Absolute Price Oscillator
The Absolute Price Oscillator displays the difference between two moving averages of a security's price and is expressed as a percentage. The Absolute Price Oscillator is almost identical to the MACD, except that the Absolute Price Oscillator can use any two user-specified moving averages. (The MACD always uses 12 and 26-day moving averages, and always expresses the difference in points.)
Interpretation: Moving average analysis typically generates buy signals when a short-term moving average (or the security's price) rises above a longer-term moving average. Conversely, sell signals are generated when a shorter-term moving average (or the security's price) falls below a longer-term moving average. The Absolute Price Oscillator illustrates the cyclical and often profitable signals generated by these one or two moving average systems.
Accumulation Distribution
Accumulation Distribution (created by L. Williams) uses the closing price's proximity to the high or low to determine if accumulation or distribution is occurring in the market. The proximity value is multiplied by volume to give more weight to moves with higher volume. You can often spot divergences between price action and the Accumulation Distribution indicator. For example, if prices make a new high but the move is not accompanied by sufficient volume, Accumulation Distribution will fail to make a new high. Divergences can be a sign the trend is nearing completion.
Interpretation: The actual value of the Accumulation Distribution is unimportant. Concentrate on its direction.
Actual EPS
The actual Earnings Per Share (EPS) growth for the indicated period.
Address
The headquarters address of the company as provided in its latest financial statement.
A/D Line
The Advance/Decline (A/D) Line is the most widely used indicator measuring market breadth. It represents a cumulative total of the number of stocks advancing versus the number of stocks declining. When the A/D Line rises it means that more stocks are rising than declining (and vice versa).
In our online price charts, the A/D Line is calculated for all markets, and the appropriate market indicator is automatically selected for your focus security. For example, if you are analyzing a chart on IBM which trades on the NYSE and you choose the A/D Line, the system will automatically apply the A/D Line for the NYSE.
Advanced Search
Advanced searches return specific, highly-targeted lists of candidate stock investments. Advanced searches let you create and run custom searches based on any combination of over 100 criteria. For example, you can search on criteria related to sector, valuation, growth, trading and volume, earnings announcements, profitability and management, technical analysis, and more. You can enter or select precise criteria values for each of your selected criteria. See Advanced Searches for complete details.
For Exchange Traded Products (ETPs), advanced searches return specific, highly-targeted lists of candidate ETF investments. ETF advanced searches let you create and run custom searches based on any combination of criteria. For example, you can search on criteria related to sector, performance, trading volume, volatility, and more. You can enter or select precise vales for the criteria you select.
Alpha
A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. A positive Alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative Alpha indicates the portfolio has underperformed, given the expectations established by beta.
Analyst Coverage (Current Quarter)
The number of analysts submitting earnings estimates for a specified time period.
Analyst Coverage is an indicator of how closely a company is watched. The more closely watched a company is, the less likely it is that there will be positive or negative surprises that could cause large changes in value. However, the less closely watched a company is, the more likely you are to find value that others have not yet found.
Annual Turnover Ratio
A measure of the portfolio manager's trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio's holdings that have changed over the past year.
Annualized Dividend
See Dividend Analytics.
Annualized Dividend (Most Recent Distribution, MRD)
See Dividend Analytics.
Annualized Dividend (Trailing Twelve Months, TTM)
See Dividend Analytics.
Annualized Dividend (TTM, including non-recurring dividends)
See Dividend Analytics.
Arms Index (TRIN)
The Arms index (invented by Richard Arms) is a breadth oscillator which aids in the measurement of internal market strength or weakness
Interpretation: The Arms Index measures volatility within the stock market. The Arms Index represents the relationship between advancing and declining issues by measuring their volume flow. The Arms Index is commonly used as a short term trading tool. A rising Arms Index depicts a weak market and a falling Arms Index depicts a strong market. The Arms Index will read under 1.0 when advancing stocks are the major source of volume and above 1.0 when declining stocks are the predominant source of volume flow in the market.
Aroon
The Aroon indicator, developed by Tushar Chande, indicates if a price is trending or in range trading. It can also reveal the beginning of a new trend, its strength and can help anticipate changes from trading ranges to trends. AroonDown and the AroonUp indicators are used together and combined are called the Aroon indicator.
AroonUp measures how long it has been since prices have recorded a new high within the specified period. If the current bar's high is the highest within the user defined number of periods before it, then the AroonUp value is 100. In other words, it is a new high for the period. Otherwise it returns a percent value indicating the time since a new high occurred for the specified period.
AroonDown measures how long it has been since prices have recorded a new low within the specified period. If the current bar's low is the lowest within the user defined number of periods before it, then the AroonDown value is 100%. In other words, it is a new low for that period. Otherwise it returns a percent value indicating the time since the new low occurred for the specified period.
Interpretation:
Ask
The lowest price a dealer or market maker will accept for a security.
Ask Exchange
The exchange or market from which the ask price was quoted (e.g., NYSE, NASDAQ).
Ask/POP
For stock and option quotes, the highest price at which someone who owns shares is willing to sell the security.
Ask Size
The number of round lots (100 shares per lot) offered at the ask price. For example, an ask size of 20 represents 2,000 shares (20 round lots at 100 shares per lot).
Asset Class (ETF)
A classification of an Exchange Traded Products (ETP) based on its underlying constituent's structure, performance and risk characteristics. Includes Equity, Fixed Income, Currency, Commodity, Hybrid, Multi-Asset, Real Estate, and Volatility, which is updated daily.
Asset Class (CEF)
A classification of a Closed End Fund based on its underlying components, including their performance and risk characteristics. Includes US Equity, International Equity, Allocation, Taxable Bond, Municipal Bond, Commodity, and Alternative and is updated daily.
Asset Class Exposure
A classification of an ETFs exposure based on its underlying constituent's structure, performance and risk characteristics. Examples include, but are not limited to equities, fixed income, real estate and cash. Asset Class Exposure is updated daily and is calculated using constituent assets aggregated and mapped to corresponding category. The underlying constituents are based on the daily Basket Holdings. To learn more read Fidelity Learning Centers' What's In your ETF? Understanding ETF portfolio composition.
Asset Class Median
A calculation of the median of a specific data point for all Exchange Traded Products (ETPs) in a specific Asset Class. Asset Classes are defined as Equity, Fixed Income, Currency, Commodity, Hybrid, Multi-Asset and Real Estate.
Asset Turnover
A measure of how efficiently assets are being used to produce revenue. Asset Turnover is calculated by dividing net sales by total assets for a specified period. Time periods include:
Asset Turnover is useful when comparing companies within an industry. Higher Asset Turnover usually means that the company is being run efficiently.
Assets
Current assets plus net property, plant, and equipment, plus other non-current assets, including intangible assets, deferred items, and investments and advances. "Assets" is the sum of:
Authorized Participant
An entity chosen by an Exchange Traded Product (ETP) to obtain the underlying assets needed to create shares of an ETP. Typically, authorized participants are large institutional organizations, such as market makers or specialists. Authorized participants transact directly with the ETP on an "in kind" basis in a process known as creation/redemption.
Average Annual Total Return
A multi-period rate of return (CAGR) that is similar to a compound interest rate. The result is an annual return that, if achieved over the period considered , would have produced the same cumulative total return as though performance had been constant each year over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Two timeframes exist - month end and quarter end. Returns are expressed:
CAGR (Compound Annual Rate of Return)
CAGR is a summary return calculation that provides the (geometric) average return of an investment at an annual rate. This allows investors to compare, for example, 2 year investments in stocks with a bond's yield to maturity. The below investment a comparison of a three year investment. The CAGR uses only the beginning and ending values and the number of periods to calculate an average annual compound rate of growth over the period considered.
CAGR - Compound Annual Growth Rate
| Value | Percentage Change |
| 100 | |
| 115 | 15% |
| 100 | -13.4% |
| 130 | 30% |
CAGR = (130/100)^(1/3)-1 = 9.14%
Average Daily Return (%)
Ratings Performance (%) divided by Duration (in days).
Average Directional Index (ADX)
ADX stands for Average Directional movement Index and is used to measure the overall strength of the trend.
The ADX indicator is an average of DX values, see DX. The ADX is a component of the Directional Movement System developed by Welles Wilder. This system attempts to measure the strength of price movement in positive and negative direction using the DMI+ and DMI- indicators along with the ADX.
Interpretation:
Calculation
ADX is simply the mean, or average, of the values of the DX over the specified Period.
Average Trading Volume
The total volume for the previous three months divided by the number of trading days in the previous three months.
Average True Range (ATR)
The Average True Range is the average of the true ranges over the specified Period. ATP uses the moving average as formulated by Welles Wilder, the indicator's inventor. The ATR is a measure of volatility and it takes into account any gaps in the price movement. Typically the ATR calculation is based on 14 periods; this can be intraday, daily, weekly or monthly. To measure recent volatility use a shorter average, 2 to 10 periods. For longer term volatility use 20 to 50 periods.
Interpretation:
Average True Range Percent (ATRP)
ATRP expresses the Average True Range (ATR) indicator as a percentage of a bars closing price. ATRP is used to measure volatility just as the Average True Range indicator. The benefit ATRP provides is that it allows you to compare one security with another, where ATR does not. ATR measures volatility at an absolute level, meaning lower priced stock will have lower ATR values than higher price stocks. By displaying the indicator as a percentage, as ATRP does, this discrepancy is removed.
Average Volume
The total Volume for the previous three months divided by the number of trading days in the previous three months. Compare this number to the daily volume to see if investor interest in the stock has increased or decreased.
Avg. Daily Volume
The monthly average of the cumulative trading volume during the last three months, divided by 22 days.
Barclays Capital U.S. Aggregate Bond Index (LB Agg)
An unmanaged, market value-weighted index representing securities that are SEC-registered, taxable, and dollar denominated. This index covers the U.S. investment grade fixed rate bond market, with index components for a combination of the Barclays Capital U.S. government and corporate securities, mortgage-backed pass-through securities, and asset-backed securities. See also Benchmark Index.
Barclays Capital U.S. U.S. Treasury Inflation-Protected Securities (TIPS) Index
An unmanaged index that represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of $100 million U.S. dollars.
Basket Holdings
ETF shares are created when a large institutional investor called an Authorized Participant deposits a portfolio of securities into the fund (a "Basket") in exchange for an institutional block of ETF shares (usually 50,000). This is referred to as "in kind" creation because a basket of securities is exchanged for ETF shares rather than using cash. In the case of redemptions, the ETF sponsor returns a basket of securities to the Authorized Participant in exchange for an institutional block of ETF shares. The Basket Holdings is the portfolio of securities that can be exchanged on a daily basis for ETF shares. In some circumstances, cash may be accepted in lieu of some or all of the securities in the Basket.
Bearish Candlestick/Multi-Bar Patterns
Bearish candlestick/multi-bar patterns are based on studying the bars of a stock chart (either candlestick or western bar) to identify situations where the stock is poised for a price decline. These patterns are based on the shape and relationship of the candlestick(s) or price bar(s) representing one or multiple consecutive trading days. This includes patterns such as the Hanging Man, Key Reversal Bar and the Gap Up. The Technical Event is the confirmation that the pattern has formed in the price bars. These Technical Events are useful for suggesting possible short-term price movement although they can identify areas of support and resistance that influence price action over a longer period of time, particular when viewed as weekly or monthly price bars. These patterns are also useful for supporting or refuting the possible price movement suggested by classic patterns. Candlestick and multi-bar patterns are often considered as supplementary information.
Definition provided by Recognia, an independent third-party company that offers proprietary chart pattern recognition technology and specializes in automating the interpretation of Technical Analysis. Recognia and Fidelity are not affiliated.
Bearish Indicator and Oscillator Events
Bearish indicator and oscillator events are based on mathematical formulas applied to the stock price to identify situations where the price is poised for a decline. Indicators that are currently supported are based on moving average calculations. Oscillators are based on mathematical formulas that incorporate historical or recent prices of the stock.
Definition provided by Recognia, an independent third-party company that offers proprietary chart pattern recognition technology and specializes in automating the interpretation of Technical Analysis. Recognia and Fidelity are not affiliated.
Bearish Price Chart Patterns
Bearish price chart patterns are visual shapes identified on a price chart, indicating that the stock may be poised for a price decline. These price chart patterns are also known as Classic Patterns. Classic is a term used to refer to a group of patterns that typically have a longer-term horizon (greater than 12 days) and which have distinct price swings such that the price swings form distinctive patterns. The names of classic patterns often reflect the shape of the formation such as the Double Top, Double Bottom, Head and Shoulders Top, and Ascending Triangle.
Definition provided by Recognia, an independent third-party company that offers proprietary chart pattern recognition technology and specializes in automating the interpretation of Technical Analysis. Recognia and Fidelity are not affiliated.
Benchmark
An unmanaged group of securities whose overall performance is used as a standard against which relative investment performance is measured.
Benchmark Index
The index which an ETP is attempting to track, as indicated in the prospectus.
Benchmark Type Exposure
A classification of a commodity index based on its constituent pricing. It can include either the physical (spot) price or derivative (future) price of the underlying hard asset. Benchmark Type Exposure is updated daily and is calculated by Marco Polo XTF using constituent assets aggregated and mapped to corresponding category.
Beta
A quantitative measure of the volatility of a stock relative to the Standard & Poor's 500 (S&P 500), generally considered representative of the overall securities market. Specifically, Beta is the performance the stock has experienced in the last 36 or 60 months as the S&P 500 moved 1% up or down. A Beta of 1 indicates the stock's price will move with the S&P 500. A Beta of less than 1 means it will be less volatile than the S&P 500. Many utilities stocks have a Beta of less than 1. Generally speaking, the higher the Beta, the riskier the investment.
Beta measures volatility, but it does not predict direction. A stock that does 50 percent worse than the S&P 500 and a stock that does 50 percent better than the S&P 500 will both have a high Beta. Therefore, Beta is best used for finding companies that tend to move with the S&P 500, meaning they have Betas closer to 1.
Beta Measurements for Exchange Traded Products (ETPs)
Beta is a measure of a portfolio's sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a portfolio's excess return over T-bills to the benchmark's excess return over T-bills, so a beta of 1.10 shows that the portfolio has performed 10% better than its benchmark in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the portfolio's excess return is expected to perform 15% worse than the benchmark's excess return during up markets and 15% better during down markets.
Bid
The highest price a prospective buyer is willing to pay for a unit of a security.
Bid/Ask Price (Previous Day)
Bid/Ask Price (Previous Day) is the mid-point or average of the highest bid price and the lowest ask price on the Exchange as of the time of calculation of the Fund's NAV or at market close. In some cases, the mid-price will be rounded up or down to the nearest "tick" (the nearest valid tradable price on the exchange system) for convenience purposes, and therefore not be the exact average.
Bid/Ask Spread (1 Month Average)
The Bid-Ask (BA) spread is computed over the trailing period of one month and is the asking price less the bid price divided by the mid-price of the ETF. The BA is another element of cost to consider in an ETF transaction.
Bid Exchange
The exchange or market from which the bid price was quoted (e.g., NYSE, NASDAQ).
Bid/NAV
For stock and option quotes, the highest price a prospective buyer would pay for a unit of a security.
Bid Size
The number of round lots (100 shares per lot) offered at the bid price. For example, a bid size of 20 represents 2,000 shares (20 round lots at 100 shares per lot).
Bollinger Bands
Bollinger Bands are a type of price envelope developed by John Bollinger. Bollinger Bands are envelopes that are plotted at a standard deviation level above and below a simple moving average of the price. Because the distance of the bands is based on standard deviation, they adjust to volatility swings in the underlying price. Bollinger Bands accept 2 parameters, Period and Standard Deviations, StdDev. The recommended values are 20 for period, and 2 for standard deviations, although other combinations offer effective results as well. Bollinger bands help determine whether prices are high or low on a relative basis. They are used in pairs, both upper and lower bands and in conjunction with a moving average. Further, the pair of bands are not intended to be used on their own. Use them to confirm signals given with other indicators. For example, RSI and Bollinger bands are a good combination.
Interpretation:
Bollinger Band Width
The Bollinger Band Width is the difference between the upper and the lower Bollinger Bands divided by the middle band. This technical indicator provides an easy way to visualize consolidation before price movements (low bandwidth values) or periods of higher volatility (high bandwidth values). The Bollinger Band Width takes the same two parameters as the Bollinger Bands: a simple moving average period (for the middle band) and the number of standard deviations by which the upper and lower bands should be offset from the middle band.
Interpretation: During a period of rising price volatility, the distance between the two bands will widen and Bollinger Band Width will increase. Conversely, during a period of low market volatility, the distance between the two bands will contract and Bollinger Band Width will decrease). There is a tendency for bands to alternate between expansion and contraction. When the bands are unusually far apart, that is often a sign that the current trend may be ending. When the distance between the two bands has narrowed too far, that is often a sign that a market may be about to initiate a new trend.
Bond
An interest-bearing promise to pay a specified sum of money (the principal amount) due on a specific date.
Bond Call Profile
Bonds are often issued with a feature which allows the right of the issuer to redeem the bonds early, before the scheduled maturity date. Bonds are generally called when interest rates fall and the issuer can save money by issuing new bonds at lower rates. This represents reinvestment risk for the fund, because it is likely losing a relatively high-yielding investment and must reinvest the proceeds from the called bond.
Book Value Growth (5-Year Average)
The change in the assets of a company, less its liabilities for a specified time period. Also called Shareholders' Equity, Book Value Growth measures accumulated profits, or how much the company's book value has grown during the time period. Book Value Growth is measured over the Last 5 Years, and is expressed as an average.
Book Value Growth mostly occurs because of earnings growth. Because the earnings are added to a base of book value, the percentage growth is not only a measure of how much the company is growing, but also how significant the last year was in terms of its accumulated profits.
Book Value Growth %
The estimation of the book value growth.
Bullish Candlesticks/Multi-Bar Patterns
Bullish candlesticks/multi-bar patterns are based on studying the bars of a stock chart (either candlesticks or western bars) to identify situations where the stock is poised for a price increase. These patterns are based on the shape and relationship of the candlestick(s) or price bar(s) representing one or multiple consecutive trading days. This includes patterns such as the Hanging Man, Key Reversal Bar and the Gap Up. The Technical Event is the confirmation that the pattern has formed in the price bars. These Technical Events are useful for suggesting possible short-term price movement although they can identify areas of support and resistance that influence price action over a longer period of time, especially when viewed as weekly or monthly price bars. These patterns are also useful for supporting or refuting the possible price movement suggested by classic patterns. Candlesticks and multi-bar patterns are often considered as supplementary information.
Definition provided by Recognia, an independent third-party company that offers proprietary chart pattern recognition technology and specializes in automating the interpretation of technical analysis. Recognia and Fidelity are not affiliated.
Bullish Indicator and Oscillator Events
Bullish indicator and oscillator events are based on mathematical formulas applied to the stock price to identify situations where the price is poised for an increase. Indicators that are currently supported are based on moving average calculations. Oscillators are based on mathematical formulas that incorporate historical or recent prices of the stock.
Definition provided by Recognia, an independent third-party company that offers proprietary chart pattern recognition technology and specializes in automating the interpretation of technical analysis. Recognia and Fidelity are not affiliated.
Bullish price chart patterns are visual shapes identified on a price chart, indicating that the stock may be poised for a price increase. These price chart patterns are also known as Classic Patterns. Classic is a term used to refer to a group of patterns that typically have a longer-term horizon (greater than 12 days) and which have distinct price swings such that the price swings form distinctive patterns. The names of classic patterns often reflect the shape of the formation such as the Double Top, Double Bottom, Head and Shoulders Top, and Ascending Triangle.
Definition provided by Recognia, an independent third-party company that offers proprietary chart pattern recognition technology and specializes in automating the interpretation of technical analysis. Recognia and Fidelity are not affiliated.
Buy Online Commission-Free. Restrictions Apply
Free commission offer applies to online purchases of Fidelity ETFs and select iShares ETFs in a Fidelity brokerage account. Fidelity accounts may require minimum balances. The sale of ETFs is subject to an activity assessment fee (of between $0.01 to $0.03 per $1,000 of principal). iShares ETFs and Fidelity ETFs are subject to a short-term trading fee by Fidelity if held less than 30 days.
To be commission-free, ETFs must be traded online in a Fidelity brokerage account with a minimum opening balance of $2,500 at Fidelity.com, using Active Trader Pro® tools, Wealth-Lab Pro®, or Fidelity Mobile® (iPhone®/iPod Touch®, iPad®, and AndroidTM apps). The sale of ETFs are subject to an activity assessment fee (of between $0.01 to $0.03 per $1000 of principal) by Fidelity.
CBOE Market Volatility Index (VIX)
The CBOE Market Volatility Index (VIX) is a measure of implied volatility based on the prices of a basket of S&P 500 Index options with 30 days to
expiration.
Interpretation: When the VIX rises, it indicates that traders expect the S&P 500 Index to become more volatile. The higher the VIX, the higher the fear, which, according to market contrarians, is considered a buy signal. A falling VIX indicates that traders in the options market expect the S&P 500 Index to trade more quietly. In the same respect, the lower the VIX, the lower the fear, indicating a more complacent market.
CBOE NASDAQ Market Volatility (VXN)
The CBOE NASDAQ Market Volatility is a measure of implied volatility based on the prices of a basket of NASDAQ 100 Index options with 30 days to expiration.
Interpretation: When the VXN rises, it indicates that traders expect the NASDAQ 100 Index to become more volatile. The higher the VXN, the higher the fear, which, according to market contrarians, is considered a buy signal. A falling VXN indicates that traders in the options market expect the NASDAQ 100 Index to trade more quietly. In the same respect, the lower the VXN, the lower the fear, indicating a more complacent market.
Callable
Refers to a bond or other security that may be redeemed by the issuer before the scheduled maturity. When searching for fixed-income securities (e.g., bonds), this is the first date on which the security can be called.
Capitalization Exposure
A classification of an ETFs exposure based on its underlying constituent's market size (shares outstanding multiplied by price per share). Examples include, large, mid, and small/micro cap. Capitalization Exposure is updated daily and is calculated by Marco Polo XTF using constituent assets aggregated and mapped to corresponding category.
Capital Gains
The difference between an asset's purchased price and selling price, when the difference is positive. A capital loss would be when the difference between an asset's purchase price and selling price is negative.
A Capital Gains fund distribution occurs when a portion of the fund's total returns generated by short-term or long-term realized or unrealized capital gains is distributed to investors. By looking at the capital return and income return, an investor can see whether the fund's returns come from capital, from income, or a combination of the two. Adding capital and income return will provide the fund's total return.
Capital Spending Growth
The change in the money spent by a company to upgrade physical assets, such as buildings, computers, and machinery, for a specific time period (Last 5 Years).
Capital Spending Growth can be used to indicate if company is investing in its future. Companies building new factories, laboratories, or data centers are planning for the future, because only rarely will such capital expenditures help increase sales or decrease costs in the year in which the spending occurs.
Cap-Weighted
The weight of each security will be assigned based on its market capitalization relative to the market capitalization of all securities in the basket.
Cash and Cash Equivalents — Increase (Decrease)
The increase or decrease of a company's total cash and cash equivalents over a specified period of time, as reported on their most recent quarterly or annual Cash Flow Statement. Time periods include:
Cash Balance
A cash dollar amount you enter and track in a watch list. Cash Balance displays when you view a watch list as a separate total, and also as part of the total watch list value when using the Gain/Loss view. Cash Balance is not applicable to the watch lists that are automatically provided for each of your accounts.
Cash Flow Growth
The rate at which a company's cash flow increases over a specified period. Time periods include:
Cash Flow is often considered the most accurate measure of a company's financial health. If you are looking for companies that are growing, but are worried about using earnings growth because of the games that companies have played with their earnings numbers, you can use the Cash Flow Growth rate instead.
Cash-in-lieu of marketable securities
ETF shares are created when a large institutional investor called an Authorized Participant deposits a portfolio of stocks into the fund in exchange for an institutional block of ETF shares (usually 50,000). This is referred to as "in kind" creation because a basket of stocks is exchanged for ETF shares rather than using cash. However, some ETFs allow for the creation (and redemption) of ETF shares in cash in certain circumstances rather than through "in kind" creation.
Cash/Price Ratio
Cash a company has converted into cash per share divided by the price per share. A Cash/Price Ratio of 0.25 means that 25% of the price you are paying for a share of the stock is covered by cash the company has on hand.
Usually, the cash a company has is insignificant relative to the value of the company. Sometimes, like after an IPO, a company has a significant amount of cash. A high Cash/Price Ratio might mean that you are getting a good deal on the business, or it might mean that other investors are worried the company is not going to spend its cash appropriately.
Category
Groupings of investment products based on investment objective. Generally, investment categories often include these basic categories:
Chaikin Accumulation Distribution Oscillator (CADO)
The Chaikin Accumulation Distribution Oscillator attempts to anticipate trend changes by measuring the change in momentum of the Accumulation Distribution Line. This is done by applying a MACD to the Accumulation Distribution Line. The nearer the close is to the high, the more accumulation taken place. Conversely the nearer the close is to the low, the more distribution is taken place. Further, healthy rallies and declines are accompanied by increasing volume levels, and price tends to decline as volume dries up. The Chaikin Oscillator allows you to compare price action to volume flow, to help determine market tops and bottoms.
Interpretation:
Chaikin Money Flow (CMF)
Chaikin Money Flow (CMF) is a volume weighted average of Accumulation/Distribution over the specified period. The standard CMF period is 21 days. The principle behind the Chaikin Money Flow, is the nearer the close is to the high, the more accumulation has taken place. Conversely the nearer the close is to the low, the more distribution has taken place. If the price action consistently closes above the bar's midpoint on increasing volume then the Chaikin Money Flow will be positive. Conversely, if the price action consistently closes below the bar's midpoint on increasing volume, then the Chaikin Money Flow will be a negative value.
Interpretation: A CMF sell signal occurs when price action develops a higher high into overbought zones and the CMF diverges with a lower high and begins to fall.
Chande Momentum Oscillator (CMO)
The Chande Momentum Oscillator is similar to RSI or Stochastics. It is calculated by dividing the sum of up day and down day activity into the difference of up day and down day activity. The result is then multiplied by 100 to arrive at an indicator that oscillates between -100 and 100. A typical value for number of periods for the CMO is 20.
Interpretation:
Change
For stock, option, mutual fund and money market quotes, the change in the price of the security or fund since the previous day's close, in dollars. For indexes, change is the nominal change in the price of the index from the previous trading day's close.
Close At Event
The price of the financial instrument at the close of trading on the day that the event was detected. The close price is set as the last trading price before the exchange or market on which it is traded closes for the day. Because of after-hours trading, the opening price at the start of the next trading day may differ from the closing price on the previous trading day.
Columbine Capital
Major investment advisors, mutual funds, banks, and other institutional investors worldwide have been using the work of Columbine Capital Services since 1976. Wholly owned by its professionals, with no investment banking or brokerage business, Columbine provides a source of objective, bottom-up analysis for evaluating specific companies. Columbine's stock recommendations are the product of a disciplined, consistent company evaluation process developed through the firm's own intensive studies of the fundamental sources of stock performance in each economic sector. This hard-earned knowledge provides the foundation for a step-by-step analytical process that allows direct comparisons between one company and another.In 2013, Ford equity Research became the exclusivelicensor and producer of columbine Capital Services research.
Columbine's analysis culminates in a forecast of a company's return relative to the market over the next 12 months. Each stock is ranked against its peers on this forecast. The resulting rating forms the basis for Columbine's recommendation.
Commodity Price Basis Objective
For commodity exchange traded funds, it's the price criteria indicated in the fund's prospectus that is used by the fund to track one or more commodities. Commodities have actively traded spot and derivative markets. The spot price is the current market price that is quoted for immediate payment and delivery of the "physical" commodity. Derivative contracts specify delivery and payment will occur at a "future" date with the price based on the expected future value of the underlying commodity. A price basis objective of "derivative" means the fund attempts to track the commodity using derivatives. A price basis objective of "physical" means the fund attempts to track the commodity either by taking physical delivery of the commodity or attempting to track its spot price using derivatives such as short-term futures contracts.
Commodity: Sector Exposure
An ETP screening criteria that allows the user to see what Exchange Traded Products (ETPs) hold securities in the selected sector(s) by user specified weight. The ETP Portfolio Composition page summarizes the percentage held in each sector with a link to see all individual holdings. The underlying holdings of an ETP are reported at the end of each trading day.
Commodity: Sector Objective
At least 80% of the underlying securities within the ETP will be from a particular sector. Possible Sectors for Commodities include, but are not limited to, Energy, Precious Metals, Industrial Metals and Agriculture.
Commodity Channel Index (CCI)
The Commodity Channel Index (CCI) developed by Lambert, is designed to identify and trade cyclical turns in commodities. It assumes the commodity or stock moves in cycles. Lambert recommends using 1/3 of the cycle as the calculation period. The cycle is considered an interval of low-to-low or high-to-high. Commodities can cycle around 60 days, thus the period would be 20 days. Signals are given when CCI moves into the +100 or -100 regions.
Interpretation:
Commodity Trust
A type of Exchange Traded Product (ETP) structured as a trust, which holds the physical commodity (e.g., gold) or foreign currency, and issues shares representing fractional undivided beneficial interests in its net assets. These are generally considered ETPs.
Common Equity
Refers to the amount of the company's book value (or Shareholders' Equity) comprised of common stock.
Common Shares Outstanding
The net number of all common shares outstanding at year-end, excluding treasury shares and scrip. Common treasury shares carried on the asset side of the balance sheet are netted against the number of common shares issued. Common shares paid in stock dividends are included when the ex-dividend date falls within the year and the payment date the next year.
Common Shares Outstanding will not be the same as Common Shares for Basic Earnings per Share in a few instances. For example:
Common Stock
Securities that represent units of ownership in a public corporation.
Common stock owners usually have voting rights when it comes to selecting directors and in other matters, and they may benefit from receiving dividends on their holdings or by selling the stock at an increased price. But, in the event of liquidation in a company, creditors and bond and preferred stock holders take precedence over the claims of common stock holders.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Common Stock (REIT)
A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. A REIT is required to invest at least 75% of total assets in real estate and distribute 90% of their taxable income to investors.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Illiquidity is an inherent risk associated with investing in real estate and REITs. There is no guarantee the issuer of a REIT will maintain the secondary market for its shares and redemptions may be at a price which is more or less than the original price paid. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.
Company Headquarters Location
Denotes the country where most, if not all, of the important functions of company are coordinated.
Company Research Highlights
Company Research Highlights is a special stock report, available only from Fidelity, that gathers together important, up-to-date information from third-party analysts. If you're logged into Fidelity.com, Company Research Highlights is available when you evaluate a stock. Reports are updated once each business day and once over the weekend. The report includes:
Composite Quote
A composite quote lists the last trade, best bid and ask, and volume for all exchanges where a security trades.
Concentration Risk
Concentration Risk quantifies the level of diversification within an Exchange Traded Product. Concentration Risk takes into account the number of securities in the fund as well as their relative weights. The lower the concentration risk the better because the risk is being distributed among the funds components.
1. Updated monthly.
2. Proprietary Marco Polo XTF Inc. calculation.
Conditional Call Feature
Identifies if there is a conditional call provision, which permits the issuer to redeem the security conditioned upon the occurrence of certain events as specified in the security's prospectus.
Thomson Reuters I/B/E/S Consensus Recommendation
Thomson Reuters I/B/E/S Consensus Recommendation is provided by Thomson Reuters, an independent third-party provider, using information gathered from contributors. For each security where there is a consensus recommendation, the number of contributors is provided with the recommendation. The Thomson Reuters standardized scale is as follows:
1 - Strong Buy
2 - Buy
3 - Hold
4 - Underperform
5 - Sell
Each contributor determines how their individual recommendation scale maps to the Thomson Reuters I/B/E/S 5-point scale. While contributors may have a 3-point scale, dual-tiered scale or elaborate multi-tier scales with both company and industry/sector ratings, all points in their scale must map back to the standardized Thomson Reuters I/B/E/S scale of 1-5. To insure a meaningful mean calculation, contributors must map bullish ratings to a 1 or 2, neutral ratings to a 3 and bearish ratings to a 4 or 5. In cases of broker scales being greater than 5 points, multiple points in a broker's scale may map back to a single point in the Thomson Reuters I/B/E/S scale. Contributors are made aware that the 1-5 value will be calculated to create a straight arithmetic mean based upon the standard values above and displayed across Thomson Reuters products.
The mean ratings are calculated as follows:
Scale Changes
If a contributor changes their scale, stops must be applied to the database to prevent false revisions, followed directly by new recommendations applied on the same day. When scale changes occur, Thomson Reuters Market Specialists work closely with the contributor to outline the implications, and make decisions on how the change should be represented, based on the guidelines Thomson Reuters uses in mapping contributor scales to the normalized scale. Recommendation scale change requests received from contributors will be processed on a go-forward basis
Recommendation Drops
If a contributor drops coverage of a company, a stop is applied to the recommendation field. Additionally, if a contributor is "restricted" on the stock or has suspended their recommendation, a stop would be applied to the recommendation field. When a restriction is lifted, stops will remain in effect until new initiations are received from the broker.
Convertible
Indicates whether a preferred security contains a provision permitting the holder to convert the preferred security into another security or cash. What the preferred securities may be converted to and the specified rate of the conversion will be indicated in the security's offering documents, usually it is some percentage of common stock shares of the issuer. Usually conversion is only permitted anytime after a predetermined date. Most convertible preferred securities are exchanged at the request of the holder, however certain preferred securities may contain provisions dictating how and when the option to convert may be exercised. Provisions may exist that allow the issuer to force conversion of the preferred security. Mandatory convertible securities require conversion, usually according to a predetermined schedule.
Convertible Features
Identifies the conversion or exercise conditions for a security. Features may include convertible or exercisable into cash, bond, or a number of shares of a security at a set price per share.
Country Exposure
An Exchange Traded Product (ETP) screening criteria that allows the user to see which ETPs hold securities in the selected country by user specified weight. The ETP Portfolio Composition page summarizes the percentage held in each country with a link to see all individual holdings. The underlying holdings of an ETP are reported at the end of each trading day.
Country Objective
The ETP has the stated objective of investing primarily in underlying securities of a particular country as specified in the prospectus. Countries include, but are not limited to Brazil, China, India, etc. It is updated as necessary and as stated in the prospectus or categorized by Marco Polo XTF.
Coupon
Commonly a security's interest rate.
Coupon Pay Frequency
Reflects the scheduled frequency of payments stated in the security's prospectus. However, the actual frequency may be different due to suspended or deferred payments of interest or dividends. Frequency of coupon payment will generally be monthly, quarterly, semi-annually, or annually.
Coupon Type – Preferred Stock
Identifies the method by which interest or dividends are paid over the life of a preferred security, for example: fixed rate, adjustable rate, floating rate or stepped rate.
Coupon Type Objective
The Coupon Type Objective describes a fixed income ETPs interest payments on the bonds that it holds. Coupons are normally described in terms of the coupon rate that the bondholder receives during the time between when the bond is issued and when it matures. The types of objectives that can be classified are as follows: fixed, variable (floating, adjustable), inflation indexed, zero coupon, or blend.
1. Updated as necessary.
2. As stated in prospectus or categorized by Marco Polo XTF.
Coverage Dropped
When a research firm or analyst no longer covers a particular stock (or the sector in which the stock resides). Reasons include the analyst or firm no longer covers the sector, the analyst covering the stock left the firm, or the firm decided not to include the stock any longer within its coverage universe.
Coverage Initiated
When a research firm or analyst issues a first rating on a particular stock. This could be due to an initial public offering (IPO), a new analyst joining the firm, or a change in an analyst's coverage universe.
Credit Grade Exposure
A classification of an ETFs exposure according to the credit rating of the constituent debt. Credit grade is based on credit ratings assigned by a rating agency such as Standard & Poor's. Credit ratings reflect the rating agency's opinion of the relative credit risk of a security. Examples include: 'AAA' (highest credit quality), Investment Grade, and High Yield (below investment grade). The percentage may not total to 100% if an ETP holds non-fixed income securities such as cash and equities. If a security is rated by two or more of the credit rating firms of S&P, Moody or Fitch, then the most conservative (lowest) rating is used. If only one of those firms rates the security, that rating is used. If a security is not rated by any of those firms, it is classified as "Not Rated". The "AAA" grade consists of those securities having a credit rating of AAA. The "Investment Grade" consists of those with a credit rating of AA down to BBB (or of SP1 for municipal securities). The "High Yield" grade consists of all securities below BBB (or for municipal securities, a rating of SP2 or SP3) that are not in default. The "Default" grade consists of securities rated "D". Only credit grades applicable to the ETP are shown. Cash and derivatives are not considered to be fixed income securities. It is updated daily and calculated by Marco Polo XTF using constituent assets (ETP's holdings) aggregated and mapped to corresponding category.
Creation/Redemption
The process by which Authorized Participants transact directly with the Exchange Traded Products (ETP) on an "in kind" basis. Creations/Redemptions involve delivering a specified basket of securities to the fund in exchange for ETP shares, and vice versa. They involve an "in kind" transfer of securities, a transaction that is not a taxable event for the fund, which allows imbalances between supply and demand to be satisfied while minimizing any adverse taxable effect upon existing ETP shareholders and minimizing the premium/discount between the market price of the ETP and its underlying NAV.
Cumulative Dividend Indicator
Identifies whether deferred or missed interest or dividend payments will be accumulated as obligations of the issuer. Deferred or missed payments on cumulative preferred securities accumulate as obligations of the issuer, and must generally be paid out to holders of preferred securities first, before common shareholders can receive dividend payments. In the case of non-cumulative preferred securities, these payments do not accumulate as obligations of the issuer, and preferred security holders are not entitled to receive missed payments.
Cumulative Total Return
Cumulative total return reflects actual performance over a stated period of time.
Currency
The trading currency for a security. For example, USD for United States dollars.
Currency Exposure
A classification of a ETPs exposure based on the underlying constituents currency. If the underlying currency risk is unhedged, changes in the local foreign currency markets will affect the price of the ETF and this can be represented by showing the currency exposure. For equity securities this represents the �country of risk� in consideration of the effect that changes in the local currency have on the price of the ETF (called �performance risk�). For fixed income this provides the currency in which the bond was issued.
Currency Trust
A type of exchange traded security, structured as a trust, which holds the physical commodity (e.g., gold) or foreign currency and issues shares representing fractional undivided beneficial interests in its net assets. These are generally considered Exchange Traded Products (ETPs).
Current Assets
Cash and other assets that are expected to be realized in cash or used in the production of revenue within the next 12 months, including cash, short-term investments, inventories, and receivables.
Current Consensus Earnings Estimate
The First Call current quarter consensus estimates are calculated from analysts' earnings expectations for a particular company.
Current Liabilities
Items owed by a company within one year, including interest owed on long-term debt. Note that this item is not available for banks.
Current Optional Call Date
The date on which the Current Optional Call Price went into effect. A value of "--" is returned if no current call is in effect.
Current Optional Call Price
The current or first price at which a security is callable. The price cannot be determined when it decrements more frequently than monthly or because the ending price decrement was not stated in the prospectus. See Declining Call Schedule for more detail.
Current Ratio
Current assets divided by current liabilities. Current ratio is an indication of a company's ability to meet short-term debt obligations.
The lower the current ratio, the more likely that the company will have trouble meeting its current obligations. If a company can't meet its current obligations, it might be forced to file for bankruptcy, which usually renders the stock worthless.
Current Share Price
The most recent market price of the shares in question. Prices are delayed 20 minutes if you are not logged in.
CUSIP
An identification number assigned to an investment product, like a stock or a registered bond, by the Committee on Uniform Security Identification Procedures.
Custom-Weighted Index
The weight of each security in the index will be based on a set of rules that are either proprietary or do not fall into any other category.
Date & Time
The date and time the values displayed in a watch list were last updated. For securities priced only once per day (e.g., mutual funds), the values displayed are as of the end of the previous business day.
Date First Viewed
In the Recently Viewed Stocks list, the date the stock was first evaluated or compared.
Day High
The highest price traded for a security during the current trading day.
Day Low
The lowest price traded for a security during the current trading day.
Days Since New 52 Wk High/Low
Days since a security's price reached a new 52-week high/low. A value of 1 would find all of the companies that reached a new 52-week high/low today. A value of 5 would find all of the companies that reached a new high/low in the last week.
Days to Cover
A ratio that shows the outstanding short positions in the security with respect to average daily trading volume. A higher days to cover ratio suggests there could be potentially greater buying pressure in the event the security's price rises due to short sellers closing out short positions by buying back the stock. For example, if a security has average daily volume of 1 million shares and 2 million shares are currently short sold short, the shares have a days to cover rate of 2 (2M/1M). The higher the days to cover, the more pronounced this effect can be.
Days to Cover is calculated using the Current Shares Short or Short Interest (actual shares) divided by the Average Daily Share Volume. Both figures are reported monthly by the exchange the security is traded. If days to cover is between 0 and 1, it is rounded up to 1.
This measurement is of a security's issued shares that are currently shorted, expressed as the number of days required to close out all of the short positions. Current Short position divided by the average daily volume.
Debt Issuer Exposure
A classification of an ETFs exposure according to the issuer(s) of the constituent debt. Examples include: corporate, government and collateralized. It is updated daily and calculated by Marco Polo XTF using constituent assets aggregated and mapped to corresponding category.
Debt to Capital Ratio
Long term debt divided by capital (shareholder's equity plus debt).
Unlike debt-to-equity, debt-to-capital results in a number between 0 (no debt) and 100 (no equity). It indicates what proportion of equity and debt the company is using to finance its assets. A higher debt-to-capital ratio means the company is using a lot of financial leverage. A highly leveraged company will give stock holders outsized returns when the company is doing well, but the risk of bankruptcy is much higher when the company stops doing well. If you want to figure out whether a company has the right amount of leverage, you can compare its leverage with the leverage of other companies in the same industry.
Declining Call Schedule
For callable securities, a declining call schedule generally means that the issuer has the option to call the security at a premium prior to maturity and the price at which the security may be called or redeemed declines with each call date that passes so as to reach par at maturity.
Example: Ten year bond callable after the end of the sixth year
| Year | Call Price |
|---|---|
| Year 7 | 101.50 |
| Year 8 | 101 |
| Year 9 | 100.50 |
| Year 10 | 100 |
Depository Receipt
A depository receipt (DR) is a type of negotiable (transferable) financial security that is traded on a local stock exchange but represents a security, that is issued by a foreign publicly listed company.
Depository Receipt (REIT)
A negotiable financial instrument issued by a bank to represent a foreign company's publicly traded securities. The underlying company invests in real estate directly, either through properties or mortgages. DRRTs can also be backed by preferred stock or bonds issued by REITs.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Illiquidity is an inherent risk associated with investing in real estate and REITs. There is no guarantee the issuer of a REIT will maintain the secondary market for its shares and redemptions may be at a price which is more or less than the original price paid. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.
Depreciation
Total non-cash charges to income for the gradual, systematic reduction of the actual cost or other basic value of tangible and intangible assets over their estimated useful lives (e.g., factors such as wearing, aging, or obsolescence).
Detrended Price Oscillator (DPO)
The Detrended Price Oscillator attempts to remove trend from price in order to allow you to identify cycles and overbought/oversold levels more easily. Cycles longer than the period specified for the indicator are removed, leaving only the shorter-term cycles.
Distribution Payment Frequency
This describes how often the fund pays a distribution. "M" is monthly. "Q" is quarterly. "S" is semiannually. "A" is annually. "N" means that the fund does not pay regular distributions.
Distribution Yield - Trailing Twelve Months (TTM)
Morningstar computes this figure by summing the trailing 12-month's "income distributions" and dividing the sum by the last month's ending NAV, plus any capital gains distributed over the same period. It does not reflect return of capital distributions. Morningstar defines "income distributions" as only including distributions related to interest payments by the fund's underlying fixed-income securities and dividend payments related to the fund's underlying equity securities.
Dividend Analytics
The Dividend Analytics table displays industry-standard Annualized Dividend and Dividend Yield for a stock, and provides alternative forward and backward looking calculations to present a fuller understanding of the Company's dividend distribution trends. It also calculates all Extra and non-recurring Special Dividend distributions over each of the previous 2 years.
Dividend Announcement Date
The date on which a company's board of directors declares that a dividend will be paid. The board sets the amount and the date on which the dividend will be paid to shareholders of record.
Dividend Coverage (EPS Next Yr/IAD)
Next year's earnings per share divided by the indicated annual dividend (IAD).
Since estimates for next year's earnings come from Thomson Reuters I/B/E/S consensus estimates, this criterion will only find companies followed by Thomson Reuters I/B/E/S. If you do not want to eliminate companies with no analyst coverage, use Dividend Coverage (EPS TTM/IAD), which does not use projections.
Dividend Coverage (EPS TTM/IAD)
The company's trailing twelve-month earnings divided by its indicated annual dividend (IAD).
A high dividend coverage number might indicate that a company can afford to raise its dividend. A low number might suggest that the company cannot afford to continue paying dividends at the current rate, and might be forced to cut its dividend.
Dividend Ex-Date
The date, established by the stock exchanges, on or after which a security is no longer traded with rights to a previously announced dividend. The ex-dividend date for stocks is typically two business days prior to the record date. Investors that buy a stock before the ex-dividend will receive the dividend payment, while those that purchase the stock on or after the ex-dividend date will not.
Dividend Frequency
The rate of occurrence of a given dividend payment, such as monthly, quarterly, semi-annually or annually. A stated dividend frequency does not guarantee or imply future dividend payments according to that stated or any regular frequency.
Dividend Growth Rate
The growth rate measures the amount of increase or decrease in the Annualized Dividend per share of a security over a specified time period. Traditional time periods include:
Dividend Paid in last 12 months
Indicates if a dividend was paid in the last 12 months.
Dividend Pay Date
The date, established by a company's board of directors, on which a dividend will be paid to shareholders of record.
Dividend Payout % Last Quarter
Dividend Payout is the percentage of the primary earning per share excluding extraordinary items paid to common stock holders in the form of cash dividends during the last quarter. For this criterion, the universe is dividend-paying stocks only.
A high dividend payout number might not be sustainable. Therefore, this criterion can be used to find companies that might be forced to cut their dividend.
Dividend Rate/Amount
The dollar amount per share of the latest dividend paid.
Dividend Record Date
The date, established by the company's board of directors, by which shareholders must own a security to be entitled to the dividend. Shareholders who hold the security on or before this date will receive the dividend payment.
Dividend-Weighted Index
The weight of each security in the index will be based on the annual distribution (total dividend) amount paid by that security in terms of dollars or appropriate currency without taking into account the price of the security.
Dividend Yield (Annualized)
Dividend Yield is the current Annualized Dividend rate divided by the previous day's closing price.
The dividend yield ratio allows investors to compare the latest dividend they received with the current market value of the share as an indicator of the return they are earning on their shares.
Dividend-Yield Weighted Index
The weight of each security in the index will be based on the annual distribution (total dividend) paid by that security divided by the market cap of that security relative to the dividend yield of all the securities in the basket
Dividends
The cash payment per share made by the company to its shareholders every quarter. It is usually the part of profits not reinvested in the company. Dividends are taxed as income, not capital gains. Dividends are being reported net. For example, net foreign withholding tax that would be applied to the dividend of an foreign ADR.
Exchange Traded Product (ETP) dividends are paid out of income from the fund's investments. The tax on such dividends depends on whether the distributions resulted from interest income, or dividends received by the fund.
DMI
DMI helps provide an indication of how strong the directional movement (trend) is in a stock. It is comprised of three components. The first component, ADX, rates the directional movement (trend) of a stock on a scale of 0 to 100. In general, the higher the number the more a stock is trending and the more it is a candidate for a trend-following system. The next two components help decipher what the trend is showing. DMI+ is a measure of upward or positive movement in a stock. DMI- is a measure of negative or downward movement in a stock. A buy signal is given when DMI+ crosses DMI-. A sell signal is given when DMI- crosses over DMI+. The ADX line is then used to measure the strength of these signals. Traders typically like to act on these signals when the ADX is at a high number.
$ Gain
The difference between the purchase price per share multiplied by the number of shares at the last price quoted for a security.
$ Value
The last trade price of a security multiplied by the number of shares.
Double Smoothed Stochastic (DSS)
The Double Smoothed Stochastic indicator was created by William Blau. It applies Exponential Moving Averages (EMAs) of two different periods to a standard Stochastic %K, StochK. The components that construct the Stochastic Oscillator are first smoothed with the two EMAs. Then, the smoothed components are plugged into the standard Stochastic formula to calculate the indicator.
Interpretation: DSS ranges from 0 to 100, like the standard Stochastic Oscillator. The same rules of interpretation that are used for Stochastics can be applied to DSS, although DSS offers a much smoother curve than the raw Stochastic.
Dow Jones AIG Commodity Index
The Dow Jones AIG Commodity Index is a liquid and diversified benchmark for commodities as an asset class. The index is composed of futures contracts on 19 physical commodities traded on U.S. exchanges, with the exception of aluminum, nickel, and zinc, which trade on the London Metal Exchange. Commodity futures contracts specify a delivery date for the underlying physical commodity. In order to avoid delivery and maintain a long futures position, nearby contracts must be sold and contracts that have not reached the delivery period must be purchased. This process is known as "rolling" a futures position, and the Dow Jones AIG Commodity Index is a "rolling" index.
Dow Jones Industrial Average (DJIA)
An unmanaged, price-weighted index of 30 common blue chip stocks, comprised of major industrial companies. The DJIA assumes reinvestment of dividends.
Dow Jones Wilshire 4500 Completion Index
An unmanaged, float-adjusted, market capitalization-weighted index of substantially all equity securities of U.S. headquartered companies with readily available price data, except those included in the Standard & Poor's 500 Index (S&P 500).
Dow Jones Wilshire 5000 Composite Index
An unmanaged, float-adjusted, market capitalization-weighted index of substantially all equity securities of U.S. headquartered companies with readily available price data.
Downgrade
What happens when an analyst of firm reduces their rating or recommendation on a particular stock. For example, an analyst may downgrade a stock from "buy" to "hold." Depending on the analyst's reputation and what is revealed in the analyst's research (e.g., new information), a downgrade may help drive the stock price down.
Duration (in Days)
The number of days a recommendation lasted during the selected period.
ETP Type
The type of Exchange Traded Product as defined by the funds structure and composition; the choices are ETF, ETN, and HOLDRs. The ETP Type is updated as necessary and reflects what is stated in the prospectus or categorized by Marco Polo XTF.
EVA Dimensions
EVA Dimensions LLC provides software tools and stock research using EVA® (economic value added), its proven, proprietary and trademarked framework for converting standard accounting profit into estimates of true economic profit. EVA Dimensions utilizes the EVA methodology to evaluate companies and provides EVA Dimensions Ratings and "PRVit" scores.
EVA Dimensions Ratings
EVA Dimensions Ratings are assigned according to a firm's “PRVit” Score,” which is a quantitatively-derived grade of its investment timeliness that falls on a 0-100 percentile scale. Firms with higher PRVit scores are more attractively priced in relation to their recent profitability trends — net of risk — and thus they are expected to outperform stocks in the same line of business with lower ratings. Firms with PRVit scores of 80 to 100 are deemed “buys,” 60-80 “overweight,” 40-60 “hold,” 20-40 “underweight,” and 0-20 “sells.” Note that a occasionally company's rating shifts back and forth between categories, which occurs when its PRVit score vacillates from over to under the rating borderline. In such instances, investors should consult the firm's actual PRVit score rather than following the rating changes per se.
EVA Dimensions “PRVit” Score
“PRVit” (pronounced “prove-it”) stands for the “performance-risk-value investment technology.” It is a quantitatively-derived grade of a firm's investment timeliness. Firms with higher PRVit scores are more attractively priced in relation to their recent profitability trends — net of risk — and thus they are expected to outperform stocks in the same line of business with lower ratings. The model forces all stocks in a given business sector to be evenly spaced apart on 0 to 100 percentile scale, so that there are always as many buys as sells in any one sector and indeed across the entire market universe. As a result, there is no implicit (or indeed arbitrary) bias to buy, or to sell, in the ratings as a whole as is often the case with Street research, and nor is there a slant for or against investment in any one business line. PRVit simply indicates which stocks are more or less attractive to own in a given sector.
PRVit scores are based on developing a percentile index for a company's performance(P), risk(R), and its valuation multiples(V), and then computing a new index — its P score less its R score divided by its V score, or (P-R)/V, — in effect measuring a risk-adjusted return on value index — and then ranking all firms according to that ratio in each of the 60 sectors. Firms that are awarded higher PRVit scores are thus considered attractive to own because they are offering stronger profitability, net of risk, per unit of market value, and thus they are expected to outperform lower rated firms in their sectors. PRVit scores are the basis for assigning EVA Dimensions' Ratings, where firms scoring between 80 to 100 in their sector are deemed “buys,” 60-80 “overweight,” 40-60 “hold,” 20-40 “underweight,” and 0-20 “sells.” PRVit scores and ratings are re-computed daily for the entire Russell 3000 universe and approximately 200 large ADR's.
For this purpose, performance is rated in terms of a firm's recent track record in earning and increasing real “economic profit,” or EVA, standing for “economic value added.” Unlike reported accounting earning, EVA deducts a full charge for all capital — for a firm's equity as well as its debt — so that EVA does not even start to count profit until a firm is giving its shareholders a decent return on their investment. Firms that appear profitable when judged by growth in book earnings may not be when judged according to the higher standards EVA sets. EVA also eliminates other accounting and reporting distortions. A firm with excess cash is assumed to have paid it out, leased assets are treated as owned, bookkeeping write-downs and impairment charges are reversed, restructuring charges are added to capital as investments, and research and advertising spending are written off over time, to cite a few. The result: EVA is a more reliable and comparable measure of a firm's true profitability, and it generally explains stock prices far better than conventional accounting earnings or earnings-per-share. In the model, risk is essentially the degree of confidence that past EVA trends can be sustained. It is judged in terms of the volatility of stock price and return on capital, “free” cash generation after investment spending, and the extent of financial leverage on the balance sheet. A firm's valuation score is a composite of its trading multiples to sales, earnings, cash flow, book value, and its economic profit — all judged in comparison with all other Russell 3000 stocks.
Earnings Announcement
The date on which a quarterly earnings announcement was made by a company.
Earnings Announcement, Days Since
Companies are required to announce their earnings every quarter. Using Earnings Announcement, Days Since, you can find companies that announced earnings in the last day, seven days, or month.
Investors compare earnings in the earnings announcement to what they projected the company might earn. Large discrepancies usually prompt large swings in the company's stock and create headlines in the business press, because the market often overreacts to both good news and bad news. The news is usually the earnings announcement. By searching for companies that just announced earnings, you can find companies you believe the market has punished too heavily.
Earnings Announcement, Days Until
Use Earnings Announcement, Days Until to find companies that are expected to announce their earnings in the next day, week, or month.
If the company's earnings come in below the market's expectation (i.e., a Negative Earnings Surprise), the price usually goes down. If the company earns more than was expected (i.e., a Positive Earnings Surprise), the stock price usually goes up.
Use Earnings Announcement, Days Until to find companies you believe are undervalued, and for which an impending earnings announcement may cause the market to make an upward adjustment.
Earnings Before Interest, Taxes, and Depreciation (EBITD)
Earnings Before Interest, Taxes, and Depreciation measures how profitable companies are relative to each other. Interest and taxes are excluded from the calculation, because interest measures how much leverage a company has, not how profitable the company is. Similarly, taxes are more of a measure of what the last couple of years were like, rather than what the current year is like.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
Earnings before interest, taxes, depreciation, and amortization. Also known as operating cash flow. EBITDA is calculated by subtracting cost of sales and operating expenses from revenues. It is a useful measure of cash flow for companies that have low earnings because of large restructuring, capital build-out, or acquisition costs.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) Margin
Earnings before interest and taxes, divided by revenue. This is a measure of a company's earning power from ongoing operation for a given period of time. Time periods include Trailing Twelve Months (TTM).
Earnings Per Share (EPS)
The net income available for the common stock, divided by the number of outstanding shares.
In most instances, Company's will provide detailed reconciliations of their GAAP and non-GAAP results in their SEC filings.
Earnings Per Share (EPS) Growth
Earnings per share (EPS) growth can be analyzed as actual historical data or as estimated growth based on analyst projections.
Actual historical comparisons are calculated by Compustat using GAAP EPS and include:
Projection comparisons are calculated using Thomson Reuters I/B/E/S Adjusted Actuals and include:
Earnings Per Share/EPS (TTM)
EPS (TTM) refers to a company's earnings per share (EPS) for the trailing twelve month (TTM) period. EPS (TTM) represented here is calculated by dividing the Company Reported GAAP earnings available to common stockholders for the trailing twelve months by the trailing twelve month diluted weighted average shares outstanding.
EPS (TTM) can also be calculated by using the adjusted earnings number. Trailing Twelve Month numbers represent the most recent full-year picture of earnings.
Earnings Yield (EPS/Price Per Share)
Earnings Yield is a percentage calculated by dividing Earnings Per Share for the most recent 12 months by current price per share. For example, if a company earned $1.00 a share for the most recent 12 months, and its price is $10, its earnings yield is 10%.
If a company does not grow (or shrink), Earnings Yield is the return you will get on the company's current earnings. Therefore, a higher Earnings Yield is usually better. In searches, Earnings Yield corrects some of the big disadvantages of Price/Earnings Ratio using exactly the same numbers. For example, if a company has a price of $100.00 and earnings of $.01, it would have a P/E of 10,000. In this example, the P/E is high because the earnings are low, not because the price is high.
Use Earnings Yield to find stocks that might be undervalued (i.e., Earnings Yield relative to their peers is high).
Duration (Yrs)
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. Duration is only available for Fidelity Fixed Income ETFs and provided by FMR, LLC.
Efficiency
Efficiency quantifies how well an Exchange Traded Product outperforms its stated index/benchmark as a measure of excess profit or loss relative to the index/benchmark. The higher the efficiency the better as it illustrates the fund manager's aptitude of including higher returning securities in the funds portfolio.
1. Updated monthly.
2. Proprietary Marco Polo XTF Inc. calculation.
Emerging Market
A securities market of smaller size, or short operating history (e.g., Greece, Russia, China, and Brazil).
Employees
The number of company workers as reported to shareholders. This is reported by some firms as an average number of employees and by some firms as the number of employees at year-end. No attempt has been made to differentiate between these forms of reporting. If both are given, the year-end figure is used. The number of employees is represented in thousands of employees on an annual basis.
Employees includes:
Employees excludes:
Enterprise Value
A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is calculated by adding the market value of the company's outstanding common stock shares plus debt, minority interest and preferred shares, minus total cash and cash equivalents. It is sometimes thought of as a company's theoretical takeover price because a buyer often becomes responsible for the company's debt, but would get to keep its cash.
Equal-Weighted Index
Each security in the index will be of equal weight regardless of the price or market cap of the company.
Equity Summary Score
The Equity Summary Score provides a consolidated view of the ratings from a number of independent research providers on Fidelity.com. Historically, the maximum number of providers has been between 10 and 12. However, some stocks are not rated by all research providers. Since the model uses a number of ratings to arrive at an Equity Summary Score, only stocks that have four or more firms rating them have an Equity Summary Score.
As discussed in detail below, this single stock score and associated sentiment is provided by Thomson Reuters StarMine, a division of Thomson Reuters focused primarily on building quantitative factor models for institutional investors. It is calculated by normalizing third-party research providers' ratings distributions (making them more comparable) and weighting each provider's rating in the final score based on historical accuracy. Equity Summary Scores for the 1,500 largest stocks by market capitalization are force ranked to help ensure a consistent ratings distribution. This means that there will be a diversity of scores provided by the model, thereby assisting investors in evaluating the largest stocks (in terms of capitalization), which typically make up the majority of Fidelity's investor's portfolios. Finally, smaller cap stocks are then slotted into this distribution without a force ranking, and may not exhibit the same balanced distribution. Thomson Reuters StarMine updates Equity Summary Scores daily based on the ratings provided to it by the independent research providers after the close of each trading day.
† The Equity Summary Score provided by Thomson Reuters StarMine is current as of the date specified. There may be differences between the Equity Summary Score analyst count and the number of underlying analysts listed. Due to the timing in receiving ratings changes into the Equity Summary Score model, the Equity Summary Score analyst count may lag the ratings count displayed by one or more days. There may also be analyst count variations for symbols with multiple share classes and ADRs. More details on Equity Summary Score calculation are included in the Understanding and Using the Equity Summary Score Methodology (PDF).
How are Equity Summary Scores calculated?
The Thomson Reuters StarMine model takes the multiple standardized ratings of the research providers and creates a single Equity Summary Score/Sentiment using the following steps:
The Equity Summary Score and associated sentiment ratings by Thomson Reuters StarMine are:
Other Important Model Factors:
Notes on Using the Equity Summary Score:
The Equity Summary Score and sentiment ratings are ratings of relative, not absolute forecasted performance. The Thomson Reuters StarMine model anticipates that the highest rated stocks, those labeled “Very Bullish” as a group, may outperform lower rated groups of stocks. In a rising market, most stocks may experience price increases, and in a declining market, most stocks may experience price declines.
'Learn more about the Equity Summary Score Methodology (PDF). View monthly performance across all covered stocks with the Equity Summary Score Scorecard'
Equity Summary Score Change - 1 Month
The one month change of the Equity Summary Score (ESS). It can be useful to see how the score has changed as part of an analysis of a stock's potential.
It is important to distinguish between the rating, which is one of Very Bullish, Bullish, Neutral, Bearish and Very Bearish, and the Equity Summary Score which has a range from 0.1 to 10.0. Each rating corresponds with a range of Equity Summary Scores, as follows:
The change in the Equity Summary Score (ESS) adds insight into the recent history of the ESS to assess the trend that has taken place. As an example, a stock that is rated Neutral may not be of interest. However, a stock that is rated as a Neutral with an ESS of 6.9, while also having increased by 2 points over the last month, may warrant a closer review. This is especially true if, as is the case in this example, the ESS appears to be about to test the Bullish boundary of the rating. By reviewing the trend in the ESS over time, more information about a stock or a portfolio of stocks can be derived.
Equity Summary Score Firms
The Equity Summary Score firms are those whose ratings are included in the calculation of the Equity Summary Score for a specific stock. In order to be included in the Equity Summary Score, a research provider must be an independent Research Provider on Fidelity.com and must have 24 months of ratings history that can be used to calculate the firm/sector accuracy weighting.
The Equity Summary Score provided by Thomson Reuters StarMine is current as of the date specified. There may be differences between the Equity Summary Score analyst count and the number of underlying analysts listed. Due to the timing in receiving ratings changes into the Equity Summary Score model, the Equity Summary Score analyst count may lag the ratings count displayed by one or more days. There may also be analyst count variations for symbols with multiple share classes and ADRs. More details on Equity Summary Score calculation are included in the Understanding and Using the Equity Summary Score Methodology (PDF).
Equity: Capitalization Exposure
An Exchange Traded Product (ETP) screening criteria that allows the user to see which ETPs hold securities in the selected capitalization by user specified weight. The ETP Portfolio Composition page summarizes the percentage held in each capitalization with a link to see all individual holdings. The underlying holdings of an ETP are reported at the end of each trading day.
Equity: Capitalization Objective
The sponsor of the Exchange Traded Product (ETP) has stated in the prospectus that the underlying securities will be primarily from the capitalization.
Equity: Cash Flow Growth %
Weighted average of the underlying cash flow growth.
Equity: Historical Earnings Growth %
Weighted average of the underlying equity holdings' earnings growth over the past 3 years.
Equity: Industry Exposure
An Exchange Traded Product (ETP) screening criteria that allows the user to see which ETPs hold securities in the selected industry(s) by user specified weight. The ETP Portfolio Composition page summarizes the percentage held in each industry with a link to see all individual holdings. The underlying holdings of an ETP are reported at the end of each trading day.
Equity: Price/Book
The price/book (P/B) ratio of a fund is the weighted average of the price/book ratios of all the securities in a fund's portfolio. Book value is the total assets of a company, less total liabilities (sometimes referred to as carrying value). A company's book value is calculated by dividing the market price of its outstanding stock by the company's book value, and then adjusting for the number of shares outstanding (Securities with negative book values are excluded from this calculation.).
In computing a fund's average P/B, Morningstar weights each portfolio holding by the percentage of equity assets it represents, so that larger positions have proportionately greater influence on the final P/B.
The price/book ratio can tell investors approximately how much they're paying for a company's assets, based on historical, rather than current, valuations. Historical valuations generally do not reflect a company's current market value. Value investors frequently look for companies that have low price/book ratios.
Equity: Price/Cash Flow
A securities current price divided by the trailing 12-month cash flow per share.
This represents the weighted average of the price/cash-flow ratios of the securities in a fund's portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company's operations.
Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Because accounting conventions differ among nations, reported earnings (and P/E ratios) may not be comparable across national boundaries.
Price/cash-flow attempts to provide an internationally-standard measure of a firm's security price relative to its financial performance.
Equity: Price/Trailing Earnings
Weighted average of the underlying equity holdings' earnings per share.
Equity: Sales Growth %
The estimation of the revenue growth.
Equity: Sector Exposure
An Exchange Traded Product (ETP) screening criteria that allows the user to see which ETPs hold securities in the selected sector by user specified weight. The ETP Portfolio Composition page summarizes the percentage held in each sector with a link to see all individual holdings. The underlying holdings of an ETP are reported at the end of each trading day.
Equity: Sector Objective
The ETP has the stated objective of investing primarily in underlying securities of a particular sector as specified in the prospectus. An ETP can be primarily invested in a sector yet not have it as a stated objective. Use Equity: Sector Exposure, Commodity: Sector Exposure and Equity: Industry Exposure to see percentage held in the ETP as of the last trading day.
Equity: Style Objective
The ETP has the stated objective of investing primarily in underlying securities of a particular style as indicated in the prospectus. Examples include, but are not limited to, value and growth.
Est. Analyst Coverage
The number of analysts expected to submit earnings estimates. Time periods measured include:
Est. Analyst Coverage is an indicator of how closely a company is watched. The more closely watched a company is, the less likely it is that there will be positive or negative surprises that could cause large changes in value. However, the less closely watched a company is, the more likely you are to find value that others have not yet found.
Most Recent Ex-Date
The date declared distributions are deducted from a securities assets before it calculates its net asset value. The net asset value will drop by the amount of the per share distribution.
Ex-Split Date
The date that the stock price is adjusted to reflect the issuance of new shares due to the stock split.
Exchange
The exchange on which a security is traded. Generally, the exchange a stock trades on does not matter, with one exception: stocks that do not meet the listing criteria of the major exchanges (the AMEX, NASDAQ, or the NYSE) are listed on the non-NASDAQ or bulletin board. Stocks fail to meet the listing criteria due to lack of financial strength, lack of liquidity, or failure to file reports of their quarterly results properly. To eliminate these companies from your search, select All Except Bulletin Board.
Exchange Traded Fund (ETF)
An ETF represents an interest in a portfolio of securities that often seeks to track an underlying benchmark or index (for example, S&P 500 or Dow Jones Industrial Average), or other asset classes. ETFs are listed on an exchange and can be traded intraday at a price set by the market (which may be different than its Net Asset Value)
Exchange Traded Product (ETP)
Exchange-traded product (ETP) is a term used to describe several different types of open-ended investments, most commonly, exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other types of exchange-traded investment vehicles including those structured as limited partnerships, grantor trusts or unit investment trusts.Visit Fidelity's Learning Center to learn more about ETPs.
Exchange Traded Note (ETN)
An ETN is a senior, unsecured, unsubordinated debt security issued by an underwriting bank. ETNs have a maturity date and are backed only by the credit of the issuer. ETNs are traded on an exchange and are linked to the return of an index or other benchmark.
Expense
The price paid to those who manage an investment product in order to cover the operating costs of that investment product.
Expense Waiver(s)
Annual reporting of the elimination of all or part of a fund's expenses and fees. Funds, particularly fixed-income funds, adopt this practice at various times to make their returns more competitive. Expense cap(s) or waiver(s) can be terminated or revised at any time. See "View Details" for details of the type of waiver(s) or cap(s). See prospectus for more information on Fees and Expenses.
Exponential Moving Average (EMA)
EMA returns the Exponential Moving Average of the specified Period. EMA is similar to Simple Moving Average (SMA), in that it averages the data over a period of time. However, whereas SMA just calculates a straight average of the data, EMA applies more weight to the data that is more current. The most weight is placed on the most recent data point. Because of the way it's calculated, EMA will follow prices more closely than a corresponding SMA.
Interpretation: