At a glance
EDEN charges 0.53% a year. It has $194.0M in assets; it paid 3.04% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +5.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +8.3% a year. At its worst it fell 29.8% in the 2020 crash (S&P 500: 33.7%) and 32.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 7 months after the lows. Its ten largest positions make up 63.3% of the fund, out of 42 in all.
The short version
The iShares MSCI Denmark ETF (EDEN), from BlackRock, tracks the MSCI Denmark IMI 25/50 Index, which covers large, mid-size and small Danish companies. It is a concentrated, single-country fund: as of August 31, 2026, Novo Nordisk alone made up about 21% of assets, and its 10 largest holdings made up about 63%. It costs 0.53% a year and pays dividends twice a year.
Price history
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EDEN +5.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EDEN official prospectus, to Dec 31, 2024 | — | -3.76% | — | +10.56% | +10.17% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| MSCI Denmark IMI2550Index index, same period | — | -3.56% | — | +10.88% | +10.48% | — |
| EDEN price data to Oct 27, 2026 | +1.0% | +5.7% | +8.3% | +2.0% | +9.5% | +12.1% |
- Over the year to Oct 27, 2026, EDEN returned +5.7%.
- Its 5-year annualized return was +2.0% and its 10-year +9.5%.
- In the 2020 COVID crash it fell 29.8% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2018 (-14.4%); its best was 2020 (+42.5%).
- The deepest fall in its price history was 36.6% (Sep 2, 2021 to Sep 27, 2022), recovered by Jan 8, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.0% | — |
| 2025 | +10.6% | — |
| 2024 | -3.9% | -3.76% |
| 2023 | +18.0% | +17.80% |
| 2022 | -11.4% | -11.14% |
| 2021 | +14.8% | +14.18% |
| 2020 | +42.5% | +43.61% |
| 2019 | +24.4% | +24.95% |
| 2018 | -14.4% | -14.88% |
| 2017 | +35.4% | +34.69% |
| 2016 | -7.6% | -8.04% |
| 2015 | +20.6% | +21.01% |
| 2014 | +5.2% | — |
| 2013 | +42.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.6% over that stretch · deepest drop along the way 29.8%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.9% over that stretch · deepest drop along the way 32.7%, back to its old high 6.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8900 | |
| 2025 | $3.1900 | +100.6% |
| 2024 | $1.5900 | -26.0% |
| 2023 | $2.1500 | +50.3% |
| 2022 | $1.4300 | +74.4% |
| 2021 | $0.8200 | +100.0% |
| 2020 | $0.4100 | -74.7% |
| 2019 | $1.6200 | +42.1% |
| 2018 | $1.1400 | -16.8% |
| 2017 | $1.3700 | +110.8% |
| 2016 | $0.6500 | -20.7% |
| 2015 | $0.8200 | +100.0% |
| 2014 | $0.4100 | +6.3% |
| 2013 | $0.3858 |
What's inside
As of Aug 31, 2026, the fund held 42 securities; the ten largest made up 63.29% of assets. It also reported 3.4% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| NOVO NORDISK A/S | 20.78% | |
| DSV A/S | 8.13% | |
| DANSKE BANK A/S | 7.04% | |
| VESTAS WIND SYSTEMS A/S | 5.77% | |
| NOVOZYMES A/S | 5.09% | |
| GENMAB A/S | 4.74% | |
| A.P. MOELLER - MAERSK A/S | 3.32% | |
| CARLSBERG A/S | 3.11% | |
| Oersted A/S | 2.74% | |
| Pandora A/S | 2.57% | |
| A.P. MOELLER - MAERSK A/S | 2.55% | |
| COLOPLAST A/S | 2.25% | |
| NKT A/S | 2.12% | |
| TRYG A/S | 2.11% | |
| JYSKE BANK A/S | 2.07% |
By country
Denmark 97.41%United Kingdom 1.01%XX 0%By asset type
Stocks 98.22%Other 0.2%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $16.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.49%, +2.65%, +3.73%.
How it works
EDEN follows the MSCI Denmark IMI 25/50 Index, which MSCI builds and maintains. The index weights companies by their free-float market capitalization. That means bigger companies count for more, based only on shares that are available for public trading. It covers the large-, mid- and small-company segments of the Danish market.
The "25/50" in the name is a cap rule. No single group of related companies can be more than 25% of the index. All groups weighing more than 5% can add up to no more than 50%. MSCI rebalances the index every quarter so that it stays as close as possible to the uncapped MSCI Denmark Index within those limits. Because of the cap, a very large company such as Novo Nordisk (about 21% of the fund as of August 31, 2026) is held below its full market weight when it would otherwise exceed the cap.
BlackRock uses representative sampling. It does not have to buy every stock in the index. Instead it holds a group of stocks with similar traits. The fund generally keeps at least 80% of assets in index stocks or close equivalents. It may put up to 20% in futures, options, swaps, cash and other holdings. As of August 31, 2026, that included a small Copenhagen stock index futures position. The fund may also lend out securities worth up to one-third of its total assets, and much of its 3.4% cash position was likely collateral from those loans.
What it really costs
- EDEN charges 0.53% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $54 in the first year and $665 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EDEN | $54 | $170 | $296 | $665 |
In a retirement portfolio
It is a single-country fund with about a fifth of its assets in one company, so it may suit a small side position rather than the core of a portfolio.
EDEN adds exposure to Danish companies such as Novo Nordisk, DSV and Danske Bank, but its losses in downturns have been steep. It fell 29.8% in the 2020 COVID crash and got back to its old high in about 2.4 months. It dropped 32.7% in the 2022 bear market, and recovery took about 6.5 months. Its deepest fall was 36.6%, from September 2021 to September 2022, and it took about 15 months after the low to recover. The fund launched in 2012, so it has no record from 2008. Anyone who had to sell shares during one of those drops would have locked in the loss. The trailing yield was 3.04% as of October 27, 2026, paid twice a year, and the expense ratio is 0.53%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a targeted position in Danish stocks, led by Novo Nordisk, DSV, Danske Bank and Vestas, alongside broader holdings elsewhere.
- People comfortable with big swings, including a 36.6% peak-to-trough drop between September 2021 and September 2022.
- Holders who value index tracking with a 25% cap on any single company group, plus dividends paid twice a year.
Look elsewhere if
- Anyone seeking a core holding: about 97% of assets were in Denmark and 63% in ten stocks as of August 31, 2026.
- Cost-focused investors: the 0.53% expense ratio is $665 over ten years on $10,000 in the SEC's standard example.
- Investors who can't accept having the results of one drugmaker and the Danish krone's moves against the dollar drive much of their return.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does EDEN pay dividends?
Yes. EDEN pays dividends twice a year. Over the 12 months through October 27, 2026, it paid about $3.45 per share, a trailing yield of 3.04%. The payouts come from dividends paid by the Danish companies the fund owns. They are converted to US dollars, so the dollar amount can rise or fall with the Danish krone, and payments can vary from one period to the next.
How much of EDEN is Novo Nordisk?
About 21%. As of August 31, 2026, Novo Nordisk was roughly 20.8% of EDEN's assets, by far its largest holding. Next came DSV at about 8.1%, Danske Bank at about 7.0% and Vestas Wind Systems at about 5.8%. The index caps any single company group at 25%, but that still leaves the fund heavily exposed to one drugmaker. Healthcare and industrial companies make up a large share of the index.
What is EDEN's expense ratio?
EDEN's expense ratio is 0.53% a year, according to its prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, costs come to about $54 after one year, $170 after three years, $296 after five years and $665 after ten years. The fund's 24% turnover rate helps limit trading costs inside the fund.
How has EDEN performed compared with international stocks?
Over the long run it has done better than broad international stocks, but with more ups and downs. In the ten years through December 31, 2024, EDEN returned 10.17% a year. The MSCI ACWI ex USA Index returned 4.8% a year over the same period. Results have been uneven since then: based on price, EDEN's five-year annualized return was about 2% as of October 27, 2026. Its worst calendar year was 2018, at -14.88%.
Is EDEN good for retirement?
EDEN is generally better suited to a small, higher-risk side position than to the core of a retirement portfolio. It holds 42 Danish companies, and about 63% of its assets sit in the ten largest. It fell 32.7% in the 2022 bear market and took about 6.5 months to recover. It does offer twice-yearly income, with a 3.04% trailing yield as of October 27, 2026. Its share price, though, has been volatile, and a forced sale in a down year could lock in losses.