BlackRock files for Nasdaq-100 fund, expanding competition with Invesco

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.JAMIE DIMON WARNS IRAN WAR COULD DRIVE INFLATION, INTEREST RATES HIGHERFees for the fund were not specified.NY FED PRESIDENT JOHN WILLIAMS WARNS IRAN-DRIVEN OIL SPIKE COULD RIPPLE THROUGH ECONOMYThe 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.POWELL WARNS OF NEW ENERGY SUPPLY SHOCK AS GAS PRICES SURGE: 'NO ONE KNOWS HOW BIG IT WILL BE'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.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe 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.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business