At a glance
ENZL charges 0.5% a year. It has $84.5M in assets; it paid 2.26% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +0.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +5.7% a year. At its worst it fell 35.3% in the 2020 crash (S&P 500: 33.7%) and 31.1% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 73.7% of the fund, out of 28 in all.
The short version
The iShares MSCI New Zealand ETF (ENZL), run by BlackRock, tracks the MSCI New Zealand All Cap Top 25 Capped Index, which holds the 25 largest stocks listed in New Zealand. The fund is heavily concentrated: as of August 31, 2026, Fisher & Paykel Healthcare made up 23.0% of assets, Auckland International Airport 13.1% and Infratil 11.2%. Its annual fee is 0.50%, and its yield was 2.26% as of October 27, 2026, paid twice a year.
Price history
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ENZL +0.2% 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 | |
|---|---|---|---|---|---|---|
| ENZL official prospectus, to Dec 31, 2024 | — | -4.55% | — | -2.53% | +4.45% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| ENZL price data to Oct 27, 2026 | +0.5% | +0.2% | +5.7% | -4.5% | +3.4% | +7.1% |
- Over the year to Oct 27, 2026, ENZL returned +0.2%.
- Its 5-year annualized return was -4.5% and its 10-year +3.4%.
- In the 2020 COVID crash it fell 35.3% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2022 (-16.2%); its best was 2012 (+31.8%).
- The deepest fall in its price history was 42.4% (Jan 7, 2021 to Oct 14, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.5% | — |
| 2025 | +2.5% | — |
| 2024 | -4.8% | -4.55% |
| 2023 | +3.0% | +3.53% |
| 2022 | -16.2% | -16.63% |
| 2021 | -11.4% | -10.86% |
| 2020 | +20.0% | +19.80% |
| 2019 | +30.1% | +29.73% |
| 2018 | +0.3% | -0.23% |
| 2017 | +24.0% | +23.90% |
| 2016 | +11.1% | +11.01% |
| 2015 | -2.0% | -1.28% |
| 2014 | +12.6% | — |
| 2013 | +12.5% | — |
| 2012 | +31.8% | — |
| 2011 | -0.1% | — |
| 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 35.3% over that stretch · deepest drop along the way 35.3%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.7% over that stretch · deepest drop along the way 31.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4400 | |
| 2025 | $1.0200 | +5.2% |
| 2024 | $0.9700 | -33.1% |
| 2023 | $1.4500 | +83.5% |
| 2022 | $0.7900 | -45.5% |
| 2021 | $1.4500 | +28.3% |
| 2020 | $1.1300 | -41.8% |
| 2019 | $1.9400 | +17.6% |
| 2018 | $1.6500 | -5.7% |
| 2017 | $1.7500 | -7.9% |
| 2016 | $1.9000 | +18.7% |
| 2015 | $1.6000 | -22.3% |
| 2014 | $2.0600 | +40.1% |
| 2013 | $1.4700 | -6.4% |
| 2012 | $1.5700 | -13.3% |
| 2011 | $1.8100 |
What's inside
As of Aug 31, 2026, the fund held 28 securities; the ten largest made up 73.72% of assets.
| Holding | Weight | |
|---|---|---|
| FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED | 23.00% | |
| AUCKLAND INTERNATIONAL AIRPORT LIMITED | 13.05% | |
| INFRATIL LIMITED | 11.24% | |
| FLETCHER BUILDING LIMITED | 4.60% | |
| EBOS GROUP LIMITED | 4.13% | |
| MERCURY NZ LIMITED | 4.06% | |
| MERIDIAN ENERGY LIMITED | 3.92% | |
| CONTACT ENERGY LIMITED | 3.74% | |
| SPARK NEW ZEALAND LIMITED | 3.42% | |
| Goodman New Zealand Ltd and Goodman Property Services Ltd Other | 2.57% | |
| FREIGHTWAYS GROUP LIMITED | 2.45% | |
| SUMMERSET GROUP HOLDINGS LIMITED | 2.37% | |
| RYMAN HEALTHCARE LIMITED | 2.27% | |
| PRECINCT PROPERTIES NEW ZEALAND LIMITED | 2.21% | |
| SKELLERUP HOLDINGS LIMITED | 1.98% |
By country
New Zealand 99.77%Australia 0.01%By asset type
Stocks 94.61%Other 5.17%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $7.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.96%, +4.65%, +3.00%.
How it works
The fund is an index fund. It tries to match the MSCI New Zealand All Cap Top 25 Capped Index before fees, and it does not try to beat it. MSCI starts with every New Zealand-listed stock, from the largest to the smallest, and keeps the 25 biggest. It then weights them by free-float market value, meaning the value of shares that are actually available to trade.
Because a few companies dominate New Zealand's market, the index puts caps on weights. No single company group can go above 25%, and all groups above 5% can't add up to more than 50% combined. A 10% buffer applies in practice, so the limits work out to 22.5% and 45%. MSCI counts linked companies as one group when one controls the other, which it judges partly by stakes of 20% or more. The index rebalances every quarter. As of August 31, 2026, Fisher & Paykel Healthcare was the largest holding at 23.0%, very close to its cap.
BlackRock uses representative sampling. That means the fund holds a set of stocks that behaves like the index but may not own every one of them. It keeps at least 80% of its assets in index stocks. It can put up to 20% in futures, cash and similar holdings, and it can lend out securities worth up to one-third of its assets. Turnover was 37%.
What it really costs
- ENZL charges 0.5% a year.
- Of that, 0.49% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ENZL | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a concentrated single-country fund that lost more than 40% at its worst and had not recovered as of October 27, 2026.
ENZL holds a small developed market led by a medical device maker, an airport, Infratil and several power companies. Those businesses are quite different from the large U.S. stocks found in many portfolios. It launched in 2010, so it has no 2008 record. It fell 35.3% in the 2020 COVID crash but recovered in about 2.5 months. The 2022 slump lasted longer. Its deepest drop was 42.4%, from January 2021 to October 2022, and it had not been fully recovered as of October 27, 2026. Anyone who had to sell during that stretch would have locked in losses. The fund yielded 2.26% over the 12 months to October 27, 2026, paid twice a year. It costs 0.50% a year, or $51 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 small New Zealand add-on, led by Fisher & Paykel Healthcare and Auckland International Airport, for an annual fee of 0.50%.
- Investors drawn to New Zealand power utilities such as Mercury NZ, Meridian Energy and Contact Energy, with a 2.26% yield as of October 27, 2026.
- Long-term investors who accept currency swings, since the fund's US-dollar value moves with the New Zealand dollar as well as share prices.
Look elsewhere if
- Anyone wanting broad diversification: the top 10 holdings were 73.7% of assets as of August 31, 2026, led by Fisher & Paykel Healthcare.
- Those wanting stronger results: it returned -2.53% a year over five years to December 31, 2024, versus 4.10% for the MSCI ACWI ex USA Index.
- Retirees who can't stomach deep, lasting losses: the fund fell 42.4% from January 2021 to October 2022 and had not recovered by October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does ENZL pay dividends?
Yes. ENZL pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $1.02 per share, a trailing yield of 2.26%. The payouts come from the New Zealand companies the fund owns. They can change from year to year with company profits and with the exchange rate between the New Zealand and U.S. dollars, because the fund's figures are reported in U.S. dollars.
What are ENZL's top holdings?
As of August 31, 2026, the largest holdings were Fisher & Paykel Healthcare (23.0%), Auckland International Airport (13.1%) and Infratil (11.2%). Next came Fletcher Building, EBOS Group, and the power companies Mercury NZ, Meridian Energy and Contact Energy, each at about 4% to 5%. The top 10 made up 73.7% of the fund, which held 28 stocks in total. That puts a lot of weight on a few companies.
What is ENZL's expense ratio?
ENZL's expense ratio is 0.50% a year, according to its prospectus filed December 19, 2025, and almost all of that is a 0.49% management fee. In the SEC's standard example, $10,000 earning 5% a year would cost about $51 after one year, $160 after three, $280 after five and $628 after ten. That costs more than many broad index funds, as is common for single-country funds.
How has ENZL performed compared with international stocks?
It has lagged. According to its prospectus, ENZL returned -4.55% in 2024, -2.53% a year over five years and 4.45% a year over ten years, all through December 31, 2024. The MSCI ACWI ex USA Index, a broad measure of stocks outside the U.S., returned 5.53%, 4.1% and 4.8% over the same periods. Based on price data through October 27, 2026, ENZL returned -4.5% a year over five years.
Is ENZL good for retirement?
It depends on its role in the portfolio. ENZL is a concentrated single-country fund, so it may suit only a small slice of a retirement portfolio. Its worst calendar year was 2022, at -16.6%. Its 42.4% drop from January 2021 to October 2022 had not been recovered as of October 27, 2026. It yields 2.26% with payments twice a year, and it charges 0.50%. Past results don't predict future returns.