Between the end of 2012 and the end of the third quarter of 2021, ETF assets at BlackRock have quadrupled to $3.04 trillion; while institutional assets have about doubled to $4.7 trillion and retail assets climbed by 148% to $1 trillion over that period. Changes in market value have played the most dominant role in pushing up BlackRock's overall AUM. Since the end of 2009 through Sept. 30, 2021 — a period that saw BlackRock's AUM expand by more than $6 trillion — market growth accounted for 65% ($3.98 trillion) of that increase, according to Pensions & Investments' calculations based on SEC filings.