Stock Market Glossary - Letter I

Ichimoku

Complex Japanese trend indicator with cloud, baselines and lag line.

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iNAV

Indicative net asset value of an ETF, estimated continuously during the trading day.

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Index ETF

ETF that tracks an index as closely as possible.

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Index funds

Fund that passively tracks an index.

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Industry

Economic sector to which a company is assigned (e.g. tech, pharmaceuticals, finance).

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Inflation

General increase in the price level, which reduces the purchasing power of money.

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Inflation-linked bond

Bond whose payments or redemption amount can be linked to a price index.

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information ratio

Key figure for the risk-adjusted excess return compared to a benchmark.

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Inheritance tax

Tax on the free transfer of assets after death.

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Insider purchases

Purchases of own shares by members of the board of directors or supervisory board.

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Insider trading

Prohibited securities trading based on non-public information.

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Interest-rate risk

Risk of price losses when market interest rates change.

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Interim profit

Proportion of retained income in the share price of a fund.

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Intrinsic value

Estimated economic value of a company or immediate exercise value of an option.

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Inverse ETF

ETF designed to seek the opposite daily move of a reference index.

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Investment grade

Credit rating class with low default risk, rating at least BBB- or Baa3.

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Investment horizon

Period for which invested money can realistically remain invested.

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IPO

Initial Public Offering – IPO of a company.

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ISIN

International Securities Identification Number – global securities code.

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Issuer risk

Risk that the issuer of a security cannot meet its obligations.

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IV Crush

Sharp decline in implied volatility following an expected event.

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