At a glance
EPHE charges 0.59% a year. It has $149.5M in assets; it paid 3.01% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −4.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +1.4% a year. At its worst it fell 40.5% in the 2020 crash (S&P 500: 33.7%) and 32.4% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 64.7% of the fund, out of 35 in all.
The short version
iShares MSCI Philippines ETF (EPHE) is a BlackRock index fund that tracks the MSCI Philippines IMI 25/50 Index, a basket of large, mid and small Philippine companies. It is a single-country fund with a narrow portfolio: 35 holdings as of August 31, 2026, and one stock, International Container Terminal Services, at about 22% of assets. It costs 0.59% a year.
Price history
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EPHE -4.9% 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 | |
|---|---|---|---|---|---|---|
| EPHE official prospectus, to Dec 31, 2024 | — | +1.08% | — | -4.33% | -2.98% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI Philippines IMI2550Index Spliced index, same period | — | +2.11% | — | -3.56% | -2.26% | — |
| EPHE price data to Oct 27, 2026 | -7.6% | -4.9% | +1.4% | -4.9% | -3.1% | +0.6% |
- Over the year to Oct 27, 2026, EPHE returned -4.9%.
- Its 5-year annualized return was -4.9% and its 10-year -3.1%.
- In the 2020 COVID crash it fell 40.5% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2018 (-17.5%); its best was 2012 (+47.9%).
- The deepest fall in its price history was 53.8% (Apr 10, 2015 to Mar 18, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.6% | — |
| 2025 | +1.6% | — |
| 2024 | -1.4% | +1.08% |
| 2023 | +1.3% | -0.27% |
| 2022 | -15.9% | -14.37% |
| 2021 | -2.2% | -2.10% |
| 2020 | -4.0% | -5.15% |
| 2019 | +8.5% | +8.80% |
| 2018 | -17.5% | -17.45% |
| 2017 | +20.2% | +20.87% |
| 2016 | -3.3% | -5.18% |
| 2015 | -10.9% | -10.45% |
| 2014 | +22.1% | — |
| 2013 | -7.7% | — |
| 2012 | +47.9% | — |
| 2011 | -4.5% | — |
| 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 38.4% over that stretch · deepest drop along the way 40.5%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.8% over that stretch · deepest drop along the way 32.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4800 | |
| 2025 | $0.5300 | -8.6% |
| 2024 | $0.5800 | +11.5% |
| 2023 | $0.5200 | +15.6% |
| 2022 | $0.4500 | +36.4% |
| 2021 | $0.3300 | +43.5% |
| 2020 | $0.2300 | -14.8% |
| 2019 | $0.2700 | +92.9% |
| 2018 | $0.1400 | -6.7% |
| 2017 | $0.1500 | -34.8% |
| 2016 | $0.2300 | -32.4% |
| 2015 | $0.3400 | -8.1% |
| 2014 | $0.3700 | +12.1% |
| 2013 | $0.3300 | +26.9% |
| 2012 | $0.2600 | +4.0% |
| 2011 | $0.2500 |
What's inside
As of Aug 31, 2026, the fund held 35 securities; the ten largest made up 64.73% of assets.
| Holding | Weight | |
|---|---|---|
| INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. | 22.01% | |
| BDO UNIBANK, INC. | 9.76% | |
| SM PRIME HOLDINGS, INC. | 6.40% | |
| SM INVESTMENTS CORPORATION | 4.84% | |
| Metropolitan Bank & Trust Company | 4.58% | |
| BANK OF THE PHILIPPINE ISLANDS | 4.31% | |
| PLDT Inc. | 3.57% | |
| Manila Electric Company | 3.49% | |
| JOLLIBEE FOODS CORPORATION | 2.95% | |
| Aboitiz Equity Ventures, Inc. | 2.82% | |
| AYALA CORPORATION | 2.22% | |
| GT CAPITAL HOLDINGS, INC. | 2.20% | |
| Puregold Price Club Inc | 2.15% | |
| Century Pacific Food Inc | 2.03% | |
| LT GROUP, INC. | 1.82% |
By country
Philippines 99.34%By asset type
Stocks 99.34%Other 0%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $23.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.15%, +3.27%, -5.29%.
How it works
EPHE follows the MSCI Philippines IMI 25/50 Index, which MSCI builds and maintains independently of BlackRock. The index weights companies by free-float market value. Free float counts only the shares available for public trading, so big companies with many tradable shares get the largest weights. The index had 33 stocks as of August 31, 2025, with much of its weight in consumer goods and services, financials and industrials.
The "25/50" part is a cap. No single "group entity" (companies MSCI judges to be under common control) can exceed 25% of the index. All groups above 5% together can't exceed 50%. MSCI reviews these groups once a year. Each quarter, the index is rebalanced so its weights stay as close as possible to the uncapped MSCI Philippines Index within those limits.
BlackRock uses representative sampling. It holds a set of stocks with traits similar to the index, which may not include every index stock. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash or other securities that help tracking. As of August 31, 2026, the fund held one small emerging markets futures position, worth about -0.01% of assets. Portfolio turnover was 21%.
What it really costs
- EPHE charges 0.59% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EPHE | $60 | $189 | $329 | $738 |
In a retirement portfolio
EPHE is a concentrated single-country stock fund with deep, long-lasting losses, so it fits better as a small add-on than a foundation.
EPHE adds exposure to Philippine companies, which most US-focused portfolios barely hold. It launched in 2010, so it has no record from 2008. In the 2020 COVID crash it fell 40.5% and took about eight months to recover. In 2022 it dropped 32.4%, and as of October 27, 2026 it had not regained that peak. Its deepest decline, 53.8% from April 2015 to March 2020, was also still unrecovered. Its worst calendar year was 2018, at about -17.5%. Anyone forced to sell in years like these would lock in losses. Trailing 12-month yield was 3.01% as of October 27, 2026, paid twice a year, and the fund costs 0.59% a year. Past results don't predict future returns. 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 small, targeted stake in Philippine stocks that broad emerging markets funds hold only lightly.
- Holders comfortable with one stock near 22% of assets and the top 10 at about 65%.
- Investors who value twice-yearly income, with a 3.01% trailing yield as of October 27, 2026, and accept that payouts vary.
Look elsewhere if
- Anyone wanting a core holding: the fund lost about 3% a year over 10 years through October 27, 2026.
- Retirees who may need to sell in a downturn; the 2022 and 2015–2020 losses hadn't recovered by October 27, 2026.
- Cost-focused investors: a 0.59% expense ratio is high next to broad index funds, and currency swings add risk.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is EPHE good for retirement?
EPHE suits a small, higher-risk slice of a retirement portfolio more than a core role. It holds about 35 Philippine stocks, and its long-term record is weak. It returned -2.98% a year over the 10 years to December 31, 2024. It fell 53.8% from April 2015 to March 2020 and had not recovered that peak as of October 27, 2026. Investors who may need to sell in a bad year face a real risk of selling at a loss.
Does EPHE pay dividends?
Yes. EPHE pays distributions twice a year, from dividends paid by the Philippine companies it owns. Over the 12 months to October 27, 2026, it paid about $0.68 per share, a trailing yield of 3.01%. Payouts can change a lot from one period to the next. They depend on company profits and on the exchange rate between the Philippine peso and the US dollar.
What is the EPHE expense ratio?
EPHE's expense ratio is 0.59% a year, according to its prospectus filed December 19, 2025. All of it is the management fee, and no waiver applies. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $60 after one year, $189 after three, $329 after five and $738 after ten, if shares are sold at the end of each period.
How does EPHE compare to emerging markets index funds?
EPHE has trailed broad emerging markets by a wide margin. Through December 31, 2024, it returned -4.33% a year over five years and -2.98% over ten. The MSCI Emerging Markets Index returned 1.7% and 3.64% over the same periods. A broad emerging markets fund spreads money across many countries. EPHE puts nearly all of its assets in the Philippines, so local political, economic and currency problems hit it harder.
What are EPHE's top holdings?
As of August 31, 2026, EPHE's largest holding was International Container Terminal Services, at about 22% of assets. Next came BDO Unibank (9.8%), SM Prime Holdings (6.4%), SM Investments (4.8%), Metropolitan Bank & Trust (4.6%) and Bank of the Philippine Islands (4.3%). The top 10 made up about 65% of the fund. The index caps any single corporate group at 25%, but even under that cap, one company can drive results.