A class of exchange-traded funds (ETF) that employs leverage in an effort to achieve double the return of a set benchmark. The first ultra ETFs were launched in 2006 and the class has grown to include different ETFs with underlying benchmarks ranging from broad market indexes, such as the S&P 500 and Russell 2000, to specific sectors, such as technology, healthcare and basic materials. Taobiz explains Ultra ETF According to the prospectuses for these funds, they may not achieve double the return of the benchmark during flat markets. Long-run returns may also diverge from the desired return; the ultra ETFs' only aim is to achieve twice the daily return, which they have done fairly accurately in the short time they can be analyzed. Ultra ETFs can be beneficial to investors who are short on capital or allocation space within a diversified portfolio. For example, they can invest 5% of their portfolios into an ultra ETF and gain closer to 10% exposure due to the leveraged returns. Increased daily volatility is both the biggest benefit and greatest danger of ultra ETFs. They are best suited to short-term investing strategies or quick trading to maximize a given bet in the market. The expense ratios also run much higher than for standard ETFs, as most charge 0.95% of the total assets.
A type of quote that gives both the bid and the ask price of a security, informing would-be traders of the current price at which they could buy or sell the security. The two-way quote also shows the spread between the bid and the ask, giving traders an idea of the current liquidity in the security (a smaller spread indicates more liquidity). Taobiz explains Two-Way Quote This type of quote provides more information to users than a last-trade quote, which quotes only the price at which the security last traded. An example of a two-way quote would be: Citigroup quote of $52.50/$53.30. This tells traders they can currently purchase Citigroup shares for $53.30 or sell them for $52.50. The spread between the bid and the ask is $0.80 ($53.30-$52.50).
When a corporation possesses authorized common and preferred shares, but never actually exchanges them for money or services. Taobiz explains Unissued Stock Just as the term implies, the shares are yet to be issued.
An analyst recommendation that means a stock is expected to do slightly worse than the market return. Also known as market underperform, moderate sell, or weak hold. Taobiz explains Underperform Exact definitions vary between brokerages, but in general this rating is worse than neutral but better than sell or strong sell.
A situation in which the price or rate of a security does not change between two periods. This can be over any time frame including a trading day, week, or even as much as a year. Sometimes seen as "UNCH." Taobiz explains Unchanged For example, assume that the closing price of ABC stock on Tuesday was $13.50 and on Wednesday the price also closed at $13.50. During this period, the price of ABC stock is referred to as being unchanged, even though the price of the stock likely fluctuated during the day.
The process of taking over a large company with several different lines of business, and then, while retaining the core business, selling off the subsidiaries to help fund the takeover. Taobiz explains Unbundling In other words, unbundling occurs when a company purchases another for its most valuable divisions (its crown jewels) with little desire for the other aspects of the business.
A lucrative and highly competitive method of stock trading that uses special software that works in milliseconds to make trades in reaction to market changes. This type of trading has been criticized for worsening stock swings and for unfairly manipulating stock prices. The software's advocates say it improves trading efficiency. Also known as "high frequency trading." Taobiz explains Ultrafast Trading Ultrafast trading has also given rise to civil and criminal lawsuits because the highly paid programmers hired by Wall Street firms to develop the software, which takes years and costs millions in salaries alone, are believed to take the code with them when they switch companies, which is a great liablity to their former employers.
A dividend that is owed to stockholders of record but has yet to be distributed. An unpaid dividend will exist in the time between the date of record (when the stock will be trading ex-dividend) and the dividend payment date. Watch: Dividend Taobiz explains Unpaid Dividend Most dividends have an "of record" date - a date as of which all holders of the security are eligible to receive the dividend. During the time between this date and the actual date of payment, even investors who sell their holdings will still receive the dividend.
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