Trading · authorized participants (APs)
ETF authorized participants (APs)
In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 74 firms were authorized participants (APs) for 3,806 US ETFs. 50 of them created or redeemed shares. Merrill Lynch Professional Clearing Corp. did the most, $1.5tn.
| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed ↓ | Share of all AP dollars | Only active AP in | Periods ending | Website |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 1,421 | 1,104 | $818.8bn | $720.0bn | $1.5tn | 15.6% | 15 | Jul 31, 2024 to Jun 30, 2026 | business.bofa.com |
| 2 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 3,545 | 2,781 | $822.4bn | $638.9bn | $1.5tn | 14.8% | 39 | Jul 31, 2024 to Jun 30, 2026 | goldmansachs.com |
| 3 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 2,771 | 1,792 | $684.0bn | $525.9bn | $1.2tn | 12.2% | 55 | Jul 31, 2024 to Jun 30, 2026 | jpmorgan.com |
| 4 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 2,799 | 1,778 | $576.6bn | $394.6bn | $971.2bn | 9.8% | 25 | Aug 31, 2024 to Jun 30, 2026 | business.bofa.com |
| 5 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 2,964 | 2,308 | $391.4bn | $218.3bn | $609.7bn | 6.2% | 31 | Jul 31, 2024 to Jun 30, 2026 | janestreet.com |
| 6 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 2,292 | 597 | $399.7bn | $199.1bn | $598.8bn | 6.1% | 0 | Aug 31, 2024 to Jun 30, 2026 | abnamroclearing.com |
| 7 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 2,303 | 445 | $306.0bn | $268.0bn | $573.9bn | 5.8% | 0 | Sep 30, 2024 to Jun 30, 2026 | morganstanley.com |
| 8 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 2,561 | 767 | $248.7bn | $212.0bn | $460.6bn | 4.7% | 1 | Jul 31, 2024 to Jun 30, 2026 | rbccm.com |
| 9 | Barclays Capital Inc. | The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. | 2,281 | 172 | $211.2bn | $180.4bn | $391.7bn | 4.0% | 0 | Aug 31, 2024 to Jun 30, 2026 | ib.barclays |
| 10 | BNP Paribas Securities Corp. | The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. | 1,916 | 215 | $143.8bn | $139.2bn | $282.9bn | 2.9% | 0 | Sep 30, 2024 to Jun 30, 2026 | usa.bnpparibas |
| 11 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 2,404 | 600 | $148.7bn | $108.5bn | $257.1bn | 2.6% | 6 | Aug 31, 2024 to Jun 30, 2026 | citadelsecurities.com |
| 12 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 2,282 | 518 | $134.4bn | $113.1bn | $247.5bn | 2.5% | 0 | Sep 30, 2024 to Jun 30, 2026 | citigroup.com |
| 13 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 3,232 | 2,202 | $152.2bn | $93.2bn | $245.4bn | 2.5% | 19 | Jul 31, 2024 to Jun 30, 2026 | virtu.com |
| 14 | BNP Paribas Prime Brokerage, Inc. | A former BNP Paribas prime brokerage unit; FINRA approved its merger into BNP Paribas Securities Corp. in 2017. | 457 | 58 | $100.0bn | $93.2bn | $193.2bn | 2.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | usa.bnpparibas |
| 15 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 1,912 | 45 | $84.8bn | $76.5bn | $161.3bn | 1.6% | 0 | Aug 31, 2024 to Jun 30, 2026 | americas.societegenerale.com |
| 16 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 488 | 369 | $85.9bn | $62.7bn | $148.7bn | 1.5% | 3 | Jul 31, 2024 to Jun 30, 2026 | ml.com |
| 17 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 2,459 | 628 | $70.7bn | $67.2bn | $137.9bn | 1.4% | 4 | Aug 31, 2024 to Jun 30, 2026 | ubs.com |
| 18 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 2,314 | 189 | $37.0bn | $41.2bn | $78.2bn | 0.8% | 0 | Aug 31, 2024 to Jun 30, 2026 | mizuhogroup.com |
| 19 | Jefferies LLC | The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. | 2,242 | 110 | $35.4bn | $31.0bn | $66.4bn | 0.7% | 0 | Sep 30, 2024 to Jun 30, 2026 | jefferies.com |
| 20 | Wells Fargo Securities, LLC | The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. | 2,120 | 94 | $19.6bn | $28.7bn | $48.2bn | 0.5% | 2 | Sep 30, 2024 to Jun 30, 2026 | wellsfargo.com |
| 21 | HRT Financial LP | The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. | 1,657 | 98 | $20.9bn | $11.4bn | $32.4bn | 0.3% | 0 | Sep 30, 2024 to Jun 30, 2026 | hudsonrivertrading.com |
| 22 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 2,122 | 210 | $16.6bn | $10.5bn | $27.1bn | 0.3% | 1 | Sep 30, 2024 to Jun 30, 2026 | macquarie.com |
| 23 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 2,230 | 177 | $10.1bn | $13.1bn | $23.2bn | 0.2% | 5 | Jul 31, 2024 to Jun 30, 2026 | miraeasset.com |
| 24 | BNY Mellon Capital Markets, LLC | A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. | 1,461 | 147 | $11.4bn | $6.4bn | $17.8bn | 0.2% | 2 | Aug 31, 2024 to Jun 30, 2026 | bny.com |
| 25 | BMO Capital Markets Corp. | The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. | 1,482 | 61 | $10.8bn | $4.9bn | $15.7bn | 0.2% | 0 | Sep 30, 2024 to Jun 30, 2026 | capitalmarkets.bmo.com |
| 26 | Marex Capital Markets Inc. | The US business of Marex, formerly ED&F Man Capital Markets, a brokerage for commodities and financial markets. | 364 | 38 | $7.0bn | $6.8bn | $13.8bn | 0.1% | 0 | Aug 31, 2025 to Jun 30, 2026 | marex.com |
| 27 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 262 | 112 | $8.5bn | $4.4bn | $12.8bn | 0.1% | 4 | Sep 30, 2024 to Jun 30, 2026 | jpmorgan.com |
| 28 | Cantor Fitzgerald & Co. | A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. | 1,899 | 40 | $4.4bn | $4.4bn | $8.9bn | 0.1% | 2 | Aug 31, 2024 to Jun 30, 2026 | cantor.com |
| 29 | Nomura Securities International, Inc. | The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York. | 1,321 | 32 | $4.1bn | $4.7bn | $8.8bn | 0.1% | 1 | Jul 31, 2025 to Jun 30, 2026 | nomuraholdings.com |
| 30 | Cowen and Company, LLC | A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen. | 559 | 13 | $4.1bn | $4.6bn | $8.8bn | 0.1% | 0 | Sep 30, 2024 to Jun 30, 2026 | tdsecurities.com |
| 31 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 148 | 49 | $6.2bn | $1.2bn | $7.5bn | 0.1% | 0 | Aug 31, 2025 to Jun 30, 2026 | virtu.com |
| 32 | Deutsche Bank Securities Inc. | The US broker-dealer of Deutsche Bank, offering investment banking, market making and brokerage to corporate and institutional clients. | 1,036 | 6 | $3.5bn | $2.6bn | $6.2bn | 0.1% | 0 | Jul 31, 2025 to Jun 30, 2026 | db.com |
| 33 | Jane Street Execution Services, LLC | A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. | 49 | 49 | $2.0bn | $4.0bn | $6.0bn | 0.1% | 0 | Aug 31, 2024 to Jun 30, 2026 | janestreet.com |
| 34 | CIBC World Markets Corp. | The US broker-dealer of CIBC Capital Markets, the investment banking brand of Canadian Imperial Bank of Commerce. | 747 | 6 | $3.6bn | $1.4bn | $5.0bn | 0.1% | 0 | Jul 31, 2025 to Jun 30, 2026 | cibccm.com |
| 35 | Pershing LLC | BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. | 628 | 46 | $3.0bn | $1.9bn | $4.9bn | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | bny.com |
| 36 | Cowen Execution Services LLC | Broker-dealer, CRD 35693 | 425 | 21 | $2.0bn | $1.7bn | $3.7bn | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | not listed |
| 37 | HSBC Securities (USA) Inc. | The US broker-dealer of HSBC, an affiliate of HSBC Bank USA, N.A. | 1,069 | 13 | $1.7bn | $500m | $2.2bn | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | about.us.hsbc.com |
| 38 | TD Securities (USA) LLC | The US broker-dealer of TD Securities, the investment banking and capital markets arm of Toronto-Dominion Bank. | 880 | 20 | $765m | $633m | $1.4bn | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | tdsecurities.com |
| 39 | Morgan Stanley Smith Barney LLC | A Morgan Stanley broker-dealer that serves retail wealth management clients. | 4 | 4 | $631m | $624m | $1.3bn | 0.0% | 0 | Oct 31, 2025 to Jun 30, 2026 | morganstanley.com |
| 40 | Natixis Securities Americas LLC | The US broker-dealer of Natixis Corporate & Investment Banking, serving corporate and institutional clients in the Americas. | 746 | 8 | $40.6m | $1.1bn | $1.2bn | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | americas.cib.natixis.com |
| 41 | Clear Street LLC | A New York brokerage offering clearing, financing, execution and investment banking to hedge funds, ETF issuers and broker-dealers. | 548 | 5 | $275m | $205m | $480m | 0.0% | 0 | Sep 30, 2024 to Jun 30, 2026 | clearstreet.io |
| 42 | Wedbush Securities Inc. | A California-founded firm offering wealth management, brokerage, investment banking and clearing for institutions and traders. | 1,067 | 9 | $281m | $180m | $461m | 0.0% | 0 | Sep 30, 2024 to Jun 30, 2026 | wedbush.com |
| 43 | Truist Securities, Inc. | Truist's corporate and investment banking arm, offering mergers advice, capital raising, trading and research. | 632 | 5 | $245m | $0 | $245m | 0.0% | 0 | Aug 31, 2025 to Jun 30, 2026 | truist.com |
| 44 | Wells Fargo Securities, LLC (CRD 7665) | Broker-dealer, CRD 7665 | 4 | 4 | $110m | $57.9m | $168m | 0.0% | 0 | Jun 30, 2026 | not listed |
| 45 | State Street Global Markets, LLC | The US broker-dealer of State Street's markets business, offering trading, financing, foreign exchange and research to institutions. | 842 | 8 | $124m | $0 | $124m | 0.0% | 2 | Jul 31, 2025 to May 31, 2026 | statestreet.com |
| 46 | ABN AMRO Securities (USA) LLC | A US broker-dealer in the ABN AMRO Clearing group whose main business is securities financing. | 238 | 7 | $87.5m | $0 | $87.5m | 0.0% | 0 | Sep 30, 2024 to Jun 30, 2026 | abnamroclearing.com |
| 47 | National Bank of Canada Financial Inc. | Broker-dealer, SEC file 8-39947 | 659 | 6 | $29.6m | $30.2m | $59.8m | 0.0% | 0 | Aug 31, 2025 to Jun 30, 2026 | not listed |
| 48 | National Financial Services LLC | A Fidelity broker-dealer that provides clearing, custody and brokerage services to advisors, broker-dealers and other firms. | 631 | 4 | $14.6m | $11.4m | $26.0m | 0.0% | 0 | Sep 30, 2024 to Jun 30, 2026 | clearingcustody.fidelity.com |
| 49 | BTIG, LLC | An investment bank and brokerage offering advisory, capital markets, trading, prime brokerage and research to institutions. | 2 | 2 | $8.8m | $4.5m | $13.3m | 0.0% | 0 | Oct 31 to Nov 30, 2025 | btig.com |
| 50 | Virtu Financial BD LLC | A Virtu Financial broker-dealer subsidiary, listed as self-clearing in Virtu's 2018 annual report. | 276 | 1 | $6.2m | $0 | $6.2m | 0.0% | 0 | Aug 31, 2025 to Jun 30, 2026 | virtu.com |
| 51 | Apex Clearing Corp. | A clearing and custody broker-dealer for fintechs and brokerages, part of Apex Fintech Solutions. | 114 | 0 | $0 | $0 | $0 | 0.0% | 0 | Oct 31, 2025 to Apr 30, 2026 | apexfintechsolutions.com |
| 52 | BMO Nesbitt Burns Securities Ltd. | A Toronto-based BMO Capital Markets broker-dealer registered with the SEC and FINRA. | 35 | 0 | $0 | $0 | $0 | 0.0% | 0 | Sep 30, 2024 to Oct 31, 2025 | capitalmarkets.bmo.com |
| 53 | BNY Mellon Capital Markets EMEA Limited | A London-based BNY Mellon dealing business for institutional clients in Europe, the Middle East and Africa. | 10 | 0 | $0 | $0 | $0 | 0.0% | 0 | Mar 31, 2026 | bny.com |
| 54 | Boston Partners Securities LLC | A limited-purpose broker-dealer for asset manager Boston Partners, set up so its sales representatives can market its services. | 132 | 0 | $0 | $0 | $0 | 0.0% | 0 | May 31, 2026 | bostonpartners.com |
| 55 | Citadel Clearing LLC | A Citadel broker-dealer that provides clearing and financing services only to affiliated funds. | 132 | 0 | $0 | $0 | $0 | 0.0% | 0 | May 31, 2026 | citadel.com |
| 56 | Credit Suisse Securities (Europe) Limited | Broker-dealer | 174 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31, 2025 to Apr 30, 2026 | not listed |
| 57 | Credit Suisse Securities (USA) LLC | Credit Suisse's US broker-dealer, now owned by UBS Group and winding down operations after the 2023 takeover. | 636 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | ubs.com |
| 58 | Electronic Transaction Clearing, Inc. | A clearing broker-dealer for institutional and professional traders, acquired in 2019 by PEAK6, whose group includes Apex Clearing. | 80 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31 to Dec 31, 2025 | peak6.com |
| 59 | First Southwest Co., LLC | A former public finance and brokerage firm that merged with Southwest Securities to form HilltopSecurities. | 56 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31, 2025 | hilltopsecurities.com |
| 60 | Goldman Sachs Execution & Clearing, L.P. | A former Goldman Sachs clearing and execution broker-dealer, merged into Goldman Sachs & Co. LLC in June 2017. | 2 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jan 31, 2026 | goldmansachs.com |
| 61 | Hilltop Securities Inc. | A Dallas-based municipal investment bank and wealth advisory firm, also providing clearing services, owned by Hilltop Holdings. | 111 | 0 | $0 | $0 | $0 | 0.0% | 0 | Oct 31, 2025 to Apr 30, 2026 | hilltopsecurities.com |
| 62 | IBKR Securities Services LLC | An Interactive Brokers affiliate, formerly Timber Hill LLC, which historically made markets in options. | 195 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31, 2025 to May 31, 2026 | interactivebrokers.com |
| 63 | ING Financial Markets LLC | Broker-dealer, SEC file 8-43978 | 218 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31, 2025 to Jun 30, 2026 | not listed |
| 64 | Interactive Brokers LLC | An electronic broker offering trade execution and clearing in stocks, options, futures, currencies and bonds. | 1,410 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | interactivebrokers.com |
| 65 | Intesa Sanpaolo IMI Securities Corp. | The US broker-dealer of Intesa Sanpaolo's IMI investment banking division, formerly Banca IMI Securities Corp. | 132 | 0 | $0 | $0 | $0 | 0.0% | 0 | May 31, 2026 | imi.intesasanpaolo.com |
| 66 | ITAU BBA USA Securities, Inc. | The US broker-dealer of Itau BBA, the corporate and investment bank of Brazil's Itau Unibanco. | 195 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31, 2025 to Apr 30, 2026 | itau.com.br |
| 67 | MUFG Securities Americas Inc. | The US broker-dealer of Mitsubishi UFJ Financial Group, active in capital markets origination, private placements and securities trading. | 351 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31, 2025 to Jun 30, 2026 | mufgamericas.com |
| 68 | Natwest Markets Securities Inc. | The US broker-dealer of NatWest Markets, dealing in Treasuries, agency and corporate debt and clearing futures. | 190 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31, 2025 to Apr 30, 2026 | natwestmarkets.com |
| 69 | Raymond James & Associates, Inc. | A Raymond James broker-dealer offering advisor-led brokerage and capital markets services such as underwriting. | 132 | 0 | $0 | $0 | $0 | 0.0% | 0 | May 31, 2026 | raymondjames.com |
| 70 | Robert W. Baird & Co. Incorporated | The firm known as Baird, offering wealth management, investment banking, capital markets, asset management and private equity. | 35 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31 to Nov 30, 2025 | rwbaird.com |
| 71 | Scotia Capital (USA) Inc. | The US broker-dealer of Scotiabank Global Banking and Markets, the bank's corporate and investment banking division. | 421 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31, 2025 to Apr 30, 2026 | gbm.scotiabank.com |
| 72 | State Street Global Advisors Funds Distributors, LLC | The broker-dealer that distributes and markets SPDR ETFs for State Street Investment Management. | 6 | 0 | $0 | $0 | $0 | 0.0% | 0 | Oct 31, 2025 | ssga.com |
| 73 | Stifel, Nicolaus & Company, Incorporated | The main broker-dealer of Stifel Financial, offering wealth management, brokerage, investment banking and trading. | 203 | 0 | $0 | $0 | $0 | 0.0% | 0 | Aug 31, 2025 to Apr 30, 2026 | stifel.com |
| 74 | TD Prime Services LLC | Broker-dealer, CRD 1914 | 584 | 0 | $0 | $0 | $0 | 0.0% | 0 | Jul 31, 2025 to Jun 30, 2026 | not listed |
Every ETF authorized participant (AP), ranked by the dollars of ETF shares it created and redeemed, in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026. Source: ETFIQ from Form N-CEN.
Questions people ask
What is an authorized participant (AP)?
An authorized participant (AP) is a broker-dealer with an agreement to create and redeem an ETF’s shares. It hands the fund a basket of securities or cash for new shares, or hands shares back for the basket. That keeps the ETF’s price close to the value of what it holds.
Who are the most active ETF authorized participants?
By dollars of ETF shares created and redeemed in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026: Merrill Lynch Professional Clearing Corp., $1.5tn; Goldman Sachs & Co. LLC, $1.5tn; J.P. Morgan Securities LLC, $1.2tn; BofA Securities, Inc., $971.2bn; Jane Street Capital, LLC, $609.7bn.
How many authorized participants does an ETF have?
Across 3,806 US ETFs, the median lists 20 APs in its latest Form N-CEN, and 4 of them created or redeemed shares. 217 ETFs had one active AP and 35 had none in their period.
Who are the authorized participants for SPY?
SPY’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 41 APs, 26 of them active. The largest were Merrill Lynch Professional Clearing Corp. (38.5%), ABN AMRO Clearing USA LLC (14.8%), Goldman Sachs & Co. LLC (11.7%) of its AP dollars. Every ETF’s list is on its trading page.
Where does this list of authorized participants come from?
From item E.2 of Form N-CEN, the annual report every registered ETF files with the SEC. It names each AP, its SEC file number, CRD and LEI, and the dollars of shares it created and redeemed. ETFIQ reads the SEC’s quarterly data sets, 75,056 AP rows in all.
Why are spot bitcoin ETFs like IBIT not listed?
Spot bitcoin and ether funds, and gold and silver trusts, are grantor trusts registered under the Securities Act of 1933. They file no Form N-CEN, so no filing lists their APs in this form. Their prospectuses name their APs instead.
What is the difference between an AP and a lead market maker (LMM)?
An AP creates and redeems shares with the fund itself. A lead market maker (LMM) is assigned by the listing exchange to quote a bid and an ask through the day. One firm can be both for the same ETF.
Method
Every row is one authorized participant (AP) listed in item E.2 of an ETF’s latest Form N-CEN, with the dollars of the fund’s shares it purchased from the fund (created) and redeemed in the fund’s reporting period, as filed. A fund’s period is its own fiscal year, or less where the filing says so, so a firm’s total adds periods that end on different days. Rows are grouped into firms by the identifiers each row carries: the CRD number first, the SEC file number and LEI where the CRD is missing or typed wrong, never by name. 71 of 75,056 rows carry a CRD their file number and LEI place on another firm, and are counted there.
The rest of the method
A firm’s name is its registration on the SEC’s list of active broker-dealers where it is on it. Spot crypto and commodity trusts and ETNs file no N-CEN and are not here.
Where to next
Where these figures came from
SEC Form N-CEN data sets, the source of every AP row ↗Form N-CEN, item E.2: each authorized participant and its dollars ↗SEC list of active broker-dealers, the source of each firm’s registered name ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement. A list of firms is not a rating or a recommendation.
Questions people ask
What is an authorized participant (AP)?
An authorized participant (AP) is a broker-dealer with an agreement to create and redeem an ETF’s shares. It hands the fund a basket of securities or cash for new shares, or hands shares back for the basket. That keeps the ETF’s price close to the value of what it holds.
Who are the most active ETF authorized participants?
By dollars of ETF shares created and redeemed in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026: Merrill Lynch Professional Clearing Corp., $1.5tn; Goldman Sachs & Co. LLC, $1.5tn; J.P. Morgan Securities LLC, $1.2tn; BofA Securities, Inc., $971.2bn; Jane Street Capital, LLC, $609.7bn.
How many authorized participants does an ETF have?
Across 3,806 US ETFs, the median lists 20 APs in its latest Form N-CEN, and 4 of them created or redeemed shares. 217 ETFs had one active AP and 35 had none in their period.
Who are the authorized participants for SPY?
SPY’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 41 APs, 26 of them active. The largest were Merrill Lynch Professional Clearing Corp. (38.5%), ABN AMRO Clearing USA LLC (14.8%), Goldman Sachs & Co. LLC (11.7%) of its AP dollars. Every ETF’s list is on its trading page.
Where does this list of authorized participants come from?
From item E.2 of Form N-CEN, the annual report every registered ETF files with the SEC. It names each AP, its SEC file number, CRD and LEI, and the dollars of shares it created and redeemed. ETFIQ reads the SEC’s quarterly data sets, 75,056 AP rows in all.
Why are spot bitcoin ETFs like IBIT not listed?
Spot bitcoin and ether funds, and gold and silver trusts, are grantor trusts registered under the Securities Act of 1933. They file no Form N-CEN, so no filing lists their APs in this form. Their prospectuses name their APs instead.
What is the difference between an AP and a lead market maker (LMM)?
An AP creates and redeems shares with the fund itself. A lead market maker (LMM) is assigned by the listing exchange to quote a bid and an ask through the day. One firm can be both for the same ETF.
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ETFIQ, ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/
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Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.