EXCHANGE TRADING OF MUTUAL FUNDS OR OTHER PORTFOLIO BASKET PRODUCTS

摘要

The invention provides systems and methods for intra-day trading of actively managed exchange traded funds (AMETFs). The invention provides 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.

主权项

1. A method of intra-day trading in shares or derivative instruments of an actively managed fund comprising:
determining, by at least one computer, a hedging basket of instruments that track the actively managed fund or derivatives; managing investment risk taken in the shares or derivative instruments of the actively managed fund using said hedging basket of instruments, wherein the hedging basket of instruments do not reveal at least one of the group consisting of the fund assets and changes in the fund assets; and intra-day trading, via the at least one computer, the shares or derivative instruments.