{"url":"https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors","section":"rankings","title":"Most Traded ETFs by Retail Investors, an Estimate | ETFIQ","description":"QQQ leads ETFs retail investors trade most, an estimate at 5.83% (retail order share (estimate)), as of Nov 4, 2026. A ranking is not a recommendation.","as_of":"Nov 4, 2026","structured_data":[{"@type":"ItemList","name":"ETFs retail investors trade most, an 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retail investors trade most, an estimate","description":"QQQ leads ETFs retail investors trade most, an estimate at 5.83% (retail order share (estimate)), as of Nov 4, 2026. A ranking is not a recommendation.","url":"https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors","dateModified":"2026-11-04","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":"How does ETFIQ estimate retail trading in an ETF?","acceptedAnswer":{"@type":"Answer","text":"Large retail brokers publish a monthly SEC Rule 605 report of their customers\u2019 market orders, by fund. ETFIQ adds up the order dollars in four of them and ranks each ETF by its share. It is activity, not net buying."}},{"@type":"Question","name":"Which ETF did retail investors trade most in Sep 2026?","acceptedAnswer":{"@type":"Answer","text":"QQQ, with 5.83% of the market-order dollars in the four brokers\u2019 reports, of 100 funds listed."}}]},{"@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 retail investors trade most, an estim...","item":"https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors"}]},{"@type":"WebPage","name":"Most Traded ETFs by Retail Investors, an Estimate","description":"QQQ leads ETFs retail investors trade most, an estimate at 5.83% (retail order share (estimate)), as of Nov 4, 2026. A ranking is not a recommendation.","url":"https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":16321,"truncated":false,"content":"ETFIQ / Rankings / ETFs retail investors trade most, an estim... \n \n As of Nov 4, 2026 . Rebuilt every trading night.\n ETFs retail investors trade most, an estimate\n In Sep 2026, QQQ drew 5.83% of retail market-order dollars, first of 625 ETFs listed. See 100 funds ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first. Updated Nov 4, 2026.\n ETFs retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first, as of Nov 4, 2026. Scores and tiers as of Nov 3, 2026 to Nov 4, 2026. Cost to trade is one way for a $10,000 order, half the issuer\u2019s median spread over the 30 days to Oct 30, 2026 to Nov 3, 2026. Full cost to own is for $10,000 held a year, with the median premium over 12 months to Nov 3, 2026 to Nov 4, 2026. Retail order share is for Sep 2026, from the brokers\u2019 Rule 605 reports. Source: ETFIQ. # Ticker Fund Retail order share (estimate) Score Tier Cost to trade At $10,000 Full cost to own \u00b7 1 yr Fee Flags Net assets \n 1 QQQ Invesco QQQ Trust, Series 1 5.83% Not scored No tier 0.001% $0.07 Not measured 0.18% None $464.6bn \n 2 SPY SPDR S&P 500 ETF Trust 4.23% Not scored No tier Not measured Not measured Not measured 0.09% None $804.8bn \n 3 SGOV iShares 0-3 Month Treasury Bond ETF 3.53% 97 Trades like a giant 0.005% $0.50 0.11% 0.09% None $116.5bn \n 4 TQQQ ProShares UltraPro QQQ 2.93% 96 Trades like a giant 0.008% $0.80 0.84% 0.78% None $33.2bn \n 5 VOO Vanguard S&P 500 ETF 2.57% Not scored No tier 0.002% $0.20 Not measured 0.03% None $1.0tn \n 6 SQQQ ProShares UltraPro Short QQQ 1.54% 94 Trades like a giant 0.015% $1.50 1.02% 0.94% None $1.8bn \n 7 VTI Vanguard Morningstar Total Stock Market ETF 1.33% Not scored No tier 0.003% $0.25 Not measured 0.03% None $689.3bn \n 8 SCHD Schwab U.S. Dividend Equity ETF 1.11% Not scored No tier Not measured Not measured Not measured 0.06% None $112.3bn \n 9 IVV iShares Core S&P 500 ETF 1.00% Not scored No tier Not measured Not measured Not measured 0.03% None $872.0bn \n 10 QID ProShares UltraShort QQQ 1.00% 89 Trades like a giant 0.035% $3.50 1.06% 0.95% None $222m \n 11 GLD SPDR Gold Shares 0.94% Not scored No tier Not measured Not measured Not measured 0.40% None $131.3bn \n 12 IWM iShares Russell 2000 ETF 0.92% Not scored No tier Not measured Not measured Not measured 0.19% None $77.4bn \n 13 BIL SPDR Bloomberg 1-3 Month T-Bill ETF 0.88% 97 Trades like a giant 0.005% $0.55 0.15% 0.14% None $48.4bn \n 14 SMH VanEck Semiconductor ETF 0.71% Not scored No tier Not measured Not measured Not measured 0.35% None $67.3bn \n 15 BND Vanguard Total Bond Market ETF 0.69% Not scored No tier 0.007% $0.70 Not measured 0.03% None $167.4bn \n 16 IBIT iShares Bitcoin Trust ETF 0.63% Not scored No tier Not measured Not measured Not measured 0.25% None $62.6bn \n 17 SOXX iShares Semiconductor ETF 0.63% Not scored No tier Not measured Not measured Not measured 0.33% None $44.3bn \n 18 ETHA iShares Ethereum Trust ETF 0.61% Not scored No tier Not measured Not measured Not measured 0.25% None $6.9bn \n 19 VXUS Vanguard Total International Stock ETF 0.54% Not scored No tier 0.006% $0.61 Not measured 0.05% None $160.6bn \n 20 MUB iShares National Muni Bond ETF 0.54% 93 Trades like a giant 0.005% $0.50 0.21% 0.05% None $54.5bn \n 21 SLV iShares Silver Trust 0.52% Not scored No tier Not measured Not measured Not measured 0.50% Price can drift from value $26.3bn \n 22 TLT iShares 20+ Year Treasury Bond ETF 0.52% 100 Trades like a giant 0.006% $0.62 0.20% 0.15% None $48.3bn \n 23 DRAM Roundhill Memory ETF 0.51% Not scored No tier Not measured Not measured Not measured 0.65% Price can drift from value $17.6bn \n 24 QQQM Invesco NASDAQ 100 ETF 0.51% Not scored No tier 0.005% $0.50 Not measured 0.15% None $106.0bn \n 25 AGG iShares Core U.S. Aggregate Bond ETF 0.47% 89 Trades like a giant 0.005% $0.52 0.07% 0.03% One dealer $139.1bn \n 26 USFR WisdomTree Floating Rate Treasury Fund 0.46% Not scored No tier Not measured Not measured Not measured 0.15% None $18.8bn \n 27 SCHB Schwab U.S. Broad Market ETF 0.45% Not scored No tier Not measured Not measured Not measured 0.03% None $44.6bn \n 28 GDX VanEck Gold Miners ETF 0.43% Not scored No tier Not measured Not measured Not measured 0.51% None $23.9bn \n 29 VGT Vanguard Information Tech ETF 0.41% Not scored No tier 0.004% $0.43 Not measured 0.09% None $145.1bn \n 30 VEA Vanguard FTSE Developed Markets ETF 0.40% Not scored No tier 0.007% $0.72 Not measured 0.03% None $228.8bn \n 31 SCHG Schwab U.S. Large-Cap Growth ETF 0.39% Not scored No tier Not measured Not measured Not measured 0.04% None $63.0bn \n 32 VBIL Vanguard 0-3 Month Treasury Bill ETF 0.38% Not scored No tier 0.007% $0.66 Not measured 0.06% None $14.4bn \n 33 SPYM State Street SPDR Portfolio S&P 500 ETF 0.38% Not scored No tier Not measured Not measured Not measured 0.02% None $181.7bn \n 34 BOXX Alpha Architect 1-3 Month Box ETF 0.38% Not scored No tier Not measured Not measured Not measured 0.19% None $14.4bn \n 35 JEPQ JPMorgan Nasdaq Equity Premium Income ETF 0.37% 97 Trades like a giant 0.009% $0.88 0.40% 0.35% None $42.1bn \n 36 VTV Vanguard Morningstar Value ETF 0.36% Not scored No tier 0.004% $0.45 Not measured 0.03% None $195.9bn \n 37 VUG Vanguard Morningstar Growth ETF 0.36% Not scored No tier 0.006% $0.59 Not measured 0.03% None $221.0bn \n 38 SPDN Direxion Daily S&P 500 Bear 1X ETF 0.35% Not scored No tier Not measured Not measured Not measured 0.48% None $307m \n 39 RSP Invesco S&P 500 Equal Weight ETF 0.34% Not scored No tier 0.002% $0.23 Not measured 0.20% None $101.7bn \n 40 JAAA Janus Henderson AAA CLO ETF 0.34% Not scored No tier 0.010% $1.00 Not measured 0.20% None $32.5bn \n 41 VT Vanguard Total World Stock Index ETF 0.34% Not scored No tier 0.003% $0.32 Not measured 0.06% None $82.8bn \n 42 XLK State Street Technology Select Sector SPDR ETF 0.32% Not scored No tier Not measured Not measured Not measured 0.08% None $117.1bn \n 43 SPXL Direxion Daily S&P 500 Bull 3X ETF 0.31% Not scored No tier Not measured Not measured Not measured 0.84% None $6.6bn \n 44 JEPI JPMorgan Equity Premium Income ETF 0.30% 97 Trades like a giant 0.009% $0.88 0.38% 0.35% None $46.1bn \n 45 XLE State Street Energy Select Sector SPDR ETF 0.30% Not scored No tier Not measured Not measured Not measured 0.08% None $44.1bn \n 46 SCHA Schwab U.S. Small-Cap ETF 0.29% Not scored No tier Not measured Not measured Not measured 0.03% None $22.6bn \n 47 VGIT Vanguard Intermediate-Term Treasury ETF 0.29% Not scored No tier 0.009% $0.90 Not measured 0.03% None $41.1bn \n 48 JPST JPMorgan Ultra-Short Income ETF 0.28% 96 Trades like a giant 0.010% $1.00 0.23% 0.18% None $42.5bn \n 49 SPTL State Street SPDR Portfolio Long Term Treasury ETF 0.27% 90 Trades like a giant 0.020% $2.02 0.10% 0.03% None $11.6bn \n 50 SPMO Invesco S&P 500 Momentum ETF 0.27% Not scored No tier 0.010% $1.00 Not measured 0.13% None $20.9bn \n 51 SCHF Schwab International Equity ETF 0.27% Not scored No tier Not measured Not measured Not measured 0.03% None $69.7bn \n 52 IEMG iShares Core MSCI Emerging Markets ETF 0.24% Not scored No tier Not measured Not measured Not measured 0.09% None $146.2bn \n 53 SCHH Schwab U.S. REIT ETF 0.24% Not scored No tier Not measured Not measured Not measured 0.07% None $11.2bn \n 54 DIA SPDR Dow Jones Industrial Average ETF Trust 0.23% Not scored No tier Not measured Not measured Not measured 0.16% None $44.9bn \n 55 IEF iShares 7-10 Year Treasury Bond ETF 0.23% 97 Trades like a giant 0.005% $0.55 0.18% 0.15% None $44.0bn \n 56 FNDF Schwab Fundamental International Equity ETF 0.22% Not scored No tier Not measured Not measured Not measured 0.25% None $26.2bn \n 57 VCIT Vanguard Intermediate-Term Corporate Bond ETF 0.21% Not scored No tier 0.006% $0.65 Not measured 0.03% None $68.6bn \n 58 IEFA iShares Core MSCI EAFE ETF 0.20% Not scored No tier Not measured Not measured Not measured 0.07% None $189.0bn \n 59 VCSH Vanguard Short-Term Corporate Bond ETF 0.20% Not scored No tier 0.006% $0.65 Not measured 0.03% None $45.9bn \n 60 ICLN iShares Global Clean Energy ETF 0.19% Not scored No tier Not measured Not measured Not measured 0.38% None $2.1bn \n 61 VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares 0.19% Not scored No tier 0.011% $1.05 Not measured 0.03% None $21.2bn \n 62 VWO Vanguard FTSE Emerging Markets ETF 0.19% Not scored No tier 0.009% $0.90 Not measured 0.06% None $117.5bn \n 63 IUSB iShares Core Universal USD Bond ETF 0.19% 89 Trades like a giant 0.011% $1.12 0.11% 0.06% One dealer $50.1bn \n 64 AVUV Avantis U.S. Small Cap Value ETF 0.18% 93 Trades like a giant 0.010% $1.00 0.30% 0.25% None $32.3bn \n 65 VYM Vanguard High Dividend Yield ETF 0.17% Not scored No tier 0.006% $0.60 Not measured 0.04% None $83.3bn \n 66 SH ProShares Short S&P500 0.17% 95 Trades like a giant 0.015% $1.54 0.93% 0.88% None $953m \n 67 SHY iShares 1-3 Year Treasury Bond ETF 0.17% 97 Trades like a giant 0.006% $0.61 0.17% 0.15% None $27.5bn \n 68 VNQ Vanguard Real Estate ETF 0.17% Not scored No tier 0.005% $0.55 Not measured 0.13% None $37.6bn \n 69 XLV State Street Health Care Select Sector SPDR ETF 0.16% Not scored No tier Not measured Not measured Not measured 0.08% None $49.1bn \n 70 EWZ iShares MSCI Brazil ETF 0.16% Not scored No tier Not measured Not measured Not measured 0.59% None $9.4bn \n 71 MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 0.16% Not scored No tier Not measured Not measured Not measured 0.36% None $16.4bn \n 72 MBB iShares MBS ETF 0.16% 91 Trades like a giant 0.005% $0.54 0.11% 0.04% None $35.9bn \n 73 XLU State Street Utilities Select Sector SPDR ETF 0.15% Not scored No tier Not measured Not measured Not measured 0.08% None $24.0bn \n 74 GLDM SPDR Gold MiniShares Trust 0.15% Not scored No tier Not measured Not measured Not measured 0.10% None $29.7bn \n 75 IAU iShares Gold Trust 0.15% Not scored No tier Not measured Not measured Not measured 0.25% None $59.9bn \n 76 SPDW State Street SPDR Portfolio Developed World ex-US ETF 0.15% Not scored No tier Not measured Not measured Not measured 0.03% None $40.8bn \n 77 REET iShares Global REIT ETF 0.15% Not scored No tier Not measured Not measured Not measured 0.14% None $4.9bn \n 78 MTUM iShares MSCI USA Momentum Factor ETF 0.15% Not scored No tier Not measured Not measured Not measured 0.15% None $17.0bn \n 79 IGV iShares Expanded Tech-Software Sector ETF 0.15% Not scored No tier Not measured Not measured Not measured 0.38% None $12.8bn \n 80 XLF State Street Financial Select Sector SPDR ETF 0.15% Not scored No tier Not measured Not measured Not measured 0.08% None $53.8bn \n 81 BNDX Vanguard Total International Bond ETF 0.15% Not scored No tier 0.011% $1.06 Not measured 0.07% None $84.9bn \n 82 VIG Vanguard Div Appreciation ETF 0.14% Not scored No tier 0.004% $0.40 Not measured 0.04% None $115.8bn \n 83 IJR iShares Core S&P Small-Cap ETF 0.14% Not scored No tier Not measured Not measured Not measured 0.06% None $107.7bn \n 84 ITOT iShares Core S&P Total U.S. Stock Market ETF 0.14% Not scored No tier Not measured Not measured Not measured 0.03% None $95.4bn \n 85 FBTC Fidelity Wise Origin Bitcoin Fund 0.14% Not scored No tier Not measured Not measured Not measured 0.25% None $15.5bn \n 86 SCHP Schwab U.S. TIPS ETF 0.13% Not scored No tier Not measured Not measured Not measured 0.03% None $16.5bn \n 87 DFIC Dimensional International Core Equity 2 ETF 0.13% Not scored No tier Not measured Not measured Not measured 0.22% None $14.8bn \n 88 IJH iShares Core S&P Mid-Cap ETF 0.13% Not scored No tier Not measured Not measured Not measured 0.05% None $124.6bn \n 89 SHV iShares 0-1 Year Treasury Bond ETF 0.13% 97 Trades like a giant 0.005% $0.50 0.17% 0.15% None $21.3bn \n 90 BINC iShares Flexible Income Active ETF 0.13% 96 Trades like a giant 0.010% $1.00 0.59% 0.40% None $16.8bn \n 91 SPYG State Street SPDR Portfolio S&P 500 Growth ETF 0.13% Not scored No tier Not measured Not measured Not measured 0.04% None $54.1bn \n 92 GOVT iShares U.S. Treasury Bond ETF 0.12% 88 Trades like a giant 0.025% $2.50 0.13% 0.05% None $43.1bn \n 93 VO Vanguard Morningstar Mid-Cap ETF 0.12% Not scored No tier 0.006% $0.61 Not measured 0.03% None $107.4bn \n 94 ICSH iShares Ultra Short Duration Bond Active ETF 0.12% 97 Trades like a giant 0.010% $1.00 0.12% 0.08% None $8.9bn \n 95 VB Vanguard Morningstar Small-Cap ETF 0.12% Not scored No tier 0.015% $1.55 Not measured 0.03% None $78.7bn \n 96 MAGS Roundhill Magnificent Seven ETF 0.11% Not scored No tier Not measured Not measured Not measured 0.30% None $5.1bn \n 97 VUSB Vanguard Ultra-Short Bond ETF 0.11% Not scored No tier 0.010% $1.01 Not measured 0.10% None $9.9bn \n 98 STIP iShares 0-5 Year TIPS Bond ETF 0.11% 97 Trades like a giant 0.005% $0.50 0.09% 0.03% None $16.8bn \n 99 EEM iShares MSCI Emerging Markets ETF 0.11% Not scored No tier Not measured Not measured Not measured 0.72% None $28.3bn \n 100 XLI State Street Industrial Select Sector SPDR ETF 0.11% Not scored No tier Not measured Not measured Not measured 0.08% None $31.5bn \n \n Method\n An ETFIQ estimate of retail order activity. Robinhood, Schwab, Fidelity and Vanguard each publish a monthly SEC Rule 605 report of their customers\u2019 market and marketable limit orders, by fund. A fund\u2019s share is its order dollars over all ETF order dollars in those reports. It counts buys and sells together, so it shows activity, not net buying. A fund whose order dollars top every dollar it traded that month is left out. 625 of the 4,989 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 number, with no scoring or weighting. Too new and closing funds are left out, as are funds no longer listed.\n Questions people ask\n How does ETFIQ estimate retail trading in an ETF? Large retail brokers publish a monthly SEC Rule 605 report of their customers\u2019 market orders, by fund. ETFIQ adds up the order dollars in four of them and ranks each ETF by its share. It is activity, not net buying. Which ETF did retail investors trade most in Sep 2026? QQQ , with 5.83% of the market-order dollars in the four brokers\u2019 reports, of 100 funds listed. 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 whose price can drift from value ETFs with one active authorized participant The trading score file Sources\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 Links are sources, not endorsements.\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 retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first, data as of Nov 4, 2026. https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ETFs retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first, data as of Nov 4, 2026. https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors APA ETFIQ. (Nov 4, 2026). ETFs retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first. Retrieved from https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors Markdown [ETFs retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first (ETFIQ, Nov 4, 2026)](https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors)","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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ETFs retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers\u2019 Rule 605 reports, largest first, data as of Nov 4, 2026. https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors"}