Blackrock And State Street File Nasdaq-100 Etfs To Challenge Invesco'S $376b Monopoly

@BlackRock filed with the SEC for an iShares Nasdaq-100 ETF under ticker "IQQ," and @StateStreet followed Tuesday with its own SPDR Nasdaq-100 filing. Both would be the first US-listed Nasdaq-100 trackers not managed by Invesco, which has held near-exclusive control over the index through its flagship QQQ Trust.

@InvescoUS's QQQ holds roughly $376 billion in assets and is one of the largest ETFs in the world. The Nasdaq-100 tracks the 100 largest non-financial companies on the exchange, including Nvidia, Apple, and Microsoft. Invesco shares dropped close to 6% on the combined filings. Fees for neither fund have been disclosed yet.

The move opens a new competitive front in the $13.7 trillion US ETF market. BlackRock already manages four Nasdaq-100 linked ETFs outside the US. A fee war could benefit investors but threatens to erode one of Invesco's most valuable revenue streams.