Information for certain iShares ETFs
Certain iShares ETFs listed on BATS Exchange, Inc. (“BATS”) and NYSE Arca, Inc. (“NYSE Arca”) participated in a program designed to incent market makers to provide liquidity in less actively traded products to help strengthen their investment appeal. BATS calls their program the BATS Competitive Liquidity Provider ("CLP") Program, and NYSE Arca calls their program the NYSE Arca ETP Incentive Program (together, the "Incentive Programs"). The participation of any iShares ETFs in the program has ended, as detailed in this press release.
BlackRock paid a fee for each of its ETFs that participated in one of the Incentive Programs. The payment of a fee was intended to help generate more quotes and trading than might otherwise exist absent this payment.
Participation in the Incentive Programs may have potential impacts on the price and liquidity of ETFs that were in the program. In particular, there could be a positive or negative impact on a purchaser's subsequent sale of an ETF that has left either Incentive Program.