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An authorised participant (AP) is a recognised body that has a relationship with an ETF provider to create or redeem exchange traded funds (ETFs). Most APs are market makers or large investment houses.
Authorised participant definition
An authorised participant (AP) is a recognised body that has a relationship with an ETF provider to create or redeem exchange traded funds (ETFs). Most APs are market makers or large investment houses.
An authorised participant has the ability to approach an ETF provider with either:
- The exact number of securities which the ETF provider uses to make an ETF, which the AP will exchange for the ETF itself
- An ETF, which the AP will exchange for the underlying securities which make up the ETF.
Typically, these exchanges are done in blocks referred to as creation units.
Learn more about ETFs
Find accumulated distribution ETFs using our ETF screener or learn more about ETF trading with IG.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA, a SIPP or an IG Smart Portfolio can fall as well as rise, which could mean getting back less than you originally put in. Spread bets and CFDs are leveraged products and can result in losses that exceed deposits. Spread betting and CFD trading are not permitted within the IG SIPP. Please ensure you fully understand the risks and take care to manage your exposure.
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