EEMS Fund Description

The iShares MSCI Emerging Markets Small-Cap ETF tracks a market-cap-weighted index of emerging markets stocks with market capitalizations between $200M and $1.5B.

EEMS ETF.com Insight

EEMS offers excellent exposure but isn’t cheap to trade. The fund suffers from poor liquidity underpinned by general liquidity issues in EM small-caps. Investors face wide andIf liquidity improves, EEMS could be a serious contender variable spreads, making the fund unattractive as a trading vehicle. Aside from its Tradability issues, EEMS is a well-designed fund that charges just 67 bps for access to more than 600 emerging markets stocks. If liquidity improves, EEMS could be a serious contender for the best fund in the segment. Until then, investors should exercise caution. (Insight updated 12/04/2014)

  • 1 Month

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  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EEMS
-4.09% -9.35% -3.62% -2.56% 6.72% -- --

EEMS (NAV)
-5.32% -10.92% -3.03% -1.57% 6.25% -- --

MSCI Emerging Markets Small Cap Index
-5.03% -10.77% -1.54% -0.09% 7.08% 3.32% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EEMS Top 10 Countries View All

EEMS Top 10 Sectors

EEMS Top 10 Holdings View All

EEMS Summary Data

Issuer BlackRock

A company that produces and manages ETFs.

Inception Date 08/16/11

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.67%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $37.35 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $876.3 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.57%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

EEMS Portfolio Data

Weighted Average Market Cap $1.12 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio 20.05

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 1.24

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 2.73%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/29/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 669

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

EEMS Index Data

Index Tracked MSCI Emerging Markets
Small Cap Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI Emerging Markets
Small Cap Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to EEMS

Top Competing ETFs EWX, DGS, FEMS, VWO, EWEM

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

EEMS ETF.com Efficiency Insight

At 67 bps per year, EEMS is competitively priced for its exposure, if not exactly cheap. The good news is that it has typically clawed back its entire fee, and then some, through securities lending. This has been highly inconsistent, however, which hurts its Efficiency score. With about $40M in assets, EEMS is small but stable. While we don't see much risk of closure in the near future, its low AUM level should be monitored. (Insight updated 12/04/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EEMS
-4.09% -9.35% -3.62% -2.56% 6.72% -- --

EEMS (NAV)
-5.32% -10.92% -3.03% -1.57% 6.25% -- --

MSCI Emerging Markets Small Cap Index
-5.03% -10.77% -1.54% -0.09% 7.08% 3.32% --

MSCI Emerging Markets Small Cap Index
-5.03% -10.77% -1.54% -0.09% 7.08% 3.32% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EEMS Portfolio Management

Expense Ratio 0.67%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.32%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

EEMS Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

EEMS Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

EEMS ETF.com Tradability Insight

EEMS is expensive to trade. Daily volume is low and the average spread is wide at over 60 bps. Block liquidity also looks weak: 90% of the portfolio doesn't trade while US markets are open, creation costs are high, and poor underlying liquidity means creation-size trades will move the market. (Insight updated 12/04/2014)

Average Spread

Premium/Discount

Volume

EEMS ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of EEMS. EEMS is rated a 3 out of 5.

EEMS Tradability

Avg. Daily Share Volume 18,880

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $876.3 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 12,059

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.57%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.27

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 2.41% / -1.90%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 10.15%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 0.24

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.69%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.81%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options --

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 3

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

EEMS ETF.com Fit Insight

EEMS captures emerging markets small-caps very well, tracking the same index we use as the benchmark for the segment. The fund is heavily optimized, holding only half the index by weight—but that's a good idea in the illiquid world of emerging markets small-caps. Country allocations are right on target, and it hits sector exposures perfectly. In short, EEMS provides an excellent cap-weighted access to the small end of emerging markets. (Insight updated 12/04/2014)

EEMS Sector/Industry BreakdownView All

Sector EEMS Segment Benchmark
Financials 20.38% 20.84%

Consumer Cyclicals 18.49% 17.36%

Industrials 14.67% 15.31%

Technology 12.83% 13.11%

Basic Materials 11.89% 11.68%

Healthcare 5.56% 4.84%

Utilities 3.43% 3.85%

Energy 3.21% 3.39%

EEMS Geographic ExposureView All

Countries EEMS Segment Benchmark
Korea, Republic Of 15.72% 15.53%

Hong Kong 10.41% 10.58%

China 10.42% 9.86%

India 9.43% 9.18%

South Africa 7.45% 7.29%

Brazil 5.00% 4.94%

Malaysia 4.30% 4.21%

Thailand 4.12% 4.05%

Other 15.24% 16.76%

Regions EEMS Segment Benchmark
Asia-Pacific 77.66% 76.48%

Middle East & Africa 8.83% 9.67%

Latin America 9.22% 9.18%

Europe 4.11% 4.67%

North America 0.18% --

Developed /
Emerging Split
44.48% / 55.52% 44.82% / 55.18%

EEMS Performance Statistics

Beta 1.01

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.07%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI Emerging Markets
Small Cap Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

EEMS Benchmark Comparison

EEMS
669 Holdings
Segment Benchmark
1777 Constituents
Shared Holdings
642 (Count)
 
55.09% (Weight)
EEMSSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$1.02 B$1.12 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)0%0%
Mid (>2.7B)2%3%
Small (>600M)67%73%
Micro (<600M)31%24%
Price / Book Ratio0.481.24

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield2.15%2.10%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
1777669

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationLowLow

The level of return contribution attributable to the average portfolio constituent.