At a glance
EWO charges 0.49% a year. It has $207.3M in assets; it paid 2.11% of its price in distributions over the past 12 months, annual. Over the past year it returned +30.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +34.8% a year. At its worst it fell 47.4% in the 2020 crash (S&P 500: 33.7%) and 41.8% 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 77.1% of the fund, out of 22 in all.
The short version
iShares MSCI Austria ETF (EWO) is a BlackRock index fund that tracks the MSCI Austria IMI 25/50 Index, which covers large, mid and small Austrian companies. It is highly concentrated. As of August 31, 2026, it held 22 companies, with Erste Group Bank at about 25% of assets and the top 10 at 77%. For a 0.49% expense ratio, it offers focused exposure to one small European market where banks carry heavy weight.
Price history
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EWO +30.9% 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 | |
|---|---|---|---|---|---|---|
| EWO official prospectus, to Dec 31, 2024 | — | +4.58% | — | +4.44% | +6.77% | — |
| EWO price data to Oct 27, 2026 | +14.5% | +30.9% | +34.8% | +14.4% | +13.2% | +5.6% |
- Over the year to Oct 27, 2026, EWO returned +30.9%.
- Its 5-year annualized return was +14.4% and its 10-year +13.2%.
- In the 2020 COVID crash it fell 47.4% and regained its old high 9.4 months after the low.
- Its worst full calendar year was 2008 (-63.1%); its best was 2025 (+74.2%).
- The deepest fall in its price history was 75.7% (Jun 4, 2007 to Mar 9, 2009), recovered by Feb 14, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.5% | — |
| 2025 | +74.2% | — |
| 2024 | +4.1% | +4.58% |
| 2023 | +20.6% | +19.88% |
| 2022 | -21.9% | -21.67% |
| 2021 | +31.6% | +30.74% |
| 2020 | -3.3% | -3.23% |
| 2019 | +17.1% | +17.71% |
| 2018 | -22.9% | -23.19% |
| 2017 | +52.5% | +52.53% |
| 2016 | +7.9% | +7.07% |
| 2015 | +4.6% | +4.91% |
| 2014 | -21.0% | — |
| 2013 | +11.4% | — |
| 2012 | +31.0% | — |
| 2011 | -34.2% | — |
| 2010 | +15.8% | — |
| 2009 | +57.9% | — |
| 2008 | -63.1% | — |
| 2007 | +2.1% | — |
| 2006 | +36.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74.2% over that stretch · deepest drop along the way 75.2%, back to its old high 191.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.3% over that stretch · deepest drop along the way 47.4%, back to its old high 9.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.2% over that stretch · deepest drop along the way 41.8%, back to its old high 22.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8400 | |
| 2025 | $0.8500 | -45.2% |
| 2024 | $1.5500 | +27.0% |
| 2023 | $1.2200 | +35.6% |
| 2022 | $0.9000 | +45.2% |
| 2021 | $0.6200 | +148.9% |
| 2020 | $0.2491 | -61.7% |
| 2019 | $0.6500 | -12.2% |
| 2018 | $0.7400 | +48.0% |
| 2017 | $0.5000 | +51.5% |
| 2016 | $0.3300 | +37.5% |
| 2015 | $0.2400 | -59.3% |
| 2014 | $0.5900 | +47.5% |
| 2013 | $0.4000 | +14.3% |
| 2012 | $0.3500 | -40.7% |
| 2011 | $0.5900 | +136.0% |
| 2010 | $0.2500 | -71.9% |
| 2009 | $0.8900 | +12.7% |
| 2008 | $0.7900 | +11.3% |
| 2007 | $0.7100 | -2.7% |
| 2006 | $0.7300 |
What's inside
As of Aug 31, 2026, the fund held 22 securities; the ten largest made up 77.07% of assets.
| Holding | Weight | |
|---|---|---|
| Erste Group Bank AG | 25.02% | |
| BAWAG Group AG | 11.43% | |
| OMV Aktiengesellschaft | 9.87% | |
| Raiffeisen Bank International AG | 5.74% | |
| AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 4.69% | |
| Andritz AG | 4.60% | |
| VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe | 4.25% | |
| voestalpine AG | 4.14% | |
| VERBUND AG | 3.82% | |
| UNIQA Insurance Group AG | 3.51% | |
| Wienerberger AG | 3.01% | |
| DO & CO Aktiengesellschaft | 2.80% | |
| EVN AG | 2.38% | |
| Oesterreichische Post Aktiengesellschaft | 2.27% | |
| PORR AG | 2.10% |
By country
Austria 99.05%XX 0.07%By asset type
Stocks 99.05%Other 0.07%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $59.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.16%, +0.46%, +4.02%.
How it works
EWO follows the MSCI Austria IMI 25/50 Index. MSCI, which is independent of BlackRock, decides which companies are in the index and how much each one weighs. The index is free float-adjusted and weighted by market capitalization. That means larger companies get bigger weights, counting only the shares available for public trading. It spans large, mid and small Austrian companies.
The "25/50" in the name refers to caps. No single "group entity" (companies MSCI judges to be under common control) may exceed 25% of the index. All group entities above 5% may not exceed 50% combined. The index is rebalanced quarterly, using a process that keeps weights as close as possible to the uncapped MSCI Austria Index. As of August 31, 2026, Erste Group Bank sat right at the 25% limit.
BlackRock Fund Advisors uses "representative sampling": it holds a set of securities that together resemble the index, so it may not own every stock in it. At least 80% of assets go to index stocks or close equivalents. Up to 20% can go to futures, options, swaps and cash. As of August 31, 2026, cash was about 1.7%, and the fund held one small EURO STOXX 50 futures position. The fund may lend up to one-third of its assets. It never shifts to defensive positions when markets fall. Portfolio turnover was 24%.
What it really costs
- EWO 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 |
|---|---|---|---|---|
| EWO | $50 | $157 | $274 | $616 |
In a retirement portfolio
EWO is a concentrated, single-country fund with a history of very deep and sometimes very slow recoveries, so it fits better as a small add-on than as a foundation.
EWO adds Austrian banks, insurers, energy and industrial companies that broad US funds barely hold. Its history shows how hard it can fall. The fund lost 75.2% in the 2008 financial crisis and did not regain its October 2007 peak until February 12, 2025, about 191 months later. Its worst calendar year was 2008, at -63.1%. It fell 47.4% in the 2020 COVID crash and took 9.4 months to recover. In the 2022 bear market it fell 41.8% and took 22.5 months. Anyone who had to sell shares in those stretches would have locked in steep losses. Its trailing 12-month yield was 2.11% as of October 27, 2026, paid once a year. The 0.49% fee works out to $50 in year one and $616 over 10 years in the SEC's $10,000 example. 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 wanting targeted exposure to Austrian companies such as Erste Group Bank, BAWAG Group and OMV, alongside a diversified core holding.
- Those comfortable owning a fund whose top 10 holdings made up 77% of assets as of August 31, 2026.
- Long-horizon holders who can sit through swings like the 41.8% drop in 2022 without needing to sell.
Look elsewhere if
- Retirees seeking regular income: EWO pays dividends once a year, with a 2.11% trailing yield as of October 27, 2026.
- Anyone unable to wait out long slumps: after 2008, the fund took about 191 months to regain its prior peak.
- Investors wanting broad European diversification: this fund holds just 22 Austrian companies and leans heavily on banks and insurers.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the EWO ETF invest in?
EWO invests in Austrian stocks. It tracks the MSCI Austria IMI 25/50 Index, which covers large, mid and small companies. As of August 31, 2026, it held 22 companies. Erste Group Bank made up about 25% of assets, BAWAG Group 11.4%, OMV 9.9% and Raiffeisen Bank International 5.7%. The index caps any one group of related companies at 25%. Without that cap, Erste could carry even more weight.
Does EWO pay dividends?
Yes, but only once a year. Over the 12 months through October 27, 2026, EWO paid $0.84 per share, a trailing yield of 2.11%. The payouts come from dividends paid by its Austrian holdings, so the amount can change from year to year, including with moves in the euro against the dollar. Investors who need steady monthly or quarterly income may find the annual schedule less convenient.
What is the expense ratio of EWO?
EWO's expense ratio is 0.49%, according to its prospectus filed December 19, 2025. The full amount is a management fee, and no fee waiver applies. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $50 after one year, $157 after three years, $274 after five years and $616 after 10 years.
How has EWO performed over the long term?
Results vary widely by period. The prospectus reports average annual returns of 4.58% for one year, 4.44% for five years and 6.77% for 10 years, as of December 31, 2024. Based on price data through October 27, 2026, it returned 30.9% over one year and 13.2% a year over 10 years, helped by a 74.17% gain in 2025. Its calendar years include 2018 at -23.19% and 2022 at -21.67%.
Is EWO a risky ETF?
Yes, it is riskier than a broad stock fund. It holds one country's stocks, and its top 10 holdings made up 77% of assets as of August 31, 2026. It fell 75.7% from June 2007 to March 2009 and did not fully recover until February 2025. Its worst quarter, the first quarter of 2020, was -37.13%. Its value in dollars also moves with the euro.