System and method for establishing an exchange traded fund
First Claim
Patent Images
1. A system for the sale of shares of an exchange traded fund comprising:
- establishing a subscription period wherein assets are accumulated for purchase underlying securities of the exchange traded fund and for payment of a selling concession to one or more selling firms;
prior to the conclusion of the subscription period, paying the selling concession to the one or more selling firms and using the remaining assets to purchase underlying securities;
dividing the purchase of the underlying securities into shares of the fund; and
commencing trading of shares of the fund.
1 Assignment
0 Petitions
Accused Products
Abstract
A system for the sale of shares of an exchange traded fund comprising: establishing a subscription period wherein assets are accumulated for purchase underlying securities of the exchange traded fund and for payment of a selling commission to one or more selling firms; following the subscription period, paying the selling commission to the one or more selling firms and using the remaining assets to purchase underlying securities; dividing the purchase of the underlying securities into shares of the fund; and commencing listing of shares of the fund.
51 Citations
17 Claims
-
1. A system for the sale of shares of an exchange traded fund comprising:
-
establishing a subscription period wherein assets are accumulated for purchase underlying securities of the exchange traded fund and for payment of a selling concession to one or more selling firms;
prior to the conclusion of the subscription period, paying the selling concession to the one or more selling firms and using the remaining assets to purchase underlying securities;
dividing the purchase of the underlying securities into shares of the fund; and
commencing trading of shares of the fund. - View Dependent Claims (2, 3, 4, 5, 6)
-
-
7. A method for raising assets for an exchange traded fund comprising:
-
establishing a subscription period;
during the subscription period;
establishing an offering price for shares of the exchange traded fund based on an expected opening net asset value for the fund, wherein the offering price comprises the expected opening net asset value plus a selling concession;
accumulating assets for the exchange traded fund by selling interests in the exchange traded fund based on the expected opening net asset value plus the selling concession;
distributing the selling concession to one or more selling firms; and
purchasing underlying securities for the exchange traded fund;
establishing a listing period at the conclusion of the subscription period;
during the listing period;
dividing the underlying securities into shares of the exchange traded fund according to the expected opening net asset value; and
commencing trading of the shares of the fund at an opening net asset value. - View Dependent Claims (8, 9, 10)
-
-
11. A system for establishing an exchange trade fund comprising:
-
establishing a subscription period during which a selling syndicate of one or more selling firms accumulates assets from investors, said assets including a selling concession;
providing the assets less the selling concession to a trust for the purchase of underlying securities for the exchange trade fund and distributing the selling concession to the one or more selling firms;
receiving shares of the exchange traded fund that may be redeemed for the underlying securities; and
distributing the shares of the exchange traded fund to the investors. - View Dependent Claims (12, 13)
-
-
14. A method for establishing an exchange traded fund comprising:
-
receiving assets accumulated by a selling syndicate comprising one or more selling firms for the purchase of underlying securities of the exchange traded fund, said assets comprising money accumulated by the selling syndicate less a selling commission retained by the selling syndicate;
establishing a trust for the purchase and management of the underlying securities;
purchasing the underlying securities;
issuing shares of the trust to the selling syndicate representing the underlying securities; and
allowing trading of the shares. - View Dependent Claims (15, 16, 17)
-
Specification