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a measure of the number of shares, or dollar value of shares traded daily. Mutual funds and other institutional buyers prefer high liquidity stocks so they can easily move in and out of positions.

An IPO (initial public offering) is an issuer’s first offering of its securities made to the public in accordance with a prospectus. The offering is often made in conjunction with an issuer’s initial application for listing on an exchange.

As of the last date of the last reported fiscal quarter.

Investors buy shares directly from fund, and sell shares directly to fund. Share price is Net Asset Value (NAV).

An issuer listing as a result of a plan of arrangement. A plan of arrangement is a form of corporate reorganization that must be approved by a court and by the corporation’s shareholders or others affected by the proposed arrangement, all as prescribed by corporate legislation. A plan of arrangement can take various forms, including:An amalgamation of two or more corporations A division of the business of the corporation A transfer of all or substantially all of the property of the corporation to another corporation An exchange of securities of the corporation held by security holders of the corporation for other securities, money, or other property that is not a takeover bid A liquidation or dissolution of the corporation A compromise between the corporation and its creditors or holders of its debt Any combination of the foregoing.

Shares of an issuer that are traded on a stock exchange. Issuers pay fees to the exchange to be listed and must abide by the rules and regulations set out by the exchange to maintain listing privileges.

An order to close out an existing open futures or options contract. A liquidating order involves the sale of a contract that has been purchased or purchase of a contract that has been sold.

An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date.

The average closing price of a stock over a specified period. For instance, the 10-day MA is the average closing price for the past 10 days. Stocks are said to be in an uptrend when above their MA and in a downtrend when below. The most widely followed MAs are 50 days and 200 days. Long-term investors tend to look at the 200-day MA while active traders are more likely to pay attention to the 50-day MA. Many investors look at both. As a general rule, it’s best to avoid stocks trading below both their 50- and 200-day MAs.

The document that an issuer completes and submits to an exchange when it applies to list its shares on the exchange. The issuer must disclose its activities, plans, management and finances in the application.