Nasdaq Capital Market Continued Listing Requirements

Listing Exchange Traded Products on Nasdaq? Everything you need to know is now in one place

Listing Exchange Traded Products

Exchange Traded Products (ETPs) are traded on Nasdaq's Global Market and must meet the applicable listing requirements set forth in the 5700 series of Nasdaq's Listing Rules. The fee schedule for Exchange Traded Funds (Active and Passive), Exchange Traded Notes, Linked Securities and NextShares are detailed below. Please refer to the 5900 series of the Nasdaq's Listing Rules regarding fees for other types of ETPs. Other valuable resources may include ETP-related Nasdaq rule filings and information circulars. For more information on the listing process, rules, requirements, and fees relating to ETPs, please take a few minutes to view our frequently asked questions. QUESTIONS? Please don't hesitate to contact us at +1 301 978 8008 or ETP_Regulation@nasdaq.com. We are here to help. LISTING RULES RULE FILINGS CIRCULARS FEE RULES FAQs

RECENT CHANGES RELATED TO SEC RULE 6c-11

On December 23, 2019, Rule 6c-11 under the Investment Company Act of 1940 became effective. On April 3, 2020, the SEC approved changes to the Nasdaq listing standards to create Listing Rule 5704, which contains set of requirements for ETFs that are eligible to rely on Rule 6c-11. ETFs that qualify for listing under these standards are no longer required to meet certain portions of the existing "generic" listing standards. INITIAL LISTING New Fund Launches: New funds will be required to complete a certification in connection with the initial listing application. The certification is done within the listing application. Listing Transfers: Funds switching from another market to Nasdaq are required to complete a certification regarding compliance with Rule 6c-11. The certification is done within the listing application. CONTINUED LISTING Nasdaq listed ETFs will need to complete a certification prior to December 22, 2020. Funds that are eligible to rely on Rule 6c-11 must certify that 1) the fund is compliant with the conditions of Rule 6c-11 or 2) do not meet the conditions of Rule 6c-11 and are relying on an SEC exemptive relief order that will not be rescinded. The certification can be found here. Funds that are not eligible to rely on Rule 6c-11 are not required to complete the certification. For further information regarding Rule 6c-11 eligibility, please see our FAQs. ETFs listed under Nasdaq Rule 5704: Funds listed under Nasdaq Rule 5704 are required to submit an annual certification regarding the funds compliance with Rule 6c-11 during the fiscal year. The certification is required to be submitted within 30 calendar days of the fund's fiscal year end. The certification can be done by submitting a Company Event Form. All other ETPs should continue to follow the existing process below.

ETPs: Initial Listing

All the forms required for listing ETPs can be completed electronically through the Listing Center. The Listing Center streamlines the preparation of listing applications and forms, making the listing review and approval process more efficient by pre-populating certain fields, allowing companies to upload supporting documents, and sign forms electronically. And since we can collect much of the information needed to verify compliance from publicly available sources, we have minimized the documentation you need to provide Nasdaq. For your convenience, you can review applications and forms in preview mode. This allows you to gather the information you need without creating an account or logging in. CREATING A LISTING CENTER ACCOUNT To complete forms electronically, users must have an account with the Listing Center. To create a new account, please follow these instructions. COMPLETING AN APPLICATION Once you are logged in to the Listing Center, go to the "Create a New Form" tab and follow the prompts to complete the Listing Application for Companies Seeking to List an Exchange Traded Fund or Other Structured Product. For assistance with creating an account and completing the application, please refer to this guide.

ETPs: Continued Listing

Exchange Traded Products, including actively- and passively-managed Exchange Traded Funds (ETFs) and Exchange Traded Notes, must meet certain listing requirements to remain listed on Nasdaq. Nasdaq has developed a guide, which can be found here, to provide an overview of the requirements applicable to ETF issuers and of Nasdaq's compliance program. DATA SUBMISSION REQUIREMENTS AND TEMPLATES In order to monitor compliance with these new requirements, Nasdaq collects certain data from ETP issuers regarding the index or reference asset underlying the ETP. ETPs need to submit index or portfolio component data on a quarterly basis based on the fund's fiscal year end or in connection with an index rebalance or reconstitution. In addition, ETPs listed pursuant to a product-specific rule filing under Rule 19b-4 are also required to submit an annual compliance certification to Nasdaq. NOTE: If an ETF is listed pursuant to Nasdaq Rule 5704, submission of the index component or reference asset data described above is NOT required. Passive ETFs and ETNs Index Component File Active ETFs Portfolio Component File Listed Pursuant to Product Specific Rule Filing (Active or Passive) The component files will be due 30 calendar days following the end of the fund's fiscal quarter and the annual compliance certification, if applicable, will be due 30 calendar days following the fund's fiscal year-end. For example, a passive ETF with a fiscal year end of January 31, 2018 would submit the index component file based on the following schedule: Period End Date Due Date January 31, 2018 March 2, 2018 April 30, 2018 May 30, 2018 July 31, 2018 August 30, 2018 October 31, 2018 November 30, 2018 Nasdaq will send an email reminder immediately following the ETP's period end date indicating when the submissions are due. Index Rebalances/Reconstitutions: 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 this file in connection with a rebalance or reconstitution do not have to submit a separate component file for the same quarter. Issuers can submit component information and annual certifications using the Nasdaq Listing Center by completing the Company Event Form. ETP sponsors must use our template for submitting index or portfolio component data. For assistance with this form, please refer to the guide below. An updated version of the ETP compliance guide detailing the new continued listing standards and processes can be found below. It is our goal to utilize technology powered by the Nasdaq Listing Center to make this process as efficient as possible. After reviewing this information, if you have questions, please contact us at +1 301 978 8008 or ETP_Regulation@nasdaq.com.

Fees

The fee schedule for ETFs (Active and Passive), ETNs and NextShares are below. Please refer to the 5900 series of the Nasdaq's Listing Rules or contact Nasdaq for information regarding fees for other types of ETPs. Exchange Traded Funds Application Fee Entry Fee Annual Fee Exchange Traded Notes Application Fee Entry Fee Annual Fee NextShares Application Fee $1,000 per product (non-refundable) Entry Fee First Fund $ 19,000 Subsequent Funds (each) $ 6,500 Annual Fee (Per Fund) Up to 25 million shares $ 6,500 25+ to 100 million shares $ 15,000 100+ million shares $ 25,000

Contact Us

For your convenience, contact information for ETP Staff are provided below. If you are looking to contact other Nasdaq resources, please view our Contact Us page. Contact For Questions about By Phone or Email Listing Qualifications - Initial and Continued Listings ETP Listing Applications (including switches from other exchanges) ETP initial and continued listing standards and processes Amma Anaman Managing Director, ETP Regulation +1 202 860 5194 Amma.anaman@nasdaq.com ETP Listing Services and Sales ETP Listings Benefits of a Nasdaq Liquidity Programs Giang Bui Head of U.S. Exchange Traded Products +1 516 540 9363 Giang.bui@nasdaq.com Office of General Counsel ETP Rule Filings Jonathan Cayne Principal Associate General Counsel +1 301 978 8493 Jonathan.cayne@nasdaq.com

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Source: https://listingcenter.nasdaq.com/ETPs

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