Nyse Amex LLC

Navigate Fund Solutions, LLC

Managed Etfs LLC

Nyse Alternext US LLC

American Stock Exchange, LLC

Nyse American LLC

Nyse Mkt LLC

Gary L Gastineau

Clifford J Weber

Charles A Baker

Carol Alexander

Terry Norman

Todd J Broms

Jason MacQueen

Jason Macqueen

Paul Edward Kuhnle

Daniel Joseph McCabe

Tony Norman

Systems and methods for improved intra-day valuations of a first portfolio are disclosed herein. Operations include receiving a listing of first identities for a first set of securities of a first portfolio, generating, a second portfolio configured to track the first portfolio, where the second portfolio has second identities that are identical to the first identities and a second set of weightings, calculating an intra-day value for the first portfolio by applying price feed information to the second portfolio in accordance with the second set of weightings, and publicizing the calculated intra-day value for the first portfolio without disclosing a first set of weightings corresponding to the first portfolio.

Systems and methods for trading actively managed funds

Embodiments include systems and methods for intra-day trading of actively managed exchange traded funds (AMETFs). The embodiments provide creation and redemption structures for AMETF shares that allow arbitrage, intra-day value estimations for AMETF shares, and hedging portfolios for hedging risks associated with trading AMETF shares, all without requiring disclosure of the specific assets underlying the AMETF.

Exchange trading of mutual funds or other portfolio basket products

Systems and methods are provided in which a first module is configured to execute a trade of a securities futures product on an underlying financial instrument for which a net asset value calculated and published at or after a specified time. A second module determines a price for the executed trade, which is (a) a first price which is at a specified discount, (b) a second price which is substantially equal, and/or (c) a third price which is at a premium, to the net asset value or net asset value with basis adjustment. A third module is configured to submit the executed trade for settlement at the determined price.

Variants of NAV-based trading for less closely-linked components of index arbitrage complexes

The disclosed methods, systems, and computer program products meet the exchange-traded fund accommodation needs of retirement plan investors and Record Keepers and other market participants with several processes, including using a net asset value-based secondary market trading system for ETF shares, using existing Record Keeper systems to trade, process, and hold retirement account ETF positions in the same manner used for mutual fund transactions and positions, accommodating both dollar amount and share-denominated orders, and crossing offsetting exchange-traded fund trades whenever possible. The disclosed methods, systems, and computer program products provide Record Keepers with access to an automated process managed by one or more ETF service providers that aggregate ETF buy and sell orders to effect transactions in whole and fractional ETF shares at or relative to the fund's net asset value calculated on the day of the transaction or a later day.

Methods, systems and computer program products for automated incorporation of traded fund shares in qualified retirement plans

The present invention uses new order entry types (formats) and new order management methods to meet the order and transaction management needs of investors, traders, brokers, market makers and service providers for institutional traders for transactions in NAV Instruments by integrating the implementation of trades when conventional markets and NAV-based trading markets operate contemporaneously. Among other features, the invention provides methods and computer systems for determining the appropriate nature, size, sequence and latency of orders to be entered into alternative trading venues to improve executions.

Methods, systems, and computer program products for obtaining best execution of orders to buy or sell a financial instrument for which a net asset value is periodically calculated

A system, method and computer product for providing risk information and cost estimation tools to traders in exchange-traded fund shares. The disclosed processes develop, calculate, and publish supplemental information using confidential fund data to support trading in exchange-traded funds with portfolios that are not totally transparent and that use portfolio composition files that are not identical to the fund portfolios. The supplementary trading information preserves fund portfolio confidentiality while permitting market makers and other traders in these non-transparent exchange-traded funds to estimate the costs and risks associated with fund creation and redemption transactions of various sizes.

Methods, systems, and computer program products for facilitating non-transparent exchange-traded fund share creations and redemptions with optional early cutoff times

A system for determining a basket of financial instruments for hedging investment risk in actively managed exchange traded funds is described. The system uses a trusted computer system and includes a computer storage medium storing a computer program product. The product determines the basket of hedging instruments by extracting factor information from a portfolio of the actively managed exchange traded fund and determining factors that affect the price of the exchange traded fund. The program can select a portfolio of instruments with similar behavior with respect to the determined factors to produce a hedging portfolio that tracks the price of the exchange traded fund.

Systems and methods are provided in which a first module is configured to execute a trade of a securities futures product on an underlying financial instrument for which a valuation relative to at least one of (a) a net asset value and (b) a closing price, is calculated and published at or after a specified time. A second module determines a price for the executed trade, in which the price is specified relative to the valuation and/or the valuation with a basis adjustment. The second module may be configured to use a price which is (a) a first price which is at a specified discount, (b) a second price which is substantially equal, and/or (c) a third price which is at a premium, to the valuation or valuation with basis adjustment. A third module is configured to submit the executed trade for settlement at the determined price.

Systems and methods are provided to determine an estimated value of a traded fund whose assets are not publicly disclosed on a daily basis, where a computer system includes one or more computers and is programmed to determine an estimated value of the traded fund. Embodiments include operating the computer system to calculate an estimated value of the traded fund based on the value of a proxy portfolio, where the identities of the assets of the traded fund are not disclosed to an investor who trades shares of the traded fund on a secondary market, and publicly disclosing the estimated value of the traded fund periodically throughout a trading day.

Methods, systems, and computer program products for providing risk management information and tools to traders in fund shares

A system for pricing and/or determining a basket of financial instruments for hedging investment risk in actively managed traded funds is described. The system uses a trusted computer system and includes a computer storage medium storing a computer program product. The product determines a basket of hedging instruments by applying statistical or economic based factor analysis to estimate the NAV or provide a hedging basket to rack actual NAV of an actively managed traded fund.

Hedging exchange traded mutual fund or other portfolio basket products

A method of determining an estimate of the market value of a traded unit of a financial instrument, and apparatus for carrying out the method, said instrument comprising a fund of individually priced securities and the exact composition of said fund being withheld from the market, said method comprising selecting a plurality of mutually independent risk factors, each risk factor being representative of market behaviour estimated to be significant to the price behaviour of the traded unit, obtaining information from a third party holding information regarding the composition of said fund regarding the actual significance of said risk factors to the value of said traded unit, and calculating a value for said traded unit on the basis of said significances.

Growing community of inventors

Short Hills, NJ, United States of America

Gary L Gastineau