(Bloomberg) — The amount of money that Australians have ploughed into tradable fixed-income funds soared by 41% in just one year and BlackRock expects that pile to grow even further.

Assets in fixed-income ETFs swelled to A$2.32 billion ($1.7 billion) at the end of August, data from local bourse operator ASX show. The proportion of all ETF holdings that are in such funds climbed to 10.1% from 8.5% a year earlier. While the amount remains negligible when compared to the $2.35 trillion U.S. ETF industry, providers are betting the listed-vehicles can attract a bigger slice of the A$621 billion in Aussie pension savings that are looked after by individuals rather than institutional managers.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.