At a glance
KWT charges 0.75% a year. It has $67.8M in assets; it paid 5.81% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −5.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +12.9% a year. Its ten largest positions make up 72.4% of the fund, out of 38 in all.
The short version
iShares MSCI Kuwait ETF (KWT), from BlackRock, is an index fund that tracks the MSCI All Kuwait Select Size Liquidity Capped Index and held 38 Kuwaiti companies as of August 31, 2026. It is highly concentrated: National Bank of Kuwait and Kuwait Finance House together made up nearly 45% of assets. It charges 0.75% a year and had a 12-month yield of 5.81% as of October 27, 2026, paid twice a year.
Price history
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KWT -5.4% 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 | |
|---|---|---|---|---|---|---|
| KWT official prospectus, to Dec 31, 2024 | — | +11.43% | — | — | — | +11.35% |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | — | — | +1.47% |
| KWT price data to Oct 27, 2026 | -4.9% | -5.4% | +12.9% | — | — | +4.0% |
- Over the year to Oct 27, 2026, KWT returned -5.4%.
- Its worst full calendar year was 2023 (-4.7%); its best was 2025 (+25.4%).
- The deepest fall in its price history was 24.3% (May 6, 2022 to Oct 27, 2023), recovered by Feb 14, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.9% | — |
| 2025 | +25.4% | — |
| 2024 | +11.3% | +11.43% |
| 2023 | -4.7% | -4.49% |
| 2022 | — | +5.12% |
| 2021 | — | +32.34% |
| 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 | Not in the price data, which starts Feb 25, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8100 | |
| 2025 | $2.0700 | +5.6% |
| 2024 | $1.9600 | +184.1% |
| 2023 | $0.6900 |
What's inside
As of Aug 31, 2026, the fund held 38 securities; the ten largest made up 72.37% of assets.
| Holding | Weight | |
|---|---|---|
| National Bank of Kuwait S.A.K.P. | 23.08% | |
| KUWAIT FINANCE HOUSE K.S.C.P | 21.64% | |
| MOBILE TELECOMMUNICATIONS COMPANY K.S.C.P | 4.54% | |
| Gulf Bank K.S.C.P | 4.24% | |
| Mabanee Company K.P.S.C. | 4.02% | |
| Warba Bank K.S.C.P. | 3.84% | |
| National Industries Group Holding KPSC | 3.13% | |
| Al Ahli Bank of Kuwait K.S.C.P | 3.07% | |
| Kuwait Real Estate Company - KPSC | 2.50% | |
| Boubyan Petrochemical Company K.S.C.P. | 2.30% | |
| Boursa Kuwait Securities Company KPSC | 2.28% | |
| Commercial Real Estate Company K.P.S.C. | 2.19% | |
| The Public Warehousing Company | 1.90% | |
| Humansoft Holding Company KSCP | 1.71% | |
| Kuwait International Bank K.S.C.P | 1.65% |
By country
Kuwait 99.92%By asset type
Stocks 99.83%Other 0.09%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.86%, +1.36%, +1.90%.
How it works
KWT, a BlackRock iShares fund, aims to match the MSCI All Kuwait Select Size Liquidity Capped Index before fees, not beat it. The index starts with Kuwaiti stocks that pass MSCI's liquidity and investability screens. It also takes in companies headquartered or listed in Kuwait that have strong ties to the country. If that yields fewer than 30 stocks and 25 issuers, MSCI adds companies earning more than 10% of revenue in Kuwait, generally at 1% or less each.
Stocks are weighted by free-float market value, which counts only shares the public can trade. To limit concentration, MSCI caps "group entities," meaning affiliated companies under common control. At each quarterly rebalance, no group can top 22.5%, and groups above 4.5% are held to 45% combined. The outer limits are 25% and 50%. As of August 31, 2026, the fund had 38 holdings. National Bank of Kuwait was 23.1%, Kuwait Finance House 21.6%, and the top 10 made up 72.4%.
BlackRock uses representative sampling: it holds a sample built to mirror the index, not necessarily every stock. At least 80% of assets go into index stocks or close equivalents, and up to 20% can sit in futures, swaps and cash. The fund creates and redeems shares for cash, which can force sales that realize capital gains.
What it really costs
- KWT 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 |
|---|---|---|---|---|
| KWT | $77 | $240 | $417 | $930 |
In a retirement portfolio
It is a single-country fund in which two banks made up nearly 45% of assets as of August 31, 2026, so it fits best as a small add-on rather than a foundation.
KWT could add a small slice of Kuwaiti stocks that have not moved closely with the broad market. Its beta, a measure of how closely a fund moves with the market, was 0.33 for the year to October 27, 2026. The fund launched in September 2020, so it has no record from the 2008 crisis or the 2020 crash. The prospectus shows a 5.12% gain in 2022 and a worst calendar year of -4.49% in 2023. Its deepest drop was 24.3%, from May 2022 to October 2023. It got back to its old peak in February 2025, about 15.6 months after the low. A retiree who sold during that stretch would have locked in losses.
The 12-month yield was 5.81% as of October 27, 2026, paid twice a year. Payouts depend on Kuwaiti bank profits and oil-linked economics, so they can vary. 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 targeted exposure to Kuwaiti banks, telecoms and property firms, led by National Bank of Kuwait and Kuwait Finance House.
- People adding a small satellite position with a 5.81% yield as of October 27, 2026, paid twice a year.
- Investors who accept single-country, oil-linked and currency risk and a 0.75% expense ratio in exchange for access to a smaller, less-traded market.
Look elsewhere if
- Those who want broad diversification: two banks made up nearly 45% of assets and the top 10 holdings 72% as of August 31, 2026.
- Retirees who need steady monthly income, since payouts come twice a year and depend on Kuwaiti company dividends.
- Cost-focused investors: the 0.75% fee comes to about $930 over 10 years on $10,000 in the SEC's standard example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does KWT pay dividends?
Yes. KWT pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $2.07 per share, a yield of 5.81%. Most of that income comes from Kuwaiti banks, which made up the bulk of the fund. Payouts can rise or fall with bank profits, oil-linked economic conditions and the exchange rate of the Kuwaiti dinar against the US dollar, so past payments don't guarantee future ones.
What are KWT's top holdings?
KWT's two largest holdings are National Bank of Kuwait at 23.1% and Kuwait Finance House at 21.6%, as of August 31, 2026. Next come Mobile Telecommunications Company (4.5%), Gulf Bank (4.2%), Mabanee Company (4.0%) and Warba Bank (3.8%). The fund held 38 companies, and the top 10 made up 72% of assets. Nearly all of the portfolio, 99.92%, was in Kuwait.
How has KWT performed compared with emerging markets ETFs?
KWT beat the broad MSCI Emerging Markets Index over the periods shown in its prospectus. As of December 31, 2024, the fund returned 11.43% over one year versus 7.5% for the index. Since its September 2020 launch, it averaged 11.35% a year versus 1.47%. More recent results are mixed. Based on price data as of October 27, 2026, KWT averaged 12.9% a year over three years but lost 5.4% over one year.
What is KWT's expense ratio?
KWT's expense ratio is 0.75% a year, which includes a 0.74% management fee, according to its prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested, a 5% yearly return and a sale at the end of each period. On those terms, costs would be about $77 after one year, $240 after three years, $417 after five years and $930 after ten years.
Is KWT a risky ETF?
Yes, KWT carries more risk than a broadly diversified fund. It holds only Kuwaiti stocks, and two banks made up nearly 45% of assets as of August 31, 2026. Kuwait's economy depends heavily on oil, and currency moves affect returns in US dollars. Its deepest drop was 24.3%, from May 2022 to October 2023. The fund is also small, with net assets of about $67.8 million as of August 31, 2026.