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Naive diversification
A strategy whereby an investor simply invests in a number of different assets and hopes that the variance of the expected return on the portfolio is lowered. Related: Markowitz diversification
Naked Option
An option written (sold) without an underlying hedge position.
Naked Position
A securities position not hedged from market risk.
Naked strategies
An unhedged strategy making exclusive use of one of the following: long call strategy (buying call options), short call strategy (selling or writing call options), long put strategy (buying put options), and short put strategy (selling or writing put options). By themselves, these positions are called naked strategies because they do not involve an offsetting or risk-reducing position in another option or the underlying security. Related: Covered, Hedge option strategies
Narrowing the Spread
The closing spread between the bid and asked prices of a security as a result of bidding and offering.
National Association of Securities Dealers Automated Quotations system -- a computerized system providing brokers and dealers with price quotations for securities traded over-the-counter as well as for many New York Stock Exchange listed securities.
National Association of Securities Dealers Automatic Quotation (NASDAQ) System
An electronic quotation system that provides price quotations to market participants about the more actively traded common stock issues in the OTC market. About 4,000 common stock issues are included in the NASDAQ system.
National Futures Association (NFA)
The futures industry self regulatory organization established in 1982.
Natural Resources Fund
A fund that invests primarily in securities of companies that own, process, transport, or market natural resources, which can include metals, minerals, and forest products.
NAV (Net Asset Value)
The value of each share of a fund as determined by the value of its underlying holdings, including any cash in the portfolio. NAV is calculated by dividing a fund's total net assets by its number of shares outstanding. Shares in regular open-end mutual funds are bought and sold at NAV, but shares in ETFs (with the exception of creation units) are bought and sold at the market price, which can differ from NAV.
NAV Return
The total return of an ETF, based on its NAV at the beginning and end of the holding period. This may be different from the ETF's market return. The market return, not the NAV return, is the return actually earned by ETF investors, except for those who hold creation units.
An option with a strike price close to the current price of the underlying tradable.
The nearest active trading month of a financial or commodity futures market. Related: Deferred futures
Nearby futures contract
When several futures contracts are considered, the contract with the closet settlement date is called the nearby futures contract. The next futures contract is the one that settles just after the nearby contract. The contract farthest away in time from settlement is called the most distant futures contract.
Negative carry
Related: Net financing cost
Negative convexity
A bond characteristic such that the price appreciation will be less than the price depreciation for a large change in yield of a given number of basis points.
Neglected firm effect
The tendency of firms that are neglected by security analysts to outperform firms that are the subject of considerable attention.
Net asset value (NAV) per share
The basis of a mutual fund's share price, which is found by subtracting from the market value of the portfolio the mutual fund's liabilities and then dividing by the number of mutual fund shares outstanding.
Net Change
The daily change from time frame to time frame. For example, the change from the close of yesterday to the close of today.
Net financing cost
Also called the cost of carry or, simply, carry, the difference between the cost of financing the purchase of an asset and the asset's cash yield. Positive carry means that the yield earned is greater than the financing cost; negative carry means that the financing cost exceeds the yield earned.
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