Assets under management (AUM) of BlackRock in 2026, by investment style and client type
BlackRock manages more than 14 trillion dollars, but that vast sum is far from uniform. It is spread across different investment styles, from cheap index funds to higher-fee active strategies, and different client types, from individual savers to giant institutions. This report breaks down the assets under management of BlackRock in 2026 by investment style and client type. The mix tells a clear story. Index and ETFs sit at the heart of it.
By style, iShares ETFs are the single largest block, followed by non-ETF index funds and then active strategies. This mix reflects the mix shapes how much the firm earns, as detailed in our BlackRock operating margin report, and complements our BlackRock AUM by asset class analysis.
ETFs on top: by investment style, iShares ETFs are the single largest block of BlackRock assets at around 5.7 trillion dollars, ahead of non-ETF index funds and active strategies. Cash and advisory make up the rest.
By client type, institutions are the biggest customers, but ETFs, bought by everyone from individuals to institutions, are the largest single channel. The firm overall scale is profiled in our BlackRock statistics and facts overview.
A note on the data. The total AUM is a reported figure, but the precise split by style and client type is reconciled from BlackRock disclosures and is approximate for 2026. Categories can overlap, since ETFs are bought by all client types. The lines between them blur.
BlackRock AUM by Investment Style
| Investment style | AUM (USD tn) | Share |
|---|---|---|
| iShares ETFs | $5.65T | 39% |
| Index (non-ETF) | $3.95T | 27% |
| Active | $3.45T | 24% |
| Cash management | $1.05T | 7% |
| Advisory & other | $0.30T | 2% |
The table lists the assets under management of BlackRock by investment style in 2026, in trillion dollars, with each style share of the total. It shows iShares ETFs far ahead, followed by index and active funds, then cash and advisory. Sorting reveals the full order. ETFs sit far out in front. Active and cash trail well behind. The overall order is clear and stable.
BlackRock AUM by Client Type
By client type, BlackRock serves three broad groups: retail investors, ETF buyers, and institutions. Institutions, such as pension funds and insurers, are the largest customers overall, holding around 6 trillion dollars across active and index strategies. They remain the firm core clients.
ETFs are the largest single channel, at around 5.7 trillion dollars, bought by everyone from individuals to big institutions. Retail investors, buying mutual funds directly, hold a smaller share, a pattern explored in our BlackRock hub.
Institutions and ETFs lead: by client type, ETFs are the largest single channel at around 5.7 trillion dollars, while institutions, split across index and active, are the biggest customer group overall. Retail and cash hold around 1 trillion each.
Cash management, money parked in short-term funds, makes up around 1 trillion dollars, having crossed that mark recently. The mix shows how BlackRock serves the whole market, from the largest pension funds to individual retirement savers. Few firms reach so wide.
BlackRock AUM: Active vs Index
By investment style, the headline story is the dominance of passive investing. Index strategies, counting both iShares ETFs and non-ETF index funds, make up around 65 percent of all BlackRock assets. Passive is the firm true core. Active is the smaller wing. Cash and advisory are smaller still.
Active strategies, where managers pick investments to try to beat the market, account for only about a quarter, with cash and advisory making up the rest. This heavy tilt toward index investing is the foundation of the firm, as our largest asset managers worldwide coverage shows.
Passive rules: counting iShares ETFs and non-ETF index funds together, index strategies make up around 65 percent of BlackRock assets, with active only about a quarter and cash and advisory the rest. The firm is, above all, an index house.
The dominance of index strategies reflects the decades-long shift of investor money into cheap, market-tracking funds. BlackRock, as the largest provider, has been the biggest winner of that shift, which is why passive assets so outweigh active ones. The gap widens every year.
Active and Index by Client Type
Splitting each client type into active and index reveals how differently the channels invest. Retail investors lean active, ETFs are almost entirely index, and institutions are split, with more in index than active. The split runs deep.
Institutional clients hold around 3.9 trillion dollars in index strategies and 2.5 trillion in active, while ETFs are overwhelmingly index. This pattern shows how the index tilt runs deepest among ETF buyers and large institutions, a divide seen in our largest BlackRock multi-asset funds coverage.
An uneven tilt: ETFs are almost entirely index, institutions hold more index than active, while retail investors still lean active. The matrix shows how the move to passive runs deepest among ETF buyers and large institutions.
Retail investors are the exception, still favouring active funds, though even there index products are gaining. The matrix of style and client type captures how the move to passive has spread unevenly across BlackRock customer base. Each channel invests its own way.
Which Styles Earn BlackRock the Most
Not all styles earn BlackRock the same. Active strategies and ETFs generate far more in fees per dollar managed than plain index funds, which charge rock-bottom rates. Fees vary hugely by style.
This is why ETFs, at around 39 percent of assets, produce about 42 percent of base fees, while low-fee institutional index money earns proportionally less. The link between style and fees is central to the firm economics, as our biggest companies by value rankings hint.
Style drives fees: active strategies and ETFs earn far more in fees per dollar than cheap index funds. This is why ETFs, at 39 percent of assets, produce about 42 percent of base fees, while low-fee index money earns proportionally less.
The result is that BlackRock earns a disproportionate share of its revenue from active and ETF assets, even though cheap index funds make up a large slice of what it manages. Style, not just size, drives the firm income. Style shapes the bottom line. Richer styles lift revenue most. Cheap index money earns the least.
BlackRock Institutional AUM Split
Institutional clients, the largest group, split their money between active and index strategies. Of the roughly 6.3 trillion dollars they entrust to BlackRock, the larger share sits in index strategies. Active makes up the rest.
Around 3.9 trillion dollars of institutional money is in index strategies and 2.5 trillion in active. Recently, institutions have pulled money from low-fee index equities while adding to active and private strategies, a shift visible in our BlackRock assets under management report.
Index-heavy institutions: of the roughly 6.3 trillion dollars institutions entrust to BlackRock, around 3.9 trillion sits in index strategies and 2.5 trillion in active. Recently they have trimmed low-fee index equities while adding active and private strategies.
This rebalancing, out of cheap index and into active and private markets, is a notable trend. It suggests some large investors are seeking returns beyond the market, even as the overall industry continues its long tilt toward passive. The move is gradual, not sudden.
Which Styles Have Grown Fastest
Not all styles have grown at the same pace. iShares ETFs have grown fastest by far, more than doubling since 2020, as money has poured into low-cost, tradable funds. Demand keeps pouring in.
Index and active funds have grown more slowly, while cash management has swelled in uncertain times. The standout rise of ETFs mirrors the trend across the whole industry, detailed in our largest US ETF providers coverage.
ETFs out front: iShares ETFs have more than doubled since 2020, growing faster than index, active or cash. Their standout rise keeps lifting their share, steadily turning BlackRock into an ETF and index powerhouse.
The faster growth of ETFs means they keep gaining share within BlackRock, steadily reshaping the mix of assets. What was once a mainly active and institutional firm is now, above all, an ETF and index powerhouse.
Where the Money Flowed in 2025
The flow of new money in 2025 shows which parts of BlackRock are winning. iShares ETFs led by a huge margin, drawing record inflows of over 500 billion dollars, while some categories saw money leave. The flows reveal real shifts.
Institutional index strategies, mostly low-fee index equities, saw net outflows as some large clients rebalanced, even as ETFs and private markets pulled in money. The split between winners and losers is sharp, as our Apple and Google comparison coverage illustrates.
Winners and losers: iShares ETFs led 2025 flows by a huge margin, drawing over 500 billion dollars, while low-fee institutional index strategies saw net outflows as some clients rebalanced. Cash and private markets also gained.
These flows are steadily reshaping the mix. Money is moving toward ETFs, private markets and cash, and away from low-fee institutional index mandates, gradually shifting the balance of styles and clients within the firm. The mix keeps tilting toward ETFs.
The Rise of ETFs in BlackRock AUM
The most powerful long-run trend in BlackRock asset mix is the rise of ETFs. They have grown from around a quarter of total assets a decade ago to roughly 40 percent today, and keep gaining. No other style grows so fast.
This steady rise reflects the global shift toward cheap, tradable index funds, where iShares is the dominant brand. The trend has reshaped the whole firm, lifting it to the very top of the global asset management industry.
The defining trend: ETFs have grown from around a quarter of BlackRock assets a decade ago to roughly 40 percent today, and keep gaining. As iShares keeps rising, the firm looks ever more like an ETF company at its core.
As ETFs keep gaining share, BlackRock looks ever more like an ETF company at its core. The other styles still matter, but the centre of gravity has shifted decisively toward iShares and index investing. The centre of gravity has moved.
BlackRock AUM: Size vs Fee Share by Style
Plotting each style assets against its share of fees brings the whole picture together. The largest styles by assets are not always the largest by fees, since active and ETF money earns more per dollar. Fees and size do not match.
ETFs lead on both, but active strategies punch above their weight on fees, while cheap index funds earn far less than their size suggests. This gap between assets and fees defines the firm economics, much as in our big tech revenue statistics coverage.
Assets are not fees: the bars show AUM by style while the line shows each style share of base fees. ETFs lead on both, but active punches above its weight on fees, while cheap index money earns far less than its size suggests.
For BlackRock, the lesson is that the mix of styles matters as much as the total. Growing higher-fee ETF and active assets lifts revenue faster than piling up cheap index money, which is why the firm pushes hardest where fees are richest. Mix matters as much as scale.
Taken together, the breakdown shows a BlackRock dominated by index investing and ETFs, yet still serving the full range of clients, from individual savers to the largest institutions. iShares ETFs are the single biggest block, at around 5.7 trillion dollars. That single block dwarfs the rest.
Whether sliced by investment style or by client type, BlackRock assets reveal a firm built on passive investing but reaching across every corner of the market. The steady rise of ETFs, above all, is reshaping the mix year after year. The shift shows no sign of stopping.
Frequently Asked Questions: BlackRock AUM by Style
BlackRock assets under management are split across several investment styles, but index strategies dominate. The single largest block is iShares ETFs, at around 5.7 trillion dollars, or roughly 39 percent of total assets. Next come non-ETF index funds, at around 4 trillion dollars, followed by active strategies, where managers pick investments to try to beat the market, at around 3.5 trillion. Cash management makes up about 1 trillion dollars, with a small advisory and other category. Counting both ETFs and non-ETF index funds together, index, or passive, strategies make up around 65 percent of all BlackRock assets, while active strategies account for only about a quarter. This heavy tilt toward index investing reflects the firm dominance in low-cost, market-tracking funds, especially through its iShares ETF brand, and the broader shift of investor money out of active funds and into passive ones over the past two decades.
BlackRock serves three broad client types: institutions, ETF buyers, and retail investors. Institutions, such as pension funds, insurers and sovereign wealth funds, are the largest customers overall, entrusting around 6.3 trillion dollars to BlackRock, split between roughly 3.9 trillion in index strategies and 2.5 trillion in active. ETFs are the largest single channel, at around 5.7 trillion dollars, bought by everyone from individual savers to large institutions. Retail investors, buying mutual funds directly, hold a smaller share, around 1 trillion dollars, mostly in active funds. Cash management, money held in short-term funds, makes up another 1 trillion or so, having recently crossed that mark. This spread shows how BlackRock serves the entire market, from the largest institutions to individual retirement savers, with ETFs acting as the bridge that links all these client types together.
BlackRock is overwhelmingly a passive, or index, manager. Counting both iShares ETFs and non-ETF index funds, index strategies make up around 65 percent of its total assets under management. Active strategies, where managers try to beat the market, account for only about a quarter, with cash management and advisory making up the rest. This makes BlackRock primarily a provider of low-cost, market-tracking funds, even though it also runs a substantial active business. The dominance of index investing reflects the firm origins: its 2009 acquisition of the iShares ETF business made it the leader in passive investing just as that style was about to boom. Since then, the global shift of investor money out of expensive active funds and into cheap index products has flowed disproportionately to BlackRock, the largest and cheapest provider. As a result, passive assets now far outweigh active ones, and the gap continues to widen as ETFs keep gaining share.
ETFs earn proportionally more fees than plain institutional index funds because of how they are priced and who buys them. While both track market indexes, ETFs are often bought by retail investors and through advisers, and carry slightly higher fees than the rock-bottom rates charged on huge institutional index mandates. As a result, ETFs make up around 39 percent of BlackRock assets but generate about 42 percent of its base fees, making them more fee-efficient than their size alone suggests. By contrast, low-fee institutional index strategies, where giant clients negotiate very low rates, earn far less per dollar managed. Active strategies earn the most per dollar of all, since they charge the highest fees. This is why the mix of styles matters so much to BlackRock revenue: the firm earns a disproportionate share of its income from ETFs and active assets, even though cheap index money makes up a large slice of what it manages.
BlackRock manages around 5.7 trillion dollars in ETFs through its iShares brand, making it by far the largest ETF provider in the world. This is roughly 39 percent of the firm total assets under management and represents about a third of the entire global ETF market. iShares ETFs are the single largest block of BlackRock assets, ahead of non-ETF index funds and active strategies. They are also the fastest-growing part of the business, having more than doubled since 2020, as investor money has poured into low-cost, tradable index funds. ETFs are bought by all types of clients, from individual savers to large institutions, which is why they form the largest single channel. Crucially, ETFs are also highly fee-efficient, generating about 42 percent of BlackRock base fees despite being 39 percent of assets. Their steady rise is the most powerful trend reshaping the firm asset mix.
BlackRock biggest clients, by assets, are institutions: pension funds, insurance companies, sovereign wealth funds, endowments and other large organisations. Together they entrust around 6.3 trillion dollars to the firm, more than any other client type, split between roughly 3.9 trillion in index strategies and 2.5 trillion in active. These large clients often negotiate very low fees on huge index mandates, so while they hold the most assets, they generate proportionally fewer fees. ETFs, at around 5.7 trillion dollars, are the largest single channel, but they are bought by a mix of clients rather than one group. Retail investors, buying mutual funds directly, hold a smaller share. The dominance of institutional money reflects BlackRock long history of managing assets for the worlds largest organisations, a business built up over decades and greatly expanded by its acquisitions and its index and technology offerings.
Investment style and client type are two different ways of slicing BlackRock assets. Investment style refers to how the money is managed: actively, where managers pick investments to try to beat the market; or passively, through index funds and ETFs that simply track a market benchmark at low cost. Client type refers to who the money belongs to: retail investors, meaning individuals; institutions, such as pension funds and insurers; or ETF buyers, a channel that cuts across both. The two dimensions overlap. For example, an institution might hold both active and index strategies, while ETFs are almost entirely passive but bought by all client types. Looking at both together gives a fuller picture of BlackRock business than either alone. It shows not just how much the firm manages, but how it is invested and for whom, which in turn helps explain how much the firm earns in fees from different parts of its enormous asset base.
Some institutional clients have recently been trimming their low-fee index holdings, though it is too early to call it a broad reversal of the shift to passive. In 2025, BlackRock saw net outflows from institutional index strategies, concentrated in low-fee index equities, as some large clients rebalanced their portfolios after strong market gains. At the same time, those institutions added money to active strategies, private markets and systematic funds. This suggests that some big investors are seeking returns beyond simply tracking the market, particularly in private credit, infrastructure and other alternatives. However, this is a selective rebalancing by some clients rather than a wholesale abandonment of index investing, which remains the dominant style across BlackRock and the wider industry. The outflows from institutional index were also partly a matter of fees: because these mandates are so cheap, losing them has a much smaller effect on revenue than their size suggests.
BlackRock ETFs, run under the iShares brand, are the fastest-growing part of its business. ETF assets have more than doubled since 2020, reaching around 5.7 trillion dollars, and now make up roughly 39 to 40 percent of total assets under management, up from around a quarter a decade ago. In 2025 alone, iShares drew record net inflows of over 500 billion dollars, far more than any other part of the firm. This rapid growth reflects the global shift toward cheap, tradable index funds, where iShares is the dominant provider, holding about a third of the entire global ETF market. The growth has been broad, spanning equity, bond, and even digital-asset ETFs, with the iShares Bitcoin Trust among the fastest-growing funds in history. As ETFs keep gaining share, they are steadily reshaping BlackRock asset mix, turning what was once a mainly active and institutional firm into, above all, an ETF and index powerhouse.
Yes, the mix of investment styles affects BlackRock revenue significantly, because different styles earn very different fees per dollar managed. Active strategies charge the highest fees, ETFs charge moderate fees, and huge institutional index mandates charge the lowest of all. This means the firm earns a disproportionate share of its revenue from active and ETF assets, even though cheap index money makes up a large part of what it manages. For example, ETFs are about 39 percent of assets but generate around 42 percent of base fees, while low-fee institutional index money earns far less than its size suggests. As a result, BlackRock revenue depends not just on how much it manages but on the mix: growing higher-fee ETF and active assets lifts income faster than piling up cheap index money. This is why the firm focuses its efforts where fees are richest, such as ETFs, active strategies and private markets, even as low-fee index assets keep swelling its total.
BlackRock quarterly earnings supplements (Form 8-K), 2025-2026 - Source for AUM by client type and product style.
BlackRock Q3 2025 earnings - Source for ETFs at 39 percent of AUM and 42 percent of base fees, and the 1 trillion dollar cash milestone.
BlackRock Investor Relations - Reference for official AUM disclosures.
