---
title: "Tracking individual stocks and ETFs \"exploding,\" the US stock ETF codes are running out"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/216344664.md"
description: "The stock codes used by ETFs in the US market are running out at an accelerating pace. Especially for ETFs tracking individual stocks, the demand for attractive stock codes is sharply increasing. This is because the codes must include the codes of the tracked stocks, and the number of available code combinations is very limited"
datetime: "2024-10-09T13:59:05.000Z"
locales:
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  - [en](https://longbridge.com/en/news/216344664.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/216344664.md)
---

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# Tracking individual stocks and ETFs "exploding," the US stock ETF codes are running out

The intensity of competing for a four-letter code is comparable to grabbing a domain name. This is the current situation in the U.S. ETF market.

With the fierce competition in the ETF market, especially ETFs tracking individual stocks, the demand for attractive stock codes has sharply increased. Because the code must include the tracked stock's code, the number of available code combinations is very limited.

In order to stand out among the myriad of products, issuers are racking their brains, even resorting to "hoarding" in order to seize a more eye-catching stock code.

Some industry insiders suggest expanding the character limit for codes to provide more choice. However, this does not seem to be in Nasdaq's plans.

## Stock codes used in the U.S. ETF market are rapidly running out

ETF stock codes have become a "must-win battleground." A good code can not only enhance the fund's visibility but also reduce trading costs and increase liquidity. Therefore, issuers are increasingly competing for unique codes.

Gavin Filmore, Chief Revenue Officer of the white-label company Tidal Financial Group, stated in an interview with Bloomberg that **stock codes used in the U.S. ETF market are rapidly running out.**

> "Competition has never been so fierce. Similar to 'domain name registration,' we can see market participants constantly grabbing stock codes, especially when certain industries or themes become more crowded."

The U.S. exchanges stipulate that each ETF can only have four characters in its code. Although theoretically there are a large number of potential combinations, around 456,976, **in reality, due to various restrictions, the number of available codes is not that high.**

For example, with ETFs related to MicroStrategy (MSTR), since MS has already been used by MSTR, the available code options are reduced to 52. These 52 options involve placing one of the 26 English letters in front of or behind MST-.

Matthew Tuttle, CEO of Tuttle Capital, is known for issuing an ETF that opposes Cathie Wood's (founder of Ark Invest) bearish views. He mentioned that he personally "hoards" some stock codes that he believes have potential. This is similar to registering domain names, preemptively securing good codes for future ETF issuances.

> "If a fund engages in both long and short positions, then the fund's stock code is best to reflect this hedging strategy. For example, 'U' (Up) represents an increase and is seen as a symbol of a bull market."

## Industry insiders suggest expanding the character limit for codes, Nasdaq remains "non-committal"

For the past 15 years, four-letter codes have been the standard for ETFs, but with the surge in the number of ETFs, this scarcity issue is becoming increasingly prominent. Will Rhind, CEO of Granite Shares, stated that as exchanges impose stricter requirements on stock code reservations and delistings, ensuring stock codes for individual stock ETFs is becoming more difficult.

**Some industry insiders suggest expanding the character limit for codes to provide more choice. However, this does not seem to be in Nasdaq's plans.**Jeff Thomas, Chief Revenue Officer and Global Head of Listings at Nasdaq, believes that there is currently no shortage of stock ticker symbols.

> "Occasionally, we receive inquiries from companies, such as, how can I be more creative with these stock ticker symbols? Can I add numbers in addition to letters?"

When it comes to the idea of adding numbers to stock ticker symbols, Rhind summarized:

> "Personally, I think this is a great addition. All of our products in Europe follow this naming structure, so I think it is indeed helpful and will provide some extra breathing room for those who struggle to find stock ticker symbols."

### Related Stocks

- [Strategy Inc (MSTR.US)](https://longbridge.com/en/quote/MSTR.US.md)
- [Defiance Daily Target 2X Lng MSTR ETF (MSTX.US)](https://longbridge.com/en/quote/MSTX.US.md)

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