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Equity 
   The ownership interest of common and preferred stockholders in a corporation. In a margin or short account, equity equals what is owned minus what is owed.

Exchange 
   Any organization, association or group of persons that maintains or provides a marketplace in which securities can be bought and sold. An exchange does not have to be a physical place, and several strictly electronic exchanges do business around the world. 

Expense Ratio 
   A ratio for comparing the efficiency of a mutual fund by dividing the fund’s expenses by its net assets.