{"url":"https://etfiq.com/rankings/trading-most-dealers","section":"rankings","title":"ETFs With the Most Authorized Participants | ETFIQ","description":"SPY leads ETFs with the most authorized participants at 26 of 41 (active dealers), as of Oct 22, 2026. 100 funds from ETFIQ\u2019s own published figures.","as_of":"Oct 22, 2026","structured_data":[{"@type":"ItemList","name":"ETFs with the most authorized 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with the most authorized participants","description":"SPY leads ETFs with the most authorized participants at 26 of 41 (active dealers), as of Oct 22, 2026. 100 funds from ETFIQ\u2019s own published figures.","url":"https://etfiq.com/rankings/trading-most-dealers","dateModified":"2026-10-22","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}]},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is an authorized participant?","acceptedAnswer":{"@type":"Answer","text":"A dealer that can create new ETF shares from the holdings or redeem them. Form N-CEN lists each fund\u2019s dealers and which of them were active in the year."}},{"@type":"Question","name":"Which ETF tops this list as of Oct 22, 2026?","acceptedAnswer":{"@type":"Answer","text":"SPY, with 26 active of 41 authorized participants in the year to Dec 31, 2025."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Rankings","item":"https://etfiq.com/rankings/"},{"@type":"ListItem","position":3,"name":"ETFs with the most authorized participants","item":"https://etfiq.com/rankings/trading-most-dealers"}]},{"@type":"WebPage","name":"ETFs With the Most Authorized Participants","description":"SPY leads ETFs with the most authorized participants at 26 of 41 (active dealers), as of Oct 22, 2026. 100 funds from ETFIQ\u2019s own published figures.","url":"https://etfiq.com/rankings/trading-most-dealers","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":16280,"truncated":false,"content":"ETFIQ / Rankings / ETFs with the most authorized participants \n \n As of Oct 22, 2026 . Rebuilt every trading night.\n ETFs with the most authorized participants\n 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.\n 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\u2019s 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\u2019s latest Form N-CEN, for the year to Jul 31, 2025 to Jun 30, 2026. Source: ETFIQ. # Ticker Fund Active dealers Score Tier Cost to trade At $10,000 Full cost to own \u00b7 1 yr Fee Flags Net assets \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 16 SOXX iShares Semiconductor ETF 18 of 36 Not scored No tier Not measured Not measured Not measured 0.33% None $43.5bn \n 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 \n 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 \n 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 \n 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 \n 21 SMH VanEck Semiconductor ETF 17 of 37 Not scored No tier Not measured Not measured Not measured 0.35% None $65.4bn \n 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 \n 23 VXF Vanguard Extended Market ETF 16 of 38 Not scored No tier Not measured Not measured Not measured 0.05% None $30.2bn \n 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 \n 25 BKLN Invesco Senior Loan ETF 16 of 41 Not scored No tier 0.025% $2.50 Not measured 0.65% None $6.0bn \n 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 \n 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 \n 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 \n 29 VGT Vanguard Information Tech ETF 15 of 34 Not scored No tier Not measured Not measured Not measured 0.09% None $154.5bn \n 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 \n 31 IWM iShares Russell 2000 ETF 15 of 36 Not scored No tier Not measured Not measured Not measured 0.19% None $74.2bn \n 32 IWB iShares Russell 1000 ETF 15 of 36 Not scored No tier Not measured Not measured Not measured 0.15% None $48.6bn \n 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 \n 34 VNQ Vanguard Real Estate ETF 15 of 38 Not scored No tier Not measured Not measured Not measured 0.13% None $35.9bn \n 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 \n 36 IBB iShares Biotechnology ETF 15 of 36 Not scored No tier Not measured Not measured Not measured 0.44% None $10.9bn \n 37 ARKK ARK Innovation ETF 15 of 21 Not scored No tier Not measured Not measured Not measured 0.75% None $6.0bn \n 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 \n 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 \n 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 \n 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 \n 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 \n 43 VUG Vanguard Morningstar Growth ETF 14 of 35 Not scored No tier Not measured Not measured Not measured 0.03% None $232.9bn \n 44 QQQM Invesco NASDAQ 100 ETF 14 of 41 Not scored No tier 0.005% $0.50 Not measured 0.15% None $106.8bn \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 51 VTWO Vanguard Russell 2000 ETF 14 of 35 Not scored No tier Not measured Not measured Not measured 0.06% None $16.6bn \n 52 KBWB Invesco KBW Bank ETF 14 of 41 Not scored No tier 0.005% $0.50 Not measured 0.35% None $6.5bn \n 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 \n 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 \n 55 ARKG ARK Genomic Revolution ETF 14 of 21 Not scored No tier Not measured Not measured Not measured 0.75% None $2.0bn \n 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 \n 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 \n 58 PPH VanEck Pharmaceutical ETF 14 of 37 Not scored No tier Not measured Not measured Not measured 0.36% None $1.1bn \n 59 IYZ iShares U.S. Telecommunications ETF 14 of 36 Not scored No tier Not measured Not measured Not measured 0.37% None $947m \n 60 VTV Vanguard Morningstar Value ETF 13 of 35 Not scored No tier Not measured Not measured Not measured 0.03% None $184.2bn \n 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 \n 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 \n 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 \n 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 \n 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 \n 66 CGGR Capital Group Growth ETF 13 of 23 Not scored No tier 0.010% $1.00 Not measured 0.39% None $25.6bn \n 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 \n 68 VHT Vanguard Health Care ETF 13 of 34 Not scored No tier Not measured Not measured Not measured 0.09% None $19.1bn \n 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 \n 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 \n 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 \n 72 VDE Vanguard Energy ETF 13 of 34 Not scored No tier Not measured Not measured Not measured 0.09% None $10.4bn \n 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 \n 74 VDC Vanguard Consumer Staples ETF 13 of 34 Not scored No tier Not measured Not measured Not measured 0.09% None $7.4bn \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 81 OIH VanEck Oil Services ETF 13 of 39 Not scored No tier Not measured Not measured Not measured 0.35% None $1.8bn \n 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 \n 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 \n 84 VIG Vanguard Div Appreciation ETF 12 of 34 Not scored No tier Not measured Not measured Not measured 0.04% None $109.1bn \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n \n Method\n 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 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.\n Questions people ask\n 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\u2019s 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. Where to next\n ETF trading costs and liquidity How the IQ Liquidity Score is built Most liquid ETFs Most liquid small ETFs Low-volume ETFs with deep liquidity ETFs whose full cost to own is far above the fee Widest ETF premiums and discounts, last 30 days ETFs with the most days more than 1% from NAV ETFs with one active authorized participant ETFs with the tightest bid-ask spreads The trading score file Where these figures came from\n 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.\n A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources \n Cite this page. 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 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, 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 APA 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 Markdown [ETFs with the most authorized participants, ranked by active authorized participants, most first (ETFIQ, Oct 22, 2026)](https://etfiq.com/rankings/trading-most-dealers)","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, 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"}