CASH COLLATERAL ETF
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United States of America Patent
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Issued Date -
Nov 17, 2016
app pub date -
May 11, 2016
filing date -
May 11, 2015
priority date (Note) -
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Abstract
An exchange-traded fund (ETF) exchanges cash for a low risk security to be used as collateral. Cash is provided for purposes of posting margin in connection with a futures transaction and exchanged for shares of an ETF. The ETF permits banks to hold, as margin, a securitized version of cash (in the form of an ETF) in lieu of the margin cash posted by a client. The ETF is created or redeemed by a bank in its capacity as authorized participant, acting on behalf of a client, as collateral requirements are imposed or removed on the client. The ETF can hold a set of underlying funds in a fund-of-funds structure. Such securities may include short-term investments with specified minimum credit ratings, short term U.S. treasuries or agency securities, repurchase agreements collateralized with U.S. treasuries or agency securities, and similar minimal risk assets, which are typically government backed.
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