BlackRock filed a SEC filing on the iShares Nasdaq-100 ETF under the ticker IQQ, directly challenging Invesco’s decades-long dominance.
ETF expert Eric Balchunas says the ratio could reach close to 12 basis points. This would reduce QQQ at 0.18% and QQQM at 0.15%, setting up one of the biggest ETF wars of 2026.
Aggressive Wages and Distributive Power
BlackRock has a history of entering high-end stocks with aggressive pricing. His iShares Bitcoin Trust (IBIT) followed the same path.
It combines competitive payouts and portfolio allocations to dominate the Bitcoin ETF’s inflows over the course of several months.
The same playbook applies here. If the IQQ rates are at 10 to 12 bps, distributors will not pay 401(k) plansrobo-platforms, and advisor model portfolios may have a clear incentive to switch to new investments.
BlackRock manages $14 trillion in total assets and already manages Nasdaq-100 products in Canada, Europe, and Hong Kong. This provides operational expertise and global reach that Invesco cannot duplicate.
Marketing adds another dimension. Advisors who are already using iShares for an average equity, bond, or commodity exposure get additional Nasdaq-100 coverage within the same environment. BlackRock’s Aladdin analytics platform advanced locks in large customers.
Design Quality From Day One
IQQ can be set up as a modern open-ended ETF from scratch. QQQ was only converted from its original unit-investment-trust structure in December 2025. The legacy model had some minor shortcomings, such as the return of capital to the return of profits.
BlackRock is a leader in reverse mortgages, which can yield high returns. Combined with its tracking technology from the international Nasdaq-100 brands, IQQ starts with little disruption compared to its competitors for more than two decades.
Market conditions are also challenging. The Nasdaq-100 continues to attract capital as a sustainable growth engine weighted towards mega-cap manufacturing leaders.
Lower costs through competition can increase the overall market for real estate, drawing money that previously went to larger projects.
Why QQQ Doesn’t Fall So Easily
Despite these advantages, running QQQ completely remains doubtful in the near future. QQQ trades millions of shares every day and is widely spread over the ETF market.
Its decisions and future environment are deeply rooted in business processes.
Invesco has approximately $360 to $370 billion in QQQ assets and another $70 billion in QQQM. A combined foundation of over $430 billion comes with over 25 years of proven track record.
Exchange disputes also protect those who work. Taxpayer account holders earn more money on every move. Even in retirement accounts, these changes require working decisions with advisors.
History also supports the directors. The SPDR S&P 500 ETF Trust ( SPY ) is still leading in daily trading data despite lower prices than iShares’ IVV and Vanguard’s VOO.
Opponents often don’t get the upper hand financially, even if they win on price.
Real Results
The most likely scenario is somewhere between complete disruption and failure. BlackRock can pull in $20 to $50 billion within the first two to three years by capturing new entries and removing long-term holders without paying QQQM.
All Nasdaq-100 ETFs are expected to grow rapidly as interest rates add new funds.
Invesco may respond with further cuts to QQQM or new asset classes to protect its position.
All targets, including the amount of confirmed funds, have not yet been published. That one number will set the stage for everything that follows.
A note BlackRock Launches Wall Street’s Most Profitable ETF: Why It Could Win appeared for the first time BeInCrypto.
