At a glance
UAE charges 0.59% a year. It has $302.5M in assets; it paid 4.32% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +2.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +18.5% a year. At its worst it fell 35.4% in the 2020 crash (S&P 500: 33.7%) and 20.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 28 months after the lows. Its ten largest positions make up 67.2% of the fund, out of 59 in all.
The short version
iShares MSCI UAE ETF (UAE) tracks the MSCI All UAE Capped Index, a basket of 59 stocks from the United Arab Emirates weighted by market value. It is a narrow single-country fund. As of August 31, 2026, its 10 largest positions made up about 67% of assets, led by First Abu Dhabi Bank, Emirates Telecommunications and Emaar Properties. It costs 0.59% a year and yielded 4.32% as of October 27, 2026.
Price history
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UAE +2.7% 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 | |
|---|---|---|---|---|---|---|
| UAE official prospectus, to Dec 31, 2024 | — | +15.85% | — | +8.40% | +2.46% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| UAE price data to Oct 27, 2026 | +6.3% | +2.7% | +18.5% | +10.0% | +6.2% | +2.0% |
- Over the year to Oct 27, 2026, UAE returned +2.7%.
- Its 5-year annualized return was +10.0% and its 10-year +6.2%.
- In the 2020 COVID crash it fell 35.4% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2015 (-15.3%); its best was 2021 (+44.1%).
- The deepest fall in its price history was 60.5% (Jun 6, 2014 to Mar 18, 2020), recovered by Mar 30, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.3% | — |
| 2025 | +21.3% | — |
| 2024 | +15.3% | +15.85% |
| 2023 | +2.9% | +2.76% |
| 2022 | -5.3% | -6.04% |
| 2021 | +44.1% | +44.73% |
| 2020 | -7.3% | -7.53% |
| 2019 | +1.6% | -0.64% |
| 2018 | -14.4% | -12.49% |
| 2017 | +5.0% | +3.25% |
| 2016 | +9.6% | +11.88% |
| 2015 | -15.3% | -15.16% |
| 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 32.1% over that stretch · deepest drop along the way 35.4%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.9% over that stretch · deepest drop along the way 20.7%, back to its old high 28 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6600 | |
| 2025 | $0.7900 | +43.6% |
| 2024 | $0.5500 | +14.6% |
| 2023 | $0.4800 | +20.0% |
| 2022 | $0.4000 | -49.4% |
| 2021 | $0.7900 | +41.1% |
| 2020 | $0.5600 | +16.7% |
| 2019 | $0.4800 | -36.8% |
| 2018 | $0.7600 | +33.3% |
| 2017 | $0.5700 | -26.9% |
| 2016 | $0.7800 | +32.2% |
| 2015 | $0.5900 |
What's inside
As of Aug 31, 2026, the fund held 59 securities; the ten largest made up 67.21% of assets.
| Holding | Weight | |
|---|---|---|
| FIRST ABU DHABI BANK P.J.S.C. | 13.58% | |
| Emirates Telecommunications Group Company PJSC | 11.46% | |
| EMAAR PROPERTIES (P.J.S.C) | 10.38% | |
| EMIRATES NBD BANK (P.J.S.C) | 8.70% | |
| Abu Dhabi Islamic Bank PJSC | 4.85% | |
| Abu Dhabi Commercial Bank PJSC | 4.70% | |
| ALDAR PROPERTIES PJSC | 3.97% | |
| Dubai Islamic Bank P.J.S.C. | 3.46% | |
| ADNOC GAS PLC | 3.35% | |
| Dubai Electricity and Water Authority PJSC | 2.76% | |
| ADNOC DRILLING COMPANY P.J.S.C. | 2.69% | |
| ADNOC Logistics & Services PLC | 2.10% | |
| ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC | 2.10% | |
| AIR ARABIA PJSC | 2.09% | |
| SALIK COMPANY P.J.S.C. | 1.77% |
By country
United Arab Emirates 99.47%United Kingdom 0%By asset type
Stocks 98.8%Other 0.67%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $23.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.75%, -0.18%, +2.12%.
How it works
The fund aims to track the MSCI All UAE Capped Index before fees. MSCI builds the index from companies it classifies as based in the United Arab Emirates. It adds companies headquartered or listed there that have strong ties to the country. If that gives fewer than 25 securities and 20 issuers, MSCI adds companies that earn more than 10% of their revenue in the UAE, generally capped at 1% each. Each stock is weighted by its free float-adjusted market value, which counts only shares available for public trading.
A capping rule limits concentration. MSCI groups companies under common control into a "group entity." No group may exceed 25% of the index, and groups above 5% may total no more than 50%. At each quarterly rebalance, the limits are reset to 22.5% and 45%. The index includes large, mid and small companies. As of August 31, 2025, financials and real estate made up a significant portion of it.
BlackRock uses representative sampling, which means the fund buys a group of securities that resembles the index but may not own every stock. At least 80% of assets go into index securities. Up to 20% may go into futures, options, swaps or cash. As of August 31, 2026, 99.47% of assets were in UAE companies, with a tiny MSCI Emerging Markets futures position. The fund does not move into cash when markets fall.
What it really costs
- UAE 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 |
|---|---|---|---|---|
| UAE | $60 | $189 | $329 | $738 |
In a retirement portfolio
It holds stocks from a single country and is concentrated in a few banks, property firms and energy companies, so it is better suited to a small slice of a portfolio than to its core.
This single-country fund adds exposure to UAE banks, property, telecom and energy companies, which may move differently from US stocks. It launched in 2014, so it has no record from 2008. In the 2020 COVID crash it fell 35.4% and took 9.6 months to recover. In 2022 it fell 20.7% and took 28 months to recover, until February 2025. Its deepest drop, 60.5%, ran from June 2014 to March 2020, and it recovered in March 2022. Its worst calendar year was 2015, when it lost 15.16%. Anyone forced to sell during stretches like these would lock in losses.
The trailing yield was 4.32% as of October 27, 2026, paid twice a year. The 0.59% expense ratio works out to $60 in the first year on $10,000 under the SEC's standard example. 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 small, targeted stake in UAE companies such as First Abu Dhabi Bank, Emaar Properties and Emirates Telecommunications.
- Income-minded holders comfortable with payouts twice a year; the trailing yield was 4.32% as of October 27, 2026.
- Investors who already own broad funds and can live with swings like the 35.4% drop in early 2020.
Look elsewhere if
- Anyone seeking a core holding: about 99% of assets sit in one country, and the top 10 stocks were about 67% as of August 31, 2026.
- Investors who may need to sell in a downturn: after its 2022 drop, the fund took 28 months to recover.
- Investors wary of oil-price risk: the prospectus says petroleum exports dominate the UAE economy, and several ADNOC energy companies are among its top holdings.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does the UAE ETF pay dividends?
Yes. iShares MSCI UAE ETF pays dividends twice a year. As of October 27, 2026, its trailing 12-month yield was 4.32%, or about $0.85 per share. Payouts depend on the dividends that UAE companies such as First Abu Dhabi Bank and Emirates NBD pay. They also depend on currency moves, so the amount can change from one payment to the next. Because income arrives only twice a year, retirees who rely on it may need to budget around the gaps.
What is the expense ratio of the iShares MSCI UAE ETF?
The expense ratio is 0.59% a year, according to the prospectus filed December 19, 2025. All of it is the management fee, and there is no fee waiver. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $60 after one year, $189 after three years, $329 after five years and $738 after ten years. The fund's net assets were about $302 million as of August 31, 2026.
What are the top holdings in the UAE ETF?
As of August 31, 2026, the largest holdings were First Abu Dhabi Bank (13.6%), Emirates Telecommunications Group (11.5%), Emaar Properties (10.4%) and Emirates NBD Bank (8.7%). Next came Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Aldar Properties, Dubai Islamic Bank, ADNOC Gas and Dubai Electricity and Water Authority. Together, the top 10 made up about 67% of the fund. It held 59 issuers in all, nearly all of them in the UAE.
How has the UAE ETF performed compared with emerging markets ETFs?
Results have been mixed. The prospectus compares the fund with the MSCI Emerging Markets Index. As of December 31, 2024, the fund returned 15.85% over one year, against 7.5% for the index. Over five years it averaged 8.4% a year, against 1.7%. Over ten years it trailed, with 2.46% a year against 3.64%. Based on price data, its ten-year annualized return was 6.2% as of October 27, 2026. Keep in mind that the fund holds one country, while the index spans many.
Is the UAE ETF risky?
Yes, it is riskier than a broadly diversified fund. It holds stocks from one country, and banks, property and energy companies make up a large share. Its deepest drop was 60.5%, from June 2014 to March 2020, and it did not recover until March 2022. Its worst quarter was a loss of 31.75% in early 2020. Volatility, a measure of how much the price swings, was 21.2% over the year to October 27, 2026. The prospectus also lists oil-price, currency and custody risks.