# Top APs for Leveraged And Inverse ETFs

> Goldman Sachs & Co. created and redeemed the most shares of leveraged and inverse ETFs of any AP, $103.8bn. Facts only.

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 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? 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

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