I just checked the current ASIC rules; it would have to be 10%...

I just checked the current ASIC rules; it would have to be 10% of the total ETF (for index tracking ETFs) to even trigger a sub holder notice throughout the creation/redemption process via an authorised participant. Basically, given ASN is 0.16% of URA, it won’t ever happen unless the index weights it higher. As I recall the rules, ASN doesn’t qualify to ever be higher than 2% even, so never for URA.