At a glance
EWA charges 0.5% a year, above the 0.2% average of the 6 funds most like it (the most expensive of 7). It has $1.33B in assets, the 7th largest of that group; it paid 2.85% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +11.1% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +16.7% a year. At its worst it fell 44.5% in the 2020 crash (S&P 500: 33.7%) and 24.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows. Its ten largest positions make up 63.9% of the fund, out of 49 in all.
The short version
iShares MSCI Australia ETF (EWA) tracks the MSCI Australia Index and holds about 49 large and mid-size Australian companies. It is concentrated. As of August 31, 2026, BHP Group and Commonwealth Bank of Australia made up nearly 29% of the fund, and the top 10 holdings about 64%. Its expense ratio is 0.50% a year. Broader Asia-Pacific funds cost less, such as JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF (BBAX) at 0.19%.
Price history
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EWA +11.1% 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 | |
|---|---|---|---|---|---|---|
| EWA official prospectus, to Dec 31, 2024 | — | +0.82% | — | +5.06% | +5.05% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWA price data to Oct 27, 2026 | +14.1% | +11.1% | +16.7% | +6.4% | +8.2% | +7.0% |
- Over the year to Oct 27, 2026, EWA returned +11.1%, 6th of 7 among similar funds.
- Its 5-year annualized return was +6.4% and its 10-year +8.2%.
- In the 2020 COVID crash it fell 44.5% and regained its old high 8 months after the low.
- Its worst full calendar year was 2008 (-48.0%); its best was 2009 (+68.2%).
- The deepest fall in its price history was 67% (Oct 31, 2007 to Nov 20, 2008), recovered by Jan 29, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.1% | — |
| 2025 | +13.3% | — |
| 2024 | +1.6% | +0.82% |
| 2023 | +13.9% | +13.98% |
| 2022 | -5.9% | -5.74% |
| 2021 | +9.0% | +9.09% |
| 2020 | +8.2% | +8.32% |
| 2019 | +22.4% | +22.42% |
| 2018 | -12.1% | -12.32% |
| 2017 | +19.9% | +19.55% |
| 2016 | +11.1% | +11.05% |
| 2015 | -10.0% | -10.31% |
| 2014 | -4.7% | — |
| 2013 | +1.8% | — |
| 2012 | +24.2% | — |
| 2011 | -11.6% | — |
| 2010 | +15.3% | — |
| 2009 | +68.2% | — |
| 2008 | -48.0% | — |
| 2007 | +27.8% | — |
| 2006 | +31.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.4% over that stretch · deepest drop along the way 67%, back to its old high 50.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.5% over that stretch · deepest drop along the way 44.5%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.6% over that stretch · deepest drop along the way 24.7%, back to its old high 17.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $0.8400 | -5.6% |
| 2024 | $0.8900 | -2.2% |
| 2023 | $0.9100 | -22.2% |
| 2022 | $1.1700 | -7.9% |
| 2021 | $1.2700 | +164.6% |
| 2020 | $0.4800 | -46.7% |
| 2019 | $0.9000 | -23.1% |
| 2018 | $1.1700 | +13.6% |
| 2017 | $1.0300 | +25.6% |
| 2016 | $0.8200 | -21.2% |
| 2015 | $1.0400 | -4.6% |
| 2014 | $1.0900 | -4.4% |
| 2013 | $1.1400 | -16.2% |
| 2012 | $1.3600 | +24.8% |
| 2011 | $1.0900 | +31.3% |
| 2010 | $0.8300 | +23.9% |
| 2009 | $0.6700 | -24.7% |
| 2008 | $0.8900 | -30.5% |
| 2007 | $1.2800 | +16.4% |
| 2006 | $1.1000 |
What's inside
As of Aug 31, 2026, the fund held 49 securities; the ten largest made up 63.88% of assets.
| Holding | Weight | |
|---|---|---|
| BHP GROUP LIMITED | 15.91% | |
| COMMONWEALTH BANK OF AUSTRALIA | 12.74% | |
| NATIONAL AUSTRALIA BANK LIMITED | 5.64% | |
| WESTPAC BANKING CORPORATION | 5.63% | |
| ANZ GROUP HOLDINGS LIMITED | 5.34% | |
| MACQUARIE GROUP LIMITED | 4.32% | |
| WESFARMERS LIMITED | 4.30% | |
| CSL LIMITED | 3.96% | |
| RIO TINTO LIMITED | 3.09% | |
| WOODSIDE ENERGY GROUP LTD | 2.95% | |
| GOODMAN GROUP Other | 2.63% | |
| WOOLWORTHS GROUP LIMITED | 2.35% | |
| TRANSURBAN GROUP Other | 2.13% | |
| QBE INSURANCE GROUP LIMITED | 1.59% | |
| ARISTOCRAT LEISURE LIMITED | 1.57% |
By country
Australia 98.83%New Zealand 0.64%XX 0%By asset type
Stocks 92.04%Other 7.43%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $157.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.46%, +4.21%, +2.22%.
How it works
EWA follows the MSCI Australia Index, which measures the large- and mid-size companies in the Australian stock market. MSCI Inc., which is independent of BlackRock, decides which companies are in the index and how much each one weighs. Financials and materials make up a large share of the index. The fund does not try to beat the index. It also does not move to cash when markets fall or look expensive.
BlackRock uses "representative sampling." That means the fund may hold a sample of the index's stocks that together look like the index in size, industry mix, yield and swings, rather than every stock. At least 80% of its assets go into index stocks or close equivalents, such as depositary receipts. It may put up to 20% into futures, options, swaps, cash and other holdings that help it track the index. As of August 31, 2026, it held one SPI 200 futures contract, worth about 0.01% of assets, and 0.04% in cash. Portfolio turnover was 6%, so trading is light.
Two mechanics matter to US holders. The fund's value is priced in US dollars, so it falls if the Australian dollar weakens against the dollar, even when Australian stocks are flat. The fund may also lend out securities worth up to one-third of its total assets to earn extra income.
What it really costs
- EWA charges 0.5% a year, versus an average of 0.2% for the similar funds below (7th of 7, cheapest first).
- 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 |
|---|---|---|---|---|
| EWA | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a concentrated single-country fund, heavy in banks and miners, and it has had very deep drops.
EWA can add Australian banks and miners that a US-focused portfolio barely owns. The cost is volatility. In the 2008 financial crisis it fell 67% from October 2007 to November 2008 and lost 48% in calendar 2008. It then took about 50 months from the low, until January 2013, to recover. It fell 44.5% in the 2020 COVID crash and recovered in about eight months. In 2022 it fell 24.7% and took about 17 months to recover. Anyone who has to sell shares in years like those would lock in deep losses.
The trailing yield was 2.85% as of October 27, 2026. It pays twice a year, so income comes in uneven lumps. Its 0.50% expense ratio is well above the 0.20% average of similar funds. Past results don't predict future returns, 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 targeted exposure to Australian giants like BHP, Commonwealth Bank and the other big banks, which broad US funds barely hold.
- People who can sit through deep swings: the fund fell 67% in the 2008 crisis and 44.5% in early 2020.
- Investors who want some dividend income, with a 2.85% trailing yield as of October 27, 2026, paid twice a year.
Look elsewhere if
- Cost-focused investors: its 0.50% expense ratio is the highest of seven similar funds. IPAC charges 0.09% and VPL charges 0.07%.
- Those who want broad diversification: as of August 31, 2026, two stocks made up nearly 29% of the fund, and banks and miners dominate.
- Retirees who need steady monthly income: EWA pays only twice a year, and the Australian dollar also moves its value.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EWA this fund | — | 0.5% | $1.33B | +11.1% | +16.7% |
| BBAX JPMorgan BetaBuilders Developed Asia Pacifi… | 63% | 0.19% | $6.73B | +14.0% | +17.7% |
| EPP iShares MSCI Pacific ex Japan ETF | 63% | 0.48% | $2.32B | +10.7% | +17.8% |
| IPAC iShares Core MSCI Pacific ETF | 16% | 0.09% | $2.65B | +16.0% | +20.6% |
| VPL Vanguard FTSE Pacific ETF | 12% | 0.07% | $13.10B | +22.2% | +22.6% |
| EFA iShares MSCI EAFE ETF | 7% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 6% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
Is EWA good for retirement?
EWA is a higher-risk, single-country fund, so it more often plays a small supporting role than a core one. It fell 67% in the 2008 financial crisis and took about 50 months from the low to recover. It also dropped 44.5% in early 2020. Its trailing yield was 2.85% as of October 27, 2026, paid twice a year, and it costs 0.50% a year. Past results don't predict the future.
What's the difference between EWA and BBAX?
The main differences are scope and cost. EWA holds only Australian companies, about 49 of them, and charges 0.50% a year. BBAX, the JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF, covers developed Asia-Pacific markets outside Japan, as its name says, and charges 0.19%. As of October 27, 2026, BBAX returned 14% over one year, compared with 11.1% for EWA. BBAX is also larger: about $6.7 billion in net assets as of July 31, 2026, against about $1.3 billion for EWA.
Does EWA pay monthly dividends?
No. EWA pays dividends twice a year. Over the 12 months through October 27, 2026, it paid about $0.84 per share, a trailing yield of 2.85%. The amount can change from one payment to the next. Because the fund is priced in US dollars, moves in the Australian dollar also affect what US holders receive.
What are the top holdings in EWA?
As of August 31, 2026, EWA's largest holdings were BHP Group (15.9%), Commonwealth Bank of Australia (12.7%), National Australia Bank (5.6%), Westpac (5.6%), ANZ Group (5.3%), Macquarie Group (4.3%), Wesfarmers (4.3%), CSL (4.0%), Rio Tinto (3.1%) and Woodside Energy (2.9%). Together, the top 10 made up about 64% of the fund. That means a handful of banks and miners drive much of its return.
How has EWA performed over 10 years?
EWA returned an average of 5.05% a year over the 10 years ended December 31, 2024, according to its prospectus. That was slightly ahead of the MSCI ACWI ex USA Index, which returned 4.8% a year. Price-based figures through October 27, 2026 show an 8.2% annualized 10-year return. Single years varied widely, from a 12.32% loss in 2018 to a 22.42% gain in 2019.