At a glance
KSA charges 0.75% a year. It has $638.5M in assets; it paid 2.98% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −12.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +1.4% a year. At its worst it fell 28.4% in the 2020 crash (S&P 500: 33.7%) and 22.3% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 58.4% of the fund, out of 118 in all.
The short version
The iShares MSCI Saudi Arabia ETF (KSA) is a BlackRock index fund that tracks the MSCI Saudi Arabia IMI 25/50 Index. That index covers large, mid and small companies in Saudi Arabia. The fund is a concentrated single-country holding: as of August 31, 2026, Al Rajhi Bank and Saudi Arabian Oil Company together made up about 25% of assets. It costs 0.75% a year, which works out to $77 in the first year on $10,000 under the SEC's standard example.
Price history
The interactive chart needs JavaScript.
KSA -12.4% 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 | |
|---|---|---|---|---|---|---|
| KSA official prospectus, to Dec 31, 2024 | — | +0.54% | — | +8.15% | — | +7.96% |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | — | +5.39% |
| MSCI Saudi Arabia IMI2550Index Net index, same period | — | +1.29% | — | +8.95% | — | +8.78% |
| KSA price data to Oct 27, 2026 | -3.5% | -12.4% | +1.4% | -2.0% | +7.1% | +5.1% |
- Over the year to Oct 27, 2026, KSA returned -12.4%.
- Its 5-year annualized return was -2.0% and its 10-year +7.1%.
- In the 2020 COVID crash it fell 28.4% and regained its old high 5.2 months after the low.
- Its worst full calendar year was 2025 (-8.2%); its best was 2021 (+33.6%).
- The deepest fall in its price history was 40.6% (May 3, 2019 to Mar 16, 2020), recovered by Mar 10, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.5% | — |
| 2025 | -8.2% | — |
| 2024 | -0.2% | +0.54% |
| 2023 | +15.1% | +13.60% |
| 2022 | -6.1% | -5.46% |
| 2021 | +33.6% | +33.77% |
| 2020 | +2.6% | +2.43% |
| 2019 | +9.3% | +9.62% |
| 2018 | +13.1% | +15.30% |
| 2017 | +6.1% | +5.15% |
| 2016 | +7.7% | +9.24% |
| 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 28.1% over that stretch · deepest drop along the way 28.4%, back to its old high 5.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 2.2% over that stretch · deepest drop along the way 22.3%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $1.0700 | -24.1% |
| 2024 | $1.4100 | +36.9% |
| 2023 | $1.0300 | +41.1% |
| 2022 | $0.7300 | +12.7% |
| 2021 | $0.6477 | +19.9% |
| 2020 | $0.5400 | -19.4% |
| 2019 | $0.6700 | -6.9% |
| 2018 | $0.7200 | +20.0% |
| 2017 | $0.6000 | -22.1% |
| 2016 | $0.7700 |
What's inside
As of Aug 31, 2026, the fund held 118 securities; the ten largest made up 58.38% of assets.
| Holding | Weight | |
|---|---|---|
| AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC | 13.98% | |
| Saudi Arabian Oil Company | 10.83% | |
| The Saudi National Bank SJSC | 8.77% | |
| Saudi Telecom Company SJSC | 5.43% | |
| Saudi Arabian Mining Company SJSC | 4.84% | |
| Riyad Bank SJSC | 3.21% | |
| ALINMA BANK SJSC | 2.96% | |
| Saudi Basic Industries Corporation SJSC | 2.89% | |
| ACWA POWER Company SJSC | 2.76% | |
| Saudi Awwal Bank SJSC | 2.70% | |
| Banque Saudi Fransi SJSC | 2.10% | |
| Etihad Etisalat Company SJSC | 1.98% | |
| Almarai Company SJSC | 1.86% | |
| SABIC Agri-Nutrients Company SJSC | 1.81% | |
| Dr. Sulaiman Al Habib Medical Services Group Company | 1.61% |
By country
Saudi Arabia 99.62%By asset type
Stocks 99.2%Other 0.41%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $46.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.20%, -1.29%, +5.28%.
How it works
KSA follows the MSCI Saudi Arabia IMI 25/50 Index, which MSCI builds to cover large, mid and small companies in Saudi Arabia. Each company is weighted by its free-float market value, meaning only the shares available to public investors count. That figure is also adjusted for Saudi limits on foreign ownership. The index also has caps. No single "group entity" (affiliated companies under common control) can exceed 25%. All groups above 5% can't exceed 50% combined. The index rebalances every quarter, using a process that keeps its weights close to the uncapped MSCI Saudi Arabia Index.
BlackRock uses "representative sampling." The fund doesn't have to own every stock in the index. Instead, it holds a sample with similar size, sector, yield and trading traits. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash and other securities. As of August 31, 2026, the fund held 118 issuers, with about 99.6% of assets in Saudi Arabia and a tiny MSCI emerging markets futures position.
One mechanical detail matters. The fund creates and redeems shares only for cash, not by swapping securities, and cash must be paid in advance to buy Saudi stocks. As a result, the fund may have to sell holdings at bad times to pay redemptions. Portfolio turnover was 24% in the latest prospectus.
What it really costs
- KSA charges 0.75% a year.
- Of that, 0.74% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KSA | $77 | $240 | $417 | $930 |
In a retirement portfolio
KSA is a single-country fund tied closely to banks and oil, so it fits better as a small add-on than as a foundation.
KSA could add exposure to a market that often moves differently from US stocks. Its one-year beta, a measure of how much it moves with the broad market, was 0.49 as of October 27, 2026. Low correlation has not meant low risk, though. In the 2020 COVID crash it fell 28.4% in less than a month, then recovered by August 2020. In 2022 it dropped 22.3% between April and September, and it still had not regained that peak as of October 27, 2026. Its deepest decline was 40.6%, from May 2019 to March 2020, and it took about 12 months to recover. Its worst calendar year was 2025, a loss of 8.2%. The fund launched in 2015, so it has no 2008 record. Anyone forced to sell during drops like these would lock in losses. The trailing yield was 2.98%, paid twice a year, and the expense ratio is 0.75%. 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 who want a targeted slice of Saudi banks, Saudi Arabian Oil Company and materials firms alongside a broader global stock allocation.
- People who can tolerate oil-linked swings: the fund's deepest drop was 40.6%, from May 2019 to March 2020.
- Holders who want some income: the trailing yield was 2.98% as of October 27, 2026, paid twice a year.
Look elsewhere if
- Cost-focused investors: in the SEC's standard $10,000 example, the 0.75% annual fee adds up to $930 over 10 years.
- Anyone wanting broad diversification: the top 10 holdings were 58% of assets as of August 31, 2026, almost all in one country.
- Investors seeking steady growth: KSA lost 12.4% over the year to October 27, 2026, and returned -2% a year over five years.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does KSA pay dividends?
Yes. KSA makes distributions twice a year. Over the 12 months to October 27, 2026, it paid $1.03 per share, a trailing yield of 2.98%. The money comes from dividends paid by its Saudi holdings, such as Al Rajhi Bank and Saudi Arabian Oil Company. Payments can rise or fall with those companies' profits, which depend heavily on oil prices. The income is not guaranteed.
What is the expense ratio of KSA?
KSA's expense ratio is 0.75% a year, according to the prospectus filed December 19, 2025. Almost all of that is a 0.74% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, total costs would be about $77 after one year, $240 after three, $417 after five and $930 after 10. The fee is worth comparing with those of broader index funds.
What are KSA's top holdings?
As of August 31, 2026, KSA's largest holdings were Al Rajhi Bank (14.0%), Saudi Arabian Oil Company, also known as Saudi Aramco (10.8%), Saudi National Bank (8.8%), Saudi Telecom (5.4%) and Saudi Arabian Mining Company (4.8%). Banks fill much of the rest of the top 10, including Riyad Bank, Alinma Bank and Saudi Awwal Bank. The top 10 made up 58.4% of a portfolio of 118 holdings.
How does KSA compare with emerging markets funds?
KSA is much narrower than an emerging markets fund: about 99.6% of its assets were in Saudi Arabia as of August 31, 2026. Its returns have also differed sharply. As of December 31, 2024, the prospectus showed KSA returning 8.15% a year over five years, compared with 1.7% for the MSCI Emerging Markets Index. Over the one year to that date, KSA returned 0.54%, while the index returned 7.5%.
Is KSA a good investment for retirement?
KSA works more like a small, higher-risk side holding than a core retirement fund. It owns stocks from one country, tilted heavily toward banks and oil-linked companies, and the prospectus notes that petroleum exports dominate Saudi Arabia's economy. The fund fell 28.4% in early 2020, and its deepest drop reached 40.6%. Price returns averaged -2% a year over the five years to October 27, 2026, and 7.1% a year over 10 years.