# Most Traded ETFs by Retail Investors, an Estimate

> 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.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026 . Rebuilt every trading night.

## ETFs retail investors trade most, an estimate

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’ Rule 605 reports, largest first. Updated Nov 4, 2026.

| # | Ticker | Fund | Retail order share (estimate) | Score | Tier | Cost to trade | At $10,000 | Full cost to own · 1 yr | Fee | Flags | Net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | QQQ | Invesco QQQ Trust, Series 1 | 5.83% | Not scored | No tier | 0.001% | $0.07 | Not measured | 0.18% | None | $464.6bn |
| 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 |
| 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 |
| 4 | TQQQ | ProShares UltraPro QQQ | 2.93% | 96 | Trades like a giant | 0.008% | $0.80 | 0.84% | 0.78% | None | $33.2bn |
| 5 | VOO | Vanguard S&P 500 ETF | 2.57% | Not scored | No tier | 0.002% | $0.20 | Not measured | 0.03% | None | $1.0tn |
| 6 | SQQQ | ProShares UltraPro Short QQQ | 1.54% | 94 | Trades like a giant | 0.015% | $1.50 | 1.02% | 0.94% | None | $1.8bn |
| 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 |
| 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 |
| 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 |
| 10 | QID | ProShares UltraShort QQQ | 1.00% | 89 | Trades like a giant | 0.035% | $3.50 | 1.06% | 0.95% | None | $222m |
| 11 | GLD | SPDR Gold Shares | 0.94% | Not scored | No tier | Not measured | Not measured | Not measured | 0.40% | None | $131.3bn |
| 12 | IWM | iShares Russell 2000 ETF | 0.92% | Not scored | No tier | Not measured | Not measured | Not measured | 0.19% | None | $77.4bn |
| 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 |
| 14 | SMH | VanEck Semiconductor ETF | 0.71% | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | None | $67.3bn |
| 15 | BND | Vanguard Total Bond Market ETF | 0.69% | Not scored | No tier | 0.007% | $0.70 | Not measured | 0.03% | None | $167.4bn |
| 16 | IBIT | iShares Bitcoin Trust ETF | 0.63% | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $62.6bn |
| 17 | SOXX | iShares Semiconductor ETF | 0.63% | Not scored | No tier | Not measured | Not measured | Not measured | 0.33% | None | $44.3bn |
| 18 | ETHA | iShares Ethereum Trust ETF | 0.61% | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $6.9bn |
| 19 | VXUS | Vanguard Total International Stock ETF | 0.54% | Not scored | No tier | 0.006% | $0.61 | Not measured | 0.05% | None | $160.6bn |
| 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 |
| 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 |
| 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 |
| 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 |
| 24 | QQQM | Invesco NASDAQ 100 ETF | 0.51% | Not scored | No tier | 0.005% | $0.50 | Not measured | 0.15% | None | $106.0bn |
| 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 |
| 26 | USFR | WisdomTree Floating Rate Treasury Fund | 0.46% | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | None | $18.8bn |
| 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 |
| 28 | GDX | VanEck Gold Miners ETF | 0.43% | Not scored | No tier | Not measured | Not measured | Not measured | 0.51% | None | $23.9bn |
| 29 | VGT | Vanguard Information Tech ETF | 0.41% | Not scored | No tier | 0.004% | $0.43 | Not measured | 0.09% | None | $145.1bn |
| 30 | VEA | Vanguard FTSE Developed Markets ETF | 0.40% | Not scored | No tier | 0.007% | $0.72 | Not measured | 0.03% | None | $228.8bn |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 36 | VTV | Vanguard Morningstar Value ETF | 0.36% | Not scored | No tier | 0.004% | $0.45 | Not measured | 0.03% | None | $195.9bn |
| 37 | VUG | Vanguard Morningstar Growth ETF | 0.36% | Not scored | No tier | 0.006% | $0.59 | Not measured | 0.03% | None | $221.0bn |
| 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 |
| 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 |
| 40 | JAAA | Janus Henderson AAA CLO ETF | 0.34% | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.20% | None | $32.5bn |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 47 | VGIT | Vanguard Intermediate-Term Treasury ETF | 0.29% | Not scored | No tier | 0.009% | $0.90 | Not measured | 0.03% | None | $41.1bn |
| 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 |
| 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 |
| 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 |
| 51 | SCHF | Schwab International Equity ETF | 0.27% | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $69.7bn |
| 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 |
| 53 | SCHH | Schwab U.S. REIT ETF | 0.24% | Not scored | No tier | Not measured | Not measured | Not measured | 0.07% | None | $11.2bn |
| 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 |
| 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 |
| 56 | FNDF | Schwab Fundamental International Equity ETF | 0.22% | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $26.2bn |
| 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 |
| 58 | IEFA | iShares Core MSCI EAFE ETF | 0.20% | Not scored | No tier | Not measured | Not measured | Not measured | 0.07% | None | $189.0bn |
| 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 |
| 60 | ICLN | iShares Global Clean Energy ETF | 0.19% | Not scored | No tier | Not measured | Not measured | Not measured | 0.38% | None | $2.1bn |
| 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 |
| 62 | VWO | Vanguard FTSE Emerging Markets ETF | 0.19% | Not scored | No tier | 0.009% | $0.90 | Not measured | 0.06% | None | $117.5bn |
| 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 |
| 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 |
| 65 | VYM | Vanguard High Dividend Yield ETF | 0.17% | Not scored | No tier | 0.006% | $0.60 | Not measured | 0.04% | None | $83.3bn |
| 66 | SH | ProShares Short S&P500 | 0.17% | 95 | Trades like a giant | 0.015% | $1.54 | 0.93% | 0.88% | None | $953m |
| 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 |
| 68 | VNQ | Vanguard Real Estate ETF | 0.17% | Not scored | No tier | 0.005% | $0.55 | Not measured | 0.13% | None | $37.6bn |
| 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 |
| 70 | EWZ | iShares MSCI Brazil ETF | 0.16% | Not scored | No tier | Not measured | Not measured | Not measured | 0.59% | None | $9.4bn |
| 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 |
| 72 | MBB | iShares MBS ETF | 0.16% | 91 | Trades like a giant | 0.005% | $0.54 | 0.11% | 0.04% | None | $35.9bn |
| 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 |
| 74 | GLDM | SPDR Gold MiniShares Trust | 0.15% | Not scored | No tier | Not measured | Not measured | Not measured | 0.10% | None | $29.7bn |
| 75 | IAU | iShares Gold Trust | 0.15% | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $59.9bn |
| 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 |
| 77 | REET | iShares Global REIT ETF | 0.15% | Not scored | No tier | Not measured | Not measured | Not measured | 0.14% | None | $4.9bn |
| 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 |
| 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 |
| 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 |
| 81 | BNDX | Vanguard Total International Bond ETF | 0.15% | Not scored | No tier | 0.011% | $1.06 | Not measured | 0.07% | None | $84.9bn |
| 82 | VIG | Vanguard Div Appreciation ETF | 0.14% | Not scored | No tier | 0.004% | $0.40 | Not measured | 0.04% | None | $115.8bn |
| 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 |
| 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 |
| 85 | FBTC | Fidelity Wise Origin Bitcoin Fund | 0.14% | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | None | $15.5bn |
| 86 | SCHP | Schwab U.S. TIPS ETF | 0.13% | Not scored | No tier | Not measured | Not measured | Not measured | 0.03% | None | $16.5bn |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 93 | VO | Vanguard Morningstar Mid-Cap ETF | 0.12% | Not scored | No tier | 0.006% | $0.61 | Not measured | 0.03% | None | $107.4bn |
| 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 |
| 95 | VB | Vanguard Morningstar Small-Cap ETF | 0.12% | Not scored | No tier | 0.015% | $1.55 | Not measured | 0.03% | None | $78.7bn |
| 96 | MAGS | Roundhill Magnificent Seven ETF | 0.11% | Not scored | No tier | Not measured | Not measured | Not measured | 0.30% | None | $5.1bn |
| 97 | VUSB | Vanguard Ultra-Short Bond ETF | 0.11% | Not scored | No tier | 0.010% | $1.01 | Not measured | 0.10% | None | $9.9bn |
| 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 |
| 99 | EEM | iShares MSCI Emerging Markets ETF | 0.11% | Not scored | No tier | Not measured | Not measured | Not measured | 0.72% | None | $28.3bn |
| 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 |

### Method

An ETFIQ estimate of retail order activity. Robinhood, Schwab, Fidelity and Vanguard each publish a monthly SEC Rule 605 report of their customers’ market and marketable limit orders, by fund. A fund’s 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.

### Questions people ask

How does ETFIQ estimate retail trading in an ETF? Large retail brokers publish a monthly SEC Rule 605 report of their customers’ 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’ reports, of 100 funds listed.

### Where to next

### Sources

Links are sources, not endorsements.

A ranking is not a recommendation or an opinion. 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, ETFs retail investors trade most, an estimate, ranked by share of the market-order dollars in four large retail brokers’ Rule 605 reports, largest first, data as of Nov 4, 2026. https://etfiq.com/rankings/trading-most-traded-etfs-by-retail-investors
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
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