• Exchange Traded Fund (ETF)

    This learning content will familiarize you with the features and functionality of NSCC's Exchange Traded Fund (ETF) process. Getting Started About ETF covers the basics about NSCC's ETF service. ETF Processing explains the PCF creation/submission process. The ETF Portfolio Portal and ETF Historical sections provide detailed walkthroughs of tasks performed using the ETF Portfolio...
  • ETF Types

    The table below provides details about the types of ETFs in existence as of this writing. ETF Type Notes Index Most common type. Attempts to replicate the performance of a market index, for example, the S&P 500. Daily leveraged or inverse ETFs. Use replication, representative sampling, aggressive sampling. Commodity Invests in commodities...
  • ETF Timeline

    The following tables depict the ETF timeline from T-1 through T+2 (Settlement Day): T-1 Sequence Role Responsibility on T-1 1 Fund Manager/Issuer/Sponsor The fund manager or the issuer sends a portfolio listing file (PLF) to the index receipt agent. 2 Index Receipt Agent (ETF Agent) Sends NSCC a portfolio composition file for each...
  • ETF and CNS Processing Facts

    Facts About Exchange Traded Funds (ETF) ETFs trade on an exchange as an equity NSCC’s ETF process automates the creation and redemption of ETF securities NSCC reports, clears and settles ETFs and its underlining securities through its creation/redemption process ETF processing also includes a nightly distribution of domestic, foreign and fixed income portfolio information Participants...
  • Who Can Use The Service

    Any full service NSCC Member that has entered into an Authorized Participant agreement with an ETF Agent and Distributor/Sponsor to become an Authorized Participant can use NSCC’s ETF processing service. While, in some instances, an ETF sponsor may allow a non-clearing firm to become an Authorized Participant, any firm executing a transaction in an ETF through NSCC must either be an NSCC...
  • How The Service Works

    On the day before Trade Date (T-1), Members can view the details of an ETF portfolio composition either through a web-based application or in a data file. The data file also identifies the cash amount in each portfolio and other relevant information. On Trade Date (T), Members can place a creation/redemption order through the Distributor. The Distributor will deliver the order to the ETF...
  • Related Products & Services

    For information about products and services related to Exchange Traded Funds, visit the Universal Trade Capture (UTC) section of this Learning Center.
  • Are All U.S. Exchange-listed ETFs Available On NSCC's ETF PCF?

    Virtually every U.S. listed ETF’s portfolio are on the files including the converted HOLDRs product to an ETF structure. Exchange Traded Notes and ETFs that are backed by physical commodities, such as GLD and SLV are unavailable because there isn’t a port folio to distribute.
  • Are Sample Test Files Available For The Enhanced ETF Output File?

    Yes. Here and in the ETF Documentation section we provide both a specification document and a text file showing canned test output of the new Enhanced File Layout – 02261256 via the following links:  02261256 Enhanced Consolidated Portfolio Composition Output File Layout  Single Consolidated PCF Test Data
  • ETF Benefits

    NSCC’s ETF process provides the following efficiencies and risk controls around the creation and redemption of ETFs: Provides Members with the ability to select only the portfolios they need for next day’s trading through a web based on-line view. Through this mechanism, Members may down load the portfolio details to an excel spread sheet format. In addition, Members may continue to...
  • Customer Support Options

    To contact DTCC's customer service center: 1-888-382-2721. For international calls: +1-212-855-8099.  Question Type Select Option ETF application testing and assistance 6-7-3 ETF Production assistance 6-7-1 File delivery issue 5-1 Password reset assistance 1-3
  • How Are Cash Amounts Calculated?

    All the cash amounts are submitted to NSCC by the ETF Agents and NSCC redistributes the information to its subscribers. We cannot validate the Issuer, Sponsor or the Agents calculation. However, Key Definitions beyond what is available in our file formats is included in this document. Should you need additional information as to a particular calculation please contact the ETF Agent or Issuer...
  • Does The PCF Contain The ETF Trading Symbol Or The IPV (Intraday Portfolio Value) Symbol?

    The Portfolio Composition File (PCF) contains the ETF Trading Symbol.
  • ETF Basics

    Are ETFs Regulated? ETFs are regulated by the SEC and were granted exemptive relief under the following acts: The Securities and Exchange Act of 1934 Enables broker/dealers and others to bid and offer shares in the secondary market. The Investment Company Act of 1940 Enables shares to trade on an exchange at prices other than the net asset value (NAV). Enables ETF shares to be...
  • Who Do I Call For Information About NSCC's ETF Process?

    For more information regarding NSCC’s ETF process, please contact Relationship Management at 800-422-0582 or the Customer Support Center Hotline at 888-382-2721.
  • How Are Newly Launched ETF Portfolios Signified On The PCF?

    When a new ETF is added to the PCF file you will see a new Portfolio Header (Type 2) that introduces the portfolio. There may be instances where a sponsor and ETF agent provide the portfolio before it has begun trading. When new components are added to an ETF's portfolio in the PCF file, the Component Record (Type 3) New Security Indicator field will contain an "N."
  • Why Do Some SEDOL/ISIN Fields On Foreign PCF Contain Zeros Or Incorrect Data?

    The ETF agent may submit either the ISIN or SEDOL number. In most instances ETF agents will provide both. If one of the values is not submitted for a component we generate a zero for that component. If the component does not have a registered ISIN or SEDOL number the agent and product sponsor may provide a “dummy” value. NSCC only validates components that are registered as a U.S. security...
  • Which Files Show Newly Launched ETFs?

    This is a decision made by the product sponsor and the ETF Agent. Generally, if the basket components are ineligible to clear through DTC they will be noted as an "F" in the Foreign and Domestic Field in the Portfolio Composition File. In the case of ETFs that contain corporate, municipal, mortgage-backed and U.S. Government fixed income securities, they will be almost always on the Portfolio...
  • What Does A Header Record Zero Signify For An ETF Fund?

    When NSCC does not receive a component based PCF from the Index Receipt Agent, we use the previous day's PCF and zero out the fund values. All the porfolio header records are zero. The only portfolio header records that are not zero are the CUSIP number and number of components. For Domestic portfolios, this alerts subscribers that the previous business days file will be used should any...
  • What Information Is On The Files?

    Additional file details are available in documents available on dtcc.com – follow the link below and click on "ETF" (you may need to scroll down) to reveal/access them.http://dtcc.com/clearing-services/equities-clearing-services/user-documentation/client-center-formats/file-formats.aspx
  • What Are The Transmission Options For Receiving PCFs?

    You may receive files in two ways, either through pulling the data (get) or by DTCC pushing the data to you. Available protocols include: File Transfer Protocol (FTP) “get” of the data via broadband through the Internet. TCPI = FTP push via the Internet (encrypted) TCP = FTP push via DTCC SMART Circuit NDM (Network Data Mover) over DTCC SMART Circuit
  • Why Are Symbols & CUSIPs For Components Not On Asset Master Files Sometimes Seen?

    Occasionally, there are ETF portfolios that have components that are experiencing a corporate action and in order to process the portfolio we must derive a user ticker symbol and CUSIP. These user tickers may include ZZZZ’s or XXXX’s at the end of the symbol or contain numerics.
  • Does The PCF Show The Components Closing Price?

    No - PCFs are distributed the night before trade date (or T-1) and apply to tomorrow’s portfolio.
  • ETF Documentation

    This section is dedicated to Exchange Traded Funds (ETF) FAQs and key definitions, sample reports, and historical MRO file specifications. Login to view this content. NSCC File Formats for ETF ETF Guides ETF Historical MRO File Specifications ETF Important Notices ETF Record Layouts ETF Sample Reports ETF Meeting Notes
  • ETF Overview 2015 - Inside Your ETFs (Video)

    This 19-minute video provides an overview of the DTCC ETF Portfolio Composition File and ETF Historical data products.

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