# Top APs for Alternative ETFs

> Goldman Sachs & Co. LLC created and redeemed more shares of alternative ETFs than any other authorized participant (AP), $6.5bn, 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 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.

| # | 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. | 59 | 40 | $3.9bn | $2.6bn | $6.5bn | 36.2% | 1 |
| 2 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 28 | 24 | $2.8bn | $1.3bn | $4.0bn | 22.5% | 0 |
| 3 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 40 | 31 | $1.6bn | $724m | $2.3bn | 12.8% | 0 |
| 4 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 42 | 29 | $1.5bn | $688m | $2.2bn | 12.3% | 1 |
| 5 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 59 | 48 | $1.6bn | $437m | $2.0bn | 11.4% | 4 |
| 6 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 44 | 18 | $141m | $205m | $346m | 1.9% | 0 |
| 7 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 30 | 4 | $76.5m | $81.3m | $158m | 0.9% | 0 |
| 8 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 39 | 4 | $89.0m | $22.2m | $111m | 0.6% | 0 |
| 9 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 30 | 3 | $24.5m | $17.6m | $42.1m | 0.2% | 0 |
| 10 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 29 | 3 | $14.4m | $27.6m | $42.0m | 0.2% | 0 |
| 11 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 33 | 2 | $41.1m | $0 | $41.1m | 0.2% | 0 |
| 12 | BNP Paribas Securities Corp. | The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. | 28 | 2 | $28.0m | $5.6m | $33.5m | 0.2% | 0 |
| 13 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 4 | 2 | $6.4m | $25.1m | $31.5m | 0.2% | 0 |
| 14 | Jane Street Execution Services, LLC | A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. | 2 | 2 | $8.1m | $4.6m | $12.7m | 0.1% | 0 |
| 15 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 22 | 1 | $5.7m | $5.6m | $11.2m | 0.1% | 0 |
| 16 | BNY Mellon Capital Markets, LLC | A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. | 22 | 1 | $10.0m | $0 | $10.0m | 0.1% | 0 |
| 17 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 29 | 1 | $4.4m | $2.2m | $6.5m | 0.0% | 0 |
| 18 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 35 | 1 | $3.1m | $3.2m | $6.3m | 0.0% | 0 |
| 19 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 5 | 1 | $0 | $3.2m | $3.2m | 0.0% | 0 |
| 20 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 1 | 1 | $1.4m | $0 | $1.4m | 0.0% | 0 |

### 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. 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.
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