Definitions

Total Net Assets (TNA): The total of all investor dollars invested in the fund.

Smart Beta: Defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors or market inefficiencies in a rules-based and transparent way.

Return on Capital: A profitability ratio. It measures the return that an investment generates for capital contributors, i.e. bondholders and stockholders. Return on capital indicates how effective a company is at turning capital into profits.

The New York Mercantile Exchange (NYMEX): A commodity futures exchange owned and operated by CME Group of Chicago.

Transparency: Refers to the extent to which investors have ready access to any required financial information about a company such as price levels, market depth and audited financial reports.

Liquidity: Is defined as the number of shares traded of the stock or ETF on a daily basis.

Limit Order: A limit order is a take-profit order placed with a bank or brokerage to buy or sell a set amount of a financial instrument at a specified price or better; because a limit order is not a market order, it may not be executed if the price set by the investor cannot be met during the period of time in which the order is left open. Limit orders also allow an investor to limit the length of time an order can be outstanding before being canceled.

Stop Order: A stop order is an order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the investor’s loss or locking in his or her profit. Once the price surpasses the predefined entry/exit point, the stop order becomes a market order.

Stop-Limit Order: A stop-limit order is an order placed with a broker that combines the features of a stop order with those of a limit order. A stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

T+3: Trade Date + 3 business days. This rule means that when you buy securities, the brokerage firm must receive your payment no later than three business days after the trade is executed.

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