At a glance
EWL charges 0.5% a year, above the 0.21% average of the 6 funds most like it (the 6th cheapest of 7). It has $2.42B in assets, the 6th largest of that group; it paid 1.72% of its price in distributions over the past 12 months, annual. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +17.3% a year. At its worst it fell 27.8% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 21 months after the lows. Its ten largest positions make up 65.4% of the fund, out of 42 in all.
The short version
The iShares MSCI Switzerland ETF (EWL) tracks the MSCI Switzerland 25/50 Index. As of August 31, 2026, it held 42 large and mid-size Swiss companies, and drugmakers Roche and Novartis plus food maker Nestlé made up more than a third of the fund. It gives targeted exposure to Swiss stocks and the Swiss franc. Its 0.50% expense ratio is well above the 0.21% average of the broader European funds it was compared with.
Price history
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EWL +13.3% 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 | |
|---|---|---|---|---|---|---|
| EWL official prospectus, to Dec 31, 2024 | — | -2.64% | — | +4.57% | +6.02% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWL price data to Oct 27, 2026 | +7.6% | +13.3% | +17.3% | +7.2% | +10.3% | +8.6% |
- Over the year to Oct 27, 2026, EWL returned +13.3%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +7.2% and its 10-year +10.3%.
- In the 2020 COVID crash it fell 27.8% and regained its old high 4 months after the low.
- Its worst full calendar year was 2008 (-27.2%); its best was 2025 (+32.9%).
- The deepest fall in its price history was 51.6% (Dec 10, 2007 to Mar 9, 2009), recovered by Apr 15, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +32.9% | — |
| 2024 | -2.8% | -2.64% |
| 2023 | +17.7% | +17.37% |
| 2022 | -18.9% | -18.57% |
| 2021 | +20.2% | +19.27% |
| 2020 | +11.8% | +12.66% |
| 2019 | +31.6% | +32.27% |
| 2018 | -9.2% | -9.78% |
| 2017 | +23.4% | +23.37% |
| 2016 | +0.0% | -3.04% |
| 2015 | +0.3% | +0.51% |
| 2014 | -1.7% | — |
| 2013 | +25.7% | — |
| 2012 | +21.8% | — |
| 2011 | -7.9% | — |
| 2010 | +14.4% | — |
| 2009 | +22.1% | — |
| 2008 | -27.2% | — |
| 2007 | +5.5% | — |
| 2006 | +29.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.8% over that stretch · deepest drop along the way 51.6%, back to its old high 25.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.8% over that stretch · deepest drop along the way 27.8%, back to its old high 4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.8% over that stretch · deepest drop along the way 28.8%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0900 | |
| 2025 | $1.0200 | 0.0% |
| 2024 | $1.0200 | 0.0% |
| 2023 | $1.0200 | +18.6% |
| 2022 | $0.8600 | -5.5% |
| 2021 | $0.9100 | +42.2% |
| 2020 | $0.6400 | -14.7% |
| 2019 | $0.7500 | -7.4% |
| 2018 | $0.8100 | +11.0% |
| 2017 | $0.7300 | -54.4% |
| 2016 | $1.6000 | +100.0% |
| 2015 | $0.8000 | +1.3% |
| 2014 | $0.7900 | +31.7% |
| 2013 | $0.6000 | -4.8% |
| 2012 | $0.6300 | +14.5% |
| 2011 | $0.5500 | +71.9% |
| 2010 | $0.3200 | +6.7% |
| 2009 | $0.3000 | -34.8% |
| 2008 | $0.4600 | +64.3% |
| 2007 | $0.2800 | +47.4% |
| 2006 | $0.1900 |
What's inside
As of Aug 31, 2026, the fund held 42 securities; the ten largest made up 65.41% of assets.
| Holding | Weight | |
|---|---|---|
| Roche Holding AG | 13.64% | |
| Novartis AG | 12.34% | |
| Nestle S.A. | 11.05% | |
| ABB Ltd | 5.75% | |
| COMPAGNIE FINANCIERE RICHEMONT SA | 5.21% | |
| UBS Group AG | 5.13% | |
| Zurich Insurance Group AG | 4.33% | |
| Swiss Re AG | 2.78% | |
| Lonza Group AG | 2.75% | |
| Holcim AG | 2.44% | |
| Galderma Group AG | 2.18% | |
| Givaudan SA | 2.14% | |
| Sika AG | 2.13% | |
| Alcon AG | 2.06% | |
| Sandoz Group AG | 1.99% |
By country
Switzerland 98.91%XX 0.05%By asset type
Stocks 98.81%Other 0.15%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $723.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.23%, +0.53%, -0.46%.
How it works
EWL is an index fund from BlackRock's iShares. It follows the MSCI Switzerland 25/50 Index, which covers the large- and mid-size segments of the Swiss stock market. The index is weighted by free float-adjusted market value. That means companies with a larger value of shares available for public trading get bigger weights. Every quarter, MSCI rebalances the index with an optimization process. The aim is to stay as close as possible to the uncapped MSCI Switzerland Index while following two limits. No single corporate group can exceed 25% of the index, and groups weighing more than 5% can't total more than 50%.
BlackRock Fund Advisors uses "representative sampling." It buys a set of stocks that, taken together, resembles the index in size, industry mix, yield and volatility, so the fund may not own every index stock. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash and other securities. As of August 31, 2026, about 98.9% of assets were in Switzerland, and a Euro Stoxx 50 futures contract made up roughly 0.02%. Portfolio turnover was 9%, and the fund may lend up to one-third of its assets.
The fund reports its value in US dollars. Its returns therefore rise and fall with the Swiss franc as well as with Swiss stock prices.
What it really costs
- EWL charges 0.5% a year, versus an average of 0.21% for the similar funds below (6th 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 |
|---|---|---|---|---|
| EWL | $51 | $160 | $280 | $628 |
In a retirement portfolio
It adds Swiss healthcare, consumer and financial companies and Swiss franc exposure that a US-focused portfolio usually lacks, but it is too concentrated to serve as a core holding.
EWL could broaden a US-heavy portfolio, but its record in downturns is mixed. It fell 51.6% between December 2007 and March 2009 and didn't fully recover until April 2011. In the 2020 COVID crash it dropped 27.8% and regained its peak within about four months. In 2022 it fell 28.8% and took about 21 months after the low to recover, finally doing so in July 2024. Its worst calendar year was 2008, at −27.2%. Anyone forced to sell shares in a slump like these would lock in losses. Income is modest: the yield was 1.72% as of October 27, 2026, paid once a year. Under the SEC's standard $10,000 example, costs come to $628 over 10 years. 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 seeking focused exposure to Swiss stocks: 98.9% of assets sat in Swiss companies, led by Roche, Novartis and Nestlé, as of August 31, 2026.
- Investors wanting some non-dollar exposure, since the fund's value rises or falls as the Swiss franc moves against the U.S. dollar.
- Portfolios that want more healthcare, consumer goods and financial companies, the sectors that make up a large share of the MSCI Switzerland 25/50 Index.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio is far above broad Europe funds such as Vanguard's VGK at 0.06% or iShares' IEUR at 0.09%.
- Anyone wary of concentration: Roche, Novartis and Nestlé each exceeded 11% of assets, and the top 10 held 65%, as of August 31, 2026.
- Retirees needing frequent income: the fund pays dividends once a year, and its trailing 12-month yield was 1.72% as of October 27, 2026.
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 |
|---|---|---|---|---|---|
| EWL this fund | — | 0.5% | $2.42B | +13.3% | +17.3% |
| IEV iShares Europe ETF | 14% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 14% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEUR iShares Core MSCI Europe ETF | 13% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 13% | 0.06% | $38.51B | +11.9% | +19.7% |
| EFA iShares MSCI EAFE ETF | 9% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 8% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
What stocks are in EWL?
EWL holds stocks of large and mid-size Swiss companies. The BlackRock iShares fund tracks the MSCI Switzerland 25/50 Index. That index limits any single corporate group to 25% and caps the combined weight of groups above 5% at 50%. As of August 31, 2026, the fund held shares of 42 companies, with 98.9% of assets in Switzerland. The largest were Roche (13.6%), Novartis (12.3%), Nestlé (11.0%), ABB (5.7%), Richemont (5.2%) and UBS (5.1%). The top 10 made up 65.4% of assets.
What is EWL's expense ratio?
EWL's expense ratio, the annual fee taken out of fund assets, is 0.50%, according to its prospectus filed December 19, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $51 after one year, $280 after five years and $628 after ten. That is high next to broader funds. Vanguard FTSE Europe ETF (VGK) charges 0.06%, and the six European and international funds compared here averaged 0.21%. Of those six, only IEV, at 0.61%, costs more.
What's the difference between EWL and IEUR?
EWL holds almost only Swiss stocks, while iShares Core MSCI Europe ETF (IEUR) spreads its money across Europe. Their holdings overlap by only about 13%, so IEUR is a broader option, not a close substitute. IEUR charges 0.09% a year, compared with EWL's 0.50%. Over the year to October 27, 2026, EWL returned 13.3% and IEUR returned 9.6%. Over three years, IEUR came out ahead, at 19.9% a year against EWL's 17.3%. IEUR is also much larger, with $8.95 billion in net assets as of July 31, 2026.
Does EWL pay monthly dividends?
No. EWL pays dividends once a year, not monthly. It paid $1.09 per share over the 12 months to October 27, 2026. That works out to a trailing yield of 1.72%, meaning the past year's payouts divided by the share price. Because the fund invests in Swiss companies, the dollar value of its payouts can also move with the Swiss franc. Investors who draw regular income may find one annual payment harder to plan around than the monthly or quarterly payouts some other funds offer.
How has EWL performed over 10 years?
EWL returned 6.02% a year over the 10 years ended December 31, 2024, according to its prospectus. That beat the 4.8% of the MSCI ACWI ex USA Index, a broad benchmark of stocks outside the U.S. Based on market prices, it returned 10.3% a year over the 10 years to October 27, 2026, helped by a 32.9% gain in 2025. The ride was rough at times. It fell 51.6% in the 2008 financial crisis. It also fell 28.8% in the 2022 bear market and did not recover until July 2024.