# Top APs for Allocation ETFs

> 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.

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

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

## 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? 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

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, Most active authorized participants (APs) for allocation ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/allocation-etfs/
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