(Bloomberg) — When it comes to ETFs, Bats Global Markets has decided it's the trading volume, not the listing, that pays.

So the U.S. stock exchange is rolling out cash sweeteners to encourage the biggest traders of Bats-listed ETFs to trade more shares, more frequently, Bats said in a statement on Tuesday. Starting Sept. 1, lead market makers will receive as much as $400,000 per ETF each year, depending on the average daily volume, the company said.

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