Authorised participants by the numbers

All iShares Australian listed ETFs are supported by numerous APs. On average, iShares Australian-domiciled ETFs have 10 “contracted” APs and 6 “active” APs (Figure 1). A contracted AP has an effective agreement in place with an ETF issuer, even if the AP does not regularly create or redeem ETF shares. An active AP has created or redeemed shares of an iShares ETF within the last year to July 2025.¹

Not all APs are active at the same time. For example, some institutions may complete formal paperwork to become an AP so they can participate when they see opportunities to profit or provide liquidity for key client demand. This presence of contracted APs helps ensure vibrant competition exists to provide ETF creation and redemption services. If an active AP were to step away, another contracted AP could step in to execute creation and redemption activity—even if they hadn’t been active in the fund previously.

Figure 1: APs for Australian domiciled ETFs

Source: BlackRock as at July 2025. Active AP defined as an AP that has transacted with the fund in the last 12 months.

Because larger ETFs—those with more assets under management (AUM)—typically have higher trading volumes and client demand, they tend to be supported by a greater number of APs than funds with smaller AUM.

Large iShares ETFs with over A$1 billion in assets are supported by more active and contracted APs, and iShares ETFs that trade over A$3m daily also benefit from more support from active/contracted APs (Figure 2).

Figure 2: Average contracted and active APs by ETF AUM and trading value

Source: Australia iShares ETFs, BlackRock as at July 2025.

The breadth of the AP universe should alleviate any concerns that iShares Australian listed ETFs rely too heavily on a limited number of institutions. Indeed, total creation and redemption activity is spread across many APs. In total, 8 APs created and redeemed shares over the year to June 2025. The AP with the highest percentage of activity, accounted 20% of all ETF creations and redemptions by gross dollar value (Figure 3).

Figure 3: iShares Gross Primary Market flows by AP

Source: BlackRock as at July 2025.

APs are key contributors to smooth ETF operations; however, we should remember that trading on the secondary market is generally larger than the primary market. For ETF investors, this can mean reduced spreads and less trading in the underlying ETF basket of securities.

Based on data for one year to the end of June 2025, we estimate that the ratio of secondary market activity to primary market activity for iShares Australian listed ETFs is 1.19 to 1 (Figure 4), meaning that for every dollar created/redeemed in the primary market, $1.19 is traded on the exchange.

Figure 4: iShares ETF Primary and Secondary Market trading

Source: BlackRock as at July 2025. Primary market activity is estimated using the reported change in share on issue. For more information, see Authorised participants and market makers.

With the growth of the ETF market in Australia by both assets under management and number of ETFs, it is not a surprise that the number of primary orders by APs has increased to support new and fast -growing product categories. While international equity remains the largest category for primary market transactions, international fixed income was the fastest growing category last year.

This echoes product trends seen in the Australian ETF market in the 2025 financial year, where fixed income was one of the fastest growing categories with a 40% increase in assets under management in the 12 months to June 2025, versus 36% for global equities and 35% for Australian equities.²

Figure 5: Number of iShares Primary Market transactions

Source: BlackRock as at July 2025.

iShares Australia ETF creations and redemptions are spread over a diverse base of APs. iShares Australia has agreements in place with a multitude of APs, and while every AP is not always active in all funds at the same time, additional APs stand ready to step in when opportunities arise. Larger funds, by assets and by trading volume, may typically have more APs than smaller funds, but small funds take advantage of the scope of the AP universe. Overall, iShares Australia can use global AP relationships to bring an ETF ecosystem to the locally listed ETFs, creating a broad engagement by APs, supporting a healthy ETF ecosystem.³