iShares - Guidance - Role of Authorized Participant

Where and How to Trade, Conditions, Financial Clearing, Costs, Dividends, and Other Rights

Difference Between the Primary and Secondary Markets, Creation and Redemption, Measuring Liquidity

Definitions and Differences of Brokers Qualified for Trading and Authorized Agents, Creation and Redemption In-Kind

Market Impact, Share Value, Positive/Negative Arbitrage, Factors Determining Spreads and Comparisons

	What are Authorized Agents?
	What is the difference between qualified brokers and Authorized Agents?
	When redeeming iShares Index Funds, will I receive money or stock?

Authorized Agents are brokers or distributors of certificates and securities duly qualified and belonging to the securities, distribution system, who have signed an Authorized Agent contract with the administrator. They act on behalf of and for the account of the fund, establishing the terms and conditions for the creation and redemption of minimum lots of quotas of the fund.

All agents are qualified to trade quotas of the iShares Index Funds by the BM&FBovespa but only some of them are Authorized Agents, i.e., authorized by the administrator. Click here to consult the list of Authorized Agents.

On the primary market, both the creation process and the redemption process for iShares Index Funds are carried out in stocks, along with a small portion in cash. To access the composition of the baskets applicable to creations and redemptions of minimum lots of fund quotas.