Trading · authorized participants (APs) · ranked by dollars created and redeemed

Most active authorized participants (APs) for alternative ETFs

In Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, Goldman Sachs & Co. LLC created and redeemed more shares of alternative ETFs than any other AP, $6.5bn. That is 36.2% of the $18.0bn that 20 active APs created and redeemed across 64 funds.

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Most active authorized participants (APs) for alternative ETFs
#FirmWhat it isETFs servedActive inCreatedRedeemedCreated and redeemed ↓ShareOnly active AP in
1Goldman Sachs & Co. LLCThe US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York.5940$3.9bn$2.6bn$6.5bn36.2%1
2Merrill Lynch Professional Clearing Corp.A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders.2824$2.8bn$1.3bn$4.0bn22.5%0
3Jane Street Capital, LLCA quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options.4031$1.6bn$724m$2.3bn12.8%0
4BofA Securities, Inc.The US securities arm of Bank of America, serving institutional clients in banking, trading and research.4229$1.5bn$688m$2.2bn12.3%1
5Virtu Americas LLCA Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues.5948$1.6bn$437m$2.0bn11.4%4
6J.P. Morgan Securities LLCThe US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets.4418$141m$205m$346m1.9%0
7UBS Securities LLCThe US investment banking and securities subsidiary of UBS, serving corporate and institutional clients.304$76.5m$81.3m$158m0.9%0
8RBC Capital Markets, LLCThe US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada.394$89.0m$22.2m$111m0.6%0
9Citadel Securities LLCA market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors.303$24.5m$17.6m$42.1m0.2%0
10Morgan Stanley & Co. LLCThe main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research.293$14.4m$27.6m$42.0m0.2%0
11Citigroup Global Markets Inc.The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients.332$41.1m$0$41.1m0.2%0
12BNP Paribas Securities Corp.The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services.282$28.0m$5.6m$33.5m0.2%0
13Merrill Lynch, Pierce, Fenner and Smith IncorporatedThe broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America.42$6.4m$25.1m$31.5m0.2%0
14Jane Street Execution Services, LLCA Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent.22$8.1m$4.6m$12.7m0.1%0
15SG Americas Securities, LLCThe US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing.221$5.7m$5.6m$11.2m0.1%0
16BNY Mellon Capital Markets, LLCA BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing.221$10.0m$0$10.0m0.1%0
17Mizuho Securities USA LLCThe US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients.291$4.4m$2.2m$6.5m0.0%0
18Mirae Asset Securities (USA) Inc.The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution.351$3.1m$3.2m$6.3m0.0%0
19JP Morgan Securities, Inc.A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC.51$0$3.2m$3.2m0.0%0
20Virtu FinancialA Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012.11$1.4m$0$1.4m0.0%0
Most active authorized participants (APs) for alternative ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Sep 30, 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 alternative ETFs?

Goldman Sachs & Co. LLC, which created $3.9bn and redeemed $2.6bn of alternative ETFs shares in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, 36.2% of all AP dollars in them.

Which firms create and redeem the most alternative ETFs?

In order: Goldman Sachs & Co. LLC, $6.5bn; Merrill Lynch Professional Clearing Corp., $4.0bn; Jane Street Capital, LLC, $2.3bn; BofA Securities, Inc., $2.2bn; Virtu Americas LLC, $2.0bn.

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.

How these figures are computed →Standards and sources →
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→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 alternative ETFs?

Goldman Sachs & Co. LLC, which created $3.9bn and redeemed $2.6bn of alternative ETFs shares in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, 36.2% of all AP dollars in them.

Which firms create and redeem the most alternative ETFs?

In order: Goldman Sachs & Co. LLC, $6.5bn; Merrill Lynch Professional Clearing Corp., $4.0bn; Jane Street Capital, LLC, $2.3bn; BofA Securities, Inc., $2.2bn; Virtu Americas LLC, $2.0bn.

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

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Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.