BlackRock to launch low-cost Nasdaq 100 ETF to compete with Invesco’s QQQ
The world's largest asset manager wants a piece of the tech-heavy index that Invesco has owned virtually unchallenged since 1999
BlackRock is set to launch a new iShares Nasdaq 100 ETF (IQQ) as the world’s largest asset manager looks to capture continued demand for exposure to the technology-heavy index that has been boosted by the artificial intelligence rally.
The ETF is scheduled to begin trading on July 9 with an initial NAV of $24 per share. It will charge a 0.12% gross expense ratio, temporarily reduced to 0.1% through the end of July 2027.
The ETF will enter an increasingly competitive market alongside Invesco’s QQQ products and State Street’s recently introduced Nasdaq-100 fund.
With the new fund, BlackRock aims to offer investors a cost-efficient way to gain exposure to the Nasdaq-100 and companies benefiting from long-term trends such as AI and digitalization.
BlackRock said the fund expands its range of iShares investment options tied to the Nasdaq-100. The firm currently oversees more than $41 billion in assets across its existing Nasdaq-focused ETF products.