# Top Authorized Participants (APs) for Bond ETFs

> J.P. Morgan Securities LLC created and redeemed more shares of bond ETFs than any other authorized participant (AP), $488.2bn, 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 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? 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.

### 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 bond ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/bond-etfs/
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