ProShares announced that it would remove four of its ETFs from the Bats Exchange Competitive Liquidity Providers (CLP) Program after market close on Sept. 30, 2016. The funds will be moving to the Bats Lead Market Maker (LMM) Program on Oct. 3, 2016.....
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The four ETFs moving from the Bats CLP program to the Bats LMM program are:
|Global Listed Private Equity ETF||PEX|
|CDS Short North American HY Credit ETF||WYDE|
|Short Term USD Emerging Markets Bond ETF||EMSH|
The Bats CLP Program is designed to encourage quoting activity for Bats-listed securities. The payment of a CLP fee is intended to generate more quotes and trading than might otherwise exist. Under the LMM program, the funds will have an exclusive lead market maker.
ProShares is removing these funds from the CLP program because it expects they will be able to maintain trading liquidity in the LMM program. Leaving the CLP program may have positive or negative effects on the price and liquidity of the funds, which could affect investors’ purchases and sales.