Financy Glossary
The online dictionary of financial terms



Umbrella Fund

A collective fund containing several sub-funds, where each sub-fund invests in a different market or country.

One advantage of investing in an umbrella fund is the low transaction costs associated with moving moving money from one sub-fund to another.



When new stock issue isn’t fully bought up by investors, it is said to be undersubscribed.


Unissued Stock

Stock that is authorized by the company’s charter but has not been issued.

Many companies have a very large amount of unissued stock, since company charters tend to be designed to give the company plenty of flexibility when it comes to the issuing of stock.


Unitized Fund

In a unitized fund, investors can pool their assets while simultaneously retaining individual net asset values. Each investor in the fund is accounted for separately and has their own unit.

Pension funds are often unitized funds.


Universal Stock Futures

Universal Stock Futures are a range of standardized futures contracts on the shares of individual companies.

The contracts are cash-settled; there is no obligation to actually deliver any stocks.


Unmatched Book

When the maturities of the assets and liabilities in an investment portfolio doesn’t correspond, the portfolio is referred to as an unmatched book.

One notable example of an unmatched book is when a bank has made long-term loans even though it has only received short-term deposits.


Unpaid Dividend

A dividend which has been announced by the company but not yet been paid out to the shareholders.


Unquoted Public Company

A public company that isn’t listed on any stock exchange. The shares can still be bought and sold, but only over-the-counter (OTC). Typically, trade volumes are low to non-existent.


Unrealized Profit / Unrealized Loss

Unrealized Profit is a profit that would occur if the position were to be closed right now.

Unrealized Loss is a loss that would occur if the position were to be closed right now.

Unrealized profit / loss is also known as Paper gain / Paper loss.



The temporary right to use or otherwise benefit from someone else’s property, e.g. by deriving income from it.