Lists of stocks in a stock market index that are used for academic purposes and financial analysis are subject to copyright protection. Even if the presentation of the stocks is similar to an uncopyrightable list, it is copyrightable.
A list of words is copyrightable provided the selection and arrangement of the words fulfill the requisite of originality. However, lists of contents or ingredients are not subject to copyright protection because they are dictated purely by functional considerations.
Daily index cards published as financial information may contain information about called bonds that was collected from various newspapers and financial publications around the country. Even though the index cards constitute uncopyrightable factual information, they have been held to be copyrightable.