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

Most active authorized participants (APs) for income ETFs

In Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, Goldman Sachs & Co. LLC created and redeemed more shares of income ETFs than any other AP, $40.2bn. That is 33.0% of the $121.9bn that 20 active APs created and redeemed across 275 funds.

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Most active authorized participants (APs) for income 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.237227$30.1bn$10.1bn$40.2bn33.0%5
2Jane Street Capital, LLCA quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options.220205$26.8bn$4.3bn$31.1bn25.5%12
3Merrill Lynch Professional Clearing Corp.A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders.132126$19.1bn$10.5bn$29.6bn24.3%2
4BofA Securities, Inc.The US securities arm of Bank of America, serving institutional clients in banking, trading and research.11577$10.0bn$2.7bn$12.7bn10.4%0
5Virtu Americas LLCA Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues.171133$2.1bn$515m$2.6bn2.1%0
6Mirae Asset Securities (USA) Inc.The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution.8411$1.7bn$0$1.7bn1.4%0
7J.P. Morgan Securities LLCThe US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets.9533$509m$403m$911m0.7%0
8Merrill Lynch, Pierce, Fenner and Smith IncorporatedThe broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America.1515$756m$95.0m$851m0.7%0
9Macquarie Capital (USA) Inc.The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business.8116$602m$150m$752m0.6%0
10RBC Capital Markets, LLCThe US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada.917$402m$274m$676m0.6%0
11ABN AMRO Clearing USA LLCThe US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders.8211$381m$40.4m$422m0.3%0
12Morgan Stanley & Co. LLCThe main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research.684$161m$13.2m$174m0.1%0
13Cowen Execution Services LLCBroker-dealer, CRD 35693131$125m$0$125m0.1%0
14Barclays Capital Inc.The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services.712$85.2m$4.3m$89.5m0.1%0
15JP Morgan Securities, Inc.A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC.142$23.5m$14.7m$38.2m0.0%0
16Citigroup Global Markets Inc.The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients.743$35.0m$2.4m$37.4m0.0%0
17Nomura Securities International, Inc.The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York.338$6.0m$0$6.0m0.0%1
18UBS Securities LLCThe US investment banking and securities subsidiary of UBS, serving corporate and institutional clients.821$0$4.0m$4.0m0.0%0
19SG Americas Securities, LLCThe US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing.781$0$2.2m$2.2m0.0%0
20Cantor Fitzgerald & Co.A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance.481$1.0m$1.0m$2.1m0.0%0
Most active authorized participants (APs) for income ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Aug 31, 2024 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 income ETFs?

Goldman Sachs & Co. LLC, which created $30.1bn and redeemed $10.1bn of income ETFs shares in Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, 33.0% of all AP dollars in them.

Which firms create and redeem the most income ETFs?

In order: Goldman Sachs & Co. LLC, $40.2bn; Jane Street Capital, LLC, $31.1bn; Merrill Lynch Professional Clearing Corp., $29.6bn; BofA Securities, Inc., $12.7bn; Virtu Americas LLC, $2.6bn.

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 buffer 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 income ETFs?

Goldman Sachs & Co. LLC, which created $30.1bn and redeemed $10.1bn of income ETFs shares in Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, 33.0% of all AP dollars in them.

Which firms create and redeem the most income ETFs?

In order: Goldman Sachs & Co. LLC, $40.2bn; Jane Street Capital, LLC, $31.1bn; Merrill Lynch Professional Clearing Corp., $29.6bn; BofA Securities, Inc., $12.7bn; Virtu Americas LLC, $2.6bn.

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