At a glance
EWU charges 0.5% a year, above the 0.26% average of the 3 funds most like it (the 3rd cheapest of 4). It has $3.79B in assets, the 3rd largest of that group; it paid 3.18% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.6% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +20.6% a year. At its worst it fell 40.2% in the 2020 crash (S&P 500: 33.7%) and 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 7 months after the lows. Its ten largest positions make up 52.4% of the fund, out of 71 in all.
The short version
The iShares MSCI United Kingdom ETF (EWU) tracks the MSCI United Kingdom Index, which covers large and mid-size British companies. As of August 31, 2026, it held 71 stocks, led by HSBC, Shell and AstraZeneca. It is a concentrated bet on one country. Its 0.50% yearly fee is well above the 0.09% charged by broad Europe funds such as IEUR and BBEU. Its trailing yield was 3.18% as of October 27, 2026.
Price history
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EWU +13.6% 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 | |
|---|---|---|---|---|---|---|
| EWU official prospectus, to Dec 31, 2024 | — | +6.84% | — | +3.75% | +3.24% | — |
| MSCIACW Iex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| MSCI United Kingdom Index Net index, same period | — | +7.54% | — | +4.37% | +3.81% | — |
| EWU price data to Oct 27, 2026 | +8.9% | +13.6% | +20.6% | +11.2% | +8.7% | +5.4% |
- Over the year to Oct 27, 2026, EWU returned +13.6%, 1st of 4 among similar funds.
- Its 5-year annualized return was +11.2% and its 10-year +8.7%.
- In the 2020 COVID crash it fell 40.2% and regained its old high 12.4 months after the low.
- Its worst full calendar year was 2008 (-46.5%); its best was 2009 (+36.2%).
- The deepest fall in its price history was 64% (Oct 31, 2007 to Mar 9, 2009), recovered by Apr 30, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +35.0% | — |
| 2024 | +6.8% | +6.84% |
| 2023 | +12.4% | +13.03% |
| 2022 | -4.4% | -5.13% |
| 2021 | +18.3% | +17.89% |
| 2020 | -11.8% | -10.98% |
| 2019 | +21.3% | +20.40% |
| 2018 | -14.3% | -14.60% |
| 2017 | +21.6% | +21.70% |
| 2016 | -1.2% | -0.61% |
| 2015 | -7.0% | -7.98% |
| 2014 | -7.6% | — |
| 2013 | +19.5% | — |
| 2012 | +15.3% | — |
| 2011 | -4.0% | — |
| 2010 | +10.2% | — |
| 2009 | +36.2% | — |
| 2008 | -46.5% | — |
| 2007 | +6.4% | — |
| 2006 | +30.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.9% over that stretch · deepest drop along the way 64%, back to its old high 61.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 40.2%, back to its old high 12.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21% over that stretch · deepest drop along the way 24.9%, 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) | $0.6700 | |
| 2025 | $1.6400 | +16.3% |
| 2024 | $1.4100 | +2.9% |
| 2023 | $1.3700 | +30.5% |
| 2022 | $1.0500 | -27.6% |
| 2021 | $1.4500 | +101.4% |
| 2020 | $0.7200 | -48.9% |
| 2019 | $1.4100 | -4.1% |
| 2018 | $1.4700 | +5.0% |
| 2017 | $1.4000 | +14.8% |
| 2016 | $1.2200 | -9.0% |
| 2015 | $1.3400 | -51.1% |
| 2014 | $2.7400 | +174.0% |
| 2013 | $1.0000 | -21.9% |
| 2012 | $1.2800 | +20.8% |
| 2011 | $1.0600 | +26.2% |
| 2010 | $0.8400 | 0.0% |
| 2009 | $0.8400 | -48.1% |
| 2008 | $1.6200 | -3.6% |
| 2007 | $1.6800 | +3.7% |
| 2006 | $1.6200 |
What's inside
As of Aug 31, 2026, the fund held 71 securities; the ten largest made up 52.39% of assets.
| Holding | Weight | |
|---|---|---|
| HSBC HOLDINGS PLC | 10.95% | |
| SHELL PLC | 7.93% | |
| ASTRAZENECA PLC | 7.59% | |
| ROLLS-ROYCE HOLDINGS PLC | 5.28% | |
| UNILEVER PLC | 4.33% | |
| BP P.L.C. | 3.49% | |
| BRITISH AMERICAN TOBACCO P.L.C. | 3.46% | |
| RIO TINTO PLC | 3.40% | |
| GSK PLC | 3.17% | |
| BARCLAYS PLC | 2.80% | |
| LLOYDS BANKING GROUP PLC | 2.67% | |
| BAE SYSTEMS PLC | 2.50% | |
| NATIONAL GRID PLC | 2.44% | |
| GLENCORE PLC | 2.33% | |
| NATWEST GROUP PLC | 2.24% |
By country
United Kingdom 95.03%Jersey 3.75%Switzerland 0.38%United States 0.13%XX 0%By asset type
Stocks 99.06%Other 0.24%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $208.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.68%, +5.70%, -0.29%.
How it works
BlackRock Fund Advisors (BFA) runs EWU to track the MSCI United Kingdom Index. That index measures the large- and mid-size company segments of the U.K. stock market. MSCI is an independent index provider, and it decides which companies are in the index and how much each one weighs. The fund 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 doesn't have to own every stock in the index. Instead, it holds a mix that matches the index's company sizes, sector weights, yield and price swings. At least 80% of assets go into index stocks or depositary receipts, which are certificates that represent foreign shares. Up to 20% can go into futures, options, swaps, cash and money market funds. As of August 31, 2026, the fund held 71 stocks plus a tiny FTSE 100 futures position, with 0.03% in cash. Portfolio turnover was 5%, so holdings change little from year to year.
A few mechanics are worth knowing. The fund may lend out securities worth up to one-third of its assets, which is a common way funds earn extra income. Its value is figured in U.S. dollars, so a weaker pound can pull returns down even when British shares rise. It also concentrates in an industry whenever the index does. As of August 31, 2025, consumer and financial companies made up a large share of the index.
What it really costs
- EWU charges 0.5% a year, versus an average of 0.26% for the similar funds below (3rd of 4, 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 |
|---|---|---|---|---|
| EWU | $51 | $160 | $280 | $628 |
In a retirement portfolio
It adds British banks, energy, drug and consumer companies to a portfolio, but its single-country focus makes it a complement rather than a core holding.
EWU could add exposure to companies like HSBC, Shell and AstraZeneca. Its one-year beta was 0.67 as of October 27, 2026, which means it moved less than the market it was measured against. Its downturns have still been deep. It fell 64% from October 2007 to March 2009 and took about 62 months to recover. It lost 40.2% in the 2020 crash and 24.9% in 2022. Its worst calendar year was 2008, at -46.5%. Anyone forced to sell in years like those would lock in steep losses.
The trailing yield was 3.18% as of October 27, 2026. The fund pays twice a year, so income arrives in uneven lumps. Its 0.50% expense ratio is about double the 0.26% average for similar funds. 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 focused exposure to British giants such as HSBC, Shell, AstraZeneca and Rolls-Royce rather than a broad Europe fund.
- Income-minded holders comfortable with twice-yearly payouts. The trailing yield was 3.18% as of October 27, 2026.
- Long-term investors adding a non-U.S. slice heavy in banks, oil, drugmakers and tobacco. Its one-year beta was 0.67.
Look elsewhere if
- Cost-conscious investors: the 0.50% expense ratio is far above the 0.09% that IEUR and BBEU charge for broader Europe exposure.
- Anyone uneasy with concentration: the top 10 holdings were 52% of assets as of August 31, 2026, with HSBC alone near 11%.
- People who may need to sell in a slump: the fund fell 64% in 2008–09 and took about 62 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does EWU pay monthly dividends?
No. EWU pays dividends twice a year. Over the 12 months through October 27, 2026, it paid about $1.50 per share, a trailing yield of 3.18%. The payouts pass through dividends from its British holdings, such as HSBC, Shell and British American Tobacco, so the amount can vary from one payment to the next. Swings in the pound against the dollar also change how much arrives in dollars.
What stocks are in EWU?
As of August 31, 2026, EWU held 71 stocks. About 95% of assets were in U.K. companies and nearly 4% in Jersey-registered companies such as Glencore. The largest holdings were HSBC (11%), Shell (7.9%), AstraZeneca (7.6%), Rolls-Royce (5.3%) and Unilever (4.3%). Next came BP, British American Tobacco, Rio Tinto, GSK and Barclays. Together, the top 10 made up 52% of the fund.
What's the difference between EWU and IEUR?
EWU holds only British stocks. The iShares Core MSCI Europe ETF (IEUR) spreads its money across Europe, and about 20% of the two funds' holdings overlap. IEUR costs 0.09% a year, compared with 0.50% for EWU. As of October 27, 2026, EWU returned 13.6% over one year and 20.6% a year over three years. IEUR returned 9.6% and 19.9%. EWU is a sharper bet on the U.K. IEUR costs less and is more spread out.
What is EWU's expense ratio?
EWU's expense ratio is 0.50% a year, according to its prospectus filed December 19, 2025. That includes a 0.49% management fee. It is about double the 0.26% average for similar funds. The SEC's standard example assumes $10,000 invested, a 5% yearly return, and shares sold at the end of each period. On that basis, total costs would be about $51 after one year, $280 after five years and $628 after ten years.
Is EWU a risky investment?
It can be. EWU fell 64% from October 2007 to March 2009 and didn't regain its old peak until April 2014. In the 2020 crash it lost 40.2% in about a month, then recovered by April 2021. Its worst quarter was a 29.02% loss in early 2020. Over the 10 years through December 31, 2024, it returned 3.24% a year, short of the index's 3.81%.