- As of Sep 23, 2026, ETFIQ counts 75 authorized participant firms across 3,941 ETFs, and 227 funds had just one firm active in the latest year.
In plain words
An authorized participant, or AP, is a large firm, usually a bank or trading firm, that has agreed with an ETF to make and retire its shares in big blocks at the fund’s own value, profiting from the small difference.
Each fund lists its APs in its yearly N-CEN. ETFIQ counts 75 firms across 3,941 funds, 51 active in the latest year. 227 funds had only one active firm, and a fund with one depends on it to keep its price in line. Counts show beside spreads and premiums on each trading page.
Questions
- Is an authorized participant the same as a market maker?
Not always. A market maker quotes prices on the exchange. An AP creates and redeems shares. A firm can be both.
- How many APs does a fund have?
It varies from one to dozens. The fund’s trading page shows the count and how many were active.
- Does ETFIQ rate the firms?
No. It lists them, with the number of funds each serves, and never rates them.