Tag 167 value for Nextshares

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Imported from previous forum

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With regards to this, I would suggest using SecurityType(167) as oppose to AssetClass(1938). The AssetClass tags are used inconjunction with SecurityType to identify the risk exposure of trading the particular SecurityType (plus the specific swap or actual security based on some security identifier).

I would suggest SecurityType(167)=ETMF be the value used for these exchange traded managed fund. Mutual fund is a different “animal” from ETF and ETMF therefore I would not suggest SecurityType=MF with a SecuritySubType=ETMF. These funds all have strong legal definitions therefore not the same, despite similarities.

As Hanno pointed out, based on the NASDAQ link provided “NextShares” is just a branding, just like iShares is a brand of ETF.

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The CFICode (FIX tag 462), ISO 10962, has a top level category C=Collective Investment Vehicles for funds which was added in 2011 I believe. It has a list of sub-categories which can be used. This is another alternative to SecurityType and SecuritySubType which I would call “legacy”.

I = Standard (vanilla) investment funds / mutual funds
H = Hedge funds
B = Real estate investment funds (REIT)
E = Exchange traded funds (ETF)
S = Pension funds
F = Fund of funds
P = Private equity funds
M = Other (Miscellaneous)

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Thanks, that makes it pretty clear although I am not sure what the best answer is. NextShares seems to be simply a brand name. The asset class is a specific type of fund, all of them managed. One approach is to use the new asset class tags if you are able to support them in your FIX version.

AssetClass(1938) = 9 (Fund)
AssetSubClass(1939) = TBD (depends on the type of managed fund)

Tag SecurityType(167) only has MF (Mutual Fund) but would allow ETMF as a bilaterally agreed, generic value. However, this would be generic and not distinguish the type of managed fund. SecuritySubType(762) can provide more granularity. Maybe NASDAQ provides further categorization in their product description of ETMFs.

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Nextshares are also known as ETMFs. These appear to be a like new asset class. Please see below for more details:

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Please provide more context to “nextshares”. Tag 167 SecurityType also allows additional values, see the field description: “NOTE: Additional values may be used by mutual agreement of the counterparties.”

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Hello, I cannot seem to find information on Tag 167 value for nextshares. Has a new value been designated for it or is an existing value going to be used for it.

Thanks