{"url":"https://etfiq.com/trading/authorized-participants/most-active/buffer-etfs/","section":"trading","title":"Top Authorized Participants (APs) for Buffer ETFs | ETFIQ","description":"Goldman Sachs & Co. LLC created and redeemed more shares of buffer ETFs than any other authorized participant (AP), $47.0bn, by their Form N-CEN.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active authorized participants (APs) for buffer ETFs","numberOfItems":15,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Goldman Sachs & Co. 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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.","url":"https://etfiq.com/trading/authorized-participants/most-active/buffer-etfs/","dateModified":"2026-09-23","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com), from SEC Form N-CEN","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}]},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the largest authorized participant (AP) for buffer ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which firms create and redeem the most buffer ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Authorized participants","item":"https://etfiq.com/trading/authorized-participants/"},{"@type":"ListItem","position":3,"name":"Most active","item":"https://etfiq.com/trading/authorized-participants/most-active/"},{"@type":"ListItem","position":4,"name":"Buffer","item":"https://etfiq.com/trading/authorized-participants/most-active/buffer-etfs/"}]},{"@type":"WebPage","name":"Top Authorized Participants (APs) for Buffer ETFs","description":"Goldman Sachs & Co. LLC created and redeemed more shares of buffer ETFs than any other authorized participant (AP), $47.0bn, by their Form N-CEN.","url":"https://etfiq.com/trading/authorized-participants/most-active/buffer-etfs/","dateModified":"2026-09-23","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":6764,"truncated":false,"content":"ETFIQ / Authorized participants / Most active / Buffer \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active authorized participants (APs) for buffer ETFs\n 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.\n 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\u2019 dollars in these funds. Source: ETFIQ from Form N-CEN. # Firm What it is ETFs served Active in Created Redeemed Created and redeemed Share Only active AP in \n 1 Goldman Sachs & Co. LLC The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. 338 336 $24.9bn $22.1bn $47.0bn 46.3% 12 \n 2 BofA Securities, Inc. The US securities arm of Bank of America, serving institutional clients in banking, trading and research. 208 172 $16.6bn $15.6bn $32.2bn 31.6% 0 \n 3 Merrill Lynch Professional Clearing Corp. A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. 145 145 $6.8bn $1.1bn $7.9bn 7.8% 1 \n 4 Jane Street Capital, LLC A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. 316 231 $4.9bn $359m $5.2bn 5.2% 0 \n 5 Merrill Lynch, Pierce, Fenner and Smith Incorporated The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. 100 99 $0 $5.0bn $5.0bn 5.0% 0 \n 6 J.P. Morgan Securities LLC The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. 214 130 $925m $1.6bn $2.5bn 2.5% 0 \n 7 Virtu Americas LLC A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. 225 149 $499m $347m $846m 0.8% 0 \n 8 Marex Capital Markets Inc. The US business of Marex, formerly ED&F Man Capital Markets, a brokerage for commodities and financial markets. 27 26 $178m $178m $355m 0.3% 0 \n 9 RBC Capital Markets, LLC The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. 141 61 $204m $73.2m $278m 0.3% 0 \n 10 JP Morgan Securities, Inc. A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. 45 6 $36.5m $141m $177m 0.2% 0 \n 11 Morgan Stanley Smith Barney LLC A Morgan Stanley broker-dealer that serves retail wealth management clients. 1 1 $0 $19.0m $19.0m 0.0% 0 \n 12 BNP Paribas Securities Corp. The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. 103 1 $1.0m $1.0m $2.0m 0.0% 0 \n 13 ABN AMRO Clearing USA LLC The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. 102 1 $0 $1.6m $1.6m 0.0% 0 \n 14 Barclays Capital Inc. The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. 175 1 $1.1m $0 $1.1m 0.0% 0 \n 15 Citadel Securities LLC A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. 132 1 $1.0m $0 $1.0m 0.0% 0 \n \n Questions people ask\n 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\n Every row is one authorized participant (AP) listed in item E.2 of an ETF\u2019s latest Form N-CEN, with the dollars of the fund\u2019s shares it purchased from the fund (created) and redeemed in the fund\u2019s reporting period, as filed. A fund\u2019s period is its own fiscal year, or less where the filing says so, so a firm\u2019s 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\u2019s name is its registration on the SEC\u2019s 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.\n Where to next\n 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\n 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\u2019s registered name ETFIQ links to the documents behind every figure; a link is not an endorsement.\n A list of firms is not a rating or a recommendation. ETFIQ is an independent publisher, not an adviser. Standards and sources \n Cite this page. 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/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain 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/ APA ETFIQ. (Sep 23, 2026). Most active authorized participants (APs) for buffer ETFs. Retrieved from https://etfiq.com/trading/authorized-participants/most-active/buffer-etfs/ Markdown [Most active authorized participants (APs) for buffer ETFs (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/buffer-etfs/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"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/"}