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Dave Nadig
1:36
and counting on making money on the difference between buys and sells
but ETFs give them the option of ALSO being an AP.
The AP functionality lets them buy low or sell high in and out of the ETF, not just in the open market.
Technically (legally) I don't believe any AP *has* to also be a listed market maker, but it would be pretty much impossible to make a living at it if they weren;t.
1:37
and of course, not every MM has to be an AP -- each AP contract with an issuer -- with an individual fund -- is a separate legal contract.
(Now I'm trying to think if I've ever heard of an AP not being a MM, and I can't come up with one.)
P.Lacroix
1:38
Are you planning to open a website or specific section to talk about the European ETF Market in the future? ETF.com is a very good source of information for the US market, I wish we would have the same in Europe. Thanks
Dave Nadig
1:38
I'll make this the last question --
So, we used to run an EU website, but the reality is that the market in EU/UK is so fragmented it makes it difficult for a firm like ours to really cover it completely.
1:39
The UK advisor market, for instance, is just SO different than, say, how German insititutions use ETFs.
1:40
And much of the data is (even post MIFID II) still very hard to get/verify.  ETF.com is a pretty data driven world, and its hard to see how we could take our model, there, succesfully.
1:41
On the data side, Debbie Fuhr does a great job at ETFGI (if you're looking for resources), and Justetf.com is pretty cool as well.
1:42
Justetf.com has the closest to our screener functionality I'd say.
OK folks, going to wrap it up there.  Thanks for everyones questions.  We do our live chats here on Thursdays, and you can always beginning entering questions Thursday morning.
1:43
Also, check out coverage of the ETF.com Awards dinners, which will be up tomorrow morning on ETF.com (or late, late tonight).
Have a great afternoon.
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