iShares MSCI EM SRI UCITS ETF USD (Acc) (SUSM.L) is an exchange-traded fund that seeks to track the performance of the MSCI Emerging Markets SRI Select Reduced Fossil Fuels Index, focusing on companies from emerging markets with the highest environmental, social and governance (ESG) ratings relative to sector peers while excluding those involved in fossil fuel extraction, production, power generation or reserves ownership. The ETF employs a full physical replication strategy, holding all index constituents with individual stock weights capped at 5% and sector weights aligned closely to the parent MSCI Emerging Markets Index; it is denominated in USD, accumulating dividends for reinvestment, and features a total expense ratio of 0.25%. Launched on July 11, 2016, and domiciled in Ireland under iShares IV plc, the fund is managed by BlackRock Advisors (UK) Limited and lists primarily on the London Stock Exchange, with availability across Europe including Germany, Italy, Netherlands, Switzerland and the United Kingdom.
The fund targets institutional and retail investors seeking sustainable exposure to emerging market equities across sectors such as information technology, financials, consumer discretionary, communication services and industrials; its portfolio comprises approximately 222 holdings, emphasizing best-in-class ESG leaders from regions like Asia, Latin America and emerging Europe. Geographically, it provides unhedged currency exposure to developing economies worldwide, with net assets exceeding USD 3 billion as of late 2025.
In May 2024, the underlying index underwent a significant methodology overhaul to enhance transparency, diversification and alignment with the parent index, removing ESG ratings trends from ranking logic, eliminating AA prioritization in selection, introducing a +/-3% relative weight cap per constituent (absolute 18%), and limiting sector deviations to +/-1%; these changes, effective June 3, 2024, reduced tracking error and addressed prior deviations in financials, technology and consumer sectors. The ETF shifted to full replication of the updated benchmark across BlackRock's SRI range, including SUSM.L, marking a key strategic enhancement without altering the fund's core ESG focus or structure. No major acquisitions, funding rounds or partnerships specific to the ETF have been reported in the last two years.