BlackRock Seeks to Break Invesco's Hold on Nasdaq-100 ETFs With New Filing

BlackRock is moving into a corner of the $13.7 trillion U.S. ETF market that has long been dominated by Invesco: ETFs that track the Nasdaq-100 Index. A prospectus filed Monday with the U.S. Securities and Exchange Commission shows the asset manager plans to launch the iShares Nasdaq100 ETF, expected to trade under the ticker IQQ. If approved and brought to market, IQQ would be among the small group of U.S.-listed funds that track the Nasdaq-100 directly, and would be the first such product not run by Invesco. The Nasdaq Exchange has historically been cautious about licensing the index since its debut in 1985. While some U.S. ETFs gain Nasdaq-100 exposure via derivatives, Invesco has effectively controlled the segment of "pure" Nasdaq-100 index ETFs through its licensing arrangement. That partnership underpins the $374 billion Invesco QQQ Trust Series 1 (QQQ), one of the world's largest ETFs, and the $70 billion Invesco Nasdaq100 ETF. (Source: ChainCatcher)