At a glance
EFA charges 0.32% a year, above the 0.11% average of the 8 funds most like it (the 8th cheapest of 9). It has $77.98B in assets, the 3rd largest of that group; it paid 3.25% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +18.2% a year. At its worst it fell 32.6% in the 2020 crash (S&P 500: 33.7%) and 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows. Its ten largest positions make up 13.9% of the fund, out of 686 in all.
The short version
BlackRock's iShares MSCI EAFE ETF (EFA) tracks the MSCI EAFE Index of large and mid-sized companies in developed markets outside the U.S. and Canada. It offers one-fund access to 686 holdings across Europe, Japan and Australasia as of July 31, 2026, with a record dating to 2001. What sets it apart is cost: its 0.32% annual expense ratio is far above the 0.07% for its sister fund, iShares Core MSCI EAFE ETF (IEFA).
Price history
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EFA +13.5% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EFA official prospectus, to Dec 31, 2024 | — | +3.43% | — | +4.68% | +5.14% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EFA price data to Nov 2, 2026 | +9.7% | +13.5% | +18.2% | +8.4% | +9.3% | +6.3% |
- Over the year to Nov 2, 2026, EFA returned +13.5%, 8th of 9 among similar funds.
- Its 5-year annualized return was +8.4% and its 10-year +9.3%.
- In the 2020 COVID crash it fell 32.6% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2008 (-41.0%); its best was 2025 (+31.6%).
- The deepest fall in its price history was 61% (Oct 31, 2007 to Mar 9, 2009), recovered by Jun 6, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.7% | — |
| 2025 | +31.6% | — |
| 2024 | +3.5% | +3.43% |
| 2023 | +18.4% | +18.07% |
| 2022 | -14.3% | -14.27% |
| 2021 | +11.4% | +11.23% |
| 2020 | +7.6% | +7.91% |
| 2019 | +22.0% | +21.94% |
| 2018 | -13.8% | -13.83% |
| 2017 | +25.1% | +24.94% |
| 2016 | +1.4% | +0.96% |
| 2015 | -1.0% | -0.90% |
| 2014 | -6.2% | — |
| 2013 | +21.4% | — |
| 2012 | +18.8% | — |
| 2011 | -12.3% | — |
| 2010 | +8.2% | — |
| 2009 | +27.0% | — |
| 2008 | -41.0% | — |
| 2007 | +9.9% | — |
| 2006 | +25.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.2% over that stretch · deepest drop along the way 61%, back to its old high 62.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.6% over that stretch · deepest drop along the way 32.6%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.1% over that stretch · deepest drop along the way 28.7%, back to its old high 15 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6400 | |
| 2025 | $3.2500 | +32.7% |
| 2024 | $2.4500 | +9.4% |
| 2023 | $2.2400 | +26.6% |
| 2022 | $1.7700 | -32.2% |
| 2021 | $2.6100 | +68.4% |
| 2020 | $1.5500 | -28.2% |
| 2019 | $2.1600 | +8.5% |
| 2018 | $1.9900 | +10.6% |
| 2017 | $1.8000 | +1.7% |
| 2016 | $1.7700 | +9.3% |
| 2015 | $1.6200 | -28.6% |
| 2014 | $2.2700 | +33.5% |
| 2013 | $1.7000 | -3.4% |
| 2012 | $1.7600 | +2.9% |
| 2011 | $1.7100 | +22.1% |
| 2010 | $1.4000 | -3.4% |
| 2009 | $1.4500 | -21.6% |
| 2008 | $1.8500 | -7.5% |
| 2007 | $2.0000 | +30.7% |
| 2006 | $1.5300 |
What's inside
As of Jul 31, 2026, the fund held 686 securities; the ten largest made up 13.91% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding N.V. | 2.90% | |
| HSBC HOLDINGS PLC | 1.66% | |
| Roche Holding AG | 1.39% | |
| Novartis AG | 1.30% | |
| Nestle S.A. | 1.17% | |
| SHELL PLC | 1.17% | |
| ASTRAZENECA PLC | 1.17% | |
| Siemens Aktiengesellschaft | 1.10% | |
| Mitsubishi UFJ Financial Group, Inc. | 1.08% | |
| BHP GROUP LIMITED | 0.97% | |
| COMMONWEALTH BANK OF AUSTRALIA | 0.95% | |
| Banco Santander, S.A. | 0.93% | |
| SAP SE | 0.87% | |
| Allianz SE | 0.86% | |
| SCHNEIDER ELECTRIC SE | 0.84% |
By country
Japan 22.96%United Kingdom 14.12%Switzerland 9.55%France 8.93%Germany 8.84%By asset type
Stocks 98.46%Other 1.27%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $121.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.40%, +0.56%, +1.56%.
How it works
EFA follows the MSCI EAFE Index. MSCI Inc. builds and maintains that index, not BlackRock. The index covers large and mid-sized companies in developed markets across Europe, Australasia and the Far East, leaving out the U.S. and Canada. As of July 31, 2025, it spanned 21 countries and regions, from Japan and the U.K. to Israel and New Zealand. Bigger companies get bigger weights, counting only shares available for public trading (the “free float”). MSCI picks the stocks and sets their weights, and the lineup changes over time.
BlackRock manages the fund passively. It does not try to beat the index or move to cash when markets fall. It uses representative sampling: rather than buying every index stock, it holds a mix chosen to match the index's size, sector, yield and risk traits. It generally keeps at least 80% of assets in index stocks or depositary receipts (certificates representing foreign shares). Up to 20% can go into futures, options, swaps, cash and other holdings that help it track the index.
The fund may lend securities worth up to one-third of its total assets. Its value is set in U.S. dollars, so a weaker yen, pound or euro can cut returns even when foreign stocks rise. Trading is light: the prospectus filed November 21, 2025, reported portfolio turnover of 4%.
What it really costs
- EFA charges 0.32% a year, versus an average of 0.11% for the similar funds below (8th of 9, cheapest first).
- Of that, 0.31% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EFA | $33 | $103 | $180 | $406 |
In a retirement portfolio
It adds large and mid-sized companies from Japan, Europe and Australasia, plus foreign-currency exposure, to a portfolio built mainly on U.S. stocks, though it still falls hard in crashes.
EFA could spread a stock allocation beyond the U.S. into Japan, Europe and Australasia, but it is no shelter in a crash. Its deepest drop was about 61%, from October 2007 to March 2009, and it did not fully recover until June 2014. It lost about 33% in the 2020 COVID crash and regained its peak by November 2020. It lost about 29% in 2022 and regained its peak in December 2023. Its worst calendar year was 2008, down about 41%. Someone selling shares to cover spending in those stretches would have locked in steep losses.
Its dividend yield over the past 12 months was 3.25% as of October 27, 2026. It pays twice a year, so income arrives in lumps. The 0.32% annual expense ratio is well above the 0.11% average for similar funds. 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 wanting one fund for developed markets beyond the U.S. and Canada: 686 holdings, led by Japan and the U.K. (July 31, 2026).
- Investors seeking dividend income from developed-market companies abroad: the 12-month yield was 3.25% as of October 27, 2026, paid twice a year.
- Long-time EFA holders in taxable accounts with large gains, for whom switching to a fund charging 0.03% to 0.07% could trigger capital gains tax.
Look elsewhere if
- Cost-focused investors: EFA's 0.32% expense ratio is the second-highest of nine similar funds; VEA and SPDW charge 0.03% and IEFA 0.07%.
- Anyone who may need to sell in a slump: EFA fell about 61% from late 2007 to March 2009 and recovered only in June 2014.
- Investors wanting the whole non-U.S. stock market in one fund: EFA holds only developed markets, leaving out Canada and emerging markets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EFA this fund | — | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 83% | 0.07% | $190.11B | +13.7% | +18.5% |
| IDEV iShares Core MSCI International Developed M… | 72% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 69% | 0.06% | $69.68B | +17.7% | +20.4% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 64% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 62% | 0.03% | $316.42B | +16.8% | +21.7% |
| VGK Vanguard FTSE Europe ETF | 61% | 0.06% | $38.51B | +11.9% | +19.7% |
| EFV iShares MSCI EAFE Value ETF | 56% | 0.33% | $29.11B | +21.9% | +23.3% |
Questions investors ask
What's the difference between EFA and IEFA?
Mainly cost. EFA charges 0.32% a year, while BlackRock's iShares Core MSCI EAFE ETF (IEFA) charges 0.07%. The two are close but not identical: their latest SEC holdings reports show an 83% overlap. IEFA is also much larger, with about $190 billion in net assets as of July 31, 2026, versus about $78 billion for EFA. Returns as of October 27, 2026, were similar: 12% for both over one year, and about 20% a year for both over three years.
How often does EFA pay dividends?
EFA pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $3.37 per share, a yield of 3.25% on its price. The money comes from the foreign companies the fund owns. Payments can rise or fall with those companies' profits and with exchange rates, because dividends paid in yen, pounds or euros are converted into dollars. Anyone relying on monthly income would need other sources between payments.
Is EFA good for retirement?
EFA can serve as the international stock part of a retirement portfolio, but it carries full stock-market risk. It fell about 61% in the 2008 financial crisis, about 33% in the 2020 COVID crash and about 29% in 2022. Its yield was 3.25% over the 12 months to October 27, 2026, paid twice a year. Its 0.32% expense ratio is higher than most similar funds. In the SEC's standard example, $10,000 earning 5% a year would pay about $406 in costs over 10 years.
What countries does EFA invest in?
EFA invests in developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada. Its index covered 21 countries and regions as of July 31, 2025. As of July 31, 2026, Japan was the largest weight at about 23%. Next came the U.K. at 14%, Switzerland at 9.6%, France at 8.9%, Germany at 8.8% and the Netherlands at 7%. The largest holding was ASML Holding at 2.9%, followed by HSBC, Roche, Novartis and Nestlé. The top 10 holdings made up about 14% of assets.
How has EFA performed over 10 years?
EFA returned an average of 5.14% a year over the 10 years to December 31, 2024, according to its prospectus. Over five years the figure was 4.68% a year. That was slightly ahead of the MSCI ACWI ex USA Index, at 4.8% and 4.1%. From 2015 to 2024, yearly results ranged from a 24.94% gain in 2017 to a 14.27% loss in 2022. Price-based returns through October 27, 2026, were higher, at about 9.2% a year over 10 years, helped by a 31.6% gain in 2025.