BlackRock Plans to Launch Nasdaq 100 ETF to Challenge Invesco's Monopoly

Odaily News BlackRock is setting its sights on a segment of the $13.7 trillion U.S. ETF market that has long been dominated by Invesco: tracking the Nasdaq 100 Index. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Monday, the iShares Nasdaq 100 ETF will track this index with the trading symbol IQQ. If launched, IQQ would become one of the few U.S.-listed ETFs dedicated to tracking the Nasdaq 100 Index and the first such product not managed by Invesco. Since the Nasdaq exchange introduced the index in 1985, it has been relatively cautious in authorizing its use. Although there are also U.S. market ETFs that overlay Nasdaq 100 components through derivatives, Invesco has almost monopolized the market for pure Nasdaq 100 index ETFs. This partnership has given rise to the $374 billion Invesco QQQ Trust Series 1 (ticker: QQQ), one of the world's largest ETFs, and the $70 billion Invesco Nasdaq 100 ETF (QQQM). (Jin10)