Abstract: Methodologies and systems for creating and trading non-disclosed exchange traded funds (“NDETFs”) that provide a means for market makers to monitor trading prices on public exchanges and to create a hedge on the non-disclosed securities that relate to a difference in value of two portfolio composition files (“PCF”), is disclosed. In one embodiment, the NDETF creates a standard PCF used to calculate an indicative intraday value, IIV1, of the ETF. A second PCF, being a pro-rata portion of the holdings of the NDETF at trade date minus one, is formed to calculate a second indicative intraday value, IIV2. The methodology determines the difference between IIV1 and IIV2 which is then used by market makers to create competitive bid/offer spreads on the NDETF and to create a hedge to manage intraday risk between the two IIVs. The final value of NDETF creation and redemption unit is determined after market close.