Trading · ranked by active authorized participants, most first
ETFs with the most authorized participants
As of Oct 22, 2026, SPY lists 26 active authorized participants. See 100 funds ranked by active authorized participants, most first. Updated Oct 22, 2026.
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Ask IQ about ETFs with the most authorized participantsAnswers cite the figures on this page.
| # | Ticker | Fund | Active dealers ↓ | Score | Tier | Cost to trade | At $10,000 | Full cost to own · 1 yr | Fee | Flags | Net assets |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SPY | SPDR S&P 500 ETF Trust | 26 of 41 | Not scored | No tier | Not measured | Not measured | Not measured | 0.09% | None | $810.5bn |
| 2 | IVV | iShares Core S&P 500 ETF | 25 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $878.4bn |
| 3 | XLV | State Street Health Care Select Sector SPDR ETF | 23 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $47.7bn |
| 4 | XLI | State Street Industrial Select Sector SPDR ETF | 23 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $30.7bn |
| 5 | XLP | State Street Consumer Staples Select Sector SPDR ETF | 23 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $15.1bn |
| 6 | XLU | State Street Utilities Select Sector SPDR ETF | 22 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $24.0bn |
| 7 | VOO | Vanguard S&P 500 ETF | 21 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $1.0tn |
| 8 | XLF | State Street Financial Select Sector SPDR ETF | 21 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $52.6bn |
| 9 | XLE | State Street Energy Select Sector SPDR ETF | 21 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $44.8bn |
| 10 | XLB | State Street Materials Select Sector SPDR ETF | 20 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $8.0bn |
| 11 | RSP | Invesco S&P 500 Equal Weight ETF | 19 of 40 | Not scored | No tier | 0.000% | $0.00 | Not measured | 0.20% | None | $100.1bn |
| 12 | XBI | State Street SPDR S&P Biotech ETF | 19 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $10.5bn |
| 13 | XRT | State Street SPDR S&P Retail ETF | 19 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $405m |
| 14 | SPYM | State Street SPDR Portfolio S&P 500 ETF | 18 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.02% | None | $182.5bn |
| 15 | XLK | State Street Technology Select Sector SPDR ETF | 18 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $120.1bn |
| 16 | SOXX | iShares Semiconductor ETF | 18 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.33% | None | $43.5bn |
| 17 | XLC | State Street Communication Services Select Sector SPDR ETF | 18 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $23.0bn |
| 18 | XLRE | State Street Real Estate Select Sector SPDR ETF | 18 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $8.0bn |
| 19 | IYR | iShares U.S. Real Estate ETF | 18 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $3.9bn |
| 20 | IJH | iShares Core S&P Mid-Cap ETF | 17 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | None | $122.0bn |
| 21 | SMH | VanEck Semiconductor ETF | 17 of 37 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $65.4bn |
| 22 | KRE | State Street SPDR S&P Regional Banking ETF | 17 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $4.3bn |
| 23 | VXF | Vanguard Extended Market ETF | 16 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | None | $30.2bn |
| 24 | XLY | State Street Consumer Discretionary Select Sector SPDR ETF | 16 of 44 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $22.0bn |
| 25 | BKLN | Invesco Senior Loan ETF | 16 of 41 | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.65% | None | $6.0bn |
| 26 | XOP | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 16 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $4.2bn |
| 27 | IVOO | Vanguard S&P Mid-Cap 400 ETF | 16 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.07% | None | $3.7bn |
| 28 | VTI | Vanguard Morningstar Total Stock Market ETF | 15 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $689.2bn |
| 29 | VGT | Vanguard Information Tech ETF | 15 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.09% | None | $154.5bn |
| 30 | IJR | iShares Core S&P Small-Cap ETF | 15 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.06% | None | $103.8bn |
| 31 | IWM | iShares Russell 2000 ETF | 15 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.19% | None | $74.2bn |
| 32 | IWB | iShares Russell 1000 ETF | 15 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | None | $48.6bn |
| 33 | DIA | SPDR Dow Jones Industrial Average ETF Trust | 15 of 41 | Not scored | No tier | Not measured | Not measured | Not measured | 0.16% | None | $45.7bn |
| 34 | VNQ | Vanguard Real Estate ETF | 15 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.13% | None | $35.9bn |
| 35 | IGV | iShares Expanded Tech-Software Sector ETF | 15 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.38% | None | $14.4bn |
| 36 | IBB | iShares Biotechnology ETF | 15 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.44% | None | $10.9bn |
| 37 | ARKK | ARK Innovation ETF | 15 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | None | $6.0bn |
| 38 | SRLN | State Street Blackstone Senior Loan ETF | 15 of 40 | 87 | Trades like a giant | 0.010% | $1.00 | 0.81% | 0.70% | None | $5.3bn |
| 39 | XME | State Street SPDR S&P Metals & Mining ETF | 15 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $3.6bn |
| 40 | ITB | iShares U.S. Home Construction ETF | 15 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $2.4bn |
| 41 | XHB | State Street SPDR S&P Homebuilders ETF | 15 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $1.4bn |
| 42 | KIE | State Street SPDR S&P Insurance ETF | 15 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $502m |
| 43 | VUG | Vanguard Morningstar Growth ETF | 14 of 35 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $232.9bn |
| 44 | QQQM | Invesco NASDAQ 100 ETF | 14 of 41 | Not scored | No tier | 0.005% | $0.50 | Not measured | 0.15% | None | $106.8bn |
| 45 | VO | Vanguard Morningstar Mid-Cap ETF | 14 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $103.4bn |
| 46 | VB | Vanguard Morningstar Small-Cap ETF | 14 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $76.9bn |
| 47 | IWR | iShares Russell Mid-Cap ETF | 14 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.18% | None | $57.2bn |
| 48 | MDY | SPDR S&P MidCap 400 ETF Trust | 14 of 30 | Not scored | No tier | Not measured | Not measured | Not measured | 0.23% | None | $25.7bn |
| 49 | USMV | iShares MSCI USA Min Vol Factor ETF | 14 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | None | $24.3bn |
| 50 | SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | 14 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $18.4bn |
| 51 | VTWO | Vanguard Russell 2000 ETF | 14 of 35 | Not scored | No tier | Not measured | Not measured | Not measured | 0.06% | None | $16.6bn |
| 52 | KBWB | Invesco KBW Bank ETF | 14 of 41 | Not scored | No tier | 0.005% | $0.50 | Not measured | 0.35% | None | $6.5bn |
| 53 | IHI | iShares U.S. Medical Devices ETF | 14 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $3.6bn |
| 54 | CGMM | Capital Group U.S. Small and Mid Cap ETF | 14 of 23 | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.51% | None | $3.6bn |
| 55 | ARKG | ARK Genomic Revolution ETF | 14 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | None | $2.0bn |
| 56 | RWR | State Street SPDR Dow Jones REIT ETF | 14 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $1.8bn |
| 57 | KBE | State Street SPDR S&P Bank ETF | 14 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $1.4bn |
| 58 | PPH | VanEck Pharmaceutical ETF | 14 of 37 | Not scored | No tier | Not measured | Not measured | Not measured | 0.36% | None | $1.1bn |
| 59 | IYZ | iShares U.S. Telecommunications ETF | 14 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $947m |
| 60 | VTV | Vanguard Morningstar Value ETF | 13 of 35 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $184.2bn |
| 61 | IWF | iShares Russell 1000 Growth ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.18% | None | $122.6bn |
| 62 | IVE | iShares S&P 500 Value ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.18% | None | $50.7bn |
| 63 | QUAL | iShares MSCI USA Quality Factor ETF | 13 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | None | $48.7bn |
| 64 | SPYV | State Street SPDR Portfolio S&P 500 Value ETF | 13 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.04% | None | $38.8bn |
| 65 | VBR | Vanguard Morningstar Small-Cap Value ETF | 13 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | None | $35.1bn |
| 66 | CGGR | Capital Group Growth ETF | 13 of 23 | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.39% | None | $25.6bn |
| 67 | IYW | iShares U.S. Technology ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $24.2bn |
| 68 | VHT | Vanguard Health Care ETF | 13 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.09% | None | $19.1bn |
| 69 | IWP | iShares Russell Mid-Cap Growth ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.23% | None | $18.7bn |
| 70 | MTUM | iShares MSCI USA Momentum Factor ETF | 13 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | None | $18.1bn |
| 71 | MOAT | VanEck Morningstar Wide Moat ETF | 13 of 37 | Not scored | No tier | Not measured | Not measured | Not measured | 0.46% | None | $11.9bn |
| 72 | VDE | Vanguard Energy ETF | 13 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.09% | None | $10.4bn |
| 73 | SPYD | State Street SPDR Portfolio S&P 500 High Dividend ETF | 13 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.07% | None | $7.6bn |
| 74 | VDC | Vanguard Consumer Staples ETF | 13 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.09% | None | $7.4bn |
| 75 | SPLV | Invesco S&P 500 Low Volatility ETF | 13 of 41 | Not scored | No tier | 0.005% | $0.50 | Not measured | 0.25% | None | $7.4bn |
| 76 | XMMO | Invesco S&P MidCap Momentum ETF | 13 of 40 | Not scored | No tier | 0.030% | $3.00 | Not measured | 0.34% | None | $6.6bn |
| 77 | IYH | iShares U.S. Healthcare ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $4.5bn |
| 78 | VIOO | Vanguard S&P Small-Cap 600 ETF | 13 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.07% | None | $4.0bn |
| 79 | SPGP | Invesco S&P 500 GARP ETF | 13 of 40 | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.34% | None | $2.1bn |
| 80 | IYT | iShares U.S. Transportation ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $2.0bn |
| 81 | OIH | VanEck Oil Services ETF | 13 of 39 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $1.8bn |
| 82 | IHF | iShares U.S. Healthcare Providers ETF | 13 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.37% | None | $1.4bn |
| 83 | CGVV | Capital Group U.S. Large Value ETF | 13 of 23 | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.33% | None | $154m |
| 84 | VIG | Vanguard Div Appreciation ETF | 12 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.04% | None | $109.1bn |
| 85 | SCHD | Schwab U.S. Dividend Equity ETF | 12 of 28 | Not scored | No tier | Not measured | Not measured | Not measured | 0.06% | None | $94.9bn |
| 86 | IWD | iShares Russell 1000 Value ETF | 12 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.18% | None | $84.8bn |
| 87 | IVW | iShares S&P 500 Growth ETF | 12 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.18% | None | $75.8bn |
| 88 | SCHX | Schwab U.S. Large-Cap ETF | 12 of 28 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $72.6bn |
| 89 | SPYG | State Street SPDR Portfolio S&P 500 Growth ETF | 12 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.04% | None | $55.0bn |
| 90 | TLT | iShares 20+ Year Treasury Bond ETF | 12 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | None | $48.2bn |
| 91 | VONG | Vanguard Russell 1000 Growth ETF | 12 of 35 | Not scored | No tier | Not measured | Not measured | Not measured | 0.06% | None | $47.1bn |
| 92 | DGRO | iShares Core Dividend Growth ETF | 12 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | None | $44.8bn |
| 93 | MGK | Vanguard Morningstar Mega Cap Growth ETF | 12 of 34 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | None | $34.9bn |
| 94 | FNDX | Schwab Fundamental U.S. Large Company ETF | 12 of 30 | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $25.5bn |
| 95 | VOE | Vanguard Morningstar Mid-Cap Value ETF | 12 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | None | $22.8bn |
| 96 | VOT | Vanguard Morningstar Mid-Cap Growth ETF | 12 of 38 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | None | $19.2bn |
| 97 | SPHQ | Invesco S&P 500 Quality ETF | 12 of 40 | Not scored | No tier | 0.005% | $0.50 | Not measured | 0.15% | None | $18.7bn |
| 98 | SCHM | Schwab U.S. Mid-Cap ETF | 12 of 28 | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $14.6bn |
| 99 | BAI | iShares A.I. Innovation and Tech Active ETF | 12 of 37 | Not scored | No tier | Not measured | Not measured | Not measured | 0.55% | None | $12.5bn |
| 100 | CGUS | Capital Group Core Equity ETF | 12 of 23 | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.33% | None | $12.1bn |
ETFs with the most authorized participants, ranked by active authorized participants, most first, as of Oct 22, 2026. Scores and tiers as of Oct 22, 2026. Cost to trade is one way for a $10,000 order, half the issuer’s median spread over the 30 days to Oct 22, 2026. Full cost to own is for $10,000 held a year, with the median premium over 12 months to Oct 22, 2026. Dealers are from each fund’s latest Form N-CEN, for the year to Jul 31, 2025 to Jun 30, 2026. Source: ETFIQ.
Method
Every ETF with five or more authorized participants that created or redeemed its shares in the year of its latest Form N-CEN. A tie is broken by net assets. 1,717 of the 4,708 ETFs that may be listed qualify tonight, and the first 100 are shown.
The rest of the method
The IQ Liquidity Score measures trading conditions, not the fund, and no list here is a recommendation. The list sorts one published figure, with no scoring or weighting. Too new and closing funds are left out, as are funds no longer listed.
Where to next
ETF trading costs and liquidity→How the IQ Liquidity Score is built→Most liquid ETFs100 →Most liquid small ETFs53 →Low-volume ETFs with deep liquidity6 →ETFs whose full cost to own is far above the fee8 →Widest ETF premiums and discounts, last 30 days100 →ETFs with the most days more than 1% from NAV100 →ETFs with one active authorized participant100 →ETFs with the tightest bid-ask spreads100 →The trading score file→
Where these figures came from
Rule 6c-11, what every ETF must publish daily: its spread, premium and holdings ↗SEC EDGAR, full-text search of fund filings ↗SEC Form N-PORT, what a fund filed it holds ↗Rule 19a-1, what a distribution notice must say ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement. A ranking is not a recommendation or an opinion.
Questions people ask
What is an authorized participant?
A dealer that can create new ETF shares from the holdings or redeem them. Form N-CEN lists each fund’s dealers and which of them were active in the year.
Which ETF tops this list as of Oct 22, 2026?
SPY, with 26 active of 41 authorized participants in the year to Dec 31, 2025.
Cite this pageCitation, APA and Markdown
ETFIQ, ETFs with the most authorized participants, ranked by active authorized participants, most first, data as of Oct 22, 2026. https://etfiq.com/rankings/trading-most-dealers
ETFIQ. (Oct 22, 2026). ETFs with the most authorized participants, ranked by active authorized participants, most first. Retrieved from https://etfiq.com/rankings/trading-most-dealers
[ETFs with the most authorized participants, ranked by active authorized participants, most first (ETFIQ, Oct 22, 2026)](https://etfiq.com/rankings/trading-most-dealers)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.