Pershing LLC
Pershing LLC was an authorized participant (AP) for 628 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026. It created $3.0bn and redeemed $1.9bn of their shares. It was active in 46 of them.
bny.com, the firm’s website ↗| # | Ticker | Fund | Category | Created | Redeemed | Created and redeemed ↓ | Share of the fund’s AP dollars | Active APs in the fund | Period ending |
|---|---|---|---|---|---|---|---|---|---|
| 1 | DYNF | iShares U.S. Equity Factor Rotation Active ETF | U.S. stocks | $1.2bn | $0 | $1.2bn | 7.1% | 10 | Jul 31, 2025 |
| 2 | SPY | SPDR S&P 500 ETF Trust | U.S. stocks | $391m | $490m | $881m | 0.0% | 26 | Dec 31, 2025 |
| 3 | SLQD | iShares 0-5 Year Investment Grade Corporate Bond ETF | Bonds | $329m | $0 | $329m | 25.7% | 7 | Oct 31, 2025 |
| 4 | ISCF | iShares International Small-Cap Equity Factor ETF | International stocks | $0 | $240m | $240m | 65.7% | 4 | Jul 31, 2025 |
| 5 | SPBO | State Street SPDR Portfolio Corporate Bond ETF | Bonds | $144m | $47.1m | $191m | 8.3% | 9 | Jun 30, 2026 |
| 6 | SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | U.S. stocks | $0 | $165m | $165m | 2.3% | 14 | Jun 30, 2026 |
| 7 | SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | Bonds | $160m | $0 | $160m | 1.6% | 11 | Jun 30, 2026 |
| 8 | SPIB | State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | Bonds | $53.8m | $101m | $155m | 0.3% | 12 | Jun 30, 2026 |
| 9 | SJNK | State Street SPDR Bloomberg Short Term High Yield Bond ETF | Bonds | $75.7m | $61.1m | $137m | 2.2% | 8 | Jun 30, 2026 |
| 10 | TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | Bonds | $13.5m | $117m | $131m | 8.8% | 10 | Jun 30, 2026 |
| 11 | SPYG | State Street SPDR Portfolio S&P 500 Growth ETF | U.S. stocks | $81.6m | $30.8m | $112m | 0.6% | 12 | Jun 30, 2026 |
| 12 | QLTA | iShares Aaa - A Rated Corporate Bond ETF | Bonds | $73.7m | $37.0m | $111m | 8.6% | 7 | Oct 31, 2025 |
| 13 | SPSM | State Street SPDR Portfolio S&P 600 Small Cap ETF | U.S. stocks | $19.6m | $87.9m | $108m | 1.8% | 11 | Jun 30, 2026 |
| 14 | BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | Bonds | $38.5m | $61.3m | $99.8m | 0.2% | 7 | Jun 30, 2026 |
| 15 | SPYM | State Street SPDR Portfolio S&P 500 ETF | U.S. stocks | $18.5m | $61.9m | $80.4m | 0.1% | 18 | Jun 30, 2026 |
| 16 | SRLN | State Street Blackstone Senior Loan ETF | Bonds | $0 | $72.3m | $72.3m | 1.2% | 15 | Jun 30, 2026 |
| 17 | THRO | iShares U.S. Thematic Rotation Active ETF | U.S. stocks | $54.7m | $0 | $54.7m | 1.1% | 10 | Jul 31, 2025 |
| 18 | QLTY | GMO U.S. Quality ETF | U.S. stocks | $53.6m | $0 | $53.6m | 2.7% | 6 | Feb 28, 2026 |
| 19 | MOAT | VanEck Morningstar Wide Moat ETF | U.S. stocks | $0 | $52.5m | $52.5m | 0.3% | 13 | Sep 30, 2025 |
| 20 | SPYV | State Street SPDR Portfolio S&P 500 Value ETF | U.S. stocks | $5.7m | $42.7m | $48.4m | 0.2% | 13 | Jun 30, 2026 |
| 21 | XLU | State Street Utilities Select Sector SPDR ETF | Sector stocks | $16.9m | $25.4m | $42.3m | 0.1% | 22 | Sep 30, 2025 |
| 22 | CGMU | Capital Group Municipal Income ETF | Bonds | $41.7m | $0 | $41.7m | 1.9% | 8 | Dec 31, 2025 |
| 23 | MUNI | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | Bonds | $38.4m | $0 | $38.4m | 3.4% | 8 | Jun 30, 2026 |
| 24 | SPMB | State Street SPDR Portfolio Mortgage Backed Bond ETF | Bonds | $0 | $26.9m | $26.9m | 2.5% | 6 | Jun 30, 2026 |
| 25 | SPYX | State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | U.S. stocks | $0 | $26.2m | $26.2m | 3.8% | 10 | Jun 30, 2026 |
| 26 | IAGG | iShares Core International Aggregate Bond ETF | Bonds | $0 | $25.1m | $25.1m | 0.5% | 5 | Oct 31, 2025 |
| 27 | HYMB | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | Bonds | $0 | $24.7m | $24.7m | 3.4% | 10 | Jun 30, 2026 |
| 28 | XLE | State Street Energy Select Sector SPDR ETF | Sector stocks | $24.1m | $0 | $24.1m | 0.1% | 21 | Sep 30, 2025 |
| 29 | SPYD | State Street SPDR Portfolio S&P 500 High Dividend ETF | U.S. stocks | $0 | $24.1m | $24.1m | 0.6% | 13 | Jun 30, 2026 |
| 30 | SPIP | State Street SPDR Portfolio TIPS ETF | Bonds | $23.7m | $0 | $23.7m | 5.5% | 6 | Jun 30, 2026 |
| 31 | TAFI | AB Tax-Aware Short Duration Municipal ETF | Bonds | $16.3m | $6.3m | $22.6m | 4.5% | 7 | Nov 30, 2025 |
| 32 | XLP | State Street Consumer Staples Select Sector SPDR ETF | Sector stocks | $0 | $19.6m | $19.6m | 0.0% | 23 | Sep 30, 2025 |
| 33 | XME | State Street SPDR S&P Metals & Mining ETF | Themes | $0 | $18.1m | $18.1m | 0.2% | 15 | Jun 30, 2026 |
| 34 | XBI | State Street SPDR S&P Biotech ETF | Themes | $0 | $17.0m | $17.0m | 0.0% | 19 | Jun 30, 2026 |
| 35 | SPLB | State Street SPDR Portfolio Long Term Corporate Bond ETF | Bonds | $16.2m | $0 | $16.2m | 0.3% | 7 | Jun 30, 2026 |
| 36 | IBIK | iShares iBonds Oct 2034 Term TIPS ETF | Bonds | $16.1m | $0 | $16.1m | 21.6% | 5 | Oct 31, 2025 |
| 37 | SLYG | State Street SPDR S & P 600 Small Cap Growth ETF | U.S. stocks | $14.0m | $0 | $14.0m | 1.0% | 9 | Jun 30, 2026 |
| 38 | SLYV | State Street SPDR S & P 600 Small Cap Value ETF | U.S. stocks | $13.1m | $0 | $13.1m | 1.3% | 8 | Jun 30, 2026 |
| 39 | BDYN | iShares Dynamic Equity Active ETF | U.S. stocks | $11.4m | $0 | $11.4m | 1.5% | 9 | Apr 30, 2026 |
| 40 | BINC | iShares Flexible Income Active ETF | Bonds | $7.9m | $0 | $7.9m | 0.1% | 10 | Jul 31, 2025 |
| 41 | MLN | VanEck Long Muni ETF | Bonds | $4.4m | $3.5m | $7.9m | 3.6% | 7 | Apr 30, 2026 |
| 42 | HYD | VanEck High Yield Muni ETF | Bonds | $0 | $7.6m | $7.6m | 0.6% | 10 | Apr 30, 2026 |
| 43 | MINO | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | Bonds | $7.2m | $0 | $7.2m | 1.7% | 7 | Jun 30, 2026 |
| 44 | TAFM | AB Tax-Aware Intermediate Municipal ETF | Bonds | $5.0m | $0 | $5.0m | 1.5% | 6 | Nov 30, 2025 |
| 45 | TAFL | AB Tax-Aware Long Municipal ETF | Bonds | $1.2m | $1.2m | $2.4m | 7.7% | 4 | Nov 30, 2025 |
| 46 | SMB | VanEck Short Muni ETF | Bonds | $857k | $0 | $857k | 2.0% | 6 | Apr 30, 2026 |
Pershing by category
The ETFs Pershing 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 | 58.8% | 135 | 15 | $1.9bn | $981m | 0 |
| 2 | International stocks | 4.9% | 126 | 1 | $0 | $240m | 0 |
| 3 | Sector stocks | 1.8% | 77 | 3 | $41.1m | $45.0m | 0 |
| 4 | Bonds | 33.8% | 200 | 25 | $1.1bn | $592m | 0 |
| 5 | Commodities | 0.0% | 6 | 0 | $0 | $0 | 0 |
| 6 | Allocation | 0.0% | 4 | 0 | $0 | $0 | 0 |
| 7 | Income | 0.0% | 19 | 0 | $0 | $0 | 0 |
| 8 | Themes | 0.7% | 57 | 2 | $0 | $35.1m | 0 |
| 9 | Alternatives | 0.0% | 4 | 0 | $0 | $0 | 0 |
Questions people ask
Is Pershing an ETF authorized participant (AP)?
Which ETFs does Pershing create and redeem the most?
How much of an ETF’s AP activity does Pershing handle?
Where do these figures come from?
Method
Pershing LLC is identified by CRD 7560, SEC file number 8-17574, LEI ZI8Q1A8EI8LQFJNM0D94. It is on the SEC’s list of active broker-dealers dated Oct 1, 2026 as PERSHING LLC. Funds filed its name 1 way; 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.
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 Pershing an ETF authorized participant (AP)?
Yes. Pershing LLC is listed as an AP for 628 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026, and created or redeemed shares in 46 of them.
Which ETFs does Pershing create and redeem the most?
By dollars created and redeemed: DYNF, $1.2bn; SPY, $881m; SLQD, $329m; ISCF, $240m; SPBO, $191m.
How much of an ETF’s AP activity does Pershing handle?
Across the 46 funds it was active in, its share of each fund’s AP dollars ran from 0.0% to 65.7%. 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 Pershing’s CRD, SEC file number and LEI, never by the name as typed.
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ETFIQ, Pershing LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/pershing/
ETFIQ. (Sep 23, 2026). Pershing LLC as an ETF authorized participant. Retrieved from https://etfiq.com/trading/authorized-participants/pershing/
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