Most active authorized participants (APs) for allocation ETFs
In Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, Goldman Sachs & Co. LLC created and redeemed more shares of allocation ETFs than any other AP, $3.0bn. That is 26.8% of the $11.2bn that 16 active APs created and redeemed across 40 funds.
| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed ↓ | Share | Only active AP in |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 33 | 22 | $2.0bn | $991m | $3.0bn | 26.8% | 0 |
| 2 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 21 | 19 | $1.2bn | $307m | $1.5bn | 13.6% | 0 |
| 3 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 25 | 8 | $1.4bn | $41.8m | $1.4bn | 12.8% | 0 |
| 4 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 22 | 21 | $847m | $481m | $1.3bn | 11.9% | 1 |
| 5 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 35 | 27 | $823m | $328m | $1.2bn | 10.3% | 0 |
| 6 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 24 | 18 | $604m | $356m | $960m | 8.6% | 0 |
| 7 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 21 | 15 | $220m | $225m | $446m | 4.0% | 0 |
| 8 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 18 | 2 | $358m | $69.9m | $428m | 3.8% | 0 |
| 9 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 24 | 7 | $142m | $191m | $333m | 3.0% | 0 |
| 10 | Wells Fargo Securities, LLC | The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. | 18 | 1 | $78.8m | $79.2m | $158m | 1.4% | 0 |
| 11 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 21 | 1 | $124m | $5.6m | $130m | 1.2% | 0 |
| 12 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 24 | 2 | $64.1m | $63.1m | $127m | 1.1% | 0 |
| 13 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 17 | 2 | $115m | $9.0m | $124m | 1.1% | 0 |
| 14 | Jefferies LLC | The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. | 21 | 1 | $12.4m | $12.5m | $24.9m | 0.2% | 0 |
| 15 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 20 | 1 | $8.7m | $0 | $8.7m | 0.1% | 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. | 1 | 1 | $5.0m | $0 | $5.0m | 0.0% | 0 |
Questions people ask
Who is the largest authorized participant (AP) for allocation ETFs?
Which firms create and redeem the most allocation ETFs?
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.
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 allocation ETFs?
Goldman Sachs & Co. LLC, which created $2.0bn and redeemed $991m of allocation ETFs shares in Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, 26.8% of all AP dollars in them.
Which firms create and redeem the most allocation ETFs?
In order: Goldman Sachs & Co. LLC, $3.0bn; Jane Street Capital, LLC, $1.5bn; J.P. Morgan Securities LLC, $1.4bn; Merrill Lynch Professional Clearing Corp., $1.3bn; Virtu Americas LLC, $1.2bn.
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