Exchange-Traded Fund (ETF)

A special type of financial trust that allows an investor to buy an entire basket of stocks through a single security, which tracks and matches the returns of a stock market index. ETFs are considered to be a special type of index mutual fund, but they are listed on an exchange and trade like a stock. Also known as an index participation unit (IPU).

EBITDA

Earnings before interest, taxes, depreciation and amortization. Adds these items back to reported earnings to more accurately reflect real cash earnings of company. Similar to operating cash flow, except operating cash flow also considers changes in levels of inventories and receivables.

Debt Volume

The number of debt instruments traded on one side of the transaction for a specified period multiplied by the face value of the debt instrument.

Debt Value

The total dollar value of volume traded on one side of the transaction for a specified period. It equals price multiplied by volume divided by 100.

Downtick

A trade is on a downtick when the last trade occurred at a price lower than the previous one.

Ex-D Date

Ex-dividend/distribution date. The date that the buyer of a stock is not entitled to the upcoming declared dividend/distribution, because the buyer will not be a holder of record. The ex-d date is two clearing days before the record date. The exchange that the issue is listed on sets the ex-d date.

Defensive Stock

A stock purchased from a company that has maintained a record of stable earnings and continuous dividend payments through periods of economic downturn.