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EMSM
+6.29 · +6.19%
£108.01 · LSE
SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI Emerging Markets Small Cap UCITS ETF | Global Emerging Markets Small/Mid-Cap Equity
State Street Global Advisors Europe Limited · Ireland
AUM:£354.2M
#– of – in Global Emerging Markets Small/Mid-Cap Equity ETFs
ℹ️
Reward Rating
75
Strong
38.81% 1Y return
ℹ️
Risk Rating
41
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 38.8% over the past year, reflecting strong price momentum.

Cost Efficiency

Ongoing charge of 0.55% — moderate cost. Consider how fees compound over long holding periods.

What is EMSM?

SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI Emerging Markets Small Cap UCITS ETF tracks Morningstar EM SMID TME NR USD, providing diversified exposure across 45 holdings. Its ongoing charge is 0.55%.

Performance Highlights

Investment Breakdown

Strong Recent Performance
EMSM delivered 38.8% over the past year. Historical returns only — past performance is not indicative of future results.
Moderate Cost
Ongoing charge of 0.55%. Consider how fees compound over a long holding period.
Broadly Diversified
Top 10 holdings represent just 4.8% of the ETF — exposure spread across many positions.

Openbook Analysis

Performance: Strong (75)

The scoring profile reflects strong historical performance characteristics, including a 38.8% 1-year return (historical). The ongoing charge of 0.55% 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£354.2M
Ongoing Charge0.55%
Dividend Yield4.70%
Holdings45
Inception DateMay 2011
DomicileIreland
DistributionNA
IndexMorningstar EM SMID TME NR USD
ProviderState Street Global Advisors Europe Limited
Beta–
CategoryGlobal Emerging Markets Small/Mid-Cap Equity
CurrencyGBP
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
+14.8%
1Y
+31.7%
3Y
+53.4%
5Y
+54.6%
OpenBook InsightIf you had invested £10,000 in EMSM 5 years ago, it would have grown to £15,459 — a gain of £5,459.

Annual Returns

Calendar year performance

EMSM delivered positive returns in 4 of the last 5 calendar years.
YearEMSM
2026 YTD+15.6%
2025+10.5%
2024+4.1%
2023+15.2%
2022-6.3%
CAGR 4yr+5.6%
4/5 positive yearsAvg return: +7.8%Worst year: -6.3% (2022)

Technical Analysis Summary

Automated insights from historical price action and indicators

Technical Regime: POSITIVE
Trend Strength
100%
Positive
Volatility
20.7%
Moderate
Momentum
+5.9%
30-day change
Support Level
114.20
Key floor
Key Insights
  • Price is currently trading above all key moving averages.
  • Monitor key support and resistance levels as part of broader risk assessment.

Reward Rating Breakdown

Our reward rating analyses EMSM'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
75
Strong 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%
80/100

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
38.81%
Very Good
3Y Return
17.39%
Very Good
5Y Return
9.08%
Good
10Y Return
10.01%
Very Good
Sharpe Ratio
—
No Data

Strong historical performance profile: 1-year return of 38.81%, 3-year annualised 17.39%, 5-year annualised 9.08%. 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
0.55%
Weak
Net Expense Ratio
0.01%
Very Good
Annual Turnover
0.22%
Very Good
Tracking Difference
—
No Data

Low-cost and efficient structure: ongoing charge of 0.55%, net expense ratio of 0.01%, annual turnover of 0.2%.

💵 Income

Weight: 15%
80/100

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

Distribution Yield
4.70%
Very Good
Distribution Frequency
NA
No Data

Attractive income profile: distribution yield of 4.70%, na distributions.

🌐 Diversification Quality

Weight: 25%
68/100

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
45
Very Weak
Top 10 Concentration
4.78%
Very Good
Top Sector
Technology20.2%
Good
Top Region
Asia Emerging40.3%
Good

Moderate diversification: 45 holdings, top 10 at 4.8%, Technology sector at 20.2%, Asia Emerging at 40.3%.

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 EMSM 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
41
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%
26/100

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
4.78%
Low Risk
Largest Holding
0.77%
Low Risk
Number of Holdings
45
Elevated
HHI (weight²)
3
Low Risk

Broadly diversified across holdings: top 10 holdings at 4.8%, largest single position at 0.77%, 45 total holdings.

🌍 Market Exposure

Weight: 25%
51/100

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
Asia Emerging40.3%
Lower Risk
Top Sector
Technology20.2%
Lower Risk
Top 2 Sectors
37.85%
Lower Risk
Cyclical Sectors
48.07%
Elevated

Notable regional or sector dependency: Asia Emerging at 40.3%, Technology sector at 20.2%, 48.1% 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
10.05%
Lower Risk
Beta
—
No Data
Max Drawdown
—
No Data

Moderate volatility in line with broad market: 1Y volatility of 10.05% (historical).

💵 Income Reliability

Weight: 15%
61/100

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
4.70%
Moderate
Cyclical Sector Exposure
48.07%
Elevated
Top-Sector Dependency
Technology20.2%
Lower Risk

Income has some cyclical dependency: yield of 4.70%, 48.1% in cyclical sectors (financials, energy, materials, industrials, real estate), Technology sector at 20.2%.

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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