Abstract: The techniques disclosed herein permit active, non-transparent management of financial assets within an exchange-traded fund while yielding the traditional advantages of scale and cost efficiency for secondary market participants. The fund may supplement traditional periodic disclosures of holdings with additional information to facilitate accurate intraday pricing of ETF shares. In this context, a substitute basket may be engineered and published on a daily basis that closely tracks the fund composition, but contains an active share of about 5-30% relative to the fund in order to obfuscate the actual fund holdings. This substitute basket may advantageously provide a high quality signal of fund value, while also facilitating in-kind transactions in the primary market that are closely related to the fund composition without revealing specific fund holdings or weightings.