# Top Authorized Participants (APs) for Buffer ETFs

> 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.

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 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.

| # | 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. | 338 | 336 | $24.9bn | $22.1bn | $47.0bn | 46.3% | 12 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |

### 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. 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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