# Top Authorized Participants (APs) for Theme ETFs

> Goldman Sachs & Co. LLC created and redeemed more shares of theme ETFs than any other authorized participant (AP), $66.0bn, by their Form N-CEN.

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 theme ETFs

In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, Goldman Sachs & Co. LLC created and redeemed more shares of theme ETFs than any other AP, $66.0bn. That is 13.3% of the $497.4bn that 36 active APs created and redeemed across 320 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. | 291 | 204 | $34.7bn | $31.3bn | $66.0bn | 13.3% | 9 |
| 2 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 224 | 122 | $36.5bn | $28.4bn | $65.0bn | 13.1% | 1 |
| 3 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 269 | 216 | $33.8bn | $14.6bn | $48.5bn | 9.7% | 10 |
| 4 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 250 | 183 | $25.1bn | $21.4bn | $46.5bn | 9.3% | 3 |
| 5 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 70 | 47 | $20.5bn | $18.0bn | $38.5bn | 7.7% | 0 |
| 6 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 267 | 186 | $20.0bn | $18.5bn | $38.5bn | 7.7% | 3 |
| 7 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 202 | 34 | $17.3bn | $16.1bn | $33.3bn | 6.7% | 0 |
| 8 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 204 | 42 | $14.5bn | $13.2bn | $27.8bn | 5.6% | 0 |
| 9 | BNP Paribas Securities Corp. | The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. | 179 | 21 | $12.9bn | $11.7bn | $24.6bn | 4.9% | 0 |
| 10 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 202 | 56 | $11.3bn | $9.1bn | $20.4bn | 4.1% | 0 |
| 11 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 214 | 40 | $8.2bn | $11.8bn | $19.9bn | 4.0% | 0 |
| 12 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 236 | 118 | $9.1bn | $9.6bn | $18.7bn | 3.8% | 0 |
| 13 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 216 | 43 | $10.0bn | $5.7bn | $15.7bn | 3.2% | 0 |
| 14 | BNP Paribas Prime Brokerage, Inc. | A former BNP Paribas prime brokerage unit; FINRA approved its merger into BNP Paribas Securities Corp. in 2017. | 35 | 8 | $7.1bn | $5.5bn | $12.6bn | 2.5% | 0 |
| 15 | Wells Fargo Securities, LLC | The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. | 192 | 11 | $3.7bn | $4.9bn | $8.7bn | 1.7% | 0 |
| 16 | Barclays Capital Inc. | The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. | 195 | 11 | $1.4bn | $1.4bn | $2.8bn | 0.6% | 0 |
| 17 | HRT Financial LP | The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. | 178 | 9 | $1.2bn | $1.2bn | $2.5bn | 0.5% | 0 |
| 18 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 183 | 14 | $1.0bn | $140m | $1.2bn | 0.2% | 1 |
| 19 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 22 | 17 | $496m | $576m | $1.1bn | 0.2% | 0 |
| 20 | Cantor Fitzgerald & Co. | A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. | 155 | 3 | $434m | $419m | $853m | 0.2% | 1 |
| 21 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 213 | 49 | $566m | $258m | $824m | 0.2% | 0 |
| 22 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 187 | 3 | $338m | $375m | $713m | 0.1% | 0 |
| 23 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 179 | 19 | $430m | $265m | $695m | 0.1% | 1 |
| 24 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 13 | 6 | $378m | $205m | $583m | 0.1% | 0 |
| 25 | BMO Capital Markets Corp. | The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. | 117 | 2 | $275m | $267m | $543m | 0.1% | 0 |
| 26 | BNY Mellon Capital Markets, LLC | A BNY broker-dealer that underwrites, distributes and trades securities, clearing most trades through BNY's Pershing. | 98 | 3 | $415m | $41.0m | $456m | 0.1% | 0 |
| 27 | Nomura Securities International, Inc. | The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York. | 111 | 1 | $117m | $128m | $244m | 0.0% | 0 |
| 28 | Jefferies LLC | The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. | 211 | 6 | $7.4m | $201m | $208m | 0.0% | 0 |
| 29 | State Street Global Markets, LLC | The US broker-dealer of State Street's markets business, offering trading, financing, foreign exchange and research to institutions. | 65 | 3 | $75.0m | $0 | $75.0m | 0.0% | 0 |
| 30 | Clear Street LLC | A New York brokerage offering clearing, financing, execution and investment banking to hedge funds, ETF issuers and broker-dealers. | 50 | 1 | $64.4m | $0 | $64.4m | 0.0% | 0 |
| 31 | Jane Street Execution Services, LLC | A Jane Street broker-dealer that executes orders for other broker-dealers and institutions, acting only as agent. | 1 | 1 | $34.6m | $16.0m | $50.6m | 0.0% | 0 |
| 32 | Pershing LLC | BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. | 57 | 2 | $0 | $35.1m | $35.1m | 0.0% | 0 |
| 33 | Natixis Securities Americas LLC | The US broker-dealer of Natixis Corporate & Investment Banking, serving corporate and institutional clients in the Americas. | 75 | 1 | $0 | $31.5m | $31.5m | 0.0% | 0 |
| 34 | TD Securities (USA) LLC | The US broker-dealer of TD Securities, the investment banking and capital markets arm of Toronto-Dominion Bank. | 105 | 1 | $15.1m | $0 | $15.1m | 0.0% | 0 |
| 35 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 2 | 2 | $12.5m | $0 | $12.5m | 0.0% | 0 |
| 36 | BTIG, LLC | An investment bank and brokerage offering advisory, capital markets, trading, prime brokerage and research to institutions. | 1 | 1 | $8.8m | $0 | $8.8m | 0.0% | 0 |

### Questions people ask

Who is the largest authorized participant (AP) for theme ETFs? Goldman Sachs & Co. LLC, which created $34.7bn and redeemed $31.3bn of theme ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 13.3% of all AP dollars in them. Which firms create and redeem the most theme ETFs? In order: Goldman Sachs & Co. LLC, $66.0bn; BofA Securities, Inc., $65.0bn; J.P. Morgan Securities LLC, $48.5bn; Jane Street Capital, LLC, $46.5bn; Merrill Lynch Professional Clearing Corp., $38.5bn.

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