{"url":"https://etfiq.com/trading/authorized-participants/","section":"trading","title":"ETF Authorized Participants (APs): Every Firm | ETFIQ","description":"Every ETF authorized participant (AP): 74 firms listed for 3,806 US ETFs in their latest Form N-CEN, with the shares each created and redeemed.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"ETF authorized participants (APs)","numberOfItems":74,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Merrill Lynch Professional Clearing Corp.","url":"https://etfiq.com/trading/authorized-participants/merrill-lynch-professional-clearing/"},{"@type":"ListItem","position":2,"name":"Goldman Sachs & Co. LLC","url":"https://etfiq.com/trading/authorized-participants/goldman-sachs/"},{"@type":"ListItem","position":3,"name":"J.P. Morgan Securities LLC","url":"https://etfiq.com/trading/authorized-participants/jp-morgan-securities/"},{"@type":"ListItem","position":4,"name":"BofA Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/bofa-securities/"},{"@type":"ListItem","position":5,"name":"Jane Street Capital, LLC","url":"https://etfiq.com/trading/authorized-participants/jane-street-capital/"},{"@type":"ListItem","position":6,"name":"ABN AMRO Clearing USA LLC","url":"https://etfiq.com/trading/authorized-participants/abn-amro-clearing-usa/"},{"@type":"ListItem","position":7,"name":"Morgan Stanley & Co. LLC","url":"https://etfiq.com/trading/authorized-participants/morgan-stanley/"},{"@type":"ListItem","position":8,"name":"RBC Capital Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/rbc-capital-markets/"},{"@type":"ListItem","position":9,"name":"Barclays Capital Inc.","url":"https://etfiq.com/trading/authorized-participants/barclays-capital/"},{"@type":"ListItem","position":10,"name":"BNP Paribas Securities Corp.","url":"https://etfiq.com/trading/authorized-participants/bnp-paribas-securities/"},{"@type":"ListItem","position":11,"name":"Citadel Securities LLC","url":"https://etfiq.com/trading/authorized-participants/citadel-securities/"},{"@type":"ListItem","position":12,"name":"Citigroup Global Markets Inc.","url":"https://etfiq.com/trading/authorized-participants/citigroup-global-markets/"},{"@type":"ListItem","position":13,"name":"Virtu Americas LLC","url":"https://etfiq.com/trading/authorized-participants/virtu-americas/"},{"@type":"ListItem","position":14,"name":"BNP Paribas Prime Brokerage, Inc.","url":"https://etfiq.com/trading/authorized-participants/bnp-paribas-prime-brokerage/"},{"@type":"ListItem","position":15,"name":"SG Americas Securities, LLC","url":"https://etfiq.com/trading/authorized-participants/sg-americas-securities/"},{"@type":"ListItem","position":16,"name":"Merrill Lynch, Pierce, Fenner and Smith Incorporated","url":"https://etfiq.com/trading/authorized-participants/merrill-lynch-pierce-fenner-and-smith/"},{"@type":"ListItem","position":17,"name":"UBS Securities LLC","url":"https://etfiq.com/trading/authorized-participants/ubs-securities/"},{"@type":"ListItem","position":18,"name":"Mizuho Securities USA LLC","url":"https://etfiq.com/trading/authorized-participants/mizuho-securities-usa/"},{"@type":"ListItem","position":19,"name":"Jefferies LLC","url":"https://etfiq.com/trading/authorized-participants/jefferies/"},{"@type":"ListItem","position":20,"name":"Wells Fargo Securities, LLC","url":"https://etfiq.com/trading/authorized-participants/wells-fargo-securities/"},{"@type":"ListItem","position":21,"name":"HRT Financial LP","url":"https://etfiq.com/trading/authorized-participants/hrt-financial/"},{"@type":"ListItem","position":22,"name":"Macquarie Capital (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/macquarie-capital-usa/"},{"@type":"ListItem","position":23,"name":"Mirae Asset Securities (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/mirae-asset-securities-usa/"},{"@type":"ListItem","position":24,"name":"BNY Mellon Capital Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/bny-mellon-capital-markets/"},{"@type":"ListItem","position":25,"name":"BMO Capital Markets Corp.","url":"https://etfiq.com/trading/authorized-participants/bmo-capital-markets/"},{"@type":"ListItem","position":26,"name":"Marex Capital Markets Inc.","url":"https://etfiq.com/trading/authorized-participants/marex-capital-markets/"},{"@type":"ListItem","position":27,"name":"JP Morgan Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/jp-morgan-securities-inc/"},{"@type":"ListItem","position":28,"name":"Cantor Fitzgerald & Co.","url":"https://etfiq.com/trading/authorized-participants/cantor-fitzgerald/"},{"@type":"ListItem","position":29,"name":"Nomura Securities International, Inc.","url":"https://etfiq.com/trading/authorized-participants/nomura-securities-international/"},{"@type":"ListItem","position":30,"name":"Cowen and Company, LLC","url":"https://etfiq.com/trading/authorized-participants/cowen/"},{"@type":"ListItem","position":31,"name":"Virtu Financial","url":"https://etfiq.com/trading/authorized-participants/virtu-financial/"},{"@type":"ListItem","position":32,"name":"Deutsche Bank Securities Inc.","url":"https://etfiq.com/trading/authorized-participants/deutsche-bank-securities/"},{"@type":"ListItem","position":33,"name":"Jane Street Execution Services, LLC","url":"https://etfiq.com/trading/authorized-participants/jane-street-execution-services/"},{"@type":"ListItem","position":34,"name":"CIBC World Markets Corp.","url":"https://etfiq.com/trading/authorized-participants/cibc-world-markets/"},{"@type":"ListItem","position":35,"name":"Pershing LLC","url":"https://etfiq.com/trading/authorized-participants/pershing/"},{"@type":"ListItem","position":36,"name":"Cowen Execution Services LLC","url":"https://etfiq.com/trading/authorized-participants/cowen-execution-services/"},{"@type":"ListItem","position":37,"name":"HSBC Securities (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/hsbc-securities-usa/"},{"@type":"ListItem","position":38,"name":"TD Securities (USA) LLC","url":"https://etfiq.com/trading/authorized-participants/td-securities-usa/"},{"@type":"ListItem","position":39,"name":"Morgan Stanley Smith Barney LLC","url":"https://etfiq.com/trading/authorized-participants/morgan-stanley-smith-barney/"},{"@type":"ListItem","position":40,"name":"Natixis Securities Americas LLC","url":"https://etfiq.com/trading/authorized-participants/natixis-securities-americas/"},{"@type":"ListItem","position":41,"name":"Clear Street LLC","url":"https://etfiq.com/trading/authorized-participants/clear-street/"},{"@type":"ListItem","position":42,"name":"Wedbush Securities Inc.","url":"https://etfiq.com/trading/authorized-participants/wedbush-securities/"},{"@type":"ListItem","position":43,"name":"Truist Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/truist-securities/"},{"@type":"ListItem","position":44,"name":"Wells Fargo Securities, LLC (CRD 7665)","url":"https://etfiq.com/trading/authorized-participants/wells-fargo-securities-llc/"},{"@type":"ListItem","position":45,"name":"State Street Global Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/state-street-global-markets/"},{"@type":"ListItem","position":46,"name":"ABN AMRO Securities (USA) LLC","url":"https://etfiq.com/trading/authorized-participants/abn-amro-securities-usa/"},{"@type":"ListItem","position":47,"name":"National Bank of Canada Financial Inc.","url":"https://etfiq.com/trading/authorized-participants/national-bank-of-canada-financial/"},{"@type":"ListItem","position":48,"name":"National Financial Services LLC","url":"https://etfiq.com/trading/authorized-participants/national-financial-services/"},{"@type":"ListItem","position":49,"name":"BTIG, LLC","url":"https://etfiq.com/trading/authorized-participants/btig/"},{"@type":"ListItem","position":50,"name":"Virtu Financial BD LLC","url":"https://etfiq.com/trading/authorized-participants/virtu-financial-bd/"},{"@type":"ListItem","position":51,"name":"Apex Clearing Corp.","url":"https://etfiq.com/trading/authorized-participants/apex-clearing/"},{"@type":"ListItem","position":52,"name":"BMO Nesbitt Burns Securities Ltd.","url":"https://etfiq.com/trading/authorized-participants/bmo-nesbitt-burns-securities/"},{"@type":"ListItem","position":53,"name":"BNY Mellon Capital Markets EMEA Limited","url":"https://etfiq.com/trading/authorized-participants/bny-mellon-capital-markets-emea/"},{"@type":"ListItem","position":54,"name":"Boston Partners Securities LLC","url":"https://etfiq.com/trading/authorized-participants/boston-partners-securities/"},{"@type":"ListItem","position":55,"name":"Citadel Clearing LLC","url":"https://etfiq.com/trading/authorized-participants/citadel-clearing/"},{"@type":"ListItem","position":56,"name":"Credit Suisse Securities (Europe) Limited","url":"https://etfiq.com/trading/authorized-participants/credit-suisse-securities-europe/"},{"@type":"ListItem","position":57,"name":"Credit Suisse Securities (USA) LLC","url":"https://etfiq.com/trading/authorized-participants/credit-suisse-securities-usa/"},{"@type":"ListItem","position":58,"name":"Electronic Transaction Clearing, Inc.","url":"https://etfiq.com/trading/authorized-participants/electronic-transaction-clearing/"},{"@type":"ListItem","position":59,"name":"First Southwest Co., LLC","url":"https://etfiq.com/trading/authorized-participants/first-southwest/"},{"@type":"ListItem","position":60,"name":"Goldman Sachs Execution & Clearing, L.P.","url":"https://etfiq.com/trading/authorized-participants/goldman-sachs-execution-and-clearing/"},{"@type":"ListItem","position":61,"name":"Hilltop Securities Inc.","url":"https://etfiq.com/trading/authorized-participants/hilltop-securities/"},{"@type":"ListItem","position":62,"name":"IBKR Securities Services LLC","url":"https://etfiq.com/trading/authorized-participants/ibkr-securities-services/"},{"@type":"ListItem","position":63,"name":"ING Financial Markets LLC","url":"https://etfiq.com/trading/authorized-participants/ing-financial-markets/"},{"@type":"ListItem","position":64,"name":"Interactive Brokers LLC","url":"https://etfiq.com/trading/authorized-participants/interactive-brokers/"},{"@type":"ListItem","position":65,"name":"Intesa Sanpaolo IMI Securities Corp.","url":"https://etfiq.com/trading/authorized-participants/intesa-sanpaolo-imi-securities/"},{"@type":"ListItem","position":66,"name":"ITAU BBA USA Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/itau-bba-usa-securities/"},{"@type":"ListItem","position":67,"name":"MUFG Securities Americas Inc.","url":"https://etfiq.com/trading/authorized-participants/mufg-securities-americas/"},{"@type":"ListItem","position":68,"name":"Natwest Markets Securities Inc.","url":"https://etfiq.com/trading/authorized-participants/natwest-markets-securities/"},{"@type":"ListItem","position":69,"name":"Raymond James & Associates, Inc.","url":"https://etfiq.com/trading/authorized-participants/raymond-james-and-associates/"},{"@type":"ListItem","position":70,"name":"Robert W. Baird & Co. Incorporated","url":"https://etfiq.com/trading/authorized-participants/robert-w-baird/"},{"@type":"ListItem","position":71,"name":"Scotia Capital (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/scotia-capital-usa/"},{"@type":"ListItem","position":72,"name":"State Street Global Advisors Funds Distributors, LLC","url":"https://etfiq.com/trading/authorized-participants/state-street-global-advisors-funds-distributors/"},{"@type":"ListItem","position":73,"name":"Stifel, Nicolaus & Company, Incorporated","url":"https://etfiq.com/trading/authorized-participants/stifel-nicolaus/"},{"@type":"ListItem","position":74,"name":"TD Prime Services LLC","url":"https://etfiq.com/trading/authorized-participants/td-prime-services/"}]},{"@type":"DefinedTerm","name":"authorized participant","alternateName":["AP","authorised participant"],"description":"A broker-dealer that has an agreement with an ETF to create new shares by delivering a basket of securities or cash to the fund, and to redeem shares by handing them back.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"DefinedTerm","name":"lead market maker","alternateName":["LMM"],"description":"The market maker a listing exchange assigns to an ETF to keep a bid and an ask on the exchange through the trading day, under that exchange\u2019s quoting rules.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"Dataset","name":"ETFIQ ETF authorized participants","description":"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.","url":"https://etfiq.com/trading/authorized-participants/","dateModified":"2026-09-23","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com), from SEC Form N-CEN","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/dealers.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is an authorized participant (AP)?","acceptedAnswer":{"@type":"Answer","text":"An authorized participant (AP) is a broker-dealer with an agreement to create and redeem an ETF\u2019s 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\u2019s price close to the value of what it holds."}},{"@type":"Question","name":"Who are the most active ETF authorized participants?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"How many authorized participants does an ETF have?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Who are the authorized participants for SPY?","acceptedAnswer":{"@type":"Answer","text":"SPY\u2019s 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\u2019s list is on its trading page."}},{"@type":"Question","name":"Where does this list of authorized participants come from?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s quarterly data sets, 75,056 AP rows in all."}},{"@type":"Question","name":"Why are spot bitcoin ETFs like IBIT not listed?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"What is the difference between an AP and a lead market maker (LMM)?","acceptedAnswer":{"@type":"Answer","text":"An AP creates and redeems shares with the fund itself. 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One firm can be both for the same ETF."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Authorized participants","item":"https://etfiq.com/trading/authorized-participants/"}]},{"@type":"WebPage","name":"ETF Authorized Participants (APs): Every Firm","description":"Every ETF authorized participant (AP): 74 firms listed for 3,806 US ETFs in their latest Form N-CEN, with the shares each created and redeemed.","url":"https://etfiq.com/trading/authorized-participants/","dateModified":"2026-09-23","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":20851,"truncated":false,"content":"ETFIQ / Authorized participants \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n ETF authorized participants (APs)\n 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.\n 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. # 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n \n Questions people ask\n What is an authorized participant (AP)? An authorized participant (AP) is a broker-dealer with an agreement to create and redeem an ETF\u2019s 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\u2019s 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\u2019s 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\u2019s 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\u2019s 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\n Every row is one authorized participant (AP) listed in item E.2 of an ETF\u2019s latest Form N-CEN, with the dollars of the fund\u2019s shares it purchased from the fund (created) and redeemed in the fund\u2019s reporting period, as filed. A fund\u2019s period is its own fiscal year, or less where the filing says so, so a firm\u2019s 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. A firm\u2019s name is its registration on the SEC\u2019s 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.\n Where to next\n Every ETF authorized participant (AP) The most active APs Most active APs for U.S. stock ETFs Most active APs for international stock ETFs Most active APs for sector stock ETFs Most active APs for bond ETFs ETF lead market makers (LMMs) How the AP list is built The open data file Fund flows Where these figures came from\n 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\u2019s registered name ETFIQ links to the documents behind every figure; a link is not an endorsement.\n A list of firms is not a rating or a recommendation. ETFIQ is an independent publisher, not an adviser. Standards and sources \n Cite this page. ETFIQ, ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/ APA ETFIQ. (Sep 23, 2026). ETF authorized participants (APs). Retrieved from https://etfiq.com/trading/authorized-participants/ Markdown [ETF authorized participants (APs) (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/"}