{"url":"https://etfiq.com/trading/authorized-participants/most-active/sector-stock-etfs/","section":"trading","title":"Top APs for Sector Stock ETFs | ETFIQ","description":"Merrill Lynch Professional Clearing created and redeemed the most shares of sector stock ETFs of any AP, $132.4bn. Facts only.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active authorized participants (APs) for sector stock ETFs","numberOfItems":35,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Merrill Lynch Professional Clearing Corp.","url":"https://etfiq.com/trading/authorized-participants/merrill-lynch-professional-clearing/"},{"@type":"ListItem","position":2,"name":"ABN AMRO Clearing USA LLC","url":"https://etfiq.com/trading/authorized-participants/abn-amro-clearing-usa/"},{"@type":"ListItem","position":3,"name":"J.P. 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That is 15.5% of the $854.6bn that 35 active APs created and redeemed across 199 funds.","url":"https://etfiq.com/trading/authorized-participants/most-active/sector-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 sector stock ETFs?","acceptedAnswer":{"@type":"Answer","text":"Merrill Lynch Professional Clearing Corp., which created $69.1bn and redeemed $63.2bn of sector stock ETFs shares in Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, 15.5% of all AP dollars in them."}},{"@type":"Question","name":"Which firms create and redeem the most sector stock ETFs?","acceptedAnswer":{"@type":"Answer","text":"In order: Merrill Lynch Professional Clearing Corp., $132.4bn; ABN AMRO Clearing USA LLC, $97.8bn; J.P. Morgan Securities LLC, $89.4bn; Goldman Sachs & Co. LLC, $84.7bn; Jane Street Capital, LLC, $66.5bn."}}]},{"@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":"Sector stocks","item":"https://etfiq.com/trading/authorized-participants/most-active/sector-stock-etfs/"}]},{"@type":"WebPage","name":"Top APs for Sector Stock ETFs","description":"Merrill Lynch Professional Clearing created and redeemed the most shares of sector stock ETFs of any AP, $132.4bn. Facts only.","url":"https://etfiq.com/trading/authorized-participants/most-active/sector-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":10347,"truncated":false,"content":"ETFIQ / Authorized participants / Most active / Sector stocks \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active authorized participants (APs) for sector stock ETFs\n In Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, Merrill Lynch Professional Clearing Corp. created and redeemed more shares of sector stock ETFs than any other AP, $132.4bn. That is 15.5% of the $854.6bn that 35 active APs created and redeemed across 199 funds.\n Most active authorized participants (APs) for sector stock ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Aug 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 Merrill Lynch Professional Clearing Corp. A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. 72 67 $69.1bn $63.2bn $132.4bn 15.5% 1 \n 2 ABN AMRO Clearing USA LLC The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. 158 87 $46.3bn $51.5bn $97.8bn 11.4% 0 \n 3 J.P. Morgan Securities LLC The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. 171 108 $43.8bn $45.5bn $89.4bn 10.5% 2 \n 4 Goldman Sachs & Co. LLC The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. 192 160 $42.1bn $42.6bn $84.7bn 9.9% 0 \n 5 Jane Street Capital, LLC A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. 172 151 $36.7bn $29.8bn $66.5bn 7.8% 1 \n 6 BNP Paribas Prime Brokerage, Inc. A former BNP Paribas prime brokerage unit; FINRA approved its merger into BNP Paribas Securities Corp. in 2017. 55 33 $31.9bn $31.4bn $63.3bn 7.4% 0 \n 7 Morgan Stanley & Co. LLC The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. 165 69 $28.0bn $27.0bn $55.0bn 6.4% 0 \n 8 Citadel Securities LLC A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. 170 128 $21.4bn $24.8bn $46.2bn 5.4% 1 \n 9 Citigroup Global Markets Inc. The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. 165 64 $21.0bn $20.3bn $41.4bn 4.8% 0 \n 10 RBC Capital Markets, LLC The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. 179 109 $18.6bn $18.2bn $36.8bn 4.3% 0 \n 11 Virtu Americas LLC A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. 192 165 $19.2bn $15.3bn $34.5bn 4.0% 0 \n 12 BofA Securities, Inc. The US securities arm of Bank of America, serving institutional clients in banking, trading and research. 153 104 $17.8bn $12.4bn $30.2bn 3.5% 1 \n 13 Barclays Capital Inc. The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. 166 34 $7.6bn $7.2bn $14.8bn 1.7% 0 \n 14 BNP Paribas Securities Corp. The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. 150 54 $5.4bn $5.3bn $10.8bn 1.3% 0 \n 15 Wells Fargo Securities, LLC The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. 163 28 $4.9bn $5.4bn $10.3bn 1.2% 0 \n 16 UBS Securities LLC The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. 174 54 $4.4bn $5.1bn $9.5bn 1.1% 0 \n 17 Mizuho Securities USA LLC The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. 169 23 $4.2bn $4.3bn $8.5bn 1.0% 0 \n 18 HRT Financial LP The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. 151 25 $5.6bn $1.5bn $7.1bn 0.8% 0 \n 19 SG Americas Securities, LLC The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. 161 17 $2.7bn $3.6bn $6.3bn 0.7% 0 \n 20 Nomura Securities International, Inc. The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York. 132 12 $1.2bn $944m $2.1bn 0.2% 0 \n 21 BMO Capital Markets Corp. The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. 135 8 $374m $532m $906m 0.1% 0 \n 22 Cowen and Company, LLC A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen. 51 2 $441m $447m $888m 0.1% 0 \n 23 Jefferies LLC The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. 163 12 $572m $295m $867m 0.1% 0 \n 24 HSBC Securities (USA) Inc. The US broker-dealer of HSBC, an affiliate of HSBC Bank USA, N.A. 124 7 $577m $249m $826m 0.1% 0 \n 25 BNY Mellon Capital Markets, LLC A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. 102 5 $55.2m $660m $715m 0.1% 0 \n 26 Natixis Securities Americas LLC The US broker-dealer of Natixis Corporate & Investment Banking, serving corporate and institutional clients in the Americas. 102 6 $40.6m $606m $646m 0.1% 0 \n 27 Cowen Execution Services LLC Broker-dealer, CRD 35693 46 9 $361m $184m $544m 0.1% 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. 65 1 $210m $195m $404m 0.0% 0 \n 29 CIBC World Markets Corp. The US broker-dealer of CIBC Capital Markets, the investment banking brand of Canadian Imperial Bank of Commerce. 82 4 $316m $24.5m $340m 0.0% 0 \n 30 JP Morgan Securities, Inc. A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. 16 5 $150m $142m $292m 0.0% 0 \n 31 Mirae Asset Securities (USA) Inc. The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. 156 6 $27.1m $250m $277m 0.0% 0 \n 32 Merrill Lynch, Pierce, Fenner and Smith Incorporated The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. 16 5 $134m $85.3m $219m 0.0% 0 \n 33 Macquarie Capital (USA) Inc. The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. 162 4 $39.2m $53.5m $92.7m 0.0% 0 \n 34 Pershing LLC BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. 77 3 $41.1m $45.0m $86.0m 0.0% 0 \n 35 National Bank of Canada Financial Inc. Broker-dealer, SEC file 8-39947 89 1 $2.3m $2.3m $4.7m 0.0% 0 \n \n Questions people ask\n Who is the largest authorized participant (AP) for sector stock ETFs? Merrill Lynch Professional Clearing Corp., which created $69.1bn and redeemed $63.2bn of sector stock ETFs shares in Form N-CEN periods ending Aug 31, 2024 to Jun 30, 2026, 15.5% of all AP dollars in them. Which firms create and redeem the most sector stock ETFs? In order: Merrill Lynch Professional Clearing Corp., $132.4bn; ABN AMRO Clearing USA LLC, $97.8bn; J.P. Morgan Securities LLC, $89.4bn; Goldman Sachs & Co. LLC, $84.7bn; Jane Street Capital, LLC, $66.5bn. 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 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 sector stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/sector-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 sector stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/sector-stock-etfs/ APA ETFIQ. (Sep 23, 2026). Most active authorized participants (APs) for sector stock ETFs. Retrieved from https://etfiq.com/trading/authorized-participants/most-active/sector-stock-etfs/ Markdown [Most active authorized participants (APs) for sector stock ETFs (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/sector-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 sector stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/sector-stock-etfs/"}