Most active authorized participants (APs) for leveraged and inverse ETFs
In Form N-CEN periods ending Aug 31, 2025 to Jun 30, 2026, Goldman Sachs & Co. LLC created and redeemed more shares of leveraged and inverse ETFs than any other AP, $103.8bn. That is 20.4% of the $508.9bn that 30 active APs created and redeemed across 392 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. | 362 | 315 | $59.6bn | $44.2bn | $103.8bn | 20.4% | 2 |
| 2 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 286 | 155 | $45.4bn | $56.4bn | $101.8bn | 20.0% | 1 |
| 3 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 134 | 127 | $41.4bn | $49.5bn | $90.9bn | 17.9% | 1 |
| 4 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 315 | 268 | $26.2bn | $33.8bn | $60.0bn | 11.8% | 0 |
| 5 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 337 | 272 | $22.9bn | $26.1bn | $49.0bn | 9.6% | 0 |
| 6 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 330 | 316 | $16.5bn | $14.3bn | $30.8bn | 6.1% | 0 |
| 7 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 71 | 71 | $6.3bn | $7.5bn | $13.8bn | 2.7% | 0 |
| 8 | Marex Capital Markets Inc. | The US business of Marex, formerly ED&F Man Capital Markets, a brokerage for commodities and financial markets. | 115 | 12 | $6.8bn | $6.6bn | $13.4bn | 2.6% | 0 |
| 9 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 143 | 52 | $5.4bn | $5.1bn | $10.5bn | 2.1% | 0 |
| 10 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 38 | 38 | $6.0bn | $1.2bn | $7.3bn | 1.4% | 0 |
| 11 | Jane Street Execution Services, LLC | A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. | 41 | 41 | $1.9bn | $4.0bn | $5.9bn | 1.2% | 0 |
| 12 | Cantor Fitzgerald & Co. | A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. | 124 | 22 | $2.8bn | $2.9bn | $5.7bn | 1.1% | 0 |
| 13 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 175 | 66 | $2.0bn | $2.2bn | $4.1bn | 0.8% | 2 |
| 14 | BNP Paribas Securities Corp. | The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. | 131 | 43 | $1.4bn | $1.4bn | $2.8bn | 0.5% | 0 |
| 15 | HRT Financial LP | The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. | 163 | 32 | $680m | $1.1bn | $1.8bn | 0.4% | 0 |
| 16 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 186 | 72 | $1.2bn | $436m | $1.7bn | 0.3% | 0 |
| 17 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 111 | 9 | $756m | $785m | $1.5bn | 0.3% | 0 |
| 18 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 127 | 34 | $680m | $672m | $1.4bn | 0.3% | 0 |
| 19 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 130 | 34 | $779m | $421m | $1.2bn | 0.2% | 0 |
| 20 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 105 | 7 | $239m | $225m | $464m | 0.1% | 0 |
| 21 | BMO Capital Markets Corp. | The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. | 5 | 5 | $305m | $34.3m | $340m | 0.1% | 0 |
| 22 | TD Securities (USA) LLC | The US broker-dealer of TD Securities, the investment banking and capital markets arm of Toronto-Dominion Bank. | 119 | 12 | $132m | $139m | $271m | 0.1% | 0 |
| 23 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 156 | 15 | $92.2m | $131m | $224m | 0.0% | 0 |
| 24 | Wells Fargo Securities, LLC (CRD 7665) | Broker-dealer, CRD 7665 | 4 | 4 | $110m | $57.9m | $168m | 0.0% | 0 |
| 25 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 142 | 8 | $53.8m | $76.2m | $130m | 0.0% | 0 |
| 26 | Wells Fargo Securities, LLC | The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. | 138 | 15 | $10.6m | $34.8m | $45.4m | 0.0% | 0 |
| 27 | National Financial Services LLC | A Fidelity broker-dealer that provides clearing, custody and brokerage services to advisors, broker-dealers and other firms. | 100 | 4 | $14.6m | $11.4m | $26.0m | 0.0% | 0 |
| 28 | Clear Street LLC | A New York brokerage offering clearing, financing, execution and investment banking to hedge funds, ETF issuers and broker-dealers. | 7 | 3 | $1.5m | $9.8m | $11.3m | 0.0% | 0 |
| 29 | Cowen and Company, LLC | A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen. | 1 | 1 | $0 | $503k | $503k | 0.0% | 0 |
| 30 | Barclays Capital Inc. | The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. | 104 | 1 | $223k | $0 | $223k | 0.0% | 0 |
Questions people ask
Who is the largest authorized participant (AP) for leveraged and inverse ETFs?
Which firms create and redeem the most leveraged and inverse 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 leveraged and inverse ETFs?
Goldman Sachs & Co. LLC, which created $59.6bn and redeemed $44.2bn of leveraged and inverse ETFs shares in Form N-CEN periods ending Aug 31, 2025 to Jun 30, 2026, 20.4% of all AP dollars in them.
Which firms create and redeem the most leveraged and inverse ETFs?
In order: Goldman Sachs & Co. LLC, $103.8bn; BofA Securities, Inc., $101.8bn; Merrill Lynch, Pierce, Fenner and Smith Incorporated, $90.9bn; Jane Street Capital, LLC, $60.0bn; ABN AMRO Clearing USA LLC, $49.0bn.
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ETFIQ, Most active authorized participants (APs) for leveraged and inverse ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/leveraged-etfs/
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