BlackRock Takes Aim at Smaller Firms With ETF Starts, Fee Waiver
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BlackRock Inc., the world’s biggest provider of exchange-traded funds, is putting the heat on smaller competitors.
BlackRock and WisdomTree Investment Inc., the firm where former hedge-fund manager Michael Steinhardt is both non-executive chairman and the largest shareholder, will each open ETFs tomorrow targeting the same hot spot in the market, and at first glance both come with the same price tag. The twist: BlackRock’s will be free for a year.