At a glance
EWK charges 0.49% a year. It has $169.5M in assets; it paid 1.88% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +19.8% a year. At its worst it fell 37.2% in the 2020 crash (S&P 500: 33.7%) and 32.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 23 months after the lows. Its ten largest positions make up 68.3% of the fund, out of 39 in all.
The short version
iShares MSCI Belgium ETF (EWK) is a BlackRock index fund that tracks the MSCI Belgium IMI 25/50 Index, which covers large, mid-size and small Belgian companies. The fund is highly concentrated. As of August 31, 2026, Anheuser-Busch InBev and argenx made up about 37% of assets, and the top 10 holdings about 68%. It charges 0.49% a year and may suit investors who want a targeted position in one small European market.
Price history
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EWK +10.6% 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 | |
|---|---|---|---|---|---|---|
| EWK official prospectus, to Dec 31, 2024 | — | +0.51% | — | +0.98% | +3.78% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWK price data to Oct 27, 2026 | +8.4% | +10.6% | +19.8% | +6.6% | +6.4% | +4.7% |
- Over the year to Oct 27, 2026, EWK returned +10.6%.
- Its 5-year annualized return was +6.6% and its 10-year +6.4%.
- In the 2020 COVID crash it fell 37.2% and regained its old high 8.5 months after the low.
- Its worst full calendar year was 2008 (-61.7%); its best was 2009 (+49.5%).
- The deepest fall in its price history was 74.1% (Jul 12, 2007 to Mar 9, 2009), recovered by Jun 2, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +35.4% | — |
| 2024 | +0.2% | +0.51% |
| 2023 | +7.5% | +7.46% |
| 2022 | -13.9% | -14.08% |
| 2021 | +12.8% | +12.92% |
| 2020 | +0.0% | +0.22% |
| 2019 | +26.0% | +25.55% |
| 2018 | -20.4% | -20.36% |
| 2017 | +23.7% | +23.25% |
| 2016 | -1.3% | -1.23% |
| 2015 | +13.8% | +13.40% |
| 2014 | +0.6% | — |
| 2013 | +24.5% | — |
| 2012 | +35.3% | — |
| 2011 | -15.4% | — |
| 2010 | +5.0% | — |
| 2009 | +49.5% | — |
| 2008 | -61.7% | — |
| 2007 | -1.8% | — |
| 2006 | +35.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 73.3% over that stretch · deepest drop along the way 73.6%, back to its old high 97.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35% over that stretch · deepest drop along the way 37.2%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.2% over that stretch · deepest drop along the way 32.7%, back to its old high 22.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.4200 | -30.0% |
| 2024 | $0.6000 | +53.8% |
| 2023 | $0.3900 | -15.2% |
| 2022 | $0.4600 | -40.3% |
| 2021 | $0.7700 | +133.3% |
| 2020 | $0.3300 | -41.1% |
| 2019 | $0.5600 | +21.7% |
| 2018 | $0.4600 | -24.6% |
| 2017 | $0.6100 | +96.8% |
| 2016 | $0.3100 | -16.2% |
| 2015 | $0.3700 | +23.3% |
| 2014 | $0.3000 | -60.0% |
| 2013 | $0.7500 | +102.7% |
| 2012 | $0.3700 | -33.9% |
| 2011 | $0.5600 | +133.3% |
| 2010 | $0.2400 | +4.3% |
| 2009 | $0.2300 | -80.7% |
| 2008 | $1.1900 | +65.3% |
| 2007 | $0.7200 | +63.6% |
| 2006 | $0.4400 |
What's inside
As of Aug 31, 2026, the fund held 39 securities; the ten largest made up 68.33% of assets.
| Holding | Weight | |
|---|---|---|
| ANHEUSER-BUSCH INBEV SA | 20.53% | |
| argenx SE | 16.90% | |
| UCB SA | 7.39% | |
| KBC GROEP NV | 5.09% | |
| AGEAS SA | 4.64% | |
| AEDIFICA NV | 3.34% | |
| ACKERMANS & VAN HAAREN NV | 2.78% | |
| SYENSQO NV | 2.60% | |
| GROEP BRUSSEL LAMBERT NV | 2.56% | |
| ELIA GROUP SA | 2.49% | |
| Lotus Bakeries NV | 2.48% | |
| UMICORE SA | 2.36% | |
| WAREHOUSES DE PAUW NV | 1.90% | |
| SOFINA SA | 1.89% | |
| KBC ANCORA NV | 1.84% |
By country
Belgium 82.04%Netherlands 16.9%Guernsey 0.58%XX 0.14%By asset type
Stocks 99.52%Other 0.14%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $62.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.60%, -0.15%, +2.08%.
How it works
The fund tracks the MSCI Belgium IMI 25/50 Index. The index provider, MSCI, picks the companies and sets their weights, not BlackRock. The index is weighted by free float-adjusted market capitalization. That means larger companies get bigger weights, counting only the shares that are available to trade. It covers large, mid-size and small Belgian companies.
The "25/50" part is a cap. No single corporate group can exceed 25% of the index. All groups weighing more than 5% can't add up to more than 50% combined. The index is rebalanced every quarter, using a process meant to keep it as close as possible to the uncapped MSCI Belgium Index. This cap explains why Anheuser-Busch InBev, at about 20.5% of assets as of August 31, 2026, is large but below the 25% limit.
BlackRock uses representative sampling. In other words, it can hold a sample of index stocks that behaves like the whole index instead of owning every one. At least 80% of assets go into index stocks or near-identical securities. Up to 20% can go into futures, cash and other instruments that help it track the index. As of August 31, 2026, stocks were 99.5% of assets and cash was 1.46%. The fund can lend out up to one-third of its assets, and its portfolio turnover was 17%. Because the fund is valued in US dollars, currency swings against the dollar also affect returns.
What it really costs
- EWK charges 0.49% a year.
- 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 |
|---|---|---|---|---|
| EWK | $50 | $157 | $274 | $616 |
In a retirement portfolio
It is a concentrated bet on a single small country, with a history of very deep and long-lasting losses.
EWK can add exposure to one small European economy, but its history shows how deep single-country losses can go. The fund fell 73.6% in the 2008 financial crisis and took about 98 months to recover. 2008 alone was a 61.7% loss. It dropped 37.2% in the 2020 COVID crash and recovered in about 8.5 months. It fell 32.7% in the 2022 bear market and took about 23 months to recover. A retiree who had to cash out shares during a slump like these would lock in the losses.
Income is modest. The trailing 12-month yield was 1.88% as of October 27, 2026, and the fund pays twice a year. The expense ratio is 0.49%. In the SEC's standard example, that comes to $616 in costs over 10 years 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 who want Belgian companies such as Anheuser-Busch InBev, UCB, KBC Group and Ageas in a single index fund.
- Those who already own broad international funds and want a small extra position in Belgium on top.
- Long-term holders who can wait out long slumps, such as the roughly eight-year recovery after the 2008 crisis.
Look elsewhere if
- Investors who want broad diversification: two stocks made up about 37% of assets as of August 31, 2026.
- Income seekers: the trailing yield was 1.88% as of October 27, 2026, paid only twice a year.
- Those who want to match broad international stocks: it trailed the MSCI ACWI ex USA Index over 1, 5 and 10 years through 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What stocks are in the iShares MSCI Belgium ETF?
As of August 31, 2026, EWK held 39 stocks, and the top 10 made up about 68% of assets. The largest were Anheuser-Busch InBev at about 20.5%, argenx at 16.9%, UCB at 7.4%, KBC Group at 5.1% and Ageas at 4.6%. About 82% of assets were listed under Belgium. About 17% were listed under the Netherlands, almost all of it argenx, which is part of the MSCI index the fund tracks.
What is the EWK expense ratio?
EWK's expense ratio is 0.49% a year, according to its prospectus filed December 19, 2025. All of it is the management fee, with no fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs come to about $50 after one year, $157 after three, $274 after five and $616 after ten.
Does EWK pay dividends?
Yes. EWK pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $0.49 per share, a trailing yield of 1.88%. The payments come from dividends paid by the Belgian companies the fund holds, so they can change from one year to the next. Currency moves against the US dollar also affect how much arrives in dollars. With this yield and schedule, the fund isn't built mainly for income.
How has EWK performed compared with international stocks?
Over longer periods it has lagged. In its prospectus, as of December 31, 2024, the fund's average annual returns were 0.51% over one year, 0.98% over five and 3.78% over ten. The MSCI ACWI ex USA Index returned 5.53%, 4.1% and 4.8%. Returns based on price were stronger later: 35.37% in 2025 and 8.42% for 2026 through October 27. That works out to 6.4% a year over 10 years as of October 27, 2026.
Is EWK a risky ETF?
It carries more risk than a broad fund. Its deepest drop was 74.1%, from July 2007 to March 2009, and it didn't recover until June 2017. Its worst quarter, in early 2020, was a 26.92% loss. Volatility, a measure of how much returns swing, was 16.1% over the year to October 27, 2026. The fund also depends heavily on a few stocks and on one country's economy, and currency swings add more risk.