# Invesco MSCI Kuwait UCITS ETF USD (MKUW) **Page:** https://fundology.uk/fund/mkuw · ISIN IE00BK63RN45 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, MKUW (Invesco MSCI Kuwait UCITS ETF USD, ISIN IE00BK63RN45) closed at $70.72 on the London Stock Exchange. Its ongoing charge is 0.50% a year (about £50 on £10,000). Over the five years to 13/11/2026 its total return was +24.7%, or −2.7% after UK CPIH inflation. ## Summary Invesco MSCI Kuwait UCITS ETF USD is an exchange-traded fund (ETF) from Invesco, launched in 2019. It tracks the MSCI Kuwait 20/35 Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.5% a year — about £50 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. Latest close: **$70.72** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | MKUW | | ISIN | IE00BK63RN45 | | Category | Emerging markets | | Type | ETF | | Provider | Invesco | | Tracks | MSCI Kuwait 20/35 Index | | Income | Accumulating | | Ongoing charge | 0.50% a year (£50 per £10,000) | | Fund size | £2.9m | | Launched | 2019 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 25/10/2019 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -0.67% | -4.19% | income reinvested | | 3 years | +29.20% | +16.73% | income reinvested | | 5 years | +24.70% | -2.66% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Invesco MSCI Kuwait UCITS ETF USD in pounds (price, with income reinvested in the fund): 2021 +30.2%, 2022 +18.8%, 2023 −13.8%, 2024 +11.6%, 2025 +15.9%; 2026 to 13/11/2026 0.0%. Returns of Invesco MSCI Kuwait UCITS ETF USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +3.9%; to 30/09/2025: +20.5%; to 30/09/2024: +1.8%; to 30/09/2023: −15.4%; to 30/09/2022: +25.7%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2021 | +30.2% | +24.2% | Price | | 2022 | +18.8% | +8.7% | Price | | 2023 | -13.8% | -17.3% | Price | | 2024 | +11.6% | +7.8% | Price | | 2025 | +15.9% | +11.9% | Price | | 2026 to 13/11/2026 | +0.0% | -3.1% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 10.39% | -7.15% | | 3 years | 10.13% | -7.15% | | 5 years | 12.28% | -23.51% | ## Largest fall Volatility of Invesco MSCI Kuwait UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 10.4% over 1 year, 10.1% over 3 years, 12.3% over 5 years. Largest fall in the price of Invesco MSCI Kuwait UCITS ETF USD since November 2021, in pounds: −23.5% from 06/05/2022 to 01/12/2023. The lowest 12-month return of Invesco MSCI Kuwait UCITS ETF USD in pounds (price, with income reinvested in the fund) since January 2021 was −21.7% (12 months to 10/11/2023); the highest was +48.8% (12 months to 22/04/2022). On 13/11/2026 the price of Invesco MSCI Kuwait UCITS ETF USD was 3.4% below its highest weekly close since November 2021 (14/08/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Invesco MSCI Kuwait UCITS ETF USD 0.50% a year. Compared on 14/11/2026, 47 of the 151 other emerging-market share funds charge more, 12 the same and 92 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.50%** per year - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## What it holds As of 30/09/2026, MKUW holds 7 positions, according to its published holdings. The largest is Kuwait Fin House at 32.39% of the fund; the 7 largest make up 100.0%. ### Top holdings Largest positions (as of 30/09/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Kuwait Fin House | — | 32.39% | | 2 | Mobile Telecommunications | — | 17.45% | | 3 | National Bank Kuwait | — | 15.76% | | 4 | Gulf Bank | — | 11.16% | | 5 | Mabanee | — | 10.35% | | 6 | Warbabank | — | 10.20% | | 7 | Boubyan Bank | — | 2.69% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By sector As published for the fund, as of 23/09/2026. | Sector | Weight | |---|---| | Financials | 72.0% | | Communication Services | 17.6% | | Real Estate | 10.3% | ## Questions people ask **What is the ongoing charge of MKUW?** The ongoing charge of MKUW is 0.50% a year — about £50 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco MSCI Kuwait UCITS ETF USD 0.50% a year. Compared on 14/11/2026, 47 of the 151 other emerging-market share funds charge more, 12 the same and 92 less (share classes counted once). **What does MKUW track?** MKUW tracks the MSCI Kuwait 20/35 Index. **Is MKUW accumulating or distributing?** MKUW is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of MKUW?** The ISIN of MKUW is IE00BK63RN45. An ISIN identifies one exact share class of a fund; MKUW is its ticker on the London Stock Exchange. **What does MKUW hold?** As of 30/09/2026, MKUW holds 7 positions, according to its published holdings. The largest is Kuwait Fin House at 32.39% of the fund; the 7 largest make up 100.0%. Its 7 largest holdings are Kuwait Fin House (32.39%), Mobile Telecommunications (17.45%), National Bank Kuwait (15.76%), Gulf Bank (11.16%), Mabanee (10.35%), Warbabank (10.20%) and Boubyan Bank (2.69%). **What were MKUW’s returns in each of the last five years?** Calendar-year returns of MKUW in pounds (price, with income reinvested in the fund): 2021 +30.2%, 2022 +18.8%, 2023 −13.8%, 2024 +11.6%, 2025 +15.9%; 2026 to 13/11/2026 0.0%. Past performance is not a guide to future returns. **How has MKUW done after inflation?** Over the five years to 13/11/2026 MKUW’s total return was +24.7%, or −2.7% after UK CPIH inflation. Past performance is not a guide to future returns. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.