Most active authorized participants (APs) for bond ETFs
In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, J.P. Morgan Securities LLC created and redeemed more shares of bond ETFs than any other AP, $488.2bn. That is 30.8% of the $1.6tn that 36 active APs created and redeemed across 760 funds.
| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed ↓ | Share | Only active AP in |
|---|---|---|---|---|---|---|---|---|---|
| 1 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 663 | 473 | $281.2bn | $207.0bn | $488.2bn | 30.8% | 13 |
| 2 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 713 | 531 | $225.3bn | $121.8bn | $347.1bn | 21.9% | 1 |
| 3 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 631 | 383 | $139.3bn | $84.2bn | $223.5bn | 14.1% | 11 |
| 4 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 589 | 525 | $95.0bn | $49.9bn | $145.0bn | 9.2% | 12 |
| 5 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 331 | 208 | $77.0bn | $36.6bn | $113.6bn | 7.2% | 5 |
| 6 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 585 | 96 | $38.3bn | $26.7bn | $65.0bn | 4.1% | 0 |
| 7 | Barclays Capital Inc. | The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. | 571 | 55 | $37.1bn | $23.7bn | $60.7bn | 3.8% | 0 |
| 8 | Jefferies LLC | The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. | 580 | 35 | $23.6bn | $20.0bn | $43.7bn | 2.8% | 0 |
| 9 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 645 | 143 | $17.4bn | $4.3bn | $21.7bn | 1.4% | 0 |
| 10 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 592 | 64 | $7.9bn | $5.7bn | $13.6bn | 0.9% | 0 |
| 11 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 672 | 316 | $9.7bn | $2.1bn | $11.8bn | 0.7% | 1 |
| 12 | BMO Capital Markets Corp. | The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. | 404 | 40 | $6.0bn | $2.6bn | $8.7bn | 0.5% | 0 |
| 13 | BNY Mellon Capital Markets, LLC | A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. | 402 | 75 | $6.0bn | $2.2bn | $8.2bn | 0.5% | 1 |
| 14 | BNP Paribas Securities Corp. | The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. | 475 | 8 | $4.9bn | $2.2bn | $7.0bn | 0.4% | 0 |
| 15 | Deutsche Bank Securities Inc. | The US broker-dealer of Deutsche Bank, offering investment banking, market making and brokerage to corporate and institutional clients. | 314 | 6 | $3.5bn | $2.6bn | $6.2bn | 0.4% | 0 |
| 16 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 59 | 38 | $4.5bn | $1.3bn | $5.8bn | 0.4% | 0 |
| 17 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 502 | 64 | $3.2bn | $173m | $3.3bn | 0.2% | 0 |
| 18 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 85 | 40 | $3.0bn | $357m | $3.3bn | 0.2% | 1 |
| 19 | Pershing LLC | BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. | 200 | 25 | $1.1bn | $592m | $1.7bn | 0.1% | 0 |
| 20 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 601 | 1 | $290m | $1.2bn | $1.5bn | 0.1% | 0 |
| 21 | Cowen Execution Services LLC | Broker-dealer, CRD 35693 | 172 | 4 | $978m | $202m | $1.2bn | 0.1% | 0 |
| 22 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 495 | 14 | $464m | $175m | $639m | 0.0% | 1 |
| 23 | Wedbush Securities Inc. | A California-founded firm offering wealth management, brokerage, investment banking and clearing for institutions and traders. | 263 | 9 | $281m | $180m | $461m | 0.0% | 0 |
| 24 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 579 | 11 | $422m | $0 | $422m | 0.0% | 0 |
| 25 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 483 | 5 | $187m | $215m | $402m | 0.0% | 0 |
| 26 | Truist Securities, Inc. | Truist's corporate and investment banking arm, offering mergers advice, capital raising, trading and research. | 224 | 5 | $245m | $0 | $245m | 0.0% | 0 |
| 27 | Wells Fargo Securities, LLC | The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. | 573 | 13 | $96.8m | $5.1m | $102m | 0.0% | 0 |
| 28 | HRT Financial LP | The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. | 383 | 1 | $61.3m | $32.1m | $93.4m | 0.0% | 0 |
| 29 | BNP Paribas Prime Brokerage, Inc. | A former BNP Paribas prime brokerage unit; FINRA approved its merger into BNP Paribas Securities Corp. in 2017. | 153 | 1 | $67.7m | $0 | $67.7m | 0.0% | 0 |
| 30 | Jane Street Execution Services, LLC | A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. | 4 | 4 | $56.1m | $9.0m | $65.1m | 0.0% | 0 |
| 31 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 40 | 3 | $60.5m | $0 | $60.5m | 0.0% | 0 |
| 32 | State Street Global Markets, LLC | The US broker-dealer of State Street's markets business, offering trading, financing, foreign exchange and research to institutions. | 200 | 2 | $9.5m | $0 | $9.5m | 0.0% | 1 |
| 33 | Cowen and Company, LLC | A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen. | 178 | 1 | $8.7m | $0 | $8.7m | 0.0% | 0 |
| 34 | HSBC Securities (USA) Inc. | The US broker-dealer of HSBC, an affiliate of HSBC Bank USA, N.A. | 288 | 1 | $5.0m | $0 | $5.0m | 0.0% | 0 |
| 35 | BTIG, LLC | An investment bank and brokerage offering advisory, capital markets, trading, prime brokerage and research to institutions. | 1 | 1 | $0 | $4.5m | $4.5m | 0.0% | 0 |
| 36 | TD Securities (USA) LLC | The US broker-dealer of TD Securities, the investment banking and capital markets arm of Toronto-Dominion Bank. | 113 | 1 | $2.3m | $0 | $2.3m | 0.0% | 0 |
Questions people ask
Who is the largest authorized participant (AP) for bond ETFs?
Which firms create and redeem the most bond 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 bond ETFs?
J.P. Morgan Securities LLC, which created $281.2bn and redeemed $207.0bn of bond ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 30.8% of all AP dollars in them.
Which firms create and redeem the most bond ETFs?
In order: J.P. Morgan Securities LLC, $488.2bn; Goldman Sachs & Co. LLC, $347.1bn; BofA Securities, Inc., $223.5bn; Jane Street Capital, LLC, $145.0bn; Merrill Lynch Professional Clearing Corp., $113.6bn.
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