iShares Europe ETF

iShares Europe ETF (IEV) is an index fund from BlackRock that tracks the S&P Europe 350. The index holds large companies in 16 European countries, such as ASML, HSBC, AstraZeneca and Nestlé. It may suit investors who want broad exposure to Europe's biggest companies in one fund. Its main drawback is cost. The 0.60% expense ratio is the highest of eight similar Europe funds, and several of them charge 0.09% or less.

• Over the year to Oct 27, 2026, IEV returned +9.5%, 4th of 8 among similar funds.
• Its 5-year annualized return was +8.7% and its 10-year +9.4%.
• In the 2020 COVID crash it fell 35.6% and regained its old high 8.2 months after the low.
• Its worst full calendar year was 2008 (-44.1%); its best was 2025 (+35.6%).
• The deepest fall in its price history was 64.2% (Oct 31, 2007 to Mar 9, 2009), recovered by Sep 11, 2017.

As of Jun 30, 2026, the fund held 368 securities; the ten largest made up 21.8% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $112.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.90%, +1.86%, +1.15%.

IEV follows the S&P Europe 350. The index is built by S&P Dow Jones Indices, a company independent of BlackRock. It is a subset of the S&P Global 1200 and covers leading companies in 16 countries, including the U.K., Switzerland, France, Germany, the Netherlands, Spain and the Nordic countries. The index provider picks stocks for size, liquidity (how easily shares trade), industry representation and geographic spread. Each company is weighted by its float-adjusted market value, which counts only shares available to the public. As of June 30, 2026, ASML was the largest holding at 5.5%, and the top ten made up 21.8% of the fund. The U.K. was 21.8%, Switzerland 14.8%, France 13.6% and Germany 13.1%.

The fund uses representative sampling. That means it holds a group of stocks chosen to behave like the index, and it may not own every member. It held 368 stocks as of June 30, 2026. It must keep at least 80% of its assets in index stocks. It also held a little cash and tiny positions in EURO STOXX 50 and FTSE 100 futures. Turnover was a low 4%. The fund may lend up to one-third of its assets to other investors for a fee.

The fund's value is figured in US dollars. So if the euro, pound or Swiss franc falls against the dollar, the fund can lose value even when European stock prices hold steady. The reverse is also true.

• IEV charges 0.6% a year, versus an average of 0.23% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.59% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).

It adds large European companies and currencies that a portfolio of only US stocks lacks, but it is still all stocks and has had deep drops.

IEV can spread a portfolio across European markets and currencies. The trade-off has been steep losses. In the 2008 financial crisis the fund fell 64.2% from its October 2007 peak and did not recover until September 2017, more than eight years later. Its 2008 calendar-year loss was 44.1%. It fell 35.6% in the 2020 COVID crash and recovered in about eight months. In the 2022 bear market it fell 30.5% and took about 15 months to recover. A retiree who had to sell during those stretches would have locked in losses. The fund yielded 2.84% over the 12 months to October 27, 2026, paid twice a year. It charges 0.60% a year, or $61 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.