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ProShares to remove two ETFs from BATS Competitive Liquidity Program


ProShares is to remove two of its ETFs, ProShares Investment Grade – Interest Rate Hedged (IGHG) and ProShares High Yield – Interest Rate Hedged (HYHG), from the BATS Exchange Competitive Liquidity Providers (CLP) Program on 29 April, 2016. 

The funds will be moving to the BATS Lead Market Maker (LMM) program.

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 market maker.

ProShares is removing these funds from the CLP program because it expects that 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.

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