Overview
Turkish equity via Turkcell, Akbank, Eregli Steel, and Turkish Airlines. Monetary policy normalization under Finance Minister Simsek is attracting foreign capital back after years of lira-driven USD return erosion.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| TCELL | Turkcell Iletisim | 12.4% |
| AKBNK | Akbank T.A.S. | 10.8% |
| EREGL | Eregli Demir Celik | 9.4% |
| GARAN | Garanti Bankasi | 8.8% |
| ISCTR | Isbank | 7.4% |
| SISE | Sise Cam | 6.4% |
| BIMAS | BIM Birlesik | 5.8% |
| THYAO | Turkish Airlines | 5.4% |
| KCHOL | Koc Holding | 4.8% |
| SAHOL | Sabanci Holding | 4.4% |
Fund Details
Investment Thesis
Turkey's equity market presents one of the most complex risk-reward equations in emerging markets. Nominal TRY stock market returns have been extraordinary as companies repriced assets for inflation, but USD-denominated returns were severely eroded by lira depreciation for years. The 2024-2025 period saw Turkey begin genuine monetary policy normalization under Finance Minister Simsek — raising rates aggressively to combat inflation, stabilizing the lira, and starting to attract foreign portfolio investment. If normalization continues, TUR could deliver strong USD returns as the lira stabilizes and valuation discounts close.
Who It's For
Contrarian emerging market investors who believe Turkey's monetary policy normalization represents a genuine turning point that will attract foreign capital back to undervalued Turkish equities. TUR suits those comfortable with high political risk and currency volatility in exchange for access to a large dynamic economy with significant industrial capacity and a young population. Position sizing should reflect the binary nature — successful normalization brings strong returns, while policy reversal brings severe losses.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $28.42 | -- |
| 2017 | $36.42 | +28.2% |
| 2018 | $22.42 | -38.4% |
| 2019 | $28.42 | +26.8% |
| 2020 | $24.42 | -14.1% |
| 2021 | $22.42 | -8.2% |
| 2022 | $32.42 | +44.6% |
| 2023 | $38.42 | +18.5% |
| 2024 | $37.82 | -1.6% |
| 2025 | $41.80 | +10.5% |
| Year | Yield |
|---|---|
| 2016 | 2.42% |
| 2017 | 2.18% |
| 2018 | 2.52% |
| 2019 | 2.28% |
| 2020 | 2.02% |
| 2021 | 1.82% |
| 2022 | 2.28% |
| 2023 | 2.08% |
| 2024 | 2.22% |
| 2025 | 2.42% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.5B | -- |
| 2017 | $0.7B | +40.0% |
| 2018 | $0.3B | -57.1% |
| 2019 | $0.5B | +66.7% |
| 2020 | $0.4B | -20.0% |
| 2021 | $0.3B | -25.0% |
| 2022 | $0.5B | +66.7% |
| 2023 | $0.6B | +20.0% |
| 2024 | $0.5B | -16.7% |
| 2025 | $0.34B | -32.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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