ETF Evaluator:
iShares MSCI Emerging Markets Sm-Cp ETF ()
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(as of Aug 26)
Best Performing in Diversified Emerging Mkts Over the Last Year
| 114.0% | Nomura Focused Emerging Mrkts Eq ETF (EMEQ) |
| 81.0% | FT EM Human Flourishing ETF (FTHF) |
| 68.7% | First Trust Bloomberg Emr Mkt Dem ETF (EMDM) |
| 67.8% | Freedom 100 Emerging Markets ETF (FRDM) |
| 59.4% | Pacific NoS Global EM Equity Active ETF (GEME) |
Risk
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Risk
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ETF Details
iShares MSCI Emerging Markets Sm-Cp ETF Overview
iShares MSCI Emerging Markets Sm-Cp ETF (EEMS) is a passively managed International Equity Diversified Emerging Mkts exchange-traded fund (ETF). iShares launched the ETF in 2011.
The investment seeks to track the investment results of the MSCI Emerging Markets Small Cap Index.
The fund generally will invest at least 80% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is designed to measure the performance of equity securities of small-capitalization companies in emerging market countries.
About iShares MSCI Emerging Markets Sm-Cp ETF (EEMS)
There are 4 members of the management team with an average tenure of 4.40 years: Jennifer Hsui (2012), Peter Sietsema (2025), Matt Waldron (2025) and Steven White (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and MSCI EM Small NR USD index with a weighting of 100%. iShares MSCI Emerging Markets Sm-Cp ETF has 1727 securities in its portfolio. The top 10 holdings constitute 5.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares MSCI Emerging Markets Sm-Cp ETF is part of the Equity global asset class and is within the International Equity ETF group. iShares MSCI Emerging Markets Sm-Cp ETF has 99.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1% There is 99.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares MSCI Emerging Markets Sm-Cp ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $349 million in total assets, which is below the $3 billion average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EEMS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares MSCI Emerging Markets Sm-Cp ETF expense ratio is above average compared to funds in the Diversified Emerging Mkts category. iShares MSCI Emerging Markets Sm-Cp ETF has an expense ratio of 0.72%, which is 39% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares MSCI Emerging Markets Sm-Cp ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, iShares MSCI Emerging Markets Sm-Cp ETF returned -8.1%, which earned it a grade of F, as the Diversified Emerging Mkts category had an average return of -3.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares MSCI Emerging Markets Sm-Cp ETF has a trailing yield of 3.06%, which is above the 2.41% category average.
The fund normally distributes its income semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares MSCI Emerging Markets Sm-Cp ETF Grades
Year to date, the ETF has returned 4.3%, 12.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.7% over the past year (grade of F), 10.1% over the past three years (grade of F) and 5.2% per year over the past five years (grade of F) and 7.8% per year over the past 10 years (grade of D).
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EEMS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EEMS Return (NAV) | -8.1% | -8.2% | 11.7% | 10.1% | 5.2% | 7.8% |
| EEMS Return (Price) | -8.1% | -8.7% | 12.3% | 10.0% | 5.0% | 7.7% |
| NAV +/- Price Return | 0.009% | 0.534% | -0.552% | 0.090% | 0.160% | 0.137% |
| Diversified Emerging Mkts Avg | -3.0% | 3.0% | 31.9% | 16.6% | 7.1% | 7.8% |
| EEMS Grade (NAV) | F | F | F | F | F | D |
| +/- Category (NAV) | -5.1% | -11.2% | -20.2% | -6.5% | -1.9% | 0.0% |
| EEMS Tax-Cost Ratio | na | na | 1.1% | 1.0% | 0.9% | 0.9% |
EEMS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EEMS Return (NAV) | 4.3% | 18.9% | 3.3% | 22.5% | -18.4% | 18.0% | 18.8% | 11.3% | -18.2% | 34.0% | 1.8% |
| EEMS Return (Price) | 4.0% | 19.8% | 3.1% | 23.1% | -19.1% | 18.2% | 19.5% | 11.2% | -19.0% | 34.8% | 1.4% |
| NAV +/- Price Ret | -0.091% | 0.046% | -0.052% | 0.028% | 0.039% | 0.008% | 0.033% | -0.6% | 4.4% | 2.5% | -21.3% |
| Diversified Emerging Mkts Avg | 17.1% | 29.2% | 6.7% | 12.8% | -18.8% | 2.3% | 12.7% | 18.2% | -14.6% | 33.7% | 10.9% |
| EEMS Grade (NAV) | F | F | D | A | C | A | B | F | F | C | F |
| +/- Category | -12.8% | -10.3% | -3.3% | 9.8% | 0.4% | 15.7% | 6.2% | -6.9% | -3.6% | 0.3% | -9.2% |
| Risk Measures | |
| Beta: | 0.89 |
| R-Squared: | 69% |
| Standard Deviation: | 14.8% |
| Category Risk Index: | 0.91 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.21 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 3.1% |
| Total Assets: | $ 349 Mil |
| Share Class Assets: | $ 349 Mil |
| Turnover: | 29.0% |
| Expense Ratio: | 0.72% |
| Index Fund: | Yes |
| Index Tracked: | MSCI EM NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Hsui Jennifer (2012), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1727 |
| % in Top 10 Holdings: | 5.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 99.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 99.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | ca.ishares.com/home.htm |
| Inception Date: | August 16, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.72% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.52% |
