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 Agent, who then transmits an Instruction File for the creates or redeems to NSCC.
On the night of T, NSCC will transmit an Instruction Detail File that displays the details of the creation and redemptions. The information in the file can also be viewed by Members who subscribe to Universal Trade Capture through that service’s data output.
Both the components underlying the ETF and the ETF itself are processed through NSCC’s normal equity clearance and settlement systems.
Creation and redemption transaction fees are reflected separately in Members’ end of day settlement.
This 19-minute video provides an overview of the DTCC ETF Portfolio Composition File and ETF Historical data products.