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Morgan Stanley & Co. LLC is listed as an AP for 2,303 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, and created or redeemed shares in 445 of them."}},{"@type":"Question","name":"Which ETFs does Morgan Stanley & Co. create and redeem the most?","acceptedAnswer":{"@type":"Answer","text":"By dollars created and redeemed: SPY, $174.4bn; IVV, $54.1bn; VOO, $35.1bn; IWM, $26.7bn; LQD, $15.3bn."}},{"@type":"Question","name":"How much of an ETF\u2019s AP activity does Morgan Stanley & Co. handle?","acceptedAnswer":{"@type":"Answer","text":"Across the 445 funds it was active in, its share of each fund\u2019s AP dollars ran from 0.0% to 94.6%. It was the only active AP in 0 ETFs."}},{"@type":"Question","name":"Where do these figures come from?","acceptedAnswer":{"@type":"Answer","text":"From item E.2 of each ETF\u2019s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Morgan Stanley & Co.\u2019s CRD, SEC file number and LEI, never by the name as typed."}}]},{"@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":"ListItem","position":3,"name":"Morgan Stanley & Co.","item":"https://etfiq.com/trading/authorized-participants/morgan-stanley/"}]},{"@type":"WebPage","name":"Morgan Stanley & Co.: ETF AP","description":"Morgan Stanley & Co. LLC was an authorized participant (AP) for 2,303 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. Facts only.","url":"https://etfiq.com/trading/authorized-participants/morgan-stanley/","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":15113,"truncated":false,"content":"ETFIQ / Authorized participants / Morgan Stanley & Co. \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Morgan Stanley & Co. LLC\n Morgan Stanley & Co. LLC was an authorized participant (AP) for 2,303 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. It created $306.0bn and redeemed $268.0bn of their shares. It was active in 445 of them.\n morganstanley.com \n Morgan Stanley & Co. LLC as an ETF authorized participant: the 100 funds it created and redeemed most in, of 445, ranked by what it created and redeemed, in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. Source: ETFIQ from Form N-CEN. # Ticker Fund Category Created Redeemed Created and redeemed Share of the fund\u2019s AP dollars Active APs in the fund Period ending \n 1 SPY SPDR S&P 500 ETF Trust U.S. stocks $88.0bn $86.5bn $174.4bn 8.3% 26 Dec 31, 2025 \n 2 IVV iShares Core S&P 500 ETF U.S. stocks $29.3bn $24.7bn $54.1bn 6.7% 25 Mar 31, 2026 \n 3 VOO Vanguard S&P 500 ETF U.S. stocks $18.3bn $16.8bn $35.1bn 5.8% 21 Dec 31, 2025 \n 4 IWM iShares Russell 2000 ETF U.S. stocks $15.0bn $11.7bn $26.7bn 10.5% 15 Mar 31, 2026 \n 5 LQD iShares iBoxx $ Investment Grade Corporate Bond ETF Bonds $11.0bn $4.3bn $15.3bn 12.5% 11 Feb 28, 2026 \n 6 DIA SPDR Dow Jones Industrial Average ETF Trust U.S. stocks $7.2bn $6.0bn $13.3bn 9.7% 15 Dec 31, 2025 \n 7 RSP Invesco S&P 500 Equal Weight ETF U.S. stocks $5.2bn $5.7bn $10.9bn 14.7% 19 Apr 30, 2026 \n 8 KRE State Street SPDR S&P Regional Banking ETF Sector stocks $5.3bn $5.2bn $10.4bn 19.2% 17 Jun 30, 2026 \n 9 VO Vanguard Morningstar Mid-Cap ETF U.S. stocks $4.9bn $4.9bn $9.7bn 19.9% 14 Dec 31, 2025 \n 10 SPYM State Street SPDR Portfolio S&P 500 ETF U.S. stocks $6.0bn $3.7bn $9.7bn 7.7% 18 Jun 30, 2026 \n 11 VCIT Vanguard Intermediate-Term Corporate Bond ETF Bonds $3.6bn $4.5bn $8.1bn 16.9% 11 Aug 31, 2025 \n 12 XBI State Street SPDR S&P Biotech ETF Themes $4.0bn $3.8bn $7.8bn 12.9% 19 Jun 30, 2026 \n 13 XLF State Street Financial Select Sector SPDR ETF Sector stocks $3.9bn $3.2bn $7.2bn 5.4% 21 Sep 30, 2025 \n 14 MDY SPDR S&P MidCap 400 ETF Trust U.S. stocks $3.7bn $2.7bn $6.4bn 19.4% 14 Dec 31, 2025 \n 15 XLC State Street Communication Services Select Sector SPDR ETF Sector stocks $3.2bn $2.8bn $6.0bn 16.9% 18 Sep 30, 2025 \n 16 IWP iShares Russell Mid-Cap Growth ETF U.S. stocks $2.8bn $2.8bn $5.6bn 45.2% 13 Mar 31, 2026 \n 17 VCLT Vanguard Long-Term Corporate Bond ETF Bonds $2.1bn $3.1bn $5.3bn 17.3% 9 Aug 31, 2025 \n 18 SOXX iShares Semiconductor ETF Themes $2.4bn $2.8bn $5.2bn 5.7% 18 Mar 31, 2026 \n 19 VCSH Vanguard Short-Term Corporate Bond ETF Bonds $2.4bn $2.6bn $5.0bn 15.7% 10 Aug 31, 2025 \n 20 VTV Vanguard Morningstar Value ETF U.S. stocks $2.4bn $2.5bn $5.0bn 9.9% 13 Dec 31, 2025 \n 21 HYG iShares iBoxx $ High Yield Corporate Bond ETF Bonds $295m $4.3bn $4.6bn 6.7% 8 Feb 28, 2026 \n 22 QQQM Invesco NASDAQ 100 ETF U.S. stocks $2.3bn $2.0bn $4.3bn 12.3% 14 Aug 31, 2025 \n 23 VOE Vanguard Morningstar Mid-Cap Value ETF U.S. stocks $1.8bn $1.8bn $3.5bn 37.7% 12 Dec 31, 2025 \n 24 SPLV Invesco S&P 500 Low Volatility ETF U.S. stocks $1.6bn $1.7bn $3.3bn 35.9% 13 Aug 31, 2025 \n 25 MGK Vanguard Morningstar Mega Cap Growth ETF U.S. stocks $1.6bn $1.6bn $3.2bn 28.5% 12 Sep 30, 2025 \n 26 XRT State Street SPDR S&P Retail ETF Sector stocks $1.6bn $1.5bn $3.1bn 12.1% 19 Jun 30, 2026 \n 27 IGV iShares Expanded Tech-Software Sector ETF Themes $1.6bn $1.3bn $3.0bn 6.1% 15 Mar 31, 2026 \n 28 IUSG iShares Core S&P U.S. Growth ETF U.S. stocks $1.4bn $1.5bn $2.9bn 37.8% 9 Mar 31, 2026 \n 29 TLT iShares 20+ Year Treasury Bond ETF Bonds $1.1bn $1.8bn $2.9bn 2.6% 12 Feb 28, 2026 \n 30 XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF Sector stocks $1.4bn $1.4bn $2.8bn 12.4% 16 Jun 30, 2026 \n 31 JAAA Janus Henderson AAA CLO ETF Bonds $2.5bn $314m $2.8bn 7.8% 10 Oct 31, 2025 \n 32 CGDV Capital Group Dividend Value ETF U.S. stocks $1.4bn $1.4bn $2.8bn 8.8% 11 May 31, 2026 \n 33 TIP iShares TIPS Bond ETF Bonds $1.3bn $1.4bn $2.8bn 14.9% 8 Oct 31, 2025 \n 34 XLV State Street Health Care Select Sector SPDR ETF Sector stocks $1.7bn $1.0bn $2.7bn 4.6% 23 Sep 30, 2025 \n 35 IYR iShares U.S. Real Estate ETF Sector stocks $1.1bn $1.6bn $2.7bn 10.4% 18 Mar 31, 2026 \n 36 IWB iShares Russell 1000 ETF U.S. stocks $1.3bn $1.3bn $2.7bn 7.3% 15 Mar 31, 2026 \n 37 XLE State Street Energy Select Sector SPDR ETF Sector stocks $1.2bn $1.4bn $2.6bn 5.7% 21 Sep 30, 2025 \n 38 USMV iShares MSCI USA Min Vol Factor ETF U.S. stocks $1.4bn $872m $2.3bn 16.3% 14 Jul 31, 2025 \n 39 IEF iShares 7-10 Year Treasury Bond ETF Bonds $1.4bn $865m $2.3bn 5.3% 9 Feb 28, 2026 \n 40 IBB iShares Biotechnology ETF Themes $1.3bn $893m $2.2bn 10.7% 15 Mar 31, 2026 \n 41 XLP State Street Consumer Staples Select Sector SPDR ETF Sector stocks $1.5bn $669m $2.2bn 5.0% 23 Sep 30, 2025 \n 42 IXUS iShares Core MSCI Total International Stock ETF International stocks $2.1bn $0 $2.1bn 56.9% 9 Jul 31, 2025 \n 43 IJR iShares Core S&P Small-Cap ETF U.S. stocks $1.0bn $862m $1.9bn 7.1% 15 Mar 31, 2026 \n 44 SMH VanEck Semiconductor ETF Themes $1.1bn $742m $1.9bn 2.7% 17 Sep 30, 2025 \n 45 VEA Vanguard FTSE Developed Markets ETF International stocks $1.9bn $0 $1.9bn 11.1% 9 Dec 31, 2025 \n 46 STIP iShares 0-5 Year TIPS Bond ETF Bonds $1.4bn $409m $1.8bn 23.4% 7 Oct 31, 2025 \n 47 SHY iShares 1-3 Year Treasury Bond ETF Bonds $1.4bn $422m $1.8bn 9.0% 9 Feb 28, 2026 \n 48 DVY iShares Select Dividend ETF U.S. stocks $893m $876m $1.8bn 43.4% 10 Apr 30, 2026 \n 49 XHB State Street SPDR S&P Homebuilders ETF Sector stocks $789m $844m $1.6bn 15.2% 15 Jun 30, 2026 \n 50 ITA iShares U.S. Aerospace & Defense ETF Themes $814m $811m $1.6bn 13.2% 11 Mar 31, 2026 \n 51 XSD State Street SPDR S&P Semiconductor ETF Themes $765m $814m $1.6bn 48.5% 9 Jun 30, 2026 \n 52 XLI State Street Industrial Select Sector SPDR ETF Sector stocks $734m $843m $1.6bn 3.0% 23 Sep 30, 2025 \n 53 VOT Vanguard Morningstar Mid-Cap Growth ETF U.S. stocks $791m $768m $1.6bn 15.7% 12 Dec 31, 2025 \n 54 SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF Bonds $1.2bn $317m $1.5bn 3.1% 12 Jun 30, 2026 \n 55 IYW iShares U.S. Technology ETF Sector stocks $698m $842m $1.5bn 10.4% 13 Apr 30, 2026 \n 56 SPYG State Street SPDR Portfolio S&P 500 Growth ETF U.S. stocks $643m $853m $1.5bn 7.8% 12 Jun 30, 2026 \n 57 ITB iShares U.S. Home Construction ETF Sector stocks $757m $720m $1.5bn 12.9% 15 Mar 31, 2026 \n 58 DGRO iShares Core Dividend Growth ETF U.S. stocks $714m $711m $1.4bn 13.5% 12 Apr 30, 2026 \n 59 IEI iShares 3-7 Year Treasury Bond ETF Bonds $1.1bn $329m $1.4bn 11.7% 6 Feb 28, 2026 \n 60 VUG Vanguard Morningstar Growth ETF U.S. stocks $797m $510m $1.3bn 1.7% 14 Dec 31, 2025 \n 61 CGGR Capital Group Growth ETF U.S. stocks $745m $478m $1.2bn 8.6% 13 May 31, 2026 \n 62 XME State Street SPDR S&P Metals & Mining ETF Themes $591m $578m $1.2bn 10.7% 15 Jun 30, 2026 \n 63 SPYV State Street SPDR Portfolio S&P 500 Value ETF U.S. stocks $517m $642m $1.2bn 5.2% 13 Jun 30, 2026 \n 64 KOMP State Street SPDR S&P Kensho New Economies Composite ETF U.S. stocks $565m $573m $1.1bn 42.4% 9 Jun 30, 2026 \n 65 XLK State Street Technology Select Sector SPDR ETF Sector stocks $160m $943m $1.1bn 2.4% 18 Sep 30, 2025 \n 66 IWY iShares Russell Top 200 Growth ETF U.S. stocks $523m $577m $1.1bn 23.4% 8 Mar 31, 2026 \n 67 VB Vanguard Morningstar Small-Cap ETF U.S. stocks $528m $524m $1.1bn 4.2% 14 Dec 31, 2025 \n 68 KBE State Street SPDR S&P Bank ETF Sector stocks $695m $340m $1.0bn 17.0% 14 Jun 30, 2026 \n 69 JGLO JPMorgan Global Select Equity ETF International stocks $371m $633m $1.0bn 24.5% 7 Oct 31, 2025 \n 70 RDIV Invesco S&P Ultra Dividend Revenue ETF U.S. stocks $501m $498m $999m 90.8% 8 Aug 31, 2025 \n 71 IWO iShares Russell 2000 Growth ETF U.S. stocks $521m $475m $996m 14.0% 11 Mar 31, 2026 \n 72 EMB iShares J.P. Morgan USD Emerging Markets Bond ETF Bonds $457m $524m $982m 5.3% 6 Oct 31, 2025 \n 73 XLU State Street Utilities Select Sector SPDR ETF Sector stocks $371m $550m $921m 3.2% 22 Sep 30, 2025 \n 74 IHDG WisdomTree International Hedged Quality Dividend Growth Fund International stocks $453m $454m $907m 49.2% 6 Mar 31, 2026 \n 75 XLY State Street Consumer Discretionary Select Sector SPDR ETF Sector stocks $399m $464m $862m 2.3% 16 Sep 30, 2025 \n 76 ARKK ARK Innovation ETF Themes $632m $203m $836m 3.8% 15 Jul 31, 2025 \n 77 SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF Bonds $827m $0 $827m 8.2% 11 Jun 30, 2026 \n 78 XLB State Street Materials Select Sector SPDR ETF Sector stocks $450m $349m $798m 4.2% 20 Sep 30, 2025 \n 79 OIH VanEck Oil Services ETF Sector stocks $422m $373m $795m 13.0% 13 Dec 31, 2025 \n 80 IEFA iShares Core MSCI EAFE ETF International stocks $758m $0 $758m 8.0% 8 Jul 31, 2025 \n 81 KLMN Invesco MSCI North America Climate ETF U.S. stocks $674m $72.7m $747m 11.2% 7 Aug 31, 2025 \n 82 JNK State Street SPDR Bloomberg High Yield Bond ETF Bonds $311m $424m $735m 2.9% 8 Jun 30, 2026 \n 83 SCZ iShares MSCI EAFE Small-Cap ETF International stocks $638m $85.0m $723m 29.2% 6 Jul 31, 2025 \n 84 SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF U.S. stocks $327m $395m $722m 9.9% 14 Jun 30, 2026 \n 85 FNDF Schwab Fundamental International Equity ETF International stocks $399m $290m $689m 17.8% 8 Feb 28, 2026 \n 86 BBEU JPMorgan BetaBuilders Europe ETF International stocks $429m $260m $689m 8.8% 6 Oct 31, 2025 \n 87 IWN iShares Russell 2000 Value ETF U.S. stocks $391m $296m $687m 11.6% 11 Mar 31, 2026 \n 88 IWF iShares Russell 1000 Growth ETF U.S. stocks $460m $209m $669m 1.7% 13 Mar 31, 2026 \n 89 VXF Vanguard Extended Market ETF U.S. stocks $10.3m $653m $664m 2.3% 16 Dec 31, 2025 \n 90 MTUM iShares MSCI USA Momentum Factor ETF U.S. stocks $548m $104m $651m 4.0% 13 Jul 31, 2025 \n 91 SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF U.S. stocks $272m $353m $625m 10.7% 11 Jun 30, 2026 \n 92 IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF Bonds $585m $26.2m $611m 3.6% 8 Feb 28, 2026 \n 93 EFA iShares MSCI EAFE ETF International stocks $517m $91.4m $608m 25.4% 7 Jul 31, 2025 \n 94 IWD iShares Russell 1000 Value ETF U.S. stocks $448m $129m $577m 1.8% 12 Mar 31, 2026 \n 95 BKLN Invesco Senior Loan ETF Bonds $524m $50.2m $575m 4.7% 16 Aug 31, 2025 \n 96 FDN First Trust Dow Jones Internet Index Fund Themes $179m $382m $561m 3.1% 12 Dec 31, 2025 \n 97 VTWO Vanguard Russell 2000 ETF U.S. stocks $218m $323m $540m 5.5% 14 Aug 31, 2025 \n 98 VGIT Vanguard Intermediate-Term Treasury ETF Bonds $537m $0 $537m 3.8% 7 Aug 31, 2025 \n 99 SHV iShares 0-1 Year Treasury Bond ETF Bonds $364m $169m $533m 2.8% 7 Feb 28, 2026 \n 100 XMHQ Invesco S&P MidCap Quality ETF U.S. stocks $261m $264m $525m 27.4% 10 Apr 30, 2026 \n \n Morgan Stanley & Co. by category\n The ETFs Morgan Stanley & Co. LLC serves, by the category each is placed in, with what it created and redeemed in each.\n Morgan Stanley & Co. by category, as of Sep 23, 2026. Source: ETFIQ from Form N-CEN. # Category Share of its dollars ETFs served Active in Created Redeemed Only active AP in \n 1 U.S. stocks 71.3% 560 139 $212.9bn $196.1bn 0 \n 2 International stocks 2.9% 413 83 $12.0bn $4.8bn 0 \n 3 Sector stocks 9.6% 165 69 $28.0bn $27.0bn 0 \n 4 Bonds 11.3% 585 96 $38.3bn $26.7bn 0 \n 5 Commodities 0.0% 12 1 $0 $36.4m 0 \n 6 Allocation 0.0% 20 0 $0 $0 0 \n 7 Buffer 0.0% 103 0 $0 $0 0 \n 8 Income 0.0% 68 4 $161m $13.2m 0 \n 9 Themes 4.8% 204 42 $14.5bn $13.2bn 0 \n 10 Leverage 0.0% 142 8 $53.8m $76.2m 0 \n 11 Crypto 0.0% 2 0 $0 $0 0 \n 12 Alternatives 0.0% 29 3 $14.4m $27.6m 0 \n \n Questions people ask\n Is Morgan Stanley & Co. an ETF authorized participant (AP)? Yes. Morgan Stanley & Co. LLC is listed as an AP for 2,303 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, and created or redeemed shares in 445 of them. Which ETFs does Morgan Stanley & Co. create and redeem the most? By dollars created and redeemed: SPY, $174.4bn; IVV, $54.1bn; VOO, $35.1bn; IWM, $26.7bn; LQD, $15.3bn. How much of an ETF\u2019s AP activity does Morgan Stanley & Co. handle? Across the 445 funds it was active in, its share of each fund\u2019s AP dollars ran from 0.0% to 94.6%. It was the only active AP in 0 ETFs. Where do these figures come from? From item E.2 of each ETF\u2019s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Morgan Stanley & Co.\u2019s CRD, SEC file number and LEI, never by the name as typed. Method\n Morgan Stanley & Co. LLC is identified by CRD 8209, SEC file number 8-15869, LEI 9R7GPTSO7KV3UQJZQ078. It is on the SEC\u2019s list of active broker-dealers dated Oct 1, 2026 as MORGAN STANLEY & CO. LLC. Funds filed its name 10 ways; every spelling is in dealers.json. 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 Most active APs for U.S. stock ETFs Most active APs for international stock ETFs Most active APs for sector stock ETFs 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, Morgan Stanley & Co. LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/morgan-stanley/ 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, Morgan Stanley & Co. LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/morgan-stanley/ APA ETFIQ. (Sep 23, 2026). Morgan Stanley & Co. LLC as an ETF authorized participant. Retrieved from https://etfiq.com/trading/authorized-participants/morgan-stanley/ Markdown [Morgan Stanley & Co. LLC as an ETF authorized participant (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/morgan-stanley/)","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, Morgan Stanley & Co. LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/morgan-stanley/"}