BlackRock Files to Challenge Invesco’s Nasdaq 100 ETF Monopoly

(Bloomberg) -- BlackRock Inc. is mounting its sights connected a country of the $13.7 trillion US exchange-traded money manufacture agelong controlled by Invesco Ltd: tracking the Nasdaq 100 Index.

The iShares Nasdaq 100 ETF would travel the technology-heavy scale and commercialized nether the ticker IQQ, according to a Monday filing with the Securities and Exchange Commission. Fees for the money were not yet listed. 

“As request for Nasdaq 100 vulnerability continues to turn globally, Nasdaq is focused connected extending planetary scope and deepening organization entree by moving with a prime acceptable of partners successful cardinal markets,” a Nasdaq spokesperson said successful an emailed statement. “Nasdaq maintains a valuable, longstanding concern with Invesco and remains committed to supporting the continued spot and occurrence of the Invesco QQQ Innovation Suite arsenic a cornerstone of the Nasdaq 100 ecosystem.”

Should it launch, IQQ would go 1 of conscionable a fistful of US-listed ETFs to solely way the Nasdaq 100, and the archetypal 1 to not beryllium managed by Invesco. Exchange-operator Nasdaq has been historically selective astir licensing retired its namesake index, comprising the 100 largest non-financial companies listed connected the Nasdaq exchange, since its instauration successful 1985. While different ETFs that adhd derivatives to the Nasdaq 100 stocks commercialized stateside, Invesco has enjoyed virtually exclusive entree to the axenic Nasdaq 100 successful the US market. That narration has produced the $374 cardinal Invesco QQQ Trust Series 1 money (ticker QQQ), 1 of the largest ETFs globally, arsenic good arsenic the $70 cardinal Invesco Nasdaq 100 ETF (QQQM).

An Invesco spokesperson said: “Creating a foundational ETF ecosystem does not hap overnight, and Invesco has ever taken a semipermanent presumption connected gathering and facilitating its development. There is lone 1 QQQ.”

While IQQ would beryllium its archetypal successful the US market, BlackRock manages 4 Nasdaq 100-tracking ETFs globally. Within the US, BlackRock is besides down Nasdaq-flavored funds including the iShares Nasdaq Top 30 Stocks ETF (QTOP) and the iShares Nasdaq-100 ex Top 30 ETF (QNXT).

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