A Nasdaq stock symbol specifying that the stock is a miscellaneous entity, such as a depositary receipt, stub, additional warrant or unit. When a stock has a Z after its ticker symbol, investors must do further research to determine why the letter has been added. However, Z historically had a different meaning in futures trading, where it indicated a delivery month of December until new options symbology was introduced in 2010. Z is also the ticker symbol for the home valuation website Zillow.


Z is known as a fifth-letter identifier because Nasdaq-listed securities historically had only four characters. If a fifth letter appeared, it identified the issue as being different than a single issue of common stock or capital stock. Since 2007, Nasdaq-listed stocks may have as little as one letter in their ticker symbols. Other examples of fifth-letter identifiers are A or B for class A or class B shares, D for new issues and K for non-voting shares. Each letter of the alphabet has a specific Nasdaq meaning.

  1. Depositary Receipt

    A negotiable financial instrument issued by a bank to represent ...
  2. Nasdaq

    A global electronic marketplace for buying and selling securities, ...
  3. T

    A Nasdaq stock symbol specifying that the stock has warrants ...
  4. E

    A temporary fifth character suffix to a symbol for a stock traded ...
  5. L

    The fifth character added to a stock symbol listed on the Nasdaq ...
  6. Warrant

    A derivative security that gives the holder the right to purchase ...
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