# Cowen and Company: ETF Authorized Participant (AP)

> 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.

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

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

## Cowen and Company, LLC

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.

tdsecurities.com

| # | Ticker | Fund | Category | Created | Redeemed | Created and redeemed | Share of the fund’s AP dollars | Active APs in the fund | Period ending |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | IVV | iShares Core S&P 500 ETF | U.S. stocks | $1.8bn | $3.0bn | $4.8bn | 0.6% | 25 | Mar 31, 2026 |
| 2 | VOE | Vanguard Morningstar Mid-Cap Value ETF | U.S. stocks | $473m | $469m | $942m | 10.0% | 12 | Dec 31, 2025 |
| 3 | VXF | Vanguard Extended Market ETF | U.S. stocks | $443m | $445m | $888m | 3.1% | 16 | Dec 31, 2025 |
| 4 | VOO | Vanguard S&P 500 ETF | U.S. stocks | $664m | $93.7m | $758m | 0.1% | 21 | Dec 31, 2025 |
| 5 | VGT | Vanguard Information Tech ETF | Sector stocks | $254m | $252m | $506m | 1.9% | 15 | Aug 31, 2025 |
| 6 | IGM | iShares Expanded Tech Sector ETF | Sector stocks | $188m | $194m | $382m | 6.4% | 12 | Mar 31, 2026 |
| 7 | VTV | Vanguard Morningstar Value ETF | U.S. stocks | $169m | $116m | $286m | 0.6% | 13 | Dec 31, 2025 |
| 8 | USMV | iShares MSCI USA Min Vol Factor ETF | U.S. stocks | $36.4m | $63.2m | $99.6m | 0.7% | 14 | Jul 31, 2025 |
| 9 | IVOO | Vanguard S&P Mid-Cap 400 ETF | U.S. stocks | $29.5m | $29.7m | $59.2m | 4.5% | 16 | Aug 31, 2025 |
| 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 |
| 11 | QUAL | iShares MSCI USA Quality Factor ETF | U.S. stocks | $27.2m | $0 | $27.2m | 0.1% | 13 | Jul 31, 2025 |
| 12 | CMF | iShares California Muni Bond ETF | Bonds | $8.7m | $0 | $8.7m | 0.6% | 9 | Feb 28, 2026 |
| 13 | TSLL | Direxion Daily TSLA Bull 2X ETF | Leverage | $0 | $503k | $503k | 0.0% | 11 | Oct 31, 2025 |

### Cowen and Company by category

The ETFs Cowen and Company, 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 | 89.8% | 133 | 9 | $3.7bn | $4.2bn | 0 |
| 2 | International stocks | 0.0% | 135 | 0 | $0 | $0 | 0 |
| 3 | Sector stocks | 10.1% | 51 | 2 | $441m | $447m | 0 |
| 4 | Bonds | 0.1% | 178 | 1 | $8.7m | $0 | 0 |
| 5 | Commodities | 0.0% | 2 | 0 | $0 | $0 | 0 |
| 6 | Allocation | 0.0% | 11 | 0 | $0 | $0 | 0 |
| 7 | Buffer | 0.0% | 4 | 0 | $0 | $0 | 0 |
| 8 | Income | 0.0% | 7 | 0 | $0 | $0 | 0 |
| 9 | Themes | 0.0% | 35 | 0 | $0 | $0 | 0 |
| 10 | Leverage | 0.0% | 1 | 1 | $0 | $503k | 0 |
| 11 | Alternatives | 0.0% | 2 | 0 | $0 | $0 | 0 |

### Questions people ask

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’s AP activity does Cowen and Company handle? Across the 13 funds it was active in, its share of each fund’s 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’s latest Form N-CEN, which names its APs and the dollars each created and redeemed. ETFIQ groups the rows by Cowen and Company’s CRD, SEC file number and LEI, never by the name as typed.

### Method

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’s 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’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

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. 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 and Company, LLC as an ETF authorized participant, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/cowen/
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
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