Most active authorized participants (APs) for U.S. stock ETFs
In Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, Merrill Lynch Professional Clearing Corp. created and redeemed more shares of U.S. stock ETFs than any other AP, $1.2tn. That is 20.5% of the $5.8tn that 40 active APs created and redeemed across 857 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. | 334 | 306 | $607.9bn | $580.7bn | $1.2tn | 20.5% | 5 |
| 2 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 794 | 643 | $374.8bn | $342.4bn | $717.3bn | 12.4% | 7 |
| 3 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 632 | 322 | $268.6bn | $242.1bn | $510.7bn | 8.8% | 0 |
| 4 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 495 | 182 | $312.4bn | $101.4bn | $413.8bn | 7.2% | 0 |
| 5 | Morgan Stanley & Co. LLC | The main US broker-dealer of Morgan Stanley, serving institutions in investment banking, sales, trading and research. | 560 | 139 | $212.9bn | $196.1bn | $409.0bn | 7.1% | 0 |
| 6 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 618 | 423 | $229.7bn | $171.5bn | $401.2bn | 6.9% | 6 |
| 7 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 652 | 371 | $202.2bn | $176.4bn | $378.6bn | 6.5% | 1 |
| 8 | Barclays Capital Inc. | The US registered broker-dealer of Barclays Investment Bank, offering advisory, financing and risk management services. | 539 | 68 | $165.1bn | $148.2bn | $313.3bn | 5.4% | 0 |
| 9 | BNP Paribas Securities Corp. | The US broker-dealer of BNP Paribas Corporate & Institutional Banking, covering markets, financing and securities services. | 449 | 86 | $119.1bn | $118.6bn | $237.7bn | 4.1% | 0 |
| 10 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 603 | 470 | $144.9bn | $73.7bn | $218.6bn | 3.8% | 1 |
| 11 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 602 | 393 | $116.8bn | $77.6bn | $194.4bn | 3.4% | 5 |
| 12 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 445 | 16 | $81.5bn | $72.3bn | $153.8bn | 2.7% | 0 |
| 13 | Citigroup Global Markets Inc. | The US broker-dealer and investment banking arm of Citigroup, covering markets, underwriting and advisory for institutional clients. | 532 | 158 | $78.5bn | $70.5bn | $149.0bn | 2.6% | 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. | 87 | 16 | $61.0bn | $56.3bn | $117.3bn | 2.0% | 0 |
| 15 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 784 | 689 | $75.1bn | $38.3bn | $113.5bn | 2.0% | 5 |
| 16 | Mizuho Securities USA LLC | The US broker-dealer of Mizuho Financial Group, underwriting securities and advising corporate and institutional clients. | 565 | 43 | $31.3bn | $35.3bn | $66.6bn | 1.2% | 0 |
| 17 | UBS Securities LLC | The US investment banking and securities subsidiary of UBS, serving corporate and institutional clients. | 597 | 90 | $22.0bn | $20.2bn | $42.2bn | 0.7% | 0 |
| 18 | Wells Fargo Securities, LLC | The broker-dealer for Wells Fargo's corporate and investment banking business, covering capital markets and securities services. | 489 | 26 | $10.8bn | $18.2bn | $29.0bn | 0.5% | 2 |
| 19 | Jefferies LLC | The US broker-dealer of Jefferies, an investment bank covering equities, fixed income, advisory, research and wealth management. | 553 | 55 | $11.2bn | $10.5bn | $21.6bn | 0.4% | 0 |
| 20 | HRT Financial LP | The broker-dealer of Hudson River Trading, a quantitative trading firm that provides liquidity to global markets. | 389 | 31 | $13.3bn | $7.6bn | $20.9bn | 0.4% | 0 |
| 21 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 576 | 45 | $6.1bn | $11.9bn | $18.0bn | 0.3% | 3 |
| 22 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 496 | 25 | $8.1bn | $8.2bn | $16.3bn | 0.3% | 0 |
| 23 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 78 | 35 | $4.9bn | $4.0bn | $8.8bn | 0.2% | 0 |
| 24 | Cowen and Company, LLC | A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen. | 133 | 9 | $3.7bn | $4.2bn | $7.9bn | 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. | 392 | 53 | $3.7bn | $2.8bn | $6.5bn | 0.1% | 1 |
| 26 | Nomura Securities International, Inc. | The US broker-dealer of Japan's Nomura Group, part of its Americas operations based in New York. | 323 | 11 | $2.8bn | $3.6bn | $6.4bn | 0.1% | 0 |
| 27 | BMO Capital Markets Corp. | The US broker-dealer of BMO Capital Markets, the investment banking arm of BMO Financial Group. | 354 | 6 | $3.8bn | $1.4bn | $5.3bn | 0.1% | 0 |
| 28 | JP Morgan Securities, Inc. | A former J.P. Morgan broker-dealer registration; the business now operates as J.P. Morgan Securities LLC. | 60 | 21 | $2.6bn | $2.1bn | $4.7bn | 0.1% | 0 |
| 29 | CIBC World Markets Corp. | The US broker-dealer of CIBC Capital Markets, the investment banking brand of Canadian Imperial Bank of Commerce. | 167 | 2 | $3.2bn | $1.4bn | $4.6bn | 0.1% | 0 |
| 30 | Pershing LLC | BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms. | 135 | 15 | $1.9bn | $981m | $2.9bn | 0.0% | 0 |
| 31 | Cantor Fitzgerald & Co. | A privately held financial services firm offering investment banking, capital markets, prime brokerage and real estate finance. | 472 | 13 | $1.2bn | $1.1bn | $2.3bn | 0.0% | 1 |
| 32 | Cowen Execution Services LLC | Broker-dealer, CRD 35693 | 98 | 7 | $533m | $1.3bn | $1.9bn | 0.0% | 0 |
| 33 | HSBC Securities (USA) Inc. | The US broker-dealer of HSBC, an affiliate of HSBC Bank USA, N.A. | 261 | 5 | $1.2bn | $251m | $1.4bn | 0.0% | 0 |
| 34 | Morgan Stanley Smith Barney LLC | A Morgan Stanley broker-dealer that serves retail wealth management clients. | 2 | 2 | $625m | $605m | $1.2bn | 0.0% | 0 |
| 35 | TD Securities (USA) LLC | The US broker-dealer of TD Securities, the investment banking and capital markets arm of Toronto-Dominion Bank. | 204 | 6 | $616m | $495m | $1.1bn | 0.0% | 0 |
| 36 | Natixis Securities Americas LLC | The US broker-dealer of Natixis Corporate & Investment Banking, serving corporate and institutional clients in the Americas. | 185 | 1 | $0 | $487m | $487m | 0.0% | 0 |
| 37 | Virtu Financial | A Virtu Financial broker-dealer subsidiary, renamed from EWT, LLC to Virtu Financial Capital Markets LLC in 2012. | 42 | 4 | $99.7m | $3.4m | $103m | 0.0% | 0 |
| 38 | ABN AMRO Securities (USA) LLC | A US broker-dealer in the ABN AMRO Clearing group whose main business is securities financing. | 42 | 7 | $87.5m | $0 | $87.5m | 0.0% | 0 |
| 39 | National Bank of Canada Financial Inc. | Broker-dealer, SEC file 8-39947 | 171 | 5 | $27.2m | $27.9m | $55.2m | 0.0% | 0 |
| 40 | Virtu Financial BD LLC | A Virtu Financial broker-dealer subsidiary, listed as self-clearing in Virtu's 2018 annual report. | 73 | 1 | $6.2m | $0 | $6.2m | 0.0% | 0 |
Questions people ask
Who is the largest authorized participant (AP) for U.S. stock ETFs?
Which firms create and redeem the most U.S. stock ETFs?
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.
The rest of the method
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.
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.
Questions people ask
Who is the largest authorized participant (AP) for U.S. stock ETFs?
Merrill Lynch Professional Clearing Corp., which created $607.9bn and redeemed $580.7bn of U.S. stock ETFs shares in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, 20.5% of all AP dollars in them.
Which firms create and redeem the most U.S. stock ETFs?
In order: Merrill Lynch Professional Clearing Corp., $1.2tn; Goldman Sachs & Co. LLC, $717.3bn; J.P. Morgan Securities LLC, $510.7bn; ABN AMRO Clearing USA LLC, $413.8bn; Morgan Stanley & Co. LLC, $409.0bn.
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