.3%
- China9.6%
- South Africa4.0%
- Brazil3.3%
- Saudi Arabia3.2%
- Malaysia2.9%
- Other countries16.4%
By type of asset
- Equity99.5%
- Cash and money market0.4%
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 1,800 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 ETFThis fundDistributing · 0.74% a year | 0.74% | +3.8% | +29.7% | +29.2% |
| State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF Accum USDAccumulating · 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 250 rolling 12-month returns since January 2021, and of 146 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 (152 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 IEMS?
The ongoing charge of IEMS is 0.74% a year — about £74 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 EM Small Cap UCITS ETF 0.74% a year. Compared on 14/11/2026, 1 of the 36 other smaller-company funds charge more, 1 the same and 34 less (share classes counted once).
What does IEMS track?
IEMS tracks the MSCI EM (Emerging Markets) Small Cap — companies in emerging economies such as China, India, Taiwan and Brazil.
Is IEMS accumulating or distributing?
IEMS is distributing: income is paid out to holders as cash, usually a few times a year. It pays out semi-annual.
What is the ISIN of IEMS?
The ISIN of IEMS is IE00B3F81G20. An ISIN identifies one exact share class of a fund; IEMS is its ticker on the London Stock Exchange. The same share class is also listed as EUNI (Xetra, euros).
What does IEMS hold?
As of 06/11/2026, IEMS holds 1,800 positions, according to its published holdings. The largest is Coforge at 0.48% of the fund; the ten largest make up 4.2%. Its ten largest holdings are Coforge (0.48%), Taiwan Union Technology (0.48%), Samsung E&A (0.47%), Kinsus Interconnect Technology (0.44%), Nan Ya Printed Circuit Board (0.43%), Cash and other net assets (0.40%), Powerchip Semiconductor Manufacturing (0.40%), Tripod Technology (0.38%), Compeq Manufacturing (0.34%) and International Games System (0.34%).
What were IEMS’s returns in each of the last five years?
Calendar-year returns of IEMS in pounds (price only, income paid out not included): 2022 −11.2%, 2023 +13.9%, 2024 +3.1%, 2025 +9.6%; 2026 to 13/11/2026 +1.5%. Past performance is not a guide to future returns.
How has IEMS done after inflation?
Over the five years to 13/11/2026 IEMS’s total return was +29.2%, or +0.8% after UK CPIH inflation. Past performance is not a guide to future returns.
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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 iShares · Key investor information document (KIID) · Factsheet (links checked )
Methodology:ReturnsCategoriesAll methods
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