A system for and method of using a financial instrument to take a view on
a price-to-earnings ratio for a set of one or more equities. The system
and method may be used to commodify the price-to-earnings ratio for one
or more equities, such as a stock or an index. The system and method may
include a financial instrument that allows a user to take a view on an
earnings, or ratio comprising price and earnings, for underlying
equities.