At a glance
EWX charges 0.65% a year, below the 0.69% average of the 2 funds most like it (the 2nd cheapest of 3). It has $732.9M in assets, the 2nd largest of that group; it paid 2.73% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +2.3% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +12.7% a year. At its worst it fell 33.4% in the 2020 crash (S&P 500: 33.7%) and 23.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows. Its ten largest positions make up 4.7% of the fund, out of 3,386 in all.
The short version
SPDR S&P Emerging Markets Small Cap ETF (EWX) is a State Street index fund that tracks the S&P Emerging Under USD2 Billion Index, which covers small companies in emerging countries such as Taiwan, India and China. It spreads its money across 3,386 holdings, and its 10 largest made up just 4.67% of assets as of June 30, 2026. Its 0.65% expense ratio falls between two similar funds, which charge 0.58% and 0.80%.
Price history
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EWX +2.3% 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 | |
|---|---|---|---|---|---|---|
| EWX official prospectus, to Dec 31, 2025 | — | +14.66% | — | +7.70% | +8.52% | — |
| EWX price data to Oct 27, 2026 | +3.6% | +2.3% | +12.7% | +5.4% | +7.5% | +4.0% |
- Over the year to Oct 27, 2026, EWX returned +2.3%, 2nd of 3 among similar funds.
- Its 5-year annualized return was +5.4% and its 10-year +7.5%.
- In the 2020 COVID crash it fell 33.4% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2011 (-30.1%); its best was 2009 (+94.8%).
- The deepest fall in its price history was 63.9% (May 19, 2008 to Nov 20, 2008), recovered by Sep 13, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.6% | — |
| 2025 | +15.4% | +14.66% |
| 2024 | +6.8% | +7.66% |
| 2023 | +18.2% | +17.58% |
| 2022 | -15.0% | -14.54% |
| 2021 | +18.1% | +16.82% |
| 2020 | +14.9% | +15.47% |
| 2019 | +15.6% | +15.74% |
| 2018 | -18.8% | -18.49% |
| 2017 | +34.1% | +31.98% |
| 2016 | +8.0% | +8.66% |
| 2015 | -12.4% | — |
| 2014 | -1.9% | — |
| 2013 | +1.9% | — |
| 2012 | +26.6% | — |
| 2011 | -30.1% | — |
| 2010 | +23.6% | — |
| 2009 | +94.8% | — |
| 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 33.4% over that stretch · deepest drop along the way 33.4%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23% over that stretch · deepest drop along the way 23%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5700 | |
| 2025 | $1.9100 | +12.4% |
| 2024 | $1.7000 | +29.8% |
| 2023 | $1.3100 | -10.3% |
| 2022 | $1.4600 | -11.0% |
| 2021 | $1.6400 | +41.4% |
| 2020 | $1.1600 | -7.9% |
| 2019 | $1.2600 | -5.3% |
| 2018 | $1.3300 | +10.8% |
| 2017 | $1.2000 | +22.4% |
| 2016 | $0.9800 | -14.0% |
| 2015 | $1.1400 | -5.8% |
| 2014 | $1.2100 | +12.0% |
| 2013 | $1.0800 | +2.9% |
| 2012 | $1.0500 | -50.2% |
| 2011 | $2.1100 | +22.0% |
| 2010 | $1.7300 | +103.5% |
| 2009 | $0.8500 |
What's inside
As of Jun 30, 2026, the fund held 3,386 securities; the ten largest made up 4.67% of assets, and 2.07% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Macronix International Co Ltd | 0.71% | |
| Kinsus Interconnect Technology Corp | 0.70% | |
| WinWay Technology Co Ltd | 0.59% | |
| Walsin Technology Corp | 0.48% | |
| Win Semiconductors Corp | 0.41% | |
| LandMark Optoelectronics Corp | 0.41% | |
| Katilimevim Tasarruf Finansman AS | 0.37% | |
| Co-Tech Development Corp | 0.35% | |
| Kaori Heat Treatment Co Ltd | 0.33% | |
| Holy Stone Enterprise Co Ltd | 0.33% | |
| AP Memory Technology Corp | 0.32% | |
| Chipbond Technology Corp | 0.32% | |
| Innodisk Corp | 0.31% | |
| ADATA Technology Co Ltd | 0.30% | |
| Sigurd Microelectronics Corp | 0.26% |
By country
Taiwan 32.85%India 17.66%China 15.11%Cayman Islands 5.03%Malaysia 3.78%By asset type
Stocks 99.2%Preferred stock 0.5%Other 0.07%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $49.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.37%, +4.07%, -1.06%.
How it works
EWX tracks the S&P Emerging Under USD2 Billion Index, which is built by S&P Dow Jones Indices. To qualify, a company must be publicly listed in a country S&P classifies as an emerging market. Its total market value, or market capitalization, must be between $100 million and $2 billion. The index weights stocks by float-adjusted market capitalization. That means only shares available to public investors count, so bigger companies get bigger weights.
The index is rebuilt and rebalanced each September. It also updates every quarter for changes in share counts and for new listings such as initial public offerings. As of November 30, 2025, it held 4,570 securities. The adviser, SSGA Funds Management, uses a "sampling" approach. It may buy a subset of index stocks chosen to match the index's risk and return, rather than every stock. As of June 30, 2026, the fund had 3,386 holdings. Its portfolio turnover was 25%.
The fund puts at least 80% of its assets into index stocks or depositary receipts. These are certificates, traded on other exchanges, that represent shares of foreign companies. It may use futures contracts to manage cash coming in and out and to stay close to the index. As of June 30, 2026, cash was about 2.07% of assets and derivatives about 0.1%. Because the fund owns stocks priced in foreign currencies, changes in exchange rates against the US dollar also move its value.
What it really costs
- EWX charges 0.65% a year, versus an average of 0.69% for the similar funds below (2nd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWX | $66 | $208 | $362 | $810 |
In a retirement portfolio
Small emerging-market stocks have swung hard, including a 63.9% drop in 2008, so this fund may suit a smaller, higher-risk slice of a portfolio alongside broader holdings.
EWX adds small companies from emerging markets, which many US-heavy portfolios lack; 32.9% of the fund was in Taiwan as of June 30, 2026. Its swings are large. It launched in May 2008, after the financial crisis had begun, then fell 63.9% by that November and took about 22 months to recover. It lost 33.4% in the 2020 COVID crash and recovered in about four months. It lost 23% in the 2022 bear market and took about 15 months to recover. Its worst calendar year was 2011, down 30.1%. Selling shares for income during stretches like these locks in losses.
Its trailing 12-month yield was 2.73% as of October 27, 2026, and it pays income twice a year. Its annual expense ratio of 0.65% is slightly below the 0.69% average of similar funds. The SEC's standard example puts costs on $10,000 at $810 over 10 years. 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 seeking wide exposure to small emerging-market companies, spread across 3,386 holdings with no single stock above about 0.7% as of June 30, 2026.
- Long-term holders who can sit through deep drops, like the 63.9% fall in 2008 and the 33.4% plunge in early 2020.
- Cost-conscious buyers in this niche: the 0.65% expense ratio is below the 0.69% peer average and well below FEMS at 0.80%.
Look elsewhere if
- Retirees who need steady monthly income: the fund pays twice a year, and its yield was 2.73% as of October 27, 2026.
- Investors uneasy with heavy Taiwan exposure: Taiwan was 32.85% of assets as of June 30, 2026, and Taiwanese tech firms dominate the top holdings.
- Those who want the lowest fee in this group: DGS charges 0.58%, though it shares only 15% of holdings with EWX.
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 EWX invest in?
EWX holds small companies in emerging markets. It tracks the S&P Emerging Under USD2 Billion Index, which includes firms worth $100 million to $2 billion. As of June 30, 2026, Taiwan made up 32.85% of assets, India 17.66% and China 15.11%. The largest holdings were Taiwanese tech companies such as Macronix International (0.71%), Kinsus Interconnect Technology (0.70%) and WinWay Technology (0.59%). Together, the top 10 were only 4.67% of the fund.
Is EWX good for retirement?
EWX is better treated as a small, higher-risk part of a retirement portfolio than as a core holding. Its deepest drop was 63.9% in 2008, and recovering took until September 2010. It also fell 33.4% in early 2020 and 23% in 2022. The yield was 2.73% as of October 27, 2026, paid twice a year. Someone who may need to sell in a down year faces real risk of selling at a loss.
What's the difference between EWX and DGS?
Both funds hold small emerging-market stocks, but they share only 15% of their holdings. WisdomTree's DGS, as its name says, focuses on dividend payers. It charges 0.58%, against 0.65% for EWX. As of October 27, 2026, DGS returned 8.7% over one year and 15% a year over three years. EWX returned 2.3% and 12.7% over the same periods. DGS is also bigger, with $1.78 billion in net assets as of June 30, 2026, versus about $733 million for EWX.
Does EWX pay dividends?
Yes. EWX pays dividends twice a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid $1.84 per share, a yield of 2.73%. The payments come from dividends paid by the companies the fund owns, so they can rise or fall from year to year. Anyone relying on the fund for income should expect lumpy payments rather than a steady monthly check.
How has EWX performed over the long term?
The fund's prospectus reports average annual returns of 14.66% over one year, 7.70% over five years and 8.52% over 10 years, as of December 31, 2025. Results swung widely along the way, from a 31.98% gain in 2017 to an 18.49% loss in 2018. Based on its market price, EWX returned 7.5% a year over the 10 years through October 27, 2026. Past returns don't predict future results.