# National Financial Services: ETF AP

> 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. 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.

## 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

| # | 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 by category

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

| # | Category | Share of its dollars | ETFs served | Active in | Created | Redeemed | Only active AP in |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | U.S. stocks | 0.0% | 199 | 0 | $0 | $0 | 0 |
| 2 | International stocks | 0.0% | 47 | 0 | $0 | $0 | 0 |
| 3 | Sector stocks | 0.0% | 68 | 0 | $0 | $0 | 0 |
| 4 | Bonds | 0.0% | 122 | 0 | $0 | $0 | 0 |
| 5 | Commodities | 0.0% | 2 | 0 | $0 | $0 | 0 |
| 6 | Allocation | 0.0% | 3 | 0 | $0 | $0 | 0 |
| 7 | Buffer | 0.0% | 4 | 0 | $0 | $0 | 0 |
| 8 | Income | 0.0% | 21 | 0 | $0 | $0 | 0 |
| 9 | Themes | 0.0% | 56 | 0 | $0 | $0 | 0 |
| 10 | Leverage | 100.0% | 100 | 4 | $14.6m | $11.4m | 0 |
| 11 | Crypto | 0.0% | 2 | 0 | $0 | $0 | 0 |
| 12 | Alternatives | 0.0% | 7 | 0 | $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. 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

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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, 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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