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First week of February: All new campaigns for Product Ads will begin leveraging Bing Shopping Campaigns. At this time, you will not be able to create new legacy Product Ads campaigns, but you will continue to be able to manage your existing campaigns.
We recommend that if you have not yet transitioned to Bing Shopping Campaigns, start at your earliest convenience and do so before the start of Phase II in March. Bing Publishes Transition Plan From Product Ads to Shopping Campaigns [advertise.bingads.microsoft.com]