What index does the TSP I Fund track? The 2024 change, explained
The I Fund is the TSP's international stock fund. Since 2024 it has tracked the MSCI ACWI IMI ex USA ex China ex Hong Kong Index: more than 5,000 large, mid-size and small companies in 44 developed and emerging-market countries outside the U.S., excluding China and Hong Kong. Japan is the largest country at 16.14% of the fund, according to tsp.gov data as of December 31, 2025. Before the change, it tracked the MSCI EAFE Index, about 800 large and mid-size companies in 21 developed countries.
See the TSP I Fund price today, daily change and returns by year.
What changed in 2024
| Before (MSCI EAFE) | Since 2024 | |
|---|---|---|
| Countries | 21 developed markets | 40+ developed and emerging markets |
| Companies | About 800 | More than 5,000 |
| Company sizes | Large and mid | Large, mid and small |
| Canada included | No | Yes |
| China and Hong Kong | Hong Kong included; China not | Both excluded |
| Share of non-U.S. market value covered | About 55% | About 90% |
The TSP completed the switch in 2024. Emerging markets such as India, Taiwan, South Korea and Brazil are now part of the fund.
What's in the I Fund: top countries and holdings
As of December 31, 2025, the latest date tsp.gov shows, the index held over 5,000 stocks in 44 countries: 21 developed markets and 23 emerging markets. The I Fund doesn't own every one. It holds most of the index's large and mid-size companies and a representative sample of the smaller ones.
These 10 countries make up 75.12% of the fund:
| Country | Share of the I Fund |
|---|---|
| Japan | 16.14% |
| United Kingdom | 9.83% |
| Canada | 9.15% |
| Taiwan | 6.80% |
| France | 6.53% |
| Germany | 6.02% |
| Switzerland | 5.99% |
| India | 5.48% |
| Australia | 4.75% |
| South Korea | 4.43% |
Source: tsp.gov, as of December 31, 2025. These weights shift with markets and currencies.
The top ten holdings tsp.gov lists are Taiwan Semiconductor Manufacturing, ASML, Samsung Electronics, Roche, AstraZeneca, HSBC, Novartis, Nestlé, SAP and SK Hynix. On the same date, the fund held $123.6 billion, with a total expense ratio of 0.048% ($0.48 per $1,000). BlackRock and State Street manage it.
What moves the I Fund day to day
- Stock markets abroad. Europe, Japan, Canada, the UK and the emerging markets now in the index.
- The U.S. dollar. The I Fund owns stocks priced in other currencies. When the dollar weakens, those holdings are worth more in dollars, and when it strengthens, they're worth less, even if the foreign stocks themselves didn't move. That's why the I Fund can rise on a day foreign markets were flat.
- Timing. Many of its markets close before the U.S. market opens, so the I Fund's daily move often reflects news from overnight and the early U.S. morning.
How it differs from the C and S Funds
The C and S Funds together cover nearly the whole U.S. stock market. The I Fund covers most stock markets outside the U.S. Because different economies, currencies and interest rates drive them, the I Fund often moves differently from the C and S Funds on the same day.
Common questions
What index does the TSP I Fund track now?
Since 2024, the MSCI ACWI IMI ex USA ex China ex Hong Kong Index: more than 5,000 companies in 44 developed and emerging-market countries outside the U.S., excluding China and Hong Kong.
What countries are in the TSP I Fund?
44 countries outside the U.S. as of December 31, 2025. The largest are Japan (16.14%), the United Kingdom (9.83%), Canada (9.15%), Taiwan (6.80%) and France (6.53%), according to tsp.gov.
What are the largest holdings in the I Fund?
The top ten tsp.gov lists, as of December 31, 2025, are Taiwan Semiconductor Manufacturing, ASML, Samsung Electronics, Roche, AstraZeneca, HSBC, Novartis, Nestlé, SAP and SK Hynix.
Does the I Fund hold Chinese stocks?
No. Its index excludes China and Hong Kong, and neither appears in the country breakdown on tsp.gov. Taiwan is a separate market in the index and is one of the fund's largest countries at 6.80%.
Does the I Fund include emerging markets?
Yes, since its 2024 index change. It includes emerging markets such as India, Taiwan, South Korea and Brazil, but excludes China and Hong Kong.
Why does the dollar affect the I Fund?
The I Fund's stocks are priced in foreign currencies. A weaker dollar makes them worth more in dollars, and a stronger dollar makes them worth less, separate from how the stocks themselves perform.
Is the I Fund riskier than the C Fund?
Both are stock funds that can lose value. The I Fund adds currency changes and foreign-market risks, and emerging markets can be more volatile. Past performance does not guarantee future results.
Sources
- tsp.gov: I Fund (composition, top holdings and fees)
- tsp.gov: I Fund benchmark index change complete
- Morningstar: What to know about the new TSP I Fund
- FedSmith: TSP's I Fund now tracking new index
Educational information, not investment advice. Past performance does not guarantee future results.