Trading · ranked by net assets, largest first, among funds with one active authorized participant
ETFs with one active authorized participant
As of Oct 22, 2026, 214 ETFs list one active authorized participant; NXUS is the largest. See 100 funds ranked by net assets, largest first, among funds with one active authorized participant. Updated Oct 22, 2026.
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Ask IQ about ETFs with one active authorized participantAnswers 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 | NXUS | Nuveen International Aggregate Bond ETF | 1 of 16 | Not scored | No tier | Not measured | Not measured | Not measured | 0.08% | One dealer | $3.9bn |
| 2 | NUGO | Nuveen Growth Opportunities ETF | 1 of 16 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $2.4bn |
| 3 | EVSD | Eaton Vance Short Duration Income ETF | 1 of 7 | Not scored | No tier | Not measured | Not measured | Not measured | 0.24% | One dealer | $1.3bn |
| 4 | NYM | AB New York Intermediate Municipal ETF | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.27% | One dealer | $1.3bn |
| 5 | TLTD | Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF | 1 of 24 | Not scored | No tier | Not measured | Not measured | Not measured | 0.39% | One dealer | $670m |
| 6 | GXUS | Goldman Sachs MarketBeta Total International Equity ETF | 1 of 20 | Not scored | No tier | Not measured | Not measured | Not measured | 0.18% | One dealer | $613m |
| 7 | RONB | Baron First Principles ETF | 1 of 4 | Not scored | No tier | Not measured | Not measured | Not measured | 1.00% | One dealer | $492m |
| 8 | QVMM | Invesco S&P MidCap 400 QVM Multi-factor ETF | 1 of 41 | Not scored | No tier | 0.12% | $12 | Not measured | 0.15% | One dealer | $414m |
| 9 | DBAW | Xtrackers MSCI All World ex US Hedged Equity ETF | 1 of 24 | Not scored | No tier | Not measured | Not measured | Not measured | 0.40% | One dealer | $337m |
| 10 | CARK | CastleArk Large Growth ETF | 1 of 11 | Not scored | No tier | Not measured | Not measured | Not measured | 0.54% | One dealer | $319m |
| 11 | EMBX | VanEck Emerging Markets Bond ETF | 1 of 6 | Not scored | No tier | Not measured | Not measured | Not measured | 0.65% | One dealer | $289m |
| 12 | EVIM | Eaton Vance Intermediate Municipal Income ETF | 1 of 7 | Not scored | No tier | Not measured | Not measured | Not measured | 0.11% | One dealer | $255m |
| 13 | SDSI | American Century Short Duration Strategic Income ETF | 1 of 14 | Not scored | No tier | Not measured | Not measured | Not measured | 0.32% | One dealer | $218m |
| 14 | QALT | SEI DBi Multi-Strategy Alternative ETF | 1 of 8 | Not scored | No tier | Not measured | Not measured | Not measured | 0.80% | One dealer | $194m |
| 15 | PUSH | PGIM Ultra Short Municipal Bond ETF | 1 of 11 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | One dealer | $189m |
| 16 | EEMX | State Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | 1 of 40 | Not scored | No tier | Not measured | Not measured | Not measured | 0.30% | Price can drift from valueOne dealer | $171m |
| 17 | FMUN | Fidelity Systematic Municipal Bond Index ETF | 1 of 25 | Not scored | No tier | Not measured | Not measured | Not measured | 0.05% | One dealer | $170m |
| 18 | GSEU | Goldman Sachs ActiveBeta Europe Equity ETF | 1 of 20 | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | One dealer | $168m |
| 19 | DIM | WisdomTree International MidCap Dividend Fund | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.58% | One dealer | $162m |
| 20 | SDG | iShares MSCI Global Sustainable Development Goals ETF | 1 of 39 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $160m |
| 21 | TSEC | Touchstone Securitized Income ETF | 1 of 9 | Not scored | No tier | Not measured | Not measured | Not measured | 0.40% | One dealer | $159m |
| 22 | MFEM | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | 1 of 27 | Not scored | No tier | Not measured | Not measured | Not measured | 0.49% | One dealer | $150m |
| 23 | NEMD | Neuberger Emerging Markets Debt Hard Currency ETF | 1 of 13 | Not scored | No tier | Not measured | Not measured | Not measured | 0.60% | One dealer | $138m |
| 24 | PRSD | State Street Short Duration IG Public & Private Credit ETF | 1 of 40 | 69 | Liquid with care | 0.040% | $4.00 | 0.65% | 0.45% | One dealer | $134m |
| 25 | GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 1 of 20 | Not scored | No tier | Not measured | Not measured | Not measured | 0.36% | One dealer | $128m |
| 26 | KEMX | KraneShares MSCI Emerging Markets ex China Index ETF | 1 of 18 | Not scored | No tier | 0.14% | $15 | Not measured | 0.24% | One dealer | $126m |
| 27 | CVY | Invesco Zacks Multi-Asset Income ETF | 1 of 40 | Not scored | No tier | 0.15% | $16 | Not measured | 1.15% | One dealer | $120m |
| 28 | FLLA | Franklin FTSE Latin America ETF | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.19% | One dealer | $119m |
| 29 | FMCX | FM Focus Equity ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.72% | One dealer | $118m |
| 30 | NUHY | Nuveen ESG High Yield Corporate Bond ETF | 1 of 16 | Not scored | No tier | Not measured | Not measured | Not measured | 0.30% | One dealer | $111m |
| 31 | MKTN | Federated Hermes MDT Market Neutral ETF | 1 of 5 | Not scored | No tier | Not measured | Not measured | Not measured | 1.94% | One dealer | $107m |
| 32 | ROAM | Hartford Multifactor Emerging Markets ETF | 1 of 16 | Not scored | No tier | Not measured | Not measured | Not measured | 0.44% | One dealer | $106m |
| 33 | HYSD | Columbia Short Duration High Yield ETF | 1 of 15 | Not scored | No tier | Not measured | Not measured | Not measured | 0.44% | One dealer | $105m |
| 34 | FDCF | Fidelity Disruptive Communications ETF | 1 of 25 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $103m |
| 35 | BBP | Virtus Biotech ETF | 1 of 16 | Not scored | No tier | Not measured | Not measured | Not measured | 0.34% | One dealer | $99m |
| 36 | MJ | Amplify Alternative Harvest ETF | 1 of 1 | Not scored | No tier | 0.36% | $37 | Not measured | 0.75% | One dealer | $98m |
| 37 | GSJY | Goldman Sachs ActiveBeta Japan Equity ETF | 1 of 20 | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | One dealer | $98m |
| 38 | VCOB | Voya Core Bond ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | One dealer | $96m |
| 39 | DIEM | Franklin Emerging Market Core Dividend Tilt Index ETF | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.19% | One dealer | $92m |
| 40 | FLSW | Franklin FTSE Switzerland ETF | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.09% | One dealer | $92m |
| 41 | NUMI | Nuveen Municipal Income ETF | 1 of 17 | Not scored | No tier | Not measured | Not measured | Not measured | 0.30% | One dealer | $83m |
| 42 | XC | WisdomTree True Emerging Markets Fund | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.32% | One dealer | $79m |
| 43 | BBIB | JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF | 1 of 20 | Not scored | No tier | Not measured | Not measured | Not measured | 0.04% | One dealer | $76m |
| 44 | NBFC | Neuberger Flexible Credit Income ETF | 1 of 13 | Not scored | No tier | Not measured | Not measured | Not measured | 0.40% | One dealer | $74m |
| 45 | DVYA | iShares Asia/Pacific Dividend ETF | 1 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.49% | One dealer | $70m |
| 46 | FMCE | FM Compounders Equity ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.71% | One dealer | $68m |
| 47 | BLDG | Cambria Global Real Estate ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.59% | One dealer | $67m |
| 48 | FFEM | Fidelity Fundamental Emerging Markets ETF | 1 of 24 | Not scored | No tier | Not measured | Not measured | Not measured | 0.60% | One dealer | $67m |
| 49 | REGS | Columbia Large Cap Growth ETF | 1 of 15 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | One dealer | $65m |
| 50 | LCF | Touchstone US Large Cap Focused ETF | 1 of 9 | Not scored | No tier | Not measured | Not measured | Not measured | 0.56% | One dealer | $65m |
| 51 | BOTT | Themes Humanoid Robotics ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | One dealer | $63m |
| 52 | DDFN | Innovator Equity Dual Directional 15 Buffer ETF - Nov | 1 of 1 | Not scored | No tier | 0.12% | $12 | Not measured | 0.79% | One dealer | $62m |
| 53 | AHYB | American Century Select High Yield ETF | 1 of 14 | Not scored | No tier | Not measured | Not measured | Not measured | 0.45% | One dealer | $60m |
| 54 | FLAX | Franklin FTSE Asia ex Japan ETF | 1 of 21 | Not scored | No tier | Not measured | Not measured | Not measured | 0.19% | One dealer | $60m |
| 55 | PMIO | PGIM Municipal Income Opportunities ETF | 1 of 11 | Not scored | No tier | Not measured | Not measured | Not measured | 0.25% | One dealer | $60m |
| 56 | LQDB | iShares BBB Rated Corporate Bond ETF | 1 of 36 | Not scored | No tier | Not measured | Not measured | Not measured | 0.15% | One dealer | $58m |
| 57 | ABI | VictoryShares Pioneer Asset-Based Income ETF | 1 of 19 | Not scored | No tier | Not measured | Not measured | Not measured | 0.65% | One dealer | $57m |
| 58 | SRHR | SRH REIT Covered Call ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | One dealer | $54m |
| 59 | FHYS | Federated Hermes Short Duration High Yield ETF | 1 of 5 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $51m |
| 60 | ARCM | Arrow Reserve Capital Management ETF | 1 of 8 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $51m |
| 61 | MEMX | Matthews Emerging Markets ex China Active ETF | 1 of 7 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $50m |
| 62 | DRUP | GraniteShares Nasdaq Select Disruptors ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.60% | One dealer | $50m |
| 63 | MSTI | Madison Short-Term Strategic Income ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.36% | One dealer | $49m |
| 64 | EMSF | Matthews Emerging Markets Sustainable Future Active ETF | 1 of 7 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $48m |
| 65 | HYUP | Xtrackers High Beta High Yield Bond ETF | 1 of 23 | Not scored | No tier | Not measured | Not measured | Not measured | 0.20% | One dealer | $45m |
| 66 | GCAD | Gabelli Commercial Aerospace and Defense ETF | 1 of 6 | Not scored | No tier | Not measured | Not measured | Not measured | 0.10% | One dealer | $44m |
| 67 | KNO | AXS Knowledge Leaders ETF | 1 of 12 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | One dealer | $43m |
| 68 | KGRN | KraneShares MSCI China Clean Technology Index ETF | 1 of 18 | Not scored | No tier | 0.63% | $63 | Not measured | 0.79% | One dealer | $42m |
| 69 | EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 1 of 23 | Not scored | No tier | 0.12% | $12 | Not measured | 0.75% | One dealer | $42m |
| 70 | WAR | U.S. Global Technology and Aerospace & Defense ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.60% | One dealer | $41m |
| 71 | DUSL | Direxion Daily Industrials Bull 3X ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.97% | One dealer | $40m |
| 72 | TAXM | BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 1 of 6 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | One dealer | $39m |
| 73 | DIVS | Guinness Atkinson Dividend Builder ETF | 1 of 6 | Not scored | No tier | Not measured | Not measured | Not measured | 0.45% | One dealer | $38m |
| 74 | NOVZ | TrueShares Structured Outcome (November) ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $37m |
| 75 | GYLD | Arrow Dow Jones Global Yield ETF | 1 of 11 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | One dealer | $37m |
| 76 | TXXI | BondBloxx IR+M Tax-Aware Intermediate Duration ETF | 1 of 6 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | One dealer | $35m |
| 77 | NUSA | Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF | 1 of 16 | Not scored | No tier | Not measured | Not measured | Not measured | 0.14% | One dealer | $35m |
| 78 | CBON | VanEck China Bond ETF | 1 of 39 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $34m |
| 79 | MAYZ | TrueShares Structured Outcome (May) ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $34m |
| 80 | APRZ | TrueShares Structured Outcome (April) ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $33m |
| 81 | BCSM | Baron SMID Cap ETF | 1 of 4 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | One dealer | $33m |
| 82 | DDTN | Innovator Equity Dual Directional 10 Buffer ETF - Nov | 1 of 1 | Not scored | No tier | 0.12% | $12 | Not measured | 0.79% | One dealer | $32m |
| 83 | LDEM | iShares ESG MSCI EM Leaders ETF | 1 of 39 | Not scored | No tier | Not measured | Not measured | Not measured | 0.16% | One dealer | $31m |
| 84 | JUNZ | TrueShares Structured Outcome (June) ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $30m |
| 85 | FDNI | First Trust Dow Jones International Internet ETF | 1 of 23 | Not scored | No tier | 0.20% | $21 | Not measured | 0.65% | One dealer | $29m |
| 86 | CLCG | Crossmark Large Cap Growth ETF | 1 of 2 | Not scored | No tier | Not measured | Not measured | Not measured | 0.50% | One dealer | $28m |
| 87 | URAN | Themes Uranium & Nuclear ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.35% | One dealer | $28m |
| 88 | IVSS | Applied Finance IVS US SMID ETF | 1 of 9 | Not scored | No tier | Not measured | Not measured | Not measured | 0.59% | One dealer | $27m |
| 89 | WDE | Principal Securitized Debt ETF | 1 of 16 | Not scored | No tier | 0.080% | $8.00 | Not measured | 0.19% | One dealer | $27m |
| 90 | FTKI | First Trust Small Cap BuyWrite Income ETF | 1 of 24 | Not scored | No tier | 0.050% | $5.00 | Not measured | 0.86% | One dealer | $25m |
| 91 | MBND | State Street Nuveen Municipal Bond ETF | 1 of 40 | 43 | Thin | 0.23% | $24 | 1.40% | 0.40% | Price can drift from valueOne dealer | $25m |
| 92 | FMNY | First Trust New York Municipal High Income ETF | 1 of 24 | Not scored | No tier | 0.14% | $14 | Not measured | 0.65% | One dealer | $24m |
| 93 | FUSI | American Century Ultrashort Income ETF | 1 of 14 | Not scored | No tier | Not measured | Not measured | Not measured | 0.19% | One dealer | $23m |
| 94 | HDG | ProShares Hedge Replication ETF | 1 of 39 | 51 | Thin | 0.23% | $24 | 1.54% | 0.95% | One dealer | $22m |
| 95 | MUSQ | MUSQ Global Music Industry Index ETF | 1 of 15 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | One dealer | $22m |
| 96 | QSIX | Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF | 1 of 1 | Not scored | No tier | Not measured | Not measured | Not measured | 0.60% | One dealer | $22m |
| 97 | BSJX | Invesco BulletShares 2033 High Yield Corporate Bond ETF | 1 of 28 | Not scored | No tier | 0.040% | $4.00 | Not measured | 0.42% | One dealer | $22m |
| 98 | MFLX | First Trust Flexible Municipal High Income ETF | 1 of 22 | Not scored | No tier | 0.51% | $51 | Not measured | 0.49% | One dealer | $20m |
| 99 | GDOC | Goldman Sachs Future Health Care Equity ETF | 1 of 20 | Not scored | No tier | Not measured | Not measured | Not measured | 0.75% | One dealer | $20m |
| 100 | SCLZ | Swan Enhanced Dividend Income ETF | 1 of 5 | Not scored | No tier | Not measured | Not measured | Not measured | 0.79% | One dealer | $20m |
ETFs with one active authorized participant, ranked by net assets, largest first, among funds with one active authorized participant, 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 Aug 31, 2024 to Jun 30, 2026. Source: ETFIQ.
Method
Every ETF whose latest Form N-CEN names exactly one authorized participant that created or redeemed its shares in the year. Dealers can still make a market in it; one dealer means one firm creates and redeems. 214 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 the most authorized participants100 →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?
NXUS, with 1 active of 16 authorized participants in the year to Dec 31, 2025.
Cite this pageCitation, APA and Markdown
ETFIQ, ETFs with one active authorized participant, ranked by net assets, largest first, among funds with one active authorized participant, data as of Oct 22, 2026. https://etfiq.com/rankings/trading-one-dealer-funds
ETFIQ. (Oct 22, 2026). ETFs with one active authorized participant, ranked by net assets, largest first, among funds with one active authorized participant. Retrieved from https://etfiq.com/rankings/trading-one-dealer-funds
[ETFs with one active authorized participant, ranked by net assets, largest first, among funds with one active authorized participant (ETFIQ, Oct 22, 2026)](https://etfiq.com/rankings/trading-one-dealer-funds)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.