{"url":"https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/","section":"trading","title":"Top APs for Allocation ETFs | ETFIQ","description":"Goldman Sachs & Co. LLC created and redeemed more shares of allocation ETFs than any other authorized participant (AP), $3.0bn, by their Form N-CEN.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active authorized participants (APs) for allocation ETFs","numberOfItems":16,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Goldman Sachs & Co. LLC","url":"https://etfiq.com/trading/authorized-participants/goldman-sachs/"},{"@type":"ListItem","position":2,"name":"Jane Street Capital, LLC","url":"https://etfiq.com/trading/authorized-participants/jane-street-capital/"},{"@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":"Merrill Lynch Professional Clearing Corp.","url":"https://etfiq.com/trading/authorized-participants/merrill-lynch-professional-clearing/"},{"@type":"ListItem","position":5,"name":"Virtu Americas LLC","url":"https://etfiq.com/trading/authorized-participants/virtu-americas/"},{"@type":"ListItem","position":6,"name":"BofA Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/bofa-securities/"},{"@type":"ListItem","position":7,"name":"Citadel Securities LLC","url":"https://etfiq.com/trading/authorized-participants/citadel-securities/"},{"@type":"ListItem","position":8,"name":"Macquarie Capital (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/macquarie-capital-usa/"},{"@type":"ListItem","position":9,"name":"RBC Capital Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/rbc-capital-markets/"},{"@type":"ListItem","position":10,"name":"Wells Fargo Securities, LLC","url":"https://etfiq.com/trading/authorized-participants/wells-fargo-securities/"},{"@type":"ListItem","position":11,"name":"UBS Securities LLC","url":"https://etfiq.com/trading/authorized-participants/ubs-securities/"},{"@type":"ListItem","position":12,"name":"Mirae Asset Securities (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/mirae-asset-securities-usa/"},{"@type":"ListItem","position":13,"name":"Citigroup Global Markets Inc.","url":"https://etfiq.com/trading/authorized-participants/citigroup-global-markets/"},{"@type":"ListItem","position":14,"name":"Jefferies LLC","url":"https://etfiq.com/trading/authorized-participants/jefferies/"},{"@type":"ListItem","position":15,"name":"Mizuho Securities USA LLC","url":"https://etfiq.com/trading/authorized-participants/mizuho-securities-usa/"},{"@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":"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":"Dataset","name":"Most active authorized participants (APs) for allocation ETFs","description":"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.","url":"https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/","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","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}]},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the largest authorized participant (AP) for allocation ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which firms create and redeem the most allocation ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}}]},{"@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":"Most active","item":"https://etfiq.com/trading/authorized-participants/most-active/"},{"@type":"ListItem","position":4,"name":"Allocation","item":"https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/"}]},{"@type":"WebPage","name":"Top APs for Allocation ETFs","description":"Goldman Sachs & Co. LLC created and redeemed more shares of allocation ETFs than any other authorized participant (AP), $3.0bn, by their Form N-CEN.","url":"https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/","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":7012,"truncated":false,"content":"ETFIQ / Authorized participants / Most active / Allocation \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active authorized participants (APs) for allocation ETFs\n 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.\n Most active authorized participants (APs) for allocation ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026. Share is of all APs\u2019 dollars in these funds. Source: ETFIQ from Form N-CEN. # Firm What it is ETFs served Active in Created Redeemed Created and redeemed Share Only active AP in \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \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. 1 1 $5.0m $0 $5.0m 0.0% 0 \n \n Questions people ask\n 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. 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 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 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\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, Most active authorized participants (APs) for allocation ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/ 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, Most active authorized participants (APs) for allocation ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/ APA ETFIQ. (Sep 23, 2026). Most active authorized participants (APs) for allocation ETFs. Retrieved from https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/ Markdown [Most active authorized participants (APs) for allocation ETFs (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/)","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, Most active authorized participants (APs) for allocation ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/"}