iShares S&P/ASX Small Ordinaries ETF (ISO) Review & Analysis

MER · #313 of 514AUM · #258 of 5081Y Return · #376 of 4263Y Return · #183 of 3005Y Return · #184 of 225

What's new this monthData to 30 September 2026

−2.3% in September (total return), in line with the median Australian shares ETF at −2.1%.
Investors added a net $12m (9.7% of the fund).
The unit price closed the month at $5.03, 18% below its 12-month high (range $4.83 to $6.11).

About ISO

ISO is an Australian shares ETF from iShares, listed on the ASX since December 2010. With $136m under management it is number 45 of 81 Australian shares ETFs by size. The management fee is 0.55% a year, about $55 on every $10,000 invested, dearer than the typical Australian shares ETF at 0.35%.

Its largest holdings are Vault Minerals Ltd, Ventia Services Group Ltd and Reece Ltd, and the top 10 make up 15% of the fund. By sector it leans towards materials (26%) and industrials (17%). Australia is the biggest country exposure at 92%.

Over five years it has returned +0.9% a year including distributions, against +5.9% for the median Australian shares ETF.

ISO distributions and dividend dates

ISO pays distributions yearly, usually going ex-distribution in July, with payment about 12 days after the ex-date. (Pattern estimated from recent payments.)

The latest distribution was $0.1707 per unit (10% franked), ex-distribution on 1 July 2026 and paid on 13 July 2026. To receive it you need to own ISO before the ex-date.

Its distribution yield over the past 12 months is about 4.5%, with distributions around 10% franked. Distributions vary and past payments are not a guide to future ones.

From ASX announcements, updated nightly. See every ETF in the dividend calendar.

Compare ISO Check overlap iShares website ↗

Compare ISO with

ISOvsSSO

State Street SPDR S&P/ASX Small Ordinaries ETF

Fee	0.55%	0.50%
1 year	−6.9%	−6.9%
5 yrs p.a.	+0.9%	+0.9%
Size	$136m	$27m

Same holdings98%Near identical

Full comparison →

ISOvsIOZ

iShares Core S&P/ASX 200 ETF

Fee	0.55%	0.05%
1 year	−6.9%	+2.6%
5 yrs p.a.	+0.9%	+6.8%
Size	$136m	$9.7bn

Same holdings7%Very different

Full comparison →

ISOvsSTW

SPDR S&P/ASX 200 ETF

Fee	0.55%	0.05%
1 year	−6.9%	+2.6%
5 yrs p.a.	+0.9%	+6.7%
Size	$136m	$6.5bn

Same holdings7%Very different

Full comparison →

ISOvsVSO

Vanguard MSCI Australian Small Companies Index ETF

Fee	0.55%	0.30%
1 year	−6.9%	−0.1%
5 yrs p.a.	+0.9%	+4.8%
Size	$136m	$1.2bn

Same holdings40%Some overlap

Full comparison →

ISO price by TradingView

Stock Code	ISO
Fund Manager	iShares
Asset Class	Australian shares
AUM	$136m
MER (%)	0.55%
Net flows (Sep)	+$12m
Last Price	$5.03
52-Week Range	$4.83 – $6.11
Bid/Ask Spread	0.28%
Listing Date	09/12/2010
Exchange	ASX
Index tracked	S&P/ASX Small Ordinaries Index
Issuer website	iShares ↗

Performance (% return)

1 month−2.3%

1 year−6.9%

3 years p.a.+9.2%

5 years p.a.+0.9%

$10,000 invested…

1 year ago$9,3063 years ago$13,0285 years ago$10,460

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

ISO at a glance: strengths and things to watch

👍 Strengths

Money is flowing in. Investors added a net $12m in September (9% of the fund).
Long track record. Listed since 2010, through several market cycles.

⚠️ Things to watch

Behind its peers. +0.9% a year over 5 years, against +5.9% for the median Australian shares ETF.
In a downtrend. Its price has been trending down since 17 September (as at 7 November).

Worked out from ISO's fees, size, flows, returns and trend against the 83 Australian shares ETFs in Australia, to 30 September 2026. General information, not a recommendation.

etfadviserTrend check

Downtrend since 17 Sep 2026

ISO is in a downtrend. Here's why that matters.

ISO's price is below its 20-day average and its averages are stacked downward. Its price is 21.2% below its 12-month high.

Why it matters: Downtrends can run for months, and that is where most big losses happen. For satellite holdings, waiting in cash until the trend turns has often been the better choice.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 days How base and trend works →See every ETF's stage →Visit etfadviser.com.au →

UptrendBaseDowntrend

ISO weekly price, past 12 months, shaded by trend stage. Stage as at 7 November 2026, updated weekly. A technical label, not a recommendation.

💡 Cheaper twin

SSO holds 98% of the same companies as ISO for 0.05% a year less, which is $50 a year on $100,000. See all cheaper alternatives to ISO →

Investment Focus

Exposure Regions

Australia

Portfolio Breakdown

Top 10 holdings (14.6% of the fund)

Symbol	Company	% assets
VAU		2.03%
VNT		1.74%
REH		1.56%
MP1		1.51%
AUB		1.40%
WAF		1.37%
EMR		1.29%
MTS		1.28%
PDI		1.23%
SGM		1.21%

Sector breakdown

Materials25.7%
Industrials16.5%
Financials12.3%
Real Estate10.3%
Consumer Discretionary9.5%
Energy5.6%
Information Technology5.6%
Communication Services5.1%
Other9.5%

Country breakdown

Australia92.3%
NZ3.4%
Canada2.8%
United States1.6%

Holdings from the issuer's published portfolio as at 30 October 2026. Breakdowns are based on the largest 200 positions, covering 100% of the fund. Compare ISO's holdings with other ETFs →

Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.

Similar ETFs

Code	Name	Same holdings	MER	AUM	1Y	3Y p.a.	5Y p.a.
SSO	State Street SPDR S&P/ASX Small Ordinaries ETF	98%	0.50%	$27m	−6.9%	+9.4%	+0.9%
VSO	Vanguard MSCI Australian Small Companies Index ETF	40%	0.30%	$1.2bn	−0.1%	+11.5%	+4.8%
SMLL	Betashares Australian Small Companies Select ETF	26%	0.39%	$369m	+4.3%	+13.6%	+4.7%
MVS	VanEck Small Companies Masters ETF	26%	0.49%	$186m	−2.1%	+9.8%	+2.3%
IOZ	iShares Core S&P/ASX 200 ETF	7%	0.05%	$9.7bn	+2.6%	+10.8%	+6.8%
STW	SPDR S&P/ASX 200 ETF	7%	0.05%	$6.5bn	+2.6%	+11.0%	+6.7%

Same holdings is the share of ISO's money in companies the other ETF also holds, weighted by size. Most similar first, then ETFs in the same category. See every ETF like ISO →

ISO vs its closest alternatives

What actually differs between ISO and the ETFs most like it. Data to 30 Sep 2026.

SSO State Street SPDR S&P/ASX Small Ordinaries ETF

They share 98% of their holdings: largely the same companies.
SSO is cheaper (0.50% vs 0.55%), worth about $3,294 on $100,000 over 20 years.
Over 3 years, a year: ISO +9.2%, SSO +9.4% (almost identical).
ISO is about 5 times larger ($136m vs $27m), which usually means tighter trading spreads.

Compare ISO and SSO side by side →

VSO Vanguard MSCI Australian Small Companies Index ETF

They share 40% of their holdings: some overlap.
VSO is cheaper (0.30% vs 0.55%), worth about $16,767 on $100,000 over 20 years.
Over 3 years, a year: ISO +9.2%, VSO +11.5% (VSO ahead by 2.3 percentage points).
VSO is about 9 times larger ($1.2bn vs $136m), which usually means tighter trading spreads.

Compare ISO and VSO side by side →

SMLL Betashares Australian Small Companies Select ETF

They share 26% of their holdings: some overlap.
SMLL is cheaper (0.39% vs 0.55%), worth about $10,645 on $100,000 over 20 years.
Over 3 years, a year: ISO +9.2%, SMLL +13.6% (SMLL ahead by 4.3 percentage points).
SMLL is about 3 times larger ($369m vs $136m), which usually means tighter trading spreads.

Compare ISO and SMLL side by side →

General information only. Past performance is not a reliable indicator of future performance.

ISO FAQs

What is the fee for ISO?

ISO charges a management fee (MER) of 0.55% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is ISO?

ISO had $136m in funds under management as at 30 September 2026.

How has ISO performed?

ISO returned −6.9% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +9.2% a year. Past performance is not a reliable indicator of future performance.

Who manages ISO?

ISO is managed by iShares and has been listed since December 2010.

What does ISO hold?

ISO's largest holdings are Vault Minerals Ltd (2.0%), Ventia Services Group Ltd (1.7%), Reece Ltd (1.6%), Megaport Ltd (1.5%), AUB Group Ltd (1.4%). It holds about 200 investments in total. The biggest sector is materials at 26%. Holdings as at 30 October 2026.

Is there a cheaper alternative to ISO?

Yes. SSO (State Street SPDR S&P/ASX Small Ordinaries ETF) holds about 98% of the same companies and charges 0.50% a year, against 0.55% for ISO. Check the index and size before switching, and remember selling may trigger capital gains tax.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the iShares product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.