Nasdaq Fund Network Data Service · 2019-08-12 · NFN Data Service Web-Based Data Access Option Updated June 26, 2019 Page 3 Background Product Description Nasdaq recently introduced

Nasdaq Fund Network Data Service

Web-based data access option Data format specification as of June 26, 2019 Managed by NFN Operations

mailto:[email protected]

NFN Data Service Web-Based Data Access Option

Updated June 26, 2019 Page 2

Table of Contents Background ................................................................................................................................................... 3

Product Description .................................................................................................................................. 3

Sign Up Process ......................................................................................................................................... 3

Web Access Option ....................................................................................................................................... 4

Web Site Download Option ...................................................................................................................... 4

Web Service Architecture ......................................................................................................................... 5

General Information ............................................................................................................................. 5

Sample code calls .................................................................................................................................. 6

Web Service Parameters ....................................................................................................................... 7

Upcoming Release(s) ................................................................................................................................... 10

Model Portfolio Flag Release – September 2019 ................................................................................... 10

Instrument Type / Instrument Code Release – March 2018 .................................................................. 10

Instrument Registration / Instrument Code Release – June 2017 .......................................................... 10

NFN Data Service Valuation Report File Format ......................................................................................... 12

Valuation Report – Mutual Funds, Annuities, UITs, Structured Products, AIPs, NextShares, Collective

Investment Trust, Managed Accounts, Separate Accounts, Hedge Funds, and Demand Deposit

Accounts. ................................................................................................................................................. 12

Valuation Report – Money Market Funds .............................................................................................. 18

Dividend Report – All Instruments .......................................................................................................... 24

Distribution Report – All Instruments ..................................................................................................... 29

Appendix A - Version Control Log ............................................................................................................... 34

Appendix B - NFN Data Reports .............................................................................................................. 37



Background

Product Description Nasdaq recently introduced a secured web-based delivery mechanism for NFN daily valuation data

content traditionally delivered via the Nasdaq Fund Network Data Service (NFN Data Service) data feed.

Through the NFN website (https://nfn.nasdaq.com), firms may download the Valuation Reports for the

current trading day or for a prior trading day within the past two or more calendar months.

The NFN web service reports outlined in this document are available for download from Monday

mornings at 12:00 a.m., Eastern Time (ET) through Friday evenings at 11:00 p.m., ET. While the

Valuation Reports may be accessed from NFN website at any point in time during the day, firms should

pull the file after 8:00 p.m., Eastern Time (ET), for the complete day’s records. As of September 2015,

the NFN valuation reporting period runs from 8:00 a.m., ET to 8:00 p.m., ET.

Sign Up Process Nasdaq requires that all users have a valid security certificate, user ID and password to access the NFN

Data Service files via secured NFN website or web service option. Please note that the security

certificate, user ID and password must all be associated with the same user account.

To obtain access, the subscribing firm must complete and submit the following forms:

Nasdaq Global Data Agreement (for first time Nasdaq data recipients only)

Nasdaq System Application (for new NFN applications only)

Nasdaq Data Feed Request Form (for all firms)

Nasdaq Web Logon Request Form (for all firms / users)

For questions about the subscription process, please contact Nasdaq Global Data Operations at +1 301

978 5307.

https://nfn.nasdaq.com/

http://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsData/globaldataagreement.pdf

http://www.nasdaqtrader.com/Trader.aspx?id=SysAppRequest

http://www.nasdaqtrader.com/Trader.aspx?id=DataFeedAppReqForm

http://www.nasdaqtrader.com/Trader.aspx?id=LogonReqForm




Web Access Option

Web Site Download Option Authorized NFN Data Service users may download the daily valuation files via the NFN secured website

at https://nfn.nasdaq.com. From the top navigation bar, the Valuation Report options are located under

the “Reports” menu option.

On the Valuation Report page, users must select report format before clicking on the “Get Report”

command button. User may also enter filters such as Instrument Type, NFN Tier, and Report Date.

https://nfn.nasdaq.com/



Web Service Architecture

General Information

The NFN Data Service Valuation Report data files will be accessible via Secured Web Service. In order to

access the files, NFN Data Service Valuation Report users must have a valid security certificate, user ID

and password from Nasdaq. NFN web users will be prompted via email to periodically update security

certificate and password. Please contact Nasdaq Trading Services at +1 212 231 5180 if you need

assistance updating your security certificate or password.

Nasdaq has modified the authentication process for fetching files from the NFN Secure Web Service.

All programmatically generated calls should contain client certificate issued by Nasdaq (Nasdaq Web

Security Framework). Exported (http://support.microsoft.com/kb/179380) certificate can be saved as a

file and added to the request.

For security reasons, Nasdaq requires that firms access the NFN web services via “POST” (user

credentials passed via form post) method.


http://support.microsoft.com/kb/179380



Sample code calls

The following is an example call that can be used to retrieve files:

GetFile("https:// nfn.nasdaq.com/ValuationService/reports/valuation.ashx?reportname=

ValuationReportFund&Type=pipe","YOURUSERNAME","YOURPASSWORD", “PATHTOSAVEDCERT”, “CERTPASSWORD”);

public static void GetFile (string url, string username, string password, string certPath, string certPassword) { string postData = String.Format("username={0}&password={1}", username, password); StreamReader sr = null; HttpWebRequest request = (HttpWebRequest)HttpWebRequest.Create(url);

request.Method = "POST"; request.Accept = "text/html"; request.UserAgent = "Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1)";

///Exported client certificate added to the request. X509Certificate yourCert = new X509Certificate2(certPath, certPassword);

request.ClientCertificates.Add(yourCert); byte[] byteArray = System.Text.Encoding.UTF8.GetBytes(postData); request.ContentType = "application/x-www-form-urlencoded"; request.ContentLength = byteArray.Length; Stream dataStream = request.GetRequestStream(); dataStream.Write(byteArray, 0, byteArray.Length); dataStream.Close(); try { using (HttpWebResponse response = (HttpWebResponse)request.GetResponse()) { if ((int)response.StatusCode < 400 || (int)response.StatusCode > 499) { sr = new StreamReader(response.GetResponseStream()); //here you can parse the stream and store in db, or write to a file //i will simply write it to the console Console.WriteLine(sr.ReadToEnd()); } else { //error in web request returned by server Console.WriteLine(response.StatusCode + ": " + response.StatusDescription); } } } catch (Exception e) { Console.WriteLine(e.Message); } finally { sr.Close(); } }

http://www.nasdaqmfqs.com/ValuationService/reports/valuation.ashx



In the sample code above, clients need to make the necessary adjustments in the highlighted text. For

example, client should replace username and password with their unique assigned logon credentials

from Nasdaq. Clients also need to present a valid client side certificate “Nasdaq Web Security

Framework”. Clients should replace the code report parameters as needed.

Web Service Parameters

To retrieve the NFN Data Service Valuation Report, Web Service Users shall need to enter a call with the

following parameters:

Parameter Required / Optional

Definition

Reportname Required File name for the Valuation Report being requested. Allowable values are:

Code Definition

ValuationReportFund Daily valuation messages for Mutual Funds, Annuities, UITs, AIPs, Structured Products, NextShares, Collective Investment Trusts, Managed Accounts, Separate Accounts, Hedge Funds, and Demand Deposit Accounts. File includes current day’s values and prior day corrected values reported on the given Update Date.

ValuationReportMoneyMarket Daily valuation messages for money market funds. File includes current day’s values and prior day corrected values reported on the given Update Date.

ValuationReportDIV Income distributions – cash dividends, stock dividends, special dividends and interest payments – for all NFN instrument types by Update Date. File includes current day’s values and prior day corrected values reported on the given Update Date.

ValuationReportDST Capital distributions – such as capital gains, return on capital (ROC) and unallocated



distributions – for all NFN instrument types by Update Date. File includes current day’s values and prior day corrected values reported on the given Update Date.

Type Required File format for Valuation Report being requested. Allowable values are:

Code File Type

CSV Comma Delimited Text File -

PIPE Pipe (|) Delimited Text File

XML File with XML Headers

ExcelXML MS-Excel (XML) File

JSON JSON File

Date Optional Trading / update date for the NFN Data Service report requested. Dates should be entered in MM-DD-YYYY or MM/DD/YYYY format. Nasdaq supports NFN Data Service valuation reports for the current trading date, as well as historical data. If no date is specified, the system shall return the current trading day’s file.

Fundtype Optional Optional asset class filter for NFN Data Service valuation reports. Allowable codes by report are:

Code Asset Class Supported Reports

MFUND Mutual Funds ValuationReportFund, ValuationReportDIV, ValuationReportDST

UIT Unit Investment Trusts

ValuationReportFund, ValuationReportDIV, ValuationReportDST

ANN Annuities ValuationReportFund, ValuationReportDIV, ValuationReportDST

AIP Alternative Investment Products


SP Structured Products ValuationReportFund, ValuationReportDIV, ValuationReportDST,

MMF Money Market Funds

ValuationReportMoneyMarket, ValuationReportDIV, ValuationReportDST

EM NextShares Exchange Traded Managed Fund




CT Collective Investment Trust


MA Managed Accounts ValuationReportFund, ValuationReportDIV, ValuationReportDST

SA Separate Accounts ValuationReportFund, ValuationReportDIV, ValuationReportDST

HF Hedge Fund ValuationReportFund, ValuationReportDIV, ValuationReportDST

DD Demand Deposit Accounts


If no filter is specified, the Valuation reports will show all NFN asset classes include in definition.

Tier Optional Optional NFN listing tier filter for NFN Data Service Valuation Reports. Allowable value is:

Code Listing Tier Instrument Notes

NML News Media List News Media List is restricted to mutual funds and money market funds that meet specified asset and shareholder criteria.

If no filter is specified, the Valuation reports will show all NFN instruments for the given Update Date.

Reportingtype Optional Optional reporting type filter for ValuationReportFund and ValuationReportMoneyMarket files. Allowable values are:

Code Reporting Type

CURR Current Day’s Valuation data only – Filter to show only those valuation records which have the same Entry Date and Update Date.

CORR Corrected Valuation Data only – Filter to show only those valuation records which have a different Entry Date and Update Date.

If no filter is specified, the Valuation reports will show all entries for the given Update Date.



Upcoming Release(s)

Model Portfolio Flag Release – September 2019 On or about September 23, 2019, Nasdaq will release a Model Portfolio flag that indicates whether the

instrument is a Model Portfolio or not.

Value Definition

Y Yes

N No

Instrument Type / Instrument Code Release – March 2018 On or about March 26, 2018, Nasdaq will release 4 new Instrument Types and 4 new Instrument Codes.

These new codes allow our customers to list Collective Investment Trust, Managed Accounts, Separate

Accounts, and Hedge Funds. The new Instrument Types allow for NFN customers to list Collective

Investment Trust, Separately Managed Accounts (SMA), Unified Managed Accounts (UMA), and

Separate Accounts.

Code Instrument Type

CT Collective Investment Trust (CIT)

MA Managed Account

SA Separate Account

HF Hedge Fund

Code Instrument Code

1 Collective Investment Trust (CIT)

2 Separately Managed Account

3 Unified Managed Account

4 Separate Account

Instrument Registration / Instrument Code Release – June 2017 Based on client demand, Nasdaq is modifying NFN eligibility standards to allow both registered and non-

registered instruments to use the valuation service. As a service to NFN DATA SERVICE subscribers,

Nasdaq will add a Regulation Type field to all valuation report download files on or about June 5, 2017.

The new field will denote the U.S. regulatory oversight body with which the NFN instrument is

registered. The allowable values are:

Code Value Description

S U.S. Securities and Exchange Commission (SEC)

Instrument is covered by SEC rules.

C U.S. Commodity Futures Trading Commission (CFTC)

Instrument is covered by CFTC rules.

http://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsData/mfqslistingstandards.pdf

https://www.sec.gov/


http://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm

http://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm



M Municipal Securities Rulemaking Board (MSRB)

Instrument is covered by MSRB rules.

X Exemption Instrument meets SEC or CFTC exemption requirements.

N Non-Registered Funds Instrument is not covered by U.S. regulatory agency rules.

O Other Other

As part of the June 2017 release, Nasdaq will also add two codes to the existing Instrument Code field.

The new Instrument Code values are:

Code Value Description

Y Interval Fund

An interval fund is a type of closed-end investment company that periodically offers to repurchase its shares from shareholders. Please refer to the SEC website for a more complete description. Note: NFN supports a footnote code of “I” to denote when repurchase offer periods.

Z Business Development Company (BDC)

BDCs is a type of closed-end investment company for the purpose of making capital more readily available to small, developing, and financially troubled companies that do not have ready access to the public capital markets or other forms of conventional financing. Please refer to the SEC website for BDC rules.

As of June 5, 2017, Nasdaq will also require that firms access the NFN web services via “POST” (user

credentials passed via form post) method. Due to security reasons, Nasdaq will no longer support the

“GET” access method for NFN web services.

http://www.msrb.org/Regulated-Entities/MSRB-Registration.aspx


https://www.sec.gov/answers/regd.htm


https://www.sec.gov/answers/mfinter.htm

https://www.sec.gov/news/press/2006/2006-181.htm





NFN Data Service Valuation Report File Format

Valuation Report – Mutual Funds, Annuities, UITs, Structured Products, AIPs,

NextShares, Collective Investment Trust, Managed Accounts, Separate

Accounts, Hedge Funds, and Demand Deposit Accounts. File Name: ValuationReportFund

Field Name Description / Values

Symbol

Reflects the Nasdaq assigned ticker symbol for the NFN instrument. Note: ValuationReportFund contains at least one record for each active mutual fund, annuity, UIT, AIP, structured product, NextShares, CIT, managed account, separate account, hedge fund, and demand deposit account instrument in the NFN system.

Status Denotes instrument status in NFN system on Update Date. Allowable values are:

Code Description

Active Live Production Instrument: Symbol was active in system on the Update Date reflected in the Valuation Report.

Test Test Instrument: Symbol was set up as test instrument.

Instrument Name Reflects the instrument name as it appears in the NFN system. NFN instrument name is 150 bytes and may include special characters (such as commas).

Issuer Name Reflects the Issuer Name as it appears in the NFN system. NFN issuer name is 150 bytes and may include special characters (such as commas).

Instrument Type / Tier

Denotes NFN instrument type and tier associated with symbol / instrument name. The current allowable values are:

Value Description

AN Annuity

AP Alternative Investment Product (AIP)


MF Mutual Fund – News Media List

MS Mutual Fund – Standard / Supplemental List

SP Structured Product

US Unit Investment Trust (UIT)


MA Managed Accounts

SA Separate Accounts



File Name: ValuationReportFund


HF Hedge Funds

DD Demand Deposit Account

Instrument Code Denotes instrument sub-type associated with symbol / instrument name. Allowable values are:

Value Description

Annuities

M Annuity – Variable

N Annuity – Equity Indexed

Alternative Investment Products (AIPs)

B AIP - Managed Future Funds

F AIP - Fund of Hedge Funds

I AIP - Non-Traded REITs

J AIP - Non-Traditional Hedge Funds (Registered)

K AIP - Commodity Pool Funds

P AIP - Private Equity Offerings

Mutual Funds

C Mutual Fund - Closed End (including Exchange Traded Funds)

O Mutual Fund - Open End

Y Interval Fund


Structured Products

R Structured Product – Hybrid

S Structured Product – Single Stock

T Structured Product – Buffer / Barrier Enhanced Upside

U Structured Product – Principal Protected

V Structured Product – Commodity / FX

W Structured Product – Rates Enhanced

L Structured Product – Other

Unit Investment Trusts (UITs)

D Debt UIT

E Equity UIT

NextShares Exchange Traded Managed Funds

Q NextShares

Hedge Fund

H Hedge Fund

Collective Investment Trust

1 Collective Investment Trust

Managed Accounts





2 Separately Managed Accounts (SMA)

3 Unified Managed Accounts (UMA)

Separate Accounts

4 Separate Accounts

Demand Deposit Account

5 Demand Deposit Account

Note: Nasdaq reserves the right to make Instrument Code values specific to a given Instrument Type / Tier in a future release.

CUSIP Reflects the financial instrument code for the instrument assigned by CUSIP Global Services (CGS) and reported to NFN by the issuer / administrator. Notes: CUSIP is comprised of 9 alphanumeric characters and should be imported into MS-Excel and other programs as a text field. Firms must be authorized by CGS to receive access CUSIP data content. Non-authorized firms will receive field as blank.

Reporting Type Reflects the type of entry for instrument on given Update Date. Allowable values are:

Value Description

C Corrected value reported for the NFN instrument for a prior NFN business date. Note: Corrections appear in file based on Update Date. Corrections should be applied to the NFN instrument record based on Entry Date.

R Last entry for the NFN instrument for the Update Date.

I All intraday entries for the NFN instrument for the Update Date / Update Time.

E No valuation record submitted for the NFN instrument for the Update Date (as of the Update Time). Please note that most NFN instrument prices are remitted between 5 p.m. and 8 p.m., US Eastern Time.

Footnotes Reflects NFN footnote code(s) entered for instrument on Update Date. Footnotes are used to indicate special pricing circumstances affecting the NFN instrument. Allowable values by fund type are as follows:

https://www.cusip.com/cusip/about-cgs-identifiers.htm






Value Definition Instrument Type

C Revaluation AIP and Structured Product

D Capital gains distribution* All

F Fund uses prior day prices for NFN reporting purposes

All

H Deferred sales charge UIT

I Repurchase offer period for Interval Fund

Mutual Fund

N No load fund Mutual Fund

O Primary offering UIT

P 12(b)1 fee Mutual Fund

R Redemption fee Mutual Fund

S Stock split or dividend adjustment* All

W NRO indicator UIT

X Cash dividend or income distribution adjustment*

All

Y Secondary offering UIT

* Adjustments should be made on Ex-Date. See separate Dividend or Capital Distribution message for details.

NAV Reflects the Net Asset Value (NAV) for instrument as reported via the NFN system for the stated Entry Date. NAV may be entered up to 6 whole number digits and 6 decimal digits. Field will be populated as “NA” if no NAV was remitted for instrument via the NFN system for Entry Date. Please note that UITs report Redemption NAV (rather than NAV) via NFN system.

Offer Price Reflects the Offer Price for instrument as reported via the NFN system for the stated Entry Date. Offer Price may be reported up to 6 whole number digits and 6 decimal digits. Field will be populated as “NA” if no Offer Price was remitted for instrument via the NFN system for Entry Date. Please note that closed-end funds report Market (rather than Offer) Price.

Market Price Reflects the Market Price for a closed end fund instrument as reported via the NFN system for the stated Entry Date. Market Price may be reported up to 6 whole number digits and 6 decimal digits. Field will be populated as “NA” if no Market Price was remitted for instrument via the NFN system for Entry Date. Market is reported for closed end funds and ETMFs.





Redemption Price Reflects the Redemption Price / Redemption NAV for a UIT instrument as reported via the NFN system for the stated Entry Date. Redemption NAV may be reported up to 6 whole number digits and 6 decimal digits. Field will be populated as “NA” if no Redemption NAV was remitted for instrument via the NFN system for Entry Date. Redemption NAV is currently only reported for UITs.

Wrap Price Denotes the price that an investor would pay to purchase units if the instrument were held in an account that is managed by a financial representative for a fee. Wrap Price is valid for the stated Entry Date. Wrap may be up to 6 whole number digits and 6 decimal digits. Field will be populated as “NA” if no Wrap Price was remitted for instrument via the NFN system for Entry Date. Wrap Price is typically populated for UITs.

Total Net Assets Denotes the Total Net Assets (TNA), in actual dollars, for the instrument on the stated Entry Date. TNA may be reported as up to 15 whole number digits. Field will be populated as “NA” if no TNA value is reported via NFN system for Entry Date.

Current Yield Denotes current yield (annual rate of return on investment) for a NFN instrument as of the stated Entry Date. Current Yield is expressed as a percentage and may be either positive or negative. Examples for pipe delimited format:

5.75% yield would be stated as “0005.7500” -0.25% yield would be stated as “-0000.2500”

Field will be populated as “NA” if no current yield is entered for Entry Date.

ELTR Denotes the Estimated Long Term Return (ELTR) or yield over the life of the portfolio of a UIT or other NFN instrument as of the stated Entry Date. ETLR is expressed as a percentage and may be either positive or negative. Field will be populated as “NA” if no current yield is entered for Update Date.

Accrued Interest Denotes the interest accrued for a NFN instrument since the last interest payment was made to investors. Accrued Interest may be reported up to 6 whole number and 6 decimal digits. Field will be populated as “NA” if no accrued interest value is entered for Entry Date.

Daily Dividend Factor

Denotes the dividend factor for a NFN instrument that declares a daily dividend. Please refer to the Daily Dividend Adjustment Indicator to determine if the NFN pricing agent made adjustments for weekends and holidays.





Daily Dividend may be reported up to two whole number and six decimal digits. Field will be populated as “NA” if no Daily Dividend is entered for Entry Date.

Daily Dividend Adjustment Indicator

Indicates if the Daily Dividend Adjustment Factor was fattened to reflect weekend, holiday or other non-reported period. Allowable values are:

Value Definition

Y Fat adjustment reflected in Daily Dividend Factor

N No fat adjustment for Daily Dividend Factor

<space> Not applicable; no Daily Dividend Factor provided

Entry Date Denotes the date associated with the price information in the NFN Valuation record. Field population rules are:

Reporting Type Expected Entry Date Value(s)

C Prior Day’s Date – Up to 365 days in the past

R or I Same as Update Date

E “NA” (Not Applicable)

Currency Denotes the currency in which the NFN instrument will submit valuation data as of System Effective Date. Nasdaq will use the GitHub currency alphabetic codes for this field. The default value is “USD”.

Pricing Agent Denotes the name of the firm that entered the valuation entry into the NFN system for the given symbol.

Update Date Denotes the date associated with the NFN valuation report. Update Date should match the Report Date entered by client on NFN report request page or web service query.

Update Time Denotes the time that the NFN Valuation record was reported by the pricing agent on the given Update Date.

File Date Denotes the Date that the NFN Valuation report was requested by client.

File Time Denotes the NFN system time that the NFN Valuation report file was created for client.

Investor Type Denotes the target investor for the given money market fund instrument. The allowable values are:

Value Definition

I Institutional Investors

R Retail Investors

<space> Not available

Instrument Registration

Denotes the U.S. regulatory oversight body with which the NFN instrument is registered. The allowable values are:

https://github.com/datasets/currency-codes/blob/master/data/codes-all.csv






Value Definition




X Exemption

N Not Registered with U.S. Regulatory Agency

O Other

ISIN Denotes the ISIN for the NFN Instrument at the time of the Daily List posting. The ISIN should map to the country of issuance. Notes: ISIN is comprised of 12 alphanumeric characters and should be imported into MS-Excel and other programs as a text field. Firms must be authorized by CGS to receive access ISIN data content. Non-authorized firms will receive field as blank.

Nasdaq Security Master

Denotes the Nasdaq Security Master, as created by the NFN system, for the NFN instrument as of the System Effective Date. Notes: Nasdaq Security Master is comprised of 10 alphanumeric characters.

Model Portfolio (New field as of 9/23/19)

Denotes whether the instrument is a Model Portfolio or not. Allowable values are:

Value Definition

Y Yes

N No

Valuation Report – Money Market Funds File Name: ValuationReportMoneyMarket


Symbol Reflects the Nasdaq assigned ticker symbol for NFN instrument.


Code Description

Active Live Production Instrument: Symbol was active in system on the Update Date reflected in the Valuation Report.

Test Test Instrument: Symbol is set up as test instrument.

Instrument Name Reflects the current instrument name as it appears in the NFN system.






File Name: ValuationReportMoneyMarket


NFN instrument name is 150 bytes and may include special characters (such as commas).

Issuer Name Reflects the current Issuer Name as it appears in the NFN system. NFN issuer name is 150 bytes and may include special characters (such as commas).


Denotes NFN instrument type and tier associated with symbol / instrument name. Allowable values are:

Value Description

$$ Money Market Fund – News Media List

$S Money Market Fund – Standard / Supplemental List


Value Description

A All Purpose

G Governmental Bonds

X Tax-Exempt Securities



Reporting Type Reflects the type of entry for instrument on given Update Date. Allowable values are:

Value Description

C Corrected value reported for the NFN instrument for a prior NFN business date. Note: Corrections appear in file based on Update Date / Update Time. Corrections should be applied to the NFN instrument record based on Entry Date.

R Last entry for the NFN instrument for the Update Date.

I All intraday entries for the NFN instrument for the Update Date / Update Time.







E No valuation record submitted for the NFN instrument for the Update Date (as of the Update Time). Please note that most NFN instrument prices are remitted between 5 p.m. and 8 p.m., US Eastern Time.

Footnotes Reflects NFN footnote code(s) entered for instrument on Update Date. Footnotes are used to indicate special pricing circumstances affecting the NFN instrument. Allowable values by fund type are as follows:


A Fund’s return may differ due to capital gains or losses

Money Market Fund

B Sales or account charges may impact yield

Money Market Fund

D Capital gains distribution* All

F Fund uses prior day prices for NFN reporting purposes

All

G Redemption gate in effect Money Market Fund

L Liquidity fee in effect Money Market Fund

S Stock split or dividend adjustment* All

X Cash dividend or income distribution adjustment*

All

* Adjustments should be made on Ex-Date. See separate Dividend or Capital Distribution message for details.

Average Maturity Denotes the average time to maturity (stated in days) of the securities held by the fund. Field will be populated as “NA” if no Average Maturity value was remitted for instrument via the NFN system for Entry Date.

Average Life Denotes the weighted average life (in days) of a money market fund as calculated in accordance with the SEC Money Market Reform Act. Field will be populated as “NA” if no Average Life value was remitted for instrument via the NFN system for Entry Date.

NAV Reflects the Net Asset Value (NAV) for instrument as reported via the NFN system for the stated Entry Date. NAV may be entered up to 6 whole number digits and 6 decimal digits. Field will be populated as “NA” if no NAV was remitted for instrument via the NFN system for Entry Date.

Gross 7 Day Yield Denotes the gross 7 day yield for a money market fund. This yield is based on average net income earned by the securities in the fund’s portfolio during the past seven days. In accordance with the SEC definition, gross 7 day yield should exclude capital changes and income other than investment income. In

http://www.sec.gov/rules/final/2010/ic-29132.pdf





addition, the gross seven day yield should not reflect a deduction of shareholders fees and fund operating expenses. Gross 7 day yield is expressed as a percentage and may be either positive or negative. Examples for pipe delimited format:


Field will be populated as “NA” if no gross yield is entered for Entry Date.

Subsidized 7 Day Yield

Denotes the subsidized 7 day yield (also known as simple yield) which reflects the yield calculation with expense limitation in effect. Subsidized 7 day yield is expressed as a percentage and may be either positive or negative. Examples for pipe delimited format:


Field will be populated as “NA” if no subsidized yield is entered for Entry Date.

Effective Annualized 7 Day Yield

Denotes the effective annualized 7 day yield for a money market fund. In calculating the effective annualized 7 day yield, most money markets assume that any income earned is reinvested. Effective annualized 7 day yield is expressed as a percentage and may be either positive or negative. Examples for pipe delimited format:


Field will be populated as “NA” if no effective annualized 7 day yield is entered for Entry Date. While NFN processes effective annualized 7 day yield for all trading days, news media money market funds have traditionally reported effective yield on Wednesdays only.

30 Day Yield Denotes the 30 (thirty) day yield value based on the SEC calculation methodology with expense limitation currently in effect. 30 Day Yield is expressed as a percentage and may be either positive or negative. Examples for pipe delimited format:


Field will be populated as “NA” if no 30 day yield is entered for Entry Date.





30 Day Yield Date Denotes the period end date for which the 30 day yield was calculated. Field will be populated as “NA” if no 30 day yield is entered for Entry Date.

Daily Dividend Factor

Denotes the dividend factor for a NFN instrument that declares a daily dividend. Please refer to the Daily Dividend Adjustment Indicator to determine if the NFN pricing agent made adjustments for weekends and holidays. Daily Dividend may be reported up to two whole number and six decimal digits. Field will be populated as “NA” if no Daily Dividend is entered for Entry Date.

Daily Dividend Adjustment Indicator

Indicates if the Daily Dividend Adjustment Factor was fattened to reflect weekend, holiday or other non-reported period. Allowable values are:

Value Definition

Y Fat adjustment reflected in Daily Dividend Factor

N No fat adjustment for Daily Dividend Factor

<space> Not applicable; no Daily Dividend Factor provided

Total Net Assets Denotes the Total Net Assets (TNA), in actual dollars, for the instrument on the stated Entry Date. TNA may be reported as up to 15 whole number digits. Field will be populated as “NA” if no TNA value is reported via NFN system for Entry Date.



Entry Date Denotes the date associated with the price information in the NFN Valuation record. Field population rules are:

Reporting Type Expected Entry Date Value(s)

C Prior Day’s Date – Up to 365 days in the past

R or I Same as Update Date

E “NA” (Not Applicable)











Calculation Time

Denotes the NFN pricing agent calculation time from the inbound money market message format. Field will be populated in HHMMSS (military time) format for the U.S. Eastern Time (ET) zone. Examples:

110000 => 11:00 a.m., ET 160000 => 4:00 p.m., ET

If no time is provided in the inbound NFN message format, the field will be populated as “NA”.

Investor Type Denotes the target investor for the given money market fund instrument. The allowable values are:

Value Definition

I Institutional Investors

R Retail Investors

<space> Not available



Value Definition




X Exemption


O Other






Value Definition








Y Yes

N No

Dividend Report – All Instruments File Name: ValuationReportDIV


Symbol Reflects the Nasdaq assigned ticker symbol for the NFN instrument. Note: ValuationReportDIV will contain records for only those mutual fund, money market funds, annuity, UIT, AIP, structured product, hedge fund, managed accounts, separate accounts, CIT and demand deposit accounts instruments that reported a Dividend on the Entry Date.


Code Description

Active Live Production Instrument: NFN symbol was active in system on the Update Date reflected in the Valuation Report.

Test Test Instrument: NFN symbol was set up as test instrument.




Denotes NFN instrument type and tier associated with symbol / instrument name. The current allowable values are:

Value Description

AN Annuity











CT Collective Investment Trust (CIT)

MA Managed Accounts


HF Hedge Fund


Instrument Code Denotes instrument sub-type associated with symbol / instrument name. The current allowable values are:

Value Description

Annuities










Money Market Funds

A All Purpose



Mutual Funds

C Closed End Funds (including Exchange Traded Funds)

O Open End Funds

Y Interval Fund


Structured Products









D Debt UIT

E Equity UIT


Q NextShares



Hedge Funds

H Hedge Funds



Managed Accounts



Separate Accounts

4 Separate Accounts

Demand Deposit Accounts

5 Demand Deposit Accounts



Action Denotes the type of corporate action update that is being disseminated for the stated Fund ID, Cash Distribution Type and Ex-Date combination. Allowable values are:

Code Definition

N New record: Add corporate action record for stated fund ID, cash distribution type and ex-date.

C Corrected record: Update corporate action record for stated fund ID, cash distribution type and ex-date combination with new field values.

X Cancelled record: Remove corporate action record for stated fund ID, cash distribution and ex-date combination.

Cash Distribution Type

Indicates the type of cash distribution being reported in the following cash distribution fields. Allowable values are:

Value Definition

D Cash Dividend

I Interest Income

S Special Cash Dividend

<space> Not applicable

Total Cash Distribution

Denotes the total cash dividend or total interest distribution being reported for the NFN instrument. Firms may report the breakdown of cash dividends /





interest distribution in the fields that follow. The field may be populated as “NA” if instrument is not declaring a cash distribution.

Non-Qualified Cash Distribution

For Cash Distributions: Reflects the portion of the cash dividend or interest income that is taxed as ordinary income to the shareholder. Please note that this value should be entered as a dollar amount (not a percentage). Reporting of breakouts is optional in NFN system. Field will be populated as “NA” if data element is not provided by firm.

Qualified Cash Distribution

For Cash Distributions: Reflects the portion of the cash dividend or interest that is taxed as a qualified dividend to shareholder. Please note that this value should be entered as a dollar amount (not a percentage). Reporting of breakouts is optional in NFN system. Field will be populated as “NA” if data element is not provided by firm.

Tax-Free Cash Distribution

For Cash Distributions: Reflects the portion of the cash dividend or interest attributable to bonds that is not taxed to the shareholder. Please note that this value should be entered as a dollar amount (not a percentage). Reporting of breakouts is optional in NFN system. Field will be populated as “NA” if data element is not provided by firm.

Ordinary Foreign Tax Credit

For Cash Distributions: Reflects the portion of the cash dividend or interest from a foreign corporation that is not “qualified” by the IRS. Please note that this value should be entered as a dollar amount (not a percentage). Reporting of breakouts is optional in NFN system. Field will be populated as “NA” if data element is not provided by firm.

Qualified Foreign Tax Credit

For Cash Distributions: Reflects the portion of the cash dividend or interest attributable to qualified foreign corporation as defined by the IRS. Please note that this value should be entered as a dollar amount (not a percentage). Reporting of breakouts is optional in NFN system. Field will be populated as “NA” if data element is not provided by firm.

Stock Dividend Ratio

Denotes the stock split/dividend ratio for a NFN instrument. The field format is as follows:

2-for-1 stock split should be reported as “0002.000000” 1-for-2 reverse stock split should be reported as “0000.500000” 10% stock dividend would be reported as “0001.100000”

Field will be populated as “NA” if data element is not provided by firm.


Payment Date Denotes the date on which dividends or interest payments will be distributed to the NFN instrument’s shareholders of record. Field will be populated as “NA” if data element is not provided by firm.





Record Date Denotes the date on which shareholders must hold fund shares to receive dividend or interest payment. Field will be populated as “NA” if data element is not provided by firm.

Ex Date Denotes the ex-date for the dividend record. This is the date that NAV should be adjusted.

Reinvest Date Denotes the reinvestment date for the dividend. Field will be populated as “NA” if data element is not provided by firm.








Value Definition




X Exemption


O Other






Value Definition

Y Yes

N No






Distribution Report – All Instruments File Name: ValuationReportDST


NFN Symbol Reflects the Nasdaq assigned ticker symbol for the NFN instrument. Note: ValuationReportDST will contain records for only those mutual fund, money market fund, annuity, UIT, AIP, structured product, hedge fund, managed account, separate account, CIT and demand deposit account instruments that reported a Distribution on the Entry Date.


Code Description

Active Live Production Instrument: NFN symbol was active in system on the Update Date reflected in the Valuation Report.

Test Test Instrument: NFN symbol was set up as test instrument.



Instrument Type / Tier Denotes NFN instrument type and tier associated with symbol / instrument name. The current allowable values are:

Value Description

AN Annuity










MA Managed Accounts




HF Hedge Funds



Value Description

Annuities










Money Market Funds

A All Purpose



Mutual Funds

C Mutual Fund - Closed End (including Exchange Traded Funds)

O Mutual Fund - Open End

Y Interval Fund


Structured Products









D Debt UIT

E Equity UIT

NextShares Exchange Traded Managed Funds (ETMFs)

Q NextShares

Hedge Fund

H Hedge Fund





Managed Accounts



Separate Accounts

4 Separate Accounts

Demand Deposit Accounts




Action Denotes the type of corporate action update that is being disseminated for the stated Fund ID, Cash Distribution Type and Ex-Date combination. Allowable values are:

Code Definition

N New record: Add corporate action record for stated fund ID, cash distribution type and ex-date.

C Corrected record: Update corporate action record for stated fund ID, cash distribution type and ex-date combination with new field values.

X Cancelled record: Remove corporate action record for stated fund ID, cash distribution and ex-date combination.

Short Term Capital Gain

Denotes the portion of the total capital gain for the NFN instrument that is taxed to the shareholder at the short-term capital gains rate. Field will be populated as “NA” if data element is not provided by firm.

Long Term Capital Gain Denotes the portion of the total capital gain for the NFN instrument that is taxed to the shareholder at the long-term capital gains rate. Field will be populated as “NA” if data element is not provided by firm.

Unallocated Distributions

Denotes the amount of unassigned term gains (or unallocated distribution) being reported for the NFN instrument. Field will be populated as “NA” if data element is not provided by firm.

Return Of Capital Denotes amount of return of capital (ROC) to the NFN instrument’s shareholders. Please note that this value should be entered as a dollar amount (not a percentage). Field will be populated as “NA” if data element is not provided by firm.






Payment Date Denotes the date on which the capital distribution will be paid to the NFN instrument’s shareholders of record. Field will be populated as “NA” if data element is not provided by firm.

Record Date Denotes the date on which shareholders must hold fund shares to receive the capital distribution. Field will be populated as “NA” if data element is not provided by firm.

Ex Date Denotes the ex-date for the capital distribution record. This is the date that NAV should be adjusted.

Reinvest Date Denotes the reinvestment date for the capital distribution. Field will be populated as “NA” if data element is not provided by firm.








Value Definition




X Exemption


O Other













Value Definition

Y Yes

N No



Appendix A - Version Control Log Date Change Description

November 27, 2013 Initial documentation release (Version 1.0). May 1, 2014 Modified fields / field values for August 11, 2014 release:

Pricing Agent field to all Valuation files

Added Status field to Dividend and Capital Distribution files

Updated Status field values for test symbols in Valuation files December 15, 2014 Added the following Footnote values to be supported in 2015:


G Redemption gate in effect Money Market Fund

I Repurchase offer period for Interval Fund

Mutual Fund

L Liquidity fee in effect Money Market Fund

March 2, 2015 Updated NFN Footnote Code release date to April 13, 2015. March 6, 2015 Added new Instrument Type / Tier and Instrument Code values for

NextShares Exchange Traded Managed Funds. For the Instrument Type/Tier field, the following code will be added in the September 2015 timeframe:

Value Description


For the Instrument Code field, the following value will be added in the September 2015 timeframe:

Value Description


Q NextShares

Nasdaq is in the process of defining the NFN symbology for ETMFs. For NFN end-of-day valuation reporting purposes, Nasdaq is assigning 7 character symbols consisting of the exchange-listed ticker symbol and a “.NX” suffix. (Example: ETMFCNX) Note: Nasdaq officially introduced the first NextShares instrument in February 2016.

March 7, 2016 Updated Valuation Report – Money Market Fund message format to include two new fields:

Investor Type

Calculation Time



Modified logic to store all intraday updates in the NFN valuation report file. Please note that Nasdaq will implement the changes to the Money Market Fund file format on July 11, 2016. Increased data retention period to maximum of 365 calendar days. Historical data period will vary during the course of the year.

March 9, 2017 Updated all Valuation Report file formats to include Instrument Registration field. Added two new values to Instrument Code field: Interval Fund (Y) and Business Development Corporation (Z). Corrected field placement for Investor Type field in Valuation Report – All Funds and Valuation Report – Money Market Funds message formats. Corrected field placement for Calculation Time field in Valuation Report - Money Market Funds only. These format changes will go into to production on or about June 5, 2017.

March 13, 2017 Updated NFN web service specification to read: “For security reasons, Nasdaq requires that firms access the NFN web services via “POST” (user credentials passed via form post) method.” As of June 5, 2017, Nasdaq will no longer support “GET” calls for NFN web services.

January 17, 2018 Added new Instrument Types and Instrument Codes to NFN effective March 26, 2018. For the Instrument Type/Tier field, the following values will be added:

Value Description


MA Managed Accounts


HF Hedge Funds

For the Instrument Code field, the following values will be added:

Value Description




4 Separate Account

November 7, 2018 Added new Instrument Type and Instrument Code to NFN effective August 20, 2018. For the Instrument Type/Tier field, the following values will be added:

Value Description




For the Instrument Code field, the following values will be added:

Value Description


November 5, 2018 Added 2 new fields to the Valuation reports, Dividend reports and Distribution reports

Value Description

ISIN Denotes the ISIN for the NFN Instrument at the time of the Daily List posting. The ISIN should map to the country of issuance.


Denotes the Nasdaq Security Master, as created by the NFN system, for the NFN instrument as of the System Effective Date.

June 24, 2019 Added Model Portfolio flag, indicating that the instrument is a Model Portfolio or not. Allowable values are:

Value Description

Y Yes

No No



Appendix B - NFN Data Reports Nasdaq offers the following NFN data products to the market data community:

Product Name Nasdaq Fund Network Data Service (NFN Data Service)

Data Content For mutual funds, unit investment trusts (UITs), variable annuities, alternative investment products (AIPs), structured products, NextShares, collective investment trust (CIT), managed accounts, separate accounts, hedge funds, and demand deposit accounts registered with NFN: Net asset value (NAV), offer/market price, total (net) assets, footnotes, cash and stock dividends, short-term, long-term and other capital gains distributions, and unallocated distribution.

For money market funds registered with NFN: NAV, Gross seven-day yield, subsidized seven-day yield, average maturity, average life, total (net) assets, and capital gain distributions.

Delivery Options Nasdaq Fund Network Data Service (NFN Data Service) data feed – Streaming IP multicast data delivered via extranets or dedicated circuits into the Nasdaq data centers. NFN Data Service data feed offers the most robust and timely option for current day’s NFN valuation data. NFN Data Service data feed does not include CUSIPs.

NFN DATA SERVICE Web-Based Data Access Option – Web query option for NFN Data Service end-of-day files for a rolling calendar year. NFN Data Service web service is part of the secured NFN website offering and is intended for non-real-time use cases. NFN Data Service web-based reports are available with or without CUSIPs.

Price Information Firms that access NFN valuation data via the Nasdaq data feed or the NFN secured website are subject to the NFN Data Service Direct Access Fee. Firms pay a separate monthly fee for each access method. Firm’s clients may also be subject to the NFN Data Service External Distributor fee for downstream display of the data sets.

Product Name NFN Daily List Reports

Data Content Enhanced Directory file with Nasdaq-assigned symbol, CUSIP, asset class, instrument name, issuer name, pricing agent name, inception date, termination date, and NFN go-live date for all active NFN instruments.

Daily List with advanced notification of NFN additions, deletions, name changes, symbol changes, CUSIP changes, and other instrument corporate actions.

Delivery Options NFN Daily List via Web – Web query option for NFN Daily List files includes access to current day’s data and to historical data dating back to November 2010.

Price Information Firms that access NFN Daily List via the NFN secured website are subject to the monthly access fee.

http://www.nasdaqtrader.com/content/technicalsupport/specifications/dataproducts/mfdsspecification.pdf

http://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListFunds

http://www.nasdaqtrader.com/content/technicalsupport/specifications/dataproducts/mfqsregistrationspec.pdf

http://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListFunds

Documents

Nasdaq Fund Network Data Service · 2019-08-12 · NFN Data Service Web-Based Data Access Option Updated June 26, 2019 Page 3 Background Product Description Nasdaq recently introduced