Just weeks after new rules helped pave the way for Space Exploration Technologies Corp (NASDAQ:SPCX), or SpaceX to join the Nasdaq 100 Index, BlackRock has launched a new ETF tracking the benchmark, escalating competition with long-time market leader Invesco and recent entrant State Street Global Advisors.
The move demonstrates how issuers are rushing to capitalize on investor demand for technology-heavy portfolios as artificial intelligence continues to fuel the U.S. equity rally.
The new iShares Nasdaq 100 ETF (NASDAQ:IQQ) began trading on Thursday, offering investors exposure to the 100 largest non-financial companies listed on the Nasdaq exchange, joining an increasingly crowded field dominated by the Invesco QQQ Trust (NASDAQ:QQQ) and the Invesco NASDAQ 100 ETF (NASDAQ:QQQM).
Last month, State Street Global Advisors also rolled out its own Nasdaq-100 ETF, the State Street SPDR Portfolio Nasdaq 100 ETF (NASDAQ:QNDX).
SpaceX's Arrival Raises the Stakes BlackRock's timing is notable.
