At a glance
KOKU charges 0.09% a year, the same as the average of the 8 funds most like it (the 7th cheapest of 9). It has $812.7M in assets, the 8th largest of that group; it paid 1.31% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.8% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +23.9% a year. At its worst it fell 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 28.2% of the fund, out of 1,087 in all.
The short version
Xtrackers MSCI Kokusai Equity ETF (KOKU), from DWS, tracks the MSCI Kokusai Index, also called the MSCI World ex Japan Index. That index holds large and mid-size stocks across developed markets, leaving out Japan. The fund's expense ratio is 0.09%. The iShares MSCI Kokusai ETF (TOK) follows the same index and charges 0.25%. As of August 31, 2026, US stocks made up about 74% of the fund, so it leans heavily on large American technology companies.
Price history
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KOKU +12.8% 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 | |
|---|---|---|---|---|---|---|
| KOKU official prospectus, to Dec 31, 2024 | — | +19.64% | — | — | — | +17.91% |
| KOKU price data to Oct 27, 2026 | +12.2% | +12.8% | +23.9% | +11.4% | — | +12.8% |
- Over the year to Oct 27, 2026, KOKU returned +12.8%, 6th of 9 among similar funds.
- Its 5-year annualized return was +11.4%.
- Its worst full calendar year was 2022 (-17.8%); its best was 2023 (+24.3%).
- The deepest fall in its price history was 25.8% (Jan 3, 2022 to Oct 12, 2022), recovered by Dec 14, 2023.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.2% |
| 2025 | +21.5% |
| 2024 | +19.4% |
| 2023 | +24.3% |
| 2022 | -17.8% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.8% over that stretch · deepest drop along the way 25.8%, back to its old high 14.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2600 | |
| 2025 | $1.7900 | +9.1% |
| 2024 | $1.6400 | +8.6% |
| 2023 | $1.5100 | +8.6% |
| 2022 | $1.3900 |
What's inside
As of Aug 31, 2026, the fund held 1,087 securities; the ten largest made up 28.2% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 5.86% | |
| APPLE INC | 5.37% | |
| MICROSOFT CORP | 4.13% | |
| AMAZON.COM INC | 2.90% | |
| ALPHABET INC Class A | 2.30% | |
| BROADCOM INC | 1.93% | |
| ALPHABET INC Class C | 1.81% | |
| META PLATFORMS INC | 1.45% | |
| MICRON TECHNOLOGY INC | 1.25% | |
| TESLA INC | 1.21% | |
| JP MORGAN CHASE & COMPANY | 1.09% | |
| ELI LILLY & COMPANY | 1.07% | |
| ADVANCED MICRO DEVICES INC | 0.88% | |
| BERKSHIRE HATHAWAY INC | 0.82% | |
| EXXONMOBIL HOLDINGS CORP | 0.77% |
By country
United States 73.99%Canada 3.69%United Kingdom 3.64%Switzerland 2.65%Germany 2.27%By asset type
Stocks 99.13%Preferred stock 0.44%Other 0%By sector
Sectors of the companies held, for the 67.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $6.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.73%, +0.49%, +2.55%.
How it works
KOKU is an index fund. It does not pick stocks. It aims to match the MSCI Kokusai Index before fees by holding the index's stocks in about the same weights. This is called full replication. The index tries to cover about 85% of the free-float market value of developed countries other than Japan, after some liquidity screens. Free float counts only the shares the public can actually trade. Bigger companies get bigger weights. As of October 31, 2025, the index held 1,143 stocks, and the smallest was worth about $4.08 billion.
As of August 31, 2026, the fund held 1,087 stocks. The largest were NVIDIA (5.9%), Apple (5.4%) and Microsoft (4.1%), and the top 10 made up 28.2% of assets. US stocks were 74%, Canada 3.7% and the United Kingdom 3.6%. The index rebalances twice a year, in May and November. Portfolio turnover was 2%, so trading is light.
A few mechanics matter. The fund does not hedge currencies, so a rising dollar lowers the value of its foreign stocks in dollar terms. It holds small stock index futures, such as E-mini S&P 500 futures, to keep spare cash invested. It may lend up to one-third of its assets to approved institutions.
What it really costs
- KOKU charges 0.09% a year, versus an average of 0.09% for the similar funds below (7th of 9, 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 |
|---|---|---|---|---|
| KOKU | $9 | $29 | $51 | $115 |
In a retirement portfolio
It offers low-cost exposure to more than 1,000 large and mid-size stocks across developed markets, though it leaves out Japan and emerging markets.
KOKU launched on April 8, 2020, weeks after the COVID crash, so its record covers only one major downturn. In the 2022 bear market it fell 25.8% between January 3 and October 12, 2022. It took about 14 months, until December 14, 2023, to get back to its old high. Its worst calendar year was 2022, at -17.8%. Selling shares to cover spending in a year like that would lock in losses, which is one reason some retirement plans hold cash or bonds alongside stocks. Income is modest: the yield was 1.31% for the 12 months through October 27, 2026, paid quarterly. Costs are low. In the SEC's standard example, $10,000 invested would cost about $115 over 10 years. Because 74% of the fund is US stocks, it overlaps heavily with US index funds. 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 developed-market stocks outside Japan in one fund at 0.09% a year, compared with 0.25% for TOK, which tracks the same index.
- Investors who already own a separate Japan fund and want the rest of the developed world without doubling up on Japanese stocks.
- Long-term holders who can sit through drops like 2022's 25.8% decline, which took about 14 months to recover.
Look elsewhere if
- Investors seeking truly global exposure: the fund leaves out Japan and emerging markets, and US stocks were 74% as of August 31, 2026.
- Income seekers: the yield was 1.31% for the 12 months through October 27, 2026, paid quarterly.
- Investors who mainly want US stocks: VTI and ITOT charge 0.03% and share about 72% of KOKU's holdings.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| KOKU this fund | — | 0.09% | $812.7M | +12.8% | +23.9% |
| TOK iShares MSCI Kokusai ETF | 89% | 0.25% | $249.8M | +12.9% | +23.7% |
| URTH iShares MSCI World ETF | 85% | 0.24% | $8.22B | +13.1% | +23.6% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 74% | 0% | $5.47B | +13.4% | +25.4% |
| VTHR Vanguard Russell 3000 ETF | 74% | 0.07% | $6.41B | +13.1% | +24.5% |
| USPX Franklin U.S. Equity Index ETF | 72% | 0.03% | $1.98B | +12.9% | +24.9% |
| ITOT iShares Core S&P Total U.S. Stock Market ETF | 72% | 0.03% | $94.14B | +11.4% | +21.8% |
| VV Vanguard Large Cap ETF | 72% | 0.04% | $73.83B | +12.0% | +23.8% |
Questions investors ask
What does KOKU invest in?
KOKU invests in large and mid-size companies in developed markets other than Japan. It follows the MSCI Kokusai Index, also called the MSCI World ex Japan Index. As of August 31, 2026, it held 1,087 stocks. US companies made up about 74%, followed by Canada (3.7%) and the United Kingdom (3.6%). The largest holdings were NVIDIA (5.9%), Apple (5.4%) and Microsoft (4.1%). The top 10 positions made up 28.2% of assets.
What's the difference between KOKU and TOK?
The main differences are cost and size. Both funds track the MSCI Kokusai Index, and about 89% of their holdings overlap. KOKU charges 0.09% a year and the iShares MSCI Kokusai ETF (TOK) charges 0.25%. Their price returns have been close. As of October 27, 2026, KOKU returned 12.8% over one year and 23.9% a year over three years, compared with 12.9% and 23.7% for TOK. KOKU had $812.7 million in net assets as of August 31, 2026, and TOK had $249.8 million as of July 31, 2026.
Does KOKU pay monthly dividends?
No. KOKU pays dividends every quarter. Over the 12 months through October 27, 2026, it paid $1.75 per share, a yield of 1.31%. The money comes from dividends paid by the companies the fund owns, so payments rise and fall with those companies' payouts. KOKU is a broad stock index fund, not one built around dividends, so its yield is modest compared with income-focused funds.
Does KOKU hedge currency risk?
No. The prospectus says the fund will not hedge against falling foreign currencies. Outside its 74% in US stocks, the fund owns companies in countries such as Canada, the United Kingdom, Switzerland, Germany and France, as of August 31, 2026. When the dollar gains against those currencies, those stocks lose value in dollar terms, even if their local share prices hold steady. When the dollar weakens, the effect helps US investors.
How has KOKU performed since it launched?
KOKU has posted solid gains, with one sharp setback in 2022. The prospectus reports a 19.64% return for the year ended December 31, 2024. It also reports 17.91% a year from the April 8, 2020 launch through that date. Based on prices through October 27, 2026, the fund returned 23.9% a year over three years and 11.4% a year over five years. Its worst calendar year was 2022, at -17.8%, and its worst quarter was a 16.22% loss in the second quarter of 2022.