BlackRock Seeks Nasdaq-100 ETF Approval, Taking Aim at Invesco's Dominance

BlackRock has filed with the U.S. Securities and Exchange Commission to launch the iShares Nasdaq100 ETF, proposed ticker IQQ, marking the first meaningful bid in decades to take on Invesco's flagship QQQ Trust. The registration, submitted April 6, targets a corner of the ETF market where QQQ has long been the default option, with assets under management estimated in a range of roughly $374 billion to $426 billion. The competitive pressure intensified a day later when State Street also submitted an application for a Nasdaq-100 tracking ETF. Two of the world's three largest asset managers moved within 24 hours, signaling that Invesco's near-monopoly in this segment may be entering a new phase. The Nasdaq-100 index tracks 100 of the largest nonfinancial companies listed on the Nasdaq exchange. The benchmark gained 27.5% in 2025, fueled by strong investor demand for companies tied to artificial intelligence. Since launching in 1999, Invesco's QQQ has been the go-to vehicle for investors seeking straightforward Nasdaq-100 exposure. Until now, only a small number of U.S.-listed ETFs tracked the index, and they were all managed by Invesco. Neither BlackRock nor State Street has disclosed the fee structure for its proposed fund. For tech and crypto-focused investors, BlackRock's entry carries added weight. The firm previously launched the iShares Bitcoin Trust (IBIT), which became the fastest-growing ETF on record. BlackRock has built a reputation for entering high-demand categories, pricing competitively, and leveraging its distribution reach to gather assets quickly. Investors will be watching two key factors: fees and liquidity. QQQ's expense ratio has been relatively stable, in part because it faced little direct competition. That dynamic could shift as new entrants arrive. Liquidity is another hurdle. QQQ is among the most actively traded ETFs globally, and its tight bid-ask spreads and deep order books are a major advantage for institutional traders. BlackRock's IQQ and State Street's proposed product would need to develop comparable liquidity from the ground up.