# Top APs for Sector Stock ETFs

> Merrill Lynch Professional Clearing created and redeemed the most shares of sector stock ETFs of any AP, $132.4bn. 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 sector stock ETFs

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.

| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed | Share | Only active AP in |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 27 | Cowen Execution Services LLC | Broker-dealer, CRD 35693 | 46 | 9 | $361m | $184m | $544m | 0.1% | 0 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 35 | National Bank of Canada Financial Inc. | Broker-dealer, SEC file 8-39947 | 89 | 1 | $2.3m | $2.3m | $4.7m | 0.0% | 0 |

### Questions people ask

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

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