At a glance
EPU charges 0.59% a year. It has $564.5M in assets; it paid 1.99% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +41.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +48.8% a year. At its worst it fell 38.9% in the 2020 crash (S&P 500: 33.7%) and 35.5% 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 72.8% of the fund, out of 30 in all.
The short version
iShares MSCI Peru and Global Exposure ETF (EPU), from BlackRock, tracks the MSCI All Peru Capped Index, about 30 Peru-linked stocks, many based outside Peru. Southern Copper (24.4%) and Credicorp (22.6%) dominate as of August 31, 2026, making it a concentrated bet on miners and financial companies. It costs 0.59% a year and swings hard: up 86.8% in 2025, but down 60.6% peak to trough between 2013 and 2016.
Price history
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EPU +41.7% 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 | |
|---|---|---|---|---|---|---|
| EPU official prospectus, to Dec 31, 2024 | — | +21.96% | — | +5.89% | +5.28% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI All Peru Capped Index Net index, same period | — | +23.46% | — | +6.29% | +5.87% | — |
| EPU price data to Oct 27, 2026 | +20.1% | +41.7% | +48.8% | +28.7% | +13.8% | +10.5% |
- Over the year to Oct 27, 2026, EPU returned +41.7%.
- Its 5-year annualized return was +28.7% and its 10-year +13.8%.
- In the 2020 COVID crash it fell 38.9% and regained its old high 8.3 months after the low.
- Its worst full calendar year was 2015 (-35.9%); its best was 2025 (+86.8%).
- The deepest fall in its price history was 60.6% (Jan 17, 2013 to Jan 19, 2016), recovered by Jan 24, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.1% | — |
| 2025 | +86.8% | — |
| 2024 | +21.8% | +21.96% |
| 2023 | +25.3% | +25.94% |
| 2022 | +2.1% | +1.15% |
| 2021 | -11.8% | -11.67% |
| 2020 | -4.3% | -3.00% |
| 2019 | +7.3% | +6.41% |
| 2018 | -12.2% | -12.19% |
| 2017 | +29.7% | +30.34% |
| 2016 | +64.0% | +61.56% |
| 2015 | -35.9% | -36.13% |
| 2014 | -3.6% | — |
| 2013 | -25.4% | — |
| 2012 | +24.2% | — |
| 2011 | -21.8% | — |
| 2010 | +57.7% | — |
| 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 38.9% over that stretch · deepest drop along the way 38.9%, back to its old high 8.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.7% over that stretch · deepest drop along the way 35.5%, back to its old high 14.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4200 | |
| 2025 | $1.1800 | -48.5% |
| 2024 | $2.2900 | +60.1% |
| 2023 | $1.4300 | -10.6% |
| 2022 | $1.6000 | +72.0% |
| 2021 | $0.9300 | +40.9% |
| 2020 | $0.6600 | -34.0% |
| 2019 | $1.0000 | +85.2% |
| 2018 | $0.5400 | -60.3% |
| 2017 | $1.3600 | +385.7% |
| 2016 | $0.2800 | -26.3% |
| 2015 | $0.3800 | -28.3% |
| 2014 | $0.5300 | -8.6% |
| 2013 | $0.5800 | -64.4% |
| 2012 | $1.6300 | +49.5% |
| 2011 | $1.0900 | +28.2% |
| 2010 | $0.8500 |
What's inside
As of Aug 31, 2026, the fund held 30 securities; the ten largest made up 72.83% of assets.
| Holding | Weight | |
|---|---|---|
| SOUTHERN COPPER CORPORATION | 24.37% | |
| CREDICORP LTD. | 22.59% | |
| HOCHSCHILD MINING PLC | 4.67% | |
| Compania de Minas Buenaventura S.A.A. Other | 3.95% | |
| MMG Limited | 3.06% | |
| Volcan Compania Minera S.A.A. | 2.99% | |
| Sociedad Minera Cerro Verde S.A.A. | 2.86% | |
| Ferreycorp S.A.A | 2.82% | |
| FORTUNA MINING CORP. | 2.77% | |
| Intercorp Financial Services Inc. | 2.75% | |
| Interconexion Electrica S.A. E.S.P. | 2.71% | |
| Parque Arauco S.A. | 2.67% | |
| Pan American Silver Corp. | 2.58% | |
| LAUREATE EDUCATION, INC. | 2.57% | |
| Wheaton Precious Metals Corp. | 2.56% |
By country
United States 26.94%Bermuda 22.59%Peru 17.93%Canada 10.27%Chile 6.3%By asset type
Stocks 96.12%Other 3.96%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $4.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.55%, +3.18%, +6.13%.
How it works
EPU follows the MSCI All Peru Capped Index. The index weights stocks by free float-adjusted market capitalization, meaning by the value of shares available for public trading. It includes companies MSCI classifies as Peruvian. It also includes companies headquartered or listed in Peru that have strong ties to the country, based on factors such as revenues, assets and management. If that does not reach the target of at least 25 securities and 20 issuers, MSCI adds companies that earn more than 10% of their revenue in Peru. Each of those is generally capped at 1%.
The caps apply to "group entities," companies that MSCI decides belong to the same controlled corporate group. No group may exceed 25% of the index, and groups above 5% may not exceed 50% combined. At each quarterly rebalance, those limits are reset to 22.5% and 45%. This is why Southern Copper (24.4%) and Credicorp (22.6%) sat close to the limit as of August 31, 2026. The list of eligible stocks is reviewed once a year.
BlackRock uses representative sampling, which means it may hold a sample of the index rather than every stock. At least 80% of assets go into index stocks or depositary receipts. Up to 20% can go into futures, options, swaps and cash. As of August 31, 2026, cash was 0.26% of assets and one small emerging markets futures position was held. Portfolio turnover was 17%.
What it really costs
- EPU 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 |
|---|---|---|---|---|
| EPU | $60 | $189 | $329 | $738 |
In a retirement portfolio
EPU is a concentrated, single-country bet on Peru's mining and financial companies, with large past drops.
EPU gives a portfolio a focused stake in Peru's copper miners and banks, but it has a history of sharp losses. It launched in June 2009, after the 2008 crisis, so it has no record from that period. In the 2020 COVID crash it fell 38.9% and recovered by December 2, 2020, about 8 months later. In 2022 it dropped 35.5% from April to September and took nearly 15 months to recover. Its worst calendar year was 2015, at -36.13%. Its deepest drop was 60.6%, from January 2013 to January 2016, and it did not recover until January 2018. Anyone who had to sell during a slump like that would have locked in large losses.
Income is modest. The trailing yield was 1.99% as of October 27, 2026, paid twice a year. The SEC's standard example puts costs at $60 in the first year on $10,000. 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 index fund for Peru-linked miners and financial companies, led by Southern Copper and Credicorp, at 0.59% a year.
- Investors using a small side position for mining exposure who can accept steep falls, like the 60.6% peak-to-trough drop from 2013 to 2016.
- Emerging-markets investors wanting extra Peru weight; EPU beat the MSCI Emerging Markets Index over 1, 5 and 10 years through December 31, 2024.
Look elsewhere if
- Retirees who need steady income: the trailing 12-month yield was 1.99% as of October 27, 2026, paid twice a year.
- Investors wanting broad diversification: the top 10 holdings were 72.8% of assets, and Southern Copper alone 24.4%, as of August 31, 2026.
- Investors who can't sit through big drops: EPU fell 38.9% in the 2020 COVID crash and 35.5% between April and September 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does EPU invest in?
EPU invests in Peru-linked stocks. It tracks the MSCI All Peru Capped Index through about 30 holdings. As of August 31, 2026, Southern Copper made up 24.4% of assets and Credicorp 22.6%, followed by Hochschild Mining at 4.7% and Compania de Minas Buenaventura at 3.9%. Miners and financial companies dominate the list, and the top 10 holdings were 72.8% of assets. BlackRock uses representative sampling, meaning the fund may hold a sample of the index rather than every stock.
Why does EPU hold US and Canadian companies if it's a Peru fund?
Because its index is built to capture exposure to Peru, not just companies based there. MSCI includes firms classified in Peru and firms headquartered or listed in Peru with strong ties to the country. If that yields fewer than 25 securities and 20 issuers, it adds firms with more than 10% of revenue from Peru, usually capped at 1% each. As of August 31, 2026, only 17.93% of assets were in companies assigned to Peru, versus 26.94% in US companies and 10.27% in Canadian ones.
What is EPU's expense ratio?
EPU's expense ratio, the yearly fee taken from fund assets, is 0.59%, all of it management fee, according to the prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs would total about $60 after one year, $329 after five years and $738 after 10 years. Portfolio turnover, the share of holdings traded in a year, was 17%.
Is EPU a good fit for retirement income?
Not on its own. The trailing 12-month yield was 1.99% as of October 27, 2026, with distributions paid twice a year, so income is modest and can vary. The fund is also volatile. It fell 38.9% in the 2020 COVID crash, and its deepest drop, 60.6% from January 2013 to January 2016, did not fully recover until January 2018. Some retirees may treat it as a small side holding next to broader stock and bond funds.
How does EPU compare with a broad emerging markets fund?
EPU is much narrower, and it has outpaced the broad emerging markets index its prospectus uses for comparison. As of December 31, 2024, EPU returned 5.89% a year over five years and 5.28% over 10, versus 1.7% and 3.64% for the MSCI Emerging Markets Index, which spans many countries. EPU slightly trailed its own index (6.29% and 5.87%) after fees. The trade-off is risk: its one-year volatility, a measure of how widely returns swing, was 32.9% as of October 27, 2026.