At a glance
SMIN charges 0.74% a year, above the 0.68% average of the 4 funds most like it (the 2nd cheapest of 5). It has $774.4M in assets, the 3rd largest of that group; it paid 2.11% of its price in distributions over the past 12 months, annual. Over the past year it returned −8.8% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds; over three years it returned +5.9% a year. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows. Its ten largest positions make up 11.7% of the fund, out of 462 in all.
The short version
iShares MSCI India Small-Cap ETF (SMIN) is an index fund that tracks the MSCI India Small Cap Index. It holds hundreds of smaller Indian companies, such as Laurus Labs and Coforge. Its money is spread thinly: the 10 largest of its 462 holdings made up just 11.7% of assets as of August 31, 2026. Its 0.74% expense ratio is lower than EPI's and GLIN's 0.87%. It is far higher than the 0.19% charged by Franklin FTSE India ETF.
Price history
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SMIN -8.8% 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 | |
|---|---|---|---|---|---|---|
| SMIN official prospectus, to Dec 31, 2024 | — | +17.34% | — | +18.58% | +10.54% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| SMIN price data to Oct 27, 2026 | -4.5% | -8.8% | +5.9% | +4.0% | +7.8% | +8.5% |
- Over the year to Oct 27, 2026, SMIN returned -8.8%, 3rd of 5 among similar funds.
- Its 5-year annualized return was +4.0% and its 10-year +7.8%.
- In the 2020 COVID crash it fell 44.8% and regained its old high 7.9 months after the low.
- Its worst full calendar year was 2018 (-25.5%); its best was 2017 (+62.4%).
- The deepest fall in its price history was 60.5% (Jan 12, 2018 to Mar 23, 2020), recovered by May 27, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.5% | — |
| 2025 | -6.7% | — |
| 2024 | +16.8% | +17.34% |
| 2023 | +35.4% | +34.80% |
| 2022 | -14.2% | -13.98% |
| 2021 | +44.6% | +44.69% |
| 2020 | +19.6% | +19.07% |
| 2019 | -5.2% | -5.17% |
| 2018 | -25.5% | -25.43% |
| 2017 | +62.4% | +61.78% |
| 2016 | +0.3% | -0.42% |
| 2015 | — | +2.02% |
| 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 44.8% over that stretch · deepest drop along the way 44.8%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.7% over that stretch · deepest drop along the way 24.8%, back to its old high 14.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.4100 | -73.0% |
| 2024 | $5.2300 | +1767.9% |
| 2023 | $0.2800 | +6900.0% |
| 2022 | $0.0040 | -99.5% |
| 2021 | $0.8124 | +80.5% |
| 2020 | $0.4500 | -28.6% |
| 2019 | $0.6300 | -3.1% |
| 2018 | $0.6500 | +38.3% |
| 2017 | $0.4700 | -37.3% |
| 2016 | $0.7500 |
What's inside
As of Aug 31, 2026, the fund held 462 securities; the ten largest made up 11.7% of assets, and 2.6% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| LAURUS LABS LIMITED | 1.93% | |
| COFORGE LIMITED | 1.82% | |
| MAX FINANCIAL SERVICES LIMITED | 1.17% | |
| EMBASSY OFFICE PARKS REIT Other | 1.08% | |
| KEI INDUSTRIES LIMITED | 1.03% | |
| SONA BLW PRECISION FORGINGS LIMITED | 1.02% | |
| GLENMARK PHARMACEUTICALS LIMITED | 1.01% | |
| RADICO KHAITAN LIMITED | 0.95% | |
| APAR INDUSTRIES LIMITED | 0.87% | |
| NAVIN FLUORINE INTERNATIONAL LIMITED | 0.83% | |
| IPCA LABORATORIES LIMITED | 0.79% | |
| 360 ONE WAM LIMITED | 0.79% | |
| BIOCON LIMITED | 0.77% | |
| PIRAMAL FINANCE LIMITED | 0.71% | |
| DELHIVERY LIMITED | 0.69% |
By country
India 99.83%By asset type
Stocks 97.33%Other 2.5%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $87.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.23%, +0.01%, +2.78%.
How it works
SMIN is managed by BlackRock Fund Advisors (BFA). It aims to match the MSCI India Small Cap Index before fees. That index measures small-capitalization Indian stocks, meaning companies with a relatively small total market value. MSCI, which is independent of BlackRock, decides which companies are in the index and how much each one counts. As of August 31, 2025, a large share of the index was in consumer goods and services, financials and industrials. The fund does not try to beat the index, and it does not move to cash when markets fall.
BFA uses "representative sampling." Instead of buying every stock in the index, it may hold a group of stocks that together match the index's size, industry mix, yield and trading volume. At least 80% of assets go into index stocks or depositary receipts, which are certificates that stand for those shares. Up to 20% can go into futures, options, swaps, cash or other securities. As of August 31, 2026, the fund held 462 stocks, about 2.6% cash and one tiny Nifty 50 futures position.
Unlike many ETFs, SMIN creates and redeems shares for cash rather than by swapping securities. As a result, it may have to sell stocks to pay departing investors, and those sales can produce taxable gains. Its reported portfolio turnover was 62%. Because the fund is priced in US dollars, a weaker Indian rupee can pull its value down.
What it really costs
- SMIN charges 0.74% a year, versus an average of 0.68% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMIN | $76 | $237 | $411 | $918 |
In a retirement portfolio
It owns only smaller companies in one emerging market, and it has had steep, long-lasting drops.
SMIN adds exposure to smaller Indian companies, which most broad funds barely own, but its history has been rough. The fund launched in 2012, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 44.8% in about a month and took roughly eight months to recover. In 2022 it lost 24.8% and needed about 14 months to get back to its high. Its worst calendar year was 2018, down 25.4%. Its deepest drop, 60.5% from January 2018 to March 2020, wasn't fully recovered until May 2021. Anyone who had to sell during those stretches would have locked in losses.
Income is small: the trailing yield was 2.11% as of October 27, 2026, paid once a year. In the SEC's standard example, costs on $10,000 come to $918 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small slice of smaller Indian companies spread across 462 holdings, with no stock above about 2% as of August 31, 2026.
- Long-term holders who can sit through deep drops, such as the 60.5% fall from January 2018 to March 2020.
- People who want an index approach to India at 0.74%, which is cheaper than EPI, GLIN and INDE.
Look elsewhere if
- Retirees who need steady cash: the trailing yield was 2.11% as of October 27, 2026, and the fund pays only once a year.
- Cost-focused investors: Franklin FTSE India ETF charges 0.19%, though only 7% of its holdings overlap with SMIN's.
- Anyone who may need the money within a few years. The fund fell 44.8% in early 2020 and lost 8.8% in the year to October 27, 2026.
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
Is SMIN good for a retirement portfolio?
SMIN can fill a small, higher-risk role, but it is a poor fit as a core holding. It owns only small Indian companies. It fell 44.8% during the 2020 COVID crash and lost 60.5% from its January 2018 high to its March 2020 low. Its yield was 2.11% as of October 27, 2026, paid once a year. Its 0.74% fee comes to $918 over 10 years on $10,000 in the SEC's standard example.
What stocks does SMIN hold?
As of August 31, 2026, SMIN held 462 small Indian companies, and the top 10 made up just 11.7% of assets. The largest positions were Laurus Labs (1.9%), Coforge (1.8%), Max Financial Services (1.2%), Embassy Office Parks REIT (1.1%), KEI Industries (1.0%) and Sona BLW Precision Forgings (1.0%). About 99.8% of assets were in India, and cash was about 2.6%.
What's the difference between SMIN and EPI?
SMIN is cheaper and holds different stocks. It charges 0.74%, while WisdomTree India Earnings Fund (EPI) charges 0.87%. The two funds share only about 14% of their holdings, which is the closest overlap among India ETFs. As of October 27, 2026, SMIN returned -8.8% over one year, while EPI returned -13.6%. Over three years, SMIN returned 5.9% a year and EPI 4.3%. EPI is larger, with about $2.1 billion in net assets as of June 30, 2026, against SMIN's $774 million as of August 31, 2026.
Does SMIN pay dividends?
Yes, but only once a year, and the amount is modest. Over the 12 months to October 27, 2026, SMIN paid $1.41 per share, a trailing yield of 2.11%. Dividends from small Indian companies can change a lot from year to year. For that reason, SMIN is not built for investors who need regular monthly or quarterly income from their holdings.
How has SMIN performed over 10 years?
It has done well over the long run, with large swings along the way. Its prospectus reports an average annual return of 10.54% over the 10 years ended December 31, 2024. The MSCI Emerging Markets Index returned 3.64% a year over the same period. Based on price data, SMIN returned 7.8% a year over the 10 years to October 27, 2026. Its calendar years have ranged from a 61.8% gain in 2017 to a 25.4% loss in 2018.