At a glance
IPAC charges 0.09% a year, below the 0.17% average of the 7 funds most like it (the 5th cheapest of 8). It has $2.65B in assets, the 7th largest of that group; it paid 3.81% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +16.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +20.6% a year. At its worst it fell 27.5% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 16 months after the lows. Its ten largest positions make up 18.4% of the fund, out of 1,378 in all.
The short version
iShares Core MSCI Pacific ETF (IPAC) is a BlackRock index fund that tracks the MSCI Pacific IMI. The index covers large, mid-size and small companies in Japan, Australia, Hong Kong, Singapore and New Zealand. As of July 31, 2026, the fund held about 1,378 stocks, and Japan made up about 69% of assets. Its 0.09% yearly fee is below the 0.17% average of similar funds. Vanguard FTSE Pacific ETF (VPL) charges 0.07%.
Price history
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IPAC +16.0% 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 | |
|---|---|---|---|---|---|---|
| IPAC official prospectus, to Dec 31, 2024 | — | +5.56% | — | +3.81% | +5.53% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| IPAC price data to Oct 27, 2026 | +15.9% | +16.0% | +20.6% | +8.5% | +8.6% | +7.3% |
- Over the year to Oct 27, 2026, IPAC returned +16.0%, 4th of 8 among similar funds.
- Its 5-year annualized return was +8.5% and its 10-year +8.6%.
- In the 2020 COVID crash it fell 27.5% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-13.7%); its best was 2017 (+26.0%).
- The deepest fall in its price history was 31% (Jan 26, 2018 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.9% | — |
| 2025 | +25.2% | — |
| 2024 | +6.2% | +5.56% |
| 2023 | +14.6% | +14.33% |
| 2022 | -13.7% | -13.31% |
| 2021 | +3.1% | +3.03% |
| 2020 | +12.4% | +11.83% |
| 2019 | +19.4% | +19.24% |
| 2018 | -12.8% | -12.38% |
| 2017 | +26.0% | +25.83% |
| 2016 | +5.0% | +4.55% |
| 2015 | +3.5% | +3.36% |
| 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 27.5% over that stretch · deepest drop along the way 27.5%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.8% over that stretch · deepest drop along the way 24.8%, back to its old high 16.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8800 | |
| 2025 | $3.1700 | +51.7% |
| 2024 | $2.0900 | +10.6% |
| 2023 | $1.8900 | +27.7% |
| 2022 | $1.4800 | -42.6% |
| 2021 | $2.5800 | +138.9% |
| 2020 | $1.0800 | -45.2% |
| 2019 | $1.9700 | +31.3% |
| 2018 | $1.5000 | -15.7% |
| 2017 | $1.7800 | +36.9% |
| 2016 | $1.3000 | +4.8% |
| 2015 | $1.2400 |
What's inside
As of Jul 31, 2026, the fund held 1,378 securities; the ten largest made up 18.38% of assets.
| Holding | Weight | |
|---|---|---|
| Mitsubishi UFJ Financial Group, Inc. | 2.58% | |
| BHP GROUP LIMITED | 2.32% | |
| COMMONWEALTH BANK OF AUSTRALIA | 2.27% | |
| TOYOTA MOTOR CORPORATION | 1.94% | |
| Sumitomo Mitsui Financial Group, Inc. | 1.69% | |
| Tokyo Electron Limited | 1.62% | |
| Hitachi, Ltd. | 1.57% | |
| ADVANTEST CORPORATION | 1.57% | |
| Sony Group Corporation | 1.48% | |
| Mizuho Financial Group, Inc. | 1.33% | |
| DBS GROUP HOLDINGS LTD | 1.29% | |
| SoftBank Group Corp. | 1.25% | |
| AIA Group Limited | 1.15% | |
| Recruit Holdings Co.,Ltd. | 1.13% | |
| KEYENCE CORPORATION | 1.03% |
By country
Japan 69.19%Australia 19.7%Singapore 4.66%Hong Kong 3.58%Cayman Islands 1.57%By asset type
Stocks 96.5%Other 3.35%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $89.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.94%, -0.29%, +0.65%.
How it works
IPAC follows the MSCI Pacific IMI. MSCI Inc. builds and runs this index and is independent of BlackRock. IMI stands for investable market index, meaning it includes large, mid-size and small companies. Each stock is weighted by its free float-adjusted market value, which is the value of shares actually available to the public, so the largest companies count most. MSCI decides what goes in and how much of each, and the mix changes over time. As of July 31, 2026, the biggest holdings were Mitsubishi UFJ Financial Group (2.6%), BHP Group (2.3%), Commonwealth Bank of Australia (2.3%) and Toyota Motor (1.9%). The top 10 made up about 18% of assets.
BlackRock Fund Advisors uses representative sampling. The fund may not own every stock in the index. Instead it holds a sample chosen to match the index's company sizes, industry mix, yield and other traits. At least 80% of assets go into index stocks or close equivalents such as depositary receipts. Up to 20% can go into futures, options, swaps and cash. On July 31, 2026, the fund held small Australian SPI 200 and Japanese TOPIX futures positions.
The fund does not try to beat the index or move to cash when markets fall. Portfolio turnover was 5%, so it trades very little. It may lend up to one-third of its assets to other institutions. Because the fund is priced in US dollars, a weaker yen or Australian dollar lowers its value.
What it really costs
- IPAC charges 0.09% a year, versus an average of 0.17% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $115 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IPAC | $9 | $29 | $51 | $115 |
In a retirement portfolio
It adds low-cost exposure to developed Asia-Pacific stocks, mostly in Japan and Australia, but it is still an all-stock fund that has fallen sharply in past downturns.
IPAC adds Japanese and Australian companies that a US-only portfolio lacks, for 0.09% a year. In the SEC's standard example ($10,000 earning 5% a year), that comes to $115 over 10 years. The fund launched in 2014, so it has no 2008 record. It fell 27.5% in the 2020 COVID crash and recovered in about 5 months. In 2022 it fell 24.8% and took about 16 months to recover. Its worst calendar year was 2022, at -13.31%. Its deepest drop was 31%, from January 2018 to March 2020. Anyone drawing cash during a stretch like that might have to cash out shares at low prices. The trailing 12-month yield was 3.81% as of October 27, 2026. It pays twice a year, so the income arrives unevenly. 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 wanting one fund covering stocks in Japan, Australia, Hong Kong, Singapore and New Zealand, at 0.09% a year versus a 0.17% peer average.
- People who want small and mid-size companies too: the fund held about 1,378 stocks, with the top 10 near 18% of assets, as of July 31, 2026.
- Portfolios built mostly on US stocks that want a regional add-on paying income twice a year, with a 3.81% trailing yield as of October 27, 2026.
Look elsewhere if
- Anyone wanting balanced country exposure: Japan was about 69% of assets as of July 31, 2026, so Japanese stocks and the yen drive results.
- Cost-focused investors may want to compare Vanguard FTSE Pacific ETF (VPL), which charges 0.07% and shares about 69% of IPAC's holdings.
- Investors who can't tolerate deep drops: IPAC fell 27.5% in early 2020, fell 24.8% in 2022 and needed about 16 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IPAC this fund | — | 0.09% | $2.65B | +16.0% | +20.6% |
| VPL Vanguard FTSE Pacific ETF | 69% | 0.07% | $13.10B | +22.2% | +22.6% |
| EFA iShares MSCI EAFE ETF | 33% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 28% | 0.07% | $190.11B | +13.7% | +18.5% |
| EPP iShares MSCI Pacific ex Japan ETF | 25% | 0.48% | $2.32B | +10.7% | +17.8% |
| SCHF Schwab International Equity ETF | 24% | 0.06% | $69.68B | +17.7% | +20.4% |
| BBAX JPMorgan BetaBuilders Developed Asia Pacifi… | 24% | 0.19% | $6.73B | +14.0% | +17.7% |
| VEA Vanguard FTSE Developed Markets ETF | 22% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
What's the difference between IPAC and VPL?
Both funds hold developed Pacific stocks, and their holdings overlapped by about 69%. IPAC tracks the MSCI Pacific IMI and charges 0.09% a year. Vanguard FTSE Pacific ETF (VPL) follows a FTSE index and charges 0.07%. VPL is much larger, with about $13.1 billion in net assets versus IPAC's roughly $2.65 billion as of July 31, 2026. Since the two indexes differ, their returns won't match exactly. Comparing their country weights may help.
Does IPAC pay dividends?
Yes. IPAC pays dividends twice a year. Its trailing 12-month yield was 3.81% as of October 27, 2026, which works out to about $3.20 per share over that period. Payments can change from one period to the next because they depend on what the underlying Japanese, Australian and other companies pay out. Exchange rates also matter, since the dividends are converted into US dollars.
How much of IPAC is in Japan?
About 69% as of July 31, 2026. Australia was about 20%, Singapore 4.7%, Hong Kong 3.6%, companies registered in the Cayman Islands 1.6% and New Zealand 0.7%. Most of the top holdings were Japanese, including Mitsubishi UFJ Financial Group, Toyota Motor, Sumitomo Mitsui Financial Group, Tokyo Electron and Sony Group. Australia's BHP Group and Commonwealth Bank of Australia were also near the top.
What is the IPAC expense ratio?
IPAC's expense ratio is 0.09% a year, according to the prospectus filed November 21, 2025. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $9 after one year, $51 after five years and $115 after ten. Similar funds averaged 0.17%. The narrower iShares MSCI Pacific ex Japan ETF (EPP) charges 0.48%.
How has IPAC performed over the long term?
Per the prospectus, IPAC's average annual returns through December 31, 2024 were 5.56% over one year, 3.81% over five years and 5.53% over ten years. The MSCI ACWI ex USA Index returned 4.1% over five years and 4.8% over ten years. Based on price returns through October 27, 2026, IPAC gained 16% over one year and averaged 8.6% a year over ten years. Its 2025 return was 25.19%.