| "3-6-3" | “3-6-3”, aka the “3-6-3 rule” is a slang term referring to an “unofficial rule” under which the bank industry was said to once operate. It describes a non-competitive and simplistic operational approach where bankers would give 3% interest on depositors' accounts, lend the depositors money at 6% interest and then be playing golf at 3pm. |
| 20-Bond Bond Buyer Index | "The 20-Bond Bond Buyer Index is the average tax-exempt market value, expressed in terms of yield, on the general obligation bonds of twenty selected issuers with Moody's ratings ranging from Baa1 to Aaa, averaging Al, and maturing in twenty years." |
| 5-Year, 5-Year Forward Breakeven Inflation Rate | The 5-year, 5-year forward breakeven inflation rate is a measure of expected inflation derived from "nominal" Treasury securities and their "real" counterparts—inflation-protected TIPS securities. |
| Abenomics | “Abenomics” refers to a series of economic reforms proposed by Japan’s Prime Minister Shinzo Abe. |
| Active Share | Active share reflects the percent of a portfolio that differs from the index. |
| Adjustable Rate Mortgage (ARM) | An adjustable rate mortgage (ARM) is a mortgage with an interest rate that may change, usually in response to changes in the Treasury Bill rate or the prime rate. |
| ADP National Employment Report | The ADP National Employment Report provides a monthly snapshot of U.S. nonfarm private sector employment based on actual transactional payroll data. |
| Affordable Care Act | The Affordable Care Act is a federal statute signed into law in March 2010 as a part of the Health Care reform agenda of the Obama administration. Signed under the title of The Patient Protection and Affordable Care Act, the law included multiple provisions that would take effect over a matter of years, including the expansion of Medicaid eligibility, the establishment of health insurance exchanges and prohibiting health insurers from denying coverage due to pre-existing conditions. |
| Agency Mortgage-Backed Securities (MBS) | Agency mortgage-backed securities (MBS) are asset-backed securities secured by a mortgage or collection of mortgages issued by federal agencies like Fannie Mae, Freddie Mac and Ginnie Mae. |
| Alerian MLP Index | The Alerian MLP Index is a capitalization weighted, float-adjusted index created to provide a complete benchmark for investors to track the energy MLP sector. |
| Alpha | Alpha is a measure of portfolio performance vs. a benchmark, relative to the volatility of that benchmark. An alpha greater than zero suggests that the portfolio has outperformed during the period by means other than adding volatility. |
| Alt-A | Alt-A refers to a classification of mortgages where the risk profile falls between prime and subprime. |
| Alternative Minimum Tax (AMT) | The Alternative Minimum Tax (AMT) is an income tax imposed by the US federal government on individuals, corporations, estates, and trusts. AMT is imposed at a nearly flat rate on an adjusted amount of taxable income above a certain threshold. |
| American Depositary Receipt (ADR) | An American Depositary Receipt (ADR) is a negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas. |
| American Stock Exchange (AMEX) | The American Stock Exchange (AMEX) is the third-largest stock exchange by trading volume in the United States. In 2008 it was acquired by the NYSE Euronext and became the NYSE Amex Equities in 2009. The AMEX is located in New York City and handles about 10% of all securities traded in the U.S. |
| Amex Major Market Index | The Amex Major Market Index is an index of 20 blue chip industrial stocks. 15 of the stocks are included in the Dow Jones Industrial Average. Please note an investor cannot invest directly in an index. |
| Amex Pharmaceutical Index (DRG Index) | The Amex Pharmaceutical Index or DRG Index, is a market-capitalization weighted index designed to represent a cross-section of widely held, highly capitalized companies involved in various phases of the pharmaceutical industry. The DRG Index was developed with a base value of 200.00 on July 31, 1991. |
| Animal Spirits | Animal spirits is a term used by John Maynard Keynes in his 1936 publication "The General Theory of Employment, Interest and Money" which is used to describe human emotion that drives consumer confidence. |
| Arbitrage | Arbitrage is the practice of taking advantage of a difference in prices, for the same or similar securities, between two or more markets. |
| Asia-Pacific Economic Cooperation forum (APEC) | The Asia-Pacific Economic Cooperation forum (APEC) is an organization of 21 economies intended to support sustainable economic growth and prosperity in the Asia-Pacific region. Members include US, People’s Republic of China, Hong Kong and Taiwan. |
| Asian Development Bank (ADB) | The Asian Development Bank (ADB) is a regional development bank headquartered in Metro Manila, Philippines to facilitate economic development of countries in Asia. |
| Asian Infrastructure Investment Bank (AIIB) | The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia Pacific region. |
| Asian Tigers | Asian Tigers is nickname given to the economies of Southeast Asia, including Indonesia, Singapore, Malaysia, Thailand, South Korea and China that grew substantially between the late 1980s and early- to mid-1990s with the injection of large amounts of foreign investment capital. |
| Asset-Backed Security (ABS) | An Asset-Backed Security (ABS) is a financial security backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. |
| BAA | BAA is a credit rating denoting a medium grade, moderate risk security. |
| Baa3 | Baa3 is at the bottom of investment-grade bond ratings, being only one grade above a high-yield, or below-investment grade rating. |
| Baltic Dry Index | The Baltic Dry Index measures dry bulk shipping rates – the demand for shipping capacity versus the supply of dry bulk carriers. Since the demand for shipping varies with the amount of cargo that is being traded in the market and the supply of ships is much less elastic than the demand for them, the index indirectly measures global supply and demand for the commodities shipped aboard dry bulk carriers, such as cement, coal, iron ore, and grain. |
| BAML Mortgage Master Index | BAML Mortgage Master Index: The index tracks the performance of US dollar-denominated fixed rate and hybrid residential mortgage pass-through securities issued by US agencies in the US domestic market. |
| Banco Santander SA | Banco Santander SA is a Spain-based commercial bank that operates principally in Spain, the United Kingdom, Portugal, the Latin American countries and the United States. |
| Bank for International Settlements (BIS) | The Bank for International Settlements (BIS) is an international organization fostering the cooperation of central banks and international monetary policy makers. |
| Bank Loan | A bank loan or leveraged loan is a loan provided to a company already holding a considerable amount of debt. |
| Bank of America (BAC) | Bank of America (BAC) is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. |
| Bank of America (BofA) Merrill Lynch All Speculative-Grade Convertible Index | "Bank of America (BofA) Merrill Lynch All Speculative-Grade Convertible Index is comprised of approximately 250 issues of only speculative-grade convertible bonds and preferreds." |
| Bank of America (BofA) Merrill Lynch All U.S. Convertibles Index | "Bank of America (BofA) Merrill Lynch All U.S. Convertibles Index is an unmanaged". |
| Bank of America (BofA) Merrill Lynch U.S. 3-month Treasury Bill Index | "Bank of America (BofA) Merrill Lynch U.S. 3-month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace." |
| Bank of America (BofA) Merrill Lynch U.S. Treasury Bill Index | "Bank of America (BofA) Merrill Lynch U.S. Treasury Bill Index tracks the performance of U.S. dollar denominated U.s. Treasury bills, which represent obligations of the U.S. Government having a maturity of one year or less, and is intended as an approximate measure of the rate of inflation." |
| Bank of America Merrill Lynch 7-10 Italian Government Index | The Bank of America Merrill Lynch 7-10 Italian Government Index is an unmanaged index that tracks the performance of the direct Sovereign debt of the Italian Government with a remaining term to final maturity of at least 7 years and less than 10 years. |
| Bank of America Merrill Lynch 7-10 UK Gilt Government Index | The Bank of America Merrill Lynch 7-10 UK Gilt Government Index is an unmanaged index that tracks the performance of the direct Sovereign debt of the UK Government with a remaining term to final maturity of at least 7 years and less than 10 years. |
| Bank of America Merrill Lynch BB-B Global High Yield Index | The Bank of America Merrill Lynch BB-B Global High Yield Index is a subset of The BofA Merrill Lynch Global High Yield Index including all securities rated BB1 through B3, inclusive. |
| Bank of America Merrill Lynch European High Yield index (BAML European HY) | BAML European HY: The Bank of America Merrill Lynch European High Yield index tracks the performance of below-investment grade corporate bonds publicly issued in Europe. |
| Bank of America Merrill Lynch High Yield Bond Index | The Bank of America Merrill Lynch High Yield Bond Index tracks the performance of US dollar denominated below investment grade rated corporate debt publically issued in the US domestic market. |
| Bank of America Merrill Lynch Municipal General Obligation Index | The Bank of America Merrill Lynch Municipal General Obligation Index is the general obligation component of the BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market. |
| Bank of America Merrill Lynch Municipal Revenue Index | The Bank of America Merrill Lynch Municipal Revenue Index is the revenue bond component of the BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market. |
| Bank of America Merrill Lynch Portuguese 7-10 Year Index | The Bank of America Merrill Lynch Portuguese 7-10 Year Index is an unmanaged index that tracks the performance of the direct Sovereign debt of the Portuguese Government with a remaining term to final maturity of at least 7 years and less than 10 years. |
| Bank of America Merrill Lynch Spanish 7-10 Year Index | The Bank of America Merrill Lynch Spanish 7-10 Year is an unmanaged index that tracks the performance of the direct Sovereign debt of the Spanish Government with a remaining term to final maturity of at least 7 years and less than 10 years. |
| Bank of America Merrill Lynch US Floating Rate Home Equity Loan Asset Backed Securities Index (BAML ROFH) | The Bank of America Merrill Lynch US Floating Rate Home Equity Loan Asset Backed Securities Index (BAML ROFH) is a subset of The BAML US Floating Rate Asset Backed Securities Index including all asset backed securities collateralized by home equity loans. |
| Bank of America Merrill Lynch US High Yield index | BAML US HY: The Bank of America Merrill Lynch US High Yield index tracks the performance of below-investment grade, US-dollar-denominated corporate bonds publicly issued in the US domestic market. |
| Bank Of England | "The Bank of England" is the central bank for the United Kingdom. It has a wide range of responsibilities, similar to those of most central banks around the world. |
| Bank of Japan (BoJ) | The Bank of Japan (BoJ) is the central bank of Japan and is responsible for the yen currency. |
| Barclays | Barclays is a British multinational banking and financial services company headquartered in London. |
| Barclays 1-3 Year U.S. Government Index | The Barclays 1-3 Year U.S. Government Index is a broad measure of the performance of short-term government bonds. Please note an investor cannot invest directly in an index. |
| Barclays 1-5 Year U.S. Treasury Index | The Barclays 1-5 Year U.S. Treasury Index is a market capitalization-weighted index including all U.S. Treasury notes and bonds with maturities greater than or equal to one year and less than five years. Please note an investor cannot invest directly in an index. |
| Barclays 10-year Treasury Index | The Barclays 10-year Treasury Index measures the performance of 10 year U.S. Treasury notes. |
| Barclays 10-year U.S. Treasury Bellwether Index | The Barclays 10-year U.S. Treasury Bellwether Index is an unmanaged index. |
| Barclays Asian-Pacific Non-Japan Aggregate Index | The Barclays Asian-Pacific Non-Japan Aggregate Index is the Asian-Pacific Non-Japan component of the Asian Pacific Aggregate index. It includes investment-grade, fixed-rate securities that are issued in any of the following currencies: Australian Dollar, Hong Kong Dollar, New Zealand Dollar, Singapore Dollar, South Korean Won, and Thailand Baht. Convertible securities, floating-rate notes, perpetuals, warrants, linked bonds, and structured products are excluded. Securities in the index must have a remaining maturity of at least one year. |
| Barclays Capital 1-10 Year Municipal Bond Index | The Barclays Capital 1-10 Year Municipal Bond Index is a broad-based, total-return index comprised of bonds which are all investment-grade, fixed-rate securities with maturities between one and ten years. Please note an investor cannot invest directly in an index. |
| Barclays Capital 1-3 Year Government Bond Index | The Barclays Capital 1-3 Year Government Bond Index is a broad measure of the performance of short-term government bonds. Please note an investor cannot invest directly in an index. |
| Barclays Capital 1-3 Year Government/Corporate Bond Index | The Barclays Capital 1-3 Year Government/Corporate Bond Index is a broad measure of the performance of short-term government and corporate fixed-rate debt issues. Please note an investor cannot invest directly in an index. |
| Barclays Capital 10-Year Municipal Bond Index | The Barclays Capital 10-Year Municipal Bond Index is a broad-based index comprised of approximately 5,000 bonds. Please note an investor cannot invest directly in an index. |
| Barclays Capital 4 Years Plus Index | The Barclays Capital 4 Years Plus Index is a broad measure of the municipal bond market with maturities of at least four years. Please note an investor cannot invest directly in an index. |
| Barclays Capital 7-Year Municipal Bond Index | "The Barclays Capital 7-Year Municipal Bond Index is an unmanaged index comprised of investment grade municipal bonds with maturities of six to eight years. It is weighted according to the total market value of each bond in the Index." |
| Barclays Capital Asset-Backed Index | The Barclays Capital Asset-Backed Index is composed of debt securities backed by credit card, auto and home equity loans that are rated investment grade or higher by Moody's Investors Service, Standard & Poor’s Ratings Service or Fitch Investor's Service, in that order. Issues must have at least one year to maturity and an outstanding par value of at least $50 million. Price, coupon and total return are reported on a month-end to month-end basis. All returns are market value-weighted inclusive of accrued interest but do not include adjustments for advisory fees or other expenses. Please note an investor cannot invest directly in an index. |
| Barclays Capital CA 1-17 Year Municipal Bond Index | The Barclays Capital CA 1-17 Year Municipal Bond Index includes investment-grade California Municipal bonds with maturities between 1 and 17 years. Please note an investor cannot invest directly in an index. |
| Barclays Capital California Intermediate Municipal Bond Index | "The Barclays Capital California Intermediate Municipal Bond Index is a market value weighted index of California investment grade (Baa3/BBB- or higher) fixed-rate municipal bonds with maturities of five to ten years. Please note that an investor cannot invest directly in an index." |
| Barclays Capital Five-Year Municipal Bond Index | The Barclays Capital Five-Year Municipal Bond Index is a market-value-weighted index representative of the medium term (4 to 6 years) tax-exempt bond market. |
| Barclays Capital General U.S. Government Index | The Barclays Capital General U.S. Government Index includes U.S. Treasuries and agencies with maturities of one year or greater having a minimum outstanding principal of $100 million and are only fixed coupon securities. |
| Barclays Capital Global Aggregate Index Ex-U.S. | The Barclays Capital Global Aggregate Index Ex-U.S. is an unmanaged index used as a broad measure of the international-grade bond index, excluding U.S. securities. |
| Barclays Capital Global High-Yield Index | The Barclays Capital Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield, and Pan-European Emerging Markets High-Yield Indices. |
| Barclays Capital Global Real Index | "The Barclays Capital Global Real Index: U.S. TIPS (""LBGR TIPS"") represents an unmanaged market index made up of U.S. Treasury Inflation Linked Index securities. Please note an investor cannot invest directly in an index. |
| Barclays Capital Global Real U.S. TIPS Index | "Barclays Capital Global Real U.S. TIPS Index is an unmanaged market index" |
| Barclays Capital Global Treasury Fiscal Strength-Weighted Index | The Barclays Capital Global Treasury Fiscal Strength-Weighted Index adjusts the country weights within existing government bond indices using fundamental measures of fiscal sustainability. |
| Barclays Capital GNMA Index | "Barclays Capital GNMA Index is an unmanaged index of Government National" |
| Barclays Capital Government Bond Index | The Barclays Capital Government Bond Index is a broad-based index of all public debt obligations of the U.S. government and its agencies that have an average maturity of roughly nine years. |
| Barclays Capital Government/Corporate Bond Index | The Barclays Capital Government/Corporate Bond Index tracks the performance of the overall bond market and is a broad measure of the performance of government and corporate fixed-rate debt issues. Please note an investor cannot invest directly in an index. |
| Barclays Capital Government/Corporate Intermediate Bond Index | The Barclays Capital Government/Corporate Intermediate Bond Index is a broad measure of bonds with maturities of up to ten years. Please note an investor cannot invest directly in an index. |
| Barclays Capital Government/Corporate Long Bond Index | The Barclays Capital Government/Corporate Long Bond Index is a broad measure of bonds with maturities of more than ten years. Please note an investor cannot invest directly in an index. |
| Barclays Capital High Yield 2% Iss Cap Index | The Barclays Capital High Yield 2% Iss Cap Index consists of all domestic and Yankee bonds with a minimum outstanding amount of $100 million and maturing over one year. |
| Barclays Capital High Yield Index | The Barclays Capital High Yield Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included. Please note an investor cannot invest directly in an index. |
| Barclays Capital Inflation/Linked All Maturities Index | "Barclays Capital Inflation/Linked All Maturities Index measures the performance of the major government inflation linked bond markets, which currently include the U.K., Australia, Canada, Sweden, the U.S., France and Italy. All maturities are included. Prior to September 1, 2006, the Fund’s benchmark was Barclays Capital Global Real: U.S. TIPS Index." |
| Barclays Capital Intermediate Government/Credit Index | The Barclays Capital Intermediate Government/Credit Index is a market value weighted performance benchmark for government and corporate fixed-rate debt issues (rated Baa/BBB or higher) with maturities between one and ten years. Please note an investor cannot invest directly in an index. |
| Barclays Capital Long Term Credit Bond Index | The Barclays Capital Long Term Credit Bond Index is a broad-based unmanaged index of investment-grade corporate bonds. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| Barclays Capital Long-Term Corporate Bond Index | The Barclays Capital Long-Term Corporate Bond Index is comprised of all publicly issued, fixed rate, non-convertible and dollar-denominated investment-grade corporate debt from a diverse range of industries with an average maturity of approximately 23 years. Please note an investor cannot invest directly in an index. |
| Barclays Capital Massachusetts Municipal Bond Index | "The Barclays Capital Massachusetts Municipal Bond Index is a market value weighted index of Massachusetts investment grade (Baa3/BBB- or higher) fixed-rate municipal bonds with maturities of one year or more. Please note that an investor cannot invest directly in an index. |
| Barclays Capital Mortgage Bond Index | The Barclays Capital Mortgage Bond Index is a broad measure of the performance of mortgage-backed bonds in the U.S. market. Please note an investor cannot invest directly in an index. |
| Barclays Capital Mortgage-Backed Securities Index | The Barclays Capital Mortgage-Backed Securities Index is composed of about 600 15-year to 30-year fixed-rate mortgage-backed pools of Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Corporation. Please note an investor cannot invest directly in an index. |
| Barclays Capital Municipal Long Bond Index | The Barclays Capital Municipal Long Bond Index is a sub-index (consisting of bonds with maturities of at least 22 years) of the Barclays Capital Municipal Bonds Index, a broad-based, total return index comprised of investment grade, fixed rate municipal bonds selected from issues larger than $50 million issued since January 1991. Please note an investor cannot invest directly in an index. |
| Barclays Capital Municipal Non-Investment Grade Bond Index | The Barclays Capital Municipal Non-Investment Grade Bond Index includes issues which have a maximum credit rating of Ba1, as rated by Moody’s, are issued as part of a deal of at least $20 million, have an amount outstanding of at least $3 million, have a maturity of at least one year, and have been issued after December 31, 1990. Please note an investor cannot invest directly in an index. |
| Barclays Capital New York Intermediate Municipal Bond Index | "The Barclays Capital New York Intermediate Municipal Bond Index is a market value weighted index of New York investment grade (Baa3/BBB- or higher) fixed-rate municipal bonds with maturities of five to ten years. Please note that an investor cannot invest directly in an index. |
| Barclays Capital NY 4+ Year Index | The Barclays Capital NY 4+ Year Index is a market value-weighted index of New York fixed-rate investment grade municipal bonds with maturity of at least four years. |
| Barclays Capital Oregon Municipal Bond Index | Barclays Capital Oregon Municipal Bond Index is a market value weighted index of Oregon investment grade fixed-rate municipal bonds with maturities of one year or more. Please note an investor cannot invest directly in an index. |
| Barclays Capital Three-Year Municipal Bond Index | The Barclays Capital Three-Year Municipal Bond Index is a broad measure of the municipal bond market with maturities of approximately three years. |
| Barclays Capital Treasury Index | The Barclays Capital Treasury Index is a measure of the public obligations of the U.S. Treasury. Please note an investor cannot invest directly in an index. |
| Barclays Capital U.S. Corporate Investment Grade Index | "The Barclays Capital U.S. Corporate Investment Grade Index is an unmanaged index consisting of publicly issued US Corporate and specified foreign debentures and secured notes that are rated investment grade (Baa3/BBB- or higher) by at least two ratings agencies, have at least one year to final maturity and have at least $250 million par amount outstanding. To qualify, bonds must be SEC-registered. |
| Barclays Capital U.S. Credit Index | The Barclays Capital U.S. Credit Index is a broad-based index composed of government and corporate debt issues that are investment grade (rated Baa/BBB or higher). Please note an investor cannot invest directly in an index. |
| Barclays Capital U.S. Dollar Floating Rate Note (FRN) Index | "The Barclays Capital U.S. Dollar Floating Rate Note (FRN) Index provides a measure of the U.S. dollar denominated floating rate note market. The index measures the performance of floating rate notes across sector, credit quality, maturity, and asset class sectors. |
| Barclays Capital U.S. Fixed-Rate Mortgage Backed Securities Index | Barclays Capital U.S. Fixed-Rate Mortgage Backed Securities Index is an unmanaged index composed of securities backed by 15-year to 30-year fixed-rate mortgage pools of Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. |
| Barclays Capital US 7-10 Year Treasury Bond Index | The Barclays Capital US 7-10 Year Treasury Bond Index measures the performance of U.S. Treasury securities that have a remaining maturity of at least seven years and less than 10 years. |
| Barclays Capital US Agency Mortgage Backed Securities (MBS) Index | The Barclays Capital US Agency Mortgage Backed Securities (MBS) Index is the U.S. MBS component of the U.S. Aggregate index. The MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). |
| Barclays Corporate Index | The Barclays Corporate Index is the corporate component of the U.S. Credit index. |
| Barclays EM USD Aggregate Index | The Barclays EM USD Aggregate Index is a flagship hard currency Emerging Markets debt benchmark that includes USD denominated debt from sovereign, quasi-sovereign, and corporate EM issuers. The index is broad-based in its coverage by sector and by country, and reflects the evolution of EM benchmarking from traditional sovereign bond indices to Aggregate-style benchmarks that are more representative of the EM investment choice set. Country eligibility and classification as an Emerging Market is rules-based and reviewed on an annual basis using World Bank income group and International Monetary Fund (IMF) country classifications. This index was previously called the Barclays US EM Index and history is available back to 1993. |
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Barclays EM USD Corporate and Quasi-Sovereign Index Barclays EM USD Aggregate Index |
The Barclays EM USD Corporate and Quasi-Sovereign Index is the corporate and quasi-sovereign component of the Barclays EM USD Aggregate Index, which is a hard currency Emerging Markets debt benchmark that includes USD denominated debt from sovereign, quasi-sovereign, and corporate EM issuers. |
| Barclays Emerging Markets Index | The Barclays Emerging Markets Index includes USD-denominated debt from emerging markets in the following regions: Americas, Europe, Middle East, Africa, and Asia. |
| Barclays Emerging Markets Local Currency Government Index | The Barclays Emerging Markets Local Currency Government Index is designed to provide a broad measure of the performance of local currency emerging markets (EM) debt. |
| Barclays Global Aggregate Bond Index | The Barclays Global Aggregate Bond Index is an unmanaged index of global investment-grade fixed-income securities. |
| Barclays Global Corporate Bond Index | The Barclays Global Corporate Bond Index is the corporate bond component of the Barclays Capital Global Credit Index. |
| Barclays Global Credit Index | The Barclays Global Credit index is an unmanaged index composed investment grade and high yield credit securities from the Multiverse represented in U.S. Dollars. |
| Barclays Global High-Yield Bond Index | The Barclays Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield, and Pan-European Emerging Markets High-Yield Indices. |
| Barclays Global High-Yield Index | The Barclays Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield, and Pan-European Emerging Markets High-Yield Indices. |
| Barclays Global Treasury GDP-weighted Index | The Barclays Global Treasury GDP-weighted Index tracks fixed-rate local currency sovereign debt of investment-grade countries. |
| Barclays Global Treasury Index | The Barclays Global Treasury Index is the sovereign component of The Barclays Global Aggregate Index, which provides a broad-based measure of the global investment-grade fixed income markets. |
| Barclays Investment Grade Corporate Index | The Barclays Investment Grade Corporate Index is the corporate component of the U.S. Credit index. |
| Barclays Municipal Bond Index | The Barclays Municipal Bond Index is a rules-based, market value-weighted index engineered for the long-term tax-exempt bond market. |
| Barclays Municipal High Yield Short Duration Index | The Barclays Municipal High Yield Short Duration Index tracks the high-yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a 25% weight in Baa/BBB-rated investment grade municipal bonds for liquidity and balance. |
| Barclays U.S. Aggregate Index | The Barclays U.S. Aggregate Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity. Please note an investor cannot invest directly in an index. |
| Barclays U.S. Corporate High Yield Index | The Barclays U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included. |
| Barclays U.S. Corporate Index | The Barclays U.S. Corporate Index is the corporate component of the U.S. Credit index, which is part of the Barclays Capital U.S. Aggregate Bond Index. |
| Barclays U.S. Credit Index | The Barclays U.S. Credit Index is the credit component of the Barclays Capital U.S. Aggregate Bond Index. |
| Barclays U.S. High Yield Bond Index | The Barclays U.S. High Yield Bond Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included. Please note an investor cannot invest directly in an index. |
| Barclays U.S. High Yield Loan Index | The Barclays U.S. High Yield Loan Index is an unmanaged index that |
| Barclays U.S. High-Yield 2% Issuer Capped Bond Index | The Barclays U.S. High-Yield 2% Issuer Capped Bond Index is a component of the U.S. Corporate High-Yield Bond Index, which covers the universe of fixed-rate, non-investment grade corporate debt of issuers in non-emerging market countries. It is not market capitalization-weighted - each issuer is capped at 2% of the index. |
| Barclays U.S. Investment-Grade Corporate Index | The Barclays U.S. Investment-Grade Corporate Index is the corporate component of the U.S. Credit index, which is part of the Barclays Capital U.S. Aggregate Bond Index. |
| Barclays U.S. Long Gov/Credit Index | The Barclays U.S. Long Gov/Credit Index is the Long component of the Barclays U.S. Government/Credit Index. |
| Barclays U.S. Treasury Index | The Barclays U.S. Treasury Index is the U.S. Treasury component of the U.S. Government index. |
| Barclays U.S. Treasury Inflation Notes Index | The Barclays U.S. Treasury Inflation Notes Index is an unmanaged market. |
| Barclays US Agency Mortgage Backed Securities (MBS) Index | The Barclays US Agency Mortgage Backed Securities (MBS) Index is the U.S. MBS component of the U.S. Aggregate index. The MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). |
| Barclays US High-Yield Loans Index | The Barclays US High-Yield Loans Index, also known as the Bank Loan Index, provides broad and comprehensive total return metrics of the universe of syndicated term loans. |
| Barclays World Government Inflation-Linked All Maturities Index (USD unhedged) | The Barclays World Government Inflation-Linked All Maturities Index (USD unhedged) measures the performance of the major government inflation-linked bond markets, which currently include the U.K., Australia, Canada, Sweden, the U.S., France, and Italy, Japan, Germany and Greece. All maturities are included. |
| Barclays World Government Inflation-linked Bonds Over 5-Year Index | The Barclays World Government Inflation-linked Bonds Over 5-Year Index measures the performance of inflation linked securities with 5+ year maturities of the major government inflation-linked bond markets. |
| Basel III | Basel III is a comprehensive set of reform measures designed to improve the regulation, supervision and risk management within the banking sector. |
| Basis Point (bps) | A basis point (bps) is one one-hundredth of one percent (1/100% or 0.01%). |
| Bayes' Theorem (Bayes' Law or Bayes' Rule) | In probability theory and statistics, Bayes' theorem (Bayes' law or Bayes' rule) is a formula for determining conditional probability named after 18th-century British mathematician Thomas Bayes. The theorem provides a way to revise existing predictions or theories given new or additional evidence. In finance, Bayes' Theorem can be used to rate the risk of lending money to potential borrowers. |
| BCI General Index | The BCI General Index is comprised of 296 companies traded on the Milan Stock Exchange. Please note an investor cannot invest directly in an index. |
| Bear Market | A bear market is a financial market in which prices are falling, especially over a long period of time. |
| Bear Market Curve Flattening | In a bear market curve flattening cycle, short term bond yields rise faster than long-term bond yields. |
| Bear Stearns High Yield Index | The Bear Stearns High Yield Index comprises securities across a wide spectrum of industries with at least one year to maturity. All fixed-income, non-convertible, dollar-denominated securities rated both BB+ and Ba1 or lower (split-rated crossover issues are not included) with outstanding par value of at least $100 million are included. Please note an investor cannot invest directly in an index. |
| Beige Book | The Beige Book is a commonly used name for the Federal Reserve report, "Summary of Commentary on Current Economic Conditions by Federal Reserve District". It is published eight times each year, just before the Federal Open Market Committee (FOMC) meeting on interest rates, and is used to inform the members on changes in the economy since the last meeting. |
| BES | BES (Banco Espírito Santo) is a private Portuguese bank based in Lisbon. |
| Beta | Beta measures the sensitivity of an investment to the movement of its benchmark. A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the benchmark. |
| Bharatiya Janata Party (BJP) | The Bharatiya Janata Party (BJP) is one of the two major parties in the Indian political system, along with the Indian National Congress. As of 2014, it is the country's largest political party in terms of representation in the national parliament and state assemblies. |
| Bid-Ask Spread | The bid-ask spread is the amount by which the ask price exceeds the bid; it is essentially the difference in price between the highest price that a buyer is willing to pay for an asset and the lowest price for which a seller is willing to sell it. |
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Bloomberg Agriculture Spot Index Bloomberg Industrial Metals Index |
The Bloomberg Agriculture Spot Index and the Bloomberg Industrial Metals Index, formerly Dow Jones-UBS indexes, measure the price movements of Agricultural commodities and industrial metals included in the Bloomberg Commodity Index and select subindexes. The indexes do not account for the effects of rolling futures contracts or the costs associated with holding physical Agriculture or Industrial Metals commodities and are quoted in USD. |
| Bloomberg Commodities Index | The Bloomberg Commodities Index, formerly known as the Dow Jones UBS Commodities Index, is calculated on an excess return basis can composed of futures contracts on 22 physical commodities. |
| Bloomberg Euro-area Financial Conditions Index | The Bloomberg Euro-area Financial Conditions Index combines yield spreads and indices from Euro-area Money Markets, Equity Markets, and Bond Markets into a normalized index. The values of this index are Z-scores, which represent the number of standard deviations that current financial conditions lie above or below the average of the January 1999-June 2008 period. |
| BNP Paribas | BNP Paribas is a French bank and financial services company with headquarters in Paris, and a global headquarters in London. It was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000 and is one of the largest banks in the world. |
| Bond Buyer 25-Revenue Bond Index | The Bond Buyer 25-Revenue Bond Index is the average yield on 25 revenue bonds rating “A1” by Moody’s Investors Service, which is a nationally recognized agency. The Bond Buyer is a daily publication specializing in fixed-income securities. Please note an investor cannot invest directly in an index. |
| Bond Buyer One Year Note Index | The Bond Buyer One Year Note Index is an index calculated using 10 note issuers: California, Colorado, Idaho, Michigan, Pennsylvania, Texas, Wisconsin, Los Angeles County, NYC, and NJ. All issues are rated MIG-1 by Moody's Investor Service. Please note an investor cannot invest directly in an index. |
| Bond Vigilantes | Bond vigilantes is a reference to bond investors that protest monetary or fiscal policies they consider inflationary by selling bonds, thus increasing yields. |
| Bond Zombies | Bond zombies is a reference to bond investors that drove interest rates sharply higher in the summer of 2013 when the Fed first suggested it might soon begin tapering. |
| Book Value | Book value is the monetary amount by which an asset is valued in business records, a figure not necessarily identical to the amount the asset could bring on the open market. |
| Bourse | Bourse is a European term for stock exchange. |
| Bovespa Index | The Bovespa Index is a gross total return index weighted by traded volume & is comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange. |
| Break-Even Inflation | Break-even inflation is the difference between the nominal yield on a fixed-rate investment and the real yield (fixed spread) on an inflation-linked investment of similar maturity and credit quality. If inflation averages more than the break-even, the inflation-linked investment will outperform the fixed-rate. Conversely, if inflation averages below the break-even, the fixed-rate will outperform the inflation-linked. |
| Brent Crude Oil | Brent Crude Oil is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. Brent Crude is extracted from the North Sea and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes. |
| BRIC | BRIC refers to four emerging-market countries: Brazil, Russia, India and China. |
| British Thermal Unit (BTU or Btu) | The British thermal unit (BTU or Btu) is a traditional unit of energy equal to the amount of energy needed to cool or heat one pound of water by one degree Fahrenheit. |
| BSE Sensex 30 Index | The BSE Sensex 30 Index (India), or the Bombay Stock Exchange Sensitive Index, is a free-float capitalization-weighted index, with component selection made on the basis of liquidity, depth, and floating-stock adjustment depth and industry representation. |
| Building Permits | Building permits refer to the necessary government or regulatory authorization that must be granted before construction of a new house can begin. |
| Bull Market Curve Flattening | In a bull market curve flattening cycle, long term bond yields decrease while short term bond yields increase. |
| Bundesbank | The Bundesbank is the central bank of Germany. |
| Bunds | “Bunds” refers to bonds issued by Germany's federal government. Bunds are available in 10- and 30-year maturities. |
| Bureau of Economic Analysis (BEA) | The Bureau of Economic Analysis (BEA) is an agency of the Department of Commerce that produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the Nation's economy. To do this, BEA collects source data, conducts research and analysis, develops and implements estimation methodologies, and disseminates statistics to the public. |
| Bureau of Labor Statistics | The Bureau of Labor Statistics is the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics. |
| Buying Power Index | The Buying Power Index is an intermediate and longer-term measurement of the effect buyers are producing (Demand), as evidenced by the GAINS and UPSIDE VOLUME registered by advancing stocks. This is a multiple time period index, which in its final construction, not only takes into account the number of stocks registering advances, but includes and evaluates such upside action both in terms of actual POINTS GAINED and related UPSIDE VOLUME. The average time period for the several components making up this index is 50 trading days. |
| CAC 40 Index | The CAC 40 Index is the French stock market index that tracks the 40 largest French stocks, based on market capitalization, on the Paris Bourse (stock exchange). |
| Call Option | A call option is an agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument at a specified price within a specific time period. |
| Callable | Callable refers to a bond which the issuer has the right to redeem prior to its maturity date, under certain conditions. |
| Capital Asset Pricing Model (CAPM) | The Capital Asset Pricing Model (CAPM) is an economic model for valuing stocks, securities, derivatives and/or assets by relating risk and expected return. |
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Capital expenditures (Capex) Capital Spending |
Capital expenditures (Capex) , also called capital spending, is an amount spent by a company to acquire or upgrade productive assets (such as buildings, machinery and equipment, vehicles) in order to increase the capacity or efficiency of a company for more than one accounting period. |
| Capital Gain | A capital gain is the amount by which proceeds from the sale of a capital asset exceed the original cost. |
| Capital Ratio | A capital ratio is a measure of a bank's capital, expressed as a percentage of a bank's risk weighted credit exposures. |
| Capital Stack | Capital stack refers to the totality of capital invested in a project, including pure debt, hybrid debt, and equity. |
| Capitalization-Weighted | Capitalization-weighted refers to an approach where individual components of an index or asset class are weighted according to their market capitalization, so that larger components carry a larger percentage weighting. Market capitalization is the total dollar market value of all of a company's outstanding shares; it is calculated by multiplying a company's shares outstanding by the current market price of one share. |
| Carried Interest | Carried interest is a share of any profits that the general partners of private equity and hedge funds receive as compensation, despite not contributing any initial funds. |
| Carry | Carry refers to a differential in interest rates across sectors, such that tactical profits could be generated by trading between them. |
| Carry Trade | Carry trade refers to a strategy in which an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate. A trader using this strategy attempts to capture the difference between the rates, which can often be substantial, depending on the amount of leverage used. |
| Cashflow Return on Investment (CFROI) | Cashflow return on investment (CFROI) is the amount of cash, expressed as a percentage, earned on a company’s investment. It is calculated by dividing total capital by cash earnings. |
| CBOE Market Volatility Index | CBOE Market Volatility Index was introduced in 1993 by the Chicago Board Options Exchange (CBOE) to measure the implied volatility of the U.S. equity market. The index is calculated in real time using the Standard and Poor’s 100 Index (OEX) options. The index is calculated by taking a weighted average of the implied volatilities of eight OEX calls and puts having an average time to maturity of 30 days. |
| CCC rating | A CCC rating is assigned to fairly speculative debt instruments; indicates the issuer is at greater risk of default than a B-rated issue and less than a CC-rated issue if business, financial, or economic conditions change measurably. |
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CDS IndexCo. CDX Credit Derivative |
CDS IndexCo. LLC owns iBoxx CDX N.A. indices, Dow Jones Indexes, and TRAC-X LLC. CDS IndexCo. LLC also owns the CDX credit derivative indices and the synthetic structured finance and loan indices ABX.HE, CMBX and LCDX. CDS IndexCo. LLC is based in the United Kingdom. As of November 20, 2007, CDS IndexCo. LLC operates as a subsidiary of Markit Group Limited. |
| CDX | CDX indices contain North American and Emerging Market companies and are administered by CDS Index Company. |
| Centre for European Economic Research (ZEW) | The Centre for European Economic Research (ZEW) is a public-private institute associated with the University of Mannheim, Germany. |
| CEO Confidence Index | The CEO Confidence Index is based on a survey of mid-market CEOs each month by Chief Executive Magazine. It rates CEO confidence about where they think their business will be 12 months from now on a scale of 1-10, with 10 being the highest. |
| Certificates of Deposit (CDs) | Certificates of deposit (CDs) are debt instruments issued by banks that pay interest, periodically or at maturity, and principal when they reach maturity. |
| Chained (Chain-Weighted) CP | Chained or chain-weighted CPI is an alternative measurement for the Consumer Price Index (CPI) that considers product substitutions made by consumers and other changes in their spending habits. The chain-weighted CPI is therefore considered to be a more accurate inflation gauge than the traditional fixed-weighted CPI, because rather than merely measuring periodic changes in the price of a fixed basket of goods, it accounts for the fact that consumers’ purchasing decisions change along with changes in prices. |
| Chapter 9 | Chapter 9 refers to a bankruptcy proceeding that provides financially distressed municipalities with protection from creditors by creating a plan between the municipality and its creditors to resolve the outstanding debt. |
| Chicago Board Options Exchange (CBOE) Volatility Index (VIX)) | The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) is a measure of market expectations of near-term volatility as conveyed by S&P 500 stock index option prices. |
| Chicago Board Options Exchange SPX Volatility Index | The Chicago Board Options Exchange SPX Volatility Index reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes, first and second month expirations are used until eight days from expiration, then the second and third are used. |
| Chicago Fed’s National Financial Conditions Index (NFCI) | The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. |
| CITI US BIG Index | The CITI US BIG Index includes U.S. and non-U.S. corporate securities and non-U.S. sovereign and provincial securities. |
| Citigroup Economic Surprise Indices | The Citigroup Economic Surprise Indices are objective and quantitative measures of economic news defined as weighted historical standard deviations of data surprises (actual releases vs Bloomberg survey median). A positive reading of the Economic Surprise Index suggests that economic releases have on balance been beating consensus. The indices are calculated daily in a rolling three-month window. The weights of economic indicators are derived from relative high-frequency spot FX impacts of 1 standard deviation data surprises. The indices also employ a time decay function to replicate the limited memory of markets. |
| Citigroup Inc. (Citi) | Citigroup Inc. (Citi) is an American multinational banking and financial services corporation headquartered in Manhattan, New York City. |
| Citigroup WGBI Ex-US (USD): The Citigroup World Government Bond Index | Citigroup WGBI Ex-US (USD): The Citigroup World Government Bond Index is an index of bonds issued by governments in the U.S., Europe and Asia. |
| Citigroup World Broad Investment Grade (WorldBIG) Bond Index | The Citigroup World Broad Investment Grade (WorldBIG) Bond Index is a composite of a number of smaller indexes. It is divided into three asset classes: (1) government/government-sponsored, (2) collateralized, and (3) corporate. The index includes sovereign debt of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Bonds included in the index are sovereign debt denominated in the local currency of the issuing country, and must have at least one year remaining to maturity and rated at a minimum of BBB-/Baa3 by either S&P or Moody's ratings services with some exceptions. |
| Citigroup World Government Bond Index | The Citigroup World Government Bond Index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI currently comprises sovereign debt from multiple countries, denominated in a variety of currencies. The WGBI provides a broad benchmark for the global sovereign fixed income market. Please note that an investor cannot invest directly in an index. |
| Collateralized Debt Obligations (CDO) | Collateralized debt obligations (CDO) are a kind of asset-backed security, holding a pool of collateralized debt, such as mortgages and auto loans, that may be subdivided into various tranches representing different levels of risk. |
| Collateralized Loan Obligations (CLO) | Collateralized loan obligations (CLO) are the same as collateralized mortgage obligations (CMOs) except for the assets securing the obligation. CLOs allow banks to reduce regulatory capital requirements by selling large portions of their commercial loan portfolios to international markets, reducing the risks associated with lending. |
| Collateralized Mortgage Obligations (CMO) | Collateralized mortgage obligations (CMO) are securities backed by a pool of pass-through securities, which consists of several classes of bondholders with varying maturities. The principal payments from the underlying pool of pass-through securities are used to retire the bonds on a priority basis as specified in the prospectus. |
| Commercial Mortgage-Backed Securities (CMBS) | A Commercial Mortgage-Backed Securities (CMBS) is a type of mortgage-backed security that is secured by the loan on a commercial property. |
| Commodity Research Bureau (CRB) | The Commodity Research Bureau (CRB) Continuous Commodity Index (CCI) is recognized as a major barometer of commodity prices. The index comprises 17 commodity futures that are continuously rebalanced: Cocoa, Coffee ‘C’, Copper, Corn, Cotton, Crude Oil, Gold, Heating Oil, Live Cattle, Live Hogs, Natural Gas, Orange juice, Platinum, Silver, Soybeans, Sugar No. 11, and Wheat. |
| Commodity Research Bureau Index | The Commodity Research Bureau Index is an index that measures the overall direction of commodity sectors. The Index was designed to isolate and reveal the directional movement of prices in overall commodity trades. Please note an investor cannot invest directly in an index . |
| Composite Index of Long T-Bonds | The Composite Index of Long T-Bonds reflects the unweighted average of bid yields on all outstanding fixed-coupon bonds neither due nor callable in less than 10 years. |
| Conference Board | The Conference Board is a US-based business membership and research association. The Leading Economic Index (LEI) for the US is designed to signal peaks and troughs in the business cycle. |
| Conference Board Consumer Confidence Index | The Conference Board Consumer Confidence Index is a barometer of the health of the U.S. economy from the perspective of the consumer. The index is based on consumers’ perceptions of current business and employment conditions, as well as their expectations for six months hence regarding business conditions, employment, and income. The Consumer Confidence Index and its related series are among the earliest sets of economic indicators available each month and are closely watched as leading indicators for the U.S. economy. |
| Conference Board’s Employment Trends Index | The Conference Board’s Employment Trends Index aggregates eight labor-market indicators into a composite index to show underlying trends in the labor market. |
| Conference Board’s Leading Economic Index | The Conference Board’s Leading Economic Index is an American economic leading indicator intended to forecast future economic activity from the values of ten key variables. |
| Congressional Budget Office (CBO) | The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that produces independent analyses of budgetary and economic issues to support the Congressional budget process. |
| Consumer Expectation Index | The Consumer Expectation Index gauges future household spending projections and includes: business performance, household life, consumer spending, purchase of durable goods, dining, entertainment and cultural activities. Please note an investor cannot invest directly in an index. |
| Consumer Price Index (CPI) | The Consumer Price Index (CPI) measures the average change in U.S. consumer prices over time in a fixed market basket of goods and services determined by the U.S. Bureau of Labor Statistics. |
| Convexity | Convexity is a measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool, and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed. As convexity increases, the systemic risk to which the portfolio is exposed increases. As convexity decreases, the exposure to market interest rates decreases and the bond portfolio can be considered hedged. In general, the higher the coupon rate, the lower the convexity (or market risk) of a bond. This is because market rates would have to increase greatly to surpass the coupon on the bond, meaning there is less risk to the investor. |
| Core Consumer Price Index (Core CPI) | The Core Consumer Price Index (Core CPI) excludes the prices of food and energy, which are volatile on a monthly basis, from the basket of goods used to determine the CPI. |
| Core-Plus | Core-plus is a fixed-income investment management style that permits managers to add instruments with greater risk and greater potential return—high-yield, global and emerging market debt, for example—to core portfolios of investment-grade bonds. |
| Correlation | Correlation is a statistical measure of the relationship between two sets of data. When asset prices move together, they are described as positively correlated; when they move opposite to each other, the correlation is described as negative or inverse. If price movements have no relationship to each other, they are described as uncorrelated. |
| Correlation | Correlation refers to a relationship existing between mathematical or statistical variables which tend to vary, be associated, or occur together in a way not expected on the basis of chance alone. |
| Coupon | Coupon is the periodic interest payment made to the bondholders during the life of the bond. |
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Covenant Covenant Quality |
A bond covenant is a legally binding term of an agreement between a bond issuer and a bond holder. Bond covenants are designed to protect the interests of both parties. High-yield bond covenants can be complex. Covenant quality refers to the strength of high yield bond covenants. Negative or restrictive covenants forbid the issuer from undertaking certain activities; positive or affirmative covenants require the issuer to meet specific requirements. |
| Covenant-Lite (cov-lite) Loan | A covenant-lite (cov-lite) loan is a type of loan whereby financing is given with limited restrictions on the debt-service capabilities of the borrower. The issuance of covenant-lite loans means that debt is being issued, both personally and commercially, to borrowers with fewer restrictions on collateral, payment terms, and level of income. |
| Covered Bond | A covered bond is a bond or note that is backed by mortgages or cash flows from other debt. |
| CRB All Commodities Index | The CRB All Commodities Index is a measure of price movements of 22 basic commodities whose markets are presumed to be among the first to be influenced by changes in economic conditions. |
| CRB BLS Spot Index | CRB BLS Spot Index: The Spot Market Price Index is a measure of price movements of 22 sensitive basic commodities whose markets are presumed to be among the first to be influenced by changes in economic conditions. |
| Crédit Agricole | Crédit Agricole (Crédit Agricole de Normandie) is the largest retail banking group in France, and the third largest bank in the world by total assets according to Relbanks 2013 statistics. |
| Credit Default Swap (CDS) | A credit default swap (CDS) is designed to transfer the credit exposure of fixed income products between parties. |
| Credit Default Swap Index | A credit default swap index is a credit derivative used to hedge credit risk or to take a position on a basket of credit entities. |
| Credit Derivative | A credit derivative is a contract between two parties that allows for the use of a derivative instrument to transfer credit risk from one party to another. |
| Credit Quality | Credit Quality is a measurement of a bond issuer's ability to pay interest on the bond in a timely manner; it informs investors of an investment’s credit worthiness, or risk of default. The credit quality ratings provided by ratings agencies such as Standard and Poor’s (S&P), Moody’s Investors Service and/or Fitch Ratings, Ltd. typically range from AAA (highest) to D (lowest). Please see www.standardandpoors.com, www.moodys.com, or www.fitchratings.com for details. |
| Credit Risk | Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. |
| Credit Risk Premium | Credit risk premium refers to the extra yield investors require to invest in bonds issued by non-government entities. |
| Credit Spread | A credit spread is the difference in yield between two different types of fixed income securities with similar maturities. |
| Credit Suisse Group (CS) | Credit Suisse Group (CS) is a leading global financial services company headquartered in Zurich. |
| Crossover Buyers | Crossover buyers are traditionally taxable bond investors, such as foreign buyers, foundations, life insurance companies, pensions and hedge funds. |
| Current Account Balance | A current account balance summarizes the flow of goods, services, income and transfer payments into and out of a country. |
| Current Account Deficit | A current account deficit is when a country's government, businesses and individuals import more goods, services and capital than they export. |
| Current Yield | Current yield is annual income (interest or dividends) divided by the current price of the security. |
| Cyclically Adjusted Price-to-Earnings Ratio (CAPE) | The cyclically adjusted price-to-earnings ratio (CAPE) is defined as price divided by the average of ten years of earnings, adjusted for inflation. |
| Danske Bank Group | The Danske Bank Group, headquartered in Copenhagen, is the largest bank in Denmark and one of the leading financial enterprises in northern Europe. |
| DAX Index | The DAX Index is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange. |
| Debenture | A debenture is a type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer. |
| Debt Ceiling | The debt ceiling refers to the maximum amount of monies the United States can borrow. The debt ceiling was created under the Second Liberty Bond Act of 1917, putting a "ceiling" on the amount of bonds the United States can issue. |
| Debt to EBITDA | Debt to EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a measure of indebtedness. |
| Debt-To-Capital Ratio | Debt-to-capital ratio is a measurement of a company's financial leverage, calculated as the company's debt divided by its total capital. Debt includes all short-term and long-term obligations. Total capital includes the company's debt and shareholders' equity, which includes common stock, preferred stock, minority interest and net debt. |
| Debtor-in-Possession Loans | Debtor-in-possession loans are related to financing arranged by a company while under the Chapter 11 bankruptcy process. |
| Default Rate | Default rate refers to the rate at which debt holders default on the amount of money that they owe. |
| Defined Benefit Plan | A defined benefit plan is a company retirement plan, such as a pension plan, in which a retired employee receives a specific amount based on salary history and years of service, and in which the employer bears the investment risk. Contributions may be made by the employee, the employer, or both. |
| Deflation | Deflation refers to a persistent decrease in the level of consumer prices or a persistent increase in the purchasing power of money. |
| Deleveraging | Deleveraging refers to decreasing financial leverage; most often via paying off existing debt. |
| Department of Transportation (DOT) Freight Transportation Services Index (TSI) | The Department of Transportation (DOT) Freight Transportation Services Index (TSI) measures the month-to-month changes in freight shipments by mode of transportation in tons and ton-miles, which are combined into one index. The index measures the output of the for-hire freight transportation industry and consists of data from for-hire trucking, rail, inland waterways, pipelines and air freight. The index is seasonally-adjusted and measures changes from the monthly average of the base year of 2000. |
| Deposit Rate | The deposit rate refers to the amount of money paid out in interest by a bank or financial institution on cash deposits. |
| Deutsche Bank AG | Deutsche Bank AG is a German global banking and financial services company with its headquarters in Frankfurt. |
| Developed Markets | Developed markets refers to countries that have sound, well-established economies and are therefore thought to offer safer, more stable investment opportunities than developing markets. |
| DFA Small Cap Stock Index | Small-cap stocks are represented by the DFA Small Cap Stock Index, a market value-weighted index of the ninth and tenth deciles of the NYSE, plus stocks listed on the AMEX and over-the-counter markets with the same or less capitalizations as the upper bound of the NYSE ninth docile. Please note an investor cannot invest directly in an index. |
| Dim-Sum Bond | A dim-sum bond is a bond denominated in Chinese yuan but issued outside of China. |
| Discount Rate | The discount rate is the interest rate banks are charged by the U.S. Federal Reserve Bank on short-term loans (usually overnight or weekend) to banks. |
| Discounted Cash Flow (DCF) Model | The Discounted cash flow (DCF) model uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. |
| Disintermediation | Disintermediation refers to withdrawal of funds from intermediary financial institutions, such as banks and savings and loan associations, in order to invest them directly. In Europe, a structural shift away from bank financing is occurring. |
| Distressed Debt | Distressed debt refers to a financial instrument in a company that is near or is currently going through bankruptcy. |
| Dividend Payout Ratio | The dividend payout ratio is the percentage of earnings paid to shareholders in dividends. |
| Dividend per Share (DPS) | Dividend per share (DPS) is the total dividends paid out over an entire year (including interim dividends but not including special dividends) divided by the number of outstanding ordinary shares issued. |
| Dividend Yield | Dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. |
| Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) | The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) placed major regulations on the financial industry following the financial crisis of 2008-2009 including the possibility of breaking banks up if any of them are determined to be “too big to fail.” |
| Dovish | Dovish refers to an economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that inflation and its negative effects will have a minimal impact on society. |
| Dow Jones Industrial Average (DJIA) | The Dow Jones Industrial Average (DJIA) is an unmanaged index composed of 30 blue-chip stocks, each with annual sales exceeding $7 billion. The DJIA is price-weighted, reflects large-cap companies representative of U.S. industry, and historically has moved in tandem with other major market indexes such as the S&P 500. |
| Dow Jones U.S. Biotechnology Index | The Dow Jones U.S. Biotechnology Index measures the performance of U.S. companies that are in genetic research, marketing and development of recombinant DNA products, makers of artificial blood and contract biotechnology researchers. The Biotech Index is one of four sub-groups within the Dow Jones U.S. Healthcare Sector Index. The stocks represented by this index involve investment risks, which may include the loss of principal invested. |
| Dow Jones U.S. Select Dividend Index | The Dow Jones U.S. Select Dividend Index consists of 100 of the highest dividend-yielding securities (excluding real estate investment trusts (REITs) in the Dow Jones U.S. Index, a broad-based index representative of the total market for the United States equity securities. |
| Dow Jones Wilshire Real Estate Securities Index (RESI) | The Dow Jones Wilshire Real Estate Securities Index ("RESI") measures the performance of publicly traded real estate investment trusts and real estate operating companies. The index is capitalization-weighted, rebalanced monthly, with returns calculated on a buy and hold basis. |
| Downside Deviation | Downside deviation is the standard deviation of negative asset returns. |
| Duration | Duration is a measure of the price sensitivity of a fixed-income security to an interest rate change. It is calculated as the weighted average of the present values for all cash flows, and is measured in years. |
| Duration | Duration is a measure of the price sensitivity of a fixed-income security to an interest rate change of 100 basis points. It is calculated as the weighted average of the present values for all cash flows. |
| DXY Dollar Index | The DXY Dollar Index measures the value of the U.S. dollar relative to the exchange rates of six major world currencies (the euro, Japanese yen, Canadian dollar, British pound, Swedish krona and Swiss franc) which represent a majority of its most significant trading partners. |
| E&P (Exploration and Production) | E&P (exploration and production) is a specific sector within the oil and gas industry, focused on finding, augmenting, producing and merchandising different types of oil and gas. |
| Earnings Multiple | Earnings multiple dispersion refers to the distribution of price/earnings (P/E) ratios among companies trading in the market. |
| Earnings per Share (EPS) | Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. An index EPS is an aggregation of the EPS of its component companies. |
| Earnings Yield | The earnings yield is the earnings per share for the most recent 12-month period divided by the current market price per share. |
| Effective Deposit Facility | The Effective Deposit Facility is a target interest rate set by the ECB in its efforts to influence short-term interest rates as part of its monetary policy strategy. |
| Effective Duration | Effective Duration provides a measure of sensitivity of a bond’s price to changes in interest rates and recognizes that changes in interest rates may also change expected cash flows generated by bonds with embedded options. Effective duration for an index is calculated as the weighted average of the effective durations of its individual bond constituents. |
| Efficiency Dynamics | Efficiency dynamics (or dynamic efficiency) is a term used to describe an economic system that balances a short term focus with a long term focus. Since dynamic efficiency tends to promote longer term investments in such things as education, research and development, the resulting innovation often helps an economic system become progressively more efficient. |
| Efficient Frontier | The efficient frontier represents the best expected combination mix of securities under consideration into a portfolio that produces the maximum expected return for a given level of risk. The efficient frontier concept is for illustrative purposes only and not an investment recommendation. Investors cannot invest directly in an index. |
| EIB Lending | EIB lending refers to lending from the European Investment Bank (EIB), which is a non-profit European Union institution based in Luxembourg that makes loans, makes guarantees, provides technical assistance and provides venture capital for business projects that are expected to further EU policy objectives. |
| Emerging Markets (EM) | Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. These nations are sometimes also referred to as developing or less developed countries. |
| Employment Cost Index | The Employment Cost Index is a quarterly report from the U.S. Department of Labor/Bureau of Labor Statistics that measures the growth of employee compensation (wages and benefits). The index is based on a survey of employer payrolls in the final month of each quarter. The ECI tracks movement in the cost of labor, including wages, fringe benefits and bonuses for employees at all levels of a company. |
| Enterprise Value (EV) | Enterprise value (EV) refers to the entire value of a company after taking into account both holders of debt and equity. |
| Equity Risk Premium | Equity risk premium is the excess return that an individual stock or the overall stock market provides over a risk-free rate, usually the U.S. 10-year Treasury note. This excess return compensates investors for taking on the relatively higher risk of the equity market. |
| Essential Service Revenue Bonds | Essential service revenue bonds are issued by entities considered fundamental to the operation of the government, which can include public universities, primary/secondary schools, water and sewer utilities, and state highway authorities. They are secured by a specific stream(s) of revenue(s) rather than the general taxing power of a municipality. |
| Euro Banking Association (EBA) | The Euro Banking Association (EBA) is an industry forum for the European payments industry with over 200 member banks and organizations from the European Union and across the world aimed at fostering and driving pan-European payment initiatives. |
| Euro Interbank Offered Rate (Euribor) | The Euro Interbank Offered Rate (Euribor) is a daily reference rate based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro interbank market. |
| EURO STOXX 50 Index | The EURO STOXX 50 Index provides a Blue-chip representation of supersector leaders in the Eurozone. |
| European Central Bank (ECB) | The European Central Bank (ECB) is responsible for the monetary system of the European Union (EU) and the euro currency. |
| European Commission | The European Commission is the executive body of the European Union. |
| European Council | The European Council is the Institution of the European Union (EU) that comprises the heads of state or government of the member states, along with the council's own president and the president of the Commission. Established as an informal summit in 1975, the council was formalized as an Institution in 2009 upon the entry into force of the Treaty of Lisbon. |
| European Financial Stability Facility (EFSF) | The European Financial Stability Facility (EFSF) is a special purpose vehicle financed by members of the eurozone to address the European sovereign debt crisis. |
| European Investment Bank (EIB) | The European Investment Bank (EIB) is the European Union's nonprofit long-term lending institution established in 1958 under the Treaty of Rome. |
| European Stability Mechanism (ESM) | The European Stability Mechanism (ESM) is a permanent rescue funding program to succeed the temporary European Financial Stability Facility. |
| European Union (EU) | The European Union (EU) is an economic and political union established in 1993 by members of the European Community. The EU now comprises 28 countries after its expansion to include numerous Central and Eastern European nations. |
| EV / EBITDA | EV / EBITDA equals a company's enterprise value divided by earnings before interest, tax, depreciation, and amortization. It measures the price (in the form of enterprise value) an investor pays for the benefit of the company's cash flow (in the form of EBITDA). |
| Excess reserves | Excess reserves are capital reserves held by a bank or financial institution in excess of what is required by regulators, creditors or internal controls. |
| Exchange Traded Funds (ETF) | Exchange Traded Funds (ETF) are a type of investment company which are bought and sold on a securities exchange. ETFs generally represent a fixed portfolio of securities, derivative instruments, currencies or commodities. The risks of owning an ETF generally reflect the risks of owning the underlying securities or commodities they are designed to track. ETFs also have management fees and operating expenses that increase their costs. (7/2015) |
| Exurb | An exurb is a region or settlement that lies outside a city and usually beyond its suburbs. |
| Fat Tails | Fat tails are a statistical distribution phenomena seen whenever there are a lot of events or values that stray widely from the average giving more frequent high and low values; graphically fat tails are seen as a bell curve with a fatter opening. |
| Federal Deposit Insurance Corporation (FDIC) | The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. federal government that preserves public confidence in the banking system by insuring deposits. |
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Federal Fund Rate Fed Funds Fed Funds Target Rate Intended Federal Funds Rate |
The federal funds rate (fed funds, fed funds target rate or intended federal funds rate) is a target interest rate that is set by the FOMC for implementing U.S. monetary policies. It is the interest rate that banks with excess reserves at a U.S. Federal Reserve district bank charge other banks that need overnight loans. |
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Federal Home Loan Mortgage Corp (FHLMC) Freddie Mac |
The Federal Home Loan Mortgage Corp (FHLMC), also known as Freddie Mac is government-sponsored enterprise (GSE) chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing for middle income Americans. The FHLMC purchases, guarantees and securitizes mortgages to form mortgage-backed securities. |
| Federal Housing Finance Agency (FHFA) | The Federal Housing Finance Agency (FHFA) is the regulator and conservator of Fannie Mae and Freddie Mac and the regulator of the 12 Federal Home Loan Banks. |
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Federal National Mortgage Association (FNMA) Fannie Mae |
The Federal National Mortgage Association (FNMA), also known as Fannie Mae, is a government-sponsored enterprise (GSE) founded in 1938. Its purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities (MBS),[3] allowing lenders to reinvest their assets into more lending. |
| Federal Open Market Committee (FOMC) | The Federal Open Market Committee (FOMC) is a policy-making body of the Federal Reserve System responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments. |
| Federal Reserve Board (“Fed”) | The Federal Reserve Board (“Fed”) is responsible for the formulation of policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments. |
| Federal Reserve Trade-Weighted Broad Dollar Index | The Federal Reserve Trade-Weighted Broad Dollar Index is a weighted average of the foreign exchange values of the U.S. dollar against the currencies of a large group of major U.S. trading partners. The index weights, which change over time, are derived from U.S. export shares and from U.S. and foreign import shares. |
| Financial Industry Regulatory Authority (FINRA) | The Financial Industry Regulatory Authority (FINRA) is a regulatory body created after the merger of the National Association of Securities Dealers and the New York Stock Exchange's regulation committee. It is responsible for governing business between brokers, dealers and the investing public. |
| Financial Intermediation | Financial intermediation is the process performed by banks of taking in funds from a depositor and then lending them out to a borrower. |
| Financial Stability Oversight Council (FSOC) | The Financial Stability Oversight Council (FSOC) is a United States federal government organization established to identify and monitor excessive risks to the U.S. financial system. |
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Financing Gap Funding Gap |
A financing gap or funding gap is the amount of money needed to fund the ongoing operations or future development of a business or project that is not currently provided by cash, equity or debt. Funding gaps can be covered by investment from venture capital or angel investors, equity sales, or through debt offerings and bank loans. |
| First Loss | First loss refers to a security's position that will suffer the first economic loss if the assets below it lose value or are foreclosed on. |
| First Trust ISE-Revere Natural Gas Index Fund | The First Trust ISE-Revere Natural Gas Index Fund is ETF seeking investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the ISE-Revere Natural Gas Index. |
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First-Lien Loan Secured Debt Floating Rate Note (FRN) London Interbank Offered Rate (LIBOR) Federal Funds Rate |
A first-lien loan is a secured form of debt that has first priority (is senior) in payment in the event of a company's liquefaction. Secured debt is backed by specific assets of the company, which serve as collateral to the loan. A floating rate note (FRN) is a bond that has a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a quoted spread, which remains constant. The London Interbank Offered Rate (LIBOR) is the interest rate determined daily by a specific group of London banks for deposits of certain stated maturities. The federal funds rate is the interest rate that banks with excess reserves at a U.S. Federal Reserve district bank charge other banks that need overnight loans. |
| Fiscal Cliff | The fiscal cliff refers to tax increases and budget cuts that were scheduled to automatically go into effect after midnight on December 31, 2012, but were averted with the America Taxpayer Relief Act of 2012 that was signed into on January 2, 2013. |
| Fiscal Cliff Agreement | The Fiscal Cliff agreement refers to the America Taxpayer Relief Act of 2012 that was signed into on January 2, 2013. |
| Fitch Ratings | Fitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data. |
| Fixed-Rate Bond | A fixed-rate bond pays the same amount of interest for its entire term. |
| Flight To Quality | Flight to quality refers to the action of investors moving their capital away from riskier investments to the safest possible investment vehicles; it is usually caused by uncertainty in the financial or international markets. |
| Floating Rate Note (FRN) | A floating rate note (FRN) is a bond that has a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a quoted spread, which remains constant. The London Interbank Offered Rate (LIBOR) is the interest rate determined daily by a specific group of London banks for deposits of certain stated maturities. The federal funds rate is the interest rate that banks with excess reserves at a U.S. Federal Reserve district bank charge other banks that need overnight loans. |
| Foreign Exchange (FX) Derivative | A foreign exchange (FX) derivative refers to a financial instrument that locks in a future foreign exchange rate. |
| Form 1099 | An IRS Form 1099 is a document used to report various kinds of non-employee income. Read more: http://www.ehow.com/about_7348985_definition-irs-1099.html#ixzz2fvRgku5x |
| Forward Guidance | Forward guidance refers to the issuance of economic forecasts and policy plans by central banks to influence market expectations of future levels of interest rates. |
| Fracking | Fracking is a slang term for hydraulic fracturing, which is the procedure of creating fractures in rocks and rock formations by injecting fluid into cracks to force them further open. The larger fissures allow more oil and gas to flow out of the formation and into the wellbore, from where it can be extracted. |
| Free Cash Flow (FCF) | Free cash flow (FCF) is measure of financial performance calculated as operating cash flow minus capital expenditures. It represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. FCF is important because it allows a company to pursue opportunities that enhance shareholder value. |
| Free Cash Flow Yield | Free cash flow yield is a company’s free cash flow per share divided by the share price. |
| Frontier Nations | Frontier nations are countries with investable stock markets that are less established than those in the emerging markets. |
| FTSE 100 Index | The FTSE 100 Index comprises the 100 most highly capitalized blue-chip companies, representing approximately 81% of the U.K. market. It is used extensively as a basis for investment products, such as derivatives and exchange-traded funds. |
| FTSE All-Share | The FTSE All-Share is a market-capitalization weighted index representing the performance of all eligible companies listed on the London Stock Exchange’s main market, which pass screening for size and liquidity. |
| FTSE All-World Developed Index | The FTSE All-World Developed Index is a free float market capitalization weighted index. FTSE All-World Indices include constituents of the Large- and Mid-capitalization universe for Developed and Emerging Market (Advanced Emerging and Secondary Emerging) segments. Base Value 100 as at December 31, 1986. |
| FTSE MIB (Italy) Index | FTSE MIB (Italy) is an index of the share prices of the 250 largest companies (by market capitalisation) immediately following the largest 100 (FTSE 100). |
| FTSE NAREIT All Equity REITS Total Return Index (“NAREIT Index”) | The FTSE NAREIT All Equity REITS Total Return Index (“NAREIT Index”) is a free float adjusted market capitalization weighted index that includes all tax qualified REITS listed in the NYSE, AMEX and NASDAQ National Markets. |
| FTSE World Europe ex. U.K. Index | The FTSE World Europe ex. U.K. index consists of large and mid-cap public equities in the countries of Europe, including all of the advanced emerging markets and all developed markets. It is part of the FTSE All World/World (Large and Mid) group. |