{"url":"https://etfiq.com/trading/authorized-participants/cowen-execution-services/","section":"trading","title":"Cowen Execution Services: ETF AP | ETFIQ","description":"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. Facts only.","as_of":"Sep 23, 2026","structured_data":[{"@type":"Corporation","name":"Cowen Execution Services LLC","url":"https://etfiq.com/trading/authorized-participants/cowen-execution-services/","leiCode":"5493005RJDJD18OPUP27","identifier":[{"@type":"PropertyValue","propertyID":"FINRA CRD","value":"35693"},{"@type":"PropertyValue","propertyID":"SEC file number","value":"8-46838"}]},{"@type":"ItemList","name":"ETFs Cowen Execution Services LLC serves as an authorized participant","numberOfItems":21,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"SPY","url":"https://etfiq.com/funds/spy"},{"@type":"ListItem","position":2,"name":"BKLN","url":"https://etfiq.com/funds/bkln"},{"@type":"ListItem","position":3,"name":"CGGR","url":"https://etfiq.com/funds/cggr"},{"@type":"ListItem","position":4,"name":"CGHM","url":"https://etfiq.com/funds/cghm"},{"@type":"ListItem","position":5,"name":"XLP","url":"https://etfiq.com/funds/xlp"},{"@type":"ListItem","position":6,"name":"SRLN","url":"https://etfiq.com/funds/srln"},{"@type":"ListItem","position":7,"name":"SPYM","url":"https://etfiq.com/funds/spym"},{"@type":"ListItem","position":8,"name":"HYBL","url":"https://etfiq.com/funds/hybl"},{"@type":"ListItem","position":9,"name":"XLV","url":"https://etfiq.com/funds/xlv"},{"@type":"ListItem","position":10,"name":"POWA","url":"https://etfiq.com/funds/powa"},{"@type":"ListItem","position":11,"name":"XLU","url":"https://etfiq.com/funds/xlu"},{"@type":"ListItem","position":12,"name":"XLK","url":"https://etfiq.com/funds/xlk"},{"@type":"ListItem","position":13,"name":"CGMM","url":"https://etfiq.com/funds/cgmm"},{"@type":"ListItem","position":14,"name":"XLC","url":"https://etfiq.com/funds/xlc"},{"@type":"ListItem","position":15,"name":"XLB","url":"https://etfiq.com/funds/xlb"},{"@type":"ListItem","position":16,"name":"LONZ","url":"https://etfiq.com/funds/lonz"},{"@type":"ListItem","position":17,"name":"XLF","url":"https://etfiq.com/funds/xlf"},{"@type":"ListItem","position":18,"name":"CGVV","url":"https://etfiq.com/funds/cgvv"},{"@type":"ListItem","position":19,"name":"XLRE","url":"https://etfiq.com/funds/xlre"},{"@type":"ListItem","position":20,"name":"XLE","url":"https://etfiq.com/funds/xle"},{"@type":"ListItem","position":21,"name":"CGGG","url":"https://etfiq.com/funds/cggg"}]},{"@type":"DefinedTerm","name":"authorized participant","alternateName":["AP","authorised participant"],"description":"A broker-dealer that has an agreement with an ETF to create new shares by delivering a basket of securities or cash to the fund, and to redeem shares by handing them back.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Is Cowen Execution Services an ETF authorized participant (AP)?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which ETFs does Cowen Execution Services create and redeem the most?","acceptedAnswer":{"@type":"Answer","text":"By dollars created and redeemed: SPY, $1.1bn; BKLN, $622m; CGGR, $433m; CGHM, $351m; XLP, $197m."}},{"@type":"Question","name":"How much of an ETF\u2019s AP activity does Cowen Execution Services handle?","acceptedAnswer":{"@type":"Answer","text":"Across the 21 funds it was active in, its share of each fund\u2019s AP dollars ran from 0.0% to 46.6%. It was the only active AP in 0 ETFs."}},{"@type":"Question","name":"Where do these figures come from?","acceptedAnswer":{"@type":"Answer","text":"From item E.2 of each ETF\u2019s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Cowen Execution Services\u2019s CRD, SEC file number and LEI, never by the name as typed."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Authorized participants","item":"https://etfiq.com/trading/authorized-participants/"},{"@type":"ListItem","position":3,"name":"Cowen Execution Services","item":"https://etfiq.com/trading/authorized-participants/cowen-execution-services/"}]},{"@type":"WebPage","name":"Cowen Execution Services: ETF AP","description":"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. Facts only.","url":"https://etfiq.com/trading/authorized-participants/cowen-execution-services/","dateModified":"2026-09-23","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":7231,"truncated":false,"content":"ETFIQ / Authorized participants / Cowen Execution Services \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Cowen Execution Services LLC\n 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.\n 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. # Ticker Fund Category Created Redeemed Created and redeemed Share of the fund\u2019s AP dollars Active APs in the fund Period ending \n 1 SPY SPDR S&P 500 ETF Trust U.S. stocks $101m $1.0bn $1.1bn 0.1% 26 Dec 31, 2025 \n 2 BKLN Invesco Senior Loan ETF Bonds $477m $145m $622m 5.1% 16 Aug 31, 2025 \n 3 CGGR Capital Group Growth ETF U.S. stocks $216m $217m $433m 3.0% 13 May 31, 2026 \n 4 CGHM Capital Group Municipal High-Income ETF Bonds $351m $0 $351m 14.7% 8 Dec 31, 2025 \n 5 XLP State Street Consumer Staples Select Sector SPDR ETF Sector stocks $108m $89.1m $197m 0.4% 23 Sep 30, 2025 \n 6 SRLN State Street Blackstone Senior Loan ETF Bonds $141m $34.6m $176m 2.8% 15 Jun 30, 2026 \n 7 SPYM State Street SPDR Portfolio S&P 500 ETF U.S. stocks $140m $0 $140m 0.1% 18 Jun 30, 2026 \n 8 HYBL State Street Blackstone High Income ETF Income $125m $0 $125m 33.1% 5 Jun 30, 2026 \n 9 XLV State Street Health Care Select Sector SPDR ETF Sector stocks $115m $0 $115m 0.2% 23 Sep 30, 2025 \n 10 POWA Invesco Bloomberg Pricing Power ETF U.S. stocks $42.6m $42.2m $84.8m 46.6% 5 Aug 31, 2025 \n 11 XLU State Street Utilities Select Sector SPDR ETF Sector stocks $59.3m $0 $59.3m 0.2% 22 Sep 30, 2025 \n 12 XLK State Street Technology Select Sector SPDR ETF Sector stocks $0 $56.5m $56.5m 0.1% 18 Sep 30, 2025 \n 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 \n 14 XLC State Street Communication Services Select Sector SPDR ETF Sector stocks $41.5m $0 $41.5m 0.1% 18 Sep 30, 2025 \n 15 XLB State Street Materials Select Sector SPDR ETF Sector stocks $32.3m $0 $32.3m 0.2% 20 Sep 30, 2025 \n 16 LONZ PIMCO Senior Loan Active Exchange-Traded Fund Bonds $8.1m $22.2m $30.3m 5.2% 8 Jun 30, 2026 \n 17 XLF State Street Financial Select Sector SPDR ETF Sector stocks $0 $29.7m $29.7m 0.0% 21 Sep 30, 2025 \n 18 CGVV Capital Group U.S. Large Value ETF U.S. stocks $6.0m $6.0m $11.9m 6.3% 13 May 31, 2026 \n 19 XLRE State Street Real Estate Select Sector SPDR ETF Sector stocks $0 $8.3m $8.3m 0.1% 18 Sep 30, 2025 \n 20 XLE State Street Energy Select Sector SPDR ETF Sector stocks $4.4m $0 $4.4m 0.0% 21 Sep 30, 2025 \n 21 CGGG Capital Group U.S. Large Growth ETF U.S. stocks $1.1m $1.1m $2.2m 2.2% 10 May 31, 2026 \n \n Cowen Execution Services by category\n The ETFs Cowen Execution Services LLC serves, by the category each is placed in, with what it created and redeemed in each.\n 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 Only active AP in \n 1 U.S. stocks 50.1% 98 7 $533m $1.3bn 0 \n 2 International stocks 0.0% 52 0 $0 $0 0 \n 3 Sector stocks 14.7% 46 9 $361m $184m 0 \n 4 Bonds 31.8% 172 4 $978m $202m 0 \n 5 Commodities 0.0% 4 0 $0 $0 0 \n 6 Allocation 0.0% 3 0 $0 $0 0 \n 7 Income 3.4% 13 1 $125m $0 0 \n 8 Themes 0.0% 34 0 $0 $0 0 \n 9 Leverage 0.0% 1 0 $0 $0 0 \n 10 Alternatives 0.0% 2 0 $0 $0 0 \n \n Questions people ask\n 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\u2019s AP activity does Cowen Execution Services handle? Across the 21 funds it was active in, its share of each fund\u2019s 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\u2019s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Cowen Execution Services\u2019s CRD, SEC file number and LEI, never by the name as typed. Method\n 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\u2019s 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\u2019s latest Form N-CEN, with the dollars of the fund\u2019s shares it purchased from the fund (created) and redeemed in the fund\u2019s reporting period, as filed. A fund\u2019s period is its own fiscal year, or less where the filing says so, so a firm\u2019s 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. A firm\u2019s name is its registration on the SEC\u2019s 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.\n Where to next\n 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\n 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\u2019s registered name ETFIQ links to the documents behind every figure; a link is not an endorsement.\n A list of firms is not a rating or a recommendation. ETFIQ is an independent publisher, not an adviser. Standards and sources \n Cite this page. 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/ 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, Cowen Execution Services LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen-execution-services/ APA ETFIQ. (Sep 23, 2026). Cowen Execution Services LLC as an ETF authorized participant. Retrieved from https://etfiq.com/trading/authorized-participants/cowen-execution-services/ Markdown [Cowen Execution Services LLC as an ETF authorized participant (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/cowen-execution-services/)","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, Cowen Execution Services LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen-execution-services/"}