Non-capitalization weighted indexing system, method and computer program product

• US 20100287116A1
• Filed: 11/16/2009
• Published: 11/11/2010
• Est. Priority Date: 04/10/2002
• Status: Active Grant

• Current Assignee: Research Affiliates LLC (Research Affiliates Global Holdings LLC)
• Original Assignee: Research Affiliates LLC (Research Affiliates Global Holdings LLC)
• Inventors: Wood, Paul C., Arnott, Robert D.
• Granted Patent: US 8,374,937 B2
• Time in Patent Office: Days
• US Class Current: 705/36R
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

An investment system based on indices created from various metrics is disclosed. The indexes may be built by selecting from a universe of assets, a subset using selection metrics primarily substantially independent of market capitalization weighting, price weighting or equal weighting. These metrics may include, but are not limited to book value, sales, revenue, debt to equity adjusted sales, earnings, earnings per share, EBITDA, income, income growth rate, any dividends, any dividends per share, any dividend yield, any distribution to holders, buybacks, cumulative retained cashflow, earnings before interest, tax, depreciation and amortization, employees, demographics, etc. Non-financial metrics may also be used to build indexes, which may be used to create investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. As the data underlying the indexes change because of, e.g., economic activity, the index may be updated and may be used as a basis to rebalance the portfolio. Several time periods may be averaged. Alternatively, the index can be rebalanced when a pre-determined threshold is reached, or on a periodic or aperiodic basis. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the selection of the constituents in the index or the portfolio. Valuation indifferent indexes of the present invention avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

Claims

1. A computer implemented method of constructing an index of assets (I), the method performed by at least one processor operable to perform the method, the method comprising:

(a) accessing by the at least one processor of one or more databases storing and permitting retrieval of data (D) about a plurality of entities (E) and a plurality of corresponding assets (A) each issued by or having been issued by at least one of the plurality of entities (E);

(b) selecting by the at least one processor a universe (U) of said plurality of entities (E) based on any measure of size (SZ) of said entities;

(c) receiving by the at least one processor at least one objective measure of scale (O) regarding one or more of the plurality of entities (E) associated with said corresponding assets (A);

(d) retrieving by the at least one processor one or more of said data (D) about a plurality of said entities (E) and said corresponding assets (A);

(e) selecting by the at least one processor a subset of said universe (SU) comprising said one or more data (D) to be a quantitative data (Q) reflecting the amount of said at least one objective measure of scale (O) associated with each of said entities (E), wherein said selecting of said subset of said universe (SU) comprises;

selecting said entities (E) of the subset of said universe (SU) based on said received at least one objective measure of scale (O) wherein said at least one objective measure of scale (O) (i) is substantially independent of the market prices (P) of any of said assets (A); and

(ii) is substantially independent of said market capitalization (MC) of any of said entities (E),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given asset (A), and wherein said measure of the size (SZ) of each said entity (E) corresponding to each said asset (A) comprises at least one of;

gross revenue of a said entity (E) associated with a said asset (A),

sales of a said entity (E) associated with a said asset (A),

debt to equity adjusted sales of a said entity (E),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with a said asset (A),

earnings before interest and tax (EBIT) of a said entity (E) associated with a said asset (A),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with a said asset (A),

number of employees of a said entity (E) associated with a said asset (A),

book value of a said entity (E) associated with a said asset (A),

cumulative retained cashflow of a said entity (E),

assets of a said entity (E) associated with a said asset (A),

liabilities of a said entity (E) associated with a said asset (A),

net worth of a said entity (E) associated with a said asset (A),

cashflow of a said entity (E) associated with a said asset (A),

any dividends of a said entity (E) associated with a said asset (A),

any dividend yield of a said entity (E) associated with a said asset (A),

any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with a said asset (A),

an attribute relating to floor space of a said entity (E) associated with a said asset (A),

an attribute relating to office space of a said entity (E) associated with a said asset (A),

an attribute relating to location of a said entity (E) associated with a said asset (A),

a demographic measure (DM) of a said entity (E) associated with a said asset (A), or a measure relating to a demographic attribute of a said entity (E) associated with a said asset (A);

wherein said selecting by the at least one processor of said subset of said universe (SU) comprises;

(i) ranking by the at least one processor said entities (E) of said universe (U) based upon a said quantitative data (Q) associated with the at least one objective measure of scale (O) of each of said entities (E); and

(ii) selecting said subset (SU) by the at least one processor based on said ranking wherein said subset (SU) comprises an index of assets (I) of the entities (E) to comprise the plurality of constituent index assets (IA) comprising the index of assets (I); and

(f) calculating by the at least one processor percentage weights for the index of assets (I) to be objective measure of scale weights (OW) substantially independent of (i) any of said market prices (P) of any of said assets (A); and

(ii) any of said market capitalization (MC) of any of said entities (E), wherein the calculating comprises;

(i) adding the quantitative data (Q) of each of said at least one objective measure of scale (O) for all of said constituent index assets (IA) to yield a sum total quantitative data (SUMQ) for said at least one objective measure of scale; and

(ii) dividing a said quantitative data (Q) of a said at least one objective measure of scale (O) for each said constituent index asset (IA) by the sum total quantitative data (SUMQ) to yield the objective measure of scale weight (OW) of each of the constituent index assets (IA) comprising the index of assets (I),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given constituent index asset (IA), and

wherein said measure of the size (SZ) of each said entity (E) corresponding to each said constituent index asset (IA) comprises at least one of;

gross revenue of a said entity (E) associated with said constituent index asset (IA),

sales of a said entity (E) associated with said constituent index asset (IA),

debt to equity adjusted sales of a said constituent index asset (IA),

earnings of a said entity (E) associated with a said constituent index asset (IA),

income of a said entity (E) associated with said constituent index asset (IA),

earnings before interest and tax (EBIT) of a said entity (E) associated with said constituent index asset (IA),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with said constituent index asset (IA),

number of employees of a said entity (E) associated with said constituent index asset (IA),

book value of a said entity (E) associated with said constituent index asset (IA),

cumulative retained cashflow of a said entity (E) associated with said constituent index asset (IA),

assets of a said entity (E) associated with said constituent index asset (IA),

liabilities of a said entity (E) associated with said constituent index asset (IA),

net worth of a said entity (E) associated with said constituent index asset (IA),

cashflow of a said entity (E) associated with said constituent index asset (IA),

any dividends of a said entity (E) associated with said constituent index asset (IA),

any dividend yield of a said entity (E) associated with a said constituent index asset (IA),

any distribution to asset (A) holders by a said entity (E) associated with a said constituent index asset (IA),

any asset (A) buybacks by a said entity (E) associated with a said constituent index asset (IA),

an attribute relating to employees of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to floor space of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to office space of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to location of a said entity (E) associated with said constituent index asset (IA),

a demographic measure (DM) of a said entity (E) associated with said constituent index asset (IA), or

a measure relating to a demographic attribute of a said entity (E) associated with said constituent index asset (IA).

2. The computer implemented method according to claim 1, wherein said each of said assets comprises at least one of a stock (S);

a commodity (CO);

a futures contract (FC);

a bond (B);

a municipal bond (MB);

a corporate bond (CB);

a mutual fund (MF);

a hedge fund (HF);

a fund of funds (FF);

an exchange traded fund (ETF);

or a derivative (DE).

3. The computer implemented method according to claim 1, wherein each of said assets comprises a stock (S).

4. The computer implemented method according to claim 1, wherein each of said assets comprises a commodity (CO).

5. The computer implemented method according to claim 1, wherein each of said assets comprises a futures contract (FC).

6. The computer implemented method according to claim 1, wherein each of said assets comprises a bond (B).

7. The computer implemented method according to claim 1, wherein each of said assets comprises a mutual fund (MF).

8. The computer implemented method according to claim 1, wherein each of said assets comprises a hedge fund (HF).

9. The computer implemented method according to claim 1, wherein each of said assets comprises a fund of funds (FF).

10. The computer implemented method according to claim 1, wherein each of said assets comprises an exchange traded fund (ETF).

11. The computer implemented method according to claim 1, wherein each of said assets comprises a derivative (DE).

12. The computer implemented method according to claim 1, wherein said (h) comprises weighting comprising performing a negative weighting on any of said assets (NW).

13. The computer implemented method according to claim 12, wherein said negative weighting (NW) is performed for purposes of at least one of:

establishing or measuring performance, for at least one of;

any security (S);

a portfolio of assets (PA);

a hedge fund (HF);

or at least one of;

a long or a short position.

14. The computer implemented method according to claim 1, wherein said at least one objective measure of scale (O) comprises a measure relating to at least one of an underlying attribute of one or more of the assets (A), or a said entity (E) associated with a said asset (A).

15. The computer implemented method according to claim 1, (i) wherein said sales comprises at least one of:

total sales, foreign sales, domestic sales, net sales, net revenue or gross sales, (ii) wherein said book value comprises at least one of;

a value adjusted for inflation, a value adjusted for replacement or a value adjusted for liquidation value, (iii) wherein the cash flow comprises at least one of;

a said entity associated with a said asset, or future value of expected cash flow of a said entity associated with a said asset, and (iv) wherein said at least one objective measure of scale (O) associated with any said assets comprises at least one of;

profitability of a said company associated with a said asset;

profit margin of a said company associated with a said asset;

operating margin of a said company associated with a said asset;

retained earnings of a said company associated with a said asset;

earnings per share of a said company associated with a said asset;

reported profits of a said entity associated with a said asset;

reported pre-exceptional profits of a said entity associated with a said asset;

value of an expected cash flow of a said entity associated with a said asset;

dividends of a said company associated with a said asset;

assets of a said company associated with a said asset;

tangible assets of a said company associated with a said asset;

intangible assets of a said company associated with a said asset;

fixed assets of a said company associated with a said asset;

property of a said company associated with a said asset;

plant of a said company associated with a said asset;

equipment of a said company associated with a said asset;

goodwill of a said company associated with a said asset;

replacement value of assets of a said company associated with a said asset;

liquidation value of assets of a said company associated with a said asset;

liabilities of a said company associated with a said asset;

long term liabilities of a said company associated with a said asset;

short term liabilities of a said company associated with a said asset;

net worth of a said company associated with a said asset;

research and development expense of a said company associated with a said asset;

accounts receivable of a said company associated with a said asset;

accounts payable of a said company associated with a said asset;

cost of goods sold (CGS) of a said company associated with a said asset;

debt ratio of a said company associated with a said asset;

budget of a said company associated with a said asset;

capital budget of a said company associated with a said asset;

cash budget of a said company associated with a said asset;

direct labor budget of a said company associated with a said asset;

factory overhead budget of a said company associated with a said asset;

operating budget of a said company associated with a said asset;

sales budget of a said company associated with a said asset;

inventory method of a said company associated with a said asset;

type of stock offered of a said company associated with a said asset;

liquidity of a said company associated with a said asset;

book income of a said company associated with a said asset;

tax income of a said company associated with a said asset;

capitalization of earnings of a said company associated with a said asset;

capitalization of goodwill of a said company associated with a said asset;

capitalization of interest of a said company associated with a said asset;

capitalization of revenue of a said company associated with a said asset;

capital spending of a said company associated with a said asset;

cash of a said company associated with a said asset;

compensation of a said company associated with a said asset;

employee turnover of a said company associated with a said asset;

overhead costs of a said company associated with a said asset;

credit rating of a said company associated with a said asset;

growth rate of a said company associated with a said asset;

tax rate of a said company associated with a said asset;

liquidation value of entity of a said company associated with a said asset;

capitalization of cash of a said company associated with a said asset;

capitalization of earnings of a said company associated with a said asset;

capitalization of revenue of a said company associated with a said asset;

or

value of expected measure of scale of a said entity associated with a said asset.

16. The computer implemented method according to claim 1, wherein said at least one objective measure of scale (O) comprises a ratio of any combination of objective measures of scale (O) relating to one or more of said assets (A) and the ratio is not based on any one of:

weighting said one or more assets based on market capitalization;

equal weighting;

or weighting in proportion to the market price of said one or more assets.

17. The computer implemented method according to claim 16, wherein said ratio of any combination of said objective measures of scale comprises at least one of:

current ratio,

debt ratio,

overhead expense as a percent of sales, or

debt service burden ratio.

18. The computer implemented method according to claim 1, wherein said at least one objective measure of scale (O) comprises said demographic measure (DM) of said entity (E) of said asset (A), and wherein said demographic measure (DM) comprises at least one of a financial attribute, an accounting data attribute, a non-financial attribute, a non-accounting data attribute.

19. The computer implemented method according to claim 1, wherein said measure of size comprises a demographic measure comprising any accounting data appearing in an annual report of a said entity (E).

20. The computer implemented method according to claim 1, wherein said demographic measure comprises at least one of:

a financial metric;

a non-financial metric;

a non-market related metric;

a number of employees;

a floor space;

or

an office space.

21. The method according to claim 1, wherein said (g) comprises weighting based on said at least one objective measure of scale (O), wherein said at least one objective measure of scale (O) comprises an economic indicator (EI).

22. The computer implemented method according to claim 1, wherein said at least one objective measure of scale (O) comprises a measure tied to a particular geography (G) associated with at least one of the assets (A) or the entity (E).

23. The computer implemented method of claim 1, wherein the method comprises constructing a portfolio of assets (PA) based upon the index of assets (I).

24. The computer implemented method of claim 23, wherein the portfolio of assets (PA) comprises at least one of:

a fund (F);

a mutual fund (MF);

a fund of funds (FF);

an asset (A) account;

an exchange traded fund (ETF);

a separate account;

a comingled account;

a pooled trust;

a limited liability company;

or

a limited partnership.

25. The computer implemented method according to claim 23, comprising:

selecting the portfolio of assets (PA) for trading according to the index of assets (I); and

trading one or more of said assets (A) comprising said portfolio of assets (PA) based on said method of constructing an index of assets (I).

26. The computer implemented method according to claim 25, wherein said trading comprises:

rebalancing the portfolio of assets (PA) based on the index of assets (I).

27. The computer implemented method according to claim 26, wherein said rebalancing is performed on a periodic basis.

28. The computer implemented method according to claim 26, wherein said rebalancing is based upon the constituent assets (IA) reaching a threshold value.

29. The computer implemented method according to claim 25, further comprising:

applying one or more rules associated with the index of assets (I).

30. The computer implemented method according to claim 1, wherein the method of constructing the non-capitalization weighted index (I) is used for at least one of:

investment management;

or investment portfolio benchmarking.

31. The computer implemented method of claim 1, wherein the method further comprises an enhanced index (EI) investing method, comprising:

constructing a portfolio of assets in a fashion in which at least one of;

holdings;

performance;

or characteristics, are substantially similar to the index of assets (I).

32. The computer implemented method according to claim 1, wherein said method further comprises:

gathering data about the plurality of assets (A) by an index (I) construction manager device comprising computerized databases.

33. The computer implemented method according to claim 1, wherein said at least one objective measure of scale (O) comprises at least one of a financial metric, or a non-financial metric.

34. The computer implemented method of claim 1, wherein said (b) comprises at least one of:

(i) selecting a group of said entities (E) having at least a minimum measure of size (SZ) above a first threshold value;

(ii) selecting a group of said entities (E) having at least a minimum level of liquidity surpassing a second threshold value;

or (iii) selecting a group of said entities (E) having at least a minimum number of tradable assets outstanding above a predetermined third threshold value.

35. The computer implemented method of claim 1, wherein the universe (U) comprises at least one of:

a sector;

a market;

a market sector;

an industry sector;

a geographic sector;

an international sector;

a sub-industry sector;

a government issue;

or

a tax exempt financial object.

36. The computer implemented method of claim 1, wherein said plurality of entities (E) comprises all publicly traded companies.

37. The computer implemented method of claim 1, wherein said plurality of entities (E) comprising said universe (U) comprises all publicly traded companies.

38. The computer implemented method of claim 1, wherein said plurality of entities (E) comprising said subset (SU) comprises all publicly traded companies.

39. The computer implemented method of claim 1, further comprising:

selecting a subset of said subset (SSU) based on any measure of size (SZ) of said entities (E).

40. The computer implemented method of claim 1, further comprising:

selecting a subset of said subset (SSU) based on at least one of;

a growth based measure;

a value based measure;

a large capitalization based measure;

a small capitalization based measure;

a mid capitalization based measure;

a high price to earnings ratio based measure;

or a low price to earnings ratio based measure.

42. The computer implemented method of claim 1, wherein said weighting comprises mathematical blending.

43. The computer implemented method of claim 1, wherein said weighting comprises mathematical averaging.

44. The computer implemented method of claim 43, wherein said mathematical averaging is performed on at least one of:

a 1-year period, a 3-year period, a 4-year period, a 5-year period, a 6-year period, a 7-year period, a 8-year period or a 9-year period.

45. The computer implemented method of claim 43, wherein said mathematical averaging is performed on a period less than a quarter.

46. The computer implemented method of claim 43, wherein said mathematical averaging is performed on a period greater than a quarter.

47. The computer implemented method of claim 43, wherein said mathematical averaging is independent of at least a current quarter.

48. The computer implemented method of claim 43, wherein said mathematical averaging is performed so as to reduce price correlation.

49. The computer implemented method of claim 1, further comprising eliminating another subset (AS) of said entities (E) based on an illiquidity measure of said AS.

50. The computer implemented method of claim 1, comprising partitioning of said subset (SU) to generate one or more partitioned subsets (PU).

51. The computer implemented method of claim 1, comprising partitioning of said index (I) into a plurality of partitioned sub-indexes (PI).

52. The computer implemented method of claim 51, wherein said partitioning is based on any criterion.

53. The computer implemented method of claim 1, further comprising using a statistical technique to at least one:

of mimic or substantially mirror a performance of said index (I).

54. The computer implemented method of claim 1, wherein the subset (SU) includes a group of entities (E) greater than 500.

55. The computer implemented method of claim 1, wherein said plurality of entities (E) comprises substantially all entities (E) having publicly available periodic financial reports.

56. The computer implemented method of claim 1, wherein said (e) comprises eliminating from the universe (U) a secondary subset (SSU) of any of said entities.

57. The computer implemented method of claim 56, wherein said (f) comprises weighting the remaining entities (E) left after said eliminating.

58. The computer implemented method of claim 57, wherein said eliminating comprises eliminating based on illiquidity of the eliminated entities (E).

59. The computer implemented method of claim 1, wherein said assets (A) comprise at least one of:

a liability;

a tracking portfolio;

a financial instrument or a security, wherein said financial instrument or said security denotes a debt, an equity interest, or a hybrid;

a derivatives contract, including at least one of;

a future, a forward, a put, a call, an option, a swap, or any other transaction relating to a fluctuation of an underlying asset, notwithstanding the prevailing value of the contract, and notwithstanding whether such contract, for purposes of accounting, is considered an asset or liability;

a commodity;

a financial position;

a currency position;

a trust, a real estate investment trust (REIT), a real estate operating company (REOC), or a portfolio of trusts;

a debt instrument comprising at least one of;

a bond, a debenture, a subordinated debenture, a mortgage bond, a collateral trust bond, a convertible bond, an income bond, a guaranteed bond, a serial bond, a deep discount bond, a zero coupon bond, a variable rate bond, a deferred interest bond, a commercial paper, a government security, a certificate of deposit, a Eurobond, a corporate bond, a government bond, a municipal bond, a treasury-bill, a treasury bond, a foreign bond, an emerging market bond, a high yield bond, a developed market bond, a junk bond, a collateralized instrument, an exchange traded note (ETN), or other agreements between a borrower and a lender;

a fund;

or

an investment entity or account of any kind, including an interest in, or rights relating to;

a hedge fund, an exchange traded fund (ETF), a fund of funds, a mutual fund, a closed end fund, an investment vehicle, or any other pooled or separately managed investment account, trust, or other investment vehicle.

60. The computer implemented method of claim 1, wherein said assets (A) are held by, or on behalf of, one or a plurality of investors.

61. The computer implemented method of claim 1, wherein said (f) is performed based on at least one of:

(i) a current fundamental accounting measure, (ii) a past fundamental accounting measure, (iii) a forecasted fundamental accounting measure, (iv) a ratio of current, past or forecasted fundamental accounting measures;

or (v) a mathematical blend of at least two of said (i) through said (iv).

62. The computer implemented method of claim 1, wherein said (f) is performed based on taking a mathematical transformation of at least one of:

(i) a current fundamental accounting measure, (ii) a past fundamental accounting measure, (iii) a forecasted fundamental accounting measure, (iv) a ratio of current, past or forecasted fundamental accounting measures;

or (v) a mathematical blend of at least two of said (i) through said (iv).

63. The computer implemented method of claim 62, wherein the mathematical transformation comprises calculating a square root of at least one of said fundamental accounting measures.

64. The computer implemented method of claim 1, wherein said objective measure of scale comprises at least one of:

reported profits of a said entity associated with a said asset;

reported pre-exceptional profits of a said entity associated with a said asset;

value of an expected cash flow of a said entity associated with a said asset;

or

value of expected measure of scale of a said entity associated with a said asset.

65. The computer implemented method of claim 1, wherein said objective measure of scale comprises at least one of:

reported profits of a said entity associated with a said asset;

reported pre-exceptional profits of a said entity associated with a said asset;

a value of an expected cash flow of a said entity associated with a said asset;

a value of expected measure of scale of a said entity associated with a said asset;

a forecasted earning of a said entity associated with a said asset;

a forecasted dividend of a said entity associated with a said asset;

a forecasted sales of a said entity associated with a said asset;

a forecasted revenue of a said entity associated with a said asset;

a forecasted cashflow of a said entity associated with a said asset;

a forecasted cumulative retained cashflow of a said entity associated with a said asset;

a forecasted distribution of a said entity to a holder of a said asset;

a forecasted buyback associated with a said asset;

a forecasted metric of a said entity associated with a said asset;

or

a forecasted fundamental accounting measure of a said entity associated with a said asset.

78. The computer implemented method according to claim 17, wherein said negative weighting is performed for purposes of at least one of:

establishing or measuring performance, for at least one of;

any security;

a portfolio of assets;

a hedge fund;

or at least one of;

a long or a short position.

104. The computer implemented method of claim 43, wherein the altering comprises at least one of:

altering based on at least one of;

changes in relative weightings of stocks in the index;

or changes in the stocks that are members of the index outside one or more sample changes;

or

altering at the time of at least one of;

when, or after at least one of the entities associated with a stock of the index reports its accounting information.

41. A computer implemented method of constructing an index of assets (I), the method performed by at least one processor operable to perform the method, the method comprising:

(a) accessing by the at least one processor of one or more databases storing and permitting retrieval of data (D) about a plurality of entities (E) and a plurality of corresponding assets (A) each issued by or having been issued by at least one of the plurality of entities (E);

(b) selecting by the at least one processor a universe (U) of said plurality of entities (E) based on any measure of size (SZ) of said entities;

(c) receiving by the at least one processor at least one objective measure of scale (O) regarding one or more of the plurality of entities (E) associated with said corresponding assets (A);

(d) retrieving by the at least one processor one or more of said data (D) about a plurality of said entities (E) and said corresponding assets (A);

(e) selecting by the at least one processor a subset of said universe (SU) comprising said one or more data (D) to be a quantitative data (Q) reflecting the amount of said at least one objective measure of scale (O) associated with each of said entities (E), wherein said selecting of said subset of said universe (SU) comprises;

selecting said entities (E) of the subset of said universe (SU) based on said received at least one objective measure of scale (O) wherein said at least one objective measure of scale (O) (i) is substantially independent of the market prices (P) of any of said assets (A); and

(ii) is substantially independent of said market capitalization (MC) of any of said entities (E),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given asset (A), and wherein said measure of the size (SZ) of each said entity (E) corresponding to each said asset (A) comprises at least one of;

gross revenue of a said entity (E) associated with a said asset (A),

sales of a said entity (E) associated with a said asset (A),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with a said asset (A),

earnings before interest and tax (EBIT) of a said entity (E) associated with a said asset (A),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with a said asset (A),

number of employees of a said entity (E) associated with a said asset (A),

book value of a said entity (E) associated with a said asset (A),

assets of a said entity (E) associated with a said asset (A),

liabilities of a said entity (E) associated with a said asset (A),

net worth of a said entity (E) associated with a said asset (A),

cashflow of a said entity (E) associated with a said asset (A),

any dividends of a said entity (E) associated with a said asset (A),

any dividend yield of a said entity (E) associated with a said asset (A),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with a said asset (A),

an attribute relating to floor space of a said entity (E) associated with a said asset (A),

an attribute relating to office space of a said entity (E) associated with a said asset (A),

an attribute relating to location of a said entity (E) associated with a said asset (A),

a demographic measure (DM) of a said entity (E) associated with a said asset (A), or a measure relating to a demographic attribute of a said entity (E) associated with a said asset (A);

wherein said selecting by the at least one processor of said subset of said universe (SU) comprises;

(i) ranking by the at least one processor said entities (E) of said universe (U) based upon a said quantitative data (Q) associated with the at least one objective measure of scale (O) of each of said entities (E); and

(ii) selecting said subset (SU) by the at least one processor based on said ranking wherein said subset (SU) comprises an index of assets (I) of the entities (E) to comprise the plurality of constituent index assets (IA) comprising the index of assets (I); and

(f) calculating by the at least one processor percentage weights for the index of assets (I) based on at least one of;

(i) market capitalization weighting;

(ii) equal weighting;

or (iii) minimum variance weighting.

102. The computer-implemented method of claim 41, wherein the stock market index, and weightings are based upon any one of:

a ratio, or any manipulation of fundamental accounting data, that are respectively contained within a standard entity annual report and accounts.

103. The computer implemented method of claim 41, wherein the computer-implemented method comprises:

altering the relative weightings of the stocks within the stock market index fund as the fundamental data concerning the entities associated with one or more stocks changes.

66. A computer implemented method of constructing a non-capitalization weighted index of assets, comprising:

(a) gathering data by at least one computer about a plurality of assets and entities associated with said assets;

(b) selecting a subset of said plurality of the assets by the at least one computer to create the index of assets based upon at least one objective measure of scale about said entities associated with the assets, wherein said subset of said plurality of assets comprises constituent assets of the index of assets, wherein said selecting is substantially independent of a market price of the assets and is substantially independent of a market capitalization of said entities, wherein said at least one objective measure of scale comprises at least one objective measure of size of said entities, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(c) weighting the constituent assets of the index of assets by the at least one computer to obtain constituent weightings of each of the constituent assets based on at least one objective measure of scale regarding the entities associated with the assets,

(i) wherein said weighting is substantially independent of the market price of the assets and is substantially independent of a market capitalization of said entities;

(ii) wherein said weighting is substantially independent of;

equal weighting;

weighting in proportion to the market price of the assets; and

weighting in proportion to market capitalization of the entities associated with the assets; and

(iii) wherein said weighting is based on said at least one objective measure of scale regarding the entities, wherein said at least one objective measure of scale comprises at least one objective measure of size, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset, income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity, assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset.

67. The computer implemented method according to claim 66, wherein each of said assets comprises at least one of a stock;

a commodity;

a futures contract;

a bond;

a municipal bond;

a corporate bond;

a mutual fund;

a hedge fund;

a fund of funds;

an exchange traded fund (ETF);

or a derivative.

68. The computer implemented method according to claim 66, wherein each of said assets comprises a stock.

69. The computer implemented method according to claim 66, wherein each of said assets comprises a commodity.

70. The computer implemented method according to claim 66, wherein each of said assets comprises a futures contract.

71. The computer implemented method according to claim 66, wherein each of said assets comprises a bond.

72. The computer implemented method according to claim 66, wherein each of said assets comprises a mutual fund.

73. The computer implemented method according to claim 66, wherein each of said assets comprises a hedge fund.

74. The computer implemented method according to claim 66, wherein each of said assets comprises a fund of funds.

75. The computer implemented method according to claim 66, wherein each of said assets comprises an exchange traded fund (ETF).

76. The computer implemented method according to claim 66, wherein each of said assets comprises a derivative.

77. The computer implemented method according to claim 66, wherein said (c) comprises weighting comprising performing at least one of a negative, a zero, or a percentage weighting on any of said assets.

79. The computer implemented method according to claim 66, wherein said objective measure of scale comprises a measure relating to at least one of an underlying attribute of one of the assets, or the entity associated with the asset.

80. The computer implemented method according to claim 66, wherein said entity comprises at least one of:

a entity;

a municipality;

a municipality issuing bonds;

a country;

or an issuer of the asset.

81. The computer implemented method according to claim 79, (A) wherein said sales comprises at least one of:

total sales, foreign sales, domestic sales, net sales, net revenue or gross sales, (B) wherein said book value comprises at least one of;

a value adjusted for inflation, a value adjusted for replacement or a value adjusted for liquidation value, (C) wherein the cash flow comprises at least one of;

a said entity associated with a said asset, or future value of expected cash flow of a said entity associated with a said asset, and (D) wherein said objective measure of size further comprises at least one of;

profitability of a said entity associated with a said asset;

profit margin of a said entity associated with a said asset;

operating margin of a said entity associated with a said asset;

retained earnings of a said entity associated with a said asset;

earnings per share of a said entity associated with a said asset;

reported profits of a said entity associated with a said asset;

reported pre-exceptional profits of a said entity associated with a said asset;

value of an expected cash flow of a said entity associated with a said asset;

dividends of a said entity associated with a said asset;

assets of a said entity associated with a said asset;

tangible assets of a said entity associated with a said asset;

intangible assets of a said entity associated with a said asset;

fixed assets of a said entity associated with a said asset;

property of a said entity associated with a said asset;

plant of a said entity associated with a said asset;

equipment of a said entity associated with a said asset;

goodwill of a said entity associated with a said asset;

replacement value of assets of a said entity associated with a said asset;

liquidation value of assets of a said entity associated with a said asset;

liabilities of a said entity associated with a said asset;

long term liabilities of a said entity associated with a said asset;

short term liabilities of a said entity associated with a said asset;

net worth of a said entity associated with a said asset;

research and development expense of a said entity associated with a said asset;

accounts receivable of a said entity associated with a said asset;

accounts payable of a said entity associated with a said asset;

cost of goods sold (CGS) of a said entity associated with a said asset;

debt ratio of a said entity associated with a said asset;

budget of a said entity associated with a said asset;

capital budget of a said entity associated with a said asset;

cash budget of a said entity associated with a said asset;

direct labor budget of a said entity associated with a said asset;

factory overhead budget of a said entity associated with a said asset;

operating budget of a said entity associated with a said asset;

sales budget of a said entity associated with a said asset;

inventory method of a said entity associated with a said asset;

type of stock offered of a said entity associated with a said asset;

liquidity of a said entity associated with a said asset;

book income of a said entity associated with a said asset;

tax income of a said entity associated with a said asset;

capitalization of earnings of a said entity associated with a said asset;

capitalization of goodwill of a said entity associated with a said asset;

capitalization of interest of a said entity associated with a said asset;

capitalization of revenue of a said entity associated with a said asset;

capital spending of a said entity associated with a said asset;

cash of a said entity associated with a said asset;

compensation of a said entity associated with a said asset;

employee turnover of a said entity associated with a said asset;

overhead costs of a said entity associated with a said asset;

credit rating of a said entity associated with a said asset;

growth rate of a said entity associated with a said asset;

tax rate of a said entity associated with a said asset;

liquidation value of entity of a said entity associated with a said asset;

capitalization of cash of a said entity associated with a said asset;

capitalization of earnings of a said entity associated with a said asset;

or

capitalization of revenue of a said entity associated with a said asset value of expected measure of scale of a said entity associated with a said asset.

82. The computer implemented method according to claim 66, wherein said objective measure of scale comprises a ratio of any combination of objective measures of scale relating to one or more of said assets and the ratio is not based on any one of:

weighting said one or more assets based on market capitalization;

equal weighting;

or weighting in proportion to the market price of said one or more assets.

83. The computer implemented method according to claim 82, wherein said ratio of any combination of said objective measures of scale comprises at least one of:

current ratio,

debt ratio,

overhead expense as a percent of sales, or

debt service burden ratio.

84. The computer implemented method according to claim 66, wherein said demographic measure (DM) comprises at least one of:

a financial metric;

a non-financial metric;

a non-market related metric;

a number of employees;

a floor space;

or

an office space.

85. The method according to claim 66, wherein said (c) comprises weighting based on said objective measure of scale, wherein said objective measure of scale comprises an economic indicator.

86. The computer implemented method according to claim 66, wherein said objective measure of scale comprises a measure tied to a particular geography associated with the assets or said entities associated with said assets.

87. The computer implemented method of claim 66, wherein the method further comprises constructing by the at least one computer a portfolio of assets based upon the index of assets.

88. The computer implemented method of claim 87, wherein the portfolio of assets comprises at least one of:

a fund;

a mutual fund;

a fund of funds;

an asset account;

an exchange traded fund (ETF);

a separate account;

a pooled trust;

a comingled account;

a limited liability company;

or

a limited partnership.

89. The computer implemented method according to claim 87, comprising:

selecting by the at least one computer the portfolio of assets for trading according to the index of assets; and

trading by the at least one computer one or more of said portfolio of assets based on said selecting or said weighting of the constituent assets of the index.

90. The computer implemented method according to claim 89, wherein said trading comprises:

rebalancing by the at least one computer the portfolio of assets based on the index of assets.

91. The computer implemented method according to claim 90, wherein said rebalancing is performed on a periodic basis.

92. The computer implemented method according to claim 90, wherein said rebalancing is based upon the constituent assets reaching a threshold value.

93. The computer implemented method according to claim 89, further comprising:

applying one or more rules associated with the index of assets.

94. The computer implemented method according to claim 66, wherein the method of constructing the non-capitalization weighted index is used for at least one of:

investment management;

or investment portfolio benchmarking.

95. The computer implemented method of claim 66, wherein the method further comprises an enhanced index investing method, comprising:

constructing by the at least one computer a portfolio of assets in a fashion in which at least one of;

holdings;

performance;

or characteristics, are substantially similar to the index of assets.

96. The computer implemented method according to claim 66, wherein said (a) comprises:

gathering by the at least one computer data about the plurality of assets by an index construction manager device comprising computerized databases.

97. The computer implemented method according to claim 66, wherein said objective measure of scale comprises a non-financial metric.

106. The computer implemented method of claim 87, wherein the method comprises at least one of:

a passive investing method;

an active investing method;

or an enhanced type of active investing method.

107. The computer implemented method of claim 66, wherein the market price of the assets comprises a per share price for stocks.

108. The computer implemented method of claim 66, wherein each of the entities comprises any one or more of:

a company, an entity;

or a sovereign state.

109. The computer implemented method according to claim 86, wherein the objective measure of scale comprises at least one of a gross domestic product (GDP) of the geography of the entity, or a geographic metric other than GDP weighting.

110. The computer implemented method of claim 66, wherein the entities are entities, wherein the assets are stocks, wherein the objective measure of scale is an accounting based data, and wherein the market price of the assets comprises a per share price for the stocks.

111. The computer implemented method of claim 110, further comprising basing the constituent weightings of the stocks upon at least one of:

a ratio or a manipulation of the accounting data.

112. The computer implemented method of claim 110, wherein the constituent weightings of the stocks within the stock market index fund are altered as the accounting data concerning the entities in or outside the index changes.

113. The computer implemented method of claim 112, wherein the constituent weightings of the stocks within the fund are altered when at least one of:

one or more of said entities report their quarterly or annual accounting information;

or at a pre-determined time after which the majority of said entities in the index have reported their quarterly or annual accounting data.

114. The computer implemented method of claim 110, wherein the accounting data includes data found within at least one of an annual report, a generally accepted accounting principles (GAAP) annual report, or a standard U.S. GAAP entity annual report and accounts (GAAP reports).

115. The computer implemented method of claim 110, wherein the accounting data includes at least one of:

relative size of profit of a entity, or pre-exceptional profits, sales, assets, cash flow, shareholders'"'"' equity, or a return on investment of said entity.

116. The computer implemented method of claim 110, wherein the accounting data comprise:

a weighted combination of sales, cash flow, and any other generally accepted accounting data.

117. The computer implemented method of claim 116, wherein said data comprises at least one of any dividends, revenues, profit, assets or ratios pertaining thereto.

118. The computer implemented method of claim 110, wherein the accounting data comprises at least one of any dividends, profit, assets, and any fundamental accounting item, or ratio pertaining thereto.

119. The computer implemented method of claim 111, wherein the basing the constituent weightings upon at least one of a ratio or a manipulation of the accounting data comprises basing the constituent weightings on at least one of:

a relative size of the return on assets of said selected entities, the return on investment thereof, or the return on capital thereof compared to the cost of capital thereof.

120. The computer implemented method of claim 110, wherein said creating comprises calculating said constituent weightings based upon said at least one accounting data.

121. The computer implemented method of claim 120, wherein said calculating is performed by an index construction manager device.

166. The computer implemented method according to claim 66, wherein the accounting data includes data, electronically obtained by said index construction manager device, said data found within a standard U.S. generally accepted accounting principles (GAAP) entity annual report and accounts (GAAP reports).

98. A system for constructing a non-capitalization weighted index of assets, comprising:

means for processing, comprising;

means for gathering data about a plurality of assets and entities associated with said assets;

means for selecting a subset of said plurality of the assets to create the index of assets based upon at least one objective measure of scale about said entities associated with the assets, wherein said subset of said plurality of assets comprise constituent assets of the index of assets, wherein said selecting is substantially independent of a market price of the assets and is substantially independent of a market capitalization of said entities, wherein said at least one objective measure of scale comprises at least one objective measure of size of said entities, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity;

any asset buybacks by a said entity;

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with said a asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

weighting means for weighting the constituent assets of the index of assets to obtain constituent weightings of each of the constituent assets based on at least one objective measure of scale regarding the entities associated with the assets,

(i) wherein said weighting is substantially independent of the market price of the assets and is substantially independent of a market capitalization of said entities;

(ii) wherein said weighting is substantially independent of;

equal weighting;

weighting in proportion to the market price of the assets; and

weighting in proportion to market capitalization of the entities associated with the assets; and

(iii) wherein said weighting is based on said at least one objective measure of scale regarding the entities, wherein said at least one objective measure of scale comprises at least one objective measure of size, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset, income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity;

any asset buybacks by a said entity;

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset.

99. A computer-implemented non-capitalization weighted portfolio of assets construction system, comprising:

at least one processor gathering data about a plurality of assets and entities associated with said assets;

the at least one processor selecting a subset of said plurality of the assets to create the index of assets based upon at least one objective measure of scale about said entities associated with the assets, wherein said subset of said plurality of assets comprise constituent assets of the index of assets, wherein said selecting is substantially independent of a market price of the assets and is substantially independent of a market capitalization of said entities, wherein said at least one objective measure of scale comprises at least one objective measure of size of said entities, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset, sales of a said entity associated with a said asset, debt to equity adjusted sales of a said entity associated with a said asset, earnings of a said entity associated with a said asset, income of a said entity associated with a said asset, earnings before interest and tax (EBIT) of a said entity associated with a said asset, earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset, number of employees of a said entity associated with a said asset, book value of a said entity associated with a said asset, cumulative retained cashflow of a said entity, assets of a said entity associated with a said asset, liabilities of a said entity associated with a said asset, net worth of a said entity associated with a said asset, cashflow of a said entity associated with a said asset, any dividends of a said entity associated with a said asset, any dividend yield of a said entity associated with a said asset, any distribution to asset holders by a said entity, any asset buybacks by a said entity, an attribute relating to employees of a said entity associated with a said asset, an attribute relating to floor space of a said entity associated with a said asset, an attribute relating to office space of a said entity associated with a said asset, an attribute relating to location of a said entity associated with a said asset, a demographic measure (DM) of a said entity associated with a said asset, or a measure relating to a demographic attribute of a said entity associated with a said asset;

the at least one processor weighting the constituent assets of the index of assets to obtain constituent weightings of each of the constituent assets based on at least one objective measure of scale regarding the entities associated with the assets;

the at least one processor performing said weighting such that said weighting is substantially independent of the market price of the assets;

is substantially independent of;

weighting based on market capitalization, equal weighting, and weighting in proportion to the market price of the assets; and

is based on said at least one objective measure of scale regarding the entities, wherein said at least one objective measure of scale comprises at least one objective measure of size, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset, sales of a said entity associated with a said asset, debt to equity adjusted sales of a said entity associated with a said asset, earnings of a said entity associated with a said asset, income of a said entity associated with a said asset, earnings before interest and tax (EBIT) of a said entity associated with a said asset, earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset, number of employees of a said entity associated with a said asset, book value of a said entity associated with a said asset, cumulative retained cashflow of a said entity, assets of a said entity associated with a said asset, liabilities of a said entity associated with a said asset, net worth of a said entity associated with a said asset, cashflow of a said entity associated with a said asset, any dividends of a said entity associated with a said asset, any dividend yield of a said entity associated with a said asset, any distribution to asset holders by a said entity, any asset buybacks by a said entity, an attribute relating to employees of a said entity associated with a said asset, an attribute relating to floor space of a said entity associated with a said asset, an attribute relating to office space of a said entity associated with a said asset, an attribute relating to location of a said entity associated with a said asset, a demographic measure (DM) of a said entity associated with a said asset, or a measure relating to a demographic attribute of a said entity associated with a said asset.

100. A machine readable medium that provides instructions which when executed by a at least one computing platform, cause said at least one computing platform to perform operations comprising a method of constructing a non-capitalization weighted index of assets, the method comprising:

(a) gathering data about a plurality of assets and entities associated with said assets;

(b) selecting a subset of said plurality of the assets to create the index of assets based upon at least one objective measure of scale about said entities associated with the assets, wherein said subset of said plurality of assets comprise constituent assets of the index of assets, wherein said selecting is substantially independent of a market price of the assets and is substantially independent of a market capitalization of said entities, wherein said at least one objective measure of scale comprises at least one objective measure of size of said entities, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(c) weighting the constituent assets of the index of assets to obtain constituent weightings of each of the constituent assets based on at least one objective measure of scale regarding the entities associated with the assets,

(i) wherein said weighting is substantially independent of the market price of the assets and is substantially independent of a market capitalization of said entities;

(ii) wherein said weighting is substantially independent of;

equal weighting;

weighting in proportion to market price of the assets; and

weighting in proportion to market capitalization of the entities associated with the assets; and

(iii) wherein said weighting is based on said at least one objective measure of scale regarding the entities, wherein said at least one objective measure of scale comprises at least one objective measure of size, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset.

101. A computer-implemented method for construction and management of a stock market index and at least one stock market index fund containing a portfolio of stocks based on the index, the method comprising:

selecting constituent stocks of the stock market index, by at least one computer, from publicly traded stocks, based upon at least one accounting data about entities associated with the stocks, wherein said selecting is substantially independent of a market share price of the stocks and is substantially independent of a market capitalization of said entities, wherein said at least one accounting data comprises a measure of scale of said entities, wherein said accounting data comprises a measure of size, and wherein said measure of size comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said stock,

earnings before interest and tax (EBIT) of a said entity associated with a said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with said asset,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure (DM) of a said entity associated with a said stock, or

a measure relating to a demographic attribute of a said entity associated with a said stock; and

weighting the constituent stocks of the stock market index, by the at least one computer, to obtain constituent weightings based upon at least one accounting data regarding the entities associated with the stocks, wherein said weighting is substantially independent of a market share price of the entities associated with the stocks, and wherein said weighting is substantially independent of equal weighting, weighting in proportion to market share price of the stocks of the entities, and weighting in proportion to market capitalization of the entities associated with the stocks, wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset, income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset.

105. A computer implemented method comprising:

(a) gathering data by at least one computer about a plurality of assets and entities associated with said assets by the at least one computer;

(b) selecting a subset of said plurality of assets to create an index by the at least one computer, based upon at least one objective measure of scale about said entities associated with the assets, wherein said subset of said plurality of assets comprise constituent assets of the index of assets, wherein said selecting is substantially independent of a market price of the assets and is substantially independent of a market capitalization of said entities, wherein said at least one objective measure of scale comprises at least one objective measure of size of said entities, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(c) weighting, by the at least one computer, the constituent assets selected in the index to obtain constituent weightings of each of the constituent assets based on at least one objective measure of scale regarding the entities associated with the assets, wherein said weighting is substantially independent of the market price of the assets and said weighting is substantially independent of weighting based on market capitalization, equal weighting, and weighting in proportion to the market price of the assets and said weighting is based on said at least one objective measure of scale regarding the entities, wherein said at least one objective measure of scale comprises at least one objective measure of size, and wherein said at least one objective measure of size comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset.

122. A computer implemented method for trading a plurality of assets, the method performed by at least one processor operable to perform the method, method comprising enabling the at least one processor to perform:

(A) selecting by the at least one processor a portfolio of assets (PA) for trading according to an index of assets (I); and

(B) trading by the at least one processor one or more of said portfolio of assets (A),

the index of assets (I) being constructed based on a method of constructing the index of assets (I) operable to be performed by the at least one processor, the method of constructing the index of assets (I) comprising enabling the at least one processor to perform;

(a) accessing by the at least one processor of one or more databases storing and permitting retrieval of data (D) about a plurality of entities (E) and a plurality of corresponding assets (A) each issued by or having been issued by at least one of the plurality of entities (E);

(b) receiving by the at least one processor at least one criterion of the index of assets (I);

(c) receiving by the at least one processor at least one objective measure of scale (O) regarding one or more of the plurality of entities (E) associated with said corresponding assets (A);

(d) retrieving by the at least one processor one or more of said data (D) about a plurality of said entities (E) and said corresponding assets (A);

(e) selecting a subset of said data (d) by the at least one processor said one or more data (D) to be a quantitative data (Q) reflecting the amount of said at least one objective measure of scale (O) associated with each of said entities (E), wherein said objective measure of scale (O) is substantially independent of;

(i) the market prices (P) of any of said assets (A); and

(ii) the market capitalization (MC) of any of said entities (E),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given asset (A), and wherein said measure of the size (SZ) of each said entity (E) corresponding to each said asset (A) comprises at least one of;

gross revenue of a said entity (E) associated with a said asset (A),

sales of a said entity (E) associated with a said asset (A),

debt to equity adjusted sales of a said entity (E),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with a said asset (A),

earnings before interest and tax (EBIT) of a said entity (E) associated with a said asset (A),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset (A),

number of employees of a said entity (E) associated with a said asset (A),

book value of a said entity (E) associated with a said asset (A),

cumulative retained cashflow of a said entity (E), assets of a said entity (E) associated with a said asset (A),

liabilities of a said entity (E) associated with a said asset (A),

net worth of a said entity (E) associated with a said asset (A),

cashflow of a said entity (E) associated with a said asset (A),

any dividends of a said entity (E) associated with a said asset (A), any dividend yield of a said entity (E) associated with a said asset (A), any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with a said asset (A),

an attribute relating to floor space of a said entity (E) associated with a said asset (A),

an attribute relating to office space of a said entity (E) associated with a said asset (A),

an attribute relating to location of a said entity (E) associated with a said asset (A),

a demographic measure (DM) of a said entity (E) associated with a said asset (A), or

a measure relating to a demographic attribute of a said entity (E) associated with a said asset (A);

(f) ranking by the at least one processor said entities (E) based upon a said quantitative data (Q) associated with the at least one objective measure of scale (O) of each of said entities (E);

(g) selecting by the at least one processor a subset based on said at least one criterion of the index of assets (I) of the entities (E) meeting said at least one criterion of said quantitative data (Q) to comprise the plurality of constituent index assets (IA) exclusively comprising the index of assets (I); and

(h) calculating by the at least one processor percentage weights for the index of assets (I) to be objective measure of scale weights (OW) substantially independent of (i) any of said market prices (P) of any of said assets (A); and

(ii) any of said market capitalization (MC) of any of said entities (E), wherein the calculating comprises;

(i) adding the quantitative data (Q) of each of said at least one objective measure of scale (O) for all of said constituent index assets (IA) to yield a sum total quantitative data (SUMQ) for said at least one objective measure of scale; and

(ii) dividing a said quantitative data (Q) of a said at least one objective measure of scale (O) for each said constituent index asset (IA) by the sum total quantitative data (SUMQ) to yield the objective measure of scale weight (OW) of each of the constituent index assets (IA) comprising the index of assets (I),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given constituent index asset (IA), and

wherein said measure of the size (SZ) of each said entity (E) corresponding to each said constituent index asset (IA) comprises at least one of;

gross revenue of a said entity (E) associated with said constituent index asset (IA),

sales of a said entity (E) associated with said constituent index asset (IA),

debt to equity adjusted sales of a said entity (E) associated with a said asset (A),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with said constituent index asset (IA),

earnings before interest and tax (EBIT) of a said entity (E) associated with said constituent index asset (IA),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with said constituent index asset (IA),

number of employees of a said entity (E) associated with said constituent index asset (IA),

book value of a said entity (E) associated with said constituent index asset (IA),

cumulative retained cashflow of a said entity (E),

assets of a said entity (E) associated with said constituent index asset (IA),

liabilities of a said entity (E) associated with said constituent index asset (IA),

net worth of a said entity (E) associated with said constituent index asset (IA),

cashflow of a said entity (E) associated with said constituent index asset (IA),

any dividends of a said entity (E) associated with said constituent index asset (IA),

any dividend yield of a said entity (E) associated with a said asset (A),

any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to floor space of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to office space of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to location of a said entity (E) associated with said constituent index asset (IA),

a demographic measure (DM) of a said entity (E) associated with said constituent index asset (IA), or

a measure relating to a demographic attribute of a said entity (E) associated with said constituent index asset (IA).

123. The computer implemented method of claim 122, wherein the portfolio of assets (PA) comprises at least one of:

a fund (F);

a mutual fund (MF);

a fund of funds (FF);

an asset (A) account;

an exchange traded fund (ETF);

a separate account;

a comingled account;

a pooled trust;

a limited liability company;

or

a limited partnership.

124. The computer implemented method according to claim 122, wherein said method further comprises:

rebalancing the portfolio of assets (PA) based on the index of assets (I).

125. The computer implemented method according to claim 124, wherein said rebalancing is performed on a periodic basis.

126. The computer implemented method according to claim 124, wherein said rebalancing is based upon the constituent assets (IA) reaching a threshold value.

135. The computer implemented method according to claim 124, wherein said rebalancing is performed on a periodic basis.

136. The computer implemented method according to claim 124, wherein said rebalancing is based upon the constituent assets reaching a threshold value.

127. A computer processor implemented method of constructing an index of stocks (I), the method performed by at least one processor operable to perform the method, the method comprising enabling the at least one processor to perform:

(a) accessing by the at least one processor of one or more databases storing and permitting retrieval of data (D) about a plurality of entities (E) and a plurality of corresponding stocks (S) each issued by or having been issued by at least one of the plurality of entities (E);

(b) receiving by the at least one processor at least one criterion of the index of stocks (S);

(c) receiving by the at least one processor at least one objective measure of scale (O) regarding one or more of the plurality of entities (E) associated with said corresponding stocks (S);

(d) retrieving by the at least one processor one or more of said data (D) about a plurality of said entities (E) and said corresponding stocks (S);

(e) selecting by the at least one processor said one or more data (D) to be a quantitative data (Q) reflecting the amount of said at least one objective measure of scale (O) associated with each of said entities (E), wherein said objective measure of scale is substantially independent of;

(i) the market prices (P) of any of said stocks (S); and

(ii) the market capitalization (MC) of any of said entities (E),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given stock (S), and wherein said measure of the size (SZ) of each said entity (E) corresponding to each said stock (S) comprises at least one of;

gross revenue of a said entity (E) associated with a said stock (S),

sales of a said entity (E) associated with a said stock (S),

debt to equity adjusted sales of a said entity (E),

earnings of a said entity (E) associated with a said asset (A), income of a said entity (E) associated with a said stock (S),

earnings before interest and tax (EBIT) of a said entity (E) associated with a said stock (S),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with a said stock (S),

number of employees of a said entity (E) associated with a said stock (S),

book value of a said entity (E) associated with a said stock (S),

cumulative retained cashflow of a said entity (E),

assets of a said entity (E) associated with a said stock (S),

liabilities of a said entity (E) associated with a said stock (S),

net worth of a said entity (E) associated with a said stock (S),

cashflow of a said entity (E) associated with a said stock (S),

any dividends of a said entity (E) associated with a said stock (S),

any dividend yield of a said entity (E) associated with a said asset (A),

any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with a said stock (S),

an attribute relating to floor space of a said entity (E) associated with a said stock (S),

an attribute relating to office space of a said entity (E) associated with a said stock (S),

an attribute relating to location of a said entity (E) associated with a said stock (S),

a demographic measure (DM) of a said entity (E) associated with a said stock (S), or

a measure relating to a demographic attribute of a said entity (E) associated with a said stock (S);

(f) ranking by the at least one processor said entities (E) based upon a said quantitative data (Q) associated with the at least one objective measure of scale (O) of each of said entities (E);

(g) selecting by the at least one processor a subset of said index based on said at least one criterion of the index of stocks (I) of the entities (E) meeting said at least one criterion of said quantitative data (Q) to comprise the plurality of individual index stocks (IS) exclusively comprising the index of stocks (I); and

(h) calculating by the at least one processor percentage weights for the index of stocks (I) to be objective measure of scale weights (OW) substantially independent of (i) said market prices (P) of any of said stocks (S); and

(ii said market capitalization (MC) of any of said entities (E), wherein the calculating comprises;

(iii) adding the quantitative data (Q) of each of said at least one objective measure of scale (O) for all of said constituent index stocks (IS) to yield a sum total quantitative data (SUMQ) for said at least one objective measure of scale; and

(iv) dividing a said quantitative data (Q) of a said at least one objective measure of scale (O) for each said constituent index stock (IS) by the sum total quantitative data (SUMQ) to yield the objective measure of scale weight (OW) of each of the constituent index stocks (IS) comprising the index of stocks (I),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given constituent index stocks, and

wherein said measure of the size (SZ) of each said entity (E) corresponding to each said constituent index stocks (IS) comprises at least one of;

gross revenue of a said entity (E) associated with said constituent index stocks (IS),

sales of a said entity (E) associated with said constituent index stocks (IS),

debt to equity adjusted sales of a said entity (E) associated with a said asset (A),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with said constituent index stocks

earnings before interest and tax (EBIT) of a said entity (E) associated with said constituent index stocks (IS),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with said constituent index stocks (IS),

number of employees of a said entity (E) associated with said constituent index stocks (IS),

book value of a said entity (E) associated with said constituent index stocks (IS),

cumulative retained cashflow of a said entity (E),

assets of a said entity (E) associated with said constituent index stocks

liabilities of a said entity (E) associated with said constituent index stocks

net worth of a said entity (E) associated with said constituent index stocks

cashflow of a said entity (E) associated with said constituent index stocks any dividends of a said entity (E) associated with said constituent index stocks (IS),

any dividend yield of a said entity (E) associated with a said asset (A),

any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with said constituent index stocks (IS),

an attribute relating to floor space of a said entity (E) associated with said constituent index stocks (IS),

an attribute relating to office space of a said entity (E) associated with said constituent index stocks (IS),

an attribute relating to location of a said entity (E) associated with said constituent index stocks (IS),

a demographic measure (DM) of a said entity (E) associated with said constituent index stocks (IS), or

a measure relating to a demographic attribute of a said entity (E) associated with said constituent index stocks (IS).

128. A computer system, comprising:

at least one processor;

one or more storage devices, readable by the at least one processor, tangibly embodying at least one program of instructions executable by the at least one processor to conduct a method for constructing an index of assets (I), the method comprising;

(a) accessing by the at least one processor of one or more databases storing and permitting retrieval of data (D) about a plurality of entities (E) and a plurality of corresponding assets (A) each issued by or having been issued by at least one of the plurality of entities (E);

(b) receiving by the at least one processor at least one criterion of the index of assets (I);

(c) receiving by the at least one processor at least one objective measure of scale (O) regarding one or more of the plurality of entities (E) associated with said corresponding assets (A);

(d) retrieving by the at least one processor one or more of said data (D) about a plurality of said entities (E) and said corresponding assets (A);

(e) selecting by the at least one processor said one or more data (D) to be a quantitative data (Q) reflecting the amount of said at least one objective measure of scale (O) associated with each of said entities (E), wherein said objective measure of scale (O) is substantially independent of;

(i) the market prices (P) of any of said assets (A); and

(ii) the market capitalization (MC) of any of said entities (E),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given asset (A), and

wherein said measure of the size (SZ) of each said entity (E) corresponding to each said asset (A) comprises at least one of;

gross revenue of a said entity (E) associated with a said asset (A),

sales of a said entity (E) associated with a said asset (A),

debt to equity adjusted sales of a said entity (E),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with a said asset (A),

earnings before interest and tax (EBIT) of a said entity (E) associated with a said asset (A),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with a said asset (A),

number of employees of a said entity (E) associated with a said asset (A),

book value of a said entity (E) associated with a said asset (A),

cumulative retained cashflow of a said entity (E),

assets of a said entity (E) associated with a said asset (A),

liabilities of a said entity (E) associated with a said asset (A),

net worth of a said entity (E) associated with a said asset (A),

cashflow of a said entity (E) associated with a said asset (A),

any dividends of a said entity (E) associated with a said asset (A),

any dividend yield of a said entity (E) associated with a said asset (A),

any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with a said asset (A),

an attribute relating to floor space of a said entity (E) associated with a said asset (A),

an attribute relating to office space of a said entity (E) associated with a said asset (A),

an attribute relating to location of a said entity (E) associated with a said asset (A),

a demographic measure (DM) of a said entity (E) associated with a said asset (A), or

a measure relating to a demographic attribute of a said entity (E) associated with a said asset (A);

(f) ranking by the at least one processor said entities (E) based upon said at least one criterion, and a said quantitative data (Q) associated with the at least one objective measure of scale (O) of each of said entities (E);

(g) selecting by the at least one processor a subset of said plurality of entities of the index of assets (I) of the entities (E) meeting said at least one criterion of said quantitative data (Q) to comprise the plurality of constituent index assets (IA) exclusively comprising the index of assets (I); and

(h) calculating percentage weights by the at least one processor for the index of assets (I) to be objective measure of scale weights (OW) substantially independent of (i) said market prices (P) of any of said assets (A); and

(ii) said market capitalization (MC) of any of said entities (E), wherein the calculating comprises;

(i) adding the quantitative data (Q) of each of said at least one objective measure of scale (O) for all of said constituent index assets (IA) to yield a sum total quantitative data (SUMQ) for said at least one objective measure of scale; and

(ii) dividing a said quantitative data (Q) of a said at least one objective measure of scale (O) for each said constituent index asset (IA) by the sum total quantitative data (SUMQ) to yield the objective measure of scale weight (OW) of each of the constituent index assets (IA) comprising the index of assets (I),

wherein said at least one objective measure of scale (O) comprises a measure of the size (SZ) of each said entity (E) associated with each said given constituent index asset (IA), and

wherein said measure of the size (SZ) of each said entity (E) corresponding to each said constituent index asset (IA) comprises at least one of;

gross revenue of a said entity (E) associated with said constituent index asset (IA),

sales of a said entity (E) associated with said constituent index asset (IA),

debt to equity adjusted sales of a said entity (E) associated with a said asset (A),

earnings of a said entity (E) associated with a said asset (A),

income of a said entity (E) associated with said constituent index asset (IA),

earnings before interest and tax (EBIT) of a said entity (E) associated with said constituent index asset (IA),

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity (E) associated with said constituent index asset (IA),

number of employees of a said entity (E) associated with said constituent index asset (IA),

book value of a said entity (E) associated with said constituent index asset (IA),

cumulative retained cashflow of a said entity (E),

assets of a said entity (E) associated with said constituent index asset (IA),

liabilities of a said entity (E) associated with said constituent index asset (IA),

net worth of a said entity (E) associated with said constituent index asset (IA),

cashflow of a said entity (E) associated with said constituent index asset (IA),

any dividends of a said entity (E) associated with said constituent index asset (IA),

any dividend yield of a said entity (E) associated with a said asset (A),

any distribution to asset (A) holders by a said entity (E),

any asset (A) buybacks by a said entity (E),

an attribute relating to employees of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to floor space of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to office space of a said entity (E) associated with said constituent index asset (IA),

an attribute relating to location of a said entity (E) associated with said constituent index asset (IA),

a demographic measure (DM) of a said entity (E) associated with said constituent index asset (IA), or

a measure relating to a demographic attribute of a said entity (E) associated with said constituent index asset (IA).

129. The computer system according to claim 128, wherein said each of said assets (A) comprises at least one of a stock (S);

a commodity (CO);

a futures contract (FC);

a bond (B);

a municipal bond (MB);

a corporate bond (CB);

a mutual fund (MF);

a hedge fund (HF);

a fund of funds (FF);

an exchange traded fund (ETF);

or a derivative (DE).

130. A computer system, comprising:

at least one processor;

one or more storage devices, readable by the at least one processor, tangibly embodying at least one program of instructions executable by the at least one processor to conduct a method for constructing a non-capitalization weighted index of assets, the method comprising;

(a) gathering data by the at least one processor about a plurality of assets;

(b) selecting by the at least one processor a plurality of the assets to create the index of assets based upon at least one objective measure of scale about one or more entities associated with the assets, wherein said selecting is substantially independent of a market price of the assets and a market capitalization of said entities,

wherein said at least one objective measure of scale comprises a measure of the size of each said entity associated with each said given asset, and

wherein said measure of the size of each said entity corresponding to each said asset comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(c) weighting by the at least one processor the constituent assets of the index of assets to obtain constituent weightings based on at least one objective measure of scale regarding the entities associated with the assets,

wherein said at least one objective measure of scale comprises a measure of the size of each said entity associated with each said asset, and

wherein said measure of the size of each said entity corresponding to each said asset comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(i) wherein the weighting is substantially independent of the market price of the assets and a market capitalization of said entities; and

(ii) wherein the weighting is substantially independent of;

equal weighting;

weighting in proportion to the market price of the assets; and

weighting in proportion to market capitalization of the entities associated with the assets.

131. The computer system according to claim 130, wherein each of said assets comprises at least one of a stock;

a commodity;

a futures contract;

a bond;

a municipal bond;

a corporate bond;

a mutual fund;

a hedge fund;

a fund of funds;

an exchange traded fund (ETF);

or a derivative.

132. A computer implemented method for trading a plurality of assets, the method performed by at least one processor operable to perform the method, method comprising enabling the at least one processor to perform:

(A) selecting by the at least one processor a portfolio of assets (PA) for trading according to an index of assets (I); and

(B) trading by the at least one processor one or more of said portfolio of assets, the index of assets being constructed based on a method of constructing the index of assets operable to be performed by the at least one processor, the method of constructing the index of assets comprising enabling the at least one processor to perform;

(a) gathering data by the at least one processor about the plurality of assets;

(b) selecting by the at least one processor a plurality of the assets to create the index of assets based upon at least one objective measure of scale about one or more entities associated with the assets, wherein said selecting is substantially independent of a market price of the assets and a market capitalization of said entities,

wherein said at least one objective measure of scale comprises a measure of the size of each said entity associated with each said given asset, and

wherein said measure of the size of each said entity corresponding to each said asset comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(c) weighting by the at least one processor the constituent assets of the index of assets to obtain constituent weightings based on at least one objective measure of scale regarding the entities associated with the assets,

wherein said at least one objective measure of scale comprises a measure of the size of each said entity associated with each said asset, and

wherein said measure of the size of each said entity corresponding to each said asset comprises at least one of;

gross revenue of a said entity associated with a said asset,

sales of a said entity associated with a said asset,

debt to equity adjusted sales of a said entity associated with a said asset,

earnings of a said entity associated with a said asset,

income of a said entity associated with a said asset,

earnings before interest and tax (EBIT) of a said entity associated with a said asset,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said asset,

number of employees of a said entity associated with a said asset,

book value of a said entity associated with a said asset,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said asset,

liabilities of a said entity associated with a said asset,

net worth of a said entity associated with a said asset,

cashflow of a said entity associated with a said asset,

any dividends of a said entity associated with a said asset,

any dividend yield of a said entity associated with a said asset,

any distribution to asset holders by a said entity,

any asset buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said asset,

an attribute relating to floor space of a said entity associated with a said asset,

an attribute relating to office space of a said entity associated with a said asset,

an attribute relating to location of a said entity associated with a said asset,

a demographic measure (DM) of a said entity associated with a said asset, or

a measure relating to a demographic attribute of a said entity associated with a said asset; and

(i) wherein the weighting is substantially independent of the market price of the assets and a market capitalization of said entities; and

(ii) wherein the weighting is substantially independent of;

equal weighting;

weighting in proportion to the market price of the assets; and

weighting in proportion to market capitalization of the entities associated with the assets.

133. The computer implemented method of claim 132, wherein the portfolio of assets (PA) comprises at least one of:

a fund (F);

a mutual fund (MF);

a fund of funds (FF);

an asset account;

an exchange traded fund (ETF);

a separate account;

a comingled account;

a pooled trust;

a limited liability company;

or

a limited partnership.

134. The computer implemented method according to claim 133, wherein said method further comprises:

rebalancing the portfolio of assets based on the index of assets.

137. An index construction manager (ICM) device-implemented method for the construction and management of a stock market index and a stock market index fund containing a portfolio of stocks based on the stock market index, the method comprising:

creating, by an index construction manager device, comprising at least one processor, a stock market index, or at least one stock market index fund including a portfolio of stocks, wherein said creating comprises;

selecting constituent stocks of the stock market index, by said index construction manager device comprising the at least one processor, based upon at least one accounting data about the entities associated with the stocks, wherein said selecting is substantially independent of a market price,

wherein said at least one accounting data comprises a measure of the size of each said entity associated with each said given stock, and

wherein said measure of the size of each said entity corresponding to each said stock comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said stock,

earnings of a said entity associated with a said stock,

income of a said entity associated with a said stock,

earnings before interest and tax (EBIT) of a said entity associated with said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity, assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said stock,

any distribution to stockholders by a said stock,

any stock buybacks by a said stock,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with a said stock,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure of a said entity associated with a said stock, or a measure relating to a demographic attribute of a said entity associated with a said stock; and

weighting the constituent stocks of the stock market index, by said index construction manager device comprising the at least one processor, to obtain constituent weightings based upon at least one accounting data regarding the entities associated with the stocks, wherein said weighting is substantially independent of market price of the entities associated with the stocks, and wherein said weighting is substantially independent of equal weighting, weighting in proportion to market share price of the stocks of the entities, and weighting in proportion to market capitalization of the entities associated with the stocks,

wherein said at least one accounting data comprises a measure of the size of each said entity associated with each said given stock, and

wherein said measure of the size of each said entity corresponding to each said stock comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

income of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said stock,

earnings of a said entity associated with a said stock,

earnings before interest and tax (EBIT) of a said entity associated with said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said stock,

any distribution to stockholders by a said stock,

any stock buybacks by a said stock,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with a said stock,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure of a said entity associated with a said stock, or

a measure relating to a demographic attribute of a said entity associated with a said stock.

138. The ICM device-implemented method of claim 137, further comprising basing, by said index construction manager device, the constituent weightings of the stocks upon at least one of:

a ratio or a manipulation of the accounting data.

139. The ICM device-implemented method of claim 137, wherein the constituent weightings of the stocks within the stock market index fund are altered, by said index construction manager device, as the accounting data concerning the entities in or outside the index changes.

140. The ICM device-implemented method of claim 139, wherein the constituent weightings of the stocks within the fund are altered, by said index construction manager device, when at least one of:

one or more of said entities report their quarterly or annual accounting information;

or at a pre-determined time after which the majority of said entities in the index have reported their quarterly or annual accounting data.

141. The ICM device-implemented method of claim 137, wherein the accounting data includes data, electronically obtained by said index construction manager device, said data found within a standard U.S. generally accepted accounting principles (GAAP) entity annual report and accounts (GAAP reports).

142. The ICM device-implemented method of claim 137, wherein the accounting data, electronically obtained by said index construction manager device, includes at least one of:

relative size of profit of a entity, or pre-exceptional profits, sales, assets, cash flow, shareholders'"'"' equity, or a return on investment of said entity.

143. The ICM device-implemented method of claim 137, wherein the accounting data comprise:

a weighted combination of sales, cash flow, and any other generally accepted accounting data, wherein said weighted combination is electronically obtained by said index construction manager device.

144. The ICM device-implemented method of claim 143, wherein said data, electronically obtained by said index construction manager device, comprises at least one of any dividends, profit, assets or ratios pertaining thereto.

145. The ICM device-implemented method of claim 137, wherein the another accounting data, electronically obtained by said index construction manager device, comprises at least one of any dividends, profit, assets, revenue, cashflow, book value, or any fundamental accounting item, or ratio pertaining thereto.

146. The ICM device-implemented method of claim 138, wherein the basing the constituent weightings upon at least one of a ratio or a manipulation of the accounting data comprises basing the constituent weightings, obtained by said index construction manager device, on at least one of:

a relative size of the return on assets of said selected entities, the return on investment thereof, or the return on capital thereof compared to the cost of capital thereof.

147. The ICM device-implemented method of claim 137, wherein said creating comprises calculating, electronically by said index construction manager device, said constituent weightings based upon said at least one accounting data.

148. The ICM device-implemented method of claim 147, wherein said calculating is performed by an index construction manager device being operated by an index manager.

153. The ICM device-implemented method of claim 137, wherein the another accounting data, electronically obtained by said index construction manager device, comprises at least one of:

any dividends or ratios pertaining thereto.

159. The ICM device-implemented method of claim 137, wherein said stock market index fund is held by, or on behalf of, at least one investor.

160. The ICM device-implemented method of claim 137, wherein said selecting, by said index construction manager device, comprises selecting based upon at least one of:

a ratio of the accounting data;

or a manipulation of the accounting data.

161. The ICM device-implemented method of claim 137, wherein said accounting data, electronically obtained by said index construction manager device, comprises any generally accepted accounting data.

162. The ICM device-implemented method of claim 137, wherein said creating the stock market index, by said index construction manager device, comprises selecting stocks from a set of entities having a publicly available periodic financial report.

163. The ICM device-implemented method of claim 162, wherein said set of entities is not substantially equivalent to any one of the S&

P 500 Index, or the Dow Jones Industrial Average.

164. The ICM device-implemented method of claim 162, wherein said selecting comprises:

selecting, by said index construction manager device, a subset from said set, wherein said set comprises at least one of substantially all of said entities having a publicly available periodic financial report, or a plurality of subsets of said set.

165. The ICM device-implemented method of claim 162, wherein said stocks include U.S. stocks.

149. A system for construction and management of a financial index and a portfolio based on the financial index, wherein the financial index is generated, by an index construction manager device comprising at least one processor, based on accounting data, the system comprising:

a computer comprising said index construction manager device configured to create the financial index and at least one portfolio based on the financial index, wherein constituent weightings, obtained by said index construction manager device, of constituents of said portfolio are weighted based upon at least one accounting data regarding entity entities associated with each of the constituents of said portfolio,

the selection of the constituents of the financial index, being obtained by said index construction manager device, based upon at least one accounting data about the entities substantially independent of a market price of said constituents and a market capitalization of said entities,

wherein said at least one accounting data comprises an objective measure of scale of said entity associated with said constituent, and

wherein said objective measure of scale comprises an objective measure of size of said entity associated with said constituent,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said constituent,

sales of a said entity associated with a said constituent,

debt to equity adjusted sales of a said entity associated with a said constituent,

earnings of a said entity associated with a said constituent,

income of a said entity associated with a said constituent,

earnings before interest and tax (EBIT) of a said entity associated with a said constituent,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said constituent,

number of employees of a said entity associated with a said constituent,

book value of a said entity associated with a said constituent,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said constituent,

liabilities of a said entity associated with a said constituent,

net worth of a said entity associated with a said constituent,

cashflow of a said entity associated with a said constituent,

any dividends of a said entity associated with a said constituent,

any dividend yield of a said entity associated with a said constituent,

any distribution to constituent holders by a said entity,

any constituent buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said constituent,

an attribute relating to floor space of a said entity associated with a said constituent,

an attribute relating to office space of a said entity associated with a said constituent,

an attribute relating to location of a said entity associated with a said constituent,

a demographic measure of a said entity associated with said a constituent, or

a measure relating to a demographic attribute of a said entity associated with a said constituent, and

wherein the constituent weightings, obtained by said index construction manager device, are substantially independent of a market price of said constituent entities and wherein the constituent weightings are substantially independent of equal weighting, weighting in proportion to market price of said constituent, and weighting in proportion to market capitalization of said entity,

wherein said at least one accounting data comprises an objective measure of scale of said entity associated with said constituent, and

wherein said objective measure of scale comprises an objective measure of size of said entity associated with said constituent,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said constituent,

sales of a said entity associated with a said constituent,

income of a said entity associated with a said constituent,

debt to equity adjusted sales of a said entity associated with a said constituent,

earnings of a said entity associated with a said constituent,

earnings before interest and tax (EBIT) of a said entity associated with a said constituent,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said constituent,

number of employees of a said entity associated with a said constituent,

book value of a said entity associated with a said constituent,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said constituent,

liabilities of a said entity associated with a said constituent,

net worth of a said entity associated with a said constituent,

cashflow of a said entity associated with a said constituent,

any dividends of a said entity associated with a said constituent,

any dividend yield of a said entity associated with a said constituent,

any distribution to constituent holders by a said entity,

any constituent buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said constituent,

an attribute relating to floor space of a said entity associated with a said constituent,

an attribute relating to office space of a said entity associated with a said constituent,

an attribute relating to location of a said entity associated with a said constituent,

a demographic measure of a said entity associated with a said constituent, or

a measure relating to a demographic attribute of a said entity associated with a said constituent.

150. The system of claim 149, wherein said accounting based data, obtained by said index construction manager device, comprises at least one of:

any dividends or ratios related thereto.

154. The system of claim 150, wherein the accounting data, obtained by said index construction manager device, comprises at least one of:

any dividends or ratios pertaining thereto.

151. A computer readable medium embodying program logic which when executed by a computer performs an index construction manager (ICM) device-implemented method comprising:

creating by said index construction manager device comprising at least one processor a financial index, and at least one portfolio based on said financial index, wherein constituent weightings of constituents of said portfolio are, obtained by said index construction manager device, based upon at least one accounting data regarding one or more entities associated with each of the constituents of said portfolio, said creating comprising;

selecting by said index construction manager device constituents of said financial index, based upon at least one accounting data about the entities substantially independent of a market price of said constituents and a market capitalization of the entities,

wherein said at least one accounting data comprises an objective measure of scale of said entity associated with a said constituent, and

wherein said objective measure of scale comprises an objective measure of size of said entity associated with a said constituent,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said constituent,

sales of a said entity associated with a said constituent,

debt to equity adjusted sales of a said entity associated with a said constituent,

earnings of a said entity associated with a said constituent,

income of a said entity associated with a said constituent,

earnings before interest and tax (EBIT) of a said entity associated with a said constituent,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said constituent,

number of employees of a said entity associated with a said constituent,

book value of a said entity associated with a said constituent,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said constituent,

liabilities of a said entity associated with a said constituent,

net worth of a said entity associated with a said constituent,

cashflow of a said entity associated with a said constituent,

any dividends of a said entity associated with a said constituent,

any dividend yield of a said entity associated with a said constituent,

any distribution to constituent holders by a said entity,

any constituent buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said constituent,

an attribute relating to floor space of a said entity associated with a said constituent,

an attribute relating to office space of a said entity associated with a said constituent,

an attribute relating to location of a said entity associated with a said constituent,

a demographic measure (DM) of a said entity associated with a said constituent, or

a measure relating to a demographic attribute of a said entity associated with a said constituent, and

weighting by said index construction manager device said constituents, based on at least one accounting data substantially independent of a market price of said constituents entities to obtain constituent weightings, wherein the constituent weightings are substantially independent of equal weighting, weighting in proportion to market price of said constituents, and weighting in proportion to market capitalization of a said entity,

wherein said at least one accounting data comprises an objective measure of scale of a said entity associated with said constituents, and

wherein said objective measure of scale comprises an objective measure of size of a said entity associated with said constituents, wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said constituent,

sales of a said entity associated with a said constituent,

debt to equity adjusted sales of a said entity associated with a said constituent,

earnings of a said entity associated with a said constituent,

income of a said entity associated with a said constituent,

earnings before interest and tax (EBIT) of a said entity associated with a said constituent,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said constituent,

number of employees of a said entity associated with a said constituent,

book value of a said entity associated with a said constituent,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said constituent,

liabilities of a said entity associated with a said constituent,

net worth of a said entity associated with a said constituent,

cashflow of a said entity associated with a said constituent,

any dividends of a said entity associated with a said constituent,

any dividend yield of a said entity associated with a said constituent,

any distribution to constituent holders by a said entity,

any constituent buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said constituent,

an attribute relating to floor space of a said entity associated with a said constituent,

an attribute relating to office space of a said entity associated with a said constituent,

an attribute relating to location of a said entity associated with a said constituent,

a demographic measure (DM) of a said entity associated with a said constituent, or

a measure relating to a demographic attribute of a said entity associated with a said constituent.

152. The computer readable medium of claim 151, wherein the ICM device-implemented method further comprises:

creating said financial index, and said at least one portfolio, by said index construction manager device, wherein said at least one accounting data comprises at least one of;

any dividends or ratios pertaining thereto.

155. The computer readable medium of claim 151, wherein the accounting data, obtained by said index construction manager device, comprises at least one of:

any dividends or ratios pertaining thereto.

156. An index construction manager (ICM) device-implemented method for constructing a stock market index, wherein the stock market index is based on accounting data, the method comprising:

creating by said index construction manager device comprising at least one processor a stock market index, comprising;

selecting by said index construction manager device constituent stocks of said stock market index, based upon at least one accounting data regarding the entities associated with the stocks, wherein said selecting is substantially independent of a market price of said stock and market capitalization of the entities, wherein said at least one accounting data comprises an objective measure of scale of a said entity associated with a said stock, and

wherein said objective measure of scale comprises an objective measure of size of a said entity associated with a said stock,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said constituent,

earnings of a said entity associated with a said constituent,

income of a said entity associated with a said stock,

earnings before interest and tax (EBIT) of a said entity associated with a said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said constituent,

any distribution to constituent holders by a said entity,

any constituent buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with a said stock,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure (DM) of a said entity associated with a said stock, or

a measure relating to a demographic attribute of a said entity associated with a said stock, and

weighting by said index construction manager device said constituent stocks, based upon at least one accounting data regarding the entities associated with the stocks to obtain constituent weightings, wherein said weighting is substantially independent of a market price of a said stock entities, and wherein said weighting is not based on any of equal weighting, weighting in proportion to market price of a said stock, or weighting in proportion to market capitalization of a said entity, wherein said at least one accounting data comprises an objective measure of scale of said entity associated with said stock, and

wherein said objective measure of scale comprises an objective measure of a size of said entity associated with a said stock,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

income of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said constituent,

earnings of a said entity associated with a said constituent,

earnings before interest and tax (EBIT) of a said entity associated with a said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said constituent,

any distribution to constituent holders by a said entity,

any constituent buybacks by a said entity,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with a said stock,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure (DM) of a said entity associated with a said stock, or

a measure relating to a demographic attribute of a said entity associated with a said stock.

157. An index construction manager (ICM) device-implemented method for constructing a stock market index fund, by said index construction manager device, containing a portfolio of stocks based on a stock market index, the method comprising:

creating by said index construction manger device, comprising at least one processor, a stock market index fund, including a portfolio of stocks based on the stock market index wherein the stock market index is created by;

selecting by said index construction manger device constituent stocks of the stock market index, based upon at least one accounting data about the entities substantially independent of a market price of said stock and a market capitalization of said entities,

wherein said at least one accounting data comprises an objective measure of scale of a said entity associated with a said stock, and

wherein said objective measure of scale comprises an objective measure of size of a said entity associated with a said stock,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said stock,

earnings of a said entity associated with a said stock,

income of a said entity associated with a said stock,

earnings before interest and tax (EBIT) of a said entity associated with a said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said stock,

any distribution to stockholders by a said stock,

any stock buybacks by a said stock,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with a said stock,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure (DM) of a said entity associated with a said stock, or

a measure relating to a demographic attribute of a said entity associated with a said stock, and

weighting by said index construction manager device the constituent stocks of the stock market index based upon at least one accounting data regarding the entities whose stocks are in the stock market index,

wherein the weighting is substantially independent of a market price of said stock entities, and wherein the weighting is substantially independent of equal weighting, weighting in proportion to market price of said stock, and weighting in proportion to market capitalization of said entity,

wherein said at least one accounting data comprises an objective measure of scale of said entity associated with said stock, and

wherein said objective measure of scale comprises an objective measure of size of said entity associated with said stock,

wherein said at least one accounting data comprises at least one of;

gross revenue of a said entity associated with a said stock,

sales of a said entity associated with a said stock,

debt to equity adjusted sales of a said entity associated with a said stock,

earnings of a said entity associated with a said stock,

income of a said entity associated with a said stock,

earnings before interest and tax (EBIT) of a said entity associated with a said stock,

earnings before interest, taxes, depreciation and amortization (EBITDA) of a said entity associated with a said stock,

number of employees of a said entity associated with a said stock,

book value of a said entity associated with a said stock,

cumulative retained cashflow of a said entity,

assets of a said entity associated with a said stock,

liabilities of a said entity associated with a said stock,

net worth of a said entity associated with a said stock,

cashflow of a said entity associated with a said stock,

any dividends of a said entity associated with a said stock,

any dividend yield of a said entity associated with a said stock,

any distribution to stockholders by a said stock,

any stock buybacks by a said stock,

an attribute relating to employees of a said entity associated with a said stock,

an attribute relating to floor space of a said entity associated with a said stock,

an attribute relating to office space of a said entity associated with a said stock,

an attribute relating to location of a said entity associated with a said stock,

a demographic measure (DM) of a said entity associated with a said stock, or

a measure relating to a demographic attribute of a said entity associated with a said stock.

158. The ICM device-implemented method of claim 157, wherein said stock market index fund is held by, or on behalf of, at least one investor.