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For instance, mutual funds often redeem shares by selling securities and cashing out the investor.
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Conversely, when investors redeem shares, the authorized participant sells the securities in the open market.
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For instance, mutual funds typically redeem shares by selling securities and cashing out the investor.
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Open-ended refers to a type of fund that can issue and redeem shares at any time.
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BlackRock said it would set up a blind trust to create and redeem shares for the 13 new ETFs.
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And because big investors sometimes redeem shares in return for the underlying stocks, painful year-end capital gains payouts are rare.
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If too many frightened investors redeem shares, funds have to raise cash by selling the securities and would not buy new issues.
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Last week, BlackRock Inc raised the fees it charges market makers to redeem shares of its iShares Short Maturity Bond ETF for cash.
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That makes it easy for ETF market participants to create and redeem shares and keep a fund's trading price close to its net asset value.
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It also intends to use $10.2 billion of net proceeds to redeem shares now held by its members, and the balance for general corporate purposes.
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The company said adjusted net income of $1.48 a share was the result of 25 million fewer shares, largely due to the redeemed shares.