Trading · authorized participant (AP)

RBC Capital Markets, LLC

RBC Capital Markets, LLC was an authorized participant (AP) for 2,561 US ETFs in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026. It created $248.7bn and redeemed $212.0bn of their shares. It was active in 767 of them.

rbccm.com, the firm’s website ↗

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RBC Capital Markets, LLC
#	Ticker	Fund	Category	Created	Redeemed	Created and redeemed ↓	Share of the fund’s AP dollars	Active APs in the fund	Period ending
1	IVV	iShares Core S&P 500 ETF	U.S. stocks	$55.4bn	$54.5bn	$109.9bn	13.6%	25	Mar 31, 2026
2	VOO	Vanguard S&P 500 ETF	U.S. stocks	$33.9bn	$23.1bn	$57.0bn	9.4%	21	Dec 31, 2025
3	SPY	SPDR S&P 500 ETF Trust	U.S. stocks	$10.7bn	$27.4bn	$38.1bn	1.8%	26	Dec 31, 2025
4	DIA	SPDR Dow Jones Industrial Average ETF Trust	U.S. stocks	$16.5bn	$17.4bn	$33.9bn	24.9%	15	Dec 31, 2025
5	IWB	iShares Russell 1000 ETF	U.S. stocks	$3.7bn	$3.2bn	$6.9bn	18.8%	15	Mar 31, 2026
6	VTI	Vanguard Morningstar Total Stock Market ETF	U.S. stocks	$4.3bn	$1.7bn	$6.0bn	7.7%	15	Dec 31, 2025
7	KRE	State Street SPDR S&P Regional Banking ETF	Sector stocks	$3.1bn	$2.8bn	$5.9bn	10.8%	17	Jun 30, 2026
8	RDVY	First Trust Rising Dividend Achievers ETF	U.S. stocks	$3.0bn	$2.8bn	$5.8bn	74.7%	8	Sep 30, 2024
9	IWM	iShares Russell 2000 ETF	U.S. stocks	$2.4bn	$3.4bn	$5.8bn	2.3%	15	Mar 31, 2026
10	IWF	iShares Russell 1000 Growth ETF	U.S. stocks	$2.2bn	$3.4bn	$5.6bn	14.4%	13	Mar 31, 2026
11	MDY	SPDR S&P MidCap 400 ETF Trust	U.S. stocks	$2.1bn	$3.2bn	$5.3bn	16.1%	14	Dec 31, 2025
12	IJH	iShares Core S&P Mid-Cap ETF	U.S. stocks	$2.8bn	$2.3bn	$5.1bn	18.3%	17	Mar 31, 2026
13	SPIB	State Street SPDR Portfolio Intermediate Term Corporate Bond ETF	Bonds	$4.8bn	$0	$4.8bn	9.5%	12	Jun 30, 2026
14	VFLO	VictoryShares Free Cash Flow ETF	U.S. stocks	$2.4bn	$1.9bn	$4.3bn	32.2%	7	Jun 30, 2026
15	TLT	iShares 20+ Year Treasury Bond ETF	Bonds	$1.5bn	$2.4bn	$3.9bn	3.5%	12	Feb 28, 2026
16	SPYM	State Street SPDR Portfolio S&P 500 ETF	U.S. stocks	$2.8bn	$636m	$3.4bn	2.7%	18	Jun 30, 2026
17	XBI	State Street SPDR S&P Biotech ETF	Themes	$1.5bn	$1.7bn	$3.2bn	5.3%	19	Jun 30, 2026
18	XRT	State Street SPDR S&P Retail ETF	Sector stocks	$1.4bn	$1.6bn	$3.0bn	11.7%	19	Jun 30, 2026
19	FDL	First Trust Morningstar ETF	U.S. stocks	$1.6bn	$1.3bn	$2.9bn	68.5%	8	Dec 31, 2025
20	IGV	iShares Expanded Tech-Software Sector ETF	Themes	$653m	$1.9bn	$2.6bn	5.3%	15	Mar 31, 2026
21	QQQM	Invesco NASDAQ 100 ETF	U.S. stocks	$2.3bn	$196m	$2.5bn	7.2%	14	Aug 31, 2025
22	IBB	iShares Biotechnology ETF	Themes	$840m	$1.3bn	$2.2bn	10.5%	15	Mar 31, 2026
23	IWD	iShares Russell 1000 Value ETF	U.S. stocks	$733m	$1.4bn	$2.1bn	6.7%	12	Mar 31, 2026
24	SOXX	iShares Semiconductor ETF	Themes	$878m	$1.2bn	$2.1bn	2.3%	18	Mar 31, 2026
25	XLE	State Street Energy Select Sector SPDR ETF	Sector stocks	$578m	$1.5bn	$2.1bn	4.5%	21	Sep 30, 2025
26	CGDV	Capital Group Dividend Value ETF	U.S. stocks	$1.0bn	$1.0bn	$2.0bn	6.4%	11	May 31, 2026
27	KBWB	Invesco KBW Bank ETF	Sector stocks	$1.3bn	$657m	$2.0bn	24.1%	14	Aug 31, 2025
28	VXF	Vanguard Extended Market ETF	U.S. stocks	$1.0bn	$873m	$1.9bn	6.8%	16	Dec 31, 2025
29	SPMO	Invesco S&P 500 Momentum ETF	U.S. stocks	$1.8bn	$75.5m	$1.8bn	14.7%	11	Aug 31, 2025
30	ARKK	ARK Innovation ETF	Themes	$588m	$1.2bn	$1.8bn	8.4%	15	Jul 31, 2025
31	DYNF	iShares U.S. Equity Factor Rotation Active ETF	U.S. stocks	$1.8bn	$13.1m	$1.8bn	10.2%	10	Jul 31, 2025
32	XSMO	Invesco S&P SmallCap Momentum ETF	U.S. stocks	$963m	$707m	$1.7bn	66.9%	11	Apr 30, 2026
33	VB	Vanguard Morningstar Small-Cap ETF	U.S. stocks	$946m	$683m	$1.6bn	6.6%	14	Dec 31, 2025
34	VUG	Vanguard Morningstar Growth ETF	U.S. stocks	$1.2bn	$383m	$1.6bn	2.0%	14	Dec 31, 2025
35	VTEB	Vanguard Tax-Exempt Bond ETF	Bonds	$1.5bn	$87.1m	$1.5bn	8.1%	10	Oct 31, 2025
36	PULS	PGIM Ultra Short Bond ETF	Bonds	$1.3bn	$204m	$1.5bn	15.9%	7	Aug 31, 2025
37	SMH	VanEck Semiconductor ETF	Themes	$375m	$1.1bn	$1.5bn	2.1%	17	Sep 30, 2025
38	FDN	First Trust Dow Jones Internet Index Fund	Themes	$397m	$1.1bn	$1.5bn	8.0%	12	Dec 31, 2025
39	JQUA	JPMorgan U.S. Quality Factor ETF	U.S. stocks	$1.0bn	$393m	$1.4bn	24.7%	7	Oct 31, 2025
40	XLV	State Street Health Care Select Sector SPDR ETF	Sector stocks	$905m	$471m	$1.4bn	2.3%	23	Sep 30, 2025
41	IYR	iShares U.S. Real Estate ETF	Sector stocks	$493m	$818m	$1.3bn	5.1%	18	Mar 31, 2026
42	TMF	Direxion Daily 20+ Year Treasury Bull 3X ETF	Leverage	$613m	$696m	$1.3bn	17.6%	9	Oct 31, 2025
43	JAVA	JPMorgan Active Value ETF	U.S. stocks	$916m	$393m	$1.3bn	17.2%	7	Jun 30, 2026
44	COWZ	Pacer US Cash Cows 100 ETF	U.S. stocks	$333m	$943m	$1.3bn	11.1%	11	Apr 30, 2026
45	ITOT	iShares Core S&P Total U.S. Stock Market ETF	U.S. stocks	$1.2bn	$30.5m	$1.3bn	8.8%	9	Mar 31, 2026
46	OEF	iShares S&P 100 ETF	U.S. stocks	$777m	$463m	$1.2bn	6.1%	10	Mar 31, 2026
47	FVD	First Trust Value Line Dividend Index Fund	U.S. stocks	$485m	$709m	$1.2bn	33.8%	10	Dec 31, 2025
48	MTUM	iShares MSCI USA Momentum Factor ETF	U.S. stocks	$567m	$596m	$1.2bn	7.2%	13	Jul 31, 2025
49	VNQ	Vanguard Real Estate ETF	Sector stocks	$750m	$404m	$1.2bn	10.8%	15	Jan 31, 2026
50	IYW	iShares U.S. Technology ETF	Sector stocks	$354m	$776m	$1.1bn	7.6%	13	Apr 30, 2026
51	BSVO	EA Bridgeway Omni Small-Cap Value ETF	U.S. stocks	$613m	$515m	$1.1bn	85.0%	6	Jun 30, 2026
52	PAAA	PGIM AAA CLO ETF	Bonds	$1.1bn	$50.0m	$1.1bn	19.9%	8	Aug 31, 2025
53	IWO	iShares Russell 2000 Growth ETF	U.S. stocks	$371m	$714m	$1.1bn	15.2%	11	Mar 31, 2026
54	VO	Vanguard Morningstar Mid-Cap ETF	U.S. stocks	$1.1bn	$21.7m	$1.1bn	2.2%	14	Dec 31, 2025
55	IJR	iShares Core S&P Small-Cap ETF	U.S. stocks	$414m	$660m	$1.1bn	4.0%	15	Mar 31, 2026
56	JGRO	JPMorgan Active Growth ETF	U.S. stocks	$775m	$277m	$1.1bn	18.3%	8	Jun 30, 2026
57	RSP	Invesco S&P 500 Equal Weight ETF	U.S. stocks	$281m	$743m	$1.0bn	1.4%	19	Apr 30, 2026
58	SGOV	iShares 0-3 Month Treasury Bond ETF	Bonds	$955m	$65.4m	$1.0bn	1.5%	8	Feb 28, 2026
59	VGT	Vanguard Information Tech ETF	Sector stocks	$717m	$259m	$977m	3.6%	15	Aug 31, 2025
60	SCHD	Schwab U.S. Dividend Equity ETF	U.S. stocks	$924m	$21.7m	$946m	2.7%	12	Aug 31, 2025
61	FTGS	First Trust Growth Strength ETF	U.S. stocks	$535m	$403m	$938m	48.7%	7	Dec 31, 2025
62	FMDE	Fidelity Enhanced Mid Cap Core ETF	U.S. stocks	$909m	$0	$909m	16.6%	10	Jun 30, 2026
63	XME	State Street SPDR S&P Metals & Mining ETF	Themes	$493m	$414m	$907m	8.3%	15	Jun 30, 2026
64	XLF	State Street Financial Select Sector SPDR ETF	Sector stocks	$547m	$340m	$886m	0.7%	21	Sep 30, 2025
65	TCAF	T. Rowe Price Capital Appreciation Equity ETF	U.S. stocks	$881m	$0	$881m	11.1%	10	Dec 31, 2025
66	IYZ	iShares U.S. Telecommunications ETF	U.S. stocks	$472m	$401m	$872m	17.8%	14	Mar 31, 2026
67	IWS	iShares Russell Mid-Cap Value ETF	U.S. stocks	$253m	$612m	$865m	13.5%	11	Mar 31, 2026
68	XLY	State Street Consumer Discretionary Select Sector SPDR ETF	Sector stocks	$445m	$397m	$841m	2.2%	16	Sep 30, 2025
69	CGGR	Capital Group Growth ETF	U.S. stocks	$420m	$421m	$841m	5.9%	13	May 31, 2026
70	QVAL	Alpha Architect U.S. Quantitative Value ETF	U.S. stocks	$415m	$423m	$838m	93.1%	5	Sep 30, 2024
71	PVAL	Putnam Focused Large Cap Value ETF	U.S. stocks	$836m	$0	$836m	27.1%	9	Aug 31, 2025
72	FELC	Fidelity Enhanced Large Cap Core ETF	U.S. stocks	$808m	$19.2m	$828m	16.5%	9	Jun 30, 2026
73	DGRO	iShares Core Dividend Growth ETF	U.S. stocks	$812m	$0	$812m	7.7%	12	Apr 30, 2026
74	MUB	iShares National Muni Bond ETF	Bonds	$693m	$95.2m	$788m	7.2%	7	Feb 28, 2026
75	XHB	State Street SPDR S&P Homebuilders ETF	Sector stocks	$457m	$305m	$762m	7.1%	15	Jun 30, 2026
76	RECS	Columbia Research Enhanced Core ETF	U.S. stocks	$754m	$0	$754m	18.3%	6	Oct 31, 2025
77	IWR	iShares Russell Mid-Cap ETF	U.S. stocks	$562m	$189m	$751m	6.3%	14	Mar 31, 2026
78	IWP	iShares Russell Mid-Cap Growth ETF	U.S. stocks	$298m	$451m	$749m	6.0%	13	Mar 31, 2026
79	JTEK	JPMorgan U.S. Tech Leaders ETF	U.S. stocks	$719m	$16.7m	$736m	23.1%	8	Jun 30, 2026
80	XLU	State Street Utilities Select Sector SPDR ETF	Sector stocks	$446m	$278m	$724m	2.5%	22	Sep 30, 2025
81	IWN	iShares Russell 2000 Value ETF	U.S. stocks	$202m	$521m	$723m	12.2%	11	Mar 31, 2026
82	VBK	Vanguard Morningstar Small-Cap Growth ETF	U.S. stocks	$338m	$382m	$720m	13.0%	11	Dec 31, 2025
83	SPMD	State Street SPDR Portfolio S&P 400 Mid Cap ETF	U.S. stocks	$626m	$83.1m	$709m	9.7%	14	Jun 30, 2026
84	QMOM	Alpha Architect U.S. Quantitative Momentum ETF	U.S. stocks	$358m	$347m	$706m	91.0%	4	Sep 30, 2024
85	MGK	Vanguard Morningstar Mega Cap Growth ETF	U.S. stocks	$593m	$109m	$702m	6.3%	12	Sep 30, 2025
86	VYM	Vanguard High Dividend Yield ETF	U.S. stocks	$401m	$282m	$683m	4.4%	10	Oct 31, 2025
87	USMV	iShares MSCI USA Min Vol Factor ETF	U.S. stocks	$0	$682m	$682m	4.8%	14	Jul 31, 2025
88	KIE	State Street SPDR S&P Insurance ETF	Sector stocks	$387m	$295m	$681m	13.2%	15	Jun 30, 2026
89	IHI	iShares U.S. Medical Devices ETF	Themes	$175m	$494m	$669m	19.0%	14	Mar 31, 2026
90	FESM	Fidelity Enhanced Small Cap Core ETF	U.S. stocks	$663m	$0	$663m	14.4%	10	Jun 30, 2026
91	CGMM	Capital Group U.S. Small and Mid Cap ETF	U.S. stocks	$613m	$41.7m	$654m	19.4%	14	May 31, 2026
92	BGDV	Bahl & Gaynor Dividend ETF	U.S. stocks	$304m	$339m	$643m	50.9%	7	Dec 31, 2025
93	SCHH	Schwab U.S. REIT ETF	Sector stocks	$533m	$106m	$639m	20.8%	11	Feb 28, 2026
94	FNDX	Schwab Fundamental U.S. Large Company ETF	U.S. stocks	$616m	$22.6m	$639m	9.3%	12	Feb 28, 2026
95	PSI	Invesco Semiconductors ETF	Themes	$344m	$290m	$633m	27.6%	10	Apr 30, 2026
96	BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	Bonds	$362m	$267m	$628m	1.4%	7	Jun 30, 2026
97	XMMO	Invesco S&P MidCap Momentum ETF	U.S. stocks	$575m	$40.8m	$616m	11.2%	13	Apr 30, 2026
98	IUSG	iShares Core S&P U.S. Growth ETF	U.S. stocks	$598m	$0	$598m	7.8%	9	Mar 31, 2026
99	ITB	iShares U.S. Home Construction ETF	Sector stocks	$346m	$248m	$593m	5.2%	15	Mar 31, 2026
100	VTV	Vanguard Morningstar Value ETF	U.S. stocks	$352m	$239m	$591m	1.2%	13	Dec 31, 2025

RBC Capital Markets, LLC as an ETF authorized participant: the 100 funds it created and redeemed most in, of 767, ranked by what it created and redeemed, in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026. Source: ETFIQ from Form N-CEN.

ETFs where RBC Capital Markets was the only active AP

In 1 ETF, RBC Capital Markets, LLC was the one AP that created or redeemed shares in the period.

ETFs where RBC Capital Markets was the only active AP, as of Sep 23, 2026. Source: ETFIQ from Form N-CEN.
#	Ticker	Fund	Created	Redeemed	APs listed	Period ending
1	SAWG	AAM SAWGRASS U.S. LARGE CAP QUALITY GROWTH ETF	$1.7m	$1.1m	1	Oct 31, 2025

RBC Capital Markets by category

The ETFs RBC Capital Markets, LLC serves, by the category each is placed in, with what it created and redeemed in each.

RBC Capital Markets 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
1	U.S. stocks	82.2%	652	371	$202.2bn	$176.4bn	1
2	International stocks	0.1%	443	16	$663m	$0	0
3	Sector stocks	8.0%	179	109	$18.6bn	$18.2bn	0
4	Bonds	4.7%	645	143	$17.4bn	$4.3bn	0
5	Commodities	0.0%	19	0	$0	$0	0
6	Allocation	0.1%	24	7	$142m	$191m	0
7	Buffer	0.1%	141	61	$204m	$73.2m	0
8	Income	0.1%	91	7	$402m	$274m	0
9	Themes	4.3%	214	40	$8.2bn	$11.8bn	0
10	Leverage	0.3%	111	9	$756m	$785m	0
11	Crypto	0.0%	3	0	$0	$0	0
12	Alternatives	0.0%	39	4	$89.0m	$22.2m	0

Questions people ask

Is RBC Capital Markets an ETF authorized participant (AP)?

Yes. RBC Capital Markets, LLC is listed as an AP for 2,561 US ETFs in Form N-CEN periods ending Jul 31, 2024 to Jun 30, 2026, and created or redeemed shares in 767 of them.

Which ETFs does RBC Capital Markets create and redeem the most?

By dollars created and redeemed: IVV, $109.9bn; VOO, $57.0bn; SPY, $38.1bn; DIA, $33.9bn; IWB, $6.9bn.

How much of an ETF’s AP activity does RBC Capital Markets handle?

Across the 767 funds it was active in, its share of each fund’s AP dollars ran from 0.0% to 100.0%. It was the only active AP in 1 ETF.

Is RBC Capital Markets a lead market maker (LMM)?

Yes, for 244 ETFs: 61 on Cboe BZX; 127 on NYSE Arca; 56 on Nasdaq. Lead market maker per Cboe BZX, NYSE Arca and Nasdaq, as of Oct 23, 2026.

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 RBC Capital Markets’s CRD, SEC file number and LEI, never by the name as typed.

Method

RBC Capital Markets, LLC is identified by CRD 31194, SEC file number 8-45411, LEI 549300LCO2FLSSVFFR64. It is on the SEC’s list of active broker-dealers dated Oct 1, 2026 as RBC CAPITAL MARKETS, LLC. Funds filed its name 9 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.