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IOZ

$34.50-0.14%Australian Index86/100
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iShares Core S&P/ASX 200 ETF · BlackRock

Data as at 29 March 2026

TL;DR

BlackRock's Australian index ETF tracking the 200 largest ASX companies at 0.05% per year. One of the most actively traded securities on the exchange, with institutional-grade bid-ask spreads.

MER (Annual Fee)
0.05%
#2 lowest in Australian Index
1Y Return
+10.2%
3Y Return (p.a.)
+9.6%
Dividend Yield
3.24%
Trailing 12 months
AUM
$8,568.9M
Assets under management
Avg Daily Turnover
$10.4M
Avg shares × unit price
Unit Price
$34.50
As at 29 March 2026
Provider
BlackRock
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Strategy

Tracks the 200 largest Australian companies using full physical replication. Managed by BlackRock, the world's largest asset manager. Underwent a 10-for-1 unit split in 2022, reducing the unit price from around $27 to $2.70.

Top Holdings

BHP
10.3%
CBA
9.3%
CSL
5.0%
NAB
4.7%
Westpac
4.8%
ANZ
3.9%
Wesfarmers
3.1%
Macquarie
2.9%
Goodman Group
2.5%
Rio Tinto
2.1%
Key Fact

IOZ's 10-for-1 unit split in 2022 was designed to lower the per-unit entry price and make dollar-cost averaging more practical for smaller investors who found $27 units difficult to use in fractional amounts.

Suited for

Investors who value BlackRock's brand and infrastructure, or those who trade frequently and need tight bid-ask spreads. Also suits those who specifically want the ASX 200 rather than the broader ASX 300.

Risks

Identical concentration risk to other ASX 200 index funds. Financials and materials combined make up over half the index. No exposure to the mid-cap companies in the ASX 301-300 range that include some of Australia's faster-growing businesses.

IOZ Comparisons

ETFCheck Score86/100
Fees (40%)93
Fund Size (25%)83
Liquidity (20%)86
Yield (15%)72
How scores are calculated →
Other Australian Index ETFs
VAS
0.07% MER
86
A200
0.04% MER
79
STW
0.05% MER
79
MVW
0.35% MER
63View all Australian Index ETFs →

Frequently Asked Questions - IOZ

What was IOZ's 10-for-1 unit split and how did it affect investors?+
In October 2022, BlackRock executed a 10-for-1 unit split on IOZ, converting each unit into ten units at one-tenth the price. An investor holding 100 units at roughly $270 received 1,000 units at approximately $27 each, with total portfolio value unchanged. The split lowered the entry price to improve accessibility for smaller investors, particularly those using regular savings plans or SMSF portfolios wanting to make frequent smaller purchases without large minimum outlays.
How does BlackRock's backing give IOZ an edge over other ASX 200 ETFs?+
BlackRock manages over US$10 trillion globally as the world's largest asset manager, giving IOZ access to industry-leading index tracking technology, operational infrastructure, and risk management systems. This institutional scale means IOZ benefits from efficient securities lending revenue and robust counterparty relationships that can enhance tracking accuracy. For Australian investors concerned about fund manager stability, BlackRock's global dominance provides confidence that IOZ will remain well-supported, competitively priced at 0.05% MER, and operationally resilient long-term.
Does IOZ or STW offer better liquidity for large Australian equity trades?+
Both IOZ and STW track the S&P/ASX 200 at identical 0.05% MERs, but they differ in trading characteristics. STW, as Australia's oldest ETF since 2001, has historically attracted institutional flow and maintains exceptional on-market liquidity. IOZ has grown rapidly post-split with tighter spreads at lower unit prices. For most retail and SMSF investors, both offer sufficient liquidity with negligible spread differences, though very large block trades may favour STW's deeper established order book.
What franked income can Australian investors expect from IOZ?+
IOZ delivers a trailing distribution yield of approximately 3.37%, with a substantial portion carrying franking credits due to its heavy allocation to Australian banks and resource companies. The grossed-up yield including franking credits typically pushes effective returns above 4.5% for investors on marginal tax rates. SMSF funds in accumulation phase benefit from the 15% super tax rate on franked income, while pension-phase members can claim full franking credit refunds from the ATO, boosting IOZ's after-tax appeal.