# Top APs for U.S. Stock ETFs

> Merrill Lynch Professional Clearing created and redeemed the most shares of U.S. stock ETFs of any AP, $1.2tn. 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 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? 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

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