Authorised Participants

Authorised participants or AP are large institutional players in the market that play a primary role in providing liquidity for secondary sales and in creation/redemption of the ETF units.

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When new ETF units are required to be created, an AP buys the shares that make up the underlying index and deposits them with the sponsor or the issuer of the ETF. In turn, the AP collects the ETF units. The sponsor can appoint more than one AP for an ETF.