BlackRock files to launch Nasdaq 100 ETF in challenge to Invesco dominance
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The news: The world’s largest asset manager BlackRock plans to launch a Nasdaq 100 Index-tracking exchange traded fund (ETF), which would challenge Invesco’s dominance in the USD13.7 trillion ($19.76 trillion) ETF space.
The context: In a filing with the US Securities and Exchange Commission (SEC) on Monday, BlackRock said its ‘iShares Nasdaq 100 ETF’ would track the Nasdaq under the ticker IQQ, becoming one of just a few US-listed ETF’s exclusively tracking the tech-heavy index. BlackRock already manages four Nasdaq 100 linked ETFs outside of the US.
It would be the first ETF to not be managed by exchange operator Invesco.
Responding to the news via a statement on its website, Nasdaq said: “As demand for Nasdaq-100 exposure continues to grow globally, Nasdaq is focused on extending international reach and deepening institutional access by working with a select set of partners in key markets.”
“Nasdaq maintains a valuable, longstanding partnership with Invesco and remains committed to supporting the continued strength and success of the Invesco QQQ Innovation Suite as a cornerstone of the Nasdaq-100® ecosystem.”
The sources: BlackRock SEC filing, Nasdaq statement, Bloomberg
