# Top Authorized Participants (APs) for Income ETFs

> Goldman Sachs & Co. LLC created and redeemed more shares of income ETFs than any other authorized participant (AP), $40.2bn, 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 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.

| # | 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. | 237 | 227 | $30.1bn | $10.1bn | $40.2bn | 33.0% | 5 |
| 2 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 220 | 205 | $26.8bn | $4.3bn | $31.1bn | 25.5% | 12 |
| 3 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 132 | 126 | $19.1bn | $10.5bn | $29.6bn | 24.3% | 2 |
| 4 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 115 | 77 | $10.0bn | $2.7bn | $12.7bn | 10.4% | 0 |
| 5 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 171 | 133 | $2.1bn | $515m | $2.6bn | 2.1% | 0 |
| 6 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 84 | 11 | $1.7bn | $0 | $1.7bn | 1.4% | 0 |
| 7 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 95 | 33 | $509m | $403m | $911m | 0.7% | 0 |
| 8 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 15 | 15 | $756m | $95.0m | $851m | 0.7% | 0 |
| 9 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 81 | 16 | $602m | $150m | $752m | 0.6% | 0 |
| 10 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 91 | 7 | $402m | $274m | $676m | 0.6% | 0 |
| 11 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 82 | 11 | $381m | $40.4m | $422m | 0.3% | 0 |
| 12 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 68 | 4 | $161m | $13.2m | $174m | 0.1% | 0 |
| 13 | Cowen Execution Services LLC | Broker-dealer, CRD 35693 | 13 | 1 | $125m | $0 | $125m | 0.1% | 0 |
| 14 | Barclays Capital Inc. | The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. | 71 | 2 | $85.2m | $4.3m | $89.5m | 0.1% | 0 |
| 15 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 14 | 2 | $23.5m | $14.7m | $38.2m | 0.0% | 0 |
| 16 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 74 | 3 | $35.0m | $2.4m | $37.4m | 0.0% | 0 |
| 17 | Nomura Securities International, Inc. | The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York. | 33 | 8 | $6.0m | $0 | $6.0m | 0.0% | 1 |
| 18 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 82 | 1 | $0 | $4.0m | $4.0m | 0.0% | 0 |
| 19 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 78 | 1 | $0 | $2.2m | $2.2m | 0.0% | 0 |
| 20 | Cantor Fitzgerald & Co. | A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. | 48 | 1 | $1.0m | $1.0m | $2.1m | 0.0% | 0 |

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