BlackRock Lists iShares FTSE All-World and AT1 Bond Active ETFs on the London Stock Exchange

Two new share classes admitted to trading on 7 August 2026, widening UK investor access to global equities and bank capital bonds

The listings comprise a USD-denominated distributing share class of the iShares FTSE All-World UCITS ETF and a GBP Hedged distributing share class of the iShares AT1 Bond Active UCITS ETF. The move extends the range of iShares products available to UK investors on the LSE Main Market, adding a broad global equity option alongside an actively managed fixed income strategy focused on bank capital instruments.

The FCA Official List Notice

According to the notice published by the FCA on 7 August 2026 at 08:00 GMT/BST, two iShares share classes were admitted to the Official List and to trading on the London Stock Exchange. The iShares FTSE All-World UCITS ETF USD (Dist), ISIN IE000OL3XN92, was admitted under issuer iShares II plc. The iShares AT1 Bond Active UCITS ETF GBP Hedged (Dist), ISIN IE000RGNDFJ6, was admitted under issuer iShares III plc. Both are structured as open-ended investment companies domiciled in Ireland and authorised as UCITS.

iShares FTSE All-World UCITS ETF: global equity exposure at 0.12% TER

The iShares FTSE All-World UCITS ETF (ISIN IE000OL3XN92) carries a total expense ratio of 0.12%. The fund aims to grow investors’ capital through a combination of capital growth and income, reflecting the performance of the FTSE All-World Index.

The fund seeks to replicate the index through physical replication, directly holding the equity securities that make up the index in similar proportions. The FTSE All-World Index tracks the performance of large and mid-sized companies across developed and emerging markets globally, with constituent eligibility determined by the proportion of shares available for purchase by international investors (the free-float methodology). The index is rebalanced on a quarterly basis; between reviews, constituent weightings shift in line with price movements.

This is not the first LSE listing for the strategy. BlackRock had already admitted an accumulating share class of the same fund, traded under the ticker FTAW in GBP, to trading on the London Stock Exchange on 12 May 2026, alongside a EUR-denominated listing on Deutsche Börse Xetra under the ticker FTSS. The share class admitted on 7 August 2026 is denominated in USD and follows a distributing income policy, differentiating it from the accumulating GBP class listed in May.

iShares AT1 Bond Active UCITS ETF: active management at 0.50% TER

The iShares AT1 Bond Active UCITS ETF (ISIN IE000RGNDFJ6, GBP Hedged, distributing share class) carries a total expense ratio of 0.50%. The fund is actively managed and aims to maximise the return on investors’ capital through a combination of capital growth and income, referencing the ICE Developed Markets Contingent Capital Index for performance comparison purposes.

The fund invests at least 80% of its total assets in Additional Tier 1 (AT1) bonds, denominated in different currencies and issued primarily by financial institutions domiciled in developed markets globally. AT1 bonds, also known as contingent convertible bonds or “CoCos,” are hybrid capital instruments issued mainly by banks to meet Basel III regulatory capital requirements, designed to absorb losses in times of financial stress. The global AT1 market stands at approximately $260 billion, according to the Financial Times, cited by the World Economic Forum.

The fund has been categorised as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation (SFDR). BlackRock states that the product is designed for informed retail investors who can bear loss of capital, who have specific knowledge or experience of investing in the underlying assets of the fund, who have experience of investing in similar products, and who seek a fund offering with a risk and return profile similar to that of the fund. This is a formal suitability statement drawn from the fund’s own documentation, reflecting the higher-risk, subordinated nature of AT1 instruments.

The GBP Hedged share class sits within the broader BAT1 fund range, which also includes EUR accumulating, EUR distributing and USD Hedged distributing share classes, some of which already trade on Borsa Italiana and other European venues. BlackRock has described the strategy, at launch, as the first actively managed ETF in Europe offering access to AT1 bonds, a characterisation attributable to the issuer.

Market context

The two listings arrive amid intensifying competition among large asset managers in the broad global equity ETF segment, where providers including BlackRock, DWS and Vanguard compete closely on cost for products tracking all-world or all-country indices. On the fixed income side, active AT1 strategies remain a comparatively recent addition to the European ETF landscape, reflecting continued issuance activity in the AT1 market amid ongoing regulatory debate over the instruments’ role in bank capital structures.

Conclusions

BlackRock’s iShares range added two further share classes to the London Stock Exchange on 7 August 2026: a USD distributing class of the iShares FTSE All-World UCITS ETF (ISIN IE000OL3XN92, TER 0.12%) and a GBP Hedged distributing class of the iShares AT1 Bond Active UCITS ETF (ISIN IE000RGNDFJ6, TER 0.50%).