At a glance
EWQ charges 0.5% a year, above the 0.28% average of the 6 funds most like it (the 5th cheapest of 7). It has $338.4M in assets, the 7th largest of that group; it paid 3.16% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −5.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +10.5% a year. At its worst it fell 38.1% in the 2020 crash (S&P 500: 33.7%) and 31.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 7 months after the lows. Its ten largest positions make up 59.4% of the fund, out of 57 in all.
The short version
iShares MSCI France ETF (EWQ) is a BlackRock index fund that tracks the MSCI France Index, which holds large and mid-sized French companies such as Schneider Electric, TotalEnergies, Airbus and LVMH. It is a concentrated bet on one country. As of August 31, 2026, it held 57 stocks, and the top 10 made up about 59% of assets. Its 0.50% expense ratio is higher than many broad Europe funds, some of which charge 0.09% or less.
Price history
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EWQ -5.2% 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 | |
|---|---|---|---|---|---|---|
| EWQ official prospectus, to Dec 31, 2024 | — | -5.29% | — | +4.95% | +6.56% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWQ price data to Oct 27, 2026 | -5.0% | -5.2% | +10.5% | +5.0% | +8.6% | +5.3% |
- Over the year to Oct 27, 2026, EWQ returned -5.2%, 7th of 7 among similar funds.
- Its 5-year annualized return was +5.0% and its 10-year +8.6%.
- In the 2020 COVID crash it fell 38.1% and regained its old high 8 months after the low.
- Its worst full calendar year was 2008 (-41.6%); its best was 2006 (+33.5%).
- The deepest fall in its price history was 61.4% (Jul 12, 2007 to Mar 9, 2009), recovered by Jun 2, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.0% | — |
| 2025 | +28.9% | — |
| 2024 | -5.6% | -5.29% |
| 2023 | +21.7% | +21.69% |
| 2022 | -12.0% | -12.23% |
| 2021 | +21.5% | +21.12% |
| 2020 | +2.9% | +3.89% |
| 2019 | +26.7% | +25.78% |
| 2018 | -12.9% | -12.69% |
| 2017 | +29.1% | +28.84% |
| 2016 | +4.9% | +4.98% |
| 2015 | +0.3% | -0.17% |
| 2014 | -10.8% | — |
| 2013 | +24.1% | — |
| 2012 | +24.4% | — |
| 2011 | -17.7% | — |
| 2010 | -2.6% | — |
| 2009 | +27.2% | — |
| 2008 | -41.6% | — |
| 2007 | +12.2% | — |
| 2006 | +33.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.5% over that stretch · deepest drop along the way 61.2%, back to its old high 98.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.8% over that stretch · deepest drop along the way 38.1%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29% over that stretch · deepest drop along the way 31.4%, back to its old high 6.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0900 | |
| 2025 | $1.1800 | 0.0% |
| 2024 | $1.1800 | +10.3% |
| 2023 | $1.0700 | 0.0% |
| 2022 | $1.0700 | -27.2% |
| 2021 | $1.4700 | +332.4% |
| 2020 | $0.3400 | -57.5% |
| 2019 | $0.8000 | +3.9% |
| 2018 | $0.7700 | +30.5% |
| 2017 | $0.5900 | -15.7% |
| 2016 | $0.7000 | +27.3% |
| 2015 | $0.5500 | -33.7% |
| 2014 | $0.8300 | +20.3% |
| 2013 | $0.6900 | +9.5% |
| 2012 | $0.6300 | -6.0% |
| 2011 | $0.6700 | +1.5% |
| 2010 | $0.6600 | +4.8% |
| 2009 | $0.6300 | -62.7% |
| 2008 | $1.6900 | +382.9% |
| 2007 | $0.3500 | -23.9% |
| 2006 | $0.4600 |
What's inside
As of Aug 31, 2026, the fund held 57 securities; the ten largest made up 59.42% of assets.
| Holding | Weight | |
|---|---|---|
| SCHNEIDER ELECTRIC SE | 8.66% | |
| TOTALENERGIES SE | 8.01% | |
| Airbus SE | 6.26% | |
| SAFRAN SA | 6.22% | |
| LVMH MOET HENNESSY LOUIS VUITTON SE | 6.02% | |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | 5.78% | |
| BNP PARIBAS SA | 5.45% | |
| L'OREAL SA | 4.93% | |
| SANOFI SA | 4.47% | |
| AXA SA | 3.61% | |
| VINCI SA | 2.82% | |
| ESSILORLUXOTTICA SA | 2.58% | |
| SOCIETE GENERALE SA | 2.48% | |
| ENGIE SA | 2.34% | |
| HERMES INTERNATIONAL S.C.A. | 2.19% |
By country
France 89.23%Netherlands 8.4%Luxembourg 1.91%XX 0.15%United Kingdom 0%By asset type
Stocks 98.97%Other 0.71%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $45.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.44%, +2.48%, -1.73%.
How it works
EWQ follows the MSCI France Index, which is designed to measure the large- and mid-sized companies in the French stock market. MSCI, not BlackRock, decides which companies are in the index and how much each one counts. BlackRock Fund Advisors (BFA), the fund's adviser, does not try to beat the index. It also does not move into cash when markets fall or look expensive.
BFA uses "representative sampling." That means it can hold a selection of stocks that matches the index's overall profile (company size, industry weights, yield and price swings) instead of owning every company in the index. The fund generally keeps at least 80% of its assets in index stocks or close equivalents such as depositary receipts. It can put up to 20% in futures, options, swaps, cash and other securities that help it track the index. As of August 31, 2026, it held 57 stocks and a tiny CAC 40 futures position. Portfolio turnover was 4%, so trading is light.
A few mechanics are worth knowing. The fund will concentrate in an industry when the index does, and as of August 31, 2025, consumer goods and services and industrials made up a large share of the index. Not every holding is registered in France: Airbus is registered in the Netherlands, and about 8% of assets were listed as Dutch. The fund may lend out up to one-third of its assets. Its value is figured in US dollars, so changes in the euro's exchange rate affect returns.
What it really costs
- EWQ charges 0.5% a year, versus an average of 0.28% for the similar funds below (5th of 7, cheapest first).
- 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 |
|---|---|---|---|---|
| EWQ | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a single-country fund with about 59% of assets in 10 stocks and a history of deep, sometimes very long, losses.
EWQ adds French industrial, energy, luxury and banking giants that make up only small pieces of most US-focused portfolios. That focus comes with large price swings. In the 2008 financial crisis the fund fell 61.2% and took about 99 months, until June 2017, to recover. It dropped 38.1% in the 2020 COVID crash and 31.4% in the 2022 bear market, recovering in about 8 and 6.5 months. Its worst calendar year was 2008, at −41.6%. Selling during a stretch like that would lock in deep losses. The fund yielded 3.16% over the 12 months to October 27, 2026, and pays twice a year, not monthly. It costs 0.50% a year, or $628 over 10 years on $10,000 in the SEC's standard 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 who want more exposure to French companies like Schneider Electric, TotalEnergies, Airbus and LVMH than broad Europe funds give them.
- People adding a small country tilt who are comfortable with 57 stocks, where the top 10 held about 59% of assets as of August 31, 2026.
- Holders happy with dividends paid twice a year; the trailing 12-month yield was 3.16% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio compares with 0.06% for Vanguard FTSE Europe ETF (VGK) and 0.09% for IEUR and BBEU.
- Anyone who may need to sell in a downturn: the fund fell 61.2% in the 2008 crisis and took about 99 months to recover.
- Investors who want to avoid currency swings: a stronger dollar against the euro can cut returns even when French stocks rise.
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 |
|---|---|---|---|---|---|
| EWQ this fund | — | 0.5% | $338.4M | -5.2% | +10.5% |
| FEZ SPDR EURO STOXX 50 ETF | 32% | 0.29% | $4.35B | +5.6% | +20.6% |
| EZU iShares MSCI Eurozone ETF | 27% | 0.51% | $9.91B | +6.8% | +21.0% |
| IEV iShares Europe ETF | 15% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 15% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEUR iShares Core MSCI Europe ETF | 14% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 12% | 0.06% | $38.51B | +11.9% | +19.7% |
Questions investors ask
What does EWQ invest in?
EWQ holds large and mid-sized French companies in the MSCI France Index. As of August 31, 2026, it owned 57 stocks. The largest were Schneider Electric (8.7%), TotalEnergies (8.0%), Airbus (6.3%), Safran (6.2%), LVMH (6.0%) and Air Liquide (5.8%). BNP Paribas, L'Oréal, Sanofi and AXA completed the top 10, which together made up about 59% of the fund. Airbus is registered in the Netherlands, which is one reason about 8% of assets are listed as Dutch.
Does EWQ pay dividends?
Yes. EWQ pays dividends twice a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid $1.32 per share, a trailing yield of 3.16%. The payments come from the dividends of the French companies it holds. They are converted into US dollars, so the amount can change with the companies' payouts and with the euro's exchange rate. Investors who need steady monthly cash may find the twice-yearly schedule uneven.
What is the expense ratio of EWQ?
EWQ's expense ratio is 0.50% a year, according to its prospectus filed December 19, 2025. In the SEC's standard example ($10,000 invested, 5% annual return), that comes to about $51 after one year, $160 after three, $280 after five and $628 after ten. The average among similar Europe funds is 0.28%. Broad options like Vanguard FTSE Europe ETF (0.06%) and iShares Core MSCI Europe ETF (0.09%) cost much less, but they are not France-only.
What's the difference between EWQ and FEZ?
EWQ holds only French large and mid-sized companies. SPDR EURO STOXX 50 ETF (FEZ) holds 50 blue-chip companies from across the eurozone. FEZ shares the most holdings with EWQ of any similar fund, but that overlap is only about 32%. FEZ is cheaper (0.29% vs. 0.50%) and much larger, with about $4.3 billion in assets as of June 30, 2026. As of October 27, 2026, FEZ returned 5.6% over one year, while EWQ lost 5.2%.
How has EWQ performed over the long term?
Its long-term returns have been modest, with big swings along the way. According to the prospectus, EWQ returned an average of 4.95% a year over five years and 6.56% over ten years through December 31, 2024. The MSCI ACWI ex USA Index returned 4.10% and 4.80% over the same periods. Based on price data, the fund's 10-year annualized return was 8.6% as of October 27, 2026. It gained 28.87% in 2025 and was down 5.01% for 2026 through October 27.