According to @EricBalchunas, exchanges have refused to list the GRFT ETF, while they allow NANC, making GRFT unavailable for secondary trading on those venues for now; he also notes there is still a chance a new Texas exchange could list it. Source: @EricBalchunas. For traders, a refusal to list means the fund cannot trade on those exchanges and will lack on-exchange liquidity and market-making support there until a listing occurs, which can affect access and bid-ask spreads. Source: U.S. SEC Investor Bulletin on Exchange-Traded Products (ETPs). For crypto ETP participants, the same exchange-listing requirements govern whether spot or thematic crypto ETPs can trade on a given venue, so venue decisions are a key market-structure driver to monitor. Source: U.S. SEC Investor Bulletin on Exchange-Traded Products (ETPs).