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Long/short equity is an investment strategy generally associated with hedge funds, and more recently certain progressive traditional asset managers. ProShares Long Online/Short Stores ETF seeks investment results, before fees and expenses, that correspond to the performance of the ProShares Long Online/Short Stores Index.
Secondary Market Offerings The public sale of previously issued securities. Secondary Order The order that goes to the marketplace upon the execution of the primary order in a conditional trade, such as a One Triggers the Other OTO trade. Secondary Sort by Cost For specific share trades, after you select your primary sorting option for your tax lots, you can also elect to sort your tax lots by the cost basis information tracked by Fidelity.
Section Plans are often referred to as qualified employee stock purchase plans and companies must design these plans in accordance with the requirements of Code Section Like Incentive Stock Option plans, a Section Plan offers preferential tax treatment to employees if certain rules are satisfied.
Sector Refers to the area of the economy from which a corporate bond issuer primarily derives its revenues, such as financial or industrial. Within each Sector are Industry Groups; for example, chemical and petroleum would be Industry Groups under the industrial Sector.
The Sector and Industry Groupings are relatively static, although the inventory available within a given Grouping changes subject to market activity. There may be cases when certain bonds are not classified, in which case searching by all sectors will yield the most results. Sector Funds Sector funds invest in the stocks of one specific sector of the economy, such as health care, chemicals, or retailing. These funds tend to be more volatile than funds holding a diversified portfolio of stocks in many industries.
Sector risk The risk that all of the securities in an entire sector will be affected by economic or other factors which pertain to that sector more specifically than other sectors. Security Description The full name of a security. If this is your Core cash account , the description usually includes the issuer or the word Cash. Security Name The full name of a security e. Security Type The type of security e. Sell This refers to the action of selling a security. This also refers to an analyst's recommendation to sell a security.
Sell Call to Open Selling a call option. Sell Covered Call Selling an option contract backed by the shares underlying the option. Sell Side In a multi-leg options transaction or a combined stock and option strategy , this is the option transaction that constitutes your sale. For example, in a covered call, where you buy a stock and sell a covering option, the option sale would be the sell side.
Sell Short Selling a security you do not own. Also referred to as short sale. The shares are loaned from a broker or another margin account, and the proceeds of the sale secure the loan. Short selling allows investors to take advantage of an anticipated decline in the price of a stock. When you're placing an order to sell short on the Trade Stocks page, the number of shortable shares appears next to Quantity field once you've entered a valid symbol in the Symbol field. This number is based on a specific point in time; shares may not be available to sell short when you enter your order.
If insufficient shares are available, you'll receive an error message. If your order proceeds through verification and confirmation, shares have been tagged to cover an executed short sell order. Sell Symbol The symbol for an option in a trade order. Sell to Close Selling an option you had previously bought.
Sell to Cover For restricted stock or performance awards, this Tax Withholding Method will allow you to direct Fidelity Stock Plan Services to Sell a portion of your vested shares to cover your tax obligation due at the time of vesting or distribution.
Sell to Open Selling an option contract. A professionally managed portfolio of securities constructed within certain stated guidelines. The SMA provides the client direct ownership of the underlying securities in the portfolio. Settled Shares Shares you bought using cash or on margin or sold and have delivered the securities for sale. Settlement This refers to the point at which the securities and cash are exchanged. Settlement Date The date on which a trade settles, the date on which securities must be paid for purchase or securities must be delivered sale.
Settlement Pending Settlement Pending indicates that your Non-Fidelity Mutual Fund order has been placed with the fund company and Fidelity is waiting settlement. In some cases, settlement may take up to two days from the time your order was entered. Regardless of when settlement occurs, the price you will receive will be the next available price after you entered your order.
An owner of these securities who is not considered an affiliate of the issuer may sell shares under Rule g 3 without having to satisfy Rule requirements. The shares cannot be sold until 90 days after the company goes public.
However, certain paperwork needs to be completed by the stock owner in order to have the restricted legend removed and to release proceeds from the sale. Affiliates must satisfy all of the requirements of Rule , other than the one-year holding period. Share Amount Amount of shares the bond or note is convertible into.
Share Price The price you anticipate paying for a share of a security or for a trade order for which you want to calculate commission. Share Proceeds The number of shares you hold after an order to exercise and hold stock options executes and after the exercise cost , commissions, fees, and any taxes that are due as a result of the order have been deducted.
Share Quantity The number of shares in a selected or specified lot. For a sell request action, this is the number of shares you have selected to sell from a tax lot. When updating cost basis, this is the number of shares in a selected lot for which you can provide basis. Learn more about Quantity. Shares This is a representation of ownership in a company or mutual fund through shares an investment purchased or stock options that were exercised.
In account history, this is the number of shares that were bought or sold when a transaction executed. Shares Available For specific share trades, if you are using the cost basis information that Fidelity is tracking, we will provide a list of all of the tax lots for the position trades. Each tax lot will have an available quantity that may be selected; this quantity is displayed in the Shares Available column. Shares Deposited The number of shares deposited into your account as the result of a restricted stock award RSA you've accepted vesting.
Shares Outstanding This is the number of shares of common stock that are currently owned by investors. Shares Purchased This is the total number of shares that are purchased after an order to exercise and hold stock options executes. Shares Specified For specific share trades, if you are using the cost basis information that Fidelity is tracking, enter the quantity of shares from each tax lot you wish to specify in the Shares Specified column. Share Source Identifies the equity compensation source for how the shares were obtained.
Share Source may not be available for all share lots. Registration is limited to the amount of shares expected to be sold within a reasonable period of time after the initial date of registration. Shelf registered securities will be covered by a prospectus which must be delivered at the time of the sale. Issuer must be current on all SEC filings to keep shelf registration current.
Shortable Shares The number of shares currently available to sell short for a specific security. This number is based on a specific point in time and may not result in shares being available to sell short when your order is entered. If shares are not available to sell short when your order is entered, you will receive an error message.
If your order proceeds through verification and confirmation and to the Order Details page, shares have been tagged to cover an executed short sell order. Short Box Spread An options trading arbitrage strategy in which two vertical spreads, a bull call spread and a bear put spread, are sold together to take advantage of overpriced contracts. The profit is made in the premium difference between the spreads.
The strike prices of the long call and the short put must be equal. The strike prices of the short call and the long put must be equal. The strike price of the long call and the short put must be greater than the strike price of the short call and the long put. Short Butterfly Spread An options strategy most profitable when the underlying will be volatile, it is composed of four options contracts at three strike prices for the same class call or put on the same expiration date: Loss and profit are both limited in this strategy, and maximum profit is achieved when the underlying price changes significantly, past either the highest or lowest strike price agreed to.
The intervals between the strike prices of the three positions must be equal and in ascending order. Short Calendar Iron Butterfly Spread An options strategy comprised of a entering a long calendar spread, a long butterfly spread and a short box spread. Short Calendar Iron Condor Spread An options strategy comprised of a entering a long calendar spread, two long butterfly spreads and a short box spread.
Short Credit The amount of money held aside to close short positions in an account. This value is compared against the market value of securities held short , and is marked to market weekly. If the market value of the securities held short increases moves against you , it will cost more to close short positions, and money will be journaled transferred from margin and increase the Short Credit balance.
If the market value of securities Held Short decreases moves in your favor , it will cost less to close short positions and money will be journaled transferred out of the Short Credit to margin. When a short position was covered and there were insufficient funds held as a short credit to cover the position, a short debi t occurs instead of a short credit. This debit would be cleared with the mark to market following settlement. Short Debit When a short position was covered and there were insufficient funds held as a short credit to cover the position, a short debit occurs.
Short Exempt An order to sell short which is exempt from short-sale rules. In September , the Securities and Exchange Commission SEC Regulation SHO replaced the Short Sale Rule, which stated that you can make short sales only in a rising market in which the last sale price for the security is higher than the preceding sale price, or is unchanged after an increase in sale price.
Under Regulation SHO, short sales are allowed on a minus tick for eligible securities. Short Iron Butterfly Spread An options trading strategy in which the customer simultaneously sells a call credit spread and a put credit spread for the same expiration.
The short option leg for the call spread is the same strike price as the short option leg for the put spread. The trade results in a net credit, which is the maximum gain possible.
This occurs when the underlying price is equal to the short options' strike price at expiration. The maximum loss occurs when the underlying price is below the long put strike price or above the long call strike price at expiration.
The quantity of all contracts must be equal. The interval between the strikes prices of the puts must equal the interval between the strike prices of the calls. The strike price of the short put must equal the strike price of the short call. The long put strike price must be less than the short put strike, and the long call strike price must be greater than the short call strike price.
Short Iron Condor Spread An options strategy involving four strike prices that has both limited risk and limited profit potential. It is established by buying one put at the lowest strike, writing one put at the second strike, writing a call at the third strike, and buying another call at the fourth highest strike. Maximum profit is achieved when the underlying stock remains stable and all of the contracts expire worthless. The interval between the strike prices of the puts must equal the interval between the strike prices of the calls.
The interval between the strike prices of the short put and the short call does not need to equal the interval between the first and second legs or the interval between the third and fourth leg. Long put exercise price must be less than the short contracts. Long call exercise price must be greater than the short contracts. Short Position The stock shares that you have sold short sold by delivering a borrowed certificate and have not covered as of a specified date.
Short Sale The sale of a security not owned by the seller. Short sale orders are good for the day only and may be reviewed by a Fidelity representative to determine the availability of shares. If the shares are not available, your order will be canceled. While the order is being reviewed, the order will remain in a Pending Open status. Short-Sale Commission Fidelity will charge a commission on both equity short sales and the buy to cover the equity short positions.
Specific commissions charged will be based on the customer's stock commission rate. Short Sale Proceeds The total amount received from a short sale transaction. Short-Term Investment An investment held for one year or less. For variable annuity VIP sector funds, this is a fund for which you have held units for less than 60 days. Short-Term Shares The number of shares that have been held less than the minimum holding period defined in a fund's prospectus.
Box The short selling of an asset you hold an equivalent or greater long position in. This may be accomplished by trading an equity or buying or writing options. Short-Term Trading Fee A fee you pay when you redeem, or sell, your shares. Not all funds charge short-term trading fees. Show All Events This is an indicator used with price charts. This indicator will place:. When a company has released earnings greater than its earnings for the same period one year ago, BigCharts will display an upward pointing triangle.
When the earnings are lower than the earnings for the same period one year ago, BigCharts will display a downward pointing triangle. The pointing triangle feature is very helpful for viewing each company's earnings trend from quarter to quarter. No milestones will appear if your chart's primary security issued no earnings per share during the time period in question. Back Show Current Values Select this option to display Intraday changes in your brokerage account positions and a quote and market value for each of your positions.
Show Dividends This indicator will place D milestones on your chart showing when your focus company or mutual fund issued a dividend.
Show Earnings This indicator will place E milestones on your chart showing when your focus company released their earnings per share to the market. Show Other Accounts After you select this option on the Portfolio screen, authorized accounts , accounts you are authorized to access, but do not own, display in addition to the accounts you do own.
This option displays only on the Portfolio screen if you are authorized to access another person's accounts and have not yet chosen to display them. Show Splits This indicator will display S milestones on your chart showing when your focus company issued a stock split. No milestones will appear if your chart's primary security issued no stock splits during the time period in question. Silver Pricing Silver Level pricing offers significant savings off of the Bronze Level commission schedule.
To qualify, a household see Relationship Household must meet any of the following criteria:. Since Inception Return calculation for the time period beginning when we added your account to the performance database and ended at the present date. Fidelity converted historical data through January in order to provide customers with multi-year and historical return information.
If you account was opened prior to January , the Since Inception date for performance reporting is January 31, Single Tier A round lot or odd lot price is not available to this product.
Sink Defeased Termination of certain of the rights and interests of the bondholders and of their lien on the pledged revenues or other security in accordance with the terms of the bond contract for an issue of securities.
In some cases, particularly where the bond contract does not provide a procedure for termination of these rights, interests and lien other than through payment of all outstanding debt in full, funds deposited for future payment of the debt may make the pledged revenues available for other purposes without effecting a legal defeasance. Back Sinking Fund Amount The sinking fund amount refers to the amount of the issuance that will be redeemed as per the sinking fund provisions on or by a specified date.
The amount displayed appears as dollars in thousands or as a percent of the amount outstanding, and is labeled accordingly. Sinking Fund Date The sinking fund date is the date by which a given amount of the bond issue must be redeemed by the issuer. Sinking Fund Price The sinking fund price is the price, corresponding to a certain date, at which a given part of the bond issue could be redeemed by the issuer. Note that the issuer may be able to meet its sinking fund commitments by purchasing the bonds on the open market at a price below the quoted price on the schedule.
Sinking Fund Protection A sinking fund is a requirement included with certain bond issues, for part of the issue to be repaid on a regular basis before the stated maturity date of the bond. The issuer typically buys back a stated amount of the issue on a specified date—often having the flexibility to buy back from bond holders at the pre-specified price usually par or at the prevailing market price, whichever is cheaper.
Like a call feature, sinking fund payments might begin soon after the bond has been issued or they may be deferred for 10 or more years from the date of issue. Consult the sinking fund schedule for this information. Unlike a call feature, however, if an issue has a sinking fund provision, it is a requirement, not an option, for the issuer to buy back the increments of the issue as stated.
If you are considering the purchase of a bond with sinking fund features, be sure to consider but don't rely on , the fact that a portion of the bonds issued may be returned before the maturity date.
The issuer may either purchase the required amount from a small number of institutions or purchase them on the open market. In some situations, the presence of a sinking fund could be regarded as a positive feature of a bond. It could be perceived as an additional solvency hurdle for the issuer because the issuer must find the necessary funds to return some of the debt issue's principal before the stated maturity date of the bond. Yet for this very reason sinking funds are frequently found on long-dated, lower quality issues.
The presence of a sinking fund is not an added guarantee of an investment. In extreme circumstances a bond may be falling in price and the issuer will be able to meet all of its sinking fund commitments by purchasing on the open market. The weaker an issuer becomes, the more likely the bond's price is to fall and the more likely sinking fund commitments can be met by open market purchases.
Sinking Fund Protection refers to a bond that does not have a sinking fund as part of its structure. On the Search Secondary Offerings page, the search criterion for Sinking Fund Protection defaults to Yes, which excludes bonds with a sinking fund feature. Selecting All will include bonds with sinking funds in your search returns. Sinking Fund Schedule The sinking fund schedule shows the future dates at which sinking fund commitments come due. The schedule shows how much of the issue must be redeemed on or by the specified date.
The specified price shows the price at which the issuer is committed to purchase the specified number of bonds from investors. In many cases, issuers may also meet their sinking fund commitments by buying the bonds on the open market--typically if the prevailing price is lower than the sinking fund price specified.
Thus, a sinking fund schedule is not a guarantee that an investor's holdings in an issue will be redeemed in proportion to the amounts listed on the schedule.
Slow Stochastic The stochastic oscillator compares where a security's price closed relative to its price range over a given time period. As with moving average, the sensitivity increases with shorter time spans. Two or more stochastics may be used with different time spans on a single chart to develop cross-over signals.
This method is used to spot trend reversals with fairly good accuracy. The stochastic indicator is plotted as two lines. The stochastic is plotted on a chart with values ranging from 0 to Readings above 80 are strong and indicate that price is closing near its high.
Readings below 20 are strong and indicate that price is closing near its low. Small-Cap Stocks An investment categorization based on the market capitalization of a company. Smart Payment Program Election Participation in the Smart Payment Program is voluntary, and shareholders must opt in to receive the estimated monthly payments shown. Social Security Tax Withheld For an executed order to exercise stock options, the total amount of social security tax withheld from the order's proceeds.
Your employer is required to report taxable income and remit the tax withholding amounts to the appropriate regulatory agencies. Sort By When searching for bonds, you can sort by highest yield, lowest yield, or medium yield. For example, if you sort by lowest yield for the selected minimum credit rating of A, the lowest-yielding bonds within the A rating tier appear first in the search results. Be aware that selecting highest yield or lowest yield does not necessarily return the highest or lowest yielding bonds for the rung, because the search tool first searches the central rung month to find bonds that meet your other selected criteria.
Bonds from the central rung month appear at the top of the list of eligible bonds. If there are no bonds in the central rung month, the search tool searches the two months on either side of the central rung month for the highest- or lowest-yielding bonds available. Sorting by medium yield generates the same sort order as highest yield, except higher-yielding outliers are removed from consideration to moderate risk. Sort by Long-Term Shares For specific share trade requests, choose this option to have Fidelity sort your shares with Long Term holding period greater than one year first.
Sort by Short-Term Shares For specific share trade requests, choose this option to have Fidelity sort your shares with a short term holding period one year or less first. Sort Direction You can view results of the multi-leg option tools in ascending or descending order i. Extended Hours quotes obtained from Fidelity. For Premarket and After Hours session trade orders, the ask and bid price source is the ECN and Extended Hours Session displays as the source on trade order verification screens.
The last trade price is either the standard market session or the Extended Hours session depending on the session during which the last trade for the security was executed. Fundamentals Total Number of Companies. The figure reflects dividends and interest earned by the securities held by the fund during the most recent day period, net the fund's expenses.
Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. Modified duration accounts for changing interest rates. It measures the sensitivity of the value of a bond or bond portfolio to a change in interest rates. Higher duration means greater sensitivity. The weighted average maturity WAM of a portfolio is the average time, in years, it takes for the bonds in a bond fund or portfolio to mature.
WAM is calculated by weighting each bond's time to maturity by the size of the holding. Portfolios with longer WAMs are generally more sensitive to changes in interest rates. Yield to maturity YTM is the annual rate of return paid on a bond if it is held until the maturity date. Weighted average yield to maturity represents an average of the YTM of each of the bonds held in a bond fund or portfolio, weighted by the relative size of each bond in the portfolio.
A coupon is the interest rate paid out on a bond on an annual basis. The weighted average coupon of a bond fund is arrived at by weighting the coupon of each bond by its relative size in the portfolio. Weighted average price WAP is computed for most bond funds by weighting the price of each bond by its relative size in the portfolio.
This statistic is expressed as a percentage of par face value. The price shown here is "clean," meaning it does not reflect accrued interest. Monthly volatility refers to annualized standard deviation, a statistical measure that captures the variation of returns from their mean and that is often used to quantify the risk of a fund or index over a specific time period. The higher the volatility, the more the returns fluctuate over time. Absolute return strategies seek to provide positive returns in a wide variety of market conditions.
These strategies employ investment techniques that go beyond conventional long-only investing, including leverage, short selling, futures, options, etc. Arbitrage refers to the simultaneous purchase and sale of an asset in order to profit from a difference in the price of identical or similar financial instruments, on different markets or in different forms. For example, convertible arbitrage looks for price differences among linked securities, like stocks and convertible bonds of the same company.
Merger arbitrage involves investing in securities of companies that are the subject of some form of corporate transaction, including acquisition or merger proposals and leveraged buyouts. Commodity refers to a basic good used in commerce that is interchangeable with other goods of the same type.
Examples include oil, grain and livestock. Correlation is a statistical measure of how two variables relate to each other. Two different investments with a correlation of 1. The higher the correlation, the lower the diversifying effect. Currency refers to a generally accepted medium of exchange, such as the dollar, the euro, the yen, the Swiss franc, etc. Market neutral is a strategy that involves attempting to remove all directional market risk by being equally long and short.
Futures refers to a financial contract obligating the buyer to purchase an asset or the seller to sell an asset , such as a physical commodity or a financial instrument, at a predetermined future date and price. Global macro strategies aim to profit from changes in global economies that are typically brought about by shifts in government policy, which impact interest rates and in turn affect currency, bond and stock markets.
Hedge funds invest in a diverse range of markets and securities, using a wide variety of techniques and strategies, all intended to reduce risk while focusing on absolute rather than relative returns. Leverage refers to using borrowed funds to make an investment. Investors use leverage when they believe the return of an investment will exceed the cost of borrowed funds.
Leverage can increase the potential for higher returns, but can also increase the risk of loss. Managed futures involves taking long and short positions in futures and options in the global commodity, interest rate, equity, and currency markets. Precious metals refer to gold, silver, platinum and palladium. Private equity consists of equity securities in operating companies that are not publicly traded on a stock exchange.
Real estate refers to land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure. Short selling or "shorting" involves selling an asset before it's bought. Typically, an investor borrows shares, immediately sells them, and later buys them back to return to the lender. Volatility is the relative rate at which the price of a security or benchmark moves up and down.
Volatility is also an asset class that can be traded in the futures markets. Tradable volatility is based on implied volatility , which is a measure of what the market expects the volatility of a security's price to be in the future. Geared investing refers to leveraged or inverse investing. CSM rated 5 stars for the 3-year period ending March 31, among 99 U. The information contained herein: Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The fund's performance and rating are calculated based on net asset value NAV , not market price.
East Dane Designer Men's Fashion. Bonds that carry a survivor's option usually redeem for par value when the survivor's option is exercised.
This section does not cite any sources. Unlike a dividend, voting rights cannot legally be synthesized and so the buyer of the shorted share, as the holder of record, controls the voting rights.