Method, system, and program product for determining a value of an index

Abstract

A method and system for determining and sending or posting an electronic value for an index is provided. A list of sectors is obtained. The system then accesses a database storing company information. Eligible securities are selected, assigned to sectors and ranked within each sector. A weight for each eligible security is determined. An amount for the index value of the selected eligible securities based on the weighting is calculated. The index value may be posted or outputted electronically.

1 - 17 . (canceled) 
     
     
         18 . A method for determining and sending or posting an electronic value for an index, comprising:
 obtaining a list of sectors;   accessing, by one or more computers, one or more electronic databases held on one or more computer-readable media, the one or more databases comprising for each of a plurality of securities, identification of a company and a plurality of characteristics for the company identified, including a current market capitalization and current float adjusted market capitalization (FAMC) for the company;   selecting from the plurality of securities a plurality of eligible securities, based on one or more first criteria related to one or more of the characteristics of the respective company associated with the respective security;   assigning each of a plurality of the respective eligible securities to a respective one of the sectors;   ranking the eligible securities, by the one or more computers, by one or more second criteria including a current market capitalization for the respective security;   selecting, based at least in part on the ranking, a plurality of the eligible securities within each sector;   obtaining, by the one or more computers and an electronic network connection, a respective current share price for each of the selected eligible securities;   determining, by the one or more computers, an FAMC factor for each of the selected eligible securities selected based in part on the FAMC of the respective selected eligible security and the current share price for the respective selected eligible security so that, for the sector assigned to the respective eligible security, a calculation of an aggregation of weighted selected eligible securities in that sector obtained by weighting the current share price for each respective selected eligible security in that sector with its respective FAMC factor, and then summing the weighted selected eligible securities that result, is substantially equal to an aggregation of weighted selected eligible securities in any of the other of the sectors at a point in time, which aggregation is equal to an initial sector value;   calculating, by the one or more computers, an amount for the index value of the selected eligible securities based on the weighted selected eligible securities; and   posting the amount or outputting an electronic signal comprising the amount for the index value for further electronic dissemination.   
     
     
         19 . A method according to  claim 18 , wherein ranking the securities by market capitalization further comprises:
 comparing the market capitalization of the selected eligible securities within a same sector to obtain a ranking of securities by sector.   
     
     
         20 . A method for administering an exchange traded fund (ETF), comprising:
 obtaining a set of sectors for shares in the index and obtaining a respective group of selected eligible securities for each respective sector in the set of sectors;   obtaining a current float adjusted market capitalization (FAMC) for each of a plurality of the selected eligible securities;   determining, by one or more computers, an FAMC percentage for each of the plurality of the selected eligible securities, by dividing the current FAMC for the respective eligible security by a total of the FAMC's of the selected eligible securities in a respective sector of the respective selected eligible security;   obtaining, by the one or more computers and an electronic network connection, a respective current share price for each of the selected eligible securities;   determining, by the one or more computers, a respective current FAMC factor for each of a plurality of the respective selected eligible securities, by dividing an initial sector value by a value obtained by multiplying the FAMC percentage for the respective eligible security by a current share price for the respective eligible security, wherein the initial sector value is the same for all of the sectors in the index and is equal to a sum of weighted share prices of the respective group of selected eligible securities of the sector;   calculating, by the one or more computers, a respective current weighted selected eligible security, for each of the respective selected eligible securities, by applying the current FAMC factor for the respective selected eligible security to the current share price for the respective selected eligible security;   calculating, by the one or more computers, a current index value comprising an intra day indicative value (IIV) by summing current weighted selected eligible securities;   disseminating electronically or having disseminated electronically the IIV via an electronic data communication feed and one or more computers;   obtaining securities for the ETF to become a part of the portfolio of securities;   performing a creation event, comprising:
 receiving an asset in relation to a creation event associated with a respective authorized participant (AP); 
 issuing one or more ETF shares directly or indirectly to the respective one AP based on the asset received; and 
   performing a redemption event, comprising:
 receiving one or more shares of the ETF for the same or for another of the AP's; 
 identifying securities for the redemption event; and 
 transferring or sending an electronic message to transfer the identified securities directly or indirectly to the respective AP or an agent thereof. 
   
     
     
         21 . A method for determining and sending or posting an electronic value for an index, comprising:
 obtaining a set of sectors for shares in the index and obtaining a group of selected eligible securities for each of the sectors in the set of sectors including an additional selected eligible security that replaces one of the selected eligible securities in a given sector;   obtaining a current float adjusted market capitalization (FAMC) for each of a plurality of selected eligible securities including the additional selected eligible security in the given sector;   determining, by the one or more computers, an FAMC percentage for each of the plurality of the selected eligible securities, by dividing the current FAMC for the respective eligible security by a total of the FAMC's of the selected eligible securities in a respective sector of the respective selected eligible security;   determining, by the one or more computers, a respective current FAMC factor for each of a plurality of the respective selected eligible securities in sectors other than the given sector where one of the selected eligible security had been replaced for the sector, by dividing an initial sector value for the period by a value obtained by multiplying the FAMC percentage for the respective selected eligible security by a current share price for the respective selected eligible security, wherein the initial sector value for the period was the same for all of the sectors in the index at an initial point in time;   calculating, by the one or more computers, a new sector value for the given sector based on calculation of an aggregation of weighted selected eligible securities in the given sector before the selected eligible security was replaced;   determining, by the one or more computers, a respective current FAMC factor for each of the respective selected eligible securities in the given sector, by dividing the new sector value by a value obtained by multiplying the FAMC percentage for the respective selected eligible security in the given sector by a current share price for the respective selected eligible security;   calculating, by the one or more computers, a respective current weighted selected eligible security, for each of the respective selected eligible securities, by applying the current FAMC factor for the respective eligible security to the current share price for the respective eligible security;   calculating, by the one or more computers, a current index value by obtaining an aggregation of current weighted selected eligible securities; and   posting or outputting an electronic signal comprising the current index value for further electronic dissemination.   
     
     
         22 . A method according to  claim 21 , further comprising:
 obtaining information about a corporate action in relation to one or more selected eligible securities that indicates that an additional eligible security must be selected in a given sector to replace one of the selected eligible securities for that given sector;   obtaining the additional selected eligible security for the given sector; and   obtaining a current float adjusted market capitalization (FAMC) for each of a plurality of selected eligible securities including the additional selected eligible security.   
     
     
         23 . A system for determining and sending or posting an electronic value for an index, comprising:
 one or more computers configured to perform the operations:   determining, by the one or more computers, based on a set of sectors for shares in the index and a respective group of selected eligible securities for each respective sector in this set of sectors and a current float adjusted market capitalization (FAMC) for each of a plurality of the selected eligible securities, an (FAMC) percentage for each of a plurality of the selected eligible securities, by dividing the current FAMC for the respective eligible security by a total of the FAMC's of the selected eligible securities in a respective sector of the respective selected eligible security;   obtaining, by the one or more computers and an electronic network connection, a respective current share price for each of the selected eligible securities;   determining, by the one or more computers, a respective current FAMC factor for each of a plurality of the respective selected eligible securities, by dividing an initial sector value for a period by a value obtained by multiplying the FAMC percentage for the respective selected eligible security by a current share price for the respective selected eligible security, wherein the initial sector value for a period is the same for all of the sectors in the index and is equal to a sum of weighted share prices of the selected eligible securities of the respective sector at a given initial point in time;   calculating, by the one or more computers, a respective current weighted selected eligible security value, for each of the respective selected eligible securities, by applying the current FAMC factor for the respective selected eligible security to the current share price for the respective selected eligible security;   calculating, by the one or more computers, an index value by summing current weighted selected eligible securities; and   posting or outputting, by the one or more computers, an electronic signal comprising the index value for further electronic dissemination.