{"url":"https://etfiq.com/trading/authorized-participants/most-active/us-stock-etfs/","section":"trading","title":"Top APs for U.S. Stock ETFs | ETFIQ","description":"Merrill Lynch Professional Clearing created and redeemed the most shares of U.S. stock ETFs of any AP, $1.2tn. Facts only.","as_of":"Sep 23, 2026","structured_data":[{"@type":"ItemList","name":"Most active authorized participants (APs) for U.S. stock ETFs","numberOfItems":40,"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":"Goldman Sachs & Co. LLC","url":"https://etfiq.com/trading/authorized-participants/goldman-sachs/"},{"@type":"ListItem","position":3,"name":"J.P. 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That is 20.5% of the $5.8tn that 40 active APs created and redeemed across 857 funds.","url":"https://etfiq.com/trading/authorized-participants/most-active/us-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 U.S. stock ETFs?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which firms create and redeem the most U.S. stock ETFs?","acceptedAnswer":{"@type":"Answer","text":"In order: Merrill Lynch Professional Clearing Corp., $1.2tn; Goldman Sachs & Co. 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Facts only.","url":"https://etfiq.com/trading/authorized-participants/most-active/us-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":11207,"truncated":false,"content":"ETFIQ / Authorized participants / Most active / U.S. stocks \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Most active authorized participants (APs) for U.S. stock ETFs\n 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.\n Most active authorized participants (APs) for U.S. stock ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Jul 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. 334 306 $607.9bn $580.7bn $1.2tn 20.5% 5 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 32 Cowen Execution Services LLC Broker-dealer, CRD 35693 98 7 $533m $1.3bn $1.9bn 0.0% 0 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 39 National Bank of Canada Financial Inc. Broker-dealer, SEC file 8-39947 171 5 $27.2m $27.9m $55.2m 0.0% 0 \n 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 \n \n Questions people ask\n 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. 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 international stock ETFs Most active APs for sector 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 U.S. stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/us-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 U.S. stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/us-stock-etfs/ APA ETFIQ. (Sep 23, 2026). Most active authorized participants (APs) for U.S. stock ETFs. Retrieved from https://etfiq.com/trading/authorized-participants/most-active/us-stock-etfs/ Markdown [Most active authorized participants (APs) for U.S. stock ETFs (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/most-active/us-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 U.S. stock ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/us-stock-etfs/"}