Log in, if necessary, to learn about the ETF processing, including recent releases.
ETF Transformation
DTCC is executing a multi-year transformation to deliver innovative, modular systems that improve workflows and support straight-through processing. The ETF Transformation is part of NSCC’s broader efforts and commitment to support an evolving market structure.
To identify the operational impact, understand timelines and sequencing, and align internal planning, review the following DTCC Transformation Resources:
- Equities Clearing Transformation Roadmap
- Functional Change Document
- DTCC Transformation Functionality Client Checklist
ETF Client Regression Testing
- PSE (Client Test): November 23, 2026 through May 2027
Click each tab to prepare, test, and sign off on ETF client regression testing in the PSE (Client Test) environment. Log in, if necessary, to view the ETF resources.
To prepare for the upcoming ETF Client Regression testing, complete the following activities and tests in the PSE-U (Client Test) environment:
- Review the Client Test Plan to understand the testing objectives, timeline, and readiness requirements for the upcoming release.
- Review known ETF issues, defects, and available workarounds to help you prepare for testing activities.
Clearing & Settlement Transformation: Client Test Plan
Confirm that current file submissions and report consumption continue to function as expected when processed through the modernized environments, if applicable. Here are the current technical resources for your reference.
Current Release: ETF Create/Redeem Activity Reporting DATATRAK Production 11200/PSE 41200
Current Release: Enhanced ETF Create and Redeem Instruction Input MRO: DATATRAK Production 11300/PSE 41300
Current Release: Enhanced Consolidated Portfolio Composition Input Data File: DATATRAK Production 11301/ PSE 41301
Current Release: Enhanced ETF Create and Redeem Instruction Data Output (MRO): AutoRoute Production 02261254/PSE 02981254
Current Release: Enhanced Consolidated Portfolio Composition Output File Layout: AutoRoute Production 02261256 / PSE 02981256
Current Release: Enhanced Consolidated Portfolio Receipt Reject MRO: AutoRoute Production 02261255/PSE 02981255
Current Release: Near RealTime Supplemental PCF: AutoRoute Production 02262335/PSE 02982335
Current Release: UTC Contract MRO: AutoRoute Production 02081673 / PSE 02981673
Current Release: End of Day Instruction Create/Redeem Receipt/Reject Report: AutoRoute Production 02120098 / PSE 02980098
Current Release: Enhanced Intraday Create/Redeem Receipt/Reject Report: AutoRoute Production 02261954 / PSE 02981954
Members can attest by emailing
If no attestation or issue notification is received during the testing period, DTCC will assume your firm has successfully completed testing, validated data continuity, and is operationally ready for implementation with no outstanding issues.
If your firm identifies any issues, discrepancies, or concerns during testing, you must provide a brief description of the issues to
ETF Client Functional Testing
- PSE (Client Test): June 2027
- Production: Q4 2027
These resources are designed to help you prepare for and integrate the future-state ETF input and output files into your operational workflows. Log in, if necessary, to access ETF resources. For your convenience, you can access all input, output, and sample files in the searchable ETF CSV Input and Output Files Help.
Upcoming Release: ETF Create and Redeem Activity Reporting Input (Legacy DATATRAK Production 11200/PSE 41200)
Upcoming Release: ETF Create and Redeem Instruction Input (Legacy DATATRAK 11300/41300)
Upcoming Release: ETF Portfolio Composition Input (Legacy DATATRAK 11301/41301)
Upcoming Release: ETF Create and Redeem Instruction Output (Legacy AutoRoute 02261254 and 02260291)
Upcoming Release: ETF Create and Redeem Receipt and Reject Output (Legacy AutoRoute Production 02120098 and 02261954)
Upcoming Release: ETF Portfolio Composition Output (Legacy AutoRoute 02261256 and 02262335)
Upcoming Release: ETF Portfolio Composition Receipt and Reject Output (ETF Agent Only) (Legacy AutoRoute 02260421, 02261255, and 02261955)
Future State ETF CSV Input and Output File Samples
Upcoming Release: ETF CSV Input and Output Files Help
Transformation Insight Series
Gain insight into upcoming ETF key milestones and client readiness activities to help your firm prepare for the Transformation initiative changes.
DTCC Transformation Insight Series: Equities Clearing Testing
DTCC Transformation Insight Series: Equities Clearing Readiness Check-in
Transformation Integration Series
Hear the latest Equities Clearing Transformation updates from DTCC subject matter experts, including testing, connectivity, and readiness activities. These sessions include client questions and answers from the live forum.
DTCC Transformation Integration: Clearing Defect Log & Testing Office Hours
Options ETF Clearing Connect
The NSCC ETF Product Management team, in close collaboration with key industry stakeholders, successfully created a dedicated link between NSCC and the OCC. With the Options ETF Clearing Connect initiative, NSCC processes the intake of Create and Redeem orders for ETFs and any underlying securities that are cleared by NSCC and settled by DTC. For those underlying components that are ineligible for clearance through NSCC—such as FLEX options and covered call options—NSCC seamlessly routes these to OCC for clearance and settlement through the dedicated link.
- PSE (Test) in December 5, 2025
- Production in May 15, 2026
Client Business Requirements for Options ETF Clearing Connect
Testing Guidelines for the Options ETF Clearing Connect Release
Enhanced ETF Create and Redeem Instruction Input MRO: DATATRAK Production 11300/PSE 41300
Enhanced Consolidated Portfolio Composition Input Data File: DATATRAK Production 11301/ PSE 41301
Enhanced ETF Create and Redeem Instruction Data Output (MRO): AutoRoute Production 02261254/PSE 02981254
Enhanced Consolidated Portfolio Composition Output File Layout: AutoRoute Production 02261256 / PSE 02981256
Near Real-Time Supplemental PCF AutoRoute Production 02262335/Test 02982335
Create/Redeem Activity Reporting
Create/Redeem Activity Reporting is required by all ETF Agents who submit primary market Create/Redeem order instructions to NSCC. ETF Create/Redeem Activity Reporting data enables NSCC to adequately and appropriately project its liquidity needs (for both the ETF Agent and the Authorized Participant on the orders).
- Production Parallel on March 9, 2026
- Production on March 16, 2026
ETF Create/Redeem Activity Reporting Requirements for DataTrak Production 11200/PSE 41200
ETF Create/Redeem Activity Reporting DATATRAK Production 11200/PSE 41200
ETF Canned Sample for Create/Redeem Activity Reporting DATATRAK Production 11200/PSE 41200
Related Content
- Future of Clearing & Securities Services
- Equities Clearing Transformation
- ETF Timeline and Submission Processing
- Trading Relationship Management
- Accelerated Settlement (Europe T+1)