8 Best ETF Issuer Software Platforms in 2026

Limina is a cloud-native investment management platform built for mid-sized asset managers. It combines portfolio management, order management, and operations tools in a single system designed specifically for firms that need sophisticated ETF capabilities but want to avoid the cost and rigidity of legacy platforms.

Key ETF Features:

• Real-Time IBOR & Intraday NAV: A Generation 3 Investment Book of Record provides live position and cash data, supporting T+0 ETF workflows. A real-time NAV view helps identify discrepancies before they affect the PCF or market-maker pricing.

• Intraday Cash Ladders & Rebalancing: Live cash ladders reflect pending creations and redemptions. Portfolios can be rebalanced intraday to benchmarks or proprietary models to manage tracking error and reduce cash drag.

• Multi-Share Class & FX-Hedged Structures: Supports multiple share classes within a single fund, including FX-hedged share classes. Currency transactions and forward rolls are managed in-system, with a unified view of P&L and exposures across share classes.

• Integrated OMS with FIX Connectivity: A full order management system supports equities, fixed income, and derivatives from a single blotter. Orders can be routed directly to brokers or external EMS platforms with real-time FIX-based order lifecycle management.

• Automated PCF & Basket Generation: Intraday PCFs and baskets are automatically generated and distributed to market makers. Most reconciliations are automated, with exception-based oversight for anomalies.

Implementation: A few weeks

State Street Alpha combines the Charles River Investment Management Solution with State Street's custody and administration services. The platform works best when you use State Street as your custodian because trades flow directly from the order management system into custody and accounting without external interfaces.

Key ETF Features:

• Intelligent Basket Builder: Tools for optimizing basket composition, managing custom negotiations with APs, and distributing PCF data. The system creates an audit trail for all basket negotiations.

• FIX Protocol Support: APs can send creation and redemption orders electronically using the FIX messaging standard. This reduces manual entry errors and speeds up settlement.

• Charles River Network: Access to hundreds of liquidity venues and brokers for executing basket rebalancing trades.

Implementation: A few quarters to years

Aladdin is the platform BlackRock uses internally for its own ETF business. It offers the most sophisticated risk analytics in the market, with detailed decomposition of fixed income, derivatives, and multi-asset portfolios. The platform is built around a unified data model that connects investment decisions to risk analysis and operations.

Key ETF Features:

• Risk Engine: Industry-leading analytics for tracking error, duration, convexity, and spread risk. Essential for managing complex fixed income or derivatives-based ETFs.

• Aladdin Network: Native connectivity to custodians, accounting agents, and trading venues. Includes FIX protocol support for ETF primary market transactions.

• Multi-Asset Coverage: Handles public and private market assets in a single view. Useful as ETF structures expand into less liquid asset classes.

Implementation: A few quarters to years

SimCorp dominates the European market with a platform built around a single unified database. The front office and back office access the same data records, which eliminates reconciliation between trading and accounting.

Key ETF Features:

• Unified IBOR and ABOR: Investment and accounting books share a single database. No data reconciliation needed between front and back office.

• Regulatory Modules: Pre-built compliance tools for UCITS, SFDR, EMIR, and other European regulations. Updated automatically when rules change.

• ETF Administration Module: Automates PCF calculation, basket optimization, and yield processing for high-volume ETF operations.

Implementation: 12+ months

Eze Investment Suite delivers a complete front-to-back investment experience for ETF issuers. Eze Investment Suite is a bundle of multiple systems including for example Eze OMS (Order Management System).

Key ETF Features:

• Primary-market create/redeem workflow support: Operational handling of ETF creations and redemptions, including differentiation between in-kind and cash-in-lieu activity.

• Index-driven rebalancing: ability to load benchmarks/indices and support systematic rebalancing aligned with ETF index tracking.

• Connectivity to ETF ecosystem participants: integrations with authorized participants, custodians, fund administrators, brokers, and data providers to enable straight-through processing.

• Integrated investment compliance: native ’40 Act pre-, and post-trade compliance controls applicable to ETF structures.

Implementation: Requires several months for full implementation but offers deeper customization for complex workflows across multiple asset classes. The more systems from the Eze Investment Suite you want to use, the more complex the implementation typically becomes.