Abstract: The present invention relates generally to systems and methods for eliminating the premium or discount and providing liquidity and growth potential through new investments in closed-end funds. The systems and methods of the invention provide means for converting shares of closed-end funds into shares of actively managed exchange-traded funds. NAV estimates and hedging portfolios are provided for the actively managed exchange traded fund shares that provide more up-to-date information on which investors may base negotiated prices.

Abstract: The invention allows trading on an exchange of non-taxable insurance funds and other financial products for which ownership and/or trading rights are restricted. In certain embodiments, the invention relates to systems and methods for validating and routing orders for restricted financial products. Other embodiments relate to systems and methods for trading restricted financial products in segregated areas of an exchange.

Abstract: An exchange trade fund comprising: an amount of currency, wherein the currency is deposited with one or more custodians in exchange for one or more creation units; wherein each creation unit represents a plurality of shares of the fund; and wherein each creation unit is redeemable for an amount of the currency equal to the net asset value of the creation unit plus interest and less fund expenses. Also disclosed is a closed end fund comprising: one or more currencies deposited in short-term bank instruments; and the distribution of shares of the fund to one or more investors, wherein the shares of the fund have a net asset value based on a combination of prices of the one or more currencies from a plurality of sources, and wherein interest earned on the short-term interest bearing instruments are paid out to the one or more investors as a dividend.

Abstract: The invention provides money market exchange traded funds (MMETFS) and methods to allow trading of money market funds on an exchange. The invention includes a new settlement method for the money market exchange traded funds that allows creation and redemption of MMETFs on the primary market as well as settlement on the secondary market on a shortened timescale relative to other exchange-traded securities.

Abstract: 9-(Dihalobenzyl)adenines are prepared uncontaminated with other positional isomers in a series of mild transformations starting from 4,5,6-triaminopyrimidine and proceeding via 7-(N-formyl-N-dihalobenzyl)amino[1,2,5]-thiadiazolo[3,4-d]pyrimidine. The resulting compounds have anticoccidial activity and are useful in controlling cecal and/or intestinal coccidiosis when administered in minor quantities to animals, in particular to poultry usually in admixture with animal sustenance.