An Authorised Participant is a dedicated trading company who has signed an Authorised Participant Agreement that allows them to create and redeem ETF units in the primary market versus NAV against the Fund Sponsor. Authorised Participants (APs) are generally global investment banks and proprietary market making firms. Only APs can trade in the primary market versus the Fund. Clients trade in the secondary market against broker dealers (APs, MMs, etc.) either on risk or versus NAV.