IOZ — the iShares Core S&P/ASX 200 ETF — is managed by BlackRock (iShares), one of the world’s largest asset managers. It tracks the S&P/ASX 200 index and is one of Australia’s oldest and most liquid ETFs, with an MER of 0.05% per year. This review covers what IOZ holds, its costs, distributions, and how it compares to VAS and A200.
IOZ at a Glance (2026)
| Feature | Detail |
|---|---|
| ASX code | IOZ |
| Full name | iShares Core S&P/ASX 200 ETF |
| Index tracked | S&P/ASX 200 |
| Number of holdings | ~200 |
| MER | 0.05% per year |
| Distribution frequency | Quarterly |
| Inception date | December 2010 |
| Fund size | $6B+ (AUM) |
| Provider | BlackRock (iShares) |
Verify current details at blackrock.com/au.
What Does IOZ Hold?
IOZ tracks the S&P/ASX 200 — the 200 largest companies listed on the ASX by free-float market capitalisation. Its top holdings are virtually identical to VAS and A200:
| Company | Approximate weight |
|---|---|
| Commonwealth Bank (CBA) | 9–10% |
| BHP Group (BHP) | 5–7% |
| CSL Limited (CSL) | 5–6% |
| National Australia Bank (NAB) | 4–5% |
| Westpac (WBC) | 3–4% |
| ANZ Group (ANZ) | 3–4% |
| Wesfarmers (WES) | 3–4% |
| Macquarie Group (MQG) | 2–3% |
| Goodman Group (GMG) | 2–3% |
| Woolworths (WOW) | 2–3% |
Weights change with market movements. Check current holdings at blackrock.com/au.
IOZ vs VAS vs A200
| Feature | IOZ | VAS | A200 |
|---|---|---|---|
| Provider | iShares (BlackRock) | Vanguard | BetaShares |
| Index | S&P/ASX 200 | S&P/ASX 300 | Solactive Aus 200 |
| Holdings | ~200 | ~300 | ~200 |
| MER | 0.05% | 0.07% | 0.04% |
| Annual cost on $100,000 | $50 | $70 | $40 |
| Inception | 2010 | 2009 | 2018 |
IOZ sits in the middle on cost — cheaper than VAS, slightly more expensive than A200. The practical difference between all three is very small for most investors.
IOZ Distributions and Franking Credits
IOZ distributes quarterly. Distributions include Australian dividends and associated franking credits from the 200 underlying companies. Distribution yields have historically been similar to VAS and A200 — approximately 3.5–4.5% cash yield with grossed-up yields (including franking credits) around 5–6%.
BlackRock / iShares as a Provider
BlackRock is the world’s largest asset manager with over US$10 trillion in assets under management globally. iShares is BlackRock’s ETF brand and is the world’s largest ETF provider by AUM. IOZ is backed by this global scale and expertise.
For Australian investors, this means IOZ benefits from:
- Very tight bid/ask spreads (high market maker activity due to fund size and liquidity)
- Institutional-grade asset custody
- Comprehensive reporting and tax statements
IOZ Liquidity
IOZ is one of the most liquid Australian ETFs — it trades very high volumes daily, meaning the bid/ask spread is very tight and large orders can be executed with minimal price impact. This is of primary relevance for institutional or high-volume traders; for long-term retail investors, liquidity at the level of VAS, A200, and IOZ is all effectively excellent.
Related Articles
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- iShares ETFs Australia
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Frequently Asked Questions
Is IOZ better than VAS? IOZ and VAS are very similar — both track approximately the 200–300 largest ASX companies, distribute quarterly, and provide franking credits. IOZ is marginally cheaper (0.05% vs 0.07%) and backed by BlackRock. VAS is backed by Vanguard and holds slightly more companies (300 vs 200). The practical difference is negligible — both are excellent ETFs. The annual fee difference on $100,000 is $20.
Who is IOZ managed by? IOZ is managed by BlackRock Investment Management (Australia) Limited, the Australian arm of BlackRock — the world’s largest asset manager. BlackRock operates under an Australian Financial Services Licence (AFSL) and is regulated by ASIC.
Is IOZ the same as STW? No. Both track the ASX 200 but are different ETFs from different providers. STW (SPDR S&P/ASX 200 ETF) is managed by State Street and has an MER of 0.13% — higher than IOZ. STW is older (listed in 2001) and has strong institutional liquidity but is more expensive than IOZ for retail investors.
This article provides general financial information only. ETF mentions are for educational context. Past performance is not a reliable indicator of future performance. For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.