At a glance
EWN charges 0.5% a year, above the 0.28% average of the 6 funds most like it (the 5th cheapest of 7). It has $626.7M in assets, the 7th largest of that group; it paid 4.36% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +14.5% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +24.6% a year. At its worst it fell 34.7% in the 2020 crash (S&P 500: 33.7%) and 40.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows. Its ten largest positions make up 60.2% of the fund, out of 56 in all.
The short version
iShares MSCI Netherlands ETF (EWN) is a BlackRock index fund that tracks the MSCI Netherlands IMI 25/50 Index, which covers large, mid-size and small Dutch companies. It is much more concentrated than broad Europe funds. Chip-equipment maker ASML made up about 24% of assets as of August 31, 2026. Its 0.50% expense ratio is well above the 0.06% to 0.09% that broad Europe funds such as VGK and IEUR charge.
Price history
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EWN +14.5% 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 | |
|---|---|---|---|---|---|---|
| EWN official prospectus, to Dec 31, 2024 | — | +2.34% | — | +7.45% | +8.43% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWN price data to Oct 27, 2026 | +15.2% | +14.5% | +24.6% | +7.1% | +12.7% | +8.6% |
- Over the year to Oct 27, 2026, EWN returned +14.5%, 1st of 7 among similar funds.
- Its 5-year annualized return was +7.1% and its 10-year +12.7%.
- In the 2020 COVID crash it fell 34.7% and regained its old high 3.9 months after the low.
- Its worst full calendar year was 2008 (-47.5%); its best was 2009 (+40.8%).
- The deepest fall in its price history was 65.2% (Oct 12, 2007 to Mar 9, 2009), recovered by Apr 23, 2015.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.2% | — |
| 2025 | +34.9% | — |
| 2024 | +1.7% | +2.34% |
| 2023 | +22.1% | +21.34% |
| 2022 | -24.4% | -24.12% |
| 2021 | +22.7% | +22.39% |
| 2020 | +23.2% | +24.19% |
| 2019 | +32.5% | +31.34% |
| 2018 | -15.4% | -14.99% |
| 2017 | +33.7% | +33.40% |
| 2016 | +4.1% | +3.91% |
| 2015 | +1.5% | +1.34% |
| 2014 | -5.8% | — |
| 2013 | +28.7% | — |
| 2012 | +22.1% | — |
| 2011 | -16.0% | — |
| 2010 | +4.8% | — |
| 2009 | +40.8% | — |
| 2008 | -47.5% | — |
| 2007 | +17.9% | — |
| 2006 | +31.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.9% over that stretch · deepest drop along the way 65.2%, back to its old high 73.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.7% over that stretch · deepest drop along the way 34.7%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40% over that stretch · deepest drop along the way 40%, back to its old high 16.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6800 | |
| 2025 | $2.8700 | +195.9% |
| 2024 | $0.9700 | +21.2% |
| 2023 | $0.8000 | +8.1% |
| 2022 | $0.7400 | +45.1% |
| 2021 | $0.5100 | +59.4% |
| 2020 | $0.3200 | -63.2% |
| 2019 | $0.8700 | +38.1% |
| 2018 | $0.6300 | +18.9% |
| 2017 | $0.5300 | -19.7% |
| 2016 | $0.6600 | +46.7% |
| 2015 | $0.4500 | -18.2% |
| 2014 | $0.5500 | +41.0% |
| 2013 | $0.3900 | -9.3% |
| 2012 | $0.4300 | -21.8% |
| 2011 | $0.5500 | +71.9% |
| 2010 | $0.3200 | -25.6% |
| 2009 | $0.4300 | -61.3% |
| 2008 | $1.1100 | +7.8% |
| 2007 | $1.0300 | +128.9% |
| 2006 | $0.4500 |
What's inside
As of Aug 31, 2026, the fund held 56 securities; the ten largest made up 60.24% of assets. It also reported 5.01% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| ASML Holding N.V. | 24.32% | |
| ING Groep N.V. | 9.15% | |
| Prosus N.V. | 5.07% | |
| Nebius Group N.V. | 4.25% | |
| ASM International N.V. | 4.04% | |
| Adyen N.V. | 2.93% | |
| ABN AMRO Bank N.V. | 2.81% | |
| Koninklijke Ahold Delhaize N.V. | 2.81% | |
| AerCap Holdings N.V. | 2.50% | |
| NN Group N.V. | 2.35% | |
| Heineken N.V. | 2.30% | |
| COCA-COLA EUROPACIFIC PARTNERS PLC | 2.21% | |
| DSM-Firmenich AG | 2.11% | |
| Koninklijke Philips N.V. | 1.98% | |
| Wolters Kluwer N.V. | 1.92% |
By country
Netherlands 91.25%United Kingdom 2.96%Switzerland 2.11%Bermuda 1.77%Luxembourg 0.84%By asset type
Stocks 98.96%Other 0.82%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $61.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.78%, -4.68%, +2.26%.
How it works
EWN follows the MSCI Netherlands IMI 25/50 Index, which is built by MSCI. The index covers large, mid-size and small Dutch companies. It weights them by free float-adjusted market value: bigger companies count for more, based only on shares that public investors can actually buy. Two caps limit concentration. No single group of related companies can exceed 25% of the index, and all groups above 5% together cannot exceed 50%. The index is rebalanced quarterly and aims to stay close to its parent, the MSCI Netherlands Index.
BlackRock does not try to beat the index. It uses representative sampling, which means buying a set of stocks that together resemble the index in size, industry mix, yield and trading volume. So the fund may not own every index member. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash, or stocks outside the index that help tracking. Portfolio turnover was 12% in the prospectus filed December 19, 2025.
The fund can lend out securities worth up to one-third of its total assets to earn extra income. The 5.01% cash position on August 31, 2026 was likely collateral from that lending. The fund also concentrates in an industry when the index does. As of August 31, 2025, consumer goods and services, financials and technology made up a large share.
What it really costs
- EWN charges 0.5% a year, versus an average of 0.28% for the similar funds below (5th 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 |
|---|---|---|---|---|
| EWN | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a single-country fund with about a quarter of its assets in one stock and a 65% drop in 2008–2009, so it fits better as a small add-on than as a foundation.
EWN could add focused exposure to Dutch companies such as ASML, ING and Prosus alongside a broader stock fund. Its downturns have been deep. It fell 65.2% from October 2007 to March 2009 and did not recover until April 2015, about six years later. In 2008 alone it lost 47.5%. It dropped 34.7% in the 2020 COVID crash and recovered in about four months. It fell 40% in 2022 and took about 17 months to recover. Anyone forced to sell shares in a year like 2008 would lock in steep losses. The trailing 12-month yield was 4.36% as of October 27, 2026, paid twice a year. Under the SEC's standard $10,000 example, costs total $51 after one year and $628 after ten. 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 Dutch companies, led by ASML at about 24% and ING at about 9% as of August 31, 2026.
- Holders of a broad US or global fund who want a small add-on with twice-yearly income (trailing yield 4.36% as of October 27, 2026).
- Investors who can live with big price swings, including a 40% drop in 2022 and a 65.2% fall during 2007–2009.
Look elsewhere if
- Cost-focused investors: EWN's 0.50% expense ratio compares with 0.06% for VGK and 0.09% for IEUR and BBEU.
- Investors seeking broad European diversification: about 91% is in the Netherlands, and the top 10 holdings made up 60% of assets.
- Retirees who may need to sell during downturns: recovering from the 2008 financial crisis took about six years.
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 |
|---|---|---|---|---|---|
| EWN this fund | — | 0.5% | $626.7M | +14.5% | +24.6% |
| EZU iShares MSCI Eurozone ETF | 16% | 0.51% | $9.91B | +6.8% | +21.0% |
| FEZ SPDR EURO STOXX 50 ETF | 15% | 0.29% | $4.35B | +5.6% | +20.6% |
| IEV iShares Europe ETF | 9% | 0.61% | $1.63B | +9.5% | +19.4% |
| IEUR iShares Core MSCI Europe ETF | 8% | 0.09% | $8.95B | +9.6% | +19.9% |
| BBEU JPMorgan BetaBuilders Europe ETF | 8% | 0.09% | $9.36B | +9.5% | +19.8% |
| VGK Vanguard FTSE Europe ETF | 8% | 0.06% | $38.51B | +11.9% | +19.7% |
Questions investors ask
How has EWN performed over the long run?
EWN has beaten broad international stocks over longer periods, with big swings along the way. As of December 31, 2024, its average annual return was 7.45% over five years and 8.43% over ten years. The MSCI ACWI ex USA Index returned 4.1% and 4.8% over the same periods. Over one year, though, EWN returned 2.34% versus the index's 5.53%. Based on price data, its 10-year annualized return was 12.7% as of October 27, 2026.
What's the difference between EWN and EZU?
EWN holds only Dutch stocks, while iShares MSCI Eurozone ETF (EZU) spreads across many eurozone countries. They share only about 16% of their holdings. Costs are nearly the same: 0.50% for EWN and 0.51% for EZU. As of October 27, 2026, EWN returned 14.5% over one year and 24.6% a year over three years. EZU returned 6.8% and 21% over the same periods. EZU is much larger, with about $9.9 billion in net assets compared with about $627 million for EWN.
Does EWN pay dividends?
Yes. EWN pays dividends twice a year. Over the 12 months through October 27, 2026, it paid $2.84 per share, which works out to a trailing yield of 4.36%. Dividends from Dutch companies can vary from year to year. Because the fund reports in US dollars, changes in the euro's exchange rate also affect how much income US holders receive.
How much of EWN is ASML?
ASML Holding made up about 24.3% of EWN's assets as of August 31, 2026, making it by far the largest holding. ING Groep came next at about 9.1%, followed by Prosus at about 5.1%. The index caps any single group of related companies at 25%, so ASML sits close to that limit. The top 10 holdings together made up about 60% of the fund. As a result, ASML's results can drive much of EWN's performance.
What is EWN's expense ratio?
EWN's expense ratio is 0.50% a year, and 0.49% of that is the management fee. That is above the 0.28% average for the similar funds it was compared with, and it ranks 5th cheapest of 7. Under the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total about $51 after one year, $280 after five years and $628 after ten years.