# RBC Capital Markets: ETF Authorized Participant (AP)

> 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. 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.

## 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

| # | 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 |

### 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.

| # | 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.

| # | 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. 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

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. 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, RBC Capital Markets, LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/rbc-capital-markets/
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
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