In a statement on Friday, the world’s largest wealth manager said the updates, scheduled to take effect in early October, follow an ongoing review of its local iShares product suite.
“BlackRock is committed to continuously evolving our local iShares product suite to better serve Australian advisers and investors, ensuring our offerings remain relevant in a shifting macroeconomic landscape,” said Steve Ead, head of global product solutions, BlackRock Australasia.
“While policy uncertainty and market volatility persist, AI remains a powerful structural mega force. Its rapid adoption is driving productivity gains, supporting corporate earnings and positioning mega-cap tech companies to benefit from long-term growth.
“We believe revising the fund’s investment objective and strategy to the iShares Nasdaq Top 30 ETF will give Australian investors targeted exposure to mega caps, enabling them to capture the long-term growth potential of these companies.”
According to the fund’s exposure breakdown, its largest allocation is to semiconductors and semiconductor equipment at 23.26 per cent, followed by software and services (19.04 per cent), media and entertainment (16.73 per cent), and technology hardware and equipment (12.48 per cent).
BlackRock earlier highlighted AI as a major long-term growth driver and a key “mega force” reshaping the global economy.
The firm’s investment institute said earlier this month that faster-than-expected AI adoption could boost productivity, drive US equity outperformance, and create new investment opportunities – particularly in leading tech companies and private markets.
“The surge in tech and software spending in US Q2 GDP – even larger than during the 1990s tech boom – highlights the AI theme’s growing macro impact,” the BlackRock Investment Institute said.
The iShares Nasdaq Top 30 ETF is not alone in the Australian market and is set to compete directly with the Betashares Nasdaq 100 ETF, which offers exposure to a broader portfolio of 100 of the largest non-financial companies listed on the Nasdaq.
However, while the Betashares fund offers broader diversification, it also charges a significantly higher management fee of 0.48 per cent compared to the 0.30 per cent fee announced by BlackRock on Friday.
Earlier this month, InvestorDaily reported that Australian investors are piling into Betashares Nasdaq 100 ETF, viewing it as a gateway to global tech leaders and a way to diversify beyond the bank and resource-heavy ASX.
The ETF has attracted $500 million in inflows so far in 2025 and is on track to hit $800 million for the year, following $843 million in 2024 and $815 million in 2021.
At the time, Betashares senior investment strategist Cameron Gleeson told our publication that the ETF’s appeal lies in the index’s concentration of firms driving structural global change.
“Most Australian investors would acknowledge that our local market is somewhat limited in the opportunity set. The ASX 200 is dominated by miners and banks, which are typically mature and often cyclical industries,” he said.
“What NDQ has offered [Australian investors] an opportunity to participate in the future. These are global companies, obviously listed in the US, and it’s been a great tool to drive portfolio outcomes and diversification.”
While some economists predict a slowdown in the US economy, Gleeson pointed out that significant investments by Nasdaq companies are supporting broader growth through flow-on effects to sectors such as construction and manufacturing.
He added that the structural nature of technology-led growth provides resilience even when cyclical pressures emerge.
