Navigate Fund Solutions, LLC

Managed Etfs LLC

Managed Audience Share Solutions LLC

Todd J Broms

Gary L Gastineau

Amihai Ulman

Paul Edward Kuhnle

Daniel Joseph McCabe

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

Systems, methods, and computer program products are provided for optimizing liquidity that an Audience Producer can access for the sale of audience profile access rights by having each individual audience profile access right listed using symbology that can gamer the highest price discovery and depth of market. This is accomplished, in part, by providing multiple listing symbologies for a single asset, allowing for a determination of an optimized or improved symbology for obtaining a best purchase or sale price for a structured advertising asset.

Methods, systems, and computer program products for optimizing liquidity and price discovery in advertising markets

Binary advertising markets are developed where personalized media such as digital and even analog advertising is delivered to and accessed by audience members enabling advertisers to buy advertising for broadcast to televisions, smartphones and other types of digital devices. The market is designed to provide participants a new way to have their orders entered, matched, executed, and settled, to manage and monitor risk characteristics of their content placement or advertising placement transactions, and any rights and positions that result from those transactions. Standardized units of exchange represented by profile access rights and display space access rights appropriately designed for their respective markets are used in both primary direct and secondary alternative markets. Processes are also implemented where an audience member receives economic benefit in exchange for confirming view of or rating an advertisement, or viewing advertisements while logged in.

Methods, systems, and computer program products for managing organized binary advertising asset markets

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

Described herein is an embodiment for administering two or more funds or one or more funds and one or more separate account portfolios, where each fund or portfolio is managed using a common investment process. The funds may have different management and distribution fees and may have different investor eligibility requirements. The fee structure may be accomplished through a fund of funds or holding company structure. Also described is an embodiment for investment management wherein funds and separate account portfolios using a common investment process exchange their shares or units and baskets of their securities to accommodate entry and exit of investors while protecting ongoing investors from the cost of such entries and exits and to accommodate investors paying different fees and expenses.

Methods, systems, and computer program products for managing multiple investment funds and accounts using a common investment process

Systems, methods and computer program products for trading financial instruments are described herein. A first order to buy or sell a financial instrument is received, where the first order includes at least one contingency. The contingency may be price-based and/or volume-based. For example, the contingency can be based on a volume-weighted average price of the security (VWAP); a time-weighed average price of the security (TWAP); a target trading volume of the security as a percentage of total market volume during a specified period (TVOL); or a net asset value (NAV) of the security. The first order is matched with a corresponding second order. For example, a bid for a given security is matched with an offer for the same security. This matching operation also includes ensuring that the contingency(ies) of the first order are compatible with the contingency(ies) of the second order. Thereafter, the contingencies are calculated, and then the first and second orders are executed pursuant to the calculated contingencies.

Methods, systems, and computer program products for trading financial instruments on an exchange

Systems and methods are disclosed for managing and trading an investment fund having a portfolio including any combination of financial instruments and cash and having a general class of fund shares tradable in a secondary market. In the disclosed processes, assets enter and are removed from the investment fund through an exchange-traded fund share creation and redemption process governed by a set of rules. An intra-day fund share net asset value proxy based on a fund portfolio is distributed through electronic quotation vendors during the trading day at a specified interval. Notices of intention to create or redeem shares of the redeemable share class received by a specified time result in implementing the creation or redemption of shares at a net asset value determined after the notices are received. These features protect ongoing investors in the fund from costs of fund share trading by entering and leaving shareholders.

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New York, NY, United States of America

Todd J Broms