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Single-Stock ETF Ticker Crunch: How It Affects Your Portfolio

by Team Lumida
October 7, 2024
in Crypto, Markets
Reading Time: 3 mins read
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Single-Stock ETF Ticker Crunch: How It Affects Your Portfolio
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Key Takeaways:

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  1. ETF issuers face a ticker shortage, complicating new fund launches.
  2. Catchy tickers enhance liquidity, making them valuable for issuers.
  3. Expanding character limits could alleviate ticker scarcity.

What Happened?

ETF issuers are grappling with a ticker shortage due to a four-character limit on US exchanges. While theoretically offering 456,976 combinations, practical choices for single-stock ETFs are limited.

This constraint arises because these ETFs must incorporate the existing ticker of the company they track, such as MicroStrategy’s MSTR, leaving issuers with minimal options. Issuers like Matthew Tuttle, CEO of Tuttle Capital, are stockpiling tickers, with some holding around 20 symbols.

Tuttle even reserves names like DUMB and DUMP for future use. Meanwhile, companies like GraniteShares face frequent rejections for ticker requests, as CEO Will Rhind notes, due to prior reservations or delisted funds.

Why It Matters?

A memorable ticker can significantly impact an ETF’s success by enhancing liquidity and differentiation. Research indicates that stocks with tickers forming real words enjoy lower spreads and greater liquidity.

As ETF markets grow, the pressure to secure catchy tickers intensifies, leading to “cybersquatting” behavior where issuers hoard symbols. This scarcity complicates the launch of new single-stock ETFs, especially in crowded sectors like Bitcoin, where tickers containing ‘BTC’ or ‘BIT’ are scarce.

Gavin Filmore from Tidal Financial Group highlights that competition for tickers has never been fiercer.

What’s Next?

The ETF industry could see relief if exchanges expand the character limit. However, Nasdaq’s Jeff Thomas states there are no immediate plans for such changes, despite occasional inquiries about including numbers in tickers.

Allowing numbers, as seen in Europe and Asia, could provide more flexibility and help communicate leverage levels, as illustrated by GraniteShares’ European products like the 3x Long Rolls-Royce Daily ETP (ticker 3LRR).

As issuers like Douglas Yones of NYSE assure that current needs are met, the industry must navigate the existing constraints creatively while lobbying for potential adjustments that could ease the ticker crunch.

Source: Bloomberg
Tags: ETF issuersticker shortage
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018