Global ETF Data Services
& Aggregation

The biggest challenge in ETF data management is building and maintaining a Portfolio Composition File (PCF) that contains data at a level of granularity sufficient for authorised participants, market makers, and institutional clients to validate, price, and transact against it with confidence. A PCF must reflect every component of the fund’s basket accurately and on time, every single day.

Beyond the PCF itself, ETF data management spans a wide chain of interdependent processes: sourcing and validating reference data across multiple asset classes, applying corporate actions correctly, handling multi-share-class funds with hedged and unhedged variants, managing fund holiday calendars across jurisdictions, and reconciling NAVs against administrator records. Each of these steps introduces potential for error or delay that can disrupt the creation and redemption mechanism.

Firms also face the challenge of consolidating data from multiple providers and exchanges into a single, consistent view. As ETF ranges grow and expand into new asset classes and geographies, the volume and complexity of data increases significantly. Without robust automation, validation logic, and exception management, operations teams are left managing these risks manually — at scale and under time pressure.

Ultumus was purpose-built to address these challenges. Our ETF OMS platform automates the full PCF lifecycle, from data ingestion and validation through to delivery across all required channels. Built-in exception management, NAV recalculation, and delivery monitoring mean that potential issues are identified and resolved before they reach the market.

Ultumus applies a comprehensive, automated validation framework to every PCF before publication. Rather than relying on a single check, our platform performs a layered series of controls that verify both the internal consistency of the file and its alignment with expected market and fund parameters.The following validation checks are performed by Ultumus before each PCF is published:

- NAV recalculation: ground-up NAV recalculation of the PCF to verify internal consistency
- As-at date is the expected date per the fund holiday calendar
- As-at date is not the same as the previous publication date
- Current and previous NAVs are not identical
- ETF NAV is not null
- All expected input files have been received and validated
- No missing reference data in the tracking basket
- No missing ISINs in the tracking basket
- No missing prices in the tracking basket
- No negative share quantities
- No unknown asset types
- No error values in the output
- Trade date is correct and consistent with the fund holiday calendar
- Fund distribution amount is correct and applied on the correct date (where applicable)
- Hedge ratio for hedged share classes is within the expected range (99%–101%)
- Allocation ratios for all share classes sum to 1

Any file that fails a validation check is held, flagged, and routed to our operations team for review before publication. This ensures that only clean, consistent data reaches authorised participants and downstream systems.

The creation and redemption mechanism is the engine that keeps an ETF’s market price aligned with its net asset value. For that mechanism to function efficiently, every participant in the chain, the ETF issuer, the authorised participant, the custodian, and the exchange, must be working from the same accurate, timely data.

The Portfolio Composition File is the central artefact in this process. It defines the exact basket of securities (or cash equivalent) that an authorised participant must deliver to create new ETF shares or receive in exchange for redeeming them. Any error or delay in the PCF directly disrupts the ability of APs to hedge their positions and execute creation and redemption trades, which in turn widens spreads and increases costs for end investors.

Ultumus’ ETF OMS platform manages the full lifecycle of the creation and redemption workflow. We calculate and publish PCFs to the required schedule, distribute them in the correct formats to authorised participants and exchanges globally, and provide real-time monitoring of delivery status. Our platform supports same-day and next-day basket publication, multi-share-class fund structures, in-kind and cash-substitute models, and cross-border distribution requirements.

By automating these processes and building exception management directly into the workflow, Ultumus enables ETF issuers to scale their operational capacity without adding headcount, while giving authorised participants the confidence that the data they receive is accurate and ready to trade on and making the creation process a simple straight-through.

Data delivery delays in ETF operations carry direct commercial consequences. If a PCF is late to market, authorised participants cannot price the basket with confidence, creation and redemption activity stalls, and spreads widen. For ETF issuers managing large and diverse fund ranges, ensuring consistent, on-time delivery across all funds and all distribution channels is a significant operational challenge.

Ultumus addresses this through a combination of automated scheduling, real-time delivery monitoring, and proactive exception management. Our ETF OMS platform tracks the status of every input data file required for PCF calculation. If an expected feed is delayed or missing, the platform raises an alert immediately — rather than waiting for a downstream failure to surface the problem. This early warning capability gives operations teams the time to investigate and resolve issues before they affect publication.

Once a PCF is produced, our delivery infrastructure monitors distribution to each downstream recipient and channel, including exchanges, authorised participants, and data vendors. Delivery confirmations are tracked in real time, and any failure or exception is flagged automatically.

Ultumus currently supports approximately 95% of the global ETF market, and directly calculates over 10% of the global market, processing thousands of funds daily across multiple jurisdictions. Our SLA-driven delivery framework ensures that clients meet their regulatory and commercial publication obligations consistently, regardless of market events or data complexity.

As ETF ranges expand across asset classes, geographies, and listing venues, the data management challenge grows in proportion. Firms typically receive data from a wide range of sources – index providers, pricing vendors, fund administrators, custodians, and exchanges – each delivering data in different formats, on different schedules, and to different standards. Without a consolidated platform, reconciling and normalising this data is a labour-intensive and error-prone process.

Ultumus provides a single point of integration for all ETF-related data flows. Our platform ingests data from multiple upstream sources, applies normalisation and validation logic, and produces a unified, clean dataset that can feed creation and redemption workflows, index calculations, and downstream distribution from a single source of truth.

Our Atlas platform extends this capability to index data, providing firms with consolidated access to index compositions, corporate actions, and rebalance events across a broad range of index providers. Rather than managing multiple vendor relationships and data formats independently, clients use Atlas as a single interface for index and ETF data across their entire product range.

This consolidated model reduces operational complexity, lowers reconciliation risk, and provides a consistent data foundation for both front-office and back-office functions – from basket construction and NAV calculation through to regulatory reporting and client disclosure.

Ultumus provides unified access to ETF and index data through two integrated platforms: ETF OMS for ETF creation and redemption infrastructure, and Atlas for index data and analytics.

ETF OMS handles the full lifecycle of Portfolio Composition File management from data ingestion, validation, and NAV recalculation through to multi-channel distribution to authorised participants, exchanges, and data vendors globally. It supports a wide range of fund structures including equity, fixed income, multi-asset, and alternative ETFs, across single and multi-share-class configurations.

Atlas provides access to index compositions, rebalance data, corporate actions, and custom blend and benchmark calculations. It is designed to serve both ETF issuers who need to track and manage their index-linked products, and asset managers who require a reliable, consolidated feed of index data across their portfolios.

Both platforms are accessible via API, enabling firms to integrate Ultumus data directly into their own systems and workflows. Clients can also access data through a web-based interface for operational monitoring and exception management. As part of the SIX Group, Ultumus connects its ETF and index data capabilities with a broader universe of financial data and infrastructure services, giving clients a more complete data environment from a single relationship.

Ultumus operates at the centre of global ETF market infrastructure. We support approximately 95% of the global ETF market, working with the world’s leading ETF issuers, authorised participants, and custodians to deliver the data and operational infrastructure that keeps the ETF creation and redemption mechanism functioning efficiently.

Our clients include HSBC, JPMorgan, UBS, and BNP Paribas, alongside a broad range of regional and specialist ETF issuers. These relationships are built on a consistent track record of accuracy, reliability, and operational depth. When firms are managing hundreds of funds across multiple jurisdictions and asset classes, they need a data partner that can match that scale without compromising on quality.

Ultumus was purpose-built for this market. Unlike general-purpose data vendors who have adapted their platforms to accommodate ETF use cases, our technology was designed from the ground up around the specific requirements of ETF primary market operations — PCF calculation, creation and redemption workflow, basket construction, and multi-share-class management.

As part of the SIX Group, Ultumus combines specialist ETF expertise with the resources, security, and global reach of a leading financial infrastructure provider. Our clients benefit from enterprise-grade data infrastructure, dedicated operations support, and a development roadmap that reflects the evolving needs of the ETF market.