BlackRock has filed for an exchange-traded fund that will track the Nasdaq-100, in a challenge to Invesco's dominance in a market where only a handful of funds directly follow the tech-heavy index.
The world's largest asset manager is seeking approval for iShares Nasdaq-100 ETF, which will trade under the ticker "IQQ," it said in a filing with the Securities and Exchange Commission on Monday.
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Fees for the fund were not specified.
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The fund would compete with Invesco's QQQ Trust ETF, one of the largest ETFs in the world, with around $376 billion in assets under management, according to data compiled by LSEG.
"Expanding access to the Nasdaq-100 is intended to be additive, supporting investors by improving the efficiency, liquidity, and availability of benchmark-linked exposure across markets and product types," Nasdaq said in a public statement.
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Only a handful of publicly available ETFs exclusively track the Nasdaq-100, according to data from VettaFi's ETF database.
Invesco's product is one of the most widely traded funds in the U.S. and a popular way for investors to gain exposure to large-cap growth and technology companies.
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The Nasdaq-100 comprises 100 of the largest non-financial companies listed on the Nasdaq exchange, including tech giants such as Nvidia and Apple.
Invesco shares declined close to 4% to $23.19 in early trading. BlackRock shares edged 0.6% lower.