How does Fox Spotlight work? It begins by looking through the ETF displayed market to the displayed market of the underlying securities. It then applies our proprietary trading technique which recognizes that ETF liquidity is not bound by the volume of the ETF alone. In this manner, Fox Spotlight forms a more complete picture of real-time liquidity.

Not held market or limit orders can now be executed with advantages that:

• Incorporate underlying security market impact
• Calculate dynamic, real-time limits to sweep and post in the ETF displayed market 
• Provide price and size discovery for all size trades via advanced ETF trading system
• Enable an Authorized Participant, such as market makers and arbitrageurs, to compete to execute at best price