BlackRock is preparing to launch the iShares Nasdaq 100 ETF (Ticker: IQQ), the world's largest asset manager announced Tuesday, the same day that Elon Musk’s SpaceX (Ticker: SPCX) joined the index.
The Nasdaq 100 features the largest non-financial companies listed on the Nasdaq based on market capitalization. The index features tech giants Apple Inc. (Ticker: AAPL) Microsoft Corp. (Ticker: MSFT), and Qualcomm Inc. (Ticker: QCOM) , as well as Facebook parent Meta Platforms Inc. (Ticker: META), food and beverage behemoth PepsiCo Inc. (Ticker: PEP), and pharmaceuticals heavyweight Regeneron (Ticker: REGN).
SpaceX’s much-hyped and eagerly-anticipated public offering last month was the biggest IPO of all time and the company’s valuation at the end of its first day of trading on June 12 was over $2 trillion. The mega-IPO sparked a flurry of activity in the ETF industry, with the company being fast-tracked for inclusion onto the Nasdaq 100 and other major equity indices. Reuters reports that SpaceX is among the fastest-ever additions to the Nasdaq 100.
Not all index providers made room for the rocket-maker so quickly. S&P Global denied SpaceX's bid for early inclusion in the S&P 500, deciding to stand firm on its existing index membership rules around profitability, though it did soften its requirements for its S&P Total Market Index and the Dow Jones U.S. Total Stock Market Index.
BlackRock says that the iShares Nasdaq 100 ETF is designed to give investors access to companies driving innovation and long-term economic growth across sectors such as technology, healthcare, consumer discretionary, and communication services.
“IQQ enhances our ability to offer investors access to the Nasdaq-100 with iShares ETFs – providing complementary strategies that allow them to align their portfolios with their objectives,” said Elise Terry, U.S. head of iShares at BlackRock, in a statement.
The ETF, which could start trading on the Nasdaq as early as July 9, will have an initial NAV of $24 per share. The iShares Nasdaq 100 has a gross expense ratio of 0.12%, with a waiver reducing the expense ratio to 0.10% through July 31, 2027, according to BlackRock.
The company’s move comes at a time when its iShares ETF offerings are enjoying strong performance. BlackRock’s iShares ETF business posted its best-ever first-quarter result earlier this year, with $132 billion in net inflows.
As of June 18, BlackRock’s iShares Nasdaq‑100 strategies had over $41 billion in assets globally. The iShares global platform had more than $6 trillion in assets as of June 19, according to BlackRock.
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