Whereas the work of APs is taken into account the “major” market, one other key participant, market makers, is required within the “secondary” market, for instance on exchanges, the place a lot of the buying and selling is finished. Market makers construct on the function APs fill by shopping for ETF shares when others wish to promote them, and vice versa. If costs get out of whack, they will earn a revenue by buying and selling to nudge them again in line. In some instances, market makers additionally play the function of the AP.
