At a glance
EFNL charges 0.53% a year. It has $262.5M in assets; it paid 1.09% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +22.5% a year. At its worst it fell 34.5% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 33 months after the lows. Its ten largest positions make up 71.5% of the fund, out of 35 in all.
The short version
The iShares MSCI Finland ETF (EFNL), from BlackRock's iShares, tracks the MSCI Finland IMI 25/50 Index, a basket of large, mid and small Finnish companies. It is highly concentrated. As of August 31, 2026, Nordea Bank and Nokia made up about 35% of assets, and the top 10 holdings made up about 72%. It charges 0.53% a year for a narrow, single-country position rather than broad international exposure.
Price history
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EFNL +12.2% 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 | |
|---|---|---|---|---|---|---|
| EFNL official prospectus, to Dec 31, 2024 | — | -5.26% | — | +0.93% | +3.79% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EFNL price data to Oct 27, 2026 | +6.5% | +12.2% | +22.5% | +4.8% | +8.5% | +8.3% |
- Over the year to Oct 27, 2026, EFNL returned +12.2%.
- Its 5-year annualized return was +4.8% and its 10-year +8.5%.
- In the 2020 COVID crash it fell 34.5% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2022 (-17.2%); its best was 2025 (+53.5%).
- The deepest fall in its price history was 38.6% (Sep 3, 2021 to Sep 27, 2022), recovered by Oct 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +53.5% | — |
| 2024 | -5.3% | -5.26% |
| 2023 | -0.1% | -0.04% |
| 2022 | -17.2% | -17.73% |
| 2021 | +10.5% | +9.93% |
| 2020 | +20.2% | +22.26% |
| 2019 | +13.7% | +13.56% |
| 2018 | -6.8% | -7.48% |
| 2017 | +23.8% | +23.28% |
| 2016 | +3.4% | +2.60% |
| 2015 | +3.5% | +4.23% |
| 2014 | -5.5% | — |
| 2013 | +37.8% | — |
| 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 34.5% over that stretch · deepest drop along the way 34.5%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.8% over that stretch · deepest drop along the way 33.4%, back to its old high 33 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 | |
| 2025 | $1.6300 | 0.0% |
| 2024 | $1.6300 | +5.8% |
| 2023 | $1.5400 | -30.6% |
| 2022 | $2.2200 | +103.7% |
| 2021 | $1.0900 | -16.2% |
| 2020 | $1.3000 | -40.4% |
| 2019 | $2.1800 | +60.3% |
| 2018 | $1.3600 | +4.6% |
| 2017 | $1.3000 | +64.6% |
| 2016 | $0.7900 | +54.9% |
| 2015 | $0.5100 | -54.9% |
| 2014 | $1.1300 | +31.4% |
| 2013 | $0.8600 |
What's inside
As of Aug 31, 2026, the fund held 35 securities; the ten largest made up 71.54% of assets.
| Holding | Weight | |
|---|---|---|
| Nordea Bank Abp | 18.93% | |
| Nokia Oyj | 15.62% | |
| Sampo Oyj | 7.34% | |
| Neste Oyj | 4.99% | |
| Metso Oyj | 4.71% | |
| KONE Oyj | 4.59% | |
| UPM-Kymmene Oyj | 4.20% | |
| Fortum Oyj | 3.83% | |
| Wartsila Oyj Abp | 3.70% | |
| Orion Oyj | 3.63% | |
| Kesko Oyj | 2.66% | |
| Konecranes Oyj | 2.52% | |
| Stora Enso Oyj | 2.48% | |
| Elisa Oyj | 2.16% | |
| Valmet Oyj | 1.90% |
By country
Finland 99.68%XX 0.17%By asset type
Stocks 99.68%Other 0.17%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $208.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.47%, -2.47%, +5.21%.
How it works
EFNL follows an index set by MSCI, not a manager's stock picks. The MSCI Finland IMI 25/50 Index covers large, mid-size and small Finnish companies. It weights them by free float-adjusted market value, which means bigger companies with more shares available for public trading get larger weights. A cap stops any single "group entity" (companies MSCI treats as under common control) from going over 25% of the index. All groups weighing more than 5% are also capped at 50% combined.
The index is rebalanced every quarter. An optimization process keeps it as close as possible to the uncapped MSCI Finland Index while still meeting the caps. BlackRock uses "representative sampling," so the fund may not own every index stock. Instead it holds a mix with similar size, industry and yield traits. It keeps at least 80% of assets in index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash or other securities. As of August 31, 2026, it held 35 companies and a tiny EURO STOXX 50 futures position.
The fund may lend out up to one-third of its assets to earn extra income. Its portfolio turnover was 18%. Because its net asset value is figured in US dollars, a weaker Finnish currency can lower returns even when the stocks hold steady.
What it really costs
- EFNL 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 |
|---|---|---|---|---|
| EFNL | $54 | $170 | $296 | $665 |
In a retirement portfolio
It is a single-country fund where two stocks made up about 35% of assets as of August 31, 2026, so it works better as a small add-on than as a foundation.
EFNL could add a small slice of Finnish companies to a portfolio built mainly on broader funds. Its swings have been sharp. It launched in 2012, so it has no 2008 record. In the 2020 COVID crash it fell 34.5%, then recovered by June 8, 2020. In the 2022 bear market it fell 33.4% and took about 33 months to recover. Its deepest drop was 38.6%, from September 2021 to September 2022, and it did not recover until October 23, 2025. Its worst calendar year was 2022, at -17.73%. A retiree forced to sell shares during that stretch would have locked in losses.
The yield was 1.09% as of October 27, 2026, paid twice a year, so the fund adds little income. It costs 0.53% a year, or $54 in the first year on $10,000 under the SEC's standard example. 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 a targeted slice of Finnish companies such as Nordea Bank, Nokia and Sampo alongside broader international funds.
- Long-term holders who can live through deep drops, like the 38.6% fall from 2021 to 2022 that took about three years to recover.
- People who prefer a rules-based index fund with low turnover (18%) and caps that limit any single corporate group to 25%.
Look elsewhere if
- Retirees seeking steady income: the yield was 1.09% as of October 27, 2026, and the fund pays only twice a year.
- Investors wanting broad diversification: the top 10 holdings made up about 72% of assets as of August 31, 2026.
- Those wanting a fund that kept pace with broad international stocks: it trailed the MSCI ACWI ex USA Index over 1, 5 and 10 years through 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What stocks are in EFNL?
EFNL holds Finnish stocks from the MSCI Finland IMI 25/50 Index. As of August 31, 2026, it owned 35 companies. The largest were Nordea Bank (18.9%), Nokia (15.6%), Sampo (7.3%), Neste (5.0%), Metso (4.7%) and KONE (4.6%). Together the top 10 made up about 72% of the fund. The prospectus notes that financial and industrial companies make up a large share of the index.
Does EFNL pay dividends?
Yes, twice a year. Over the 12 months to October 27, 2026, it paid about $0.55 per share, a yield of 1.09%. The payouts come from the Finnish companies it owns, so they can vary from one payment to the next. Currency moves also change how much arrives in US dollars. With a yield this low, the fund is more about country exposure and growth than income.
What is EFNL's expense ratio?
EFNL charges 0.53% a year, according to its prospectus filed December 19, 2025, and that whole amount is the management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $54 after one year, $170 after three years, $296 after five years and $665 after ten years, assuming shares are sold at the end of each period. The fee comes out of fund assets automatically.
Is EFNL good for retirement?
That depends on the role it plays. EFNL is a single-country fund that leans heavily on a few stocks, so it may suit a small satellite position better than a core one. It fell 33.4% in the 2022 bear market and took about 33 months to recover, until June 2025. Its yield was 1.09% as of October 27, 2026, so it adds little income. Past results don't predict the future.
How has EFNL performed compared with international stocks?
It has lagged over longer periods. As of December 31, 2024, EFNL's average annual return was -5.26% over one year, 0.93% over five years and 3.79% over ten years. The MSCI ACWI ex USA Index returned 5.53%, 4.10% and 4.80% over the same periods. EFNL then gained 53.5% in 2025 based on its price history, and its 10-year annualized return was 8.5% as of October 27, 2026.