At a glance
EZU charges 0.5% a year, above the 0.25% average of the 8 funds most like it (the 7th cheapest of 9). It has $9.91B in assets, the 4th largest of that group; it paid 2.81% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.8% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +21.0% a year. At its worst it fell 38.1% 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 8 months and 15 months after the lows. Its ten largest positions make up 29.9% of the fund, out of 222 in all.
The short version
The iShares MSCI Eurozone ETF (EZU), from BlackRock, is an index fund that tracks the MSCI EMU Index. The index holds large and mid-sized companies in 10 developed countries that use the euro, led by ASML, Siemens and SAP. EZU invests only in the eurozone. Its 0.50% expense ratio is double the 0.25% average of similar funds, and well above broader Europe funds such as Vanguard FTSE Europe ETF (VGK) at 0.06%.
Price history
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EZU +6.8% 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 | |
|---|---|---|---|---|---|---|
| EZU official prospectus, to Dec 31, 2024 | — | +2.58% | — | +5.13% | +5.28% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EZU price data to Oct 27, 2026 | +4.1% | +6.8% | +21.0% | +8.7% | +9.6% | +5.7% |
- Over the year to Oct 27, 2026, EZU returned +6.8%, 7th of 9 among similar funds.
- Its 5-year annualized return was +8.7% and its 10-year +9.6%.
- In the 2020 COVID crash it fell 38.1% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2008 (-45.9%); its best was 2025 (+40.0%).
- The deepest fall in its price history was 65.3% (Oct 31, 2007 to Mar 9, 2009), recovered by Jan 12, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.1% | — |
| 2025 | +40.0% | — |
| 2024 | +2.3% | +2.58% |
| 2023 | +23.4% | +22.93% |
| 2022 | -17.2% | -17.28% |
| 2021 | +13.9% | +13.59% |
| 2020 | +7.6% | +8.38% |
| 2019 | +23.3% | +23.11% |
| 2018 | -16.7% | -16.97% |
| 2017 | +27.9% | +27.92% |
| 2016 | +1.9% | +1.29% |
| 2015 | -1.6% | -1.62% |
| 2014 | -9.9% | — |
| 2013 | +27.1% | — |
| 2012 | +24.0% | — |
| 2011 | -18.2% | — |
| 2010 | -3.1% | — |
| 2009 | +26.5% | — |
| 2008 | -45.9% | — |
| 2007 | +18.4% | — |
| 2006 | +35.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.3% over that stretch · deepest drop along the way 65.3%, back to its old high 106.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.3% over that stretch · deepest drop along the way 38.1%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.1% over that stretch · deepest drop along the way 34.8%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2300 | |
| 2025 | $1.8300 | +33.6% |
| 2024 | $1.3700 | +13.2% |
| 2023 | $1.2100 | +10.0% |
| 2022 | $1.1000 | -8.3% |
| 2021 | $1.2000 | +27.7% |
| 2020 | $0.9400 | -21.0% |
| 2019 | $1.1900 | -2.5% |
| 2018 | $1.2200 | +47.0% |
| 2017 | $0.8300 | -21.7% |
| 2016 | $1.0600 | +37.7% |
| 2015 | $0.7700 | -28.7% |
| 2014 | $1.0800 | +16.1% |
| 2013 | $0.9300 | +2.2% |
| 2012 | $0.9100 | -22.2% |
| 2011 | $1.1700 | +27.2% |
| 2010 | $0.9200 | -12.4% |
| 2009 | $1.0500 | -55.4% |
| 2008 | $2.3550 | +59.1% |
| 2007 | $1.4800 | +60.0% |
| 2006 | $0.9250 |
What's inside
As of Aug 31, 2026, the fund held 222 securities; the ten largest made up 29.87% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding N.V. | 8.38% | |
| Siemens Aktiengesellschaft | 3.13% | |
| SAP SE | 2.93% | |
| Banco Santander, S.A. | 2.67% | |
| Allianz SE | 2.53% | |
| SCHNEIDER ELECTRIC SE | 2.39% | |
| TOTALENERGIES SE | 2.21% | |
| Banco Bilbao Vizcaya Argentaria, S.A. | 2.07% | |
| Iberdrola, S.A. | 1.84% | |
| Airbus SE | 1.73% | |
| SAFRAN SA | 1.72% | |
| UNICREDIT, SOCIETA PER AZIONI | 1.69% | |
| LVMH MOET HENNESSY LOUIS VUITTON SE | 1.66% | |
| Siemens Energy AG | 1.62% | |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | 1.60% |
By country
Germany 25.57%France 24.61%Netherlands 19.92%Spain 11.19%Italy 8.6%By asset type
Stocks 99.64%Other 0.28%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $308.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.49%, +0.37%, +1.36%.
How it works
EZU follows the MSCI EMU Index. MSCI runs the index separately from the fund and decides which stocks it includes and how much each one weighs. The index covers Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain. As of August 31, 2025, the prospectus said much of the index sat in consumer goods and services, financials and industrials. If the index is heavily weighted in one industry, the fund will be too.
BlackRock uses representative sampling. This means the fund buys a group of stocks that together match the index's size, industry mix, yield and other traits, without having to own every stock. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps or cash. As of August 31, 2026, the fund held 222 stocks and a tiny EURO STOXX 50 futures position. Portfolio turnover was 4%. The fund does not try to beat the index or move to cash when markets fall.
Two other details matter. The fund can lend out securities worth up to one-third of its total assets. And because its value is counted in US dollars, a weaker euro can lower returns even when European stocks rise.
What it really costs
- EZU charges 0.5% a year, versus an average of 0.25% for the similar funds below (7th of 9, 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 |
|---|---|---|---|---|
| EZU | $51 | $160 | $280 | $628 |
In a retirement portfolio
EZU adds companies and a currency, the euro, that a US-focused portfolio may barely hold, but it is a single-region stock fund with deep past losses.
EZU could add companies such as ASML, Siemens and Allianz to a US-heavy portfolio. It has been volatile. It fell 65.3% from October 31, 2007 to March 9, 2009, and did not regain that peak until January 12, 2018, about 106 months later. Its worst calendar year was 2008, a 45.9% loss. It dropped 38.1% in the 2020 COVID crash and took about 8 months to recover. In 2022 it fell 34.8% and took about 15 months to recover. Someone who has to sell shares in a bad year could be selling far below past highs.
The trailing yield was 2.81% as of October 27, 2026, paid twice a year. The 0.50% expense ratio is double the peer average. Past results don't predict future returns, 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 the MSCI EMU Index's large and midsize companies from 10 euro-using countries, such as ASML, Siemens and SAP.
- Investors with US-heavy portfolios adding Germany (25.6%), France (24.6%) and the Netherlands (19.9%) as of August 31, 2026; euro-dollar swings also affect returns.
- Investors wanting some income and fine with twice-yearly payouts; the yield over the prior year was 2.81% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio, or annual fee, is double the 0.25% peer average; worth comparing with FEZ (0.29%) or IEUR (0.09%).
- Anyone unable to wait out long slumps: it fell 65.3% from October 2007 to March 2009 and didn't recover until January 2018.
- Investors wanting all of Europe or less single-stock risk: only 10 euro-using countries are included, and ASML alone was 8.4% on August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EZU this fund | — | 0.5% | $9.91B | +6.8% | +21.0% |
| FEZ SPDR EURO STOXX 50 ETF | 66% | 0.29% | $4.35B | +5.6% | +20.6% |
| IEV iShares Europe ETF | 54% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 51% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEUR iShares Core MSCI Europe ETF | 48% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 46% | 0.06% | $38.51B | +11.9% | +19.7% |
| EFA iShares MSCI EAFE ETF | 34% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 29% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
What does EZU invest in?
EZU holds large and mid-sized companies from 10 eurozone countries, following the MSCI EMU Index. As of August 31, 2026, it owned 222 stocks. The largest was ASML at about 8.4% of assets, followed by Siemens, SAP, Banco Santander and Allianz. The top 10 holdings made up about 30% of the fund. By country, Germany was 25.6%, France 24.6%, the Netherlands 19.9%, Spain 11.2% and Italy 8.6%.
What's the difference between EZU and FEZ?
Both funds hold eurozone stocks, but FEZ, the SPDR EURO STOXX 50 ETF, tracks a narrower 50-stock index and costs 0.29% a year, compared with EZU's 0.50%. Their holdings overlap by about 66%. EZU spreads its money over 222 stocks. As of October 27, 2026, their three-year annualized returns were close: 21% for EZU and 20.6% for FEZ. Over one year, EZU returned 6.8% and FEZ 5.6%.
Does EZU pay dividends?
Yes. EZU pays dividends twice a year. As of October 27, 2026, its trailing 12-month yield was 2.81%, or about $1.84 per share. The payments come from dividends paid by the European companies it holds. Because the fund is valued in US dollars, changes in the euro's exchange rate can raise or lower the dollar amount of those payments.
What is EZU's expense ratio?
EZU's expense ratio is 0.50%, according to its prospectus filed December 19, 2025. That is double the 0.25% average among similar funds, and it ranks 7th of 9 on cost. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $51 in the first year, $280 over five years and $628 over ten. Broader Europe funds such as IEUR and BBEU charge 0.09%.
How has EZU performed over the long term?
Over the 10 years ended December 31, 2024, EZU returned 5.28% a year on average, according to its prospectus. That beat the 4.8% return of the MSCI ACWI ex USA Index, a broad benchmark of stocks outside the US. Results have swung widely: EZU lost 17.28% in 2022 and gained 22.93% in 2023. Based on prices, it gained about 40% in 2025, and its 10-year annualized return was 9.6% as of October 27, 2026.