Shares are not individually redeemable from the Fund, however, Shares may be redeemed directly from a Fund
by Authorized Participants, in very large creation / redemption units.
However, shares may only be redeemed directly from a Fund
by Authorized Participants, in very large creation / redemption units.
Shares are not individually redeemable from the ETF, however, shares may be redeemed directly from an ETF
by Authorized Participants, in very large creation / redemption units.
However, shares are not individually redeemable from the ETFs and may only be purchased and redeemed directly from the ETFs
by Authorized Participants, in very large creation / redemption units.
However, shares are not individually redeemable, and may only be redeemed directly from the Fund
by Authorized Participants, in very large creation / redemption units.
To the extent that aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests
by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders.
Under each agreement between the Trustee and an Authorized Participant to establish an Authorized Participant Custody Account («Authorized Participant Custody Account Agreement»), the Trustee is not contractually or otherwise liable for any losses suffered
by any Authorized Participant or Shareholder that are not the direct result of its own gross negligence, fraud or willful default in the performance of its duties under such agreement, and in no event will its liability exceed the market value of the Bitcoins in the Authorized Participant Custody Account at the time such gross negligence, fraud or willful default is discovered by the Trustee.
An Authorized Participant Custody Account will be used to facilitate the deposit and withdrawal of Bitcoins
by an Authorized Participant in the process through which they directly create and redeem Shares of the Trust.
A NextShares fund may permit cash to be substituted for some or all of the Basket instruments when: (a) the instruments are, for the purchase of a Creation Unit, not available in sufficient quantity; (b) the instruments are not eligible for trading
by the Authorized Participant or the investor on whose behalf the Authorized Participant is acting; or (c) a holder of Fund shares investing in foreign instruments would be subject to unfavorable income tax treatment if the holder receives redemption proceeds in kind.
The ETFs are managed
by an authorized participant (also referred to as a market maker or specialist), with the stocks themselves typically loaned out of different pension funds.
Not exact matches
When
authorized participants — the special ETF market makers who have the ability to make and destroy ETF shares — wish to redeem their ETF shares, they can do so
by trading them in to the issuer, which delivers an equivalent amount of the ETF's underlying holdings in an «in - kind» transaction.
The Trustee will use commercially reasonable efforts to complete the transfer of Bitcoins to the Trust Custody Account prior to the time
by which the Trustee is to credit the Basket to the
Authorized Participant's DTC account.
The procedures
by which an
Authorized Participant can redeem one or more Baskets will mirror the procedures for the creation of Baskets.
acting on behalf of either which the Trustee believes is given as
authorized by the Trust Agreement or a custody agreement, respectively, or (2) from or on behalf of any Authorized Participant which the Trustee believes is given pursuant to, or is authorized by, an Authorized Participant Agreement (provided that the Trustee has complied with the verification procedures specified in the Authorized Participant A
authorized by the Trust Agreement or a custody agreement, respectively, or (2) from or on behalf of any
Authorized Participant which the Trustee believes is given pursuant to, or is authorized by, an Authorized Participant Agreement (provided that the Trustee has complied with the verification procedures specified in the Authorized Participant A
Authorized Participant which the Trustee believes is given pursuant to, or is
authorized by, an Authorized Participant Agreement (provided that the Trustee has complied with the verification procedures specified in the Authorized Participant A
authorized by, an
Authorized Participant Agreement (provided that the Trustee has complied with the verification procedures specified in the Authorized Participant A
Authorized Participant Agreement (provided that the Trustee has complied with the verification procedures specified in the
Authorized Participant A
Authorized Participant Agreement).
A transfer of Bitcoins from the Trust Custody Account may only be made as follows: (1)
by transferring Bitcoins to an
Authorized Participant Custody Account in connection with a redemption of one or more Baskets; (2)
by transferring Bitcoins to the Sponsor's Custody Account to pay the Sponsor's Fee; (3)
by delivering the Bitcoins to such party as the
A copy of the
Authorized Participant Agreement may be obtained
by potential
Authorized Participants from the Trustee.
In addition to, and independent of, the initial purchases
by the Initial Purchaser (described below), the Trust will issue Shares in Baskets to
Authorized Participants in exchange for deposits of Bitcoins on a continuous basis.
• At its twentieth anniversary convention in Arlington, Va., the Women's Ordination Conference was still able to draw about a thousand
participants, despite the 1994 statement
by Rome that the Church is not
authorized and therefore can not ordain women to the priesthood.
When in the opinion of the Director of Purchase it will not create any burden or hardship upon the County and the anticipated prices will not be adversely affected thereby, the Director is
authorized when he deems appropriate and as may be requested
by the
participants to provide in any particular County bid specification that the
participants in Erie County shall have the right to make purchases based upon the bids received
by the County.
Are you saying
Authorized Participants exert an upward pressure on the index
by transmitting the demand for the index fund through to its underlying assets?
With an ETF, investment and redemption is handled
by independent «
authorized participants».
ETFs trade intraday (i.e. at any time during trading hours) and any time the price diverges too far from the underlying assets, one of the
authorized participants has an incentive to make a small profit
by creating or destroying units of the ETF, also intraday.
When market makers and other large investors accumulate sufficient shares of a NextShares fund, they can redeem their shares from the fund
by transacting through intermediaries called
Authorized Participants.
@ CC: re your comment about the IRS collecting taxes — because the ETFs are based in the US (managed
by US companies,
authorized participants are US companies), my guess is that the IRS could simply seize the US based ETF shares owned
by the Canadian and require the US ETF manager / APs to sell the seized shares and forward the proceeds to the IRS.
NextShares funds issue and redeem shares only in specified creation unit quantities in transactions
by or through
authorized participants.
NextShares funds issue and redeem shares only in specified creation unit quantities in transactions
by or through
Authorized Participants.
Creations are limited to transactions
by or through
Authorized Participants.
Redemptions from NextShares funds and ETFs are limited to Creation Unit transactions
by or through an
Authorized Participants.
The fees charged
by NextShares funds and ETFs to
Authorized Participants and other investors purchasing and redeeming Creation Units.
Creation Unit transactions may only be executed
by or through
Authorized Participants.
Like ETFs, NextShares issue and redeem shares in Creation Unit quantities in transactions
by or through
Authorized Participants.
Creations / Redemptions The process
by which
Authorized Participants transact directly with the fund on an «in kind» basis.
In the event the Depository or the U.S. bank of which it is a branch becomes insolvent, the Depository's assets might not be adequate to satisfy a claim
by the Trust or any
Authorized Participant for the amount of Swiss Francs deposited
by the Trust or the
Authorized Participant, in such event, the Trust and any
Authorized Participant will generally have no right in or to assets other than those of the Depository.
When rising demand for the shares causes them to trade at a higher price (i.e., at a premium), the
Authorized Participant (AP) may find it profitable to create shares
by buying the underlying securities, exchanging them for ETF shares, and then selling those shares into the market.
These seemingly opposite interests in ETFs make for a large and lucrative market not just for the ETF operators like BlackRock's iShares and State Street Global Advisors SPDRs, but also for the
authorized participants — institutions that can create or redeem large blocks of new shares in an ETF (called creation units) for sale, and countless brokers that profit
by trading ETF shares.
All
Participants are responsible for all uses of assigned passwords, whether or not actually or expressly
authorized by the
Participant.
It is an information exchange for and between professionals
by which information is accumulated and disseminated to enable
authorized participants to prepare appraisals and other valuations of real property; and
by which
participants engaging in real estate appraisal contribute to common databases.
If you register as an Real Estate Professional User, you represent, warrant, and agree that: (1) you are a licensed real estate broker, or licensed real estate agent, and if you are an agent user of the Elm Street Website, you have the permission of your managing broker to register as a Elm Street Real Estate Professional User; (2) you are a member, subscriber or
participant in good standing of the Multiple Listing Service that supplies the real estate data and images displayed to you on the Elm Street Website («MLS»); (3) you will terminate your account status if, at any time, you are no longer a licensed real estate broker, or licensed real estate agent, and therefore, are no longer eligible to be a member, subscriber, or
participant in good standing of the MLS; (4) you
authorize Elm Street to send you emails relating to the Elm Street Website and your Elm Street account; and (5) you will defend, indemnify and hold harmless Elm Street, and its members, managers, subsidiaries, affiliates, officers, employees, agents, and other partners against any and all claims, damages, judgments, and expenses, including attorney» s fees and litigation costs or expenses, arising from your breach of the representations, warranties, duties or obligations made or assumed
by you in this Agreement.
The IDX policy gives MLS
participants the ability to
authorize limited electronic display of their listings
by other
participants.
IDX policy gives MLS
participants the ability to
authorize limited electronic display of their listings
by other
participants.
The IDX policy gives MLS
participants the ability to
authorize limited electronic display and delivery of their listings
by other
participants via the following
authorized mediums under the
participant's control: websites, mobile apps, and audio devices.
To comply with this requirement MLSs must, if requested
by a
participant, promptly provide basic downloading of all active listings, a minimum of three (3) years sold * listing data starting from January 1, 2012, non-confidential pending sale listing data, and other listings
authorized under applicable MLS rules.
MLSs may, but are not required to, give
participants the ability to
authorize electronic display of their listings
by other
participants outside the context of the Internet Data Exchange («IDX») policy and rules and the Virtual Office Website («VOW») policy and rules.
A multiple listing service is defined as a facility for the orderly correlation and dissemination of listing information among
Participants so that they may better serve their clients and customers and the public; is a means
by which
authorized Participants make blanket unilateral offers of compensation to other
Participants (acting as subagents, buyer agents, or in other agency or nonagency capacities defined
by law); is a means
by which information is accumulated and disseminated to enable
authorized Participants to prepare appraisals and other valuations of real property; and is a means
by which
Participants engaging in real estate appraisal contribute to common databases.