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Exchange Traded Fund (ETF)An Exchange Traded Fund (ETF) is a portfolio of securities that trades on an exchange as an equity that seeks to replicate the performance of an index without the need to purchase the underlying components. The NSCC process for clearing ETFs includes the ability to review, either on-line or in a data file, the ETF portfolio constituents, thus automating the creation and redemption of ETF shares and their subsequent settlement. The ETF processing service includes a web based tool displaying the ETF portfolio constituents and relevant cash amounts. ETF processing also includes a nightly distribution of domestic, foreign, and fixed income portfolio information.

Learn more about the ETF processing by expanding the About ETF sections below. Use the menu items at left to access training materials, video FAQs, ETF Portfolio Compostion File information, and ETF documentation.

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    Client Business Requirements: Phase 2 — Clearing Enhancements to Support Fixed Income Assets for Corporate, Municipal, and UIT (CMU)


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    ETF Message Codes


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    ETF Canned Sample Output for AutoRoute Production 02261256/PSE 02981256


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    ETF Canned Sample Output for AutoRoute Production 02261256/PSE 02981256


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    ETF Message Codes


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    ETF Canned Sample Output for AutoRoute Production 02261254/PSE 02981254


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    ETF Canned Sample Output for AutoRoute Production 02261254/PSE 02981254


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    Client Business Requirements: Phase 2 — Clearing Enhancements to Support Fixed Income Assets for Corporate, Municipal, and UIT (CMU)


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    Exchange Traded Fund (ETF) Web User Guide


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    Exchange Traded Fund (ETF) Web User Guide


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    ETF Canned Sample Input for AutoRoute Production 11301/PSE 41301


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    ETF Canned Sample Input for AutoRoute Production 11301/PSE 41301


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    ETF Phase 2 Enhancements to Support Clearance of Fixed Income ETFs and Collateralization of Trade-for-trade Components (April 9, 2021 #A8989 / P&S 8562)

    The scheduled launch date for Phase 2 deployment is Friday, April 23, 2021, for effective date Monda ...
    In ETF Important Notices Downloads: 488

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    ETF Industry Working Group Meeting Notes - January 20, 2021


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    Test Guidelines for Phase 2: Clearing Enhancements to Support Fixed Income Assets for Corporate, Municipal, and UIT (CMU)


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    Test Guidelines for Phase 2: Clearing Enhancements to Support Fixed Income Assets for Corporate, Municipal, and UIT (CMU)


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    Enhanced Consolidated Portfolio Receipt Reject MRO: AutoRoute Production 02261255/PSE 02981255


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    ETF Canned Sample Output for AutoRoute 02261255/PSE 02981255


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    ETF Industry Working Group Meeting Notes - December 15, 2020


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    Near RealTime Supplemental PCF: AutoRoute Production 02262335/Test 02982335


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    Enhanced ETF Create and Redeem Instruction Data Output (MRO): AutoRoute Production 02261254/PSE 02981254


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    Near Real-Time Supplemental PCF AutoRoute Production 02262335/Test 02982335


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    Enhanced Consolidated Portfolio Composition Output Data File: AutoRoute Production 02261256/PSE 02981256


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    Enhanced ETF Create and Redeem Instruction Data Output (MRO): AutoRoute Production 02261254/PSE 02981254


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    Enhanced Consolidated Portfolio Composition Output File Layout: AutoRoute 02261256/PSE 02981256


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    Enhanced ETF Create and Redeem Instruction Print Image Report: AutoRoute Production 02260291/PSE 02980291


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    ETF Industry Working Group Meeting Notes - November 4, 2020


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    Enhanced ETF Create and Redeem Instruction Input MRO: DATATRAK Production 11300/PSE 41300


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    Enhanced ETF Create and Redeem Instruction Input MRO: DATATRAK Production 11300/PSE 41300


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    ETF Industry Working Group Meeting Notes - September 22, 2020


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    ETF Industry Working Group Meeting Notes - August 19, 2020


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    NSCC ETF PCF Reporting Fee Modification (August 20, 2020 #A8890 / P&S 8463)

    On July 21, 2020, National Securities Clearing Corporation (“NSCC”) filed a proposed rul ...
    In ETF Important Notices Downloads: 441

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    Client Business Requirements: Phase 1 — PCF Enhancements for Processing Multiple Basket Types


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    Enhanced Consolidated Portfolio Composition Input File: AutoRoute 11301


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    Enhanced Consolidated Portfolio Composition Input Data File: DATATRAK 11301/PSE 41301


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    ETF PCF Enhancements Deployment Date and Plan (July 1, 2020 #A8863 / P&S P&S 8436)

    As previously announced (see Important Notice A8720 on June 18, 2019) and subsequent Important Notic ...
    In ETF Important Notices Downloads: 497

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    ETF PCF Enhancements Deployment Date Postponement (May 6, 2020 #A8843 / P&S P&S 8416)

    As previously announced (see Important Notice A8720 on June 18, 2019 and subsequent Important Notice ...
    In ETF Important Notices Downloads: 432

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    ETF Industry Working Group Meeting Notes - February 6, 2020


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    ETF PCF Enhancements (February 18, 2020 #A8813 / P&S P&S 8386)

    As previously announced (see Important Notice A8720 on June 18, 2019), NSCC is preparing for Client ...
    In ETF Important Notices Downloads: 593

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    ETF CUSIP and Symbol Upload Template


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    ETF Test Guidelines For PCF Enhancements for Processing Multiple Basket Types


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    ETF Industry Working Group Meeting Notes - October 9, 2019


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    PCF Enhancements to Support Multiple Baskets Testing Information (August 22, 2019 #A8738 / P&S P&S 8313)

    As previously announced (see Important Notice A8720 on June 18, 2019), NSCC is preparing for Client ...
    In ETF Important Notices Downloads: 1183

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    PCF Enhancements to Support Multiple Baskets, Order Customization, and Clearance of ETFs with Corporate and Municipal Bond Components (June 18, 2019 #A8720 / P&S 8295)

    As discussed with ETF Agents and Authorized Participants (APs) at the April 11, 2019 ETF Industry Wo ...
    In ETF Important Notices Downloads: 1256

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    Exchange Traded Funds (ETF) Near Real-Time Create/Redeem Enhancements and Controls: Customer Business Requirements


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    ETF Industry Working Group Meeting Notes - April 11, 2019


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    ETF Industry Working Group Meeting Notes - June 26, 2019


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    End of Day Instruction Create/Redeem Receipt/Reject Report: AutoRoute Production 02120098/Test 02980098


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    PCF Enhancements to Support Multiple Baskets, Order Customization, and Clearance of ETFs with Corporate and Municipal Bond Components (December 21, 2018 #A8657)

    As discussed with ETF agents and authorized participants at the DTCC ETF Industry Working Group Agen ...
    In ETF Important Notices Downloads: 1031

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    Exchange Traded Fund (ETF): DTCC ETF Initiatives September 2018


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    Record Layout: Enhanced Intraday Create/Redeem Receipt/Reject Report: AutoRoute Production 02261954/Test 02981954


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    DTCC ETF Industry Working Group Forum - March 20, 2018


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    ETF Near Real-Time Create & Redeem Enhancements and Controls Client Testing & Output File Configuration (January 22, 2018 #A8507)

    This Notice contains several critical announcements for the ETF Near Real-Time Create/Redeem Enhance ...
    In ETF Important Notices Downloads: 2579

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    Approval of NSCC Proposed Rule Change - Enhance the Process for Submitting and Accepting ETF Creations and Redemptions (SR-NSCC-2017-019) (January 19, 2018 #A8506)

    On January 19, 2018, the Securities and Exchange Commission (“SEC”) approved the rule fi ...
    In ETF Important Notices Downloads: 2374

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    UTC MRO Trade Capture Data File: AutoRoute 02081673/Test 02981673


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    ETF Near Real-Time Create & Redeem Enhancements and Controls Client Testing & Output File Configuration (December 11, 2017 #A8490)

    As previously announced in Important Notice A8346 dated March 9, 2017 and subsequently amended in Im ...
    In ETF Important Notices Downloads: 2456

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    NSCC Submission of Rule Filing (SR-NSCC-2017-019) – Enhancements to the Process for Submitting and Accepting ETF Creations and Redemptions (November 21, 2017 A-8480)

    On November 20, 2017, National Securities Clearing Corporation (NSCC) filed a proposed rule change ( ...
    In ETF Important Notices Downloads: 2497

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    ETF Near Real-Time Create & Redeem Enhancements & Controls Client Testing Schedule (October 24, 2017 - #A-8467)

    On Friday, October 20, 2017, a detailed test plan document was published to the ETF section of the D ...
    In ETF Important Notices Downloads: 2644

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    ETF Test Plan Guidelines For Agents and Authorized Participants


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    ETF Near Real-Time Create & Redeem Enhancements and Controls (June 13, 2017 - #A-8413)

    NSCC is amending the language in the Important Notice A-8346, dated March 9, 2017 specific to change ...
    In ETF Important Notices Downloads: 2897

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    ETF Industry Working Group Meeting Notes - May 10, 2017


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    NSCC Accelerated Trade Guarantee Changes for ETF Create/Redeem Processing (May 1, 2017 - #A-8382)

    NSCC is amending the language included in the Important Notice A-8346, dated March 31, 2017 specific ...
    In ETF Important Notices Downloads: 2928

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    ETF Industry Working Group Meeting Notes - April 12, 2017


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    ETF Near Real-Time Create & Redeem Enhancements and Controls (03/09/2017 - #A8346)

    Since 2014, NSCC has engaged with business and technology representatives from ETF Index Receipt Age ...
    In ETF Important Notices Downloads: 2395

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    ETF Near Real-Time Supplemental File and Enhancements Deployment (02/10/2016 #A8162)

    As per the NSCC Important Notice A#8129−P&S#7704, issued December 7, 2015, “&hel ...
    In ETF Important Notices Downloads: 2444

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    ETF Near Real-Time Supplement File and Enhancements (12/07/2015 - #A8129)

    In response to feedback provided by ETF industry participants, NSCC is pleased to announce its inten ...
    In ETF Important Notices Downloads: 2310

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    ETF Browser Compatibility Enhancements (11/12/2015 #A8083)

    As per the NSCC Important Notice A#8086−P&S#7661 issued September 18, 2015, “Eff ...
    In ETF Important Notices Downloads: 2410

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    ETF Browser Compatibility Enhancements and Testing (09/18/2015 #A8086)

    Effective Friday, November 13, 2015, National Securities Clearing Corporation (NSCC) will implement ...
    In ETF Important Notices Downloads: 2266

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    Historical Portfolio MRO File Layout: AutoRoute 02262222


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    Historical Portfolio Canned Test Data for AutoRoute 02262222


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    Historical Portfolio MRO File Layout: AutoRoute 02262222


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    Exchange Traded Fund Input and Output Time Frames (1/3/2015 #A7962)

    NSCC would like to clarify the ETF time frames for submitting Portfolio Composition Files (PCFs), Cr ...
    In ETF Important Notices Downloads: 2333

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    Sales Tax Collected for Purchase of ETF Portfolio Composition Data File Output (10/23/2014 #A7195)

    NSCC Members located in New York and New Jersey that subscribe for the ETF Portfolio Composition Dat ...
    In ETF Important Notices Downloads: 2307

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    ETF Rewrite Implementation Deadline - Extended to October 31, 2014 (9/17/2014 #A7901)

    The deadline for members converting to the new ETF output is extended to Friday, October 31, 2014 af ...
    In ETF Important Notices Downloads: 2401

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    Instructions For Onboarding to the DTCC ETF Portfolio Service


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    Reminder: ETF Rewrite Implementation Deadline (8/05/2014 #A7881)

    As previously announced in Important Notice A7808 dated March 25, 2014, NSCC plans to require full u ...
    In ETF Important Notices Downloads: 2312

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    ETF Rewrite Implementation Deadline (3/24/2014 #A7808)

    As previously announced, NSCC plans to require full utilization of the enhanced Exchange Traded Fund ...
    In ETF Important Notices Downloads: 2245

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    Exchange Traded Funds Impact on May 9, 2013 (4/2/2013 #A7609)

    As announced in Important Notice #A7429-P&S6999, dated May 24, 2012 and Important Notice #A7 ...
    In ETF Important Notices Downloads: 2212

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    Exchange Traded Funds Participant Testing - March 2013 (1/25/2013 #A7573)

    As announced in Important Notice #A7429-P&S6999, dated May 24, 2012, NSCC plans to implement ...
    In ETF Important Notices Downloads: 2214

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    Rule Filing SR-NSCC-2012-07 - Elimination of the Exchange Traded Funds Creation and Redemption Unit Pre-Net and Technical Changes to the Rules (05/09/2012 #A7482)

    On September 4, 2012, National Securities Clearing Corporation (“NSCC”), submitted a pro ...
    In ETF Important Notices Downloads: 2043

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    Rewrite of Exchange Traded Fund System (5/24/2017 #A7429)

    Subject to SEC approval, NSCC is enhancing its Exchange Traded Fund (ETF) system in order to meet th ...
    In ETF Important Notices Downloads: 2172

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    Exchange Traded Funds Web Interactive Guide & Other User Documentation (01/23/2012 #A7361)

    DTCC has updated its Clearance Services Learning Center to include information on NSCC’s proce ...
    In ETF Important Notices Downloads: 2169

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    Exchange Traded Funds Cash Amount Processing & Mark-to-Market Clearing Fund Modifications (01/05/2012 #A7348)

    Effective with processing date Friday, February 24, 2012, NSCC will modify the processing of cash am ...
    In ETF Important Notices Downloads: 2155

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    ETF FAQs and Expanded ETF File Format Definitions


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    Sample Create Redeem Instructions Reject/Receipt Report


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    Sample Domestic Index Receipt Trade Portfolio Report


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    Sample Domestic Index Receipt Trade Custom Portfolio Report


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    Sample Foreign Portfolio Composition Report


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    Sample Domestic Index Receipt Detail Report


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    Correction to Record Layout Provided in NSCC Important Notice A#6660-P&S#6230 (07/10/2009 #A6845)

    On July 18, 2008, NSCC issued Important Notice A#6660−P&S#6230, which announced NSCC&r ...
    In ETF Important Notices Downloads: 2089

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    Approval of Rule Change SR-NSCC-2008-07 (Processing Enhancements for Exchange-Traded Funds) (10/01/2008 #A6719)

    The Securities and Exchange Commission (“SEC”) has approved NSCC rule filing SR-NSCC-200 ...
    In ETF Important Notices Downloads: 2156

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    NSCC Enhances its Exchange Traded Fund (ETF) Process to Support both Cash Components and Shortened Settlement Processing REVISED (07/18/2008 - #A6660)

    NSCC plans to enhance its Exchange Traded Fund (ETF) service to (1) support creates and redeems with ...
    In ETF Important Notices Downloads: 1965

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    Supplemental Exchange Traded Funds Portfolio Composition File Processing (11/23/2007 #A6531)

    Effective with Exchange Traded Fund (ETF) processing of Monday, December 10, 2007, NSCC will begin a ...
    In ETF Important Notices Downloads: 2055

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    Elimination of Legacy Portfolio Composition (PCF) formats for Exchange Traded Funds (ETF) (06/11/2007 #A6464)

    Effective on processing date July 31, 2007, NSCC will eliminate the transmission of its legacy Excha ...
    In ETF Important Notices Downloads: 2126

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    View a list of frequently asked questions about Exchange Traded Funds (ETFs). You can also access and print the PDF version of the ETF FAQs & Expanded ETF File Format DefinitionsLogin to view all of the frequently asked questions.

    ETF FAQ


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    For more information regarding NSCC’s ETF process, contact Relationship Management at 800-422-0582 or the Customer Support Center Hotline at 888-382-2721.

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    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

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    Yes. Locate input and output record layout information, including canned test data in the NSCC File Formats for ETF section.You can also download the following links:

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    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 for that particular ETF.

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    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 creation or redemptions occur for the particular ETF.


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