When you’re No. 2 in ETF trading, you have to try harder.

Nasdaq, as the No. 2 marketplace for ETFs behind the New York Stock Exchange’s electronic platform, NYSE Arca, is known for putting more ideas “out there,” and right now, it’s got a proposal pending with the SEC for a new type of order for U.S. equity ETFs called an “iNAV Pegged Order.” If the SEC gives it the nod, it will be a first of its kind.

With U.S. equity ETFs, their iNAVs, or intraday net asset values, are automatically adjusted every 15 seconds based on the current market value of the stocks in their portfolios.

What the Nasdaq is proposing is that investors be allowed to put in orders “pegged” to a U.S. equity ETF’s most recent iNAV. “As the iNAV changes, so move the iNAV Pegged Orders,” the Nasdaq stated in its SEC filing, made on October 12. Nasdaq also noted “a Pegged Order may have a limit price beyond which the order shall not be executed.”

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