At a glance
EZA charges 0.59% a year. It has $578.5M in assets; it paid 7.87% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +7.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +26.9% a year. At its worst it fell 47.5% in the 2020 crash (S&P 500: 33.7%) and 34.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 31 months after the lows. Its ten largest positions make up 66.2% of the fund, out of 29 in all.
The short version
iShares MSCI South Africa ETF (EZA) tracks the MSCI South Africa 25/50 Index, holding 29 large and mid-size South African companies as of August 31, 2026. It is a concentrated single-country fund: gold miners AngloGold Ashanti and Gold Fields, plus Naspers, made up about a third of assets. It charges 0.59% a year, and its trailing 12-month yield was 7.87% as of October 27, 2026.
Price history
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EZA +7.4% 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 | |
|---|---|---|---|---|---|---|
| EZA official prospectus, to Dec 31, 2024 | — | +6.39% | — | +1.07% | +0.12% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI South Africa2550Index index, same period | — | +6.81% | — | +1.39% | +0.57% | — |
| EZA price data to Oct 27, 2026 | -5.0% | +7.4% | +26.9% | +10.9% | +6.8% | +6.4% |
- Over the year to Oct 27, 2026, EZA returned +7.4%.
- Its 5-year annualized return was +10.9% and its 10-year +6.8%.
- In the 2020 COVID crash it fell 47.5% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2008 (-37.7%); its best was 2025 (+75.2%).
- The deepest fall in its price history was 64.7% (Oct 31, 2007 to Oct 27, 2008), recovered by Oct 5, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.0% | — |
| 2025 | +75.2% | — |
| 2024 | +7.3% | +6.39% |
| 2023 | +1.5% | +1.31% |
| 2022 | -5.1% | -4.44% |
| 2021 | +7.9% | +7.44% |
| 2020 | -5.2% | -4.68% |
| 2019 | +9.6% | +8.66% |
| 2018 | -25.2% | -24.58% |
| 2017 | +36.1% | +34.77% |
| 2016 | +16.8% | +17.24% |
| 2015 | -26.0% | -25.92% |
| 2014 | +2.7% | — |
| 2013 | -7.5% | — |
| 2012 | +21.1% | — |
| 2011 | -15.7% | — |
| 2010 | +37.0% | — |
| 2009 | +51.6% | — |
| 2008 | -37.7% | — |
| 2007 | +15.5% | — |
| 2006 | +19.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.9% over that stretch · deepest drop along the way 64.7%, back to its old high 23.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.5% over that stretch · deepest drop along the way 47.5%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.3% over that stretch · deepest drop along the way 34.8%, back to its old high 31 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4300 | |
| 2025 | $4.2400 | +39.0% |
| 2024 | $3.0500 | +156.3% |
| 2023 | $1.1900 | -28.3% |
| 2022 | $1.6600 | +74.7% |
| 2021 | $0.9500 | -60.7% |
| 2020 | $2.4200 | -59.7% |
| 2019 | $6.0100 | +211.4% |
| 2018 | $1.9300 | +77.1% |
| 2017 | $1.0900 | -49.3% |
| 2016 | $2.1500 | +52.5% |
| 2015 | $1.4100 | -0.7% |
| 2014 | $1.4200 | -9.6% |
| 2013 | $1.5700 | -27.0% |
| 2012 | $2.1500 | +11.4% |
| 2011 | $1.9300 | +6.0% |
| 2010 | $1.8200 | -12.5% |
| 2009 | $2.0800 | -10.9% |
| 2008 | $2.3350 | +78.2% |
| 2007 | $1.3100 | +4.4% |
| 2006 | $1.2550 |
What's inside
As of Aug 31, 2026, the fund held 29 securities; the ten largest made up 66.19% of assets.
| Holding | Weight | |
|---|---|---|
| ANGLOGOLD ASHANTI PLC | 13.76% | |
| Gold Fields Limited | 10.00% | |
| NASPERS LIMITED | 9.32% | |
| FIRSTRAND LIMITED | 7.11% | |
| STANDARD BANK GROUP LIMITED | 6.14% | |
| CAPITEC LIMITED | 4.67% | |
| VALTERRA PLATINUM LIMITED | 4.48% | |
| MTN GROUP LIMITED | 3.94% | |
| IMPALA PLATINUM HOLDINGS LIMITED | 3.47% | |
| ABSA GROUP LIMITED | 3.30% | |
| HARMONY GOLD MINING COMPANY LIMITED | 3.08% | |
| SANLAM LIMITED | 2.66% | |
| BID CORPORATION LIMITED | 2.63% | |
| SHOPRITE HOLDINGS LIMITED | 2.59% | |
| DISCOVERY LIMITED | 2.49% |
By country
South Africa 83.26%United Kingdom 13.76%Netherlands 1.71%Luxembourg 1.15%XX 0%By asset type
Stocks 99.66%Other 0.2%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $114.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.67%, -0.13%, +11.60%.
How it works
EZA is run by BlackRock Fund Advisors (BFA) and follows the MSCI South Africa 25/50 Index, which MSCI builds and maintains. The index covers the large- and mid-size companies in South Africa's stock market. It weights them by free-float market value, meaning the value of shares actually available to trade. BFA does not try to beat the index, and it does not move to cash when markets fall.
The "25/50" in the name refers to two caps. A "group entity" is a set of companies that MSCI judges to be under common control. No single group entity can be more than 25% of the index. Group entities above 5% can't add up to more than 50%. The index rebalances quarterly, using a process designed to keep it as close as possible to the uncapped MSCI South Africa Index. The prospectus lists portfolio turnover at 19%.
BFA uses representative sampling. It holds a set of securities that together resemble the index, so the fund may not own every index stock. At least 80% of assets go into index stocks or depositary receipts for them. Up to 20% can go into futures, options, swaps, cash or other securities. As of August 31, 2026, stocks made up 99.66% of the portfolio, alongside a tiny futures position on the FTSE/JSE Top 40 Index. The fund may also lend out securities worth up to one-third of its assets.
What it really costs
- EZA charges 0.59% a year.
- 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 |
|---|---|---|---|---|
| EZA | $60 | $189 | $329 | $738 |
In a retirement portfolio
EZA is a concentrated single-country fund with very deep past drops, so it fits as a small slice of a portfolio rather than its center.
EZA adds South African banks, miners and consumer companies that most US-focused portfolios lack, but the ride has been rough. It fell 64.7% from October 2007 to October 2008 and took about 23 months after that low to recover. It lost 47.5% in the 2020 COVID crash and 34.8% in 2022, and the 2022 drop took about 31 months to recover. Its worst calendar year was 2008, at -37.7%. Anyone who had to draw money from it in a year like that would lock in deep losses. Its trailing yield was 7.87% as of October 27, 2026, paid twice a year, but payouts can swing with company dividends and the rand. In the SEC's standard example, the 0.59% fee costs $60 in the first year on $10,000. 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 small, targeted stake in South African stocks, including large banks such as FirstRand and Standard Bank, alongside broader holdings.
- People comfortable with heavy mining exposure: AngloGold Ashanti, Gold Fields, Valterra Platinum and Impala Platinum were large positions as of August 31, 2026.
- Income-minded investors who can accept uneven twice-yearly payouts; the trailing yield was 7.87% as of October 27, 2026.
Look elsewhere if
- Those wanting a low-cost core fund: at 0.59% a year, EZA costs $738 over 10 years in the SEC's $10,000 example.
- Retirees who may need to draw cash in a downturn: EZA fell 64.7% in the 2008 financial crisis and 47.5% in the 2020 crash.
- Investors seeking broad diversification: with 29 holdings, EZA's top 10 made up 66% of assets as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is EZA good for retirement?
EZA is a high-risk satellite holding, not a core retirement fund. It held 29 South African stocks, and the top 10 made up 66% of assets as of August 31, 2026. It fell 64.7% during the 2008 financial crisis and 34.8% in 2022, and it took about 31 months to recover from the 2022 low. It may suit investors who want a small, deliberate stake in South Africa within a diversified portfolio.
Does EZA pay dividends?
Yes. EZA pays dividends twice a year. Over the 12 months through October 27, 2026, it paid $5.04 per share, a trailing yield of 7.87%. Payouts can vary a lot from one period to the next. They depend on dividends from South African companies, many of them miners and banks, and on the exchange rate between the rand and the US dollar.
What is EZA's expense ratio?
EZA's expense ratio is 0.59% a year, according to its prospectus filed December 19, 2025. All of it is the management fee, and there is no fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs come to about $60 after one year, $329 after five years and $738 after 10 years.
How has EZA performed compared with emerging markets?
EZA has trailed the broader MSCI Emerging Markets Index over longer periods. As of December 31, 2024, the fund returned 1.07% a year over five years and 0.12% a year over 10 years. The emerging-markets index returned 1.7% and 3.64% over the same periods. Later results were stronger: EZA gained about 75% in 2025 and averaged 10.9% a year over the five years through October 27, 2026. Returns swing widely from year to year.
Is EZA heavy in gold mining stocks?
Yes, gold miners are a large part of EZA. As of August 31, 2026, AngloGold Ashanti (13.8%), Gold Fields (10.0%) and Harmony Gold (3.1%) were among the top 11 holdings and together made up more than a quarter of the fund. Platinum miners Valterra Platinum and Impala Platinum added more mining exposure. The prospectus lists South Africa's reliance on mining and commodity markets as a key risk.