  The spectrum of superstrings on ${\rm AdS}_3 \times {\rm S}^3 \times
\mathbb{M}_4$ with pure NS-NS flux is analysed for the background where the
radius of the AdS space takes the minimal value $(k=1)$. Both for
$\mathbb{M}_4={\rm S}^3 \times {\rm S}^1$ and $\mathbb{M}_4 = \mathbb{T}^4$ we
show that there is a special set of physical states, coming from the bottom of
the spectrally flowed continuous representations, which agree in precise detail
with the single particle spectrum of a free symmetric product orbifold. For the
case of ${\rm AdS}_3 \times {\rm S}^3 \times \mathbb{T}^4$ this relies on
making sense of the world-sheet theory at $k=1$, for which we make a concrete
proposal. We also comment on the implications of this striking result.
