ETF Evaluator:
iShares MSCI Kokusai ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Global Large-Stock Blend Over the Last Year
| 48.9% | Sarmaya Thematic ETF (LENS) |
| 33.3% | AXS Green Alpha ETF (NXTE) |
| 30.2% | AXS Knowledge Leaders ETF (KNO) |
| 29.8% | First Eagle Global Equity ETF (FEGE) |
| 28.9% | Invesco Global Equity Net Zero ETF (IQSZ) |
Risk
Index
Risk
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ETF Details
iShares MSCI Kokusai ETF Overview
iShares MSCI Kokusai ETF (TOK) is a passively managed International Equity Global Large-Stock Blend exchange-traded fund (ETF). iShares launched the ETF in 2007.
The investment seeks to track the investment results of the MSCI Kokusai Index composed of developed market equities, excluding Japan.
The fund generally will invest at least 80% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is designed to measure equity market performance in those countries that MSCI Inc. (the "index provider" or "MSCI") has classified as having developed economies, excluding Japan ("DEEJ").
About iShares MSCI Kokusai ETF (TOK)
There are 4 members of the management team with an average tenure of 4.42 years: Jennifer Hsui (2012), Peter Sietsema (2025), Matt Waldron (2025) and Steven White (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI Kokusai (World Ex Japan) NR USD index with a weighting of 100%. iShares MSCI Kokusai ETF has 1134 securities in its portfolio. The top 10 holdings constitute 27.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares MSCI Kokusai ETF is part of the Equity global asset class and is within the International Equity ETF group. iShares MSCI Kokusai ETF has 23.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.1% There is 23.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares MSCI Kokusai ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $249 million in total assets, which is below the $2 billion average for the Global Large-Stock Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TOK Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares MSCI Kokusai ETF expense ratio is below average compared to funds in the Global Large-Stock Blend category. iShares MSCI Kokusai ETF has an expense ratio of 0.25%, which is 49% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares MSCI Kokusai ETF has a portfolio turnover rate of 3%, which indicates that it holds its assets around / 0.3 years. By way of comparison, the average portfolio turnover is 50% for the Global Large-Stock Blend category.
Recently, in the month of July 2026, iShares MSCI Kokusai ETF returned 0.5%, which earned it a grade of C, as the Global Large-Stock Blend category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares MSCI Kokusai ETF has a trailing yield of 1.30%, which is below the 1.66% category average.
The fund normally distributes its income semi-annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares MSCI Kokusai ETF Grades
Year to date, the ETF has returned 10.1%, 0.9 percentage points better than the category, which translates into a grade of C. The fund has returned 20.1% over the past year (grade of C), 18.5% over the past three years (grade of A) and 11.6% per year over the past five years (grade of A) and 13.3% per year over the past 10 years (grade of A).
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TOK Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TOK Return (NAV) | 0.5% | 4.2% | 20.1% | 18.5% | 11.6% | 13.3% |
| TOK Return (Price) | 0.8% | 4.3% | 20.2% | 18.5% | 11.5% | 13.3% |
| NAV +/- Price Return | -0.245% | -0.022% | -0.165% | 0.026% | 0.081% | 0.001% |
| Global Large-Stock Blend Avg | 0.0% | 3.1% | 19.1% | 15.1% | 8.5% | 11.5% |
| TOK Grade (NAV) | C | B | C | A | A | A |
| +/- Category (NAV) | 0.5% | 1.2% | 1.0% | 3.4% | 3.1% | 1.8% |
| TOK Tax-Cost Ratio | na | na | 0.4% | 0.4% | 0.6% | 0.6% |
TOK Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TOK Return (NAV) | 10.1% | 21.0% | 19.5% | 24.6% | -17.8% | 23.6% | 16.2% | 28.7% | -8.1% | 22.5% | 8.3% |
| TOK Return (Price) | 9.3% | 21.6% | 19.5% | 24.8% | -17.9% | 23.8% | 15.1% | 30.0% | -7.8% | 22.1% | 7.8% |
| NAV +/- Price Ret | -0.074% | 0.029% | 0.003% | 0.006% | 0.003% | 0.011% | -0.072% | 4.8% | -3.7% | -1.8% | -5.9% |
| Global Large-Stock Blend Avg | 9.2% | 20.4% | 13.8% | 18.7% | -17.7% | 17.3% | 18.3% | 26.8% | -9.1% | 23.4% | 8.1% |
| TOK Grade (NAV) | C | C | A | A | C | A | D | A | B | D | B |
| +/- Category | 0.9% | 0.5% | 5.7% | 6.0% | -0.2% | 6.3% | -2.0% | 1.8% | 1.0% | -0.8% | 0.2% |
| Risk Measures | |
| Beta: | 0.96 |
| R-Squared: | 98% |
| Standard Deviation: | 12.3% |
| Category Risk Index: | 0.92 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.01 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 250 Mil |
| Share Class Assets: | $ 250 Mil |
| Turnover: | 3.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.7 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Hsui Jennifer (2012), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1134 |
| % in Top 10 Holdings: | 27.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.6% |
Portfolio Allocation |
|
| Domestic Stock: | 76.1% |
| Foreign Stock: | 23.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | December 10, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.49% |
