At a glance
QAT charges 0.6% a year. It has $59.6M in assets; it paid 5.21% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −11.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +5.5% a year. At its worst it fell 20.8% in the 2020 crash (S&P 500: 33.7%) and 19.2% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 72.1% of the fund, out of 34 in all.
The short version
iShares MSCI Qatar ETF (QAT) is a BlackRock index fund that tracks the MSCI All Qatar Capped Index. It held 34 Qatari stocks as of August 31, 2026. It gives targeted exposure to one Gulf economy and pays income twice a year, with a trailing yield of 5.21% as of October 27, 2026. The trade-offs are a heavy tilt toward banks, with Qatar National Bank alone at 22.65% of assets, and a 0.60% expense ratio.
Price history
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QAT -11.0% 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 | |
|---|---|---|---|---|---|---|
| QAT official prospectus, to Dec 31, 2024 | — | +5.88% | — | +4.11% | +1.25% | — |
| MSCI Emerging Markets Indexs Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI All Qatar Capped Index index, same period | — | +6.66% | — | +4.69% | +1.90% | — |
| QAT price data to Oct 27, 2026 | -10.4% | -11.0% | +5.5% | -0.6% | +2.4% | +0.4% |
- Over the year to Oct 27, 2026, QAT returned -11.0%.
- Its 5-year annualized return was -0.6% and its 10-year +2.4%.
- In the 2020 COVID crash it fell 20.8% and regained its old high 3.8 months after the low.
- Its worst full calendar year was 2015 (-16.4%); its best was 2018 (+20.1%).
- The deepest fall in its price history was 45.2% (May 30, 2014 to Nov 21, 2017), recovered by Nov 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -10.4% | — |
| 2025 | +8.8% | — |
| 2024 | +5.2% | +5.88% |
| 2023 | +2.7% | +1.85% |
| 2022 | -7.2% | -5.91% |
| 2021 | +14.4% | +13.86% |
| 2020 | +7.1% | +5.85% |
| 2019 | -0.4% | -0.13% |
| 2018 | +20.1% | +22.58% |
| 2017 | -11.6% | -13.83% |
| 2016 | +2.5% | +3.67% |
| 2015 | -16.4% | -15.37% |
| 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 12.6% over that stretch · deepest drop along the way 20.8%, back to its old high 3.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 10.5% over that stretch · deepest drop along the way 19.2%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6200 | |
| 2025 | $0.6600 | -37.7% |
| 2024 | $1.0600 | +49.3% |
| 2023 | $0.7100 | -19.3% |
| 2022 | $0.8800 | +83.3% |
| 2021 | $0.4800 | -9.6% |
| 2020 | $0.5307 | -15.8% |
| 2019 | $0.6300 | -26.7% |
| 2018 | $0.8600 | +30.1% |
| 2017 | $0.6608 | -1.4% |
| 2016 | $0.6700 | -22.1% |
| 2015 | $0.8600 |
What's inside
As of Aug 31, 2026, the fund held 34 securities; the ten largest made up 72.06% of assets.
| Holding | Weight | |
|---|---|---|
| QATAR NATIONAL BANK (Q.P.S.C.) | 22.65% | |
| Qatar Islamic Bank (Q.P.S.C) | 14.29% | |
| Industries Qatar Q.P.S.C | 5.90% | |
| The Commercial Bank (P.S.Q.C.) | 4.64% | |
| QATAR GAS TRANSPORT COMPANY LIMITED (NAKILAT) (QPSC) | 4.61% | |
| Ooredoo Q.P.S.C. | 4.49% | |
| QATAR INTERNATIONAL ISLAMIC BANK (Q.P.S.C.) | 4.33% | |
| AlRayan Bank Q.P.S.C. | 4.15% | |
| Qatar Navigation Q.P.S.C. | 4.06% | |
| Qatar Fuel Company QPSC | 2.93% | |
| Doha Bank Q.P.S.C. | 2.73% | |
| Mesaieed Petrochemical Holding Company Q.P.S.C. | 2.55% | |
| Nebras Energy | 2.52% | |
| Dukhan Bank Q.P.S.C | 2.49% | |
| Barwa Real Estate Company Q.P.S.C. | 2.12% |
By country
Qatar 100.02%By asset type
Stocks 99.98%Other 0.04%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $16.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.05%, -3.40%, -0.85%.
How it works
QAT tracks the MSCI All Qatar Capped Index, which is built by MSCI. The index holds large, mid and small Qatari companies. It also holds firms based or listed in Qatar that MSCI judges to have strong ties to the country. If that doesn't reach its target of at least 25 securities and 20 issuers, MSCI adds companies that earn more than 10% of their revenue in Qatar, generally capped at 1% each. Stocks are weighted by free float-adjusted market value, meaning the value of the shares the public can actually buy. So the biggest companies count most.
To limit concentration, the index caps any single corporate group at 25%. All groups above 5% are capped at 50% combined. At each quarterly rebalance, those limits are tightened to 22.5% and 45%. That is why Qatar National Bank, at 22.65% of assets as of August 31, 2026, sits right at the cap.
BlackRock's adviser, BFA, uses representative sampling. That means it holds a group of stocks that closely resembles the index, not necessarily every one. At least 80% of assets go into index stocks or depositary receipts, and up to 20% may go into futures, options, swaps or cash. As of August 31, 2026, the fund held no derivatives and 0.03% cash. Portfolio turnover was 29%, and the fund does not move to cash when markets fall.
What it really costs
- QAT charges 0.6% a year.
- Of that, 0.59% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QAT | $61 | $192 | $335 | $750 |
In a retirement portfolio
A one-country fund concentrated in a handful of Qatari banks and energy-linked companies, which once fell 45.2%, fits better as a small side position than as a core holding.
QAT holds a single Gulf market that hasn't always moved with US stocks. From the US market's January 2022 peak to its October 2022 low, QAT gained 10.5%. Even so, it fell 19.2% between April and July 2022. In early 2020 it dropped 20.8% in three weeks and recovered by July. Its worst calendar year was 2015, a loss of 15.37%. Its deepest drop, 45.2% from May 2014 to November 2017, took until November 2021 to recover. Anyone who had to sell during that stretch would have locked in steep losses.
The trailing 12-month yield was 5.21% as of October 27, 2026, paid twice a year. In the SEC's standard example, the 0.60% expense ratio comes to $61 in the first year on $10,000. The fund launched in 2014, so it has no record from 2008. 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 a targeted position in Qatar, led by Qatar National Bank (22.65%) and Qatar Islamic Bank (14.29%) as of August 31, 2026.
- Income-minded holders comfortable with payouts twice a year; the trailing yield was 5.21% as of October 27, 2026.
- Investors seeking a holding that has sometimes moved apart from US stocks, such as gaining 10.5% during the 2022 US bear market.
Look elsewhere if
- Anyone wanting broad emerging-markets exposure: the fund held only 34 stocks, all Qatari, with the top 10 at 72.06% of assets.
- Cost-focused investors: the 0.60% expense ratio adds up to $750 over 10 years on $10,000 in the SEC's standard example.
- Those who may need to sell in a downturn: its 45.2% drop from 2014 to 2017 took until November 2021 to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does QAT pay monthly dividends?
No. QAT pays dividends twice a year, not monthly. Over the 12 months to October 27, 2026, it paid about $0.85 per share, a trailing yield of 5.21%. The payouts come from dividends paid by its Qatari holdings, so they can rise or fall with bank profits, energy prices and currency moves. Anyone who relies on steady monthly income would need to plan around the uneven timing.
What stocks are in the QAT ETF?
As of August 31, 2026, QAT held 34 Qatari stocks, and the top 10 made up 72.06% of assets. Qatar National Bank led at 22.65%, followed by Qatar Islamic Bank at 14.29%, Industries Qatar at 5.90%, The Commercial Bank at 4.64%, Qatar Gas Transport (Nakilat) at 4.61% and telecom group Ooredoo at 4.49%. Banks dominate, so the fund depends heavily on Qatar's financial sector.
What is QAT's expense ratio?
QAT's expense ratio is 0.60% a year, according to the prospectus filed December 19, 2025. That includes a 0.59% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $61 after one year, $192 after three years, $335 after five years and $750 after 10 years. These costs come out of the fund's returns automatically, so holders never get a separate bill.
How does QAT compare with emerging markets index funds?
QAT is much narrower than a broad emerging-markets fund because it holds only Qatari stocks. As of December 31, 2024, the prospectus shows QAT returned 4.11% a year over five years, against 1.7% for the MSCI Emerging Markets Index. Over 10 years, though, it returned 1.25% a year against 3.64%. Its own index, the MSCI All Qatar Capped Index, returned 1.9% a year over 10 years. The gap reflects fees and tracking differences.
Is QAT a risky ETF?
Yes. It is riskier than a diversified fund because it holds one country's stocks, and Qatar's economy depends heavily on petroleum exports. Its worst quarter was a 19.07% drop in early 2020. Its deepest decline, 45.2% from 2014 to 2017, took until November 2021 to recover. As of October 27, 2026, it had lost 11% over one year. It is also a small fund, with about $59.6 million in net assets as of August 31, 2026.