# Cowen Execution Services: ETF AP

> 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.

Data as of Sep 23, 2026. Rebuilt every trading night.

As of Sep 23, 2026 . From each ETF’s latest Form N-CEN.

## 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.

| # | 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 by category

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

| # | Category | Share of its dollars | ETFs served | Active in | Created | Redeemed | Only active AP in |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | U.S. stocks | 50.1% | 98 | 7 | $533m | $1.3bn | 0 |
| 2 | International stocks | 0.0% | 52 | 0 | $0 | $0 | 0 |
| 3 | Sector stocks | 14.7% | 46 | 9 | $361m | $184m | 0 |
| 4 | Bonds | 31.8% | 172 | 4 | $978m | $202m | 0 |
| 5 | Commodities | 0.0% | 4 | 0 | $0 | $0 | 0 |
| 6 | Allocation | 0.0% | 3 | 0 | $0 | $0 | 0 |
| 7 | Income | 3.4% | 13 | 1 | $125m | $0 | 0 |
| 8 | Themes | 0.0% | 34 | 0 | $0 | $0 | 0 |
| 9 | Leverage | 0.0% | 1 | 0 | $0 | $0 | 0 |
| 10 | Alternatives | 0.0% | 2 | 0 | $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. 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.

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### Where these figures came from

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A list of firms is not a rating or a recommendation. 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, Cowen Execution Services LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen-execution-services/
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