BlackRock files to challenge Invesco’s Nasdaq 100 ETF monopoly

While IQQ would be its first in the U.S. market, BlackRock manages four Nasdaq 100-tracking ETFs globally. Photo by Jeenah Moon/BloombergArticle contentBlackRock Inc. is setting its sights on a corner of the US$13.7 trillion United States exchange-traded fund industry long controlled by Invesco Ltd: tracking the Nasdaq 100 index.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe iShares Nasdaq 100 ETF would follow the technology-heavy index and trade under the ticker IQQ, according to a Monday filing with the Securities and Exchange Commission. Fees for the fund were not yet listed.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle content“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,” a Nasdaq spokesperson said in an emailed statement. “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.”Article contentInvestorCanada's best source for investing news, analysis and insight.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentShould it launch, IQQ would become one of just a handful of U.S.-listed ETFs to solely track the Nasdaq 100, and the first one to not be managed by Invesco. Exchange-operator Nasdaq has been historically selective about licensing out its namesake index, comprising the 100 largest non-financial companies listed on the Nasdaq exchange, since its creation in 1985. While other ETFs that add derivatives to the Nasdaq 100 stocks trade stateside, Invesco has enjoyed virtually exclusive access to the pure Nasdaq 100 in the U.S. market. That relationship has produced the US$374 billion Invesco QQQ Trust Series 1 fund (ticker QQQ), one of the largest ETFs globally, as well as the US$70 billion Invesco Nasdaq 100 ETF (QQQM).Article contentArticle contentAn Invesco spokesperson said: “Creating a foundational ETF ecosystem does not happen overnight, and Invesco has always taken a long-term view on building and facilitating its development. There is only one QQQ.”Article contentRead More Fink says AI threatens to leave masses behind unless they invest Wall Street regulators seek more enforcement, exam coordination Article contentWhile IQQ would be its first in the U.S. market, BlackRock manages four Nasdaq 100-tracking ETFs globally. Within the U.S., BlackRock is also behind Nasdaq-flavoured funds including the iShares Nasdaq Top 30 Stocks ETF (QTOP) and the iShares Nasdaq-100 ex Top 30 ETF (QNXT).Article contentBloomberg.comArticle contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentTrending Posthaste: Why Canadians will feel the squeeze of soaring gas prices more than Americans News Opinion: The world has an energy problem and Canada is the solution Energy Subscriber only. What's behind Chip Wilson's proxy war with Lululemon Subscriber only Retail & Marketing Markets are in 'double black diamond territory' where a bad decision at the wrong moment can take you out of the game Investor Diesel-rich Alberta synthetic crude oil triples in four days Oil & Gas Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: Why Canadians will feel the squeeze of soaring gas prices more than Americans News Opinion: The world has an energy problem and Canada is the solution Energy Subscriber only. What's behind Chip Wilson's proxy war with Lululemon Subscriber only Retail & Marketing Markets are in 'double black diamond territory' where a bad decision at the wrong moment can take you out of the game Investor Diesel-rich Alberta synthetic crude oil triples in four days Oil & Gas