# Article 3 — Determining liquid markets for exchange traded funds (Article 2(1), point (17)(b), of Regulation (EU) No 600/2014) **Commission Delegated Regulation (EU) 2017/567 · binding · OJ L 87, 31.3.2017 · dated 18 May 2016 [in force]** *In force · Consolidated version of 23 August 2026 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0567-20260823)* 1. For the purposes of Article 2(1), point (17)(b), of Regulation (EU) No 600/2014, an exchange traded fund that is traded daily shall be considered to have a liquid market where all of the following conditions are met: **(a)** the market capitalisation is not less than 100 units; **(b)** the average daily number of transactions in the exchange traded fund is not less than 10; **(c)** the average daily turnover for the exchange traded fund is not less than EUR 500 000 . 2. For the purposes of paragraph 1, point (a), the market capitalisation of an exchange traded fund shall be the number of units issued for trading. 3. For the purposes of paragraph 1, point (c), the daily turnover for the exchange traded fund shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of units of the exchange traded fund exchanged between the buyer and the seller by the price per unit. 4. During the six-week period commencing on the first trading day following the first admission of an exchange traded fund to trading on a trading venue, that exchange traded fund shall be considered to have a liquid market for the purposes of Article 2(1), point (17)(b), of Regulation (EU) No 600/2014 where the estimated market capitalisation at the start of the first trading day stands at not less than 100 units and where, according to estimated data for that period, the conditions set out in paragraph 1, points (b) and (c), are fulfilled. 5. Where fewer than five exchange traded funds traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market as referred to in paragraph 1, the competent authority of that Member State may designate one or more exchange traded funds first admitted to trading on those trading venues as exchange traded funds considered to have a liquid market, provided that the total number of exchange traded funds first admitted to trading in that Member State and considered to have a liquid market does not exceed five.