ETF lead market makers (LMMs)
Per NYSE Arca, Cboe BZX and Nasdaq, as of Oct 23, 2026, 16 firms are the lead market maker (LMM) for 4,718 of the 4,805 US ETFs ETFIQ covers. Jane Street Capital, LLC leads the most, 993.
| # | Firm | What it is | LMM for ↓ | NYSE Arca | Cboe BZX | Nasdaq | Also an AP |
|---|---|---|---|---|---|---|---|
| 1 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 993 | 548 | 222 | 223 | AP page |
| 2 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 734 | 484 | 106 | 144 | AP page |
| 3 | Susquehanna Securities, LLC | Market maker | 637 | 274 | 162 | 201 | not listed |
| 4 | GTS Securities LLC | Market maker | 621 | 200 | 309 | 112 | not listed |
| 5 | Citadel Securities LLC | A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. | 535 | 314 | 106 | 115 | AP page |
| 6 | Old Mission Capital LLC | Market maker | 277 | 56 | 160 | 61 | not listed |
| 7 | RBC Capital Markets, LLC | The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. | 244 | 127 | 61 | 56 | AP page |
| 8 | IMC-Chicago, LLC | Market maker | 167 | 50 | 34 | 83 | not listed |
| 9 | Wolverine Trading, LLC | Market maker | 162 | 29 | 131 | 2 | not listed |
| 10 | Latour Trading LLC | Market maker | 157 | 94 | 34 | 29 | not listed |
| 11 | Flow Traders U.S. LLC | Market maker | 149 | 79 | 41 | 29 | not listed |
| 12 | Pundion | Market maker | 16 | 16 | 0 | 0 | not listed |
| 13 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 12 | 9 | 0 | 3 | AP page |
| 14 | HRT | Market maker | 6 | 6 | 0 | 0 | not listed |
| 15 | SG Americas Securities, LLC | The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. | 4 | 2 | 1 | 1 | AP page |
| 16 | DV Equities | Market maker | 4 | 1 | 0 | 3 | not listed |
Each exchange’s list
Each list covers only that exchange’s own program, so a fund on no list may still have an LMM.
| # | Exchange | Its name for the role | Covered ETFs on it | Not covered by ETFIQ | As of | Credit |
|---|---|---|---|---|---|---|
| 1 | NYSE Arca | Lead Market Maker (LMM) | 2,289 | 440 | Oct 23, 2026 | Lead market maker per NYSE Arca, as of Oct 23, 2026 |
| 2 | Cboe BZX | Lead Market Maker (LMM) | 1,367 | 309 | Oct 23, 2026 | Lead market maker per Cboe BZX, as of Oct 23, 2026 |
| 3 | Nasdaq | Designated Liquidity Provider (DLP), Nasdaq’s name for the role | 1,062 | 224 | Oct 23, 2026 | Lead market maker per Nasdaq, as of Oct 23, 2026 |
Questions people ask
What is a lead market maker (LMM)?
Who is the largest ETF lead market maker?
What is the difference between an AP and an LMM?
Does every ETF have an LMM on these lists?
Method
Each row is one ETF on one listing exchange’s own list of the market makers it assigns: NYSE Arca’s list of its listed ETPs and their lead market makers, Cboe BZX’s LMM Securities list and Nasdaq’s ETF definitions, where the role is called Designated Liquidity Provider (a Market Quality Supporter is not counted).
The rest of the method
ETFIQ reads each list once a week as ETFIQ, credits it to its exchange beside every figure, and keeps only the ETFs it covers. A firm is joined to its authorized participant page only where its name is, letter for letter, a broker-dealer’s registered name on the SEC’s list and that registration is the AP firm’s. An exchange that refuses the read shows as not published, with the day.
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
What is a lead market maker (LMM)?
A lead market maker (LMM) is the market maker a listing exchange assigns to an ETF to keep a bid and an ask on the exchange through the day, under the exchange’s quoting rules. Nasdaq calls the role a Designated Liquidity Provider.
Who is the largest ETF lead market maker?
By the ETFs each leads, per NYSE Arca, Cboe BZX and Nasdaq: Jane Street Capital, LLC, 993; Virtu Americas LLC, 734; Susquehanna Securities, LLC, 637; GTS Securities LLC, 621; Citadel Securities LLC, 535.
What is the difference between an AP and an LMM?
An authorized participant (AP) creates and redeems shares with the fund. A lead market maker (LMM) quotes the ETF on its listing exchange. One firm can be both for the same fund.
Does every ETF have an LMM on these lists?
No. 4,718 of 4,805 covered ETFs are on a list. Each exchange publishes only its own program.
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ETFIQ, ETF lead market makers (LMMs), data as of Oct 23, 2026. https://etfiq.com/trading/lead-market-makers/
ETFIQ. (Oct 23, 2026). ETF lead market makers (LMMs). Retrieved from https://etfiq.com/trading/lead-market-makers/
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