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A company’s first issue of shares to the general public.

See Exchange-Traded Fund (ETF).

For an issue with a committed dividend/distribution policy, the indicated annual dividend/distribution (IAD) equals the most recent dividend/distribution multiplied by the payment frequency. For example, if an issuer pays $0.04 quarterly, then the indicated rate is $0.04 X 4 or $0.16. In the case of issuers with no committed policy, the IAD is obtained by adding the dividend/distribution amounts paid in the last 12-month period. Indicated annual dividend/distribution is also referred to as indicated rate.

A feature of Market On Close (MOC), a TSX electronic call market facility, the Indicative Calculated Closing Price (ICCP) provides a preliminary indication of what the calculated closing price for a MOC security would be assuming the regular trading session had ended at the time of calculation. The ICCP is calculated without reference to volatility parameters. The ICCP for each MOC security will be broadcast to the trading community at 3:50 PM ET on each trading day, 10 minutes prior to the actual Market On Close execution. A key objective of broadcasting the ICCP is to provide market participants with an early indication of potentially large price movements at the close. The ICCP for all MOC securities will be included in the MOC Imbalance Report that is made available on tmxmoney.com.

A composite representing the value of a group of stocks. 

An option whose underlying security is an index. An example would be the S&P 100 (OEX). A trader can buy index options and bet on the direction of the OEX.

A record of a company’s sales and expenses over a particular year or quarter. 

A security with a solid record of dividend payments and which offers a dividend yield higher than the average common stock.

Also called income funds. Income trusts are trusts structured to own debt and equity of an underlying entity, which carries on an active business, or has royalty revenues generated by the assets of an active business. By owning securities or assets of an underlying business, an income trust is structured to distribute cash flows, typically on a monthly basis, from those businesses to unit holders in a tax-efficient manner. The trust structure is typically utilized by mature, stable, sustainable, cash-generating businesses that require a limited amount of maintenance capital expenditures. An income trust is an exchange-traded equity investment that is similar to a common share. There are four categories of income trusts: business trusts; real estate investment trusts (REITs); energy trusts; and power, pipeline, and utility trusts.

An exchange-traded, fixed income-like instrument consisting of a subordinated debt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuer’s free cash flow to its investors. Investors are paid dividends from the common share component and interest from the subordinated debt.