The proliferation of nearly identical Nasdaq-100 ETFs indicates market saturation and a duopoly consolidation rather than healthy competition

"QQQ traded nearly $29.4 billion, highlighting the liquidity advantage that continues to attract institutional investors. For now, the Nasdaq-100 ETF market appears to be reinforcing the theory that once a fund achieves massive scale, deep liquidity and a dominant trading ecosystem, lowering fees alone may not be enough to persuade investors to switch."

"The industry is currently experiencing a total saturation of core asset indexing. There is zero functional difference between the underlying corporate holdings of IQQ and the long-established QQQ. This product launch highlights the complete dominance of a corporate duopoly."