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In development

The file the whole market
prices against.

Every day, an ETF publishes its portfolio composition file — the creation basket that authorised participants, market makers and index arbitrage all key off. Get it wrong and the error propagates to everyone who priced from it. ETF PCF Production builds that file from verified positions and refuses to publish until the numbers prove themselves.

Register interest → Why the PCF matters
Why it matters

One file. Everyone
downstream of it.

The PCF isn't a report — it's an input to other people's pricing. It has to reconcile to the fund's value exactly, handle the awkward cases deliberately, and go out on time, every day.

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Exact, not approximately right
The basket plus cash must equal the fund's value — exactly. A difference that's "within tolerance" is still unexplained cash, and unexplained cash is how basket errors hide.
⚠️
The awkward cases are the job
A suspended security priced at zero is not the same as broken data. The engine distinguishes them: the first is retained and flagged, the second blocks the run — never a silent drop either way.
🔁
Every day, without drama
Position files in, basket out, on an overnight clock. Runs are repeatable and safe to re-execute, with every input and output kept as an auditable artefact.
How it works

Positions in.
Proven basket out.

1
Ingest verified positions
The fund's full position set — securities, cash, FX — lands through a validating adapter that normalises conventions at the boundary, so the engine always sees clean, consistent data.
2
Derive the basket
Positions are scaled to the creation unit to produce the basket — every line carried through deterministically, with the treatment of each edge case (suspensions, capital events) explicit.
3
Prove the identity
Basket value plus cash is reconciled against the fund's value exactly. Any unexplained difference blocks publication — a basket that doesn't prove itself doesn't go out.
4
Publish per client
The PCF and its supporting artefacts are produced per fund, per day, with complete data isolation between clients built in from the first line of the design.
The platform advantage

Fed by positions that are
already validated.

A PCF is only as good as the positions beneath it. On the Veracis platform, those positions have already been through Fund Attribution's daily validation and sign-off — the PCF builds on a released NAV, not a raw file.

And it completes a chain: Fund Attribution verifies the NAV, ETF Transfer Agency deals against it, and ETF PCF Production publishes the basket the next day's dealing starts from.

In development now — the calculation core is built and proving the value identity exactly on real fund structures; the projection and publication layers are being added around it.

One fund, one day — reconciled (illustrative)
Positions ingested392
Basket lines derived332
Suspended securities1 — retained & flagged
Basket + cash vs fund valueReconciled
Unexplained difference0.000000
Illustrative example — figures shown are for demonstration only.
The wider platform
Available now
Fund Attribution
Daily NAV attribution and tracking-difference decomposition, to the security.
In preview
ETF Transfer Agency
The ETF primary-market dealing lifecycle, straight through.
In preview
Fund Master
One governed source of truth for fund static data — maker-checker on every change.
Shape it with us

Baskets,
beyond question.

ETF PCF Production is in development. If your team produces PCFs today — as an administrator, manager or issuer — your requirements can shape what we build. Register your interest and we'll involve you early.

Register interest

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