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BlackRock is set to challenge Invesco’s long-held dominance in the Nasdaq-100 ETF market. On Monday, the world’s largest asset manager filed with the SEC for its iShares Nasdaq-100 ETF, trading under the ticker “IQQ”.
The new fund directly competes with Invesco’s QQQ Trust ETF, which boasts approximately $376 billion in assets under management, according to LSEG data. Fees for BlackRock’s fund have yet to be disclosed.
The Nasdaq-100 index comprises 100 of the largest non-financial companies listed on the Nasdaq exchange, featuring tech giants like Nvidia and Apple. BlackRock’s move aims to broaden access to the Nasdaq-100, enhancing efficiency and liquidity across markets, according to Nasdaq.
Only a limited number of ETFs exclusively track the Nasdaq-100, making Invesco’s QQQ a popular choice for investors seeking exposure to large-cap growth and technology companies. In early trading, Invesco shares fell nearly 4% to $23.19, while BlackRock shares edged down 0.6%.
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