At a glance
TOK charges 0.25% a year, above the 0.07% average of the 8 funds most like it (the most expensive of 9). It has $249.8M in assets, the 9th largest of that group; it paid 1.29% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +12.9% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +23.7% a year. At its worst it fell 34.5% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 14 months after the lows. Its ten largest positions make up 27.9% of the fund, out of 1,127 in all.
The short version
iShares MSCI Kokusai ETF (TOK) is a BlackRock index fund that tracks the MSCI Kokusai Index. The index holds large and mid-sized companies in developed countries, leaving out Japan. About 74% of the fund was in US stocks as of July 31, 2026. Its 0.25% expense ratio is the highest of nine similar funds. The Xtrackers MSCI Kokusai Equity ETF (KOKU) covers the same market for 0.09%.
Price history
The interactive chart needs JavaScript.
TOK +12.9% 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 | |
|---|---|---|---|---|---|---|
| TOK official prospectus, to Dec 31, 2024 | — | +19.48% | — | +11.94% | +10.50% | — |
| MSCI All Country World Index index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| TOK price data to Oct 27, 2026 | +12.1% | +12.9% | +23.7% | +11.3% | +13.6% | +8.6% |
- Over the year to Oct 27, 2026, TOK returned +12.9%, 5th of 9 among similar funds.
- Its 5-year annualized return was +11.3% and its 10-year +13.6%.
- In the 2020 COVID crash it fell 34.5% and regained its old high 4.7 months after the low.
- Its worst full calendar year was 2008 (-40.3%); its best was 2009 (+31.5%).
- The deepest fall in its price history was 56.2% (Dec 12, 2007 to Mar 6, 2009), recovered by Jan 24, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.2% | — |
| 2025 | +20.8% | — |
| 2024 | +19.5% | +19.48% |
| 2023 | +24.8% | +24.63% |
| 2022 | -17.9% | -17.84% |
| 2021 | +23.9% | +23.60% |
| 2020 | +15.1% | +16.22% |
| 2019 | +30.0% | +28.66% |
| 2018 | -7.8% | -8.12% |
| 2017 | +22.1% | +22.51% |
| 2016 | +7.8% | +8.31% |
| 2015 | -1.6% | -1.54% |
| 2014 | +5.5% | — |
| 2013 | +26.7% | — |
| 2012 | +16.0% | — |
| 2011 | -3.7% | — |
| 2010 | +11.4% | — |
| 2009 | +31.5% | — |
| 2008 | -40.3% | — |
| 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 34.5% over that stretch · deepest drop along the way 34.5%, back to its old high 4.7 months after the low |
| 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 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0100 | |
| 2025 | $1.9000 | -1.0% |
| 2024 | $1.9200 | 0.0% |
| 2023 | $1.9200 | -33.1% |
| 2022 | $2.8700 | +69.8% |
| 2021 | $1.6900 | +33.1% |
| 2020 | $1.2700 | -19.1% |
| 2019 | $1.5700 | -1.3% |
| 2018 | $1.5900 | -5.4% |
| 2017 | $1.6800 | +20.9% |
| 2016 | $1.3900 | -11.5% |
| 2015 | $1.5700 | +9.8% |
| 2014 | $1.4300 | +14.4% |
| 2013 | $1.2500 | +14.7% |
| 2012 | $1.0900 | +13.5% |
| 2011 | $0.9600 | +15.7% |
| 2010 | $0.8300 | -8.8% |
| 2009 | $0.9100 | +193.5% |
| 2008 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 1,127 securities; the ten largest made up 27.92% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 5.47% | |
| APPLE INC. | 5.36% | |
| MICROSOFT CORPORATION | 3.87% | |
| AMAZON.COM, INC. | 3.10% | |
| ALPHABET INC. Class A | 2.45% | |
| BROADCOM INC. | 2.07% | |
| ALPHABET INC. | 1.95% | |
| META PLATFORMS, INC. | 1.44% | |
| JPMORGAN CHASE & CO. | 1.11% | |
| MICRON TECHNOLOGY, INC. | 1.10% | |
| ELI LILLY AND COMPANY | 1.09% | |
| TESLA, INC. | 1.03% | |
| ADVANCED MICRO DEVICES, INC. | 0.92% | |
| BERKSHIRE HATHAWAY INC. | 0.84% | |
| EXXONMOBIL HOLDINGS CORPORATION | 0.76% |
By country
United States 73.75%United Kingdom 3.75%Canada 3.67%Switzerland 2.74%France 2.33%By asset type
Stocks 99.44%Other 0.39%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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.39%, -0.67%, +0.53%.
How it works
TOK tracks the MSCI Kokusai Index, which measures stock markets in countries MSCI classes as developed, minus Japan. It holds large and mid-sized companies from the U.S., Canada, the U.K., much of Europe, Australia, Hong Kong, Israel, New Zealand and Singapore. MSCI, not BlackRock, picks the index's stocks and sets their weights. The biggest companies get the largest slices: as of July 31, 2026, U.S. stocks were about 74% of the fund, led by NVIDIA (5.5%), Apple (5.4%) and Microsoft (3.9%).
BlackRock uses "representative sampling": rather than buying every index stock, it may hold a sample chosen to match the index's mix of company sizes, industries, yield and price swings. It had 1,127 holdings as of July 31, 2026. Generally, at least 80% of assets sit in index stocks or depositary receipts (certificates representing foreign shares). Up to 20% can go into futures, options, swaps, cash or other securities that aid tracking.
The fund does not try to beat the index or retreat to cash when markets look expensive. Turnover (the share of the portfolio replaced in a year) was a low 3%, per the prospectus filed November 21, 2025. It may lend securities worth up to one-third of total assets for extra income. Its value is set in U.S. dollars, so a weaker euro or pound can cut returns.
What it really costs
- TOK charges 0.25% a year, versus an average of 0.07% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TOK | $26 | $80 | $141 | $318 |
In a retirement portfolio
It holds more than 1,100 developed-market companies in one fund, but it leans heavily toward large US companies and leaves out Japan.
TOK could serve as a broad stock core, but its past losses have been deep. Its worst drop was about 56%, from December 2007 to March 2009. Recovering took about 47 months, and 2008 was its worst calendar year at -40.3%. In the 2020 COVID crash it fell 34.5% and recovered in under five months. The 2022 decline of 25.8% took 14 months to recover. Anyone withdrawing money during stretches like these would lock in losses. Income is modest: the trailing 12-month yield was 1.29% as of October 27, 2026, paid twice a year. Under the SEC's standard example, costs come to $26 in the first year on $10,000. TOK's 0.25% expense ratio compares with a 0.07% average for similar 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 one fund for developed-market stocks outside Japan, for example those who already hold Japanese shares elsewhere.
- Holders who value a low-turnover index approach; portfolio turnover was 3%, according to the prospectus filed November 21, 2025.
- People comfortable with heavy US tech exposure: NVIDIA, Apple and Microsoft made up nearly 15% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: KOKU covers the same MSCI Kokusai market for 0.09% a year, against TOK's 0.25%.
- Those seeking broad global exposure: Japan is left out, and about 74% of assets were in US stocks as of July 31, 2026.
- Income seekers: the trailing 12-month yield was 1.29% as of October 27, 2026, and dividends are paid only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TOK this fund | — | 0.25% | $249.8M | +12.9% | +23.7% |
| KOKU Xtrackers MSCI Kokusai Equity ETF | 89% | 0.09% | $812.7M | +12.8% | +23.9% |
| URTH iShares MSCI World ETF | 84% | 0.24% | $8.22B | +13.1% | +23.6% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 73% | 0% | $5.47B | +13.4% | +25.4% |
| PBUS Invesco MSCI USA ETF | 73% | 0.04% | $11.67B | +13.1% | +24.9% |
| VTHR Vanguard Russell 3000 ETF | 73% | 0.07% | $6.41B | +13.1% | +24.5% |
| ITOT iShares Core S&P Total U.S. Stock Market ETF | 72% | 0.03% | $94.14B | +11.4% | +21.8% |
| VTI Vanguard Total Stock Market ETF | 72% | 0.03% | $2.30T | +12.5% | +23.4% |
Questions investors ask
What's the difference between TOK and KOKU?
The main difference is cost. Both funds target developed-market stocks outside Japan through the MSCI Kokusai market, and their holdings overlap by 89%. TOK charges 0.25% a year and KOKU charges 0.09%. KOKU is also larger, with $812.7 million in net assets as of August 31, 2026, against TOK's $249.8 million as of July 31, 2026. Returns have been close: through October 27, 2026, TOK returned 12.9% over one year and KOKU 12.8%.
Does TOK pay dividends?
Yes. TOK pays dividends twice a year. The trailing 12-month yield was 1.29% as of October 27, 2026. That works out to about $1.98 per share over that period. The income comes from dividends paid by the companies the fund owns, so the amount can change from one payment to the next. For investors who mainly want income, this is a modest yield, because the fund's largest holdings are growth-oriented technology companies.
How much of TOK is invested in US stocks?
About 74%. As of July 31, 2026, 73.75% of TOK's assets were in US companies. The next largest countries were the United Kingdom (3.75%), Canada (3.67%), Switzerland (2.74%), France (2.33%) and Germany (2.30%). The largest holdings were all US companies: NVIDIA, Apple, Microsoft, Amazon and Alphabet. So TOK behaves much like a US large-company fund with a smaller slice of other developed markets added.
What is TOK's expense ratio?
TOK's expense ratio is 0.25% a year, according to the prospectus filed November 21, 2025. In the SEC's standard example, $10,000 earning 5% a year would pay about $26 in costs after one year, $80 after three, $141 after five and $318 after ten, assuming the shares are redeemed at the end of each period. That is the highest cost among nine similar funds. Their average is 0.07%.
How has TOK performed over the long run?
Fairly strongly, with deep drops along the way. According to the prospectus, TOK's average annual return over the 10 years through December 31, 2024 was 10.5%. That compares with 9.23% for the MSCI All Country World Index, which the prospectus uses for comparison. Based on price history, the 10-year annualized return was 13.6% as of October 27, 2026. TOK lost 17.84% in 2022 and fell about 56% from late 2007 to early 2009.