{"url":"https://etfiq.com/trading/authorized-participants/most-active/","section":"trading","title":"Most Active ETF Authorized Participants (APs) | ETFIQ","description":"Merrill Lynch Professional Clearing created and redeemed the most shares of US ETFs of any AP, $1.5tn. Every figure is from the funds\u2019 own Form N-CEN.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active ETF authorized participants (APs)","numberOfItems":50,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Merrill Lynch Professional Clearing Corp.","url":"https://etfiq.com/trading/authorized-participants/merrill-lynch-professional-clearing/"},{"@type":"ListItem","position":2,"name":"Goldman Sachs & Co. LLC","url":"https://etfiq.com/trading/authorized-participants/goldman-sachs/"},{"@type":"ListItem","position":3,"name":"J.P. 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That is 15.6% of the $9.9tn that 50 active APs created and redeemed across 3,806 funds.","url":"https://etfiq.com/trading/authorized-participants/most-active/","dateModified":"2026-09-23","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com), from SEC Form N-CEN","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}]},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the largest authorized participant (AP) for US ETFs?","acceptedAnswer":{"@type":"Answer","text":"Merrill Lynch Professional Clearing Corp., which created $818.8bn and redeemed $720.0bn of US ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 15.6% of all AP dollars in them."}},{"@type":"Question","name":"Which firms create and redeem the most US ETFs?","acceptedAnswer":{"@type":"Answer","text":"In order: Merrill Lynch Professional Clearing Corp., $1.5tn; Goldman Sachs & Co. 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Every figure is from the funds\u2019 own Form N-CEN.","url":"https://etfiq.com/trading/authorized-participants/most-active/","dateModified":"2026-09-23","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":12939,"truncated":false,"content":"ETFIQ / Authorized participants / Most active \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active ETF authorized participants (APs)\n In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, Merrill Lynch Professional Clearing Corp. created and redeemed more shares of US ETFs than any other AP, $1.5tn. That is 15.6% of the $9.9tn that 50 active APs created and redeemed across 3,806 funds.\n Most active ETF authorized participants (APs), ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026. Share is of all APs\u2019 dollars in these funds. Source: ETFIQ from Form N-CEN. # Firm What it is ETFs served Active in Created Redeemed Created and redeemed Share Only active AP in \n 1 Merrill Lynch Professional Clearing Corp. A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. 1,421 1,104 $818.8bn $720.0bn $1.5tn 15.6% 15 \n 2 Goldman Sachs & Co. LLC The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. 3,545 2,781 $822.4bn $638.9bn $1.5tn 14.8% 39 \n 3 J.P. Morgan Securities LLC The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. 2,771 1,792 $684.0bn $525.9bn $1.2tn 12.2% 55 \n 4 BofA Securities, Inc. The US securities arm of Bank of America, serving institutional clients in banking, trading and research. 2,799 1,778 $576.6bn $394.6bn $971.2bn 9.8% 25 \n 5 Jane Street Capital, LLC A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. 2,964 2,308 $391.4bn $218.3bn $609.7bn 6.2% 31 \n 6 ABN AMRO Clearing USA LLC The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. 2,292 597 $399.7bn $199.1bn $598.8bn 6.1% 0 \n 7 Morgan Stanley & Co. LLC The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. 2,303 445 $306.0bn $268.0bn $573.9bn 5.8% 0 \n 8 RBC Capital Markets, LLC The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. 2,561 767 $248.7bn $212.0bn $460.6bn 4.7% 1 \n 9 Barclays Capital Inc. The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. 2,281 172 $211.2bn $180.4bn $391.7bn 4.0% 0 \n 10 BNP Paribas Securities Corp. The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. 1,916 215 $143.8bn $139.2bn $282.9bn 2.9% 0 \n 11 Citadel Securities LLC A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. 2,404 600 $148.7bn $108.5bn $257.1bn 2.6% 6 \n 12 Citigroup Global Markets Inc. The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. 2,282 518 $134.4bn $113.1bn $247.5bn 2.5% 0 \n 13 Virtu Americas LLC A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. 3,232 2,202 $152.2bn $93.2bn $245.4bn 2.5% 19 \n 14 BNP Paribas Prime Brokerage, Inc. A former BNP Paribas prime brokerage unit; FINRA approved its merger into BNP Paribas Securities Corp. in 2017. 457 58 $100.0bn $93.2bn $193.2bn 2.0% 0 \n 15 SG Americas Securities, LLC The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. 1,912 45 $84.8bn $76.5bn $161.3bn 1.6% 0 \n 16 Merrill Lynch, Pierce, Fenner and Smith Incorporated The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. 488 369 $85.9bn $62.7bn $148.7bn 1.5% 3 \n 17 UBS Securities LLC The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. 2,459 628 $70.7bn $67.2bn $137.9bn 1.4% 4 \n 18 Mizuho Securities USA LLC The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. 2,314 189 $37.0bn $41.2bn $78.2bn 0.8% 0 \n 19 Jefferies LLC The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. 2,242 110 $35.4bn $31.0bn $66.4bn 0.7% 0 \n 20 Wells Fargo Securities, LLC The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. 2,120 94 $19.6bn $28.7bn $48.2bn 0.5% 2 \n 21 HRT Financial LP The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. 1,657 98 $20.9bn $11.4bn $32.4bn 0.3% 0 \n 22 Macquarie Capital (USA) Inc. The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. 2,122 210 $16.6bn $10.5bn $27.1bn 0.3% 1 \n 23 Mirae Asset Securities (USA) Inc. The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. 2,230 177 $10.1bn $13.1bn $23.2bn 0.2% 5 \n 24 BNY Mellon Capital Markets, LLC A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. 1,461 147 $11.4bn $6.4bn $17.8bn 0.2% 2 \n 25 BMO Capital Markets Corp. The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. 1,482 61 $10.8bn $4.9bn $15.7bn 0.2% 0 \n 26 Marex Capital Markets Inc. The US business of Marex, formerly ED&F Man Capital Markets, a brokerage for commodities and financial markets. 364 38 $7.0bn $6.8bn $13.8bn 0.1% 0 \n 27 JP Morgan Securities, Inc. A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. 262 112 $8.5bn $4.4bn $12.8bn 0.1% 4 \n 28 Cantor Fitzgerald & Co. A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. 1,899 40 $4.4bn $4.4bn $8.9bn 0.1% 2 \n 29 Nomura Securities International, Inc. The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York. 1,321 32 $4.1bn $4.7bn $8.8bn 0.1% 1 \n 30 Cowen and Company, LLC A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen. 559 13 $4.1bn $4.6bn $8.8bn 0.1% 0 \n 31 Virtu Financial A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. 148 49 $6.2bn $1.2bn $7.5bn 0.1% 0 \n 32 Deutsche Bank Securities Inc. The US broker-dealer of Deutsche Bank, offering investment banking, market making and brokerage to corporate and institutional clients. 1,036 6 $3.5bn $2.6bn $6.2bn 0.1% 0 \n 33 Jane Street Execution Services, LLC A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. 49 49 $2.0bn $4.0bn $6.0bn 0.1% 0 \n 34 CIBC World Markets Corp. The US broker-dealer of CIBC Capital Markets, the investment banking brand of Canadian Imperial Bank of Commerce. 747 6 $3.6bn $1.4bn $5.0bn 0.1% 0 \n 35 Pershing LLC BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. 628 46 $3.0bn $1.9bn $4.9bn 0.0% 0 \n 36 Cowen Execution Services LLC Broker-dealer, CRD 35693 425 21 $2.0bn $1.7bn $3.7bn 0.0% 0 \n 37 HSBC Securities (USA) Inc. The US broker-dealer of HSBC, an affiliate of HSBC Bank USA, N.A. 1,069 13 $1.7bn $500m $2.2bn 0.0% 0 \n 38 TD Securities (USA) LLC The US broker-dealer of TD Securities, the investment banking and capital markets arm of Toronto-Dominion Bank. 880 20 $765m $633m $1.4bn 0.0% 0 \n 39 Morgan Stanley Smith Barney LLC A Morgan Stanley broker-dealer that serves retail wealth management clients. 4 4 $631m $624m $1.3bn 0.0% 0 \n 40 Natixis Securities Americas LLC The US broker-dealer of Natixis Corporate & Investment Banking, serving corporate and institutional clients in the Americas. 746 8 $40.6m $1.1bn $1.2bn 0.0% 0 \n 41 Clear Street LLC A New York brokerage offering clearing, financing, execution and investment banking to hedge funds, ETF issuers and broker-dealers. 548 5 $275m $205m $480m 0.0% 0 \n 42 Wedbush Securities Inc. A California-founded firm offering wealth management, brokerage, investment banking and clearing for institutions and traders. 1,067 9 $281m $180m $461m 0.0% 0 \n 43 Truist Securities, Inc. Truist's corporate and investment banking arm, offering mergers advice, capital raising, trading and research. 632 5 $245m $0 $245m 0.0% 0 \n 44 Wells Fargo Securities, LLC (CRD 7665) Broker-dealer, CRD 7665 4 4 $110m $57.9m $168m 0.0% 0 \n 45 State Street Global Markets, LLC The US broker-dealer of State Street's markets business, offering trading, financing, foreign exchange and research to institutions. 842 8 $124m $0 $124m 0.0% 2 \n 46 ABN AMRO Securities (USA) LLC A US broker-dealer in the ABN AMRO Clearing group whose main business is securities financing. 238 7 $87.5m $0 $87.5m 0.0% 0 \n 47 National Bank of Canada Financial Inc. Broker-dealer, SEC file 8-39947 659 6 $29.6m $30.2m $59.8m 0.0% 0 \n 48 National Financial Services LLC A Fidelity broker-dealer that provides clearing, custody and brokerage services to advisors, broker-dealers and other firms. 631 4 $14.6m $11.4m $26.0m 0.0% 0 \n 49 BTIG, LLC An investment bank and brokerage offering advisory, capital markets, trading, prime brokerage and research to institutions. 2 2 $8.8m $4.5m $13.3m 0.0% 0 \n 50 Virtu Financial BD LLC A Virtu Financial broker-dealer subsidiary, listed as self-clearing in Virtu's 2018 annual report. 276 1 $6.2m $0 $6.2m 0.0% 0 \n \n Questions people ask\n Who is the largest authorized participant (AP) for US ETFs? Merrill Lynch Professional Clearing Corp., which created $818.8bn and redeemed $720.0bn of US ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 15.6% of all AP dollars in them. Which firms create and redeem the most US ETFs? In order: Merrill Lynch Professional Clearing Corp., $1.5tn; Goldman Sachs & Co. LLC, $1.5tn; J.P. Morgan Securities LLC, $1.2tn; BofA Securities, Inc., $971.2bn; Jane Street Capital, LLC, $609.7bn. Method\n Every row is one authorized participant (AP) listed in item E.2 of an ETF\u2019s latest Form N-CEN, with the dollars of the fund\u2019s shares it purchased from the fund (created) and redeemed in the fund\u2019s reporting period, as filed. A fund\u2019s period is its own fiscal year, or less where the filing says so, so a firm\u2019s 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\u2019s name is its registration on the SEC\u2019s 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.\n Where to next\n 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 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\n 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\u2019s registered name ETFIQ links to the documents behind every figure; a link is not an endorsement.\n A list of firms is not a rating or a recommendation. ETFIQ is an independent publisher, not an adviser. Standards and sources \n Cite this page. ETFIQ, Most active ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Most active ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/ APA ETFIQ. (Sep 23, 2026). Most active ETF authorized participants (APs). Retrieved from https://etfiq.com/trading/authorized-participants/most-active/ Markdown [Most active ETF authorized participants (APs) (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Most active ETF authorized participants (APs), data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/"}