{"url":"https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/","section":"trading","title":"Top APs for International Stock ETFs | ETFIQ","description":"BofA Securities created and redeemed the most shares of international stock ETFs of any AP, $100.1bn. Every figure is from the funds\u2019 own Form N-CEN.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active authorized participants (APs) for international stock ETFs","numberOfItems":25,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"BofA Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/bofa-securities/"},{"@type":"ListItem","position":2,"name":"UBS Securities LLC","url":"https://etfiq.com/trading/authorized-participants/ubs-securities/"},{"@type":"ListItem","position":3,"name":"J.P. 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LLC","url":"https://etfiq.com/trading/authorized-participants/morgan-stanley/"},{"@type":"ListItem","position":8,"name":"Citigroup Global Markets Inc.","url":"https://etfiq.com/trading/authorized-participants/citigroup-global-markets/"},{"@type":"ListItem","position":9,"name":"Virtu Americas LLC","url":"https://etfiq.com/trading/authorized-participants/virtu-americas/"},{"@type":"ListItem","position":10,"name":"Merrill Lynch Professional Clearing Corp.","url":"https://etfiq.com/trading/authorized-participants/merrill-lynch-professional-clearing/"},{"@type":"ListItem","position":11,"name":"ABN AMRO Clearing USA LLC","url":"https://etfiq.com/trading/authorized-participants/abn-amro-clearing-usa/"},{"@type":"ListItem","position":12,"name":"Macquarie Capital (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/macquarie-capital-usa/"},{"@type":"ListItem","position":13,"name":"BNY Mellon Capital Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/bny-mellon-capital-markets/"},{"@type":"ListItem","position":14,"name":"JP Morgan Securities, Inc.","url":"https://etfiq.com/trading/authorized-participants/jp-morgan-securities-inc/"},{"@type":"ListItem","position":15,"name":"Mizuho Securities USA LLC","url":"https://etfiq.com/trading/authorized-participants/mizuho-securities-usa/"},{"@type":"ListItem","position":16,"name":"RBC Capital Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/rbc-capital-markets/"},{"@type":"ListItem","position":17,"name":"Pershing LLC","url":"https://etfiq.com/trading/authorized-participants/pershing/"},{"@type":"ListItem","position":18,"name":"Mirae Asset Securities (USA) Inc.","url":"https://etfiq.com/trading/authorized-participants/mirae-asset-securities-usa/"},{"@type":"ListItem","position":19,"name":"Citadel Securities LLC","url":"https://etfiq.com/trading/authorized-participants/citadel-securities/"},{"@type":"ListItem","position":20,"name":"State Street Global Markets, LLC","url":"https://etfiq.com/trading/authorized-participants/state-street-global-markets/"},{"@type":"ListItem","position":21,"name":"Cantor Fitzgerald & Co.","url":"https://etfiq.com/trading/authorized-participants/cantor-fitzgerald/"},{"@type":"ListItem","position":22,"name":"Virtu Financial","url":"https://etfiq.com/trading/authorized-participants/virtu-financial/"},{"@type":"ListItem","position":23,"name":"Jane Street Execution Services, LLC","url":"https://etfiq.com/trading/authorized-participants/jane-street-execution-services/"},{"@type":"ListItem","position":24,"name":"Morgan Stanley Smith Barney LLC","url":"https://etfiq.com/trading/authorized-participants/morgan-stanley-smith-barney/"},{"@type":"ListItem","position":25,"name":"Jefferies LLC","url":"https://etfiq.com/trading/authorized-participants/jefferies/"}]},{"@type":"DefinedTerm","name":"authorized participant","alternateName":["AP","authorised participant"],"description":"A broker-dealer that has an agreement with an ETF to create new shares by delivering a basket of securities or cash to the fund, and to redeem shares by handing them back.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"Dataset","name":"Most active authorized participants (APs) for international stock ETFs","description":"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.","url":"https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/","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 international stock ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which firms create and redeem the most international stock ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Authorized participants","item":"https://etfiq.com/trading/authorized-participants/"},{"@type":"ListItem","position":3,"name":"Most active","item":"https://etfiq.com/trading/authorized-participants/most-active/"},{"@type":"ListItem","position":4,"name":"International stocks","item":"https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/"}]},{"@type":"WebPage","name":"Top APs for International Stock ETFs","description":"BofA Securities created and redeemed the most shares of international stock ETFs of any AP, $100.1bn. Every figure is from the funds\u2019 own Form N-CEN.","url":"https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/","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":8765,"truncated":false,"content":"ETFIQ / Authorized participants / Most active / International stocks \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active authorized participants (APs) for international stock ETFs\n 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.\n Most active authorized participants (APs) for international stock ETFs, 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 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n \n Questions people ask\n 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. 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 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 authorized participants (APs) for international stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/ 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 authorized participants (APs) for international stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/ APA ETFIQ. (Sep 23, 2026). Most active authorized participants (APs) for international stock ETFs. Retrieved from https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/ Markdown [Most active authorized participants (APs) for international stock ETFs (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/)","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 authorized participants (APs) for international stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/international-stock-etfs/"}