# Merrill Lynch, Pierce, Fenner and Smith: ETF AP

> Merrill Lynch, Pierce, Fenner and Smith Incorporated was an ETF authorized participant (AP) for 488 US ETFs in their latest Form N-CEN. Facts only.

Data as of Sep 23, 2026. Rebuilt every trading night.

As of Sep 23, 2026 . From each ETF’s latest Form N-CEN.

## Merrill Lynch, Pierce, Fenner and Smith Incorporated

Merrill Lynch, Pierce, Fenner and Smith Incorporated was an authorized participant (AP) for 488 US ETFs in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026. It created $85.9bn and redeemed $62.7bn of their shares. It was active in 369 of them.

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| # | Ticker | Fund | Category | Created | Redeemed | Created and redeemed | Share of the fund’s AP dollars | Active APs in the fund | Period ending |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | TQQQ | ProShares UltraPro QQQ | Leverage | $12.6bn | $21.3bn | $33.9bn | 57.0% | 10 | May 31, 2026 |
| 2 | SQQQ | ProShares UltraPro Short QQQ | Leverage | $9.9bn | $8.9bn | $18.8bn | 49.8% | 9 | May 31, 2026 |
| 3 | VEA | Vanguard FTSE Developed Markets ETF | International stocks | $8.5bn | $0 | $8.5bn | 50.7% | 9 | Dec 31, 2025 |
| 4 | VXUS | Vanguard Total International Stock ETF | International stocks | $6.6bn | $0 | $6.6bn | 48.6% | 8 | Oct 31, 2025 |
| 5 | UPRO | ProShares UltraPro S&P500 | Leverage | $2.7bn | $3.1bn | $5.8bn | 48.2% | 7 | May 31, 2026 |
| 6 | VT | Vanguard Total World Stock Index ETF | International stocks | $5.5bn | $120m | $5.6bn | 60.8% | 7 | Oct 31, 2025 |
| 7 | TSLQ | Tradr 2X Short TSLA Daily ETF | Leverage | $2.4bn | $2.2bn | $4.6bn | 75.3% | 6 | Mar 31, 2026 |
| 8 | SSO | ProShares Ultra S&P500 | Leverage | $2.1bn | $2.2bn | $4.2bn | 39.9% | 8 | May 31, 2026 |
| 9 | VGK | Vanguard FTSE Europe ETF | International stocks | $3.4bn | $836m | $4.2bn | 53.0% | 8 | Oct 31, 2025 |
| 10 | XOVR | ERShares Private-Public Crossover ETF | U.S. stocks | $2.1bn | $1.6bn | $3.7bn | 49.6% | 4 | Jun 30, 2026 |
| 11 | VWO | Vanguard FTSE Emerging Markets ETF | International stocks | $3.4bn | $0 | $3.4bn | 52.9% | 3 | Oct 31, 2025 |
| 12 | VEU | Vanguard FTSE All World Ex US ETF | International stocks | $3.1bn | $297m | $3.4bn | 79.9% | 4 | Oct 31, 2025 |
| 13 | PSQ | ProShares Short QQQ | Leverage | $1.1bn | $1.6bn | $2.7bn | 45.1% | 7 | May 31, 2026 |
| 14 | SH | ProShares Short S&P500 | Leverage | $1.4bn | $1.2bn | $2.6bn | 29.0% | 6 | May 31, 2026 |
| 15 | VYMI | Vanguard International High Dividend Yield ETF | International stocks | $2.3bn | $0 | $2.3bn | 70.6% | 4 | Oct 31, 2025 |
| 16 | QLD | ProShares Ultra QQQ | Leverage | $899m | $1.3bn | $2.2bn | 29.3% | 6 | May 31, 2026 |
| 17 | TBIL | F/m US Treasury 3 Month Bill Fund | Bonds | $1.8bn | $68.9m | $1.9bn | 7.8% | 5 | Aug 31, 2024 |
| 18 | SPXU | ProShares UltraPro Short S&P500 | Leverage | $948m | $855m | $1.8bn | 24.8% | 7 | May 31, 2026 |
| 19 | GRNY | Fundstrat Granny Shots US Large Cap ETF | U.S. stocks | $1.6bn | $59.7m | $1.7bn | 51.1% | 6 | Oct 31, 2025 |
| 20 | VSS | Vanguard FTSE All-Wld ex-US SmCp Idx ETF | International stocks | $663m | $1.0bn | $1.7bn | 73.1% | 8 | Oct 31, 2025 |
| 21 | SDS | ProShares UltraShort S&P500 | Leverage | $668m | $682m | $1.4bn | 22.4% | 6 | May 31, 2026 |
| 22 | USD | ProShares Ultra Semiconductors | Leverage | $487m | $793m | $1.3bn | 33.0% | 10 | May 31, 2026 |
| 23 | RWM | ProShares Short Russell2000 | Leverage | $715m | $548m | $1.3bn | 63.0% | 8 | May 31, 2026 |
| 24 | NOBL | ProShares S&P 500 Dividend Aristocrats ETF | U.S. stocks | $179m | $731m | $910m | 39.3% | 10 | May 31, 2026 |
| 25 | QID | ProShares UltraShort QQQ | Leverage | $527m | $360m | $887m | 26.9% | 6 | May 31, 2026 |
| 26 | RSMC | Rockefeller U.S. Small-Mid Cap ETF | U.S. stocks | $391m | $430m | $820m | 69.7% | 4 | Jul 31, 2025 |
| 27 | UDOW | ProShares UltraPro Dow30 | Leverage | $342m | $371m | $713m | 30.2% | 7 | May 31, 2026 |
| 28 | ASTX | Tradr 2X Long ASTS Daily ETF | Leverage | $346m | $347m | $693m | 57.5% | 6 | Mar 31, 2026 |
| 29 | CWVX | Tradr 2X Long CRWV Daily ETF | Leverage | $296m | $328m | $623m | 47.9% | 5 | Mar 31, 2026 |
| 30 | SDOW | ProShares UltraPro Short Dow30 | Leverage | $389m | $230m | $618m | 47.0% | 4 | May 31, 2026 |
| 31 | ICOW | Pacer Developed Markets International Cash Cows 100 ETF | International stocks | $295m | $294m | $589m | 52.9% | 5 | Apr 30, 2026 |
| 32 | VIGI | Vanguard International Dividend Appreciation ETF | International stocks | $556m | $18.2m | $574m | 47.3% | 5 | Oct 31, 2025 |
| 33 | UYG | ProShares Ultra Financials | Leverage | $240m | $269m | $509m | 19.9% | 9 | May 31, 2026 |
| 34 | REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | U.S. stocks | $151m | $283m | $434m | 77.8% | 6 | May 31, 2026 |
| 35 | XBIL | F/m US Treasury 6 Month Bill ETF | Bonds | $296m | $116m | $412m | 9.2% | 3 | Aug 31, 2024 |
| 36 | JETS | U.S. Global Jets ETF | Themes | $116m | $278m | $394m | 20.2% | 6 | Dec 31, 2025 |
| 37 | CRCA | ProShares Ultra CRCL | Leverage | $209m | $179m | $387m | 33.7% | 12 | May 31, 2026 |
| 38 | BLOK | Amplify Blockchain Technology ETF | Themes | $289m | $95.0m | $384m | 24.3% | 7 | Sep 30, 2024 |
| 39 | QBTX | Tradr 2X Long QBTS Daily ETF | Leverage | $218m | $151m | $369m | 38.4% | 5 | Mar 31, 2026 |
| 40 | NEBX | Tradr 2X Long NBIS Daily ETF | Leverage | $185m | $112m | $297m | 46.6% | 6 | Mar 31, 2026 |
| 41 | OMAH | VistaShares Target 15 Berkshire Select Income ETF | Income | $273m | $13.6m | $287m | 36.4% | 4 | Feb 28, 2026 |
| 42 | URTY | ProShares UltraPro Russell2000 | Leverage | $64.2m | $221m | $285m | 40.5% | 5 | May 31, 2026 |
| 43 | SRTY | ProShares UltraPro Short Russell2000 | Leverage | $194m | $83.6m | $278m | 43.9% | 7 | May 31, 2026 |
| 44 | DOG | ProShares Short Dow30 | Leverage | $127m | $142m | $268m | 51.2% | 5 | May 31, 2026 |
| 45 | VPL | Vanguard FTSE Pacific ETF | International stocks | $240m | $24.4m | $264m | 12.3% | 6 | Oct 31, 2025 |
| 46 | OILK | ProShares K-1 Free Crude Oil ETF | Commodities | $179m | $79.9m | $259m | 50.3% | 4 | May 31, 2026 |
| 47 | XBAP | Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr | Buffer | $0 | $252m | $252m | 32.0% | 6 | Oct 31, 2025 |
| 48 | TBT | ProShares UltraShort 20+ Year Treasury | Leverage | $145m | $106m | $251m | 52.9% | 5 | May 31, 2026 |
| 49 | SMU | Tradr 2X Long SMR Daily ETF | Leverage | $192m | $58.2m | $250m | 35.4% | 6 | Mar 31, 2026 |
| 50 | NULG | Nuveen ESG Large-Cap Growth ETF | U.S. stocks | $0 | $250m | $250m | 16.2% | 6 | Oct 31, 2025 |
| 51 | VSGX | Vanguard ESG International Stock ETF | International stocks | $244m | $0 | $244m | 43.0% | 5 | Aug 31, 2025 |
| 52 | UBT | ProShares Ultra 20+ Year Treasury | Leverage | $86.3m | $147m | $234m | 86.0% | 5 | May 31, 2026 |
| 53 | NVDS | Tradr 1.5X Short NVDA Daily ETF | Leverage | $161m | $71.7m | $232m | 56.4% | 4 | Mar 31, 2026 |
| 54 | PSEP | Innovator U.S. Equity Power Buffer ETF - Sep | Buffer | $0 | $232m | $232m | 30.4% | 7 | Oct 31, 2025 |
| 55 | SJB | ProShares Short High Yield | Leverage | $96.9m | $128m | $225m | 74.8% | 2 | May 31, 2026 |
| 56 | APPX | Tradr 2X Long APP Daily ETF | Leverage | $118m | $103m | $221m | 35.3% | 5 | Mar 31, 2026 |
| 57 | DDM | ProShares Ultra Dow30 | Leverage | $93.4m | $123m | $217m | 32.2% | 6 | May 31, 2026 |
| 58 | RGEF | Rockefeller Global Equity ETF | International stocks | $65.1m | $149m | $214m | 58.7% | 4 | Jul 31, 2025 |
| 59 | TOGA | Tremblant Global ETF | U.S. stocks | $103m | $106m | $210m | 81.8% | 6 | Dec 31, 2025 |
| 60 | UTWO | F/m US Treasury 2 Year Note ETF | Bonds | $144m | $46.7m | $191m | 66.7% | 3 | Aug 31, 2024 |
| 61 | PNOV | Innovator U.S. Equity Power Buffer ETF - Nov | Buffer | $0 | $183m | $183m | 11.0% | 6 | Oct 31, 2025 |
| 62 | UJB | ProShares Ultra High Yield | Leverage | $89.1m | $92.0m | $181m | 69.3% | 3 | May 31, 2026 |
| 63 | VNQI | Vanguard Global ex-U.S. Real Estate ETF | Sector stocks | $119m | $61.1m | $180m | 35.8% | 5 | Oct 31, 2025 |
| 64 | EETH | ProShares Ether ETF | Crypto | $77.6m | $100m | $178m | 17.7% | 4 | May 31, 2026 |
| 65 | PDEC | Innovator U.S. Equity Power Buffer ETF - Dec | Buffer | $0 | $170m | $170m | 21.0% | 7 | Oct 31, 2025 |
| 66 | PAUG | Innovator U.S. Equity Power Buffer ETF - Aug | Buffer | $0 | $169m | $169m | 26.2% | 7 | Oct 31, 2025 |
| 67 | UWM | ProShares Ultra Russell2000 | Leverage | $37.8m | $131m | $169m | 27.7% | 6 | May 31, 2026 |
| 68 | RMOP | Rockefeller Opportunistic Municipal Bond ETF | Bonds | $158m | $10.1m | $168m | 79.6% | 3 | Jul 31, 2025 |
| 69 | ISPY | ProShares S&P 500 High Income ETF | Income | $108m | $57.3m | $165m | 37.4% | 4 | May 31, 2026 |
| 70 | MQQQ | Tradr 2X Long Innovation 100 Monthly ETF | Leverage | $113m | $48.2m | $161m | 31.0% | 3 | Mar 31, 2026 |
| 71 | ETHT | ProShares Ultra Ether ETF | Leverage | $76.9m | $79.5m | $156m | 10.4% | 7 | May 31, 2026 |
| 72 | RBUF | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly | Buffer | $0 | $148m | $148m | 24.1% | 5 | Oct 31, 2025 |
| 73 | SBIT | ProShares UltraShort Bitcoin ETF | Leverage | $41.5m | $103m | $145m | 14.6% | 6 | May 31, 2026 |
| 74 | QUBX | Tradr 2X Long QUBT Daily ETF | Leverage | $110m | $27.3m | $137m | 42.2% | 5 | Mar 31, 2026 |
| 75 | BITU | ProShares Ultra Bitcoin ETF | Leverage | $50.2m | $86.7m | $137m | 8.8% | 7 | May 31, 2026 |
| 76 | UST | ProShares Ultra 7-10 Year Treasury | Leverage | $47.5m | $89.1m | $137m | 70.5% | 5 | May 31, 2026 |
| 77 | TEMT | Tradr 2X Long TEM Daily ETF | Leverage | $83.9m | $49.5m | $133m | 35.6% | 5 | Mar 31, 2026 |
| 78 | BAUG | Innovator U.S. Equity Buffer ETF - Aug | Buffer | $0 | $131m | $131m | 21.1% | 5 | Oct 31, 2025 |
| 79 | PJUN | Innovator U.S. Equity Power Buffer ETF - Jun | Buffer | $0 | $129m | $129m | 7.6% | 6 | Oct 31, 2025 |
| 80 | OBIL | F/m US Treasury 12 Month Bill ETF | Bonds | $82.3m | $44.4m | $127m | 18.4% | 4 | Aug 31, 2024 |
| 81 | CCNR | ALPS CoreCommodity Natural Resources ETF | International stocks | $79.8m | $42.8m | $123m | 57.9% | 2 | Oct 31, 2025 |
| 82 | POCT | Innovator U.S. Equity Power Buffer ETF - Oct | Buffer | $0 | $117m | $117m | 17.5% | 7 | Oct 31, 2025 |
| 83 | PJUL | Innovator U.S. Equity Power Buffer ETF - Jul | Buffer | $0 | $116m | $116m | 17.2% | 8 | Oct 31, 2025 |
| 84 | KJAN | Innovator U.S. Small Cap Power Buffer ETF - Jan | Buffer | $0 | $116m | $116m | 12.9% | 6 | Oct 31, 2025 |
| 85 | PTNQ | Pacer Trendpilot 100 ETF | U.S. stocks | $7.9m | $107m | $115m | 17.8% | 7 | Apr 30, 2026 |
| 86 | WCPB | Weitz Core Plus Bond ETF | Bonds | $112m | $1.3m | $113m | 55.9% | 5 | May 31, 2026 |
| 87 | PJAN | Innovator U.S. Equity Power Buffer ETF - Jan | Buffer | $0 | $106m | $106m | 16.3% | 8 | Oct 31, 2025 |
| 88 | HACK | Amplify Cybersecurity ETF | Themes | $15.6m | $88.7m | $104m | 9.0% | 6 | Sep 30, 2024 |
| 89 | PMAR | Innovator U.S. Equity Power Buffer ETF - Mar | Buffer | $0 | $101m | $101m | 31.7% | 7 | Oct 31, 2025 |
| 90 | ISEP | Innovator Intl Developed Power Buffer ETF - Sep | Buffer | $0 | $101m | $101m | 24.7% | 5 | Oct 31, 2025 |
| 91 | DDTL | Innovator Equity Dual Directional 10 Buffer ETF - Jul | Buffer | $0 | $97.7m | $97.7m | 32.9% | 4 | Oct 31, 2025 |
| 92 | BAPR | Innovator U.S. Equity Buffer ETF - Apr | Buffer | $0 | $97.7m | $97.7m | 12.8% | 5 | Oct 31, 2025 |
| 93 | IQQQ | ProShares Nasdaq-100 High Income ETF | Income | $90.2m | $4.8m | $95.0m | 33.3% | 7 | May 31, 2026 |
| 94 | BJAN | Innovator U.S. Equity Buffer ETF - Jan | Buffer | $0 | $94.9m | $94.9m | 29.7% | 5 | Oct 31, 2025 |
| 95 | TFJL | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | Buffer | $0 | $93.5m | $93.5m | 46.2% | 5 | Oct 31, 2025 |
| 96 | UTEN | F/m US Treasury 10 Year Note ETF | Bonds | $75.0m | $18.0m | $93.0m | 16.7% | 3 | Aug 31, 2024 |
| 97 | IOCT | Innovator Intl Developed Power Buffer ETF - Oct | Buffer | $0 | $91.3m | $91.3m | 33.2% | 5 | Oct 31, 2025 |
| 98 | KHPI | Kensington Hedged Premium Income ETF | Income | $77.4m | $13.6m | $91.0m | 37.7% | 3 | Dec 31, 2025 |
| 99 | XBJA | Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan | Buffer | $0 | $91.0m | $91.0m | 18.6% | 5 | Oct 31, 2025 |
| 100 | UPSX | Tradr 2X Long UPST Daily ETF | Leverage | $70.1m | $20.4m | $90.5m | 48.5% | 6 | Mar 31, 2026 |

### ETFs where Merrill Lynch, Pierce, Fenner and Smith was the only active AP

In 3 ETFs, Merrill Lynch, Pierce, Fenner and Smith Incorporated was the one AP that created or redeemed shares in the period.

| # | Ticker | Fund | Created | Redeemed | APs listed | Period ending |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | RMCA | Rockefeller California Municipal Bond ETF | $19.9m | $2.4m | 1 | Jul 31, 2025 |
| 2 | GLCR | GlacierShares Nasdaq Iceland ETF | $696k | $0 | 1 | Dec 31, 2025 |
| 3 | MZZ | ProShares UltraShort MidCap400 | $0 | $207k | 39 | May 31, 2026 |

### Merrill Lynch, Pierce, Fenner and Smith by category

The ETFs Merrill Lynch, Pierce, Fenner and Smith Incorporated serves, by the category each is placed in, with what it created and redeemed in each.

| # | Category | Share of its dollars | ETFs served | Active in | Created | Redeemed | Only active AP in |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | U.S. stocks | 5.9% | 78 | 35 | $4.9bn | $4.0bn | 0 |
| 2 | International stocks | 25.5% | 29 | 24 | $35.0bn | $2.9bn | 1 |
| 3 | Sector stocks | 0.1% | 16 | 5 | $134m | $85.3m | 0 |
| 4 | Bonds | 2.2% | 85 | 40 | $3.0bn | $357m | 1 |
| 5 | Commodities | 0.2% | 1 | 1 | $179m | $79.9m | 0 |
| 6 | Allocation | 0.0% | 1 | 1 | $5.0m | $0 | 0 |
| 7 | Buffer | 3.4% | 100 | 99 | $0 | $5.0bn | 0 |
| 8 | Income | 0.6% | 15 | 15 | $756m | $95.0m | 0 |
| 9 | Themes | 0.7% | 22 | 17 | $496m | $576m | 0 |
| 10 | Leverage | 61.1% | 134 | 127 | $41.4bn | $49.5bn | 1 |
| 11 | Crypto | 0.2% | 3 | 3 | $122m | $108m | 0 |
| 12 | Alternatives | 0.0% | 4 | 2 | $6.4m | $25.1m | 0 |

### Questions people ask

Is Merrill Lynch, Pierce, Fenner and Smith an ETF authorized participant (AP)? Yes. Merrill Lynch, Pierce, Fenner and Smith Incorporated is listed as an AP for 488 US ETFs in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, and created or redeemed shares in 369 of them. Which ETFs does Merrill Lynch, Pierce, Fenner and Smith create and redeem the most? By dollars created and redeemed: TQQQ, $33.9bn; SQQQ, $18.8bn; VEA, $8.5bn; VXUS, $6.6bn; UPRO, $5.8bn. How much of an ETF’s AP activity does Merrill Lynch, Pierce, Fenner and Smith handle? Across the 369 funds it was active in, its share of each fund’s AP dollars ran from 0.3% to 100.0%. It was the only active AP in 3 ETFs. Where do these figures come from? From item E.2 of each ETF’s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Merrill Lynch, Pierce, Fenner and Smith’s CRD, SEC file number and LEI, never by the name as typed.

### Method

Merrill Lynch, Pierce, Fenner and Smith Incorporated is identified by CRD 7691, SEC file number 8-7221, LEI 8NAV47T0Y26Q87Y0QP81. It is on the SEC’s list of active broker-dealers dated Oct 1, 2026 as MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED. Funds filed its name 16 ways; every spelling is in dealers.json. 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. 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.

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### Where these figures came from

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. ETFIQ is an independent publisher, not an adviser. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Merrill Lynch, Pierce, Fenner and Smith Incorporated as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/merrill-lynch-pierce-fenner-and-smith/
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