- As of Sep 23, 2026, 75 firms are named as authorized participants in the latest filings of 3,941 ETFs, and 51 of them were active in the latest year.
In plain words
A small group of large firms called authorized participants make and retire ETF shares. When demand rises, one delivers securities to the fund and receives new shares. When demand falls, it hands shares back for securities.
This keeps the ETF’s price close to its basket’s value: if the price rises above value a firm makes new shares and offers them at the higher price, and if it falls below a firm redeems them for the basket. ETFIQ reads the firms from each fund’s N-CEN filing and groups them by SEC file number: 75 firms across 3,941 funds. Some funds lean on a single active firm.
Questions
- Can I create ETF shares myself?
Not usually. Creation happens in large blocks, handled by authorized participants. You trade shares on the exchange.
- Why does this matter to me?
It is the reason an ETF’s price stays close to its value. If few firms take part, the link can weaken.
- Where does ETFIQ get the firms?
From each fund’s latest Form N-CEN, grouped by SEC file number, CRD and LEI, never by name alone.