Key Takeaways
- BlackRock submitted regulatory documents for a Nasdaq 100 Index-tracking ETF
- The proposed fund will use the ticker symbol IQQ
- Since 1985, Invesco has maintained exclusive rights to offer U.S.-listed Nasdaq 100 ETFs tracking the pure index
- Invesco manages $444 billion across two Nasdaq 100 exchange-traded funds
- Nasdaq clarified the licensing expansion aims to enhance market efficiency, not terminate its relationship with Invesco
On Monday, BlackRock submitted preliminary registration documents to launch an exchange-traded fund designed to follow the Nasdaq 100 Index. Trading under the symbol IQQ, the product will be known as the iShares Nasdaq 100 ETF.
BREAKING: BlackRock files with the U.S. SEC to launch a Nasdaq-100 ETF
The world’s largest asset manager plans to introduce the iShares Nasdaq 100 ETF under the ticker IQQ, tracking the Nasdaq 100.
If launched, it would compete directly with Invesco’s QQQ and become the first… pic.twitter.com/dr9juX8kN7
— Bull Theory (@BullTheoryio) April 6, 2026
The paperwork was submitted to the U.S. Securities and Exchange Commission. This represents BlackRock’s inaugural move to compete in the domestic market for pure Nasdaq 100 index-tracking funds.
When Nasdaq created the benchmark in 1985, the exchange maintained strict control over licensing agreements. For nearly four decades, Invesco has held exclusive U.S. rights to offer ETFs that track only the Nasdaq 100.
This monopolistic arrangement enabled Invesco to create two industry giants. The Invesco QQQ Trust Series 1 commands $374 billion in investor capital. The Invesco Nasdaq 100 ETF adds another $70 billion to that total.
Combined, these vehicles represent a formidable presence within the $13.7 trillion U.S. ETF industry. BlackRock’s regulatory submission directly threatens this long-standing market dominance.
BlackRock currently operates four Nasdaq 100-related ETFs in international territories. The proposed IQQ fund would mark the firm’s debut U.S. offering that directly replicates the index.
In response to the development, Nasdaq published a statement on its official website. The exchange characterized the licensing expansion as “intended to be additive,” designed to boost efficiency, market depth, and investor accessibility.
Exchange Confirms Ongoing Invesco Relationship
Nasdaq emphasized it continues to value its “valuable, longstanding partnership” with Invesco. The exchange reaffirmed its dedication to supporting the Invesco QQQ Innovation Suite as a fundamental component of the Nasdaq 100 framework.
The communication indicates Nasdaq views BlackRock’s market entry as complementary rather than a replacement for its existing partnership with Invesco.
Investor response remained subdued during Monday’s early trading session. BlackRock shares declined 0.1% before the opening bell. Invesco shares dropped 0.7%.
The Nasdaq 100 represents the 100 largest non-financial corporations trading on the Nasdaq Stock Market, organized by market value. The index maintains significant concentration in technology sector holdings.
Implications for the ETF Marketplace
Should regulators approve the launch, the IQQ fund would become one of the first domestically-listed ETFs to offer pure Nasdaq 100 exposure beyond Invesco’s product lineup. It would directly vie for capital currently concentrated in QQQ and QQQM.
BlackRock holds the position as the globe’s largest investment management firm. Its entrance into this segment introduces substantial competition to a market segment that has experienced minimal rivalry at the pure index-replication level.
The preliminary filing does not specify a target launch timeline. The product must complete regulatory scrutiny before shares can begin trading on an exchange.
