ETF Holdings vs. Portfolio Composition File (PCF)

An ETF’s portfolio holdings and its Portfolio Composition File (PCF) are related but distinct datasets.

Portfolio holdings represent the securities actually owned by the fund. The publication frequency varies by ETF provider. Some providers publish holdings daily, while others disclose complete holdings monthly or on another schedule. For example, Vanguard publishes complete holdings for its index ETFs monthly, with a 15-calendar-day lag following month-end.

A Portfolio Composition File (PCF) represents the basket of securities and cash used by authorized participants in the ETF creation and redemption process. It supports the arbitrage mechanism that helps keep the ETF’s market price aligned with its Net Asset Value (NAV). A PCF is generally updated each trading day, but it should not be interpreted as a complete representation of the fund’s actual holdings.