iShares, the exchange-traded fund division of the world’s largest asset manager BlackRock, has become the second ETF issuer since November to de-list a fund from NYSE Arca and transfer it to BATS Global Markets. The iShares MSCI Eurozone ETF (EZU) will be re-listed with BATS, the Kansas-headquartered exchange, on or around 2 February 2016.
The move comes swiftly after ProShares, a provider of specialist ETFs, withdrew four funds during December 2015 from the New York exchange in favour of the incentives offered through the BATS trading model. These incentives include initiatives which allow issuers to earn rebates from trading activity on their ETFs. BATS hopes these incentives will increase the number and liquidity of ETFs listed on its exchange. Such transfers suggest the incentives are working.
Chris Concannon, CEO of BATS Global Markets.
“We are thrilled that iShares has selected the BATS ETF Marketplace as the new home for EZU. We appreciate iShares’ and Blackrock’s continued partnership and support as we continue to grow our ETF listings business,” said BATS CEO Chris Concannon.
The iShares MSCI Eurozone ETF offers exposure to an index of large- and mid-capitalization equities from developed market countries that have adopted the euro as their official currency. As of 5 January 2016, the fund has over $13.7bn in assets under management. The major country exposures are France (32.3%), Germany (29.5%), Spain (10.5%), the Netherlands (9.5%) and Italy (7.9%).
The fund carries a total expense ratio of 0.48%.