State Street filed regulatory paperwork on April 7 2026 to launch a Nasdaq‑100 ETF, directly competing with Invesco’s QQQ. The filing follows BlackRock’s April 6 submission, marking a shift in Nasdaq’s licensing strategy that has historically been highly selective.
The new ETF will track the Nasdaq‑100 index, which includes 100 of the largest non‑financial companies listed on Nasdaq. Invesco’s QQQ, with assets of $376 billion, has dominated the segment for two decades. State Street’s entry adds a third major player, potentially reshaping fee dynamics and distribution channels.
While the expense ratio for the State Street ETF has not yet been disclosed, investors will compare it to Invesco’s 0.18% and QQQM’s 0.15%. The fee structure will be a key competitive lever, especially as BlackRock’s and State Street’s distribution networks could drive rapid inflows.
State Street’s move aligns with its broader strategy to deepen client stickiness across custody and asset‑servicing. Anna Paglia, State Street’s executive vice president and chief business officer, noted that the firm has seen material flows into sectors like energy, materials, and infrastructure, underscoring its focus on diversified exposure. Yie‑Hsin Hung, CEO of State Street Investment Management, highlighted the firm’s “relentless pursuit of innovation and unwavering focus on client success” as it expands its ETF footprint.
Nasdaq’s decision to license its index to new partners signals a strategic shift from its historically selective approach. The increased competition is expected to benefit investors through lower fees and greater product choice, while challenging Invesco’s long‑standing market share. The filings also reflect the broader growth of the U.S. ETF industry, now valued at $13.7 trillion, and the continued demand for growth‑oriented index exposure.
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