El SPDR MSCI Europe Small Cap Value Weighted UCITS ETF (ISIN IE00BSPLC298, ticker ZPRX) It is a managed fund by State Street Global Advisors Europe, domiciled in Ireland and designed to replicate the behavior of the índice MSCI Europe Small Cap Value Weighted, its benchmark or reference index, which groups together European small-cap companies with a bias towards the “value” style. Positioning ourselves in this ETF will give us diversified exposure to the segment of European small companies with attractive valuations, applying a systematic approach that weights securities according to their relationship between price and financial fundamentals. The index is replicated using an optimized methodology or “sampling”, which allows the fund to maintain an efficient composition without the need to include all the index values, reducing management and operating costs.
With assets under management of €442.72M and a NAV/share of €59.43 as of 10/16/2025, this fund has the euro as its base currencyand is also listed in that same currency on different European stock exchanges, including Xetra. In this way, there is no conversion risk for investors whose reference is the euro, although their underlying securities may be denominated in other European currencies, which introduces a certain component of indirect currency risk. It is structured under UCITS regulations, guaranteeing high standards of diversification, liquidity and protection for the European institutional and retail investor.
He total management cost (TER) of the ETF is 0.30% annuallya competitive commission within passive management products and especially low compared to active funds in the same segment.
As for your diversification, The ETF maintains a broad portfolio with around 800 positions. The geographical distribution is dominated by companies from the United Kingdom, Germany, France, Sweden, Switzerland and Italy, providing balanced coverage between the main developed markets in Europe.
Fuente: StateStreet
At the sector level, exposure is especially high in industrials (23.71%), financials (15.70%), consumer discretionary (15.12%), materials (13.00%), as well as exposures to sectors such as real estate, technology, energy, healthcare and othersreflecting the productive structure of European small and medium-sized companies. No individual position has relevant weight within the group, since the ten largest stocks represent less than 10% of the total portfoliowhich significantly reduces the risk of concentration.
TOP10 (16/10/2025)
|
Company |
Weight |
|
thyssenkrupp AG |
1.36% |
|
Raiffeisen Bank International AG |
1.23% |
|
Lost if |
1.19% |
|
Umicore SA |
1.01% |
|
Valeo SE |
0.94% |
|
Johnson Matthey Plc |
0.90% |
|
Adecco Group AG |
0.88% |
|
AG |
0.79% |
|
Air France-KLM SA |
0.74% |
|
Aurubis AG |
0.73 |
Regarding the dividend, it is an accumulation exchange-traded fundso it does not distribute dividends, but reinvests them directly in the portfolio, which favors compound capital growth in the long term. Its reinvestment approach favors tax efficiency, especially in long-term investment accounts, where capitalization of profits is more beneficial than recurring distribution.
Note that, despite its diversified nature, the ETF is exposed to risks inherent to the small cap segment, such as greater sensitivity to economic cycles and price volatility.. However, this same exposure offers the possibility of capturing higher growth in phases of economic expansion and provides a differentiating component compared to portfolios focused on large caps. The risk rating in UCITS classification is level 6, for a scale with minimum risk 1 and maximum 7.
Fuente: State Street
Remembering that past returns do not guarantee future returns, the SPDR MSCI Europe Small Cap Value Weighted UCITS ETF has been recording solid performance: in the last 5 years the net annualized profitability is around 14,61 %compared to 14.96% “gross” of the reference index. There is also a 3-year standard deviation (volatility) of 13.51% and an annualized tracking error of 0.21%.
It is therefore an exchange-traded fund, ETF, interesting for portfolios that seek to diversify towards small-cap companies in Europe and seek to participate in the potential of these securities in a diversified way and with moderate costs.
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