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Who’s the AP for a popular ETF like Vanguards total stock index? What prevents Vanguard from bundling more stocks and selling more ETF units when the share pric
by wil421 6y ago
Who’s the AP for a popular ETF like Vanguards total stock index? What prevents Vanguard from bundling more stocks and selling more ETF units when the share price/demand is high?
- pbk1 6y agoThere are generally many APs for a single ETF or family of ETFs. Historically they have been the ETF desks of large banks[0], more recently marketing making/trading firms have build out ETF AP capabilities[1]. [0] https://www.investopedia.com/terms/a/authorizedparticipant.asp https://www.investopedia.com/terms/a/authorizedparticipant.a... [1] https://www.janestreet.com/what-we-do/etfs/ https://www.janestreet.com/what-we-do/etfs/