Nearbys
The nearest delivery months of a commodity futures market.
Net Asset Value (NAV)
The total value of the fund's portfolio less liabilities. Equal to the closing market value of all securities within a portfolio plus all other assets, subtracting all liabilities, and then dividing the result by the total number of shares outstanding.
Net Exposure
The percentage of a fund is currently net invested in the market. It is calculated as the difference between the long and the short positions. For example, if a fund is 100% long and 25% short, then the fund is 75% net invested.
Net Long
A portfolio position whereby the long positions in a portfolio represent a greater portion than the short positions.
Net Short
A portfolio position whereby the short positions in a portfolio represent a greater portion than the long positions.
NOB Spread
Note Against Bond. A futures spread trade involving the buying (selling) of a Treasury note futures contract and the selling (buying) of a Treasury bond futures contract.
No-Fault Divorce
A clause that stipulates the conditions under which limited partners may stop contributing capital to the partnership or even terminate the partnership.
Non-systematic risk
Non-market or company specific risk factors that cannot be eliminated by diversification, in contrast to systematic risk which refers to risk factors common to an entire economy.
Notice of Delivery
A notice that must be presented by the seller of a futures contract to the clearinghouse. The clearinghouse then assigns the notice and subsequent delivery instrument to a buyer. Also Notice of Intention to Deliver.
