{"url":"https://etfiq.com/trading/authorized-participants/cowen/","section":"trading","title":"Cowen and Company: ETF Authorized Participant (AP) | ETFIQ","description":"Cowen and Company, LLC was an authorized participant (AP) for 559 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. Facts only.","as_of":"Sep 23, 2026","structured_data":[{"@type":"Corporation","name":"Cowen and Company, LLC","url":"https://etfiq.com/trading/authorized-participants/cowen/","sameAs":["https://www.tdsecurities.com/us/en/our-offices"],"leiCode":"549300WR155U7DVMIW58","identifier":[{"@type":"PropertyValue","propertyID":"FINRA CRD","value":"7616"},{"@type":"PropertyValue","propertyID":"SEC file number","value":"8-22522"}],"description":"A former Cowen broker-dealer; TD acquired Cowen in 2023 and the business now operates as TD Cowen."},{"@type":"ItemList","name":"ETFs Cowen and Company, LLC serves as an authorized participant","numberOfItems":13,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"IVV","url":"https://etfiq.com/funds/ivv"},{"@type":"ListItem","position":2,"name":"VOE","url":"https://etfiq.com/funds/voe"},{"@type":"ListItem","position":3,"name":"VXF","url":"https://etfiq.com/funds/vxf"},{"@type":"ListItem","position":4,"name":"VOO","url":"https://etfiq.com/funds/voo"},{"@type":"ListItem","position":5,"name":"VGT","url":"https://etfiq.com/funds/vgt"},{"@type":"ListItem","position":6,"name":"IGM","url":"https://etfiq.com/funds/igm"},{"@type":"ListItem","position":7,"name":"VTV","url":"https://etfiq.com/funds/vtv"},{"@type":"ListItem","position":8,"name":"USMV","url":"https://etfiq.com/funds/usmv"},{"@type":"ListItem","position":9,"name":"IVOO","url":"https://etfiq.com/funds/ivoo"},{"@type":"ListItem","position":10,"name":"IVOG","url":"https://etfiq.com/funds/ivog"},{"@type":"ListItem","position":11,"name":"QUAL","url":"https://etfiq.com/funds/qual"},{"@type":"ListItem","position":12,"name":"CMF","url":"https://etfiq.com/funds/cmf"},{"@type":"ListItem","position":13,"name":"TSLL","url":"https://etfiq.com/funds/tsll"}]},{"@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 and Company an ETF authorized participant (AP)?","acceptedAnswer":{"@type":"Answer","text":"Yes. Cowen and Company, LLC is listed as an AP for 559 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, and created or redeemed shares in 13 of them."}},{"@type":"Question","name":"Which ETFs does Cowen and Company create and redeem the most?","acceptedAnswer":{"@type":"Answer","text":"By dollars created and redeemed: IVV, $4.8bn; VOE, $942m; VXF, $888m; VOO, $758m; VGT, $506m."}},{"@type":"Question","name":"How much of an ETF\u2019s AP activity does Cowen and Company handle?","acceptedAnswer":{"@type":"Answer","text":"Across the 13 funds it was active in, its share of each fund\u2019s AP dollars ran from 0.0% to 10.0%. 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 and Company\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 and Company","item":"https://etfiq.com/trading/authorized-participants/cowen/"}]},{"@type":"WebPage","name":"Cowen and Company: ETF Authorized Participant (AP)","description":"Cowen and Company, LLC was an authorized participant (AP) for 559 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. Facts only.","url":"https://etfiq.com/trading/authorized-participants/cowen/","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":6173,"truncated":false,"content":"ETFIQ / Authorized participants / Cowen and Company \n \n As of Sep 23, 2026 . From each ETF\u2019s latest Form N-CEN.\n Cowen and Company, LLC\n Cowen and Company, LLC was an authorized participant (AP) for 559 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026. It created $4.1bn and redeemed $4.6bn of their shares. It was active in 13 of them.\n tdsecurities.com \n Cowen and Company, LLC as an ETF authorized participant: all 13 funds it created or redeemed in, ranked by what it created and redeemed, in Form N-CEN periods ending Sep 30, 2024 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 IVV iShares Core S&P 500 ETF U.S. stocks $1.8bn $3.0bn $4.8bn 0.6% 25 Mar 31, 2026 \n 2 VOE Vanguard Morningstar Mid-Cap Value ETF U.S. stocks $473m $469m $942m 10.0% 12 Dec 31, 2025 \n 3 VXF Vanguard Extended Market ETF U.S. stocks $443m $445m $888m 3.1% 16 Dec 31, 2025 \n 4 VOO Vanguard S&P 500 ETF U.S. stocks $664m $93.7m $758m 0.1% 21 Dec 31, 2025 \n 5 VGT Vanguard Information Tech ETF Sector stocks $254m $252m $506m 1.9% 15 Aug 31, 2025 \n 6 IGM iShares Expanded Tech Sector ETF Sector stocks $188m $194m $382m 6.4% 12 Mar 31, 2026 \n 7 VTV Vanguard Morningstar Value ETF U.S. stocks $169m $116m $286m 0.6% 13 Dec 31, 2025 \n 8 USMV iShares MSCI USA Min Vol Factor ETF U.S. stocks $36.4m $63.2m $99.6m 0.7% 14 Jul 31, 2025 \n 9 IVOO Vanguard S&P Mid-Cap 400 ETF U.S. stocks $29.5m $29.7m $59.2m 4.5% 16 Aug 31, 2025 \n 10 IVOG Vanguard S&P Mid-Cap 400 Growth ETF U.S. stocks $18.2m $18.3m $36.5m 8.6% 12 Aug 31, 2025 \n 11 QUAL iShares MSCI USA Quality Factor ETF U.S. stocks $27.2m $0 $27.2m 0.1% 13 Jul 31, 2025 \n 12 CMF iShares California Muni Bond ETF Bonds $8.7m $0 $8.7m 0.6% 9 Feb 28, 2026 \n 13 TSLL Direxion Daily TSLA Bull 2X ETF Leverage $0 $503k $503k 0.0% 11 Oct 31, 2025 \n \n Cowen and Company by category\n The ETFs Cowen and Company, LLC serves, by the category each is placed in, with what it created and redeemed in each.\n Cowen and Company 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 89.8% 133 9 $3.7bn $4.2bn 0 \n 2 International stocks 0.0% 135 0 $0 $0 0 \n 3 Sector stocks 10.1% 51 2 $441m $447m 0 \n 4 Bonds 0.1% 178 1 $8.7m $0 0 \n 5 Commodities 0.0% 2 0 $0 $0 0 \n 6 Allocation 0.0% 11 0 $0 $0 0 \n 7 Buffer 0.0% 4 0 $0 $0 0 \n 8 Income 0.0% 7 0 $0 $0 0 \n 9 Themes 0.0% 35 0 $0 $0 0 \n 10 Leverage 0.0% 1 1 $0 $503k 0 \n 11 Alternatives 0.0% 2 0 $0 $0 0 \n \n Questions people ask\n Is Cowen and Company an ETF authorized participant (AP)? Yes. Cowen and Company, LLC is listed as an AP for 559 US ETFs in Form N-CEN periods ending Sep 30, 2024 to Jun 30, 2026, and created or redeemed shares in 13 of them. Which ETFs does Cowen and Company create and redeem the most? By dollars created and redeemed: IVV, $4.8bn; VOE, $942m; VXF, $888m; VOO, $758m; VGT, $506m. How much of an ETF\u2019s AP activity does Cowen and Company handle? Across the 13 funds it was active in, its share of each fund\u2019s AP dollars ran from 0.0% to 10.0%. 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 and Company\u2019s CRD, SEC file number and LEI, never by the name as typed. Method\n Cowen and Company, LLC is identified by CRD 7616, SEC file number 8-22522, LEI 549300WR155U7DVMIW58. Its SEC file number is not on the SEC\u2019s list of active broker-dealers dated Oct 1, 2026. Funds filed its name 5 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 and Company, LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen/ 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 and Company, LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen/ APA ETFIQ. (Sep 23, 2026). Cowen and Company, LLC as an ETF authorized participant. Retrieved from https://etfiq.com/trading/authorized-participants/cowen/ Markdown [Cowen and Company, LLC as an ETF authorized participant (ETFIQ, Sep 23, 2026)](https://etfiq.com/trading/authorized-participants/cowen/)","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 and Company, LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen/"}