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Thursday, November 13, 2025

Data Technical News #2025 - 33
Nasdaq Announces the Launch of the NFN 0060 Data Format

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What you need to know:

On Monday, April 13, 2026, Nasdaq announces the launch of the new Nasdaq Fund Network Data Service (NFNDS) data format. NFN will be adding a 0060 format that expands some of the existing fields from six-character decimals to nine-character decimals..

As part of this release NFN is also adding ETFs to NFN to disseminate summary messages for ETFs on NFNDS.

Nasdaq will be moving NFN FTP inbound protocol to a new framework and eliminating the pick-up schedule. FTP pick-up will be at 15 min intervals starting at 8am ET, the last pick-up being at 7:55pm ET.

What is changing?

On April 13, 2026, Nasdaq Fund Network (NFN) is announcing the launch of it’s new data format, 0060. The new 0060 data format expands several of the 0050 fields as well as adds an ETS data format to accommodate the addition of ETFs to the Nasdaq Fund Network. See below for additions to NFN Inbound valuation messages (FTP, REST API), NFN Outbound messages (NFN Multicast, NFN via Nasdaq Data Link), and NFN Registration.

Nasdaq is adding a default NAV value of 1.00 for Money Market Funds, firms that do not use the static 1.00 NAV will need to input the NAV in their daily transmissions. Nasdaq is also changing the NAV validation for Long Term and Short Term Capital Gains. Currently the validation is “LT/ST Cap Gains cannot be higher than the previous day’s NAV”. The new validation is “The LT/ST Cap Gain cannot be higher than the NAV on the given Ex Date”

The following are the technical changes to the NFN Data Service, NFN Inbound Valuation, NFN Daily List and NFN Symbol Directory:

0060 NFN has added an ETF Summary format as well as updated the file types for existing inbound message formats. Inbound file formats have been changed to the following:

Instrument Types 0060 Format
  • Mutual funds
  • UITs
  • Annuities
  • Structured Products
  • AIPs
  • Private Stocks
  • CITs
  • Managed Accounts
  • Separate Accounts
  • Hedge Funds
  • Demand Deposit Accounts
 FND
Money Market Funds MMK
Money Market Funds with Calculation Times MMT
Dividends DID
Distributions DIS
ETF Summary ETS

The following fields are being expanded for 0060 on both inbound and outbound NFN Valuation, please see the NFN Data Service specification, and NFN via Nasdaq Data Link specification for full details.

Field Name 0060 Inbound Data Format New Format
NAV FND, MMT, MMK 19 Characters; $$$$$$$$$.ddddddddd
Offer/Market Price FND, MMT, MMK 19 Characters; $$$$$$$$$.ddddddddd
Redemption Price FND, MMT, MMK 19 Characters; $$$$$$$$$.ddddddddd
Wrap Price FND, MMT, MMK 19 Characters; $$$$$$$$$.ddddddddd
Accrued Interest FND, MMT, MMK 19 Characters; $$$$$$$$$.ddddddddd
Total Net Assets FND, MMT, MMK 18 Characters; $$$$$$$$$$$$$$$$$$
Daily Dividend Factor DID, DIS 12 Characters; $$.ddddddddd
Total Cash Distribution DID 19 Characters; $$$$$$$$$.ddddddddd
Non-Qualified Cash Distribution DID 19 Characters; $$$$$$$$$.ddddddddd
Qualified Cash Distribution DID 19 Characters; $$$$$$$$$.ddddddddd
Tax-Free Cash Distribution DID 19 Characters; $$$$$$$$$.ddddddddd
Ordinary Foreign Tax Credit DID 19 Characters; $$$$$$$$$.ddddddddd
Qualified Foreign Tax Credit DID 19 Characters; $$$$$$$$$.ddddddddd
Stock Dividend Ratio DID 14 Characters; $$$$.ddddddddd
Short-Term Capital Gain DIS 19 Characters; $$$$$$$$$.ddddddddd
Long-Term Capital Gain DIS 19 Characters; $$$$$$$$$.ddddddddd
Unallocated Distributions DIS 19 Characters; $$$$$$$$$.ddddddddd
Return of Capital (ROC) DIS 19 Characters; $$$$$$$$$.ddddddddd

The following fields are being added to the NFN FTP, REST API, and NFN Web Service pricing, please see the NFN specifications for full details:

Field Names
Total Shares Outstanding Total Shares Outstanding Override
Instrument Performance Instrument Performance Direction
Mark to Market Mark to Market Override

NFN is adding an ETF Summary (ETS) format for 0060. The ETS fields are as follows. Please see the NFN FTP specification and NFN REST API specification for NFN Inbound details and the NFN Data Service specification, and NFN via Nasdaq Data Link specification for outbound details.

Fields
Instrument Type/Tier Total Net Assets High
Symbol Summary Type Low
Reporting Type SOD Value Net Change
Footnotes EOD Value Net Change Direction

Nasdaq will introduce new message formats for the Nasdaq Fund Network Data Service (NFNDS) data feed. As outlined in the NFN Data Service specification, the NFNDS message mapping for the April 13th release will be:

                     Message Name Current Codes – To Be Supported Through April 10, 2026 New Codes – To Be Released On April 13, 2026
Message Category Message Type Message Category Message Type
NFN Valuation Message – Mutual Funds, UITs, Annuities, Structured Products, AIPs, Private Stocks, CITs, Managed Account, Separate Accounts, Hedge Funds, Demand Deposit Accounts F G F J
NFN Valuation Message – Money Market Funds F I F M
NFN Valuation Message – ETF Summary
NEW As of April 13, 2026
 F E
Dividends – All Asset Classes F W F V
Dividends – All Asset Classes F Y F W
Distributions – All Asset Classes F X F U

The following changes are being made to existing fields on the NFN Daily List and NFN Symbol directory with the April 2026 release.

Field New Value New Code
Instrument Type ETF ET
Instrument Code ETF 6
Instrument Code LSVCC 7
Instrument Code BDC (Business Development Company) 8

The following are being added to the NFN Daily List and NFN Symbol Directory:

Field Format Value
Instrument Performance Frequency 1 char, alphanumeric (See specification for full list of options)
Maturity Date MM/DD/YYYY Date

The NFN Web Service Valuation, Today’s Price History and Ex Date reports are moving to the new NFN Cloud API with the following report names.

NFN New API URL: https://api.nfn.nasdaq.com
Report New Report Name as of April 13, 2026
NFN Valuation Report

~/servicecall/valuation.ashx?reportname=ValuationReportFund

~/servicecall/valuation.ashx?reportname=ValuationReportMoneyMarket

~servicecall/valuation.ashx?reportname=ValuationReportDIV

~/servicecall/valuation.ashx?reportname=ValuationReportDST

~/servicecall/valuation.ashx?reportname=ValuationReportETFS
Today’s Price History

~/servicecall/CurrentActivity.ashx?MPID=[MPID]

~/servicecall/CurrentActivity.ashx?Symbol=ABCDX

~/servicecall/CurrentActivity.ashx?testflag=true/false
Ex Date Report ~/servicecall/exdate.ashx?date=MM/DD/YYYY

How is NFN FTP inbound protocol changing?

NFN FTP is moving to a new framework on April 13. The framework change does not affect clients using FTP for inbound valuation data. With this change however, NFN is removing the pick-up schedule from the FTP inbound protocol. Instead of scheduled pick-up times, files dropped in the FTP will be picked up at 15 minute intervals beginning at 8:00am ET, with the last pick up being at 7:55pm ET.

How can vendors and pricing agents test the new 0060 format?

Nasdaq will offer evening test transmissions for NFNDS data feed subscribers beginning Monday, February 2, 2026. Nasdaq plans to broadcast NFNDS pre-formatted test messages via production IP multicast channels from 9:00pm to 10:00pm ET.

Nasdaq will offer three Saturday User Acceptance Tests (UATs) for NFN issuers, pricing agents and market data vendors on:

  • Saturday, February 7, 2026 – UAT
  • Saturday, March 7, 2026 – UAT
  • Saturday, April 11, 2026 – Confidence Test

Firms wishing to participate in the UATs should complete and submit the NFN testing registration form to NFN Operations by the Thursday before the scheduled test date. Registered testing firms will receive a testing information sheet, spelling out daily event schedule and open conference call number prior to each test.

Where can I get additional information?

Contact NFN Operations at +1 301 978 5307 (Option #6).


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