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An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in shares/units of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs).

The market opens at 9:30 a.m. ET each business day.

Surplus cash generated from company’s basic operations without regard to income tax entries such as depreciation and amortization. Changes in levels of inventories, accounts receivable and accounts payable also affect cash flow. Also see Free Cash Flow. 

Not the same as operating income. See pro forma earnings. 

Similar to a real estate investment trust (REIT), except MLPs are not limited to a specific industry compared to REITs which must invest in real estate. Both types trade like stocks on the New York Stock Exchange, and both types must distribute most of their earnings in the form of dividends. 

A change in an issuer’s affairs that could have a significant effect on the market value of its securities, such as a change in the nature of the business or control of the issuer. Under the principle of continuous disclosure, a listed issuer must issue a news release and report to the applicable self-regulatory organization as soon as a material change occurs.

The average market capitalization of stocks owned by a mutual fund.

See Participating Organizations (POs) and Members

A location on a Web site dedicated to the discussion of a particular topic, usually a single stock or industry sector. Discussions are not real-time. Someone posts a message, and then others respond over a period of hours or days.

Company with market capitalization between $2 billion and $7 billion.