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Glossary

Key terms and definitions for understanding ETFs, risk management, and investing.

30 Day Bid/Ask
The median bid-ask spread (expressed as a percentage rounded to the nearest hundredth) is calculated by identifying the national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified.
Active Management
An investment approach where portfolio managers make decisions about which securities to buy and sell, as opposed to passively tracking an index.
Alpha
The excess return of an investment relative to its benchmark. Positive alpha means outperformance; negative alpha means underperformance.
AUM (Assets Under Management)
The total market value of assets that an investment company manages on behalf of clients.
Beta
A measure of an investment's volatility relative to a benchmark. A beta of 1 means the investment moves in line with the market.
Correlation
A measure of how two investments move in relation to each other. High correlation means they tend to move together.
Dow Jones Industrial Average (DJIA)
The Dow Jones Industrial Average (DJIA), also commonly referred to as "the Dow Jones" or simply "the Dow," measures the daily stock market movements of 30 U.S. publicly-traded companies listed on the NASDAQ or the New York Stock Exchange (NYSE). The 30 publicly-owned companies are considered leaders in the United States economy.
Drawdown
The peak-to-trough decline during a specific period. Maximum drawdown measures the largest such decline.
ETF (Exchange-Traded Fund)
A type of investment fund that trades on stock exchanges like a stock, holding assets like stocks, bonds, or commodities.
Low Volatility
An investment approach that seeks to reduce portfolio risk by focusing on securities with historically lower price fluctuations.
Nasdaq 100 Index (NDX)
The Nasdaq-100 Index is a stock market index that holds 102 stocks representing 101 non-financial sector companies listed on the Nasdaq exchange. The index debuted on January 31, 1985 and has evolved to become a barometer for both U.S. mega-cap stock and technology sector performance.
NAV (Net Asset Value)
The per-share value of a fund calculated by dividing total assets minus liabilities by the number of shares outstanding.
Passive Management
An investment approach that seeks to replicate the performance of a market index rather than beat it.
Premium/Discount
The difference between an ETF's market price and its NAV. Trading above NAV is a premium; below is a discount.
Rebalancing
The process of realigning portfolio weights back to target allocations by buying or selling assets.
Risk-Adjusted Return
A measure of investment performance that accounts for the amount of risk taken. Sharpe ratio is a common example.
Risk-On/Risk-Off
Market environments where investors either seek risky assets (risk-on) or safe havens (risk-off).
S&P 500 Index (SPX)
The S&P 500 is a market-capitalization-weighted stock market index that tracks the stock performance of about 500 of some of the largest U.S. public companies. Investors and economists use the S&P 500 as a benchmark for the overall U.S. stock market and the U.S. economy as a whole. The S&P 500 largely reflects investors' collective expectations for the future, unlike other economic data that reflect economic conditions in the present or recent past.
Sharpe Ratio
A measure of risk-adjusted return calculated by dividing excess return over the risk-free rate by standard deviation.
Standard Deviation
A statistical measure of how spread out returns are around their average. Higher values indicate more volatility.
Volatility
A measure of how much an investment's price fluctuates over time. Higher volatility means larger price swings.

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Important Information

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus, if available, the summary prospectus contain this and other information about the Funds. You may obtain a prospectus and, if available, a summary prospectus by downloading the prospectus or calling 800-974-6964. Please read the prospectus or summary prospectus carefully before investing.

There is no assurance that the objectives of any strategy or fund will be achieved or will be successful.

An investment in the Fund involves risks, including possible loss of principal. Exchange-traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund's principal investment risks, please refer to the prospectus.

The information provided on this website is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs. Please refer to the disclosure and offering documents for further information concerning specific products or services.

Investments in securities entail risk and are not suitable for all investors. This site is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.

PINE Distributors LLC is the distributor for the THOR Funds. THOR Financial Technologies, LLC is the investment adviser of the THOR Funds and Ai Alpha LLC serves as the sub-adviser for the THMR ETF. PINE Distributors LLC is not affiliated with THOR Financial Technologies, LLC or Ai Alpha LLC. Learn more about PINE Distributors LLC at FINRA's BrokerCheck.

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