At a glance
EUFN charges 0.49% a year, above the 0.27% average of the 7 funds most like it (the 6th cheapest of 8). It has $4.20B in assets, the 4th largest of that group; it paid 4.37% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +16.9% with distributions reinvested (S&P 500: +11.5%), 2nd of those 8 funds; over three years it returned +34.6% a year. At its worst it fell 44.0% in the 2020 crash (S&P 500: 33.7%) and 35.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 9 months after the lows. Its ten largest positions make up 45.0% of the fund, out of 90 in all.
The short version
iShares MSCI Europe Financials ETF (EUFN) is a BlackRock index fund that tracks the MSCI Europe Financials Index. That index holds banks, insurers and other financial companies in developed European countries, led by HSBC, Banco Santander and Allianz. EUFN is a narrow bet on one sector, not a broad Europe fund. Its 0.49% expense ratio is well above the 0.27% average of similar funds, and its trailing yield was 4.37% as of October 27, 2026.
Price history
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EUFN +16.9% 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 | |
|---|---|---|---|---|---|---|
| EUFN official prospectus, to Dec 31, 2024 | — | +17.41% | — | +8.14% | +4.79% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EUFN price data to Oct 27, 2026 | +5.5% | +16.9% | +34.6% | +18.2% | +12.4% | +7.1% |
- Over the year to Oct 27, 2026, EUFN returned +16.9%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +18.2% and its 10-year +12.4%.
- In the 2020 COVID crash it fell 44% and regained its old high 11.3 months after the low.
- Its worst full calendar year was 2011 (-26.6%); its best was 2025 (+65.7%).
- The deepest fall in its price history was 53.3% (Jan 26, 2018 to Mar 18, 2020), recovered by Dec 1, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.5% | — |
| 2025 | +65.7% | — |
| 2024 | +17.3% | +17.41% |
| 2023 | +26.2% | +26.18% |
| 2022 | -8.7% | -8.79% |
| 2021 | +19.1% | +19.22% |
| 2020 | -8.6% | -8.20% |
| 2019 | +20.7% | +20.05% |
| 2018 | -23.1% | -23.18% |
| 2017 | +27.0% | +27.16% |
| 2016 | -2.7% | -3.12% |
| 2015 | -4.7% | -5.01% |
| 2014 | -9.6% | — |
| 2013 | +29.3% | — |
| 2012 | +35.4% | — |
| 2011 | -26.6% | — |
| 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 43.6% over that stretch · deepest drop along the way 44%, back to its old high 11.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30% over that stretch · deepest drop along the way 35.1%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1400 | |
| 2025 | $1.3300 | +6.4% |
| 2024 | $1.2500 | +19.0% |
| 2023 | $1.0500 | +41.9% |
| 2022 | $0.7400 | -10.8% |
| 2021 | $0.8300 | +245.8% |
| 2020 | $0.2400 | -73.0% |
| 2019 | $0.8900 | -19.1% |
| 2018 | $1.1000 | +54.9% |
| 2017 | $0.7100 | -7.8% |
| 2016 | $0.7700 | +4.1% |
| 2015 | $0.7400 | 0.0% |
| 2014 | $0.7400 | +85.0% |
| 2013 | $0.4000 | -31.0% |
| 2012 | $0.5800 | -1.7% |
| 2011 | $0.5900 |
What's inside
As of Jul 31, 2026, the fund held 90 securities; the ten largest made up 45.03% of assets.
| Holding | Weight | |
|---|---|---|
| HSBC HOLDINGS PLC | 9.91% | |
| Banco Santander, S.A. | 5.52% | |
| Allianz SE | 5.14% | |
| UBS Group AG | 4.55% | |
| Banco Bilbao Vizcaya Argentaria, S.A. | 4.28% | |
| UNICREDIT, SOCIETA PER AZIONI | 3.47% | |
| BNP PARIBAS SA | 3.42% | |
| Zurich Insurance Group AG | 3.09% | |
| INTESA SANPAOLO SPA | 2.85% | |
| ING Groep N.V. | 2.79% | |
| BARCLAYS PLC | 2.55% | |
| LLOYDS BANKING GROUP PLC | 2.45% | |
| AXA SA | 2.20% | |
| Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen | 2.13% | |
| NATWEST GROUP PLC | 2.04% |
By country
United Kingdom 24.26%Spain 12.14%Germany 12.01%Switzerland 11.54%Italy 10.67%By asset type
Stocks 99.55%Other 0.15%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $231.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.14%, +3.79%, +6.93%.
How it works
EUFN follows the MSCI Europe Financials Index, which MSCI builds and maintains. The index covers large and mid-sized financial companies in 14 developed European countries, including the U.K., Spain, Germany, Switzerland, Italy and France. It is weighted by free float-adjusted market value, which means bigger companies count for more, based only on the shares available for public trading. As a result, a few names dominate. As of July 31, 2026, HSBC was about 9.9% of the fund and the top 10 holdings were about 45%.
BlackRock Fund Advisors uses "representative sampling." That means the fund may not own every stock in the index. Instead it holds a mix chosen to match the index's size, industry and yield profile. At least 80% of assets go into index stocks or depositary receipts, which are certificates that stand for foreign shares. Up to 20% can go into futures, options, swaps, cash or money market funds. As of July 31, 2026, the fund held small FTSE 100 and Euro Stoxx 50 futures positions and 0.61% in cash. Portfolio turnover was 5%, and the fund never moves to defensive positions when markets fall.
Two mechanics matter for holders. First, the fund's value is set in US dollars, so it can fall when European currencies weaken against the dollar, even if the stocks hold steady. Second, the fund may lend out securities worth up to one-third of its total assets. MSCI decides which companies are in the index, and that list changes over time.
What it really costs
- EUFN charges 0.49% a year, versus an average of 0.27% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.48% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EUFN | $50 | $157 | $274 | $616 |
In a retirement portfolio
It concentrates on a single sector in a single region and has fallen more than 50% from a peak, so it fits better as a small add-on than as a foundation.
EUFN gives exposure to European banks and insurers, which most US-focused portfolios hold little of. It also pays income twice a year, with a trailing yield of 4.37% as of October 27, 2026. The swings have been large. The fund launched in 2010, so it has no record from the 2008 crisis. It fell 44% in the 2020 COVID crash and took about 11 months to recover. In 2022 it fell 35% and took about 9 months to recover. Its worst calendar year was 2011, when it lost 26.6%. Its deepest drop was 53%, from January 2018 to March 2020, and it didn't get back to its old peak until December 2023. Anyone who has to take money out during a slump like that could lock in losses. Costs add up too: in the SEC's $10,000 example, which assumes a 5% annual return, fees total $616 over 10 years. Past results don't predict future ones, 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 position in European banks and insurers such as HSBC, Santander and Allianz, alongside a broader core portfolio.
- Income-minded holders who are fine with payouts twice a year; the trailing yield was 4.37% as of October 27, 2026.
- People who can live with large swings, such as the 53% drop from 2018 to 2020, in exchange for focused sector exposure.
Look elsewhere if
- Cost-focused investors: the 0.49% fee compares with 0.06% for Vanguard FTSE Europe ETF (VGK), though VGK covers all European sectors.
- Anyone who needs steady withdrawals; after its March 2020 low, the fund took 44 months to regain its January 2018 peak.
- Investors who want to avoid currency swings, or heavy weight in one market; U.K. stocks were about 24% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EUFN this fund | — | 0.49% | $4.20B | +16.9% | +34.6% |
| BBEU JPMorgan BetaBuilders Europe ETF | 25% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEV iShares Europe ETF | 25% | 0.61% | $1.63B | +9.5% | +19.4% |
| IXG iShares Global Financials ETF | 23% | 0.41% | $585.8M | +14.3% | +27.6% |
| IEUR iShares Core MSCI Europe ETF | 23% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 23% | 0.06% | $38.51B | +11.9% | +19.7% |
| FDD First Trust STOXX European Select Dividend … | 22% | 0.59% | $820.8M | +24.4% | +30.6% |
| SPEU SPDR Portfolio Europe ETF | 21% | 0.07% | $713.1M | +9.4% | +19.9% |
Questions investors ask
What does EUFN invest in?
EUFN, an iShares fund from BlackRock, invests in European financial stocks. It tracks the MSCI Europe Financials Index, which covers large and midsize financial companies in developed European countries, with bigger companies getting bigger weights. As of July 31, 2026, the fund had 90 holdings, and the top 10 made up 45% of assets. The largest were HSBC Holdings (9.9%), Banco Santander (5.5%), Allianz (5.1%), UBS Group (4.5%) and BBVA (4.3%). UK companies were about 24% of the fund, with Spain and Germany at about 12% each.
What is EUFN's expense ratio?
EUFN's expense ratio, the annual fee taken out of fund assets, is 0.49%, according to its prospectus filed November 21, 2025. Using the SEC's standard example of $10,000 earning 5% a year, costs would total about $50 after one year, $274 after five years and $616 after 10 years. That is above the 0.27% average of seven similar funds matched by holdings overlap. Broad Europe funds such as Vanguard FTSE Europe ETF (VGK, 0.06%) cost far less but are not limited to financials.
How has EUFN performed over the long term?
EUFN has gained over the long run, but with large swings from year to year. As of December 31, 2024, its official average annual returns were 17.41% over one year, 8.14% over five years and 4.79% over 10 years, nearly matching the MSCI ACWI ex USA Index's 4.8% over 10 years. Calendar-year results ranged from a 26.6% loss in 2011 to a 65.7% gain in 2025. Based on market prices, it returned an average of 12.4% a year over the 10 years through October 27, 2026.
Is EUFN good for retirement income?
EUFN can add income, but it is a volatile, single-sector fund. It pays dividends twice a year, and its trailing 12-month yield (dividends paid over the prior year divided by the share price) was 4.37% as of October 27, 2026. The trade-off is risk: the fund fell 53.3% from January 2018 to March 2020 and did not recover until December 2023. Currency moves against the dollar can also widen gains or losses. It may suit retirees who want a smaller slice of European financial stocks alongside broader holdings.
What's the difference between EUFN and BBEU?
The main difference is focus: EUFN targets European financial stocks, while the JPMorgan BetaBuilders Europe ETF (BBEU) is a broader Europe fund. Only about 25% of their holdings overlap, based on the funds' latest SEC holdings reports. BBEU costs 0.09% a year versus EUFN's 0.49%. EUFN's narrower focus came out ahead through October 27, 2026: it returned 16.9% over one year and 34.6% a year over three years, versus 9.5% and 19.8% for BBEU. The same focus can mean deeper losses when financial stocks slump.