# Top APs for International Stock ETFs

> BofA Securities created and redeemed the most shares of international stock ETFs of any AP, $100.1bn. Every figure is from the funds’ own 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 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? 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

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