# Top Authorized Participants (APs) for Commodity ETFs

> Jane Street Capital, LLC created and redeemed more shares of commodity ETFs than any other authorized participant (AP), $3.2bn, 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 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.

| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed | Share | Only active AP in |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 17 | 14 | $1.7bn | $1.6bn | $3.2bn | 31.5% | 0 |
| 2 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 9 | 7 | $1.5bn | $674m | $2.2bn | 21.4% | 0 |
| 3 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 21 | 12 | $747m | $776m | $1.5bn | 14.8% | 1 |
| 4 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 22 | 15 | $696m | $439m | $1.1bn | 11.0% | 0 |
| 5 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 22 | 19 | $820m | $251m | $1.1bn | 10.4% | 0 |
| 6 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 19 | 9 | $583m | $184m | $767m | 7.5% | 0 |
| 7 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 1 | 1 | $179m | $79.9m | $259m | 2.5% | 0 |
| 8 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 2 | 1 | $0 | $51.5m | $51.5m | 0.5% | 0 |
| 9 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 12 | 1 | $0 | $36.4m | $36.4m | 0.4% | 0 |

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