# Authorized participants (APs) methodology

> How ETFIQ lists every ETF authorized participant (AP) and lead market maker (LMM) from Form N-CEN, and what each term means.

Data as of Sep 23, 2026. Rebuilt every trading night.

This specification describes the data as published on Sep 23, 2026 , covering 3806 funds. Rebuilt every trading night.

## Authorized participants (APs) methodology

How ETFIQ lists every ETF authorized participant (AP): 75,056 rows of 3,806 ETFs’ latest Form N-CEN, in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, grouped into 74 firms by identifier.

3,806 Funds covered

Sep 23, 2026 Figures as of

Nightly Rebuilt from the raw sources

### Scope

Every US ETF ETFIQ covers whose latest Form N-CEN ETFIQ can attribute to it by its SEC series id and ticker, 3,806 funds. Grantor trusts (spot bitcoin, ether, gold and silver funds), commodity pools and ETNs file no N-CEN and are not covered. A fund too new for its first N-CEN is not covered until it files.

### Sources

| Source | What it provides | Read | Spec |
| --- | --- | --- | --- |
| SEC Form N-CEN data sets | Every AP row: name, SEC file number, CRD , LEI, dollars created and redeemed | Quarterly, read nightly | document |
| Form N-CEN, item E.2 | What each AP field means | As published | document |
| SEC list of active broker-dealers | Each firm’s registered name, by SEC file number | Monthly | document |

### Definitions and method

Authorized participant (AP) 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. Lead market maker (LMM) 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. Created and redeemed 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. Active AP An AP that created or redeemed any shares in the period. A fund lists APs that did neither too. Only active AP A fund in which one AP created or redeemed shares and every other listed AP did neither. Share of a fund’s AP dollars What one AP created plus redeemed, as a percent of what all the fund’s APs created plus redeemed. One firm 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 . Periods 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.

### What this cannot tell you

- Who will create or redeem tomorrow. An AP agreement does not oblige a firm to act.

- How a firm compares with another on quality. The figures are dollars, not a rating.

- Activity after a fund’s period ends. A new N-CEN arrives once a year per fund.

The directory: every ETF authorized participant .

### How to check any of this

Every published figure is free as JSON on the open data page . Use ETFIQ's figures with attribution and the as-of date. Issuer data stays under its owner's terms. Independent code recomputes every number nightly from the raw sources, and the statistics page shows the result. Errors are listed on the corrections page .

A figure marked ETFIQ is one ETFIQ computed. Every other figure is the issuer’s or the exchange’s, and is labeled that way.

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Authorized participants (APs) methodology, data as of Sep 23, 2026. https://etfiq.com/methodology/authorized-participants
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/methodology/authorized-participants