Net Asset Value (NAV)

The value of a company's assets relative to the number of shares it has.

The value of a company's assets relative to the number of shares it has.

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Forward pricing

Mutual funds are traded on a forward pricing basis, meaning the price you see will be different to the price you may trade at.
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Securities

Bonds and stocks.
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Zero-Sum Game

A situation in which one person's gain is another's loss.
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Spot Rate

The currency exchange rate a bank quotes, valid with immediate effect.
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American Depository Receipt (ADRs)

Tradeable assets that let Americans invest in overseas stocks using US laws and dollars.
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Junk Bond

A form of debt investment that carries higher risk because of the likelihood that the issuer will default.
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Volatility

A measure of how much the prices of an asset or index vary over time.
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Yield

Income from an investment as a percentage of its current price.
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Equity ETF

An exchange-traded fund that is comprised of a set of stocks.
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