Abstract: In accordance with the principles of the present invention, a financial instrument and method is provided. At least two open-ended funds having settlement prices are identified. An index value is created relating to the settlement prices of the at least two open-ended funds. A weighting factor is assigned to the at least two open-ended funds. A components value is determined based on the settlement price and weighting factor. A fund manager futures index is derived based on the component values. A financial instrument is based on the fund manager index. In an additional embodiment, an exchange-traded fund is offered whose value substantially tracks the fund manager index value.