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Underlying assets  
The security, stock, commodity or index on which a futures contract is based.  
Underpriced  
The actual futures price is less than the no-arbitrage futures price.  
Unsystematic risk  
Risk due to event which affect individual companies, not the market as whole. It can be removed by holding a well-diversified portfolio.  
Uptick  
An increase of one tick in the price of a security.  
 
 
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