{"url":"https://etfiq.com/trading/authorized-participants/pershing/","section":"trading","title":"Pershing: ETF Authorized Participant (AP) | ETFIQ","description":"Pershing LLC was an authorized participant (AP) for 628 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026. Facts only.","as_of":"Sep 23, 2026","structured_data":[{"@type":"Corporation","name":"Pershing LLC","url":"https://etfiq.com/trading/authorized-participants/pershing/","sameAs":["https://www.bny.com/pershing/us/en.html"],"leiCode":"ZI8Q1A8EI8LQFJNM0D94","identifier":[{"@type":"PropertyValue","propertyID":"FINRA CRD","value":"7560"},{"@type":"PropertyValue","propertyID":"SEC file number","value":"8-17574"}],"description":"BNY's clearing and custody broker-dealer, serving financial advisors, broker-dealers and wealth firms."},{"@type":"ItemList","name":"ETFs Pershing LLC serves as an authorized 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participant","alternateName":["AP","authorised participant"],"description":"A broker-dealer that has an agreement with an ETF to create new shares by delivering a basket of securities or cash to the fund, and to redeem shares by handing them back.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Is Pershing an ETF authorized participant (AP)?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which ETFs does Pershing create and redeem the most?","acceptedAnswer":{"@type":"Answer","text":"By dollars created and redeemed: DYNF, $1.2bn; SPY, $881m; SLQD, $329m; ISCF, $240m; SPBO, $191m."}},{"@type":"Question","name":"How much of an ETF\u2019s AP activity does Pershing handle?","acceptedAnswer":{"@type":"Answer","text":"Across the 46 funds it was active in, its share of each fund\u2019s AP dollars ran from 0.0% to 65.7%. It was the only active AP in 0 ETFs."}},{"@type":"Question","name":"Where do these figures come from?","acceptedAnswer":{"@type":"Answer","text":"From item E.2 of each ETF\u2019s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Pershing\u2019s CRD, SEC file number and LEI, never by the name as typed."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Authorized participants","item":"https://etfiq.com/trading/authorized-participants/"},{"@type":"ListItem","position":3,"name":"Pershing","item":"https://etfiq.com/trading/authorized-participants/pershing/"}]},{"@type":"WebPage","name":"Pershing: ETF Authorized Participant (AP)","description":"Pershing LLC was an authorized participant (AP) for 628 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026. Facts only.","url":"https://etfiq.com/trading/authorized-participants/pershing/","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":9395,"truncated":false,"content":"ETFIQ / Authorized participants / Pershing \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Pershing LLC\n 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.\n bny.com \n Pershing LLC as an ETF authorized participant: all 46 funds it created or redeemed in, ranked by what it created and redeemed, in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026. Source: ETFIQ from Form N-CEN. # Ticker Fund Category Created Redeemed Created and redeemed Share of the fund\u2019s AP dollars Active APs in the fund Period ending \n 1 DYNF iShares U.S. Equity Factor Rotation Active ETF U.S. stocks $1.2bn $0 $1.2bn 7.1% 10 Jul 31, 2025 \n 2 SPY SPDR S&P 500 ETF Trust U.S. stocks $391m $490m $881m 0.0% 26 Dec 31, 2025 \n 3 SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF Bonds $329m $0 $329m 25.7% 7 Oct 31, 2025 \n 4 ISCF iShares International Small-Cap Equity Factor ETF International stocks $0 $240m $240m 65.7% 4 Jul 31, 2025 \n 5 SPBO State Street SPDR Portfolio Corporate Bond ETF Bonds $144m $47.1m $191m 8.3% 9 Jun 30, 2026 \n 6 SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF U.S. stocks $0 $165m $165m 2.3% 14 Jun 30, 2026 \n 7 SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF Bonds $160m $0 $160m 1.6% 11 Jun 30, 2026 \n 8 SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF Bonds $53.8m $101m $155m 0.3% 12 Jun 30, 2026 \n 9 SJNK State Street SPDR Bloomberg Short Term High Yield Bond ETF Bonds $75.7m $61.1m $137m 2.2% 8 Jun 30, 2026 \n 10 TFI State Street SPDR Nuveen ICE Municipal Bond ETF Bonds $13.5m $117m $131m 8.8% 10 Jun 30, 2026 \n 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 \n 12 QLTA iShares Aaa - A Rated Corporate Bond ETF Bonds $73.7m $37.0m $111m 8.6% 7 Oct 31, 2025 \n 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 \n 14 BIL SPDR Bloomberg 1-3 Month T-Bill ETF Bonds $38.5m $61.3m $99.8m 0.2% 7 Jun 30, 2026 \n 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 \n 16 SRLN State Street Blackstone Senior Loan ETF Bonds $0 $72.3m $72.3m 1.2% 15 Jun 30, 2026 \n 17 THRO iShares U.S. Thematic Rotation Active ETF U.S. stocks $54.7m $0 $54.7m 1.1% 10 Jul 31, 2025 \n 18 QLTY GMO U.S. Quality ETF U.S. stocks $53.6m $0 $53.6m 2.7% 6 Feb 28, 2026 \n 19 MOAT VanEck Morningstar Wide Moat ETF U.S. stocks $0 $52.5m $52.5m 0.3% 13 Sep 30, 2025 \n 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 \n 21 XLU State Street Utilities Select Sector SPDR ETF Sector stocks $16.9m $25.4m $42.3m 0.1% 22 Sep 30, 2025 \n 22 CGMU Capital Group Municipal Income ETF Bonds $41.7m $0 $41.7m 1.9% 8 Dec 31, 2025 \n 23 MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund Bonds $38.4m $0 $38.4m 3.4% 8 Jun 30, 2026 \n 24 SPMB State Street SPDR Portfolio Mortgage Backed Bond ETF Bonds $0 $26.9m $26.9m 2.5% 6 Jun 30, 2026 \n 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 \n 26 IAGG iShares Core International Aggregate Bond ETF Bonds $0 $25.1m $25.1m 0.5% 5 Oct 31, 2025 \n 27 HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF Bonds $0 $24.7m $24.7m 3.4% 10 Jun 30, 2026 \n 28 XLE State Street Energy Select Sector SPDR ETF Sector stocks $24.1m $0 $24.1m 0.1% 21 Sep 30, 2025 \n 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 \n 30 SPIP State Street SPDR Portfolio TIPS ETF Bonds $23.7m $0 $23.7m 5.5% 6 Jun 30, 2026 \n 31 TAFI AB Tax-Aware Short Duration Municipal ETF Bonds $16.3m $6.3m $22.6m 4.5% 7 Nov 30, 2025 \n 32 XLP State Street Consumer Staples Select Sector SPDR ETF Sector stocks $0 $19.6m $19.6m 0.0% 23 Sep 30, 2025 \n 33 XME State Street SPDR S&P Metals & Mining ETF Themes $0 $18.1m $18.1m 0.2% 15 Jun 30, 2026 \n 34 XBI State Street SPDR S&P Biotech ETF Themes $0 $17.0m $17.0m 0.0% 19 Jun 30, 2026 \n 35 SPLB State Street SPDR Portfolio Long Term Corporate Bond ETF Bonds $16.2m $0 $16.2m 0.3% 7 Jun 30, 2026 \n 36 IBIK iShares iBonds Oct 2034 Term TIPS ETF Bonds $16.1m $0 $16.1m 21.6% 5 Oct 31, 2025 \n 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 \n 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 \n 39 BDYN iShares Dynamic Equity Active ETF U.S. stocks $11.4m $0 $11.4m 1.5% 9 Apr 30, 2026 \n 40 BINC iShares Flexible Income Active ETF Bonds $7.9m $0 $7.9m 0.1% 10 Jul 31, 2025 \n 41 MLN VanEck Long Muni ETF Bonds $4.4m $3.5m $7.9m 3.6% 7 Apr 30, 2026 \n 42 HYD VanEck High Yield Muni ETF Bonds $0 $7.6m $7.6m 0.6% 10 Apr 30, 2026 \n 43 MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund Bonds $7.2m $0 $7.2m 1.7% 7 Jun 30, 2026 \n 44 TAFM AB Tax-Aware Intermediate Municipal ETF Bonds $5.0m $0 $5.0m 1.5% 6 Nov 30, 2025 \n 45 TAFL AB Tax-Aware Long Municipal ETF Bonds $1.2m $1.2m $2.4m 7.7% 4 Nov 30, 2025 \n 46 SMB VanEck Short Muni ETF Bonds $857k $0 $857k 2.0% 6 Apr 30, 2026 \n \n Pershing by category\n The ETFs Pershing LLC serves, by the category each is placed in, with what it created and redeemed in each.\n Pershing by category, as of Sep 23, 2026. Source: ETFIQ from Form N-CEN. # Category Share of its dollars ETFs served Active in Created Redeemed Only active AP in \n 1 U.S. stocks 58.8% 135 15 $1.9bn $981m 0 \n 2 International stocks 4.9% 126 1 $0 $240m 0 \n 3 Sector stocks 1.8% 77 3 $41.1m $45.0m 0 \n 4 Bonds 33.8% 200 25 $1.1bn $592m 0 \n 5 Commodities 0.0% 6 0 $0 $0 0 \n 6 Allocation 0.0% 4 0 $0 $0 0 \n 7 Income 0.0% 19 0 $0 $0 0 \n 8 Themes 0.7% 57 2 $0 $35.1m 0 \n 9 Alternatives 0.0% 4 0 $0 $0 0 \n \n Questions people ask\n 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\u2019s AP activity does Pershing handle? Across the 46 funds it was active in, its share of each fund\u2019s 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\u2019s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Pershing\u2019s CRD, SEC file number and LEI, never by the name as typed. Method\n Pershing LLC is identified by CRD 7560, SEC file number 8-17574, LEI ZI8Q1A8EI8LQFJNM0D94. It is on the SEC\u2019s 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\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 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\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, Pershing LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/pershing/ 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, Pershing LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/pershing/ APA ETFIQ. (Sep 23, 2026). Pershing LLC as an ETF authorized participant. Retrieved from https://etfiq.com/trading/authorized-participants/pershing/ Markdown [Pershing LLC as an ETF authorized participant (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/pershing/)","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, Pershing LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/pershing/"}