At a glance
EWM charges 0.5% a year. It has $324.7M in assets; it paid 3.75% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +13.4% a year. At its worst it fell 28.2% in the 2020 crash (S&P 500: 33.7%) and 21.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 22 months after the lows. Its ten largest positions make up 71.0% of the fund, out of 22 in all.
The short version
iShares MSCI Malaysia ETF (EWM) is a BlackRock index fund that tracks the MSCI Malaysia Index, which covers large and mid-sized Malaysian companies. It is a concentrated bet on one country. As of August 31, 2026, its 10 largest holdings made up about 71% of assets, led by three banks. It charges 0.50% a year. Its trailing yield was 3.75% as of October 27, 2026, and it pays twice a year.
Price history
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EWM +6.5% 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 | |
|---|---|---|---|---|---|---|
| EWM official prospectus, to Dec 31, 2024 | — | +20.13% | — | +0.90% | -0.93% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| EWM price data to Oct 27, 2026 | -0.5% | +6.5% | +13.4% | +4.0% | +2.3% | +4.3% |
- Over the year to Oct 27, 2026, EWM returned +6.5%.
- Its 5-year annualized return was +4.0% and its 10-year +2.3%.
- In the 2020 COVID crash it fell 28.2% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2008 (-40.2%); its best was 2009 (+49.4%).
- The deepest fall in its price history was 52.2% (Jan 14, 2008 to Oct 27, 2008), recovered by Sep 1, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +15.7% | — |
| 2024 | +19.5% | +20.13% |
| 2023 | -3.6% | -4.01% |
| 2022 | -6.0% | -6.25% |
| 2021 | -7.4% | -6.30% |
| 2020 | +3.3% | +3.26% |
| 2019 | -1.4% | -2.46% |
| 2018 | -6.3% | -6.28% |
| 2017 | +24.3% | +24.52% |
| 2016 | -4.0% | -3.95% |
| 2015 | -20.6% | -20.36% |
| 2014 | -11.6% | — |
| 2013 | +7.8% | — |
| 2012 | +14.8% | — |
| 2011 | -2.7% | — |
| 2010 | +39.0% | — |
| 2009 | +49.4% | — |
| 2008 | -40.2% | — |
| 2007 | +44.6% | — |
| 2006 | +36.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41.4% over that stretch · deepest drop along the way 52.2%, back to its old high 22.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.2% over that stretch · deepest drop along the way 28.2%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.4% over that stretch · deepest drop along the way 21.6%, back to its old high 21.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5700 | |
| 2025 | $0.9400 | +16.0% |
| 2024 | $0.8100 | +9.5% |
| 2023 | $0.7400 | +7.2% |
| 2022 | $0.6900 | -57.4% |
| 2021 | $1.6200 | +179.0% |
| 2020 | $0.5807 | -30.0% |
| 2019 | $0.8300 | -27.8% |
| 2018 | $1.1500 | -37.5% |
| 2017 | $1.8400 | +8.2% |
| 2016 | $1.7000 | -85.4% |
| 2015 | $11.6400 | +438.9% |
| 2014 | $2.1600 | +12.5% |
| 2013 | $1.9200 | +100.0% |
| 2012 | $0.9600 | -59.3% |
| 2011 | $2.3600 | +68.6% |
| 2010 | $1.4000 | +45.8% |
| 2009 | $0.9600 | -36.8% |
| 2008 | $1.5200 | -7.3% |
| 2007 | $1.6400 | +105.0% |
| 2006 | $0.8000 |
What's inside
As of Aug 31, 2026, the fund held 22 securities; the ten largest made up 70.99% of assets, and 2.13% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| PUBLIC BANK BHD | 15.60% | |
| CIMB GROUP HOLDINGS BERHAD | 13.50% | |
| MALAYAN BANKING BERHAD | 11.18% | |
| TENAGA NASIONAL BERHAD | 6.71% | |
| PRESS METAL ALUMINIUM HOLDINGS BERHAD | 4.88% | |
| GAMUDA BERHAD | 4.80% | |
| YTL POWER INTERNATIONAL BERHAD | 3.79% | |
| AMMB HOLDINGS BERHAD | 3.71% | |
| RHB BANK BERHAD | 3.49% | |
| SD GUTHRIE BERHAD | 3.33% | |
| HONG LEONG BANK BERHAD | 3.31% | |
| IHH HEALTHCARE BERHAD | 3.08% | |
| SUNWAY BERHAD | 3.03% | |
| PETRONAS GAS BERHAD | 3.02% | |
| IOI CORPORATION BERHAD | 2.39% |
By country
Malaysia 98.04%By asset type
Stocks 98.04%Other 0%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $36.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.99%, +3.73%, +1.65%.
How it works
EWM tracks the MSCI Malaysia Index. The index measures the large- and mid-capitalization part of Malaysia's stock market. Capitalization means a company's total stock market value. MSCI is independent of the fund, and it decides which stocks go into the index and how much each one weighs. BlackRock's adviser, BFA, runs the fund. It does not try to beat the index or move to cash when markets fall.
BFA uses "representative sampling." It buys a group of stocks that matches the index's size, industry mix, yield and volatility, and it may not hold 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, the fund held 25 positions and 2.13% in cash. It concentrates in an industry whenever the index does, which puts a large share in financials. Its three largest holdings were Public Bank (15.6%), CIMB Group (13.5%) and Malayan Banking (11.2%).
A few mechanics matter for holders. The fund creates and redeems shares for cash rather than by swapping stocks. That means it may have to sell holdings to pay departing investors, which can produce taxable gains. Portfolio turnover was 51%. The fund may lend up to one-third of its assets. Its value is figured in US dollars, so changes in Malaysia's currency affect returns.
What it really costs
- EWM charges 0.5% a year.
- 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 |
|---|---|---|---|---|
| EWM | $51 | $160 | $280 | $628 |
In a retirement portfolio
A bank-heavy fund that holds only one country and lost more than half its value in 2008 fits a small add-on position better than a portfolio's foundation.
EWM adds direct exposure to Malaysia's large banks, utilities and industrial companies. Its history shows deep losses that were sometimes slow to heal. In the 2008 financial crisis it fell 52.2% between January 14 and October 27, 2008. It then took about 22 months to recover, and 2008 was its worst calendar year, at -40.2%. It dropped 28.2% in the 2020 COVID crash but recovered by June 3, 2020. In 2022 it fell 21.6% and did not regain its earlier peak until August 2, 2024. A retiree who had to sell during stretches like these would lock in losses.
Income offsets this in part. The trailing yield was 3.75% as of October 27, 2026, paid twice a year. In the SEC's $10,000 example, costs come to $51 in the first year. 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 targeted exposure to large Malaysian companies, led by Public Bank, CIMB Group and Malayan Banking, through one US-listed fund.
- People adding a small satellite position who can accept single-country risk, including a 52.2% drop during the 2008 financial crisis.
- Income-minded holders who are comfortable with a 3.75% trailing yield (as of October 27, 2026) paid twice a year, not monthly or quarterly.
Look elsewhere if
- Anyone seeking broad emerging-markets diversification: EWM holds only Malaysian stocks, and its 10 largest positions were about 71% of assets.
- Investors who want steady long-term growth: its 10-year average annual return was -0.93% through December 31, 2024.
- Taxable investors who want to avoid capital gains payouts, since the fund redeems shares for cash and had 51% portfolio turnover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is EWM good for retirement?
EWM works more like a small, higher-risk add-on than a core retirement holding. It owns only Malaysian stocks, and its 10 largest positions made up about 71% of assets as of August 31, 2026. It fell 52.2% during the 2008 financial crisis. It also took until August 2, 2024 to recover from its 2022 drop. Its 3.75% trailing yield as of October 27, 2026 may appeal to income seekers, but its swings have been large.
Does EWM pay monthly dividends?
No. EWM pays distributions twice a year, not monthly. Over the trailing twelve months through October 27, 2026, it paid about $1 per share, a yield of 3.75%. The payouts come from dividends paid by the Malaysian companies it owns. Amounts can change with those companies' profits and with the exchange rate between Malaysia's currency and the US dollar.
What are EWM's top holdings?
EWM's largest holdings are Malaysian banks. As of August 31, 2026, Public Bank made up 15.6% of assets, CIMB Group 13.5% and Malayan Banking 11.2%. Next came Tenaga Nasional at 6.7%, Press Metal Aluminium at 4.9% and Gamuda at 4.8%. The 10 largest positions made up about 71% of the fund, so a handful of companies drive most of its results.
What is EWM's expense ratio?
EWM's expense ratio is 0.50% a year, according to its prospectus filed December 19, 2025. All of it is the management fee, and there is no fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $51 over one year, $160 over three years, $280 over five years and $628 over 10 years. The fund's trading costs from its 51% turnover are not included in that figure.
How does EWM compare with emerging markets funds?
EWM has trailed the broad emerging markets index over longer periods. Through December 31, 2024, its average annual return was 0.90% over five years and -0.93% over 10 years. The MSCI Emerging Markets Index returned 1.7% and 3.64% over the same periods. EWM did beat that index over one year, 20.13% versus 7.5%. A broad emerging markets fund spreads money across many countries, while EWM holds only Malaysia.