Most active authorized participants (APs) for international stock ETFs
In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, BofA Securities, Inc. created and redeemed more shares of international stock ETFs than any other AP, $100.1bn. That is 25.5% of the $392.7bn that 25 active APs created and redeemed across 527 funds.
| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed ↓ | Share | Only active AP in |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 473 | 282 | $78.5bn | $21.6bn | $100.1bn | 25.5% | 3 |
| 2 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 466 | 315 | $33.8bn | $31.6bn | $65.4bn | 16.6% | 4 |
| 3 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 458 | 407 | $50.2bn | $11.8bn | $62.0bn | 15.8% | 28 |
| 4 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 494 | 279 | $23.2bn | $19.9bn | $43.1bn | 11.0% | 2 |
| 5 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 29 | 24 | $35.0bn | $2.9bn | $37.9bn | 9.7% | 1 |
| 6 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 412 | 202 | $26.4bn | $1.4bn | $27.8bn | 7.1% | 2 |
| 7 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 413 | 83 | $12.0bn | $4.8bn | $16.8bn | 4.3% | 0 |
| 8 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 401 | 117 | $10.1bn | $2.4bn | $12.5bn | 3.2% | 0 |
| 9 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 466 | 146 | $5.1bn | $2.7bn | $7.8bn | 2.0% | 6 |
| 10 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 205 | 81 | $6.8bn | $94.7m | $6.9bn | 1.8% | 0 |
| 11 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 365 | 2 | $26.7m | $3.6bn | $3.7bn | 0.9% | 0 |
| 12 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 392 | 45 | $2.3bn | $1.1bn | $3.5bn | 0.9% | 0 |
| 13 | BNY Mellon Capital Markets, LLC | A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. | 292 | 10 | $1.2bn | $751m | $1.9bn | 0.5% | 0 |
| 14 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 47 | 32 | $832m | $369m | $1.2bn | 0.3% | 4 |
| 15 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 423 | 71 | $654m | $206m | $860m | 0.2% | 0 |
| 16 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 443 | 16 | $663m | $0 | $663m | 0.2% | 0 |
| 17 | Pershing LLC | BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. | 126 | 1 | $0 | $240m | $240m | 0.1% | 0 |
| 18 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 373 | 6 | $174m | $4.0m | $178m | 0.0% | 0 |
| 19 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 422 | 2 | $104m | $10.5m | $115m | 0.0% | 0 |
| 20 | State Street Global Markets, LLC | The US broker-dealer of State Street's markets business, offering trading, financing, foreign exchange and research to institutions. | 157 | 3 | $39.8m | $0 | $39.8m | 0.0% | 1 |
| 21 | Cantor Fitzgerald & Co. | A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. | 340 | 1 | $6.1m | $5.9m | $11.9m | 0.0% | 0 |
| 22 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 13 | 1 | $9.6m | $0 | $9.6m | 0.0% | 0 |
| 23 | Jane Street Execution Services, LLC | A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. | 1 | 1 | $6.9m | $0 | $6.9m | 0.0% | 0 |
| 24 | Morgan Stanley Smith Barney LLC | A Morgan Stanley broker-dealer that serves retail wealth management clients. | 1 | 1 | $5.3m | $0 | $5.3m | 0.0% | 0 |
| 25 | Jefferies LLC | The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. | 393 | 1 | $2.5m | $2.5m | $5.0m | 0.0% | 0 |
Questions people ask
Who is the largest authorized participant (AP) for international stock ETFs?
Which firms create and redeem the most international stock ETFs?
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.
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 international stock ETFs?
BofA Securities, Inc., which created $78.5bn and redeemed $21.6bn of international stock ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 25.5% of all AP dollars in them.
Which firms create and redeem the most international stock ETFs?
In order: BofA Securities, Inc., $100.1bn; UBS Securities LLC, $65.4bn; J.P. Morgan Securities LLC, $62.0bn; Goldman Sachs & Co. LLC, $43.1bn; Merrill Lynch, Pierce, Fenner and Smith Incorporated, $37.9bn.
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