A securities license entitling the holder to register as a limited representative and sell mutual funds, variable annuities and insurance premiums. Holders of the Series 6 license are not permitted to sell corporate or municipal securities, direct participation programs and options. In order to obtain the Series 6 license, candidates must pass the Investment Company/Variable Contracts Products Limited Representative (Series 6) exam. The Series 6 exam is administered by the Financial Industry Regulatory Authority (FINRA) (formerly the National Association of Securities Dealers (NASD)), and covers topics on mutual funds, variable annuities, securities and tax regulations, retirement plans and insurance products. A passing grade is achieved by correctly answering at least 70 of 100 questions correctly within two hours and 15 minutes.Candidates must be sponsored by a member of FINRA or a self-regulatory organization (SRO) in order to write the exam. Upon receiving a passing grade, candidates must then register with FINRA through their sponsoring firms in order to transact authorized securities.
An exam offered by the Financial Industry Regulatory Authority (FINRA) and overseen by the Municipal Securities Rulemaking Board (MSRB). The Series 52 qualifies a financial professional to become a licensed municipal securities representative. People who obtain this certification can sell municipal securities such as municipal bonds, agency bonds and Section 529 plans for college education. The test consists of 100 questions, and must be completed within three hours. A score of 70% or better is required for passing. Question topics include how to analyze municipal securities and credit, the types of markets and channels they are traded in, presentation materials for new issues, and U.S. monetary and interest rate policies. The test is similar in scope to the Series 53 exam for principals, but does not include topics relating to managing sales staff and certain regulatory practices. Even though many Section 529 plans are invested into equity-based securities and funds, the sales of 529 plans by broker/dealers are under the supervision of the MSRB.
An exam offered by the Financial Industry Regulatory Authority (FINRA) for financial professionals seeking to become general securities principals or sales supervisors. The Series 23 can only be taken once the Series 9/10 exams have been passed. The exam consists of 100 multiple-choice questions on the investment banking process (primary and secondary markets), market-making and trading activities at the firm level, managing office staff, and current FINRA regulations. A score of 70% or better is required for passing. The Series 23 can be bypassed by taking the Series 24 exam, which is more comprehensive and includes information presented on the 9/10 exams. A general securities principal has the authority to manage mutual funds, variable annuities and other pooled asset vehicles within FINRA and SEC-authorized firms. Sales supervisors can manage sales and brokerage staff, or work as general partners for a firm. Professionals taking this exam have typically been working in the industry for several years, and are looking to become mutual fund managers or office managers.
A mutual fund that restricts its investment to the assets of one country and is able to allocate its funds only within the range of investment instruments available in the specified country. This restriction is based on the mutual fund prospectus. If the fund's prospectus states that it is only investing in one country, the fund is bound by this statement. Also known as a "country fund". For example, a single-country fund for Russia will only invest in assets based in that country, such as the stocks of Russian companies, Russian government debt and other Russia-based financial instruments.
An exchange-traded fund that invests primarily in raw silver assets, which are held in trust by the fund manager and/or custodian. Typically, silver ETFs are established as grantor trusts, where each share of the ETF represents the specific right to a precise amount of silver, measured in ounces. Silver ETFs aim to track as closely as possible the spot price of silver on the open market.The first to market was the iShares Silver Trust, managed by Barclays Global Investors and introduced in 2006. The introduction of silver and gold ETFs in the early 2000s opened up an attractive investment vehicle for both individual and institutional investors. Precious metals like silver are seen as a hedge against inflation. ETFs allow for greater liquidity than holding the metal itself, and are easier for individuals to access than the futures markets.Silver ETFs held in taxable accounts are subject to a higher long-term capital-gains rate on any holdings of more than one year. Because silver ETFs are considered to be investments in the raw metal itself, gains are assessed on silver as a “collectible” and are subject to a 28% long-term capital-gains rate. Silver ETFs held in IRAs are not subject to this higher gains tax, having been given a special clearance by the Internal Revenue Service.
A system that allows firms making an issue to produce a short form prospectus. The short form prospectus must contain any material changes not previously reported. There are some issuers who continuously disclose information, and they have the opportunity to use the SFPDS. This system is quicker and more cost effective than the conventional means of distributing a prospectus.
A ratio developed by Nobel laureate William F. Sharpe to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free rate - such as that of the 10-year U.S. Treasury bond - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. The Sharpe ratio formula is: The Sharpe ratio tells us whether a portfolio's returns are due to smart investment decisions or a result of excess risk. This measurement is very useful because although one portfolio or fund can reap higher returns than its peers, it is only a good investment if those higher returns do not come with too much additional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-less asset would perform better than the security being analyzed.A variation of the Sharpe ratio is the Sortino ratio, which removes the effects of upward price movements on standard deviation to measure only return against downward price volatility.
A type of open-ended investment fund in which the amount of capital in the fund varies according to the number of investors. Shares in the fund are bought and sold based on the fund's current net asset value. SICAV funds are some of the most common investment vehicles in Europe. A SICAV fund, considered a legal entity, will have a board of directors to oversee the fund. Each individual shareholder receives voting rights and has the right to attend the annual general meetings. The term Société d'investissement à Capital Variable is most well known and used in France, Luxembourg, and Italy where it's called Societa' di Investimento a Capital Variable.
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