BlackRock Plans Nasdaq 100 ETF to Challenge Invesco’s $374B Trust
BlackRock filed with the SEC to launch the iShares Nasdaq 100 ETF under ticker IQQ, targeting the $13.7 trillion US ETF industry dominated by Invesco’s $374 billion QQQ Trust. If approved, IQQ would be the first US-listed pure Nasdaq 100 ETF outside Invesco’s lineup and could disrupt Invesco’s monopoly.
1. BlackRock Files for New Nasdaq 100 ETF
BlackRock Inc. submitted an SEC registration on April 6 to launch a US-listed iShares Nasdaq 100 ETF trading under the proposed ticker IQQ. The filing did not disclose fees, and the new fund would track the same technology-heavy index that underpins existing Invesco offerings.
2. Invesco’s Established Market Position
Invesco has held near-exclusive US licensing for the pure Nasdaq 100 since 1985, building the $374 billion QQQ Trust Series 1 and the $70 billion QQQM fund. Exchange operator Nasdaq historically selects limited partners for its index, reinforcing Invesco’s dominant role in Nasdaq 100 exposure.
3. Potential Competitive Impact
If approved, the IQQ ETF would become one of only a handful of US-listed funds solely tracking the Nasdaq 100 and the first outside Invesco’s suite. BlackRock already manages four global Nasdaq 100 ETFs and other US Nasdaq-flavored funds, signaling potential fee competition and market share erosion for Invesco.