At a glance
EEMS charges 0.72% a year, above the 0.44% average of the 3 funds most like it (the most expensive of 4). It has $376.1M in assets, the 4th largest of that group; it paid 3.02% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +5.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +14.3% a year. At its worst it fell 37.4% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows. Its ten largest positions make up 6.5% of the fund, out of 1,724 in all.
The short version
iShares MSCI Emerging Markets Small-Cap ETF (EEMS) is a BlackRock index fund that tracks the MSCI Emerging Markets Small Cap Index. It spreads money across smaller companies in countries such as Taiwan, India and South Korea. It is widely spread: as of August 31, 2026, it held 1,724 stocks, and its 10 largest holdings made up just 6.47% of assets. The trade-off is cost. Its 0.72% expense ratio is above the 0.44% average of similar funds.
Price history
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EEMS +5.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EEMS official prospectus, to Dec 31, 2024 | — | +3.31% | — | +7.69% | +5.21% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI Emerging Markets Small Cap Index index, same period | — | +4.79% | — | +8.56% | +5.73% | — |
| EEMS price data to Oct 27, 2026 | +5.8% | +5.9% | +14.3% | +5.5% | +7.7% | +5.2% |
- Over the year to Oct 27, 2026, EEMS returned +5.9%, 3rd of 4 among similar funds.
- Its 5-year annualized return was +5.5% and its 10-year +7.7%.
- In the 2020 COVID crash it fell 37.4% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-19.1%); its best was 2017 (+34.8%).
- The deepest fall in its price history was 48.9% (Jan 26, 2018 to Mar 23, 2020), recovered by Dec 30, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.8% | — |
| 2025 | +19.8% | — |
| 2024 | +3.1% | +3.31% |
| 2023 | +23.1% | +22.52% |
| 2022 | -19.1% | -18.41% |
| 2021 | +18.1% | +18.01% |
| 2020 | +19.5% | +18.84% |
| 2019 | +11.2% | +11.30% |
| 2018 | -19.0% | -18.19% |
| 2017 | +34.8% | +33.97% |
| 2016 | +1.4% | +1.78% |
| 2015 | -7.1% | -7.59% |
| 2014 | -3.0% | — |
| 2013 | +3.0% | — |
| 2012 | +20.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.4% over that stretch · deepest drop along the way 37.4%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.4% over that stretch · deepest drop along the way 26%, back to its old high 16.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4800 | |
| 2025 | $2.0800 | +37.7% |
| 2024 | $1.5100 | -3.2% |
| 2023 | $1.5600 | +262.8% |
| 2022 | $0.4300 | -79.9% |
| 2021 | $2.1400 | +87.7% |
| 2020 | $1.1400 | -4.2% |
| 2019 | $1.1900 | -7.0% |
| 2018 | $1.2800 | -2.3% |
| 2017 | $1.3100 | +29.7% |
| 2016 | $1.0100 | +6.3% |
| 2015 | $0.9500 | -21.5% |
| 2014 | $1.2100 | +17.5% |
| 2013 | $1.0300 | -54.4% |
| 2012 | $2.2600 |
What's inside
As of Aug 31, 2026, the fund held 1,724 securities; the ten largest made up 6.47% of assets, and 9.83% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NANYA TECHNOLOGY CORPORATION | 1.17% | |
| Winbond Electronics Corporation | 1.03% | |
| Phison Electronics Corporation | 0.71% | |
| TAIWAN UNION TECHNOLOGY CORPORATION | 0.65% | |
| LandMark Optoelectronics Corporation | 0.55% | |
| Kinsus Interconnect Technology Corp | 0.51% | |
| NAN YA PRINTED CIRCUIT BOARD CORPORATION | 0.50% | |
| COMPEQ MANUFACTURING COMPANY LIMITED | 0.48% | |
| Powerchip Semiconductor Manufacturing Corporation | 0.44% | |
| Tripod Technology Corporation | 0.43% | |
| MACRONIX INTERNATIONAL CO., LTD. | 0.40% | |
| LAURUS LABS LIMITED | 0.40% | |
| COFORGE LIMITED | 0.39% | |
| LG INNOTEK CO.,LTD | 0.38% | |
| UNITED INTEGRATED SERVICES CO., LTD. | 0.36% |
By country
Taiwan 26.87%India 21.22%South Korea 14.73%Cayman Islands 6.09%South Africa 3.44%By asset type
Stocks 95.38%Other 4.4%Preferred stock 0.08%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $14.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.05%, -8.12%, +9.90%.
How it works
EEMS follows the MSCI Emerging Markets Small Cap Index, which measures small-capitalization companies (smaller businesses by stock market value) in emerging market countries. MSCI is independent of BlackRock. It decides which stocks are in the index and how much each one weighs. As of August 31, 2025, the index covered 24 countries or regions, including Brazil, China, India, Saudi Arabia, South Korea, Taiwan and Turkey. Large shares were in consumer goods and services, industrials and technology.
The fund doesn't buy every stock in the index. Its adviser, BFA, uses "representative sampling." That means it holds a group of securities picked so that, together, they match the index on company size, industry mix, yield and price swings. At least 80% of assets go into index stocks or close equivalents, such as depositary receipts (certificates that stand for foreign shares). Up to 20% can go into futures, options, swaps, cash or other securities that help it track the index.
The fund doesn't try to beat the index, and it doesn't move to cash when markets fall. The prospectus reports portfolio turnover of 29%, a measure of how much of the portfolio is traded in a year. The fund can lend securities worth up to one-third of its total assets to earn extra income. Lending carries a small risk if a borrower fails to return them.
What it really costs
- EEMS charges 0.72% a year, versus an average of 0.44% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $894 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EEMS | $74 | $230 | $401 | $894 |
In a retirement portfolio
It combines two higher-risk areas, emerging markets and small companies, so it fits better as a small add-on than as a foundation.
EEMS could add smaller companies in emerging economies, an area many US-focused portfolios hold little of. Its losses have been deep. In the 2020 COVID crash it fell 37.4%, then recovered by August 5, 2020. In the 2022 bear market it dropped 26% and took 16.9 months to recover. Its worst calendar year was 2022, at -19.1%. Its deepest drop, 48.9% from January 2018 to March 2020, took 9.3 months to recover after the low. The fund launched in 2011, so it has no record from 2008. Someone who had to sell shares in such a year would lock in losses. The trailing yield was 3.02% as of October 27, 2026, paid twice a year. The 0.72% expense ratio is higher than similar funds charge. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, higher-risk slice of emerging market small companies, spread across 1,724 stocks with no holding above about 1.2%.
- Those comfortable with heavy weights in Taiwan (26.87%), India (21.22%) and South Korea (14.73%), as of August 31, 2026.
- Long-term holders who can sit through deep drops, like the 37.4% fall in early 2020 and the 26% slide in 2022.
Look elsewhere if
- Cost-conscious investors: its 0.72% expense ratio is the highest of four similar funds, compared with 0.58% for DGS and 0.08% for VSS.
- People who may need to sell during a downturn, given the 16.9-month recovery after 2022 and one-year volatility of 20.4%.
- Investors wanting steady monthly income: EEMS pays only twice a year, and its 3.02% trailing yield can change with markets.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does EEMS invest in?
EEMS invests in small-company stocks from emerging markets by tracking the MSCI Emerging Markets Small Cap Index. As of August 31, 2026, it held 1,724 stocks. Taiwan was the largest country at 26.87% of assets, followed by India at 21.22% and South Korea at 14.73%. The largest holdings were Taiwan's Nanya Technology (1.17%), Winbond Electronics (1.03%) and Phison Electronics (0.71%). No single stock had a big weight.
What is the expense ratio of EEMS?
EEMS charges 0.72% a year, according to its prospectus filed December 19, 2025. That is above the 0.44% average for similar funds and the highest of the four funds compared. In the SEC's standard example, $10,000 invested with a 5% yearly return would pay about $74 in costs over one year, $401 over five years and $894 over ten years.
EEMS vs DGS: what's the difference?
Both hold small emerging market companies, but only about 23% of their holdings overlap. The WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) costs less, at 0.58% versus 0.72% for EEMS. As its name suggests, it focuses on dividend payers. As of October 27, 2026, DGS returned 8.7% over one year and 15% a year over three years, versus 5.9% and 14.3% for EEMS. DGS is also larger, with about $1.78 billion in net assets as of June 30, 2026.
Does EEMS pay dividends?
Yes. EEMS pays distributions twice a year. In the 12 months to October 27, 2026, it paid $2.14 per share, a trailing yield of 3.02%. The amount isn't fixed. Payouts from small emerging market companies can rise or fall with their profits and with currency moves against the US dollar. Because it pays only twice a year, it may not suit someone who wants a steady monthly check.
How has EEMS performed compared with emerging markets overall?
Over longer periods, it has beaten the standard MSCI Emerging Markets Index. As of December 31, 2024, EEMS returned 7.69% a year over five years and 5.21% a year over ten years. The MSCI Emerging Markets Index returned 1.7% and 3.64%. Over one year, EEMS lagged, at 3.31% versus 7.5%. It also trailed its own index, the MSCI Emerging Markets Small Cap Index, which returned 8.56% and 5.73%. Fees explain part of that gap.