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iShares MSCI EM Consumer Growth UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BKM4H197Ticker: CEMG (Xetra) · CEMG (London SE) · CEMG (Euronext AMS) · CEMG (SIX)Issuer: iShares
Issuer-declared data
Declared index
MSCI ACWI EMERGING MARKET CONSUMER GROWTH Index Net
TER
0.60%
Transaction costs
0.02% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
37.3 mln EUR
NAV
36.04 USD (31 August 2026)
Domicile
Ireland
Inception date
6 June 2014
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares MSCI EM Consumer Growth UCITS ETF tracks the issuer-declared index: MSCI ACWI EMERGING MARKET CONSUMER GROWTH Index Net. The declared annual cost (TER) is 0.60%, plus 0.02% in transaction costs estimated by the issuer in the KID. Replication is physical replication (the KID declares buying all or a substantial number of the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 37 million euro, was launched on 6 June 2014 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI ACWI Emerging Market Consumer Growth Index, the Fund’s benchmark index (Index). The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index. The Index measures the performance of consumer orientated large and mid-market capitalisation companies in both developed and emerging markets (EMs), which derive high or growing revenues from emerging markets. Companies included in the Index are selected from the Global Industry Classification Standard (GICS) consumer discretionary, consumer staples, information technology, telecommunications, industrial and healthcare sectors. To be eligible for inclusion, securities from any of these sectors must either derive at least 50% of their revenues from EMs, or derive at least 25% of their revenues from EMs and such EM revenue has a compound annual growth rate (i.e. year-over-year growth rate of an investment over a specified period) of at least 10% over the previous 3 years. In addition, securities from information technology, telecommunications, industrial and healthcare sectors must also derive at least 60% of their revenues from consumer oriented products and services. The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it. The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX contracts) may be used for direct investment purposes. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares V plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be accumulating shares (i.e. income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.60%: above the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: -0.59% p.a., against a declared TER of 0.60%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Jun 2014 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+40.8%
Annualised
+2.8%
Volatility (ann.)
16.0%
Max drawdown
-44.91%
-20%+5%+30%+56%+81%Jun 2014Jun 2017Jul 2020Aug 2023Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+41%Jun 2014Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-10%-20%-30%-40%-50%2014201620182020202220242026−44.91% · 24 Oct 2022
Max drawdown
-44.91%
peak → trough
Trough
24 Oct 2022
from the 16 Feb 2021 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,030 days
decline + recovery: peak to break-even · ≈ 5 years and 7 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
16 Feb 202124 Oct 2022-44.91%ongoing2,030
26 Jan 201823 Mar 2020-34.42%01 Sept 2020949
27 Apr 201521 Jan 2016-21.55%23 Feb 2017668
04 Sept 201416 Dec 2014-9.70%09 Apr 2015217
02 Sept 202024 Sept 2020-6.59%12 Oct 202040

Calendar-year returns

2016
3.6%
2017
39.7%
2018
-19.8%
2019
19.3%
2020
26.1%
2021
-8.2%
2022
-21.5%
2023
5.1%
2024
10.6%
2025
13.2%
2026
-6.7%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.40.8-10.23.30.2-4.98.3-1.0-1.8-6.7
20252.71.7-0.82.53.61.5-2.53.74.9-1.7-1.7-1.313.2
2024-6.05.9-0.30.41.2-0.41.92.612.7-6.7-0.30.610.6
202310.1-7.14.5-3.4-4.56.66.9-6.6-4.3-4.27.41.75.1
2022-5.6-4.4-1.9-6.5-1.1-0.4-0.1-0.7-9.6-7.116.1-0.4-21.5
20211.4-0.9-2.52.11.71.7-8.52.3-5.05.7-4.5-1.2-8.2
2020-2.8-5.4-11.18.04.16.86.65.3-2.31.68.96.026.1
20198.31.52.33.3-7.66.5-0.5-3.30.03.10.34.919.3
20185.2-4.4-2.1-1.6-1.2-2.60.1-2.7-1.9-8.52.9-4.3-19.8
20175.44.43.92.65.2-0.34.12.2-0.21.52.13.239.7
2016-4.1-1.29.2-0.1-0.72.13.91.22.2-2.6-5.60.13.6
20152.23.3-2.43.7-1.9-2.0-0.7-8.3-1.98.0-2.2-2.1-5.1
2014-0.11.8-5.22.71.4-5.1-4.0
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.59% /anno
Declared TER
0.60%
YearFundIndexDifference
2025+13.16%+13.74%-0.58%
2024+10.55%+11.16%-0.61%
2023+5.11%+5.68%-0.57%
2022-21.48%-21.09%-0.39%
2021-8.17%-7.89%-0.28%
2020+26.12%+26.83%-0.71%
2019+19.34%+19.95%-0.61%
2018-19.80%-19.53%-0.27%
2017+39.71%+40.58%-0.87%
2016+3.59%+3.90%-0.31%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)10.67%13.45%16.44%16.18%16.07%
Max drawdown-14.14%-17.89%-29.72%-32.42%-32.42%
Sharpe-0.860.03-0.180.170.27
Sortino-1.190.04-0.250.240.38
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
270
351 total lines: 81 cash & derivatives
Top-10 weight
29.8%

Top 10 holdings

NETFLIX · NFLX
4.50%
ALIBABA GROUP HOLDING · 9988
4.24%
UNILEVER PLC · ULVR
3.57%
MERCADOLIBRE · MELI
3.24%
TOYOTA MOTOR · 7203
2.58%
COMPAGNIE FINANCIERE RICHEMONT SA · CFR
2.45%
BHARTI AIRTEL LTD · BHARTIARTL
2.43%
MEITUAN · 3690
2.40%
PDD HOLDINGS ADS · PDD
2.26%
XIAOMI · 1810
2.14%

Sectors

Consumer Discretionary
51.7%
Consumer Staples
21.0%
Communication
16.3%
Health Care
6.3%
Information Technology
2.6%
Industrials
1.7%
Cash and/or Derivatives
0.3%

Countries

AfghanistanAngolaAlbaniaUnited Arab Emirates: 0.3%ArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgium: 2.1%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 1.8%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 3.1%Chile: 0.7%China: 29.9%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 0.8%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgypt: 0.1%EritreaSpain: 0.5%EstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 1.5%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.3%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 0.1%Indonesia: 0.4%India: 15.7%IrelandIranIraqIcelandIsraelItaly: 0.3%JamaicaJordanJapan: 5.8%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 2.5%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexico: 3%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 0.5%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.7%Norway: 0.1%NepalNew ZealandOmanPakistanPanamaPeruPhilippines: 0.2%Papua New GuineaPoland: 1.2%Puerto RicoNorth KoreaPortugal: 0.2%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi Arabia: 1.1%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 1.4%SwazilandSyriaChadTogoThailand: 1.6%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwan: 2.9%United Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 9.7%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 2.8%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
China29.9%
India15.7%
United States9.7%
Japan5.8%
United Kingdom4.5%
Switzerland3.1%
Mexico3%
Download the full portfolio — Excel, 351 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfCEMG4 Jul 2016
Börse FrankfurtCEMG4 Jul 2016
Börse HamburgCEMG1 Aug 2016
Börse HannoverCEMG9 Dec 2024
Börse München / gettexCEMG9 Mar 2015
Börse StuttgartCEMG4 Jul 2016
Euronext AmsterdamCEMG3 Sept 2021
Tradegate ExchangeCEMG7 Dec 2018
Xetra (Deutsche Börse)CEMG4 Jul 2016
+ 13 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does iShares MSCI EM Consumer Growth UCITS ETF track?
The issuer iShares declares the benchmark: MSCI ACWI EMERGING MARKET CONSUMER GROWTH Index Net.
How much does CEMG cost?
The issuer-declared TER is 0.60% per year; the transaction costs estimated in the KID are 0.02%.
How is CEMG taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of CEMG?
The fund size declared by iShares is about 37 million euro.
When was CEMG launched?
The fund was launched on 6 June 2014: it has 12 years of history.
How does CEMG replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does CEMG pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does CEMG trade?
Per the official ESMA register it trades on 9 main exchanges, including Börse Düsseldorf (CEMG), Börse Frankfurt (CEMG), Börse Hamburg (CEMG), Börse Hannover (CEMG), Börse München / gettex (CEMG), Börse Stuttgart (CEMG).
What was CEMG's worst fall?
Over the available history (since 2014), the maximum drawdown was -44.91%, reached in October 2022. Past performance is not indicative of future results.
What is CEMG's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.59% per year versus its index (from issuer-declared series).
How many securities does CEMG hold?
The declared portfolio holds 270 securities (plus 81 cash & derivative lines); the top 10 positions weigh 29.8%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.