{"url":"https://etfiq.com/trading/authorized-participants/most-active/leveraged-etfs/","section":"trading","title":"Top APs for Leveraged And Inverse ETFs | ETFIQ","description":"Goldman Sachs & Co. created and redeemed the most shares of leveraged and inverse ETFs of any AP, $103.8bn. Facts only.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active authorized participants (APs) for leveraged and inverse ETFs","numberOfItems":30,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Goldman Sachs & Co. 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LLC","url":"https://etfiq.com/trading/authorized-participants/morgan-stanley/"},{"@type":"ListItem","position":26,"name":"Wells Fargo Securities, LLC","url":"https://etfiq.com/trading/authorized-participants/wells-fargo-securities/"},{"@type":"ListItem","position":27,"name":"National Financial Services LLC","url":"https://etfiq.com/trading/authorized-participants/national-financial-services/"},{"@type":"ListItem","position":28,"name":"Clear Street LLC","url":"https://etfiq.com/trading/authorized-participants/clear-street/"},{"@type":"ListItem","position":29,"name":"Cowen and Company, LLC","url":"https://etfiq.com/trading/authorized-participants/cowen/"},{"@type":"ListItem","position":30,"name":"Barclays Capital Inc.","url":"https://etfiq.com/trading/authorized-participants/barclays-capital/"}]},{"@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 leveraged and inverse ETFs","description":"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.","url":"https://etfiq.com/trading/authorized-participants/most-active/leveraged-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 leveraged and inverse ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which firms create and redeem the most leveraged and inverse ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}}]},{"@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":"Leverage","item":"https://etfiq.com/trading/authorized-participants/most-active/leveraged-etfs/"}]},{"@type":"WebPage","name":"Top APs for Leveraged And Inverse ETFs","description":"Goldman Sachs & Co. created and redeemed the most shares of leveraged and inverse ETFs of any AP, $103.8bn. Facts only.","url":"https://etfiq.com/trading/authorized-participants/most-active/leveraged-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":9611,"truncated":false,"content":"ETFIQ / Authorized participants / Most active / Leverage \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active authorized participants (APs) for leveraged and inverse ETFs\n 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.\n Most active authorized participants (APs) for leveraged and inverse ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Aug 31, 2025 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 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 24 Wells Fargo Securities, LLC (CRD 7665) Broker-dealer, CRD 7665 4 4 $110m $57.9m $168m 0.0% 0 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n \n Questions people ask\n 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. 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 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 leveraged and inverse ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/leveraged-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 leveraged and inverse ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/leveraged-etfs/ APA ETFIQ. (Sep 23, 2026). Most active authorized participants (APs) for leveraged and inverse ETFs. Retrieved from https://etfiq.com/trading/authorized-participants/most-active/leveraged-etfs/ Markdown [Most active authorized participants (APs) for leveraged and inverse ETFs (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/leveraged-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 leveraged and inverse ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/leveraged-etfs/"}