The following questions rely on the numbers for the share prices given below.

The share prices of American Airlines Group Inc. $($AAL$),$ Delta Air Lines Inc. $($DAL$),$ and

Southwest Airlines Co$.($SAL$)$ for March $28,{2022}_{?}$ are listed here under "Prev. Price" and for

April $28,2022$ under "Price". The shares outstanding on March $28,{2022}_{?}$ for each company are

listed under "Shares". Prices observations listed are at the close and any adjustments also are

assumed to occur at the close of the relevant day.

An Airlines index is established starting on March $28,2021.$ The information from the above

companies is used to create an "AIR$3"$ index.

Answer the following questions for each of three possible indexes: AIR$3$VW$,$ AIR$3$PW$,$ and

AIR$3$EW $($value$-$weighted, price$-$weighted, and equal$-$weighted$).$ Choose a divisor to set the

initial index value equal to ${100}_{?}$ in each of the three index cases.

$($a$)$ Calculate the index values for each of the three cases $($value$-$weighted, price$-$weighted,

and equal$-$weighted$)$ at the close on March $28.$ Obtain the divisor on March $28,{2021}_{?}$ for

each of the three cases.

Value Weighted Index $($AIR$3$VW$)$

$$1$

$($b$)$ What are the monthly returns based on each of the possible indexes?

You establish an ETF with $$20,000$ initial investment at the close on March $28$ that promises to

track exactly the AIR $3$ index

$($c$)$ What is the composition of your ETF's portfolio in terms of the number of shares held of

each asset for each of the three possible AIR$3$ index choices?

$($d$)$ What is the final US dollar market value of the ETF $($at the close on April $28)$ for each of

the three index types?