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

Most active authorized participants (APs) for buffer ETFs

In Form N-CEN periods ending Jul 31, 2025 to May 31, 2026, Goldman Sachs & Co. LLC created and redeemed more shares of buffer ETFs than any other AP, $47.0bn. That is 46.3% of the $101.6bn that 15 active APs created and redeemed across 340 funds.

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Most active authorized participants (APs) for buffer 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.338336$24.9bn$22.1bn$47.0bn46.3%12
2BofA Securities, Inc.The US securities arm of Bank of America, serving institutional clients in banking, trading and research.208172$16.6bn$15.6bn$32.2bn31.6%0
3Merrill Lynch Professional Clearing Corp.A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders.145145$6.8bn$1.1bn$7.9bn7.8%1
4Jane Street Capital, LLCA quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options.316231$4.9bn$359m$5.2bn5.2%0
5Merrill Lynch, Pierce, Fenner and Smith IncorporatedThe broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America.10099$0$5.0bn$5.0bn5.0%0
6J.P. Morgan Securities LLCThe US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets.214130$925m$1.6bn$2.5bn2.5%0
7Virtu Americas LLCA Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues.225149$499m$347m$846m0.8%0
8Marex Capital Markets Inc.The US business of Marex, formerly ED&F Man Capital Markets, a brokerage for commodities and financial markets.2726$178m$178m$355m0.3%0
9RBC Capital Markets, LLCThe US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada.14161$204m$73.2m$278m0.3%0
10JP Morgan Securities, Inc.A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC.456$36.5m$141m$177m0.2%0
11Morgan Stanley Smith Barney LLCA Morgan Stanley broker-dealer that serves retail wealth management clients.11$0$19.0m$19.0m0.0%0
12BNP Paribas Securities Corp.The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services.1031$1.0m$1.0m$2.0m0.0%0
13ABN AMRO Clearing USA LLCThe US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders.1021$0$1.6m$1.6m0.0%0
14Barclays Capital Inc.The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services.1751$1.1m$0$1.1m0.0%0
15Citadel Securities LLCA market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors.1321$1.0m$0$1.0m0.0%0
Most active authorized participants (APs) for buffer ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Jul 31, 2025 to May 31, 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 buffer ETFs?

Goldman Sachs & Co. LLC, which created $24.9bn and redeemed $22.1bn of buffer ETFs shares in Form N-CEN periods ending Jul 31, 2025 to May 31, 2026, 46.3% of all AP dollars in them.

Which firms create and redeem the most buffer ETFs?

In order: Goldman Sachs & Co. LLC, $47.0bn; BofA Securities, Inc., $32.2bn; Merrill Lynch Professional Clearing Corp., $7.9bn; Jane Street Capital, LLC, $5.2bn; Merrill Lynch, Pierce, Fenner and Smith Incorporated, $5.0bn.

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 income ETFs→Most active APs for theme ETFs→Most active APs for leveraged and inverse ETFs→Most active APs for crypto ETFs→Most active APs for alternative 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 buffer ETFs?

Goldman Sachs & Co. LLC, which created $24.9bn and redeemed $22.1bn of buffer ETFs shares in Form N-CEN periods ending Jul 31, 2025 to May 31, 2026, 46.3% of all AP dollars in them.

Which firms create and redeem the most buffer ETFs?

In order: Goldman Sachs & Co. LLC, $47.0bn; BofA Securities, Inc., $32.2bn; Merrill Lynch Professional Clearing Corp., $7.9bn; Jane Street Capital, LLC, $5.2bn; Merrill Lynch, Pierce, Fenner and Smith Incorporated, $5.0bn.

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