Federal Register #SR-NASDAQ-2026-029

Nasdaq Proposal to Add Class ETF Shares to Exchange-Traded Product Definition

This notice concerns a proposed rule change by The Nasdaq Stock Market LLC, as published by the Securities and Exchange Commission (SEC): - The rule change aims to amend Nasdaq's definition of Exchange-Traded Product (ETP) to include Class ETF Shares (shares issued by a Multi-Class Fund) - Issuers of Nasdaq-listed Class ETF Shares would be able to use the Initial ETP Open process, allowing them to optionally delay the opening of their securities on launch day until Market Hours via the Nasdaq Halt Cross - The proposal ensures consistent treatment of Class ETF Shares with other ETPs (such as Exchange Traded Fund Shares, Index Fund Shares, and Managed Fund Shares) - The change is intended to promote efficient price discovery for these securities - No procurement of products or services is involved; this is a regulatory notice - No OEMs or vendors are mentioned, as this is not a solicitation for goods or services

Description

The Nasdaq Stock Market LLC filed a proposed rule change with the Securities and Exchange Commission to amend the definition of Exchange-Traded Product (ETP) by adding Class ETF Shares. This change allows issuers of Nasdaq-listed Class ETF Shares to optionally delay the opening of their securities on launch day until Market Hours using the Initial ETP Open process, similar to other ETPs. The proposal aims to promote efficient price discovery and consistent treatment of Class ETF Shares with other ETPs.

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