Primary-market flow, source rights, and revision rules
The desk measures regulated wrappers without turning a convenient estimate into a false fact. Product class, source rights, session dates, missing observations, and corporate actions all sit upstream of the number.
It means net primary-market share creation under the stated method. Since U.S. crypto ETPs can create and redeem in kind, an inflow does notprove that an issuer bought the same dollar amount of cryptocurrency for cash that day. It also says nothing by itself about tomorrow's price.
Each stage can stop publication. A ticker without legal identity, a source without rights, or a flow without adjacent observations remains discovery evidence, not a live market reading.
A listing directory can reveal a candidate, but cannot prove legal identity, current trading status, exposure, or daily flow on its own. Bathymark verifies legal identity through an approved regulator source such as CIK, series, class, ISIN, or CVM fund ID. Listing discovery and mandate evidence remain separate states.
Direct spot, staked spot, multi-asset, futures, leveraged or inverse, income, defined-outcome, and crypto-equity products remain separate. The desk does not combine unlike exposures into one demand number.
Every adapter records a rights status and permitted data classes. A runtime source must be approved for automated use and for the exact field being captured. Pending and restricted sources remain visible as coverage constraints but cannot populate live figures.
Each observation carries a market session date, publication or effective time, Bathymark retrieval time, revision number, payload fingerprint, source receipt, and quality issues. Missing fields stay null.
Regulator-reported subscriptions minus redemptions take priority and must reconcile with any reported net-flow field. Otherwise the desk may use the shares-outstanding method only when the earlier observation is the exact prior exchange session and NAV, currency, quality, and corporate-action checks pass.
Asset totals disclose the expected products, available products, missing products, product coverage, and prior-AUM coverage only when every denominator product has net assets from its exact prior market session. The basis date is shown with the percentage. A partial aggregate cannot be described as the whole market.
A corrected observation supersedes the earlier record and increments its revision. Conflicts are preserved as source history rather than silently overwritten. Public pages use the latest valid revision and keep the receipt trail.
Brazil's CVM daily fund report includes subscriptions and redemptions paid. Bathymark can use those fields only after an exact ETF CNPJ mapping and approved session-matched FX are configured. Where an approved source supplies daily shares outstanding and NAV instead, the shares-delta method runs only across exact consecutive exchange sessions.
estimated net flow = (split-adjusted shares today - split-adjusted shares prior session) × today's NAVLocal-currency flow is converted to U.S. dollars only when a matching, identified FX observation is available. The formula version, inputs, result status, confidence, and receipt IDs stay with the result.
The desk withholds flow when any required piece is unresolved.
Method reference: the shares-delta approach is consistent with the public Morningstar estimated net cash-flow methodology. U.S. in-kind treatment follows the SEC's July 2025 order. Information, not financial advice. Morningstar method · SEC in-kind order
A total is only as credible as its missing products. The UI carries coverage beside the figure and never turns missing observations into zero.
Restricted and pending sources are shown because they explain coverage gaps. They are not runtime inputs. A written permission can be recorded later as a separate approved source entry.
Official U.S. government filing data. Automated access must follow the SEC fair-access policy.
Official U.S. government issuer identity data.
Official U.S. government fund series, class, CIK, and ticker reference data.
Nasdaq Trader copyright terms limit copying and reuse to personal, non-commercial use unless Nasdaq gives prior written consent.
Official Brazilian open data published under the Open Database License.
Official Brazilian open fund registration data published under the Open Database License.
Published terms restrict systematic retrieval and commercial reuse without permission.
Public visibility alone does not grant automated commercial-use rights.
DTCC portfolio-composition data is a licensed commercial data product.
Commercial reuse of SIX market data requires a market-data licence.
SEDAR+ terms do not clear automated commercial copying, bulk extraction, or redistribution for this runtime.
TMX terms reserve market-data and site-content reuse rights and do not clear this production adapter.
Official ESMA reference data may be reused with source acknowledgement under the ESMA legal notice.
ASX terms restrict scraping and commercial reuse without permission.
ASX terms do not clear automated commercial copying or reuse of the monthly report for this runtime.
HKEX terms do not clear automated commercial extraction or redistribution for this runtime.
Short definitions for readers and answer engines, with the same limits as the underlying desk.
When a regulator does not report subscriptions and redemptions directly, Bathymark estimates primary-market net flow as the split-adjusted change in shares outstanding multiplied by the current session NAV. Missing shares or NAV make the flow unavailable, not zero.
No. Assets under management can change because the underlying asset price moved. Trading volume is also not flow because it usually reflects secondary-market activity. Bathymark uses reported subscriptions and redemptions or a shares-outstanding method.
No. In-kind creations transfer an eligible basket through the primary market. A positive flow means net share creation under the stated method, not proof that the issuer purchased coins for cash during that session.
Public visibility does not grant commercial automation rights, and not every jurisdiction publishes daily subscriptions or shares outstanding as open data. Bathymark withholds values when source rights, required fields, dates, or corporate actions are unresolved.
Bathymark reads fund flow as an observable primary-market change. It does not provide investment advice, price targets, or instructions to buy or sell any fund or crypto asset.