ETP Ecosystem

From issuers to APs to exchanges, ETPs can seem a complex web of multiple firms all performing crucial tasks: Letís break down who does what and why.

  • ETP Ecosystem

    The ETP ecosystem is a symphony of firms each pursuing their own self-interest but united by a common goal to harmonise the ETP investment experience. Let's examine the roles of the major players in the ETP ecosystem.

  • Exchanges and ETPs

    If you’ve been around anyone in finance, or pay attention to financial news, you’re likely familiar with the New York Stock Exchange or the London Stock Exchange. So what exactly is an exchange, and why do we care about them if we’re interested in exchange-traded products (ETPs)?

  • Authorised Participants

    Authorised participants (APs) are one of the major parties at the center of the ETP creation and redemption mechanism and, as such, play a critical role in ETP liquidity.

  • Brands and Management Companies

    Does the brand or issuer matter for an ETF? Are some better than others? In general, no—but that doesn't make the issuer/brand an irrelevant consideration.

  • ETP Legal Structures

    There’s a distinction in legal structure between two different types of exchange-traded products: exchange-traded funds (ETFs) and nonfund ETPs. Before highlighting the differences between the two legal structures, let’s remember the similarities...