At a glance
THD charges 0.59% a year. It has $345.8M in assets; it paid 3.53% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +21.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +9.7% a year. At its worst it fell 37.9% in the 2020 crash (S&P 500: 33.7%) and 20.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 3 months after the lows. Its ten largest positions make up 55.1% of the fund, out of 83 in all.
The short version
The iShares MSCI Thailand ETF (THD), from BlackRock, tracks the MSCI Thailand IMI 25/50 Index. The index weights large, mid and small Thai companies by market value. It is a single-country fund: as of August 31, 2026, 99.42% of assets were in Thailand, and one stock, Delta Electronics (Thailand), made up 14.2%. It charges 0.59% a year and has swung hard, including a 64.2% drop in 2008.
Price history
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THD +21.0% 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 | |
|---|---|---|---|---|---|---|
| THD official prospectus, to Dec 31, 2024 | — | -1.85% | — | -4.27% | +0.36% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| THD price data to Oct 27, 2026 | +22.5% | +21.0% | +9.7% | +1.7% | +2.8% | +4.6% |
- Over the year to Oct 27, 2026, THD returned +21.0%.
- Its 5-year annualized return was +1.7% and its 10-year +2.8%.
- In the 2020 COVID crash it fell 37.9% and regained its old high 8.6 months after the low.
- Its worst full calendar year was 2015 (-22.0%); its best was 2009 (+81.4%).
- The deepest fall in its price history was 64.2% (May 22, 2008 to Dec 1, 2008), recovered by Jul 27, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +22.5% | — |
| 2025 | +2.4% | — |
| 2024 | -2.2% | -1.85% |
| 2023 | -12.6% | -12.18% |
| 2022 | +1.2% | +1.55% |
| 2021 | +1.9% | +1.66% |
| 2020 | -9.9% | -9.67% |
| 2019 | +8.3% | +8.87% |
| 2018 | -8.2% | -8.77% |
| 2017 | +31.5% | +30.97% |
| 2016 | +26.3% | +25.65% |
| 2015 | -22.0% | -21.13% |
| 2014 | +15.5% | — |
| 2013 | -14.6% | — |
| 2012 | +40.2% | — |
| 2011 | -4.3% | — |
| 2010 | +56.7% | — |
| 2009 | +81.4% | — |
| 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 35.7% over that stretch · deepest drop along the way 37.9%, back to its old high 8.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.7% over that stretch · deepest drop along the way 20.6%, back to its old high 3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7100 | |
| 2025 | $2.0100 | +5.2% |
| 2024 | $1.9100 | +2.1% |
| 2023 | $1.8700 | +3.3% |
| 2022 | $1.8100 | -24.6% |
| 2021 | $2.4000 | +34.8% |
| 2020 | $1.7800 | -16.0% |
| 2019 | $2.1200 | -0.5% |
| 2018 | $2.1300 | +6.5% |
| 2017 | $2.0000 | +6.4% |
| 2016 | $1.8800 | -10.5% |
| 2015 | $2.1000 | +16.0% |
| 2014 | $1.8100 | -10.0% |
| 2013 | $2.0100 | +34.0% |
| 2012 | $1.5000 | -16.7% |
| 2011 | $1.8000 | +15.4% |
| 2010 | $1.5600 | +188.9% |
| 2009 | $0.5400 |
What's inside
As of Aug 31, 2026, the fund held 83 securities; the ten largest made up 55.06% of assets, and 2.39% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Delta Electronics (Thailand) Public Company Limited Other | 14.24% | |
| PTT Public Company Limited Other | 7.32% | |
| ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED Other | 6.76% | |
| Airports of Thailand Public Company Limited Other | 4.66% | |
| GULF DEVELOPMENT PUBLIC COMPANY LIMITED Other | 4.27% | |
| CP All Public Company Limited Other | 4.14% | |
| Bangkok Dusit Medical Services Public Company Limited Other | 3.71% | |
| PTT EXPLORATION AND PRODUCTION PUBLIC COMPANY LIMITED Other | 3.67% | |
| The Siam Cement Public Company Limited Other | 3.61% | |
| KRUNG THAI BANK PUBLIC COMPANY LIMITED Other | 2.68% | |
| KASIKORNBANK PUBLIC COMPANY LIMITED Other | 2.61% | |
| TRUE CORPORATION PUBLIC COMPANY LIMITED Other | 2.41% | |
| Central Pattana Public Company Limited Other | 2.41% | |
| SCB X PUBLIC COMPANY LIMITED Other | 2.25% | |
| Bumrungrad Hospital Public Company Limited Other | 2.02% |
By country
Thailand 99.42%By asset type
Other 99.42%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $84.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.27%, +0.89%, +0.44%.
How it works
THD follows the MSCI Thailand IMI 25/50 Index, which MSCI Inc. builds and maintains. "IMI" stands for investable market index, which means it covers large, mid-sized and small Thai companies. Each company is weighted by its free-float market value, meaning the value of shares actually available to trade. The biggest companies therefore count the most.
The "25/50" in the name refers to two weight limits. No single group entity (companies MSCI judges to be under common control) can be more than 25% of the index. All group entities above 5% together cannot exceed 50%. The index is rebalanced every quarter, using a process designed to keep it as close as possible to the uncapped MSCI Thailand Index.
The manager uses representative sampling. It holds a set of stocks that together resemble the index, not necessarily every one. At least 80% of assets go into index stocks or close substitutes such as depositary receipts. Up to 20% can go into futures, options, swaps, cash and other holdings. The fund held 83 issuers as of August 31, 2026, and portfolio turnover was 12%. It may lend out up to one-third of its assets, and it does not move to cash when markets fall.
What it really costs
- THD charges 0.59% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| THD | $60 | $189 | $329 | $738 |
In a retirement portfolio
THD holds a single emerging market, with heavy weight in a few stocks and a history of deep, fast drops.
THD could add exposure to Thai companies such as Delta Electronics (Thailand), PTT and Advanced Info Service, which most US-focused portfolios don't hold. That comes with sharp swings. The fund fell 64.2% from May to December 2008 and took about 20 months to recover. In the 2020 COVID crash it dropped 37.9% and needed 8.6 months to recover. In 2022 it fell 20.6%. Its worst calendar year was 2015, down 21.13%. Someone drawing income after drops like these may have to sell shares at low prices. The yield was 3.53% as of October 27, 2026, paid twice a year, and payouts can vary. Expenses are 0.59% a year, or $60 in the first year on $10,000 under the SEC's standard example. 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 targeted exposure to Thai stocks: 99.42% of assets were in Thailand across 83 holdings as of August 31, 2026.
- People keeping a small satellite position who can live with swings like the fund's 37.9% drop in early 2020.
- Income-minded holders comfortable with payouts twice a year; the trailing yield was 3.53% as of October 27, 2026.
Look elsewhere if
- Those who want broad emerging-markets exposure: through 2024, THD returned 0.36% a year over 10 years versus 3.64% for the MSCI Emerging Markets Index.
- Investors uneasy with concentration: Delta Electronics (Thailand) alone was 14.2% of assets, and the top 10 holdings were 55%, as of August 31, 2026.
- Retirees who may need to withdraw money during downturns; the fund fell 64.2% in 2008 and took about 20 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is THD good for retirement?
THD fits better as a small, higher-risk satellite than as a core holding. It invests almost entirely in Thailand. Its volatility, a measure of how much returns swing, was 21.9% over the year to October 27, 2026. It fell 64.2% in 2008 and 37.9% in early 2020. Its 3.53% trailing yield, paid twice a year, may appeal to income seekers. But anyone drawing income could be forced to sell shares at a loss in a downturn.
Does THD pay dividends?
Yes. THD pays distributions twice a year. Over the 12 months through October 27, 2026, it paid $2.52 per share, a trailing yield of 3.53%. The payouts come from dividends paid by the fund's Thai stocks. They can rise or fall with company profits and with the value of Thailand's currency against the US dollar.
What is THD's expense ratio?
THD's expense ratio is 0.59% a year, according to its prospectus filed December 19, 2025, and all of it is the management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, total costs would be about $60 after one year, $189 after three, $329 after five and $738 after ten. Portfolio turnover was 12%, which helps keep trading costs down.
What are THD's top holdings?
As of August 31, 2026, THD's largest holding was Delta Electronics (Thailand) at 14.2% of assets. Next came PTT (7.3%), Advanced Info Service (6.8%), Airports of Thailand (4.7%), Gulf Development (4.3%) and CP All (4.1%). The top 10 holdings made up about 55% of the fund. The index caps any single corporate group at 25%, but a handful of stocks still drive much of the return.
How has THD performed compared with emerging markets?
THD has trailed broad emerging markets over longer periods. As of December 31, 2024, it returned 0.36% a year over 10 years and lost 4.27% a year over five years. The MSCI Emerging Markets Index returned 3.64% and 1.7% over the same periods. Results have improved since then. Based on market prices, the fund gained 22.5% in 2026 through October 27, and 21% over the prior 12 months.