NAV and IIV pricing for actively managed exchange traded funds

A method of pricing a collective investment vehicle (CIV) having a plurality of portfolio securities, comprising:

• a pricing-consolidator computer system receiving a plurality of partial CIV prices, wherein each of the plurality of partial CIV prices is provided by a different one of a plurality of a pricing-agents that determined the respective partial CIV price by:
• (i) obtaining prices of portfolio securities, the prices having an associated time offset within a pricing interval, wherein the time offset for each of the determined partial CIV prices is not identical;
• (ii) adjusting the prices by a corresponding quantity weight;
• and,
• (iii) aggregating the adjusted prices into a partial CIV price;
• the pricing-consolidator computer system summing the plurality of partial CIV prices into an intraday indicative value (IIV) of a CIV price;
• and,
• the pricing-consolidator computer system transmitting the IIV for publication into an intraday indicative value (IIV) of a CIV price;
• and,
• the pricing-consolidator computer system transmitting the IIV for publication.

A method of pricing a collective investment vehicle (CIV) having a plurality of portfolio securities, comprising:

• at a pricing-agent computer system, receiving partial portfolio composition data for a subset of the portfolio securities,
• at the pricing-agent computer system, generating a plurality of pricing data record sets, each pricing data record set comprising independently determined pricing data for a set of the portfolio securities from the subset, and wherein the at least two of the pricing data record sets contain pricing data for one or more of the same portfolio securities;
• at the pricing-agent computer system, determining a security price for each portfolio security by selecting pricing data for the portfolio security from only one of the pricing data record sets;
• at the pricing-agent computer system, for each portfolio security from the subset using (i) the security price for the portfolio security and (ii) an associated portfolio security quantity weight for the portfolio security as a basis for generating a plurality of partial price components based on the selected security prices;
• at the pricing-agent computer system, using the partial price components as a basis for determining a partial price value for the subset of the portfolio securities;
• and
• transmitting the determined partial price value from the pricing-agent computer system for aggregation with other partial price values associated with the CIV to determine and publish an intraday indicative value (IIV) of a CIV share.

A computer readable storage medium having stored therein instructions to cause a microprocessor to execute the following steps:

• electronically receiving a plurality of partial price values for a collective investment vehicle (CIV), wherein the CIV comprises a plurality of portfolio securities, wherein each partial price value for the CIV is electronically received from a different one of plurality of pricing agents that determines the partial price value by:
• (i) obtaining a security price for each of a subset of portfolio securities;
• (ii) adjusting each security price by a corresponding quantity weight;
• and,
• (iii) aggregating the adjusted security prices for the subset of portfolio securities into the partial price value;
• using the received partial price values for automatically computing an intraday indicative value (IIV) for a CIV share;
• and,
• electronically transmitting the IIV via a data communication feed.