At a glance
BKF charges 0.72% a year, above the 0.44% average of the 6 funds most like it (the 5th cheapest of 7). It has $75.4M in assets, the 7th largest of that group; it paid 1.69% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −17.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +6.6% a year. At its worst it fell 28.7% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 35 months after the lows. Its ten largest positions make up 26.5% of the fund, out of 707 in all.
The short version
iShares MSCI BIC ETF (BKF) is a BlackRock index fund that tracks the MSCI BIC Index. As of August 31, 2026, it held 707 large and mid-size stocks from Brazil, India and China. Its 0.72% expense ratio is far above broad emerging-markets funds such as Vanguard FTSE Emerging Markets ETF (0.07%). Its focus on just three countries has also brought big swings, including a 70.3% drop in 2007–2008.
Price history
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BKF -17.6% 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 | |
|---|---|---|---|---|---|---|
| BKF official prospectus, to Dec 31, 2024 | — | +9.45% | — | -2.21% | +2.47% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCIBIC Index index, same period | — | +10.02% | — | -1.57% | +3.06% | — |
| BKF price data to Oct 27, 2026 | -14.5% | -17.6% | +6.6% | -3.5% | +2.8% | -0.3% |
- Over the year to Oct 27, 2026, BKF returned -17.6%, 7th of 7 among similar funds.
- Its 5-year annualized return was -3.5% and its 10-year +2.8%.
- In the 2020 COVID crash it fell 28.7% and regained its old high 3.4 months after the low.
- Its worst full calendar year was 2008 (-57.2%); its best was 2009 (+85.5%).
- The deepest fall in its price history was 70.3% (Dec 6, 2007 to Nov 20, 2008), recovered by Jan 26, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.5% | — |
| 2025 | +22.3% | — |
| 2024 | +9.2% | +9.45% |
| 2023 | +1.3% | +1.48% |
| 2022 | -21.8% | -21.77% |
| 2021 | -11.8% | -12.34% |
| 2020 | +16.5% | +17.38% |
| 2019 | +22.9% | +22.02% |
| 2018 | -13.8% | -13.58% |
| 2017 | +41.8% | +40.84% |
| 2016 | +11.0% | +11.29% |
| 2015 | -14.0% | -13.63% |
| 2014 | -4.3% | — |
| 2013 | -5.3% | — |
| 2012 | +15.3% | — |
| 2011 | -24.8% | — |
| 2010 | +9.2% | — |
| 2009 | +85.5% | — |
| 2008 | -57.2% | — |
| 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 28.7% over that stretch · deepest drop along the way 28.7%, back to its old high 3.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.9% over that stretch · deepest drop along the way 32.3%, back to its old high 34.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.7800 | -9.3% |
| 2024 | $0.8600 | +50.9% |
| 2023 | $0.5700 | -18.6% |
| 2022 | $0.7000 | -47.0% |
| 2021 | $1.3200 | +149.1% |
| 2020 | $0.5300 | -29.3% |
| 2019 | $0.7500 | -13.8% |
| 2018 | $0.8700 | +27.9% |
| 2017 | $0.6800 | +17.2% |
| 2016 | $0.5800 | -37.6% |
| 2015 | $0.9300 | -12.3% |
| 2014 | $1.0600 | +16.5% |
| 2013 | $0.9100 | +8.3% |
| 2012 | $0.8400 | +3.7% |
| 2011 | $0.8100 | -5.8% |
| 2010 | $0.8600 | +115.0% |
| 2009 | $0.4000 | -25.9% |
| 2008 | $0.5400 |
What's inside
As of Aug 31, 2026, the fund held 707 securities; the ten largest made up 26.49% of assets, and 2.3% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Tencent Holdings Limited | 8.00% | |
| Alibaba Group Holding Limited | 5.40% | |
| CHINA CONSTRUCTION BANK CORPORATION | 2.31% | |
| HDFC BANK LIMITED | 1.92% | |
| ICICI BANK LIMITED | 1.86% | |
| RELIANCE INDUSTRIES LIMITED | 1.83% | |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | 1.42% | |
| XIAOMI CORPORATION | 1.34% | |
| Nu Holdings Ltd. | 1.21% | |
| VALE S.A. | 1.20% | |
| BHARTI AIRTEL LIMITED | 1.19% | |
| BANK OF CHINA LIMITED | 1.13% | |
| MEITUAN | 1.13% | |
| PDD Holdings Inc. Other | 1.07% | |
| Ping An Insurance (Group) Company of China, Ltd. | 1.06% |
By country
India 31.43%Cayman Islands 28.8%China 25.96%Brazil 9.43%Hong Kong 2.65%By asset type
Stocks 97.18%Other 2.28%Preferred stock 0.34%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.75%, +6.05%, -0.97%.
How it works
BKF tracks the MSCI BIC Index, which MSCI Inc. designs to measure the combined stock markets of Brazil, India and China. It is a free float-adjusted market capitalization index. That means companies are weighted by the value of their shares available for public trading, so the largest companies count most. The index holds large and mid-size companies traded mainly on Brazil's B3, the National Stock Exchange of India, the Shanghai and Shenzhen exchanges and the Stock Exchange of Hong Kong. It had about 758 constituents as of August 31, 2025. MSCI, not BlackRock, decides what goes into the index and how much each stock weighs.
BlackRock Fund Advisors uses representative sampling. The fund may hold a sample of index stocks that together match the index's size, sector and risk traits, rather than every stock. At least 80% of assets go into index stocks or depositary receipts (certificates that stand for those shares). Up to 20% may go into futures, options, swaps, cash and money market funds. As of August 31, 2026, the fund had 707 holdings, 2.3% in cash and two small index futures contracts. Portfolio turnover was 13%.
The fund does not try to beat the index or turn defensive when markets fall. It may lend up to one-third of its assets. Its value is set in US dollars, so a weaker real, rupee or yuan lowers returns.
What it really costs
- BKF charges 0.72% a year, versus an average of 0.44% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $894 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BKF | $74 | $230 | $401 | $894 |
In a retirement portfolio
It concentrates on just three emerging markets and has suffered very deep, slow-to-recover losses, so it fits best as a small add-on rather than a foundation.
BKF could add targeted exposure to Brazil, India and China, but it can fall hard. It lost 57.2% in 2008, its worst calendar year. It also dropped 70.3% from December 2007 to November 2008 and did not recover until January 2018, more than nine years later. It fell 28.7% in the 2020 COVID crash but recovered in about three and a half months. In the 2022 bear market it fell 32.3% and took nearly three years, until September 2025, to regain its peak. Anyone taking money out during slumps like these would lock in losses.
The trailing 12-month yield was 1.69% as of October 27, 2026, paid twice a year. The fund charges 0.72% a year. In the SEC's standard example, costs on $10,000 come to $894 over 10 years. 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 one index fund holding only Brazil, India and China, with India about 31% and Tencent and Alibaba the largest holdings.
- Long-term investors comfortable with a small, higher-risk position that once fell 70.3% and took over nine years to recover.
- Those seeking indexed exposure to Indian banks like HDFC and ICICI alongside Chinese tech and Brazilian names such as Vale and Nu Holdings.
Look elsewhere if
- Cost-focused investors: the 0.72% expense ratio is about ten times the 0.07% charged by Vanguard FTSE Emerging Markets ETF (VWO).
- Retirees who need steady income: the trailing yield was 1.69% as of October 27, 2026, paid only twice a year.
- Those wary of small funds: net assets were about $75 million as of August 31, 2026, the smallest of seven similar funds compared.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BKF this fund | — | 0.72% | $75.4M | -17.6% | +6.6% |
| AAXJ iShares MSCI All Country Asia ex-Japan ETF | 35% | 0.72% | $3.72B | +15.1% | +23.3% |
| VWO Vanguard FTSE Emerging Markets ETF | 35% | 0.07% | $162.04B | +3.3% | +16.8% |
| INDA iShares MSCI India ETF | 31% | 0.62% | $6.75B | -14.6% | +3.1% |
| EPI WisdomTree India Earnings Fund | 27% | 0.87% | $2.12B | -13.6% | +4.3% |
| IEMG iShares Core MSCI Emerging Markets ETF | 27% | 0.09% | $160.90B | +11.7% | +19.8% |
| EEMV iShares MSCI Emerging Markets Min Vol Facto… | 20% | 0.26% | $3.66B | +12.4% | +15.5% |
Questions investors ask
Is BKF good for retirement?
BKF fits more naturally as a small, higher-risk add-on than as a core retirement holding. It owns only Brazilian, Indian and Chinese stocks and has been volatile. It lost 57.2% in 2008, and it fell 32.3% in the 2022 bear market and did not recover until September 2025. It yielded 1.69% as of October 27, 2026. Its 0.72% annual cost is above the 0.44% average of the similar funds compared.
What countries does BKF invest in?
As of August 31, 2026, about 31% of BKF was in Indian companies, 26% in mainland Chinese companies, 9% in Brazilian companies and 2.7% in Hong Kong companies. Another 29% was in companies incorporated in the Cayman Islands. That group includes Chinese giants Tencent (8.0%) and Alibaba (5.4%), plus Brazil's Nu Holdings. Many Chinese companies use Cayman holding structures so their shares can trade abroad.
What's the difference between BKF and VWO?
VWO is a much broader and cheaper emerging-markets fund, while BKF holds only Brazil, India and China. Vanguard FTSE Emerging Markets ETF charges 0.07% a year, against BKF's 0.72%. VWO held about $162 billion as of July 31, 2026, while BKF held about $75 million as of August 31, 2026. Their holdings overlap by about 35%. Over one year, VWO returned 3.3% (as of October 30, 2026) and BKF lost 17.6% (as of October 27, 2026).
Does BKF pay dividends?
Yes. BKF pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $0.63 per share, a trailing yield of 1.69%. The payouts come from dividends paid by its Brazilian, Indian and Chinese holdings. Amounts can change from one payment to the next with company profits and currency moves. Investors focused on income may find the yield modest next to funds built for income.
How has BKF performed over 10 years?
BKF returned an average of 2.47% a year over the 10 years to December 31, 2024, according to its prospectus. That trailed its own MSCI BIC Index (3.06%) and the broader MSCI Emerging Markets Index (3.64%). Over five years, its average was −2.21% a year. Based on prices as of October 27, 2026, the fund was down 17.6% over one year and down 14.5% year to date.