We occasionally get the question: Can I trade ETF’s in odd lots. And of course, the answer is “Sometimes.”

It’s slightly convoluted but not bad. Yes, you can trade ETF’s in odd lots, except for the Merrill Lynch HLDRs. HLDRs are registered in a slightly different manner than other ETF’s, so they have the restriction that they have to be traded in round lots. So when considering an ETF odd lot trade, be sure you are not looking at a HLDR. You will have to check, but most of the HLDRs have a ticker symbol that ends in H, e.g. PPH or RTH. So a ticker symbol ending in H should set off alarm bells when considering an odd lot trade, but your broker will let you know if you try to trade a HLDR in an odd lot, and kick back your order.