Trading · authorized participants (APs) · ranked by dollars created and redeemed
Most active ETF authorized participants (APs)
In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, Merrill Lynch Professional Clearing Corp. created and redeemed more shares of US ETFs than any other AP, $1.5tn. That is 15.6% of the $9.9tn that 50 active APs created and redeemed across 3,806 funds.
| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed ↓ | Share | Only active AP in |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 36 | Cowen Execution Services LLC | Broker-dealer, CRD 35693 | 425 | 21 | $2.0bn | $1.7bn | $3.7bn | 0.0% | 0 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 44 | Wells Fargo Securities, LLC (CRD 7665) | Broker-dealer, CRD 7665 | 4 | 4 | $110m | $57.9m | $168m | 0.0% | 0 |
| 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 |
| 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 |
| 47 | National Bank of Canada Financial Inc. | Broker-dealer, SEC file 8-39947 | 659 | 6 | $29.6m | $30.2m | $59.8m | 0.0% | 0 |
| 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 |
| 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 |
| 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 |
Most active ETF authorized participants (APs), ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026. Share is of all APs’ dollars in these funds. Source: ETFIQ from Form N-CEN.
Questions people ask
Who is the largest authorized participant (AP) for US ETFs?
Merrill Lynch Professional Clearing Corp., which created $818.8bn and redeemed $720.0bn of US ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 15.6% of all AP dollars in them.
Which firms create and redeem the most US ETFs?
In order: 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.
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
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→Most active APs for commodity ETFs→Most active APs for allocation ETFs→Most active APs for buffer ETFs→Most active APs for income ETFs→Most active APs for theme ETFs→Most active APs for leveraged and inverse ETFs→Most active APs for crypto ETFs→Most active APs for alternative 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
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
Who is the largest authorized participant (AP) for US ETFs?
Merrill Lynch Professional Clearing Corp., which created $818.8bn and redeemed $720.0bn of US ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 15.6% of all AP dollars in them.
Which firms create and redeem the most US ETFs?
In order: 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.
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