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Frequently Asked Questions
  What types of ETFs are eligible to be listed under Nasdaq Rule 5704?
Identification Number 1735

ETFs that meet the definition of “Exchange Traded Fund” in Nasdaq Rule 5704(a)(1)(A) are eligible to be considered for listing pursuant to Nasdaq Rule 5704. ETFs that are excluded from operating pursuant to Rule 6c-11 under the Investment Company Act of 1940 are not eligible to list under Nasdaq Rule 5704.

Publication Date*: 4/10/2020 Mailto Link Identification Number: 1735
Frequently Asked Questions
  What happens if an ETF is no longer compliant with Rule 6c-11?
Identification Number 1736

If it is determined that a Nasdaq-listed ETF no longer complies with Rule 6c-11 and therefore no longer complies Nasdaq Rule 5704, Nasdaq will generally issue a letter of deficiency. The ETF will generally be given 45 days to submit a plan to regain compliance. If the plan is accepted, Nasdaq Staff can grant an extension up to an additional 180 days from the date of the original deficiency letter in order for the ETF to regain compliance. If the plan is not accepted or any extension granted by Nasdaq staff expires without compliance being achieved, Nasdaq staff will notify the issuer by phone and subsequently send a delisting letter. The ETP can request that an independent Panel review the Nasdaq staff's decision. More information about this Hearing Process is available here.  

Publication Date*: 4/10/2023 Mailto Link Identification Number: 1736
Frequently Asked Questions
  What will an ETF listed under Nasdaq Rule 5704 need to submit to Nasdaq to evidence compliance with the continued listing standards?
Identification Number 1737

Funds listed under Nasdaq Rule 5704 are required to submit an annual certification regarding the funds compliance with Rule 6c-11 during the most recent fiscal year. The certification is required within 30 calendar days of a fund’s fiscal year end. The certification can be completed by filling out  Section 9, Annual Certification for Exchange Traded Fund Shares, of the Company Event Form.

Publication Date*: 4/10/2023 Mailto Link Identification Number: 1737
Frequently Asked Questions
  Do all the funds operating under an existing exemptive order have to transition to operating under Rule 6c-11 and Nasdaq Rule 5704 at the same time?
Identification Number 1738

Yes. According to the SEC, once an ETF becomes eligible to operate under Rule 6c-11 and elects to list on Nasdaq under Nasdaq Rule 5704, the existing order related to that fund (and all other funds under that exemptive order) will be rescinded. Once a fund is listed under Nasdaq Rule 5704, it will not be able to relist under Nasdaq Rule 5705(b) (Index Fund Shares) or Nasdaq Rule 5735 (Managed Fund Shares) unless a new exemptive relief order is obtained from the SEC.

Publication Date*: 4/10/2020 Mailto Link Identification Number: 1738
Frequently Asked Questions
  What happens to a fund that is listed pursuant to a product specific rule filing once the fund is eligible to operate under Rule 6c-11 and elects to list on Nasdaq under Rule 5704?
Identification Number 1739

The SEC will withdraw the existing approval order and the fund will become subject to the requirements of Rule 6c-11 and Nasdaq Rule 5704.

Publication Date*: 4/10/2020 Mailto Link Identification Number: 1739
Frequently Asked Questions
  When should I fill out a Listing Application?
Identification Number 40
A Listing Application must be completed by all companies that wish to initially list on Nasdaq or by a company that is already listed on Nasdaq but wishes to transfer between the Nasdaq Global Market and the Nasdaq Capital Market. A listed company should also complete and submit a listing application if it wishes to list a secondary security on Nasdaq.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 40
Frequently Asked Questions
  How do I update the application after it has been submitted?
Identification Number 45
Once your application is submitted, you must submit any changes directly to your Listing Analyst. You can, however, submit additional documentation and update information contained in your Corporate Governance Certification and Listing Agreement at any time during the process.  Once updated, you can re-submit these documents or upload any additional documents through the Listing Center.
 
If you have been sent a Supplemental Information Request Form by the analyst assigned to your application, additional documentation and responses should be submitted via this form.
Publication Date*: 5/15/2023 Mailto Link Identification Number: 45
Frequently Asked Questions
  Does Nasdaq require the filing of SEC reports and documents?
Identification Number 313
Yes. Nasdaq-listed companies are required to file with Nasdaq copies of all reports and other documents filed or required to be filed with the SEC (or other appropriate regulatory authority) on or before the applicable due date. This requirement is considered fulfilled if the company files the report or document with the SEC through the EDGAR system. A company that does not file through the EDGAR system is required to provide two copies of the report to Nasdaq unless the company emails a copy to continuedlisting@nasdaq.com. Please see the Distribution of Annual & Interim Reports Frequently Asked Questions for more information regarding the filing of SEC periodic reports.
 
Banks and officers and directors of listed companies that file with the FDIC must still provide paper copies to Nasdaq. Currently, Nasdaq systems do not have an electronic link with FDICconnect; therefore, Nasdaq is not notified when filings are made through that system.
 
For additional information regarding the reporting requirements of Nasdaq's listed companies, please refer to the Continued Listing Guide.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 313
Frequently Asked Questions
  How does a company¬†reserve a symbol to trade on Nasdaq?
Identification Number 486
A company may request a symbol for trading on the Nasdaq Stock Market by using our online form.
 
Symbol reservations for all U.S. markets are governed by the National Market System Plan for the Selection and Reservation of Securities Symbols.  Pursuant to that Plan, a company may request to reserve a symbol up to 24 months in advance of listing. If the symbol is not used during the 24-month reservation period, it will be released and made available for other potential applicants. A company may then re-apply for a symbol reservation after the original reservation expires provided that no other company has reserved the symbol. 
 
The Nasdaq Stock Market does not reserve symbols for the over-the-counter (OTC) market. Symbol reservations for the OTC market are managed by FINRA. Any inquiries regarding symbol reservation for  the OTC market should be forwarded to otcsymbols@finra.org
 
Publication Date*: 5/15/2023 Mailto Link Identification Number: 486
Frequently Asked Questions
  Where are the forms and instructions to list an Exchange Traded Product on Nasdaq?
Identification Number 1383
The Listing applications and related forms are available through the Nasdaq Listing Center. Before completing your application electronically, please take a few minutes to review our Exchange Traded Products website. Generally, companies will need to complete the Listing Application, Listing Agreement, Corporate Governance Certification Form, and Logo Submission Form. However, please note that issuers registered under the Investment Company Act of 1940 are not required to submit a Corporate Governance Certification Form and issuers that already have ETPs listed on Nasdaq do not need to submit a Listing Agreement.
 
Issuers of Rule 6c-11 ETFs should complete the following application: “Issuer Seeking to List Exchange Traded Funds (Rule 6c-11 ETFs)”.
 
Issuers of all other types of ETPs should complete the following application: "Listing Application - Seeking to List an Exchange Traded Fund or Other Structured Product". If you are unfamiliar with the contents of the application and related forms, we recommend that you preview the forms prior to logging into the Listing Center. This will help you gather all the information you will need to complete the forms. In addition, you can find instructions for completing the listing application here.
 
An issuer does not need to complete all forms, or all information on a form, at the same time, and the Listing Application can be submitted when it is complete even if the other documents are still pending.
 
Questions regarding the listing process should be directed to Listing Qualifications Staff at +1 301 978 8008 or etp_regulation@nasdaq.com.
 
Publication Date*: 4/10/2023 Mailto Link Identification Number: 1383
Frequently Asked Questions
  What are the ETP continued listing standards and where can they be found?
Identification Number 1463

The continued listing standards require ETPs listed on Nasdaq to maintain compliance with certain listing standards on a continuous basis. The standards also clarify that issuers of ETPs are subject to Nasdaq's rules requiring prompt notification to Nasdaq when the issuer becomes aware of non-compliance with the listing requirements. The continued listing standards for ETPs are contained in the Nasdaq Rule 5700 series.

Publication Date*: 4/10/2023 Mailto Link Identification Number: 1463
Frequently Asked Questions
  How do continued listing standards apply to ETPs listed pursuant to a product-specific rule filing under SEC Rule 19b-4?
Identification Number 1458
ETPs listed pursuant to a product-specific rule filing under SEC Rule 19b-4 are required to maintain compliance with the representations made in the filing regarding the index composition, description of the portfolio or reference assets, limitations on portfolio holdings or reference assets, dissemination and availability of index reference asset and intraday indicative values, and the applicability of Nasdaq rules and surveillance procedures (the "19b-4 Representations"). Such ETPs do not also have to meet the continued listing standards otherwise included in the listing rules for the specific type of ETP.

 

Example

An ETF listed pursuant to Rule 5705(b)(3) files a rule proposal requesting relief because it does not meet Rule 5705(b)(3)(A)(i)(a) (90% of the component weight of the index has a minimum market value of $75 million). If the rule proposal is approved, the ETF would thereafter be required to comply with 1) the 19b-4 Representations contained in the rule proposal and 2) the requirements of Rule 5705(b)(3) except for Rule 5705(b)(3(A)(i)(a).

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1458
Frequently Asked Questions
  When must an index-based ETF determine compliance with Nasdaq's continued listing requirements?
Identification Number 1412
If the ETF is not a Rule 6c-11 ETF, the issuer of an index-based ETF is required to provide Nasdaq with the index components on a quarterly basis and Nasdaq will assess compliance with the listing requirements at that time. In addition, Nasdaq believes issuers should review the index components underlying their product for compliance with the continued listing requirements in connection with index rebalances, reconstitutions, or when there are other material changes to the index components. Nasdaq rules require that an ETF issuer notify Nasdaq of any non-compliance identified at those times. In lieu of submitting the quarterly component file, issuers can submit an index component file following an index rebalance or reconstitution, if the rebalance or reconstitution took place within the fiscal quarter. Issuers who submit the file in connection with a rebalance or reconstitution do not have to submit a separate file for the applicable fiscal quarter.
 
Publication Date*: 4/10/2023 Mailto Link Identification Number: 1412
Frequently Asked Questions
  For index-based ETPs, is compliance with the continued listing standards determined based on the portfolio or the underlying index?
Identification Number 1460

If the ETF is not a Rule 6c-11 ETF, the continued listing standards require that the underlying index must meet the requirements.

Publication Date*: 4/10/2023 Mailto Link Identification Number: 1460
Frequently Asked Questions
  How does Nasdaq obtain index data to perform reviews of an ETP's compliance with the continued listing standards?
Identification Number 1462

Nasdaq will obtain basic index component data (component tickers, identifiers, weights, etc.) from the issuer or the index provider. In instances where Nasdaq does not have additional component data (market value data, volume date, issuer financials, etc.) used in determining compliance, data will be obtained from a third-party vendor. Please contact Nasdaq if there are any issues related to the delivery of basic index component data.

Publication Date*: 10/16/2019 Mailto Link Identification Number: 1462
Frequently Asked Questions
  How will Nasdaq assess compliance with the fixed income index requirements relating to total issuer debt, market value of non-affiliate equity, or Section 13 or 15(d) filer status as prescribed in Rule 5705(b)(4)(A)(vi)?
Identification Number 1464

Nasdaq will use data from a third party to determine the total issuer debt and worldwide market value of its outstanding common equity held by non-affiliates. The issuer is the entity that issued the security.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1464
Frequently Asked Questions
  Are agency mortgage-backed securities, agency collateralized mortgage-backed securities, and securities issued by government-sponsored entities considered to be exempted securities?
Identification Number 1465

Yes. Nasdaq considers these securities to be exempt securities as defined in Section 3(a)(12) of the Exchange Act.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1465
Frequently Asked Questions
  Does Nasdaq aggregate agency mortgage-backed securities ("Agency MBS") for purposes of determining compliance?
Identification Number 1466

Nasdaq will generally aggregate Agency MBS components from the same Agency issuer when they have the same rate, term and year of issuance.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1466
Frequently Asked Questions
  Does Nasdaq maintain a list of non-U.S. exchanges that have last sale reporting?
Identification Number 1467

Yes. A copy of the current list is available upon request.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1467
Frequently Asked Questions
  How does Nasdaq define securities as "equity" or "fixed income"?
Identification Number 1468

Equity

Nasdaq rules allow "U.S. Component Stocks" and "Non-U.S. Component Stocks" to be treated as equities within indices. This includes, but is not limited to, common stock, preferred stock, ordinary shares, and American Depositary Receipts (ADRs).

Fixed Income

"Fixed Income Securities" are defined as "notes, bonds, debentures or evidence of indebtedness that include, but are not limited to, U.S. Department of Treasury securities ("Treasury Securities"), government-sponsored entity securities ("GSE Securities"), municipal securities, trust preferred securities, supranational debt and debt of a foreign country or subdivision thereof." Please see Nasdaq Rule 5705(b)(4).

Securities not specifically mentioned above will be defined on a case by case basis.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1468
Frequently Asked Questions
  What is a Leveraged ETP?
Identification Number 1537

A leveraged ETP seeks to provide daily returns that are based on a multiple of the long performance of the underlying index. Because of their structure, these ETPs can perform much differently than expected when held for periods longer than a day. Investors should consult the ETP prospectus prior to investing. The SEC and FINRA have published guidance on investing in these types of products.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1537
Frequently Asked Questions
  What is an Inverse ETP?
Identification Number 1538

An inverse ETP seeks to provide daily returns that are based on a multiple of the opposite performance of the underlying index. Because of their structure, these ETPs can perform much differently than expected when held for periods longer than a day. Investors should consult the ETP prospectus prior to investing. The SEC and FINRA have published guidance on investing in these types of products.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1538
Frequently Asked Questions
  Are there additional risks associated with investing in Leveraged and Inverse ETPs?
Identification Number 1539

Unlike many ETPs, Leveraged and Inverse ETPs are constructed to provide a stated return on a daily basis. Holding these ETPs for longer than a day significantly increases the risk that the product will not perform as intended. Compounding returns of periods greater than a day could cause the return at the end of the holding period to differ significantly from the expected return.

For example, a fund is designed to track the inverse return (-1x) of an index. Both the fund and the index begin with a value of 100.

Day 1: the index declines 10% to 90. Thus, the fund increases 10% to $110.

Day 2: the index increases 20% to 108. Thus, the fund decreases 20% to $88.

Day 3: the index declines 20% to 86.4. Thus, the fund increases 20% to $105.60.

Day 4: the index increases 20% to 103.68. Thus, the fund decreases 20% to $84.48.

Over the four day period, the index increased 3.68% but the value of the fund decreased 15.52%. While the fund operated as designed, investors could be confused that the decrease in the value of the fund over these four days was significantly different than the simple inverse return of -3.68%. In fact, because of daily compounding, it is actually more than four times lower.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1539
Frequently Asked Questions
  What should an issuer do in the event of an early or accelerated redemption or liquidation of a listed ETP?
Identification Number 1540

If a listed ETP is going to be redeemed on an early or accelerated basis or liquidated, the issuer should contact Nasdaq staff prior to the public announcement of the redemption or liquidation to coordinate the cessation of trading for the ETP. In determining when to cease trading, Nasdaq will consider, among other factors, the final valuation date, when dissemination of the intraday and closing indicative values will be discontinued, when creation and redemption orders will no longer be accepted, and whether the indicative value will continue to be representative of the product's cash value per share.

Issuers are also reminded to contact the MarketWatch department at least 10 minutes prior to the release of any material information. See this FAQ for further details.

Publication Date*: 10/16/2019 Mailto Link Identification Number: 1540
Frequently Asked Questions
  What happens if an Exchange Traded Product fails to meet a listing requirement?
Identification Number 1385
If the issuer is aware that an ETP has become deficient, they must notify the Nasdaq Listing Qualifications' Analyst. ETPs that fail to meet the continued listing standards contained in the Rule 5700 Series are subject to the procedures described in Listing Rule 5810. Under these procedures, the Listing Qualifications' Analyst will send the ETP a letter requesting that the company submit a plan to regain compliance. The plan is generally due within 45 calendar days of the date of the initial notification letter. If Nasdaq staff accepts the plan, the company can be granted an extension of up to 180 calendar days from the date of the initial notification letter. If the plan is not accepted, Nasdaq staff will notify the issuer by phone and subsequently send a delisting letter. The ETP can request that an independent Panel review the Nasdaq staff's decision. More information about the hearing process is available here.
 
Publication Date*: 4/10/2023 Mailto Link Identification Number: 1385
Frequently Asked Questions
  How and when does Nasdaq inform the market if an ETP is no longer compliant with the continued listing standards?
Identification Number 1459
A list of non-compliant securities is available here and is updated on a daily basis. An ETP will be added to the list five calendar days after Nasdaq notifies the issuer of the ETP of the non-compliance by issuing a letter of deficiency is issued.  A Financial Status Indicator signifying that the security is non-compliant with the continued listing standards also will be distributed to data vendors starting five calendar days after the letter of deficiency is issued. The ETP will continue to appear on the list and will retain the Financial Status Indicator until Nasdaq has determined that the ETP has regained compliance with the continued listing standards.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1459
Frequently Asked Questions
  Who can I contact if I have questions about Nasdaq's Exchange Traded Product listing standards or the forms that listed ETPs are required to submit? ¬†
Identification Number 1386
For questions on listing requirements, including forms for listed ETPs, please see the "Contact Us" section of the Exchange Traded Products website. Representatives of listed ETPs can also log into the Listing Center to get contact information for their dedicated Listing Qualifications' Analyst.
 
Publication Date*: 6/20/2017 Mailto Link Identification Number: 1386
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