{"url":"https://etfiq.com/rankings/trading-one-dealer-funds","section":"rankings","title":"ETFs With One Authorized Participant | ETFIQ","description":"NXUS leads ETFs with one active authorized participant at 1 of 16 (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 one active authorized 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with one active authorized participant","description":"NXUS leads ETFs with one active authorized participant at 1 of 16 (active dealers), as of Oct 22, 2026. 100 funds from ETFIQ\u2019s own published figures.","url":"https://etfiq.com/rankings/trading-one-dealer-funds","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":"NXUS, with 1 active of 16 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 one active authorized participant","item":"https://etfiq.com/rankings/trading-one-dealer-funds"}]},{"@type":"WebPage","name":"ETFs With One Authorized Participant","description":"NXUS leads ETFs with one active authorized participant at 1 of 16 (active dealers), as of Oct 22, 2026. 100 funds from ETFIQ\u2019s own published figures.","url":"https://etfiq.com/rankings/trading-one-dealer-funds","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":17410,"truncated":false,"content":"ETFIQ / Rankings / ETFs with one active authorized participant \n \n As of Oct 22, 2026 . Rebuilt every trading night.\n ETFs with one active authorized participant\n 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.\n 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\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 Aug 31, 2024 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 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 7 RONB Baron First Principles ETF 1 of 4 Not scored No tier Not measured Not measured Not measured 1.00% One dealer $492m \n 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 \n 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 \n 10 CARK CastleArk Large Growth ETF 1 of 11 Not scored No tier Not measured Not measured Not measured 0.54% One dealer $319m \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 value, One dealer $171m \n 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 \n 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 \n 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 \n 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 \n 21 TSEC Touchstone Securitized Income ETF 1 of 9 Not scored No tier Not measured Not measured Not measured 0.40% One dealer $159m \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 29 FMCX FM Focus Equity ETF 1 of 1 Not scored No tier Not measured Not measured Not measured 0.72% One dealer $118m \n 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 \n 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 \n 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 \n 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 \n 34 FDCF Fidelity Disruptive Communications ETF 1 of 25 Not scored No tier Not measured Not measured Not measured 0.50% One dealer $103m \n 35 BBP Virtus Biotech ETF 1 of 16 Not scored No tier Not measured Not measured Not measured 0.34% One dealer $99m \n 36 MJ Amplify Alternative Harvest ETF 1 of 1 Not scored No tier 0.36% $37 Not measured 0.75% One dealer $98m \n 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 \n 38 VCOB Voya Core Bond ETF 1 of 1 Not scored No tier Not measured Not measured Not measured 0.25% One dealer $96m \n 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 \n 40 FLSW Franklin FTSE Switzerland ETF 1 of 21 Not scored No tier Not measured Not measured Not measured 0.09% One dealer $92m \n 41 NUMI Nuveen Municipal Income ETF 1 of 17 Not scored No tier Not measured Not measured Not measured 0.30% One dealer $83m \n 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 \n 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 \n 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 \n 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 \n 46 FMCE FM Compounders Equity ETF 1 of 1 Not scored No tier Not measured Not measured Not measured 0.71% One dealer $68m \n 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 \n 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 \n 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 \n 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 \n 51 BOTT Themes Humanoid Robotics ETF 1 of 1 Not scored No tier Not measured Not measured Not measured 0.35% One dealer $63m \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 67 KNO AXS Knowledge Leaders ETF 1 of 12 Not scored No tier Not measured Not measured Not measured 0.75% One dealer $43m \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n 78 CBON VanEck China Bond ETF 1 of 39 Not scored No tier Not measured Not measured Not measured 0.50% One dealer $34m \n 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 \n 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 \n 81 BCSM Baron SMID Cap ETF 1 of 4 Not scored No tier Not measured Not measured Not measured 0.75% One dealer $33m \n 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 \n 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 \n 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 \n 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 \n 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 \n 87 URAN Themes Uranium & Nuclear ETF 1 of 1 Not scored No tier Not measured Not measured Not measured 0.35% One dealer $28m \n 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 \n 89 WDE Principal Securitized Debt ETF 1 of 16 Not scored No tier 0.080% $8.00 Not measured 0.19% One dealer $27m \n 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 \n 91 MBND State Street Nuveen Municipal Bond ETF 1 of 40 43 Thin 0.23% $24 1.40% 0.40% Price can drift from value, One dealer $25m \n 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 \n 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 \n 94 HDG ProShares Hedge Replication ETF 1 of 39 51 Thin 0.23% $24 1.54% 0.95% One dealer $22m \n 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 \n 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 \n 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 \n 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 \n 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 \n 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 \n \n Method\n 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 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? NXUS , with 1 active of 16 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 the most authorized participants 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 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 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 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 APA 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 Markdown [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)","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 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"}