At a glance
EWUS charges 0.59% a year, above the 0.38% average of the 6 funds most like it (the most expensive of 7). It has $43.5M in assets, the 7th largest of that group; it paid 3.07% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +9.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +20.2% a year. At its worst it fell 47.6% in the 2020 crash (S&P 500: 33.7%) and 44.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 37 months after the lows. Its ten largest positions make up 16.7% of the fund, out of 198 in all.
The short version
iShares MSCI United Kingdom Small-Cap ETF (EWUS) is a BlackRock index fund that tracks the MSCI United Kingdom Small Cap Index. It held 198 smaller UK-market companies as of August 31, 2026. It gives a narrow, single-country slice of smaller British businesses, and it has fallen sharply in past sell-offs. Its 0.59% expense ratio is the highest among the similar funds compared here, which average 0.38%.
Price history
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EWUS +9.3% 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 | |
|---|---|---|---|---|---|---|
| EWUS official prospectus, to Dec 31, 2024 | — | +4.15% | — | -1.88% | +2.08% | — |
| MSCIACW Iex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| MSCI United Kingdom Small Cap Index Net index, same period | — | +4.97% | — | -1.28% | +2.70% | — |
| EWUS price data to Oct 27, 2026 | +7.2% | +9.3% | +20.2% | +1.8% | +5.9% | +6.6% |
- Over the year to Oct 27, 2026, EWUS returned +9.3%, 5th of 7 among similar funds.
- Its 5-year annualized return was +1.8% and its 10-year +5.9%.
- In the 2020 COVID crash it fell 47.6% and regained its old high 9.1 months after the low.
- Its worst full calendar year was 2022 (-31.2%); its best was 2013 (+40.6%).
- The deepest fall in its price history was 49.3% (Dec 16, 2019 to Mar 23, 2020), recovered by Feb 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.2% | — |
| 2025 | +25.1% | — |
| 2024 | +3.6% | +4.15% |
| 2023 | +15.4% | +15.30% |
| 2022 | -31.2% | -31.36% |
| 2021 | +12.6% | +13.05% |
| 2020 | -2.6% | -2.41% |
| 2019 | +35.1% | +34.34% |
| 2018 | -20.2% | -20.46% |
| 2017 | +32.2% | +31.60% |
| 2016 | -11.7% | -10.90% |
| 2015 | +8.4% | +7.85% |
| 2014 | -8.1% | — |
| 2013 | +40.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.5% over that stretch · deepest drop along the way 47.6%, back to its old high 9.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.8% over that stretch · deepest drop along the way 44.9%, back to its old high 36.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5400 | |
| 2025 | $1.5000 | +17.2% |
| 2024 | $1.2800 | +28.0% |
| 2023 | $1.0000 | +58.7% |
| 2022 | $0.6300 | -61.1% |
| 2021 | $1.6200 | +95.2% |
| 2020 | $0.8300 | -27.8% |
| 2019 | $1.1500 | -3.4% |
| 2018 | $1.1900 | +5.3% |
| 2017 | $1.1300 | +5.6% |
| 2016 | $1.0700 | -5.3% |
| 2015 | $1.1300 | -9.6% |
| 2014 | $1.2500 | +86.6% |
| 2013 | $0.6700 |
What's inside
As of Aug 31, 2026, the fund held 198 securities; the ten largest made up 16.71% of assets.
| Holding | Weight | |
|---|---|---|
| IMI PLC | 2.06% | |
| WEIR PLC | 2.05% | |
| BEAZLEY PLC | 2.02% | |
| Games Workshop Group PLC | 1.70% | |
| ST. JAMES'S PLACE PLC | 1.69% | |
| HISCOX LTD | 1.65% | |
| DCC ENERGY PUBLIC LIMITED COMPANY | 1.48% | |
| ICG PLC | 1.45% | |
| LION FINANCE GROUP PLC | 1.33% | |
| ABERDEEN GROUP PLC | 1.29% | |
| IG GROUP HOLDINGS PLC | 1.27% | |
| CRODA INTERNATIONAL PUBLIC LIMITED COMPANY | 1.24% | |
| BRITISH LAND COMPANY PUBLIC LIMITED COMPANY(THE) | 1.21% | |
| HOWDEN JOINERY GROUP PLC | 1.21% | |
| METLEN ENERGY & METALS PLC | 1.19% |
By country
United Kingdom 86.24%Jersey 5.08%Ireland 2.4%Bermuda 2.21%Isle of Man 1.15%By asset type
Stocks 98.53%Other 0.92%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.43%, +5.90%, +3.61%.
How it works
EWUS seeks to track the MSCI United Kingdom Small Cap Index, which measures small-capitalization companies in the UK stock market. Small-cap means companies with a relatively low total stock market value. MSCI, the index provider, is independent of the fund. MSCI decides which stocks are in the index and how much each one counts. As of August 31, 2025, the index leaned toward consumer goods and services, financials and industrials. The fund does not try to beat the index, and it does not move to cash when markets fall.
BlackRock Fund Advisors (BFA) uses representative sampling. This means it may not buy every stock in the index. Instead it holds a sample chosen to match the index's size, industry mix, volatility, yield and liquidity. 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, the 10 largest holdings made up 16.71% of the fund. A small FTSE 250 index futures position made up about 0.03%.
The prospectus lists portfolio turnover at 26%. The fund may lend out securities worth up to one-third of its total assets. Its value is counted in US dollars, so a weaker British pound lowers returns for US holders.
What it really costs
- EWUS charges 0.59% a year, versus an average of 0.38% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWUS | $60 | $189 | $329 | $738 |
In a retirement portfolio
It is a single-country small-cap fund that has fallen by close to half in past sell-offs, so it fits better as a small add-on than as a foundation.
EWUS adds exposure to smaller UK companies. Its largest holdings as of August 31, 2026 were IMI, Weir and Beazley. The fund launched in 2012, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 47.6% and took about 9 months to recover. In the 2022 bear market it fell 44.9% and needed about 36.5 months to get back to its old peak, which it did on October 27, 2025. Its worst calendar year was 2022, at -31.2%. Anyone who had to sell shares in a year like that would have locked in deep losses. Its trailing yield was 3.07% as of October 27, 2026, paid twice a year, and its expense ratio is 0.59%. 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 a targeted tilt toward smaller UK companies, spread across 198 holdings with no single stock above about 2.1% as of August 31, 2026.
- Holders who can sit through steep swings: it fell 49.3% between December 2019 and March 2020 and lost 31.2% in 2022.
- Investors who value some income from stocks: the trailing yield was 3.07% as of October 27, 2026, paid twice a year.
Look elsewhere if
- Cost-focused investors: its 0.59% fee tops the 0.38% peer average, and Schwab International Small-Cap Equity ETF (SCHC) charges 0.11% for broader international exposure.
- Those who want a broad core holding: about 86% sits in UK-domiciled companies, which brings single-country, currency and post-Brexit risks.
- Investors who prefer large, heavily traded funds: net assets were about $43.5 million as of August 31, 2026, the smallest in its comparison group.
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 |
|---|---|---|---|---|---|
| EWUS this fund | — | 0.59% | $43.5M | +9.3% | +20.2% |
| IEUS iShares MSCI Europe Small-Cap ETF | 28% | 0.41% | $180.2M | +5.9% | +19.4% |
| DFE WisdomTree Europe SmallCap Dividend Fund | 17% | 0.58% | $158.3M | +9.5% | +20.1% |
| DISV Dimensional International Small Cap Value E… | 11% | 0.42% | $4.94B | +20.9% | +27.2% |
| AVDV Avantis International Small Cap Value ETF | 10% | 0.36% | $20.50B | +22.1% | +27.1% |
| SCZ iShares MSCI EAFE Small-Cap ETF | 10% | 0.4% | $13.20B | +13.1% | +18.3% |
| SCHC Schwab International Small-Cap Equity ETF | 9% | 0.11% | $5.77B | +9.3% | +21.4% |
Questions investors ask
Does EWUS pay dividends?
Yes. EWUS pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $1.36 per share, a trailing yield of 3.07%. The payments come from dividends paid by its UK small-company holdings, so the amount can change from year to year. Because the fund's value is counted in US dollars, swings in the British pound can also change the size of each payment.
What's the difference between EWUS and IEUS?
EWUS holds only UK small-cap stocks. iShares MSCI Europe Small-Cap ETF (IEUS) spreads its money across small companies throughout Europe. IEUS has the closest holdings overlap with EWUS among similar funds, and it costs less: 0.41% a year versus 0.59%. As of October 27, 2026, EWUS returned 9.3% over one year versus 5.9% for IEUS. Over three years the annualized returns were 20.2% and 19.4%. IEUS is also larger, with about $180 million in net assets as of July 31, 2026.
What is the expense ratio of EWUS?
EWUS charges 0.59% a year, according to its prospectus filed December 19, 2025. That is the highest among the seven similar funds compared, which average 0.38%. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would total about $60 after one year, $189 after three years, $329 after five years and $738 after ten years.
How has EWUS performed over the last 10 years?
Over 10 years EWUS returned 2.08% a year as of December 31, 2024, according to its prospectus. Its index returned 2.70%, and the broader MSCI ACWI ex USA Index returned 4.80%. The fund's five-year figure was -1.88% a year. Based on price, its 10-year annualized return was 5.9% as of October 27, 2026. Calendar years have varied widely, from a 34.34% gain in 2019 to a 31.36% loss in 2022.
Is EWUS good for a retirement portfolio?
EWUS is better suited to a small, higher-risk part of a retirement portfolio than to a core role. It fell 44.9% in the 2022 bear market and took about 36.5 months to recover. In the 2020 crash it fell 47.6%. It paid a 3.07% trailing yield as of October 27, 2026, but it charges 0.59% a year and invests in a single country. Past results don't predict the future.