New sequencing technologies allow genomic variation to be surveyed in much greater detail than previously possible. While detailed analysis of a single individual typically requires deep sequencing, when many individuals are sequenced it is possible to combine shallow sequence data across individuals to generate accurate calls in shared stretches of chromosome. Here, we show that, as progressively larger numbers of individuals are sequenced, increasingly accurate genotype calls can be generated for a given sequence depth. We evaluate the implications of low-coverage sequencing for complex trait association studies. We systematically compare study designs based on genotyping of tagSNPs, sequencing of many individuals at depths ranging between 23 and 303, and imputation of variants discovered by sequencing a subset of individuals into the remainder of the sample. We show that sequencing many individuals at low depth is an attractive strategy for studies of complex trait genetics. For example, for disease-associated variants with frequency >0.2%, sequencing 3000 individuals at 43 depth provides similar power to deep sequencing of >2000 individuals at 303 depth but requires only~20% of the sequencing effort. We also show low-coverage sequencing can be used to build a reference panel that can drive imputation into additional samples to increase power further. We provide guidance for investigators wishing to combine results from sequenced, genotyped, and imputed samples.[Supplemental material is available for this article. Software implementing the methods is available at http://genome. sph.umich.edu/wiki/Thunder.]Genomewide association studies (GWAS), which examine hundreds of thousands of common genetic variants in thousands of individuals, have resulted in the association of >1000 genetic loci with specific traits and diseases ; www.genome .gov/gwastudies/). In the next few years, improved genotyping chip designs and next generation sequencing technologies will allow these studies to extend beyond common variants and systematically evaluate rarer variants, insertion deletion polymorphisms, and larger copy number variants-potentially expanding our understanding of complex trait architecture (Maher 2008;Manolio et al. 2009).Emerging (Ng et al. 2009;Lupski et al. 2010;Ng et al. 2010;Nikopoulos et al. 2010;Roach et al. 2010), their application to complex trait studies-which may require sequencing hundreds or thousands of individuals-remains challenging due to high sequencing costs and limits of existing sequencing capacity.We have previously outlined a Hidden Markov Model (HMM)-based approach for the analysis of shotgun sequence data across many individuals (Li et al. 2010b). The approach identifies stretches of chromosome shared among individuals and uses the information to call genotypes from low-coverage sequence data more effectively. The underlying principle is that pairs of chromosomes which share a series of alleles flanking a site of interest are likely to also exhibit identical alleles at that site. In this p...