Trading · authorized participant (AP)

National Financial Services LLC

National Financial Services LLC was an authorized participant (AP) for 631 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. It created $14.6m and redeemed $11.4m of their shares. It was active in 4 of them.

clearingcustody.fidelity.com, the firm’s website ↗

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National Financial Services LLC
#	Ticker	Fund	Category	Created	Redeemed	Created and redeemed ↓	Share of the fund’s AP dollars	Active APs in the fund	Period ending
1	TSLI	ProShares Ultra TSLA	Leverage	$7.5m	$7.7m	$15.3m	19.9%	9	May 31, 2026
2	NVDB	ProShares Ultra NVDA	Leverage	$3.6m	$3.6m	$7.3m	14.6%	10	May 31, 2026
3	CRCA	ProShares Ultra CRCL	Leverage	$2.2m	$0	$2.2m	0.2%	12	May 31, 2026
4	URSP	ProShares Ultra S&P 500 Equal Weight	Leverage	$1.2m	$0	$1.2m	0.9%	9	May 31, 2026

National Financial Services LLC as an ETF authorized participant: all 4 funds it created or redeemed in, ranked by what it created and redeemed, in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. Source: ETFIQ from Form N-CEN.

National Financial Services by category

The ETFs National Financial Services LLC serves, by the category each is placed in, with what it created and redeemed in each.

National Financial Services by category, as of Sep 23, 2026. Source: ETFIQ from Form N-CEN.
#	Category	Share of its dollars	ETFs served	Active in	Created	Redeemed
1	U.S. stocks	0.0%	199	0	$0	$0
2	International stocks	0.0%	47	0	$0	$0
3	Sector stocks	0.0%	68	0	$0	$0
4	Bonds	0.0%	122	0	$0	$0
5	Commodities	0.0%	2	0	$0	$0
6	Allocation	0.0%	3	0	$0	$0
7	Buffer	0.0%	4	0	$0	$0
8	Income	0.0%	21	0	$0	$0
9	Themes	0.0%	56	0	$0	$0
10	Leverage	100.0%	100	4	$14.6m	$11.4m
11	Crypto	0.0%	2	0	$0	$0
12	Alternatives	0.0%	7	0	$0	$0

Questions people ask

Is National Financial Services an ETF authorized participant (AP)?

Yes. National Financial Services LLC is listed as an AP for 631 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, and created or redeemed shares in 4 of them.

Which ETFs does National Financial Services create and redeem the most?

By dollars created and redeemed: TSLI, $15.3m; NVDB, $7.3m; CRCA, $2.2m; URSP, $1.2m.

How much of an ETF’s AP activity does National Financial Services handle?

Across the 4 funds it was active in, its share of each fund’s AP dollars ran from 0.2% to 19.9%. It was the only active AP in 0 ETFs.

Where do these figures come from?

From item E.2 of each ETF’s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by National Financial Services’s CRD, SEC file number and LEI, never by the name as typed.

Method

National Financial Services LLC is identified by CRD 13041, SEC file number 8-26740, LEI 549300JRHF1MHHWUAW04. It is on the SEC’s list of active broker-dealers dated Oct 1, 2026 as NATIONAL FINANCIAL SERVICES LLC. Funds filed its name 2 ways; every spelling is in dealers.json. 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.

How these figures are computed →Standards and sources →

Where to next

Most active APs for U.S. stock ETFs→Most active APs for international stock ETFs→Most active APs for sector stock 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

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’s registered name ↗

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

Is National Financial Services an ETF authorized participant (AP)?

Yes. National Financial Services LLC is listed as an AP for 631 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, and created or redeemed shares in 4 of them.

Which ETFs does National Financial Services create and redeem the most?

By dollars created and redeemed: TSLI, $15.3m; NVDB, $7.3m; CRCA, $2.2m; URSP, $1.2m.

How much of an ETF’s AP activity does National Financial Services handle?

Across the 4 funds it was active in, its share of each fund’s AP dollars ran from 0.2% to 19.9%. It was the only active AP in 0 ETFs.

Where do these figures come from?

Cite this pageCitation, APA and Markdown

ETFIQ, National Financial Services LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/national-financial-services/

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Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.