Disneyland ended the Annual Passport system and replaced it with Magic Keys. Initially APs were put on hold, but much to the dismay of guests they were then cancelled.
The new Magic Keys program replaced the old pass holder option and features three tiers of Magic Key that were originally made available to most guests. The key differences came down to block out dates and number of park reservations.
However, Disneyland removed the Dream Key a few months ago, and as of today the Enchanted and Believe are now unavailable.
The main issue: Disneyland offers an Annual Pass program where people cannot buy annual passes and there was no indication that there would be a limit on the number of passes sold.