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Institutional Services Demo

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Dividend Forecast, Number Shares, Sectors Spreadsheet

Ex-Dividend Schedule

S&P 500 Stocks Number of Shares - Brief:
  (Provides a table with Stock Symbol and Number of Shares)

S&P 500 Stocks Number of Shares - Expanded:
  (Provides a table with Stock Name, Symbol, Number of Shares, and Spider (SPDR) sector code.)

Fair Value, Program Trading Buy/Sell Values

Index Divisors   - S&P 500, Nasdaq 100, Dow Jones Ind. Avg.


Index Change Advisory

IndexArb also provides mathematical analyses and customized software development for institutions. The software we develop can be deployed on either our client's systems or a private, segregated, and secure portion of our servers. In the latter case, the advantages for our clients are:
 • Their customized information is available (24x7) to their employees worldwide via the Internet.
 • They avoid incurring costs for operating and maintaining computers that host their applications.
 • IndexArb performs all daily systems operations and maintenance.
For more information about our subscription or customized services, please contact us:
 • phone: (800) 772-6637,   (805) 681-7200
 • email:
 • regular mail: Ergo Inc.,  3724 Portofino Way Suite A,  Santa Barbara, CA 93105
To subscribe to our data services, please click here     

Descriptions of the above subscription services follows:
1. Dividend Forecast, Number of Shares, Sectors Spreadsheet
Uses include:
Dividend forecasts are used for dividend capture programs, index futures arbitrage, and index option portfolio management.
Number of shares and index weights are used for fast cash index calculations, long/short hedging, and custom basket construction.
Sector membership (Spider sector name and symbols) in a single spreadsheet facilitate sector-to-sector and intra-sector analyses and rankings.
The spreadsheet can be used to determine intra-index and cross-index arbitrage profit/loss and single stock futures fair values.
Many of our clients use the text version of the spreadsheet data as input to their algorithmic and "black-box" trading platforms that typically execute several hundred trades each day.

IndexArb tracks the corporate dividend policy, shares outstanding, and sector classification of stocks in the S&P 500, Nasdaq 100, and Dow Jones Industrial Average. The end result of these studies is our Stock Spreadsheet.

This spreadsheet is essential for the uses described above and the analyses presented in the free section of, namely determining the program trading parameters, index component weightings, capitalization rankings, dividend yield rankings, and per-share dividend amounts.

Accurate calculations of fair value and buy/sell program values requires a precise determination of which dividends will and will not be involved in the time period between the current date and the expiration of the index futures being considered. This means that an accurate forecast must be made for each dividend amount, record date, and ex-coupon date. Consequently, considerable effort is devoted to tracking the dividend policy and financial prospects for each company. For ease of comparison, historical per-share dividend amounts are adjusted for corporate events, such as splits or stock dividends.

2. Ex-Dividend Schedule (with Index Dividend Points)
Uses include:
Planning and scheduling dividend capture and arbitrage programs.
Optimizing index option portfolios by utilizing our accurate, rigorous determination of index dividend points.
3. S&P 500 Stocks Number of Shares - Brief
Uses include:
Fast cash index calculations.
Calculation of S&P 500 index dividend points.
4. S&P 500 Stocks Number of Shares - Expanded
Uses include:
Real-time calculation of SPDR ETF values.
Determination of Long/Short SPRD ETF spreads.
Determination of Long/Short stocks vs. their associated SPRD ETF.
5. Fair Value and Program Trading Buy/Sell Values.
Uses include:
Developing and executing trading strategies and systems based on index-based instruments (futures, options, and ETFs).
Back-testing program trading buy/sell and fair values.
6. Index Divisors
Uses include:
Calculating fast cash indexes.
Calculating intra-day, real-time fair value and program trading buy/sell values.
Calculating index-adjusted dividends for intra-day custom program or basket trades.
7. Index Change Advisory
Alerts subscribers to either announced or forecasted changes in the major indexes and their constituent stocks.
Examples include the impact and significance of:
~ Monthly and quarterly index rebalancings and stock addition/deletions.
~ Stock addition/deletions to the indexes.
~ Mergers and acquisitions and significant corporate finance activities that affect weighting in the index.
~ Stocks likely to be added to the index.
~ Stocks whose dividends are likely to be reduced or eliminated.
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