Trading · authorized participant (AP)

Cowen Execution Services LLC

Cowen Execution Services LLC was an authorized participant (AP) for 425 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026. It created $2.0bn and redeemed $1.7bn of their shares. It was active in 21 of them.

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Cowen Execution Services LLC
#	Ticker	Fund	Category	Created	Redeemed	Created and redeemed ↓	Share of the fund’s AP dollars	Active APs in the fund	Period ending
1	SPY	SPDR S&P 500 ETF Trust	U.S. stocks	$101m	$1.0bn	$1.1bn	0.1%	26	Dec 31, 2025
2	BKLN	Invesco Senior Loan ETF	Bonds	$477m	$145m	$622m	5.1%	16	Aug 31, 2025
3	CGGR	Capital Group Growth ETF	U.S. stocks	$216m	$217m	$433m	3.0%	13	May 31, 2026
4	CGHM	Capital Group Municipal High-Income ETF	Bonds	$351m	$0	$351m	14.7%	8	Dec 31, 2025
5	XLP	State Street Consumer Staples Select Sector SPDR ETF	Sector stocks	$108m	$89.1m	$197m	0.4%	23	Sep 30, 2025
6	SRLN	State Street Blackstone Senior Loan ETF	Bonds	$141m	$34.6m	$176m	2.8%	15	Jun 30, 2026
7	SPYM	State Street SPDR Portfolio S&P 500 ETF	U.S. stocks	$140m	$0	$140m	0.1%	18	Jun 30, 2026
8	HYBL	State Street Blackstone High Income ETF	Income	$125m	$0	$125m	33.1%	5	Jun 30, 2026
9	XLV	State Street Health Care Select Sector SPDR ETF	Sector stocks	$115m	$0	$115m	0.2%	23	Sep 30, 2025
10	POWA	Invesco Bloomberg Pricing Power ETF	U.S. stocks	$42.6m	$42.2m	$84.8m	46.6%	5	Aug 31, 2025
11	XLU	State Street Utilities Select Sector SPDR ETF	Sector stocks	$59.3m	$0	$59.3m	0.2%	22	Sep 30, 2025
12	XLK	State Street Technology Select Sector SPDR ETF	Sector stocks	$0	$56.5m	$56.5m	0.1%	18	Sep 30, 2025
13	CGMM	Capital Group U.S. Small and Mid Cap ETF	U.S. stocks	$27.2m	$27.1m	$54.3m	1.6%	14	May 31, 2026
14	XLC	State Street Communication Services Select Sector SPDR ETF	Sector stocks	$41.5m	$0	$41.5m	0.1%	18	Sep 30, 2025
15	XLB	State Street Materials Select Sector SPDR ETF	Sector stocks	$32.3m	$0	$32.3m	0.2%	20	Sep 30, 2025
16	LONZ	PIMCO Senior Loan Active Exchange-Traded Fund	Bonds	$8.1m	$22.2m	$30.3m	5.2%	8	Jun 30, 2026
17	XLF	State Street Financial Select Sector SPDR ETF	Sector stocks	$0	$29.7m	$29.7m	0.0%	21	Sep 30, 2025
18	CGVV	Capital Group U.S. Large Value ETF	U.S. stocks	$6.0m	$6.0m	$11.9m	6.3%	13	May 31, 2026
19	XLRE	State Street Real Estate Select Sector SPDR ETF	Sector stocks	$0	$8.3m	$8.3m	0.1%	18	Sep 30, 2025
20	XLE	State Street Energy Select Sector SPDR ETF	Sector stocks	$4.4m	$0	$4.4m	0.0%	21	Sep 30, 2025
21	CGGG	Capital Group U.S. Large Growth ETF	U.S. stocks	$1.1m	$1.1m	$2.2m	2.2%	10	May 31, 2026

Cowen Execution Services LLC as an ETF authorized participant: all 21 funds it created or redeemed in, ranked by what it created and redeemed, in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026. Source: ETFIQ from Form N-CEN.

Cowen Execution Services by category

The ETFs Cowen Execution Services LLC serves, by the category each is placed in, with what it created and redeemed in each.

Cowen Execution Services by category, as of Sep 23, 2026. Source: ETFIQ from Form N-CEN.
#	Category	Share of its dollars	ETFs served	Active in	Created	Redeemed
1	U.S. stocks	50.1%	98	7	$533m	$1.3bn
2	International stocks	0.0%	52	0	$0	$0
3	Sector stocks	14.7%	46	9	$361m	$184m
4	Bonds	31.8%	172	4	$978m	$202m
5	Commodities	0.0%	4	0	$0	$0
6	Allocation	0.0%	3	0	$0	$0
7	Income	3.4%	13	1	$125m	$0
8	Themes	0.0%	34	0	$0	$0
9	Leverage	0.0%	1	0	$0	$0
10	Alternatives	0.0%	2	0	$0	$0

Questions people ask

Is Cowen Execution Services an ETF authorized participant (AP)?

Yes. Cowen Execution Services LLC is listed as an AP for 425 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026, and created or redeemed shares in 21 of them.

Which ETFs does Cowen Execution Services create and redeem the most?

By dollars created and redeemed: SPY, $1.1bn; BKLN, $622m; CGGR, $433m; CGHM, $351m; XLP, $197m.

How much of an ETF’s AP activity does Cowen Execution Services handle?

Across the 21 funds it was active in, its share of each fund’s AP dollars ran from 0.0% to 46.6%. It was the only active AP in 0 ETFs.

Where do these figures come from?

From item E.2 of each ETF’s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Cowen Execution Services’s CRD, SEC file number and LEI, never by the name as typed.

Method

Cowen Execution Services LLC is identified by CRD 35693, SEC file number 8-46838, LEI 5493005RJDJD18OPUP27. Its SEC file number is not on the SEC’s list of active broker-dealers dated Oct 1, 2026. Funds filed its name 2 ways; every spelling is in dealers.json. Every row is one authorized participant (AP) listed in item E.2 of an ETF’s latest Form N-CEN, with the dollars of the fund’s shares it purchased from the fund (created) and redeemed in the fund’s reporting period, as filed. A fund’s period is its own fiscal year, or less where the filing says so, so a firm’s total adds periods that end on different days. Rows are grouped into firms by the identifiers each row carries: the CRD number first, the SEC file number and LEI where the CRD is missing or typed wrong, never by name. 71 of 75,056 rows carry a CRD their file number and LEI place on another firm, and are counted there.

The rest of the method

A firm’s name is its registration on the SEC’s list of active broker-dealers where it is on it. Spot crypto and commodity trusts and ETNs file no N-CEN and are not here.

How these figures are computed →Standards and sources →

Where to next

Most active APs for U.S. stock ETFs→Most active APs for international stock ETFs→Most active APs for sector stock ETFs→Every ETF authorized participant (AP)→The most active APs→Most active APs for U.S. stock ETFs→Most active APs for international stock ETFs→Most active APs for sector stock ETFs→Most active APs for bond ETFs→ETF lead market makers (LMMs)→How the AP list is built→The open data file→Fund flows→

Where these figures came from

SEC Form N-CEN data sets, the source of every AP row ↗Form N-CEN, item E.2: each authorized participant and its dollars ↗SEC list of active broker-dealers, the source of each firm’s registered name ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A list of firms is not a rating or a recommendation.

Questions people ask

Is Cowen Execution Services an ETF authorized participant (AP)?

Yes. Cowen Execution Services LLC is listed as an AP for 425 US ETFs in Form N-CEN periods ending Jul 31, 2025 to Jun 30, 2026, and created or redeemed shares in 21 of them.

Which ETFs does Cowen Execution Services create and redeem the most?

By dollars created and redeemed: SPY, $1.1bn; BKLN, $622m; CGGR, $433m; CGHM, $351m; XLP, $197m.

How much of an ETF’s AP activity does Cowen Execution Services handle?

Across the 21 funds it was active in, its share of each fund’s AP dollars ran from 0.0% to 46.6%. It was the only active AP in 0 ETFs.

Where do these figures come from?

Cite this pageCitation, APA and Markdown

ETFIQ, Cowen Execution Services LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen-execution-services/

Open data →

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.