At a glance
EPOL charges 0.59% a year. It has $848.3M in assets; it paid 3.33% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +34.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +38.2% a year. At its worst it fell 53.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 67.7% of the fund, out of 34 in all.
The short version
BlackRock's iShares MSCI Poland ETF (EPOL) tracks the MSCI Poland IMI 25/50 Index of large, mid and small Polish companies, capping any one corporate group at 25%. As of August 31, 2026, its top 10 holdings made up about 68% of assets, led by PKO Bank Polski at 15.3% and Orlen at 13.7%. It charges 0.59% a year, and its narrow focus brings big swings: it fell 54.2% from October 2021 to October 2022.
Price history
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EPOL +34.4% 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 | |
|---|---|---|---|---|---|---|
| EPOL official prospectus, to Dec 31, 2024 | — | -2.58% | — | +2.60% | +1.03% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| EPOL price data to Oct 27, 2026 | +26.4% | +34.4% | +38.2% | +18.0% | — | +19.8% |
- Over the year to Oct 27, 2026, EPOL returned +34.4%.
- Its 5-year annualized return was +18.0%.
- Its worst full calendar year was 2022 (-24.6%); its best was 2025 (+77.4%).
- The deepest fall in its price history was 54.2% (Oct 15, 2021 to Oct 12, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +26.4% | — |
| 2025 | +77.4% | — |
| 2024 | -2.5% | -2.58% |
| 2023 | +50.8% | +50.13% |
| 2022 | -24.6% | -24.53% |
| 2021 | +12.2% | +12.15% |
| 2020 | — | -8.16% |
| 2019 | — | -5.57% |
| 2018 | — | -14.31% |
| 2017 | — | +52.69% |
| 2016 | — | +2.75% |
| 2015 | — | -23.27% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.4% over that stretch · deepest drop along the way 53.2%, back to its old high 13.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $1.6800 | +33.3% |
| 2024 | $1.2600 | +93.8% |
| 2023 | $0.6500 | +58.5% |
| 2022 | $0.4100 | +46.4% |
| 2021 | $0.2800 |
What's inside
As of Aug 31, 2026, the fund held 34 securities; the ten largest made up 67.73% of assets.
| Holding | Weight | |
|---|---|---|
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPOLKA AKCYJNA | 15.31% | |
| ORLEN SPOLKA AKCYJNA | 13.73% | |
| BANK POLSKA KASA OPIEKI - SPOLKA AKCYJNA | 7.00% | |
| Allegro.eu SA | 6.47% | |
| POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA | 6.33% | |
| ERSTE BANK POLSKA SPOLKA AKCYJNA | 4.69% | |
| KGHM POLSKA MIEDZ SPOLKA AKCYJNA | 4.35% | |
| LPP SPOLKA AKCYJNA | 3.70% | |
| MBANK SPOLKA AKCYJNA | 3.30% | |
| DINO POLSKA SPOLKA AKCYJNA | 2.85% | |
| BENEFIT SYSTEMS SPOLKA AKCYJNA | 2.70% | |
| CD PROJEKT RED S.A. | 2.46% | |
| XTB S.A. | 2.36% | |
| ASSECO POLAND SPOLKA AKCYJNA | 2.16% | |
| Zabka Group SA | 2.10% |
By country
Poland 89.5%Luxembourg 8.57%Netherlands 1.42%XX 0%By asset type
Stocks 99.27%Other 0.22%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $142.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.40%, +10.76%, +3.63%.
How it works
EPOL tracks the MSCI Poland IMI 25/50 Index, which MSCI builds and maintains. The index covers large, mid-size and small companies in Poland. It weights them by free float-adjusted market value: bigger companies count for more, measured only by shares that public investors can buy. The manager, BlackRock Fund Advisors, does not try to beat the index or move to cash when markets fall.
The "25/50" in the name refers to two caps. No single group of affiliated companies can be more than 25% of the index. All groups weighing more than 5% can't add up to more than 50%. These caps matter in a small market where a few companies are very large. Each quarter, MSCI rebalances the index with an optimization process that keeps it as close as possible to the uncapped MSCI Poland Index.
BlackRock uses representative sampling. That means it buys a set of stocks that together resemble the index, so it may not own every index member. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, cash and similar holdings. As of August 31, 2026, the fund held 34 stocks, 1.79% in cash and a tiny WIG20 index futures position. It may lend out up to one-third of its assets for extra income. Portfolio turnover was a low 12%.
What it really costs
- EPOL 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 |
|---|---|---|---|---|
| EPOL | $60 | $189 | $329 | $738 |
In a retirement portfolio
EPOL is a concentrated bet on one country that has lost more than half its value in a single downturn, so it fits better as a small add-on than as a foundation.
EPOL can add a focused stake in Polish companies, but it is a volatile, concentrated holding. The fund launched in 2010, so it has no 2008 record. Its worst quarter was the first quarter of 2020, when it lost 35.24%. In the 2022 bear market it fell 53.2% between January 12 and October 12, then took about 14 months to get back to its earlier peak, in December 2023. Its worst calendar year was 2022, at about -24.5%. Anyone who had to sell shares in a year like that would lock in steep losses. The trailing yield was 3.33% as of October 27, 2026, paid twice a year. The fund costs 0.59% a year, about $60 in the first year on $10,000 in 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 who want a targeted Poland stake and accept that about 68% sits in ten stocks led by PKO Bank Polski and Orlen.
- People with a small satellite slot who can hold through drops like the 54% fall from October 2021 to October 2022.
- Investors comfortable with twice-yearly dividends; the trailing yield was 3.33% as of October 27, 2026.
Look elsewhere if
- Retirees who need steady value for withdrawals; three-year volatility was 25.4% as of October 27, 2026, and 2022 lost about 25%.
- Cost-conscious investors: the 0.59% fee adds up to $738 over 10 years on $10,000 in the SEC's standard example.
- Those who want broad emerging-markets diversification; EPOL holds 34 stocks, nearly all tied to one country and its currency.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does EPOL pay dividends?
Yes. EPOL pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $1.47 per share, a trailing yield of 3.33%. The money comes from dividends paid by the Polish companies it owns and is converted into US dollars, so a weaker zloty can shrink it. Twice-yearly payments are less convenient than monthly or quarterly income for someone covering regular bills.
What are EPOL's top holdings?
As of August 31, 2026, EPOL's largest holdings were PKO Bank Polski (15.3%), Orlen (13.7%), Bank Pekao (7.0%), Allegro.eu (6.5%) and PZU (6.3%). Erste Bank Polska, KGHM Polska Miedz, LPP, mBank and Dino Polska round out the top 10, which together made up 67.7% of assets. The fund held 34 stocks in total, so trouble at one or two big companies can move the whole fund.
What is EPOL's expense ratio?
EPOL's expense ratio is 0.59% a year, according to its prospectus filed December 19, 2025, and there is no fee waiver. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, total costs would be about $60 after one year, $329 after five years and $738 after 10 years. The fee comes out of fund assets, so it shows up as slightly lower returns, not as a separate bill.
How has EPOL performed compared with emerging markets?
Over the 10 years to December 31, 2024, EPOL returned 1.03% a year on average. That trailed the 3.64% of the MSCI Emerging Markets Index, the comparison index in its prospectus. Over five years EPOL did better, 2.6% a year versus 1.7%. Since then it has been much stronger: based on share prices, it gained 77.37% in 2025 and 26.36% in 2026 through October 27. Its record swings between big gains and big losses.
Why is EPOL so volatile?
EPOL is volatile because it owns one country's stocks, and a few of them dominate. Its 10 largest holdings were 67.7% of assets as of August 31, 2026. It also carries currency risk: if the Polish zloty falls against the dollar, the fund's value falls too. It lost 35.24% in the first quarter of 2020 and fell 54.2% from October 2021 to October 2022. Three-year volatility, a measure of how much returns swing, was 25.4% as of October 27, 2026.