Fund · iShares MSCI UAE ETF · measured from SEC filings
UAE holdings
UAE reports 60 holdings and behaves like 16.5 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-05-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.
Measured concentration
as of 2026-05-31Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 5.29% at a quoted market price (level 1), 2 issuer countries.
What stands out
as of 2026-05-31UAE's largest investment is First ABU Dhabi Bank Pjsc at 12.16% of net assets. Emaar Properties Pjsc and Emirates Telecommunications Group Co Pjsc follow; the three together are 34.36%. Ten companies are 66.48% of the fund; the other 50 share the rest. Among the 721 equity funds measured here, UAE behaves like 16.5 holdings against a median of 42.4 — 2.6 times more concentrated than the median. Across 27 quarterly filings UAE has become less concentrated: it behaved like 11.3 at 2019-11-30 and 16.5 at 2026-05-31. Between the 2026-02-28 and 2026-05-31 filings 3 positions were added and 2 dropped; 6.5% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
27Between 2019-11-30 and 2026-05-31, UAE went from behaving like 11.3 equally weighted positions to 16.5 — 46% more, while its top ten went from 73.18% to 66.48% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-05-31 | 60 | 16.5 | 66.48% | 12.16% |
| 2026-02-28 | 59 | 15.2 | 67.79% | 14.88% |
| 2025-11-30 | 59 | 16.3 | 66.34% | 14.12% |
| 2025-08-31 | 55 | 15.9 | 66.82% | 14.89% |
| 2025-05-31 | 50 | 12.8 | 72.02% | 17.04% |
| 2025-02-28 | 48 | 12.2 | 73.7% | 18.57% |
| 2024-11-30 | 48 | 13.6 | 71.23% | 14.75% |
| 2024-08-31 | 44 | 12.3 | 73.25% | 15.62% |
Earlier filings (19 more, back to 2019-11-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-05-31 | 41 | 12.9 | 71.73% | 15.28% |
| 2024-02-29 | 40 | 12.1 | 73.82% | 15.98% |
| 2023-11-30 | 41 | 11.7 | 75.1% | 17.19% |
| 2023-08-31 | 39 | 12.8 | 71.75% | 16.89% |
| 2023-05-31 | 38 | 11.8 | 73.29% | 20.14% |
| 2023-02-28 | 37 | 9.1 | 78.01% | 23.9% |
| 2022-11-30 | 33 | 8.6 | 79.73% | 22.69% |
| 2022-08-31 | 33 | 9.1 | 78.49% | 22.85% |
| 2022-05-31 | 33 | 8.7 | 78.81% | 23.15% |
| 2022-02-28 | 33 | 8.1 | 79.44% | 24.42% |
| 2021-11-30 | 31 | 9.8 | 76.32% | 23.2% |
| 2021-08-31 | 33 | 11.3 | 72.98% | 21.36% |
| 2021-05-31 | 34 | 11.2 | 72.61% | 21.8% |
| 2021-02-28 | 33 | 11.6 | 73.09% | 17.9% |
| 2020-11-30 | 30 | 12 | 75.24% | 16.56% |
| 2020-08-31 | 31 | 9.1 | 76.76% | 21.5% |
| 2020-05-31 | 32 | 9.1 | 75.37% | 21.98% |
| 2020-02-29 | 31 | 10.5 | 74.62% | 22.01% |
| 2019-11-30 | 34 | 11.3 | 73.18% | 21.07% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
Largest positions, as filed
as of 2026-05-31The 15 largest of 60 positions in UAE's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: UAE.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | FIRST ABU DHABI BANK P.J.S.C. | 12.16% | 12.2% |
| 2 | EMAAR PROPERTIES (P.J.S.C) | 12.05% | 24.2% |
| 3 | Emirates Telecommunications Group Company PJSC | 10.16% | 34.4% |
| 4 | EMIRATES NBD BANK (P.J.S.C) | 8.42% | 42.8% |
| 5 | Abu Dhabi Islamic Bank PJSC | 4.57% | 47.4% |
| 6 | Abu Dhabi Commercial Bank PJSC | 4.52% | 51.9% |
| 7 | ALDAR PROPERTIES PJSC | 4.26% | 56.1% |
| 8 | Dubai Islamic Bank P.J.S.C. | 3.72% | 59.9% |
| 9 | ADNOC Gas PLC | 3.71% | 63.6% |
| 10 | ADNOC DRILLING COMPANY P.J.S.C. | 2.90% | 66.5% |
| 11 | Dubai Electricity and Water Authority PJSC | 2.79% | 69.3% |
| 12 | ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC | 2.16% | 71.4% |
| 13 | AIR ARABIA PJSC | 2.15% | 73.6% |
| 14 | ADNOC Logistics & Services PLC | 1.91% | 75.5% |
| 15 | SALIK COMPANY P.J.S.C. | 1.84% | 77.3% |
By country of issuer
as of 2026-05-31Share of UAE's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.
| Country | Share |
|---|---|
| United Arab Emirates | 99.77% |
| United States | 0.23% |
Returns the fund reported
2019-09 – 2026-05Monthly total returns from Item B.5 of UAE's own filings, 81 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference — percentage points over 0 months, which is roughly the distributions. Every month with the filing it came from: UAE.json · all funds.
Who borrows UAE's shares
2019-11-30The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2019-11-30, $3m was out to 1 borrower, 4.64% of net assets.
| Borrower | On loan | Share of the loan |
|---|---|---|
| Credit Suisse AG Dublin Branch | $3m | 100.0% |
Cash collateral reported against the loan: 5.06% of net assets, 109.1% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter UAE has filed, with each borrower: UAE.json · all funds.
Since the previous filing
2026-02-28 → 2026-05-3159 positions became 60: 3 added (0.8% of the fund at the later date), 2 dropped (0.5% at the earlier date). Half the sum of all weight changes, a turnover proxy: 6.5%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of UAE compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-02-28 | 2026-05-31 | Largest decreases | 2026-02-28 | 2026-05-31 |
|---|---|---|---|---|---|
| ADNOC Gas PLC | 2.99% | 3.71% | EMAAR PROPERTIES (P.J.S.C) | 14.88% | 12.05% |
| ADNOC Logistics & Services PLC | 1.19% | 1.91% | Emaar Development PJSC | 2.13% | 1.56% |
| Lulu Retail Holdings PLC | 0.14% | 0.76% | ALDAR PROPERTIES PJSC | 4.55% | 4.26% |
| Emirates Telecommunications Group Company PJSC | 9.60% | 10.16% | Abu Dhabi Islamic Bank PJSC | 4.85% | 4.57% |
| Gulf Navigation Holding PJSC | 0.19% | 0.54% | Abu Dhabi National Hotels Company PJSC | 1.00% | 0.76% |
| AGILITY GLOBAL PLC | 0.95% | 1.30% | BlackRock Funds III: BlackRock Cash Funds: Treasury; SL Agen | 0.44% | 0.20% |
New: ALEC Holdings PJSC (0.48%), UNITED ARAB EMIRATES DIRHAM (0.28%), MSCI EMGMKT JUN26 (0.04%). Gone: Abu Dhabi Aviation PJSC (0.46%), UN. ARAB EMIRATES DIRHAM (0.01%).
Asset categories and pricing
as of 2026-05-31| Asset category (as filed) | Share of investments |
|---|---|
| equity EC | 98.85% |
| unknown unknown | 0.91% |
| short-term investment STIV | 0.20% |
| derivative DE | 0.04% |
5.3% of UAE is carried at a quoted market price (fair-value level 1). Categories and levels are the filer's, from Form N-PORT; what a low level-1 share does and does not mean is in the measure's page.
Derivative exposure and counterparties
as of 2026-05-31A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $275M. Notional of an interest-rate or currency swap is not equity exposure.
Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of UAE (16.5). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| IYW iShares U.S. Technology ETF | 150 | 16 | 65.25% | 2026-07-31 |
| DTCR Global X Data Center & Digital Infrastructure ETF | 25 | 16.1 | 66.32% | 2026-05-31 |
| FAS Direxion Daily Financial Bull 3X Shares | 88 | 16.2 * | 59.29% | 2026-07-31 |
| XLK State Street(R) Technology Select Sector SPDR(R) ETF | 77 | 16.3 | 64.47% | 2026-06-30 |
| XLV State Street(R) Health Care Select Sector SPDR(R) ETF | 64 | 16.3 | 61.59% | 2026-06-30 |
| ITB iShares U.S. Home Construction ETF | 47 | 16.6 | 64.4% | 2026-06-30 |
| FLTW Franklin FTSE Taiwan ETF | 134 | 16.7 | 54.13% | 2026-06-30 |
| EMOP AB Emerging Markets Opportunities ETF | 57 | 16.7 | 55.77% | 2026-06-30 |
| JETS U.S. Global Jets ETF | 49 | 16.7 | 65.98% | 2026-06-30 |
| EIDO iShares MSCI Indonesia ETF | 84 | 16.7 | 59.49% | 2026-05-31 |
Essays that examine UAE
1-
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