Authorized participants (APs) methodology

A broker-dealer with an agreement with an ETF to create new shares, by delivering a basket of securities or cash to the fund, and to redeem shares, by handing them back for the basket. APs are listed in item E.2 of each fund’s Form N-CEN.

The market maker a listing exchange assigns to an ETF to quote a bid and an ask through the trading day, under the exchange’s rules. An LMM need not be an AP. ETFIQ lists LMMs only where an exchange publishes them.

The dollar value of the fund’s shares the AP purchased from the fund (created) and redeemed in the fund’s reporting period, as the fund filed them.

An AP that created or redeemed any shares in the period. A fund lists APs that did neither too.

A fund in which one AP created or redeemed shares and every other listed AP did neither.

What one AP created plus redeemed, as a percent of what all the fund’s APs created plus redeemed.

Rows are grouped by the CRD number they carry. A row joins another firm only where its SEC file number and LEI both belong to that firm, or where its CRD appears in one registrant’s filings only and another identifier places it. An LEI whose check digits fail is not used. A name never groups rows. 71 of 75,056 rows were moved this way, and every one is listed in dealers-identity.json.

Each fund’s N-CEN covers its own fiscal year, or less where it says so. A firm’s total adds periods that end on different days. Tonight they end Jul 31, 2024 to Jun 30, 2026.