Under the program, the Nasdaq provided $0.004 per share credit to traders providing start-up liquidity for ETFs. It limited the program to ETFs with less than 250,000 shares in daily volume during two months of any three-month period. The exchange is now extending the program to ETFs that have less than 10 million shares in average daily volume.
Several ETF sponsors said the program was limited to ETFs in start-up mode, which would discourage liquidity providers to be involved after the ETF would gain critical mass.
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