Nasdaq Gets Fast-Track Approval for New ETF Listings
Published Date: 11/28/2025
Notice
Summary
Nasdaq is rolling out a new rule to let more types of Class Exchange-Traded Fund (ETF) shares be listed and traded easily. This change affects investors and fund managers by opening up fresh opportunities to buy and sell ETFs on Nasdaq starting soon. The SEC gave a thumbs-up quickly, so expect these new ETFs to hit the market faster, potentially shaking up your investment options and money moves.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Nasdaq Allows Generic Class ETF Listings
If you invest in ETFs, Nasdaq will permit the generic listing and trading of Class Exchange-Traded Fund (Class ETF) shares under new Rule 5703 when the fund meets the Multi‑Class Fund Exemptive Relief and Rule 6c-11 requirements. The Commission granted Multi‑Class Fund Exemptive Relief by order on November 17, 2025, and the Exchange may list such Class ETF shares without a separate prior Commission order under Section 19(b).
Delisting Trigger: 50-Holder Threshold
If a Class ETF begins trading on Nasdaq and, after the initial 12‑month period, there are fewer than 50 beneficial holders of the Class ETF for 30 or more consecutive trading days, Nasdaq may consider suspending trading and initiating delisting proceedings. Nasdaq may also suspend or delist if the ETF Class or the Multi‑Class Fund no longer complies with the Multi‑Class Fund Exemptive Relief or Rule 6c-11.
Trading Halt When Disclosures Not Widely Available
If Nasdaq becomes aware that a Class ETF's net asset value or daily portfolio disclosure is not being disseminated to all market participants at the same time, it will halt trading in that Class ETF until the information is available to all market participants. Nasdaq may also halt trading if index/reference value dissemination is interrupted, underlying securities trading is halted, or other unusual conditions threaten a fair and orderly market.
No Liability for Index or Data Errors
Nasdaq's rule states that neither the Exchange, the Reporting Authority, nor any agent will have liability for damages, claims, losses, or expenses caused by errors, omissions, or delays in calculating or disseminating index values, portfolio values, net asset value, dividend-equivalent payments, or other information related to Class ETF Shares, including events like acts of God, power failures, or software malfunctions.
Issuers Must Represent & Notify on Compliance
Issuers of Class ETF Shares must represent that they will continuously satisfy Rule 6c-11 and any applicable Multi‑Class Fund Exemptive Relief, and must promptly notify Nasdaq if they become aware of any failure to comply. Nasdaq will monitor compliance and may halt trading, suspend trading, or remove listing if requirements are not met.
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Previous: 2025-21405 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To Adopt New Rule 5.2-E(j)(9) To Permit the Generic Listing and Trading of Class Exchange-Traded Fund Shares
NYSE Arca got the green light to let more types of Class Exchange-Traded Fund (ETF) shares be listed and traded easily. This change helps investors and fund managers by speeding up the process and making trading smoother, starting right after approval. It’s a win for anyone who buys or sells ETFs, with no extra costs announced.
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