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CES1
+8.69 · +3.00%
£298.67 · LSE
iShares MSCI EMU Small Cap UCITS | Eurozone Small-Cap Equity
BlackRock Asset Management Ireland - ETF · Ireland
AUM:£961.7M
#– of – in Eurozone Small-Cap Equity ETFs
ℹ️
Reward Rating
68
Good
21.68% 1Y return
ℹ️
Risk Rating
49
Moderate
Risk Assessment
ℹ️

Educational tool only – Scores are based on historical data, holdings and expense metrics for informational purposes. This is not financial advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial adviser.

Market Performance

📈 Up 21.7% over the past year, reflecting strong price momentum.

Cost Efficiency

Ongoing charge of 0.58% — moderate cost. Consider how fees compound over long holding periods.

What is CES1?

iShares MSCI EMU Small Cap UCITS tracks Morningstar Dev Ezn Sml TME NR EUR, providing diversified exposure across 379 holdings. Its ongoing charge is 0.58%.

Performance Highlights

Investment Breakdown

Strong Recent Performance
CES1 delivered 21.7% over the past year. Historical returns only — past performance is not indicative of future results.
Moderate Cost
Ongoing charge of 0.58%. Consider how fees compound over a long holding period.
Broadly Diversified
Top 10 holdings represent just 11.7% of the ETF — exposure spread across many positions.

Openbook Analysis

Performance: Good (68)

The scoring profile reflects moderate historical performance, with a 21.7% 1-year return (historical). The ongoing charge of 0.58% should be considered against long-term return expectations. Risk indicators are moderate, in line with typical market exposure (historical).

For informational and educational purposes only. Not financial advice. Past performance is not indicative of future results.

ETF Information
AUM£961.7M
Ongoing Charge0.58%
Dividend Yield5.00%
Holdings379
Inception DateJul 2009
DomicileIreland
DistributionNA
IndexMorningstar Dev Ezn Sml TME NR EUR
ProviderBlackRock Asset Management Ireland - ETF
Beta–
CategoryEurozone Small-Cap Equity
CurrencyGBX
Portfolio Impact

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6168
+7 points · better diversified
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Uses ISF.L (iShares FTSE 100 ETF)
Indicators

Performance Metrics

Historical returns

6M
+13.7%
1Y
+22.6%
3Y
+50.3%
5Y
+41.4%
OpenBook InsightIf you had invested £10,000 in CES1 5 years ago, it would have grown to £14,137 — a gain of £4,137.

Annual Returns

Calendar year performance

CES1 delivered positive returns in 3 of the last 5 calendar years.
YearCES1
2026 YTD+10.9%
2025+30.1%
2024-3.4%
2023+10.5%
2022-12.2%
CAGR 4yr+5.1%
3/5 positive yearsAvg return: +7.2%Worst year: -12.2% (2022)

Technical Analysis Summary

Automated insights from historical price action and indicators

Technical Regime: POSITIVE
Trend Strength
100%
Positive
Volatility
13.1%
Low
Momentum
+5.1%
30-day change
Support Level
309.15
Key floor
Key Insights
  • Price is currently trading above all key moving averages.
  • Low volatility environment with a narrower recent trading range.
  • Monitor key support and resistance levels as part of broader risk assessment.

Reward Rating Breakdown

Our reward rating analyses CES1's attractiveness using 4 weighted factors. Each factor is scored 0-100, then combined using the weights shown below. Past performance does not guarantee future results.

Overall Reward Rating
68
Good REWARD
Data Coverage: %
Factor Framework
Performance
Has the ETF delivered strong historical returns versus similar ETFs?
Cost Efficiency
Is the ETF cheap to own over long periods?
Income
Does it provide attractive and consistent distributions?
Diversification Quality
Does it spread exposure across holdings, sectors, and regions?

📈 Performance

Weight: 30%
61/100

Has the ETF delivered strong historical returns versus similar ETFs? Combines 1/3/5/10-year returns with the Sharpe ratio (risk-adjusted return).

1Y Return
21.68%
Very Good
3Y Return
11.55%
Good
5Y Return
6.23%
Neutral
10Y Return
8.81%
Good
Sharpe Ratio
—
No Data

Solid historical performance: 1-year return of 21.68%, 3-year annualised 11.55%, 5-year annualised 6.23%. Past performance is not indicative of future results.

💰 Cost Efficiency

Weight: 30%
73/100

Is the ETF cheap to own over long periods? Low ongoing charges compound into meaningful additional returns over a 10-year horizon.

Ongoing Charge
0.58%
Weak
Net Expense Ratio
0.01%
Very Good
Annual Turnover
0.57%
Very Good
Tracking Difference
—
No Data

Low-cost and efficient structure: ongoing charge of 0.58%, net expense ratio of 0.01%, annual turnover of 0.6%.

💵 Income

Weight: 15%
95/100

Does the ETF provide attractive and consistent distributions? Combines the current yield with distribution frequency.

Distribution Yield
5.00%
Very Good
Distribution Frequency
NA
No Data

Attractive income profile: distribution yield of 5.00%, na distributions.

🌐 Diversification Quality

Weight: 25%
53/100

Does the ETF spread exposure across many holdings, sectors, and regions? Concentrated funds can be doing exactly what they're meant to do — treat the score as context, not a verdict.

Holdings
379
Good
Top 10 Concentration
11.74%
Very Good
Top Sector
Industrials29.0%
Neutral
Top Region
Europe Developed98.6%
Very Weak

Concentrated but typical for its category: 379 holdings, top 10 at 11.7%, Industrials sector at 29.0%, Europe Developed at 98.6%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Past performance is not indicative of future results.

Risk Rating Breakdown

Our risk rating analyses CES1 using 4 weighted factors. A higher score indicates higher risk. This is a framework for understanding exposure — concentrated funds can still be doing exactly what they're meant to do.

Overall Risk Rating
49
Moderate RISK
Data Coverage: 83%
Factor Framework
Holdings Concentration
How much of the fund sits in its largest positions? Few dominant names mean returns ride on those companies.
Market Exposure
Geographic, sector and cyclical dependencies. High single-country or single-sector weight increases macro sensitivity.
Volatility
Historical price movement, beta and drawdowns — how sharply the fund moves relative to the market.
Income Reliability
How dependable the distribution yield is — cyclical-sector dependency and unusually high yields can flag payout risk.

🎯 Holdings Concentration

Weight: 25%
19/100

How much of the fund sits in a small number of positions? If the top holdings dominate, returns will be driven by those specific companies rather than the broader index.

Top 10 Weight
11.74%
Low Risk
Largest Holding
1.40%
Low Risk
Number of Holdings
379
Low Risk
HHI (weight²)
14
Low Risk

Broadly diversified across holdings: top 10 holdings at 11.7%, largest single position at 1.40%, 379 total holdings.

🌍 Market Exposure

Weight: 25%
81/100

How dependent is the fund on a single country, sector or economic cycle? Heavy exposure to one market means a single macro event can drive most of the return.

Top Region
Europe Developed98.6%
High Risk
Top Sector
Industrials29.0%
Moderate
Top 2 Sectors
42.18%
Moderate
Cyclical Sectors
63.10%
High Risk

High market-exposure risk — returns closely track a narrow slice of the market: Europe Developed at 98.6%, Industrials sector at 29.0%, 63.1% in cyclical sectors.

📊 Volatility

Weight: 35%
35/100

How sharply does the fund move day-to-day and how deep have its drawdowns been? High volatility means wider return outcomes over short horizons.

1Y Volatility
12.46%
Lower Risk
Beta
—
No Data
Max Drawdown
—
No Data

Moderate volatility in line with broad market: 1Y volatility of 12.46% (historical).

💵 Income Reliability

Weight: 15%
78/100

How dependable is the fund's distribution yield? Heavy cyclical-sector exposure or unusually high yields can flag vulnerability to dividend cuts in a downturn.

Current Yield
5.00%
Elevated
Cyclical Sector Exposure
63.10%
High Risk
Top-Sector Dependency
Industrials29.0%
Moderate

Distributions appear cyclically sensitive — yield may be vulnerable to cuts in a downturn: yield of 5.00%, 63.1% in cyclical sectors (financials, energy, materials, industrials, real estate), Industrials sector at 29.0%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Risk scoring is model-based and past data does not guarantee future results.
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