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

Most active authorized participants (APs) for commodity ETFs

In Form N-CEN periods ending Aug 31, 2025 to Jun 30, 2026, Jane Street Capital, LLC created and redeemed more shares of commodity ETFs than any other AP, $3.2bn. That is 31.5% of the $10.3bn that 9 active APs created and redeemed across 22 funds.

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Most active authorized participants (APs) for commodity ETFs
#FirmWhat it isETFs servedActive inCreatedRedeemedCreated and redeemed ↓ShareOnly active AP in
1Jane Street Capital, LLCA quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options.1714$1.7bn$1.6bn$3.2bn31.5%0
2Merrill Lynch Professional Clearing Corp.A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders.97$1.5bn$674m$2.2bn21.4%0
3BofA Securities, Inc.The US securities arm of Bank of America, serving institutional clients in banking, trading and research.2112$747m$776m$1.5bn14.8%1
4Goldman Sachs & Co. LLCThe US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York.2215$696m$439m$1.1bn11.0%0
5Virtu Americas LLCA Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues.2219$820m$251m$1.1bn10.4%0
6J.P. Morgan Securities LLCThe US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets.199$583m$184m$767m7.5%0
7Merrill Lynch, Pierce, Fenner and Smith IncorporatedThe broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America.11$179m$79.9m$259m2.5%0
8JP Morgan Securities, Inc.A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC.21$0$51.5m$51.5m0.5%0
9Morgan Stanley & Co. LLCThe main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research.121$0$36.4m$36.4m0.4%0
Most active authorized participants (APs) for commodity ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Aug 31, 2025 to Jun 30, 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 commodity ETFs?

Jane Street Capital, LLC, which created $1.7bn and redeemed $1.6bn of commodity ETFs shares in Form N-CEN periods ending Aug 31, 2025 to Jun 30, 2026, 31.5% of all AP dollars in them.

Which firms create and redeem the most commodity ETFs?

In order: Jane Street Capital, LLC, $3.2bn; Merrill Lynch Professional Clearing Corp., $2.2bn; BofA Securities, Inc., $1.5bn; Goldman Sachs & Co. LLC, $1.1bn; Virtu Americas LLC, $1.1bn.

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 allocation ETFs→Most active APs for buffer 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 commodity ETFs?

Jane Street Capital, LLC, which created $1.7bn and redeemed $1.6bn of commodity ETFs shares in Form N-CEN periods ending Aug 31, 2025 to Jun 30, 2026, 31.5% of all AP dollars in them.

Which firms create and redeem the most commodity ETFs?

In order: Jane Street Capital, LLC, $3.2bn; Merrill Lynch Professional Clearing Corp., $2.2bn; BofA Securities, Inc., $1.5bn; Goldman Sachs & Co. LLC, $1.1bn; Virtu Americas LLC, $1.1bn.

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