Series 7 Exam | Investopedia

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" version="XHTML+RDFa 1.0" dir="ltr"> <head profile="http://www.w3.org/1999/xhtml/vocab"><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://www.investopedia.com:80/professionals/series7/?","20160726153958","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1469547598"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />  <link rel="dns-prefetch" href="https://web.archive.org/web/20160726153958/http://i.investopedia.com/public"> <link rel="preconnect" href="https://web.archive.org/web/20160726153958/http://i.investopedia.com/public"> <link rel="dns-prefetch" href="https://web.archive.org/web/20160726153958/http://www.investopedia.com/"> <link rel="preconnect" href="https://web.archive.org/web/20160726153958/http://www.investopedia.com/"> <link rel="dns-prefetch" href="https://web.archive.org/web/20160726153958/http://v1.investopedia.com/"> <link rel="preconnect" href="https://web.archive.org/web/20160726153958/http://v1.investopedia.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://ajax.googleapis.com/"> <link rel="preconnect" href="//web.archive.org/web/20160726153958/http://ajax.googleapis.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://idsync.rlcdn.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://cdn.feedbackify.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://ic.tynt.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://rc.rlcdn.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://z.moatads.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://ak.sail-horizon.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160726153958/http://pagead2.googlesyndication.com/"> <script language="javascript" type="text/javascript"> var sem_pageview = false; var sem_ocode = '9999'; var sem_ldid = ''; var sem_sh = ''; function updateSemVariable(query) { if (query[1] === undefined) { return; } switch(query[0]) { case 'o': sem_ocode = query[1]; break; case 'ldid': sem_ldid = query[1]; break; case 'sh': sem_sh = query[1]; break; } } function getCookie(cname) { var name = cname + "="; var ca = document.cookie.split(';'); for (var i = 0; i < ca.length; i++) { var c = ca[i]; while (c.charAt(0) == ' ') c = c.substring(1); if (c.indexOf(name) == 0) return c.substring(name.length,c.length); } return ""; } function getSemCookie() { var queryStr = getCookie('semuser'); if (queryStr == "") { return; } sem_pageview = true; var queries = queryStr.split("&"); for (var i = 0, l = queries.length; i < l; i++) { var query = queries[i].split('='); updateSemVariable(query); } } getSemCookie(); var updateAup = function(aUp) { aUp = aUp.replace("INV-NA", "invsem-serp-ds"); var utms = null; if (typeof getUrlParam === "function") { try { utms = getUrlParam("utm_source"); } catch (e) {} } var aUp_arr = aUp.split("/"); var last = aUp_arr.pop(); aUp_arr.push((utms !== null ? utms : "dir") + "_" + (typeof sem_ocode !== "undefined" ? sem_ocode : 0)); if (aUp_arr.length > 3) { aUp_arr[3] = last; } return aUp_arr.join("/"); }; if (typeof googletag !== "undefined") { googletag.cmd.push( function() { if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true)) { var processArgs = function(arguments) { if (typeof arguments === "object") { for (var i = 0; i < arguments.length; i++) { if (arguments[i].indexOf("8397") > -1) { arguments[i] = updateAup(arguments[i]); break; } } } return arguments; }; googletag.defineSlot = (function() { var orig_func = googletag.defineSlot; return function() { return orig_func.apply(this, processArgs(arguments)); }; })(); googletag.defineOutOfPageSlot = (function() { var orig_func = googletag.defineOutOfPageSlot; return function() { return orig_func.apply(this, processArgs(arguments)); }; })(); } }); } </script> <script type="text/javascript"> var dataLayer = []; if (typeof _pageTaxonomy !== "undefined") { dataLayer.push(_pageTaxonomy); } </script><script type="text/javascript"> var pageviewIDEntity = ""; function S4() { return (((1+Math.random())*0x10000)|0).toString(16).substring(1); } var pageviewID = new Date().getTime() + "-" + S4() + S4() + pageviewIDEntity; dataLayer.push({'pageviewID' : pageviewID}); </script><script type="text/javascript"> window.adblock = false; function hasAdBlocker() { window.adblock = true; } function isAdBlocked () { return window.adblock; } </script> <script async src="//web.archive.org/web/20160726153958js_/http://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js" onerror="hasAdBlocker();"></script> <script type="text/javascript"> /* observer */!function(){window.adonis=window.adonis||{},window.adonis.scriptStatuses={};var t=function(){var t,n="NEW_SCRIPT_EVENT";window.CustomEvent?t=new CustomEvent(n,{detail:{}}):(t=document.createEvent("CustomEvent"),t.initCustomEvent(n,!0,!0,{})),window.dispatchEvent(t)};document.addEventListener("load",function(n){n.target&&"SCRIPT"===n.target.nodeName&&(window.adonis.scriptStatuses[n.target.src]="load",t())},!0),document.addEventListener("error",function(n){n.target&&"SCRIPT"===n.target.nodeName&&(window.adonis.scriptStatuses[n.target.src]="error",t())},!0)}(); </script> <title>Series 7 Exam | Investopedia</title> <meta name="application-name" content="Investopedia"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta http-equiv="X-UA-Compatible" content="IE=9"/>  <meta property="fb:pages" content="105109162854142, 925483520864421"/> <meta property="fb:app_id" content="371867692868423"/> <meta name="viewport" content="width=device-width, initial-scale=1"/>  <meta name="robots" content="index,follow"/> <meta property="og:locale" content="en_US"/> <meta property="og:title" content="Series 7 Exam | Investopedia"/> <meta property="og:url" content="https://web.archive.org/web/20160726153958/http://www.investopedia.com/"/> <meta property="og:site_name" content="Investopedia"/> <meta property="og:type" content="article"/> <meta property="og:image" content="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/facebook/investopedia-facebook-image.gif"/> <meta property="article:tag" content="series 7"/> <meta property="fb:admins" content="100003532063336"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:site" content="@Investopedia"/> <meta name="twitter:title" content="Series 7 Exam"/> <meta name="twitter:image:src" content="http://i.investopedia.com/facebook/investopedia-facebook-image.gif"/>  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link rel="apple-touch-icon" href="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/public/img/apple-touch-icon.png"/> <link rel="canonical" href="https://web.archive.org/web/20160726153958/http://www.investopedia.com/professionals/series7/"/> <link rel="shortcut icon" href="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/public/img/favicon.ico" type="image/vnd.microsoft.icon"/> <link rel="stylesheet" type="text/css" href="https://web.archive.org/web/20160726153958cs_/http://i.investopedia.com/public/css/tablet.css?v=5.397"/>   <script type="text/javascript" data-id="script_taxonomy"> //<![CDATA[ var _pageTaxonomy = {"Hashkey":null,"Path":"/professionals/series7/","Channel":"Professionals","SubChannel":"Professionals","Advertising":"Professionals","SubAdvertising":"Professionals","DfpTarget":"Professional/Professional","Tags":["Series 7"],"Taggroup":[],"Type":"Listing","Lucrativeness":null,"Timelessness":"Timeless","Feature":null,"Design":null,"InterestLevel":null,"Index":"True","NoIndexParams":"False","Follow":"True","Master":"False","ServerName":"tax003"}; //]]> </script>   <script language="javascript" type="text/javascript"> var idc_slots = {}; idc_slots.slots = ["AdSlot_PG-Background","AdSlot_AF-Top-Leaderboard","AdSlot_PG-Web-Bar","AdSlot_IC-BelowContent","AdSlot_AF-Right-Multi","AdSlot_BF-Right-Multi","AdSlot_BF-Right-Button1","AdSlot_BF-Right-Button2","AdSlot_BF-Right-Button3","AdSlot_BF-Right-Button4","AdSlot_AF-Right-Textlink1","AdSlot_AF-Right-Textlink2","AdSlot_AF-Right-Textlink3","AdSlot_BF-Footer-Leaderboard"]; var hash = window.location.hash; if (typeof hash.startsWith === "function") { if (hash.startsWith("#ec") || hash.startsWith("#ra")) { idc_slots.includes = []; } } idc_slots.build = function(slot) { return "/8397/INV-NA/Professional/Professional/position/Listing".replace("position", slot.position); }; </script> <script type="text/javascript"> var idc_device = {"desktop":true,"tablet":false,"phone":false}; </script> <script data-id="script_dfp" type="text/javascript"> simpUrl = "&t="; targetingList = { 'infiniteScroll': 'false', //output audience segments Bugzilla# 351853 } simpUrl = "&t=" + encodeURIComponent(simpUrl); idc_targeting = targetingList || {}; </script>  <script src="https://web.archive.org/web/20160726153958js_/https://ajax.googleapis.com/ajax/libs/jquery/1.7.2/jquery.min.js"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160726153958js_/http://i.investopedia.com/public/js/main.min.js?v=5.397"></script> <script language="javascript" type="text/javascript"> var noDfp = false; var ecLayout = false; /* remove ads for email capture layout, here the bc-textnote won't be removed */ if (window.location.hash.substring(0, 3) === "#ec") { noDfp = true; ecLayout = true; /* set welcome_ad is viewed */ var invWelcomeAd_CookieExpiry = 3600000 * 24; var invCookieExpires = new Date(); var host = window.location.host.toLowerCase().replace('www.',''); invCookieExpires.setTime(invCookieExpires.getTime() + invWelcomeAd_CookieExpiry); setCookie('AdViewed', '1', { expires: invCookieExpires, path: '/', domain: host }); } if (window.location.hash === "#ra") { noDfp = true; ecLayout = false; } </script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160726153958js_/http://i.investopedia.com/dest/js/inv.min.js?v=5.397"></script> <script language="javascript" type="text/javascript"> var timeToSlotRenderEnded = Date.now(), slotRenderCount = 0; googletag.cmd.push( function() { googletag.pubads().addEventListener('slotRenderEnded', function(event) { try { if (event.slot.getSlotElementId().indexOf("BC-Textnote") > -1) return; // WARNING: This will be updated in the future but is used track render times for the idc library. slotRenderCount++; if (typeof idc_slots !== "undefined") { if (slotRenderCount == Object.keys(idc_slots.slots).length) { dataLayer.push({ 'event': 'event-all-slots-render-ended', 'eventLabel' : "true|"+slotRenderCount, 'eventValue': Date.now() - timeToSlotRenderEnded }); } } } catch (e) {} }); }); </script> <script type="text/javascript"> var invadv = {}; invadv.tags_parent = 0; invadv.question_tags = 0; invadv.expertise_tags = 0; invadv.total_answers = 0; invadv.is_advisor_logged_in = 0; invadv.percent_helpful = 0; invadv.job_title = 0; invadv.fee_structures = 0; invadv.aum = 0; invadv.is_internal_staff = 0; dataLayer.push({'invadv' : invadv}); </script> <script> var initLayer = _pageTaxonomy; initLayer['country'] = invGCookie.geoCountry(); initLayer['state'] = invGCookie.geoStateProvince(); initLayer['asset_version'] = '5.397'; initLayer['device'] = 'desktop'; dataLayer.push(initLayer); </script> <script data-id="script_optimizely" src="//web.archive.org/web/20160726153958js_/http://cdn.optimizely.com/js/3135740712.js"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160726153958js_/http://i.investopedia.com/public/js/streamsense.min.js?v=5.397"></script>  <script type="text/javascript"> var myStreamingTag = new ns_.StreamingTag( { customerC2: '18280457' } ); var metadata = { ns_st_ci: "0", // Content Asset ID c3: "www.investopedia.com", // Dictionary Classification Value c4: "*null", // Unused Dictionary Classification Value c6: "*null" // Unused Dictionary Classification Value }; </script>   <script type="text/javascript"> if(invGCookie.geoCountry() !== "IN") { var nativoScript = document.createElement('script'); nativoScript.type = 'text/javascript'; nativoScript.src = 'https://web.archive.org/web/20160726153958/http://a.postrelease.com/serve/load.js?async=true'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(nativoScript, s); } </script> <script type="text/javascript"> var _sf_async_config = _sf_async_config || {}; _sf_async_config.uid = 56959; _sf_async_config.domain = "www.investopedia.com"; _sf_async_config.useCanonical = true; _sf_async_config.flickerControl=false; var _sf_startpt = (new Date()).getTime(); </script> <script async src="//web.archive.org/web/20160726153958js_/http://static.chartbeat.com/js/chartbeat_mab.js"></script> </head>  <body class="html not-front not-logged-in no-sidebars page-node page-node- page-node-157036 node-type-exam-prep-landing" id="ProfessionalsChannel"> <script type="text/javascript"> /* wrapper */!function e(t,n,r){function o(a,c){if(!n[a]){if(!t[a]){var d="function"==typeof require&&require;if(!c&&d)return d(a,!0);if(i)return i(a,!0);var s=new Error("Cannot find module '"+a+"'");throw s.code="MODULE_NOT_FOUND",s}var u=n[a]={exports:{}};t[a][0].call(u.exports,function(e){var n=t[a][1][e];return o(n?n:e)},u,u.exports,e,t,n,r)}return n[a].exports}for(var i="function"==typeof require&&require,a=0;a<r.length;a++)o(r[a]);return o}({1:[function(e,t,n){!function(){function t(){o&&console.log.apply(console,arguments)}var n=e(4),r=window.RTCPeerConnection||window.mozRTCPeerConnection||window.webkitRTCPeerConnection;if(!r||window.adonisGlobal&&"full"!==window.adonisGlobal.detectionLevel)return void n.reportEvent("bootstrap.ifw.rtc.absent");n.reportEvent("bootstrap.ifw.rtc.exists");var o="#adonis-logging"===window.location.hash,i=function(e){var t=function(){e===!0&&console.log.apply(console,arguments)},n=["script","img"];document.addEventListener("load",function(e){t("withinIframe load event",e.target),!e.target||"SCRIPT"!==e.target.nodeName&&"IMG"!==e.target.nodeName||(e.target._loadState="load")},!0),document.addEventListener("error",function(e){t("withinIframe error event",e.target),!e.target||"SCRIPT"!==e.target.nodeName&&"IMG"!==e.target.nodeName||(e.target._loadState="error")},!0),window.addEventListener("message",function(e){if(void 0!==e.data.iframeId){t("message received "+e.data.iframeId);var r=e.data,o=function(e){"loading"!==document.readyState?e():document.addEventListener("DOMContentLoaded",e)},i=function(e){var r={originIframeId:e.iframeId,readyState:document.readyState,requestData:[],cssData:[]},o=e.srcSubstrings;if(void 0!==o)for(var a=document.querySelectorAll(n.join(",")),c=0;c<a.length;c++){var d=a[c];if(d.src){var s=o.some(function(e){return-1!==d.src.indexOf(e)});if(s){if(void 0===d._loadState)return t("Wait for event from "+d.src),d.addEventListener("load",function(){i(e)}),void d.addEventListener("error",function(){i(e)});r.requestData.push({type:d.nodeName,src:d.src,state:d._loadState})}}}var u=e.displayTypes,f=e.cssAttributes;void 0!==u&&void 0!==f&&(a=document.querySelectorAll(u.join(",")),Array.prototype.forEach.call(a,function(e){var t=window.getComputedStyle(e),n={};f.forEach(function(e){n[e]=t.getPropertyValue(e)}),r.cssData.push({type:e.nodeName,id:e.id,"class":e.getAttribute("class"),cssAttributes:n})})),t("send response "+e.iframeId),parent.postMessage(r,"*")};o(function(){i(r)})}})},a=['<script type="text/javascript">(',i.toString(),")(",o.toString(),")<","/script>"].join(""),c=function(e,t,n,r){var o=Object.getOwnPropertyDescriptor(e.prototype,t);Object.defineProperty(e.prototype,t,{get:function(){return n(o.get,this,arguments)},set:function(){return r(o.set,this,arguments)},enumerable:!0})},d=function(e,t,n){return e.apply(t,n)},s=function(e,n,r){try{var o=r[0];if(-1!==o.indexOf("html")){var i=o.split(";"),c=i[1],d=parseInt(c)+a.length;i[1]=d.toString(),o=i.join(";"),o=o.replace("<head>","<head>"+a),r[0]=o}}catch(s){t(s)}return e.apply(n,r)};c(HTMLIFrameElement,"name",d,s);var u=function(e){var t=!1;if(e.src)if(0===e.src.indexOf("javascript:"))t=!0;else{var n=document.createElement("a");n.href=e.src;var r=n.host;r===window.location.host&&(t=!0)}return t},f=function(e,n,r){var o=e.apply(n,r);try{if(u(n)&&void 0===o._writeDecorated){o._writeDecorated=!0;var i=o.write;o.write=function(e){try{-1!==e.indexOf("<head>")?e=e.replace("<head>","<head>"+a):-1!==e.indexOf("<script")&&(e=e.replace(/(<script.*?>)/,a+"$1"))}catch(n){t(n)}return i.call(this,e)}}}catch(c){t(c)}return o},p=function(e,t,n){return e.apply(t,n)};c(HTMLIFrameElement,"contentDocument",f,p);var l=function(e,n,r){var o=e.apply(n,r);try{if(u(n)&&void 0===o.document._writeDecorated){o.document._writeDecorated=!0;var i=o.document.write;o.document.write=function(e){try{-1!==e.indexOf("<head>")?e=e.replace("<head>","<head>"+a):-1!==e.indexOf("<script")&&(e=e.replace(/(<script.*?>)/,a+"$1"))}catch(n){t(n)}return i.call(this,e)}}}catch(c){t(c)}return o},v=function(e,t,n){return e.apply(t,n)};c(HTMLIFrameElement,"contentWindow",l,v)}()},{4:4}],2:[function(e,t,n){var r=e(3);t.exports=r},{3:3}],3:[function(e,t,n){t.exports={REAL_STUN_HOST:"stun.xpanama.net:3478",TURNSIGNAL_HOST:"ts.p.xpanama.net:7000",STUNGUN_HOST:"sg.p.xpanama.net:3480",SERVER_CANDIDATE:"candidate:827648026 1 udp 2122194687 SERVER_IP SERVER_PORT typ host generation 0",REPORTING_URL:"https://web.archive.org/web/20160726153958/https://lb.statsevent.com/stats",REPORTING_RATE:.01,LOG_LEVEL:"error",REPORT_ERRORS:!0,MANIFEST_URL:"https://web.archive.org/web/20160726153958/https://sri.jsintegrity.com/manifest.json",MANIFEST_EXPIRATION_TIME:86400,AD_MARKER:"adonis-marker"}},{}],4:[function(e,t,n){function r(e){var t=new XMLHttpRequest,n=[s.REPORTING_URL,e].join("");t.open("GET",n,!0),t.send()}function o(e){r("/adonis_error?e="+e.toString())}function i(){return null!=window.ADONIS_BOOTSTRAP_STATS?window.ADONIS_BOOTSTRAP_STATS===!0:Math.random()<s.REPORTING_RATE}function a(e,t){if(c(e),i()){var n={website:window.location.hostname,key:e};null!=t&&(n.quantity=t),r(["/adonis_event/?event=",JSON.stringify(n)].join(""))}}function c(e){if(window.performance){var t={key:e,time_ms:Math.round(window.performance.now()),website:window.location.hostname};f.push(t)}}function d(){u.defineReadOnlyProperty("adonisBootstrapTiming",f)}var s=e(2),u=e(5),f=[];t.exports={reportError:o,reportEvent:a,saveTiming:d,shouldReport:i}},{2:2,5:5}],5:[function(e,t,n){function r(e,t){Object.defineProperty(window,e,{value:t,writable:!1})}function o(e,t){return!t||Number(t)<=e}function i(e){var t=(new Date).getTime()/1e3;return o(t,e)}var a=function(){var e=window.navigator.userAgent.toLowerCase(),t=/(chrome)[ \/]([\w.]+)/.exec(e)||/(firefox)[ \/]([\w.]+)/.exec(e);if(null!==t){var n=t[1],r=t[2],o=parseInt(r.split(".")[0]);if("chrome"===n&&o>=41||"firefox"===n&&o>=37)return!0}return!1},c=function(e){"loading"!==document.readyState?e():document.addEventListener("DOMContentLoaded",e)};t.exports={isSupportedBrowser:a,defineReadOnlyProperty:r,ready:c,isExpired:o,isExpiredNow:i}},{}]},{},[1]); </script>  <div class="page-wrapper">  <script type="text/javascript" data-id="script_dfp_tracking"> var axel = Math.random()+""; var a = axel * 10000000000000; var img = document.createElement("img"); img.src = 'https://web.archive.org/web/20160726153958/http://pubads.g.doubleclick.net/activity;xsp=197334;ord='+ a +'?'; img.width = 1; img.height = 1; var body = document.getElementsByTagName("body")[0]; body.appendChild(img); </script> <noscript><img src="https://web.archive.org/web/20160726153958im_/http://pubads.g.doubleclick.net/activity;xsp=197334;ord=1" width="1" height="1" border="0/"></noscript>  <noscript><iframe src="//web.archive.org/web/20160726153958if_/http://www.googletagmanager.com/ns.html?id=GTM-5V3WHJ" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript> <script data-id="script_gtm_load">(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= '//web.archive.org/web/20160726153958/http://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-5V3WHJ');</script>  <style> .page-width { max-width:1170px; margin:0 auto; padding:0 20px; } .header a:hover { text-decoration: none !important; } .header.meganav { position:fixed; letter-spacing:0.05em; -webkit-text-stroke:0; z-index:105; top:0; width:100%; } body { margin-top:54px; } .header.meganav .brand { width:220px; height:50px; background:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/public/img/logo_white_new.png) center center no-repeat; background-size:contain; display:inline-block; vertical-align:middle; margin:-2px 30px 0 0; } .header.meganav .menus { width:calc(100% - 250px); display:inline-block; } .header.meganav .primary { width:50%; display:inline-block; border:none; margin:0; text-align:left; vertical-align:middle; } .header.meganav .secondary { width:50%; display:inline-block; text-align:right; } .header.meganav .menu { display:inline-block; vertical-align:middle; position:static; } .header.meganav .menu.nav { box-shadow:none; width:auto; height:auto; transform:none; transition:none; -webkit-transform:none; } .header.meganav .menu.open .menu-items { display:block !important; } .header.meganav .menu-icon { width:20px; height:9px; padding:22px 26px 22px 18px; margin:0; vertical-align:top; position:relative; background-size:auto 20px; background-position:15px center; background-repeat:no-repeat; display:none; cursor:pointer; } .menu.member .menu-icon { background-image:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/header_c/icon_user.png); background-size:auto 22px; } .menu.search .menu-icon { background-image:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/public/fa/img/icon_search_white.png); } .menu.nav .menu-icon { background-image:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/public/fa/img/icon_menu.png); } .menu.newsletters .menu-icon { background-image:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/header_c/icon_newsletter.png); } .header.meganav .menu-icon:before, .header.meganav .menu-icon:after, .header.meganav .menu-item-title:before, .header.meganav .menu-item-title:after { content:''; border-width:5px; border-style:solid; border-color:#ccc transparent transparent; z-index:1; position:absolute; top:24px; right:9px; } .header.meganav .menu-icon:after, .header.meganav .menu-item-title:after, .header.meganav .menu-item-link:after { z-index:2; margin-top:-2px; border-top-color:#333; } .header.meganav.tablet .menu-item-title:before, .header.meganav.tablet .menu-item-title:after, .header.meganav.tablet .menu-icon:before, .header.meganav.tablet .menu-icon:after { display:none; } .header.meganav .menu-items { margin:0; padding:0; list-style:none; text-align:left; box-sizing:border-box; } .header.meganav .menu-items > li { display:inline-block; margin:0; padding:0; text-align:left; } .header.meganav .menu-item-title, .header.meganav .menu-item-link, .header.meganav .menu-item{ display:block; position:relative; background:none !important; } .header.meganav .menu-item-title { padding: 18px 26px 16px 9px; } .header.meganav .menu-item-link { padding: 18px 9px 16px 9px; } .header.meganav .menu-item{ padding:18px 15px 16px 15px; } .header.meganav.tablet .menu-item-title, .header.meganav.tablet .menu-item-link { padding:18px 15px 16px 15px; } .header.meganav .menu.search { width:calc(100% - 220px); } .header.meganav .menu.search .menu-items > li { display:block; } .header.meganav .search-box { position:relative; width:auto; display:block; background-color:transparent; max-width: none; } .header.meganav .search-box input { border:none; border-radius:2px; font-size:14px; padding:7px 40px 6px 15px; box-sizing:border-box; width:100%; height:30px; outline:none; } .header.meganav .search-box button { position:absolute; width:20px; height:20px; background:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/public/fa/img/icon_search.png) center center no-repeat; background-size:contain; top:5px; right:10px; border:none; cursor:pointer; padding:0; } .header.meganav .menu.member { position:relative; } .header.meganav .menu.member .menu-icon { display:inline-block;/* Used for js to detect media queries. */ background-position:15px 17px; } .header.meganav .menu.member .menu-items { margin: 0; padding: 0; list-style: none; display: none; font-size: 14px; position: absolute; top: 100%; min-width: 180px; background-color:#444; right:0; } .header.meganav .menu.member .menu-items > li { display:block; } .header.meganav .menu.member .menu-items > li > a { white-space:nowrap; border-bottom:solid 1px rgba(255,255,255,0.2); } .header.meganav .menu.member .menu-items > li:last-child > a { border-bottom:none; } .header.meganav .menu.member .menu-item-title:before, .header.meganav .menu.member .menu-item-title:after, .header.meganav .menu.member .menu-item-link:before, .header.meganav .menu.member .menu-item-link:after { display:none; } .header.meganav .menu.newsletters { margin-top:0; border:none; } .header.meganav .menu.newsletters .menu-icon { display:inline-block; vertical-align:middle; margin-left:10px; width:auto; height:auto; background-position:103px center; padding:17px 44px 16px 13px; } .header.meganav .menu.newsletters .menu-icon:before, .header.meganav .menu.newsletters .menu-icon:after { display: none; } .header.meganav .menu-panel { position:absolute; top:100%; left:0; width:100%; display:none; z-index:100; text-align:left; margin-top:-1px; } .header.meganav .menu-panel > .inner { padding:30px; } .header.meganav .menu-panel.tools > .inner { padding:40px 30px 60px 30px; } .header.meganav .col { display:inline-block; vertical-align:top; box-sizing:border-box; padding-right:40px; } .header.meganav .col:last-child { padding-right:0; } .header.meganav .col .title { font-size:20px; margin-bottom:10px; display:block; text-transform:none; border:none; background:none !important; } .header.meganav .col a.title:after { content:''; background:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/header_c/icon_home.png) center right no-repeat; background-size:contain; display:inline-block; margin:0 0 0 10px; width:16px; height:16px; } .header.meganav .tod-title { font-size:12px; text-transform:uppercase; } .header.meganav .term-title { font-size:36px; line-height:36px; } .header.meganav .term-desc { margin-bottom:10px; } .header.meganav .term-btn { font-size:10px; padding:6px 10px 4px 10px; line-height:9px; border-radius:3px; display:inline-block; text-transform:uppercase; float:right; background-color:#555; } .header.meganav .tool-title { font-size:28px; } .header.meganav .tool-title:after { content:''; display:inline-block; width:28px; height:23px; margin-left:10px; } .header.meganav .tool-title.fxtrader:after { background:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/header_c/icon_fxtrader.png) center right no-repeat; } .header.meganav .tool-title.simulator:after { background:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/header_c/icon_simulator.png) center right no-repeat; } .header.meganav a.article { display:inline-block; vertical-align:top; width:45%; background:none !important; } .header.meganav .article:last-child { margin-left:8%; } .header.meganav .article img { width:100%; height:86px; display:block; } .header.meganav .article-title { font-size:13px; padding:10px 0; display:block; } .header.meganav .links { margin:10px 0 0 0; padding:0; } .header.meganav .links li { vertical-align:top; box-sizing:border-box; margin:0 0 8px 0; padding:0; display:block; } .header.meganav .links li a { border-bottom:solid 1px rgba(255,255,255,0.1) !important; display:block; padding-bottom:2px; transition:border-color 0.2s ease-out; background:none !important; text-align:left; } .header.meganav .links.topics { margin-right:-20px; } .header.meganav .links.topics li { display:inline-block; padding:4px 20px 4px 4px; width:24%; } .header.subchannels { z-index:104; -webkit-text-stroke:0; position:relative; } .header.subchannels ul { margin:0; padding:0; list-style:none; letter-spacing:normal; } .header.subchannels ul > li { display:inline-block; margin:0; padding:0; border-bottom:solid 2px transparent; } .header.subchannels ul > li > a { display:inline-block; padding:9px 8px 6px 8px; } .header.subchannels li > a { font-size:14px; } .header.subchannels li.separator { margin:0; background-color:transparent; } #Footer .icon-newsletter:after { content:''; width:20px; height:20px; background:url(https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/header_c/icon_newsletter.png) center center no-repeat; background-size:contain; display:inline-block; vertical-align:middle; margin-left:5px; } .header.meganav, #Footer .mid { background:#333; } #Footer .btm { background:#2b2b2b; } .header.subchannels { background-color:#e4e4e4; } .header .menu-panel, .header .menu.open .menu-icon { background-color:#444; } .header.subchannels li:hover { background-color:#ccc; } .header.subchannels li.separator:hover { background-color:transparent; } .header .menu.nav { background-color:transparent; } .header.meganav, .header.meganav a, #Footer .flist > li:first-child, #Footer .column-list ul li.first, .header.meganav .primary { color:#fff !important; } .header.subchannels a { color:#333 !important; } .header .menu-panel .title, .header .menu-panel a, #Footer, #Footer a { color:#ccc !important; } #Footer .btm { padding:20px 0; } #Footer .flist { border-color:#3c3c3c; } #Footer .btm span { margin-right:10px; } #Footer .btm span a { padding:0 10px; font-size:13px; } .header.subchannels li.selected { border-bottom:solid 2px #444; } .header.meganav, .header.meganav a, .header.subchannels li.selected a, .header .menu-panel .col .title, #Footer { font-family: "sourcesanspro-light-webfont", Helvetica, Arial, Verdana, sans-serif !important; } .header.subchannels, .header.subchannels li.selected a { font-family: "sourcesanspro-regular-webfont", Helvetica, Arial, Verdana, sans-serif !important; } .header.subchannels .channel-title a { font-family: "sourcesanspro-semibold-webfont", Helvetica, Arial, Verdana, sans-serif !important; } .hspace { text-align:justify; } .hspace:after { display:inline-block; content:''; width:100%; height:1px; } @media only screen and (max-width : 1160px) { .header.meganav .primary { width:75%; } .header.meganav .secondary { width:25%; } .header.meganav .menu-icon { padding:22px 17px; } .header.meganav .menu-icon:before, .header.meganav .menu-icon:after { display:none; } .header.meganav .menu.search { width:auto; } .header.meganav .menu.search .menu-icon { display:inline-block; } .header.meganav .menu.search .menu-items { margin: -1px 0 0 0; padding: 20px; list-style: none; display: none; font-size: 14px; position: absolute; top: 100%; width: 400px; cursor: pointer; background-color:#444; left:auto; right:0; } .header.meganav .menu.search .menu-items > li { display:block; } .header.meganav .menu.search .menu-item-title:after, .header.meganav .menu.search .menu-item-link:after { border-top-color:#444; } .header.meganav .menu.newsletters .icon-txt { display:none; } .header.meganav .menu.newsletters .menu-icon { background-position:center 19px; padding:22px; margin:0; height:10px; } } @media only screen and (max-width : 960px) { .page-width { padding:0 5px; } .header.meganav { background-color:rgba(0,0,0,0.8); } .header.meganav .menus { width:calc(100% - 210px); text-align:right; } .header.meganav .primary { width:auto; } .header.meganav .secondary { width:auto; } .header.meganav .brand { width:180px; background-size:auto 25px; background-position:left center; } .header.meganav .menu-icon { display:block !important; background-position:center center; } .header.meganav .menu.member .menu-icon { background-position:center 18px; } .header.meganav .menu.nav .menu-items { margin: 0; padding: 0; list-style: none; display: none; font-size: 14px; position: absolute; left: 0; top: 100%; width: 100%; cursor: pointer; background-color:#444; } .header.meganav .menu-items > li { display:block; } .header.meganav .menu.nav .menu-items > li { border-bottom:solid 1px #333; } .header.meganav .menu-item-title, .header.meganav .menu-item-link, .header.meganav .menu-item { padding:14px 15px 12px 15px; } .header.meganav .menu-item-title:after, .header.meganav .menu-item-link:after { border-top-color:#444; } .header.meganav .menu-panel { position:static; } .header.meganav .menu-items > li.open .menu-panel { display:block; } .header.meganav .menu-items > li.open .menu-item-title:before, .header.meganav .menu-items > li.open .menu-item-title:after, .header.meganav .menu-items > li.open .menu-item-link:before, .header.meganav .menu-items > li.open .menu-item-link:after { border-top-color:transparent; border-bottom-color:#ccc; top:18px; } .header.meganav .menu-items > li.open .menu-item-title:after, .header.meganav .menu-items > li.open .menu-item-link:after { margin-top:2px; border-bottom-color:#444; } .header.meganav .menu-panel > .inner { padding:10px; background-color:#3e3e3e; } .header.meganav .col.new, .header.meganav .col .article, .header.meganav .col.topics > .title, .header.meganav .col.tod .tod-title, .header.meganav .col.tod .tod-term, .header.meganav .col .tool-title:after, .header.meganav .col .tool-desc { display:none; } .header.meganav .col.topics { width:auto !important; } .header.meganav .col.tod, .header.meganav .col.video, .header.meganav .col.guides { width:49% !important; } .header.meganav .col.tod, .header.meganav .col.video { margin-top:10px; } .header.meganav .col.video { padding-right:0; } .header.meganav .col.guides > .title, .header.meganav .col.tod > .title, .header.meganav .col.video > .title { font-size:14px; border-bottom:solid 1px rgba(255,255,255,0.1) !important; display:block; padding:4px; } .header.meganav .col > .title:after { display:none !important; } .header.meganav .col.topics .links { margin:0; } .header.meganav .col.topics .links li { width:49%; } .header.meganav .col.guides .links { display:none; } .header.meganav .col .tool-title { font-size:14px; border-bottom:solid 1px rgba(255,255,255, 0.1); padding:4px; transition:border-color 0.2s ease-out; } .header.meganav .menu-panel.tools > .inner { padding:20px 10px; } .header.subchannels { display:none; } .header.meganav a, .header.meganav a.title { color:#fff !important; } } @media only screen and (max-width : 740px) { .header.meganav .menu.search .menu-items { left:0; right:auto; width: 100%; } .header.meganav .menu-icon { padding:22px 8px; } } @media only screen and (max-width : 500px) { .header.meganav .menus { width:calc(100% - 190px); } .header.meganav .brand { margin-right:10px; } .header.meganav a, .header.meganav a.title { color:#fff !important; } } @media only screen and (max-width : 400px) { .header.meganav .menus { width:calc(100% - 150px); } .header.meganav .brand { width:140px; background-size:auto 18px; margin-right:0; } } @media only screen and (min-width : 960px) { .header.meganav .menu-items a:hover, .header.meganav .tool-title:hover { border-bottom-color: #fff !important; } .header.meganav .menu a:hover { color: #fff !important; } .header.meganav .menu.member .menu-items a:hover { border-bottom-color:rgba(255,255,255,0.2) !important; } .header.meganav .menu:hover .menu-icon:after, .header.meganav .menu-items > li:hover .menu-item-title:after, .header.meganav .menu-items > li:hover .menu-item-link:after { border-top-color: #444; } .header.meganav .tod-term:hover .term-btn { background-color: #397902; } .header.meganav .menu.member .menu-items li:hover .menu-item-title, .header.meganav .menu.member .menu-items li:hover .menu-item-link { background-color:#363636 !important; } .header.meganav .menu:hover .menu-icon, .header.meganav .menu-items > li:hover .menu-item-title, .header.meganav .menu-items > li:hover .menu-item-link, .header.meganav .menu:hover .menu-item { background-color:#444 !important; } .header.meganav .menu.member:hover .menu-items, .header.meganav .menu:hover .menu-items, .header.meganav .menu-items > li:hover .menu-panel { display:block; } } </style> <div class="ad-background"> <div id="AdSlot_PG-Background"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('AdSlot_PG-Background'); }); </script> </div> </div> <div class="header meganav "> <div class="inner page-width"> <a href="/web/20160726153958/http://www.investopedia.com/" class="brand"></a><div class="menus"> <div class="primary"> <div class="menu nav"> <div class="menu-icon"></div> <ul class="menu-items"> <li> <a href="/web/20160726153958/http://www.investopedia.com/topics/" class="menu-item-title">Topics</a> <div class="menu-panel"> <div class="inner page-width"> <div class="col new" style="width:35%;"> <div class="title">What's New</div> <a href="/web/20160726153958/http://www.investopedia.com/news/stock-markets-lukewarm-oil-dips-below-45/" class="article new"> <img src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/daily_blog/stock_markets_lukewa/shutterstock_389495203.jpg?quality=60&width=200&height=200"> <span class="article-title">Stock Markets Tepid as Oil Dips Below $45 </span> </a> <a href="/web/20160726153958/http://www.investopedia.com/news/was-einhorns-10-gm-stake-increase-good-idea-gm/" class="article new"> <img src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/daily_blog/was_einhorns_10_gm/gm.jpg?quality=60&width=200&height=200"> <span class="article-title">Was Einhorn's 10% GM Position a Good Idea?</span> </a> </div><div class="col topics" style="width:65%;"> <div class="title">Topics</div> <ul class="links topics"> <li><a href="/web/20160726153958/http://www.investopedia.com/markets/">Markets</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/financial-advisor/">Financial Advisors</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/active-trading/">Active Trading</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/anxiety-index/">Anxiety Index</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/retirement/">Retirement</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/personal-finance/">Personal Finance</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/investing/mutual-funds-and-etfs/">ETFs & Mutual Funds</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/election-center/">Election Center</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/wealth-management/">Managing Wealth</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/investing/">Investing</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/markets/stock-analysis/">Stock Analysis</a></li> </ul> </div> </div> </div> </li><li> <a href="/web/20160726153958/http://www.investopedia.com/dictionary/" class="menu-item-title">Reference</a> <div class="menu-panel"> <div class="inner page-width"> <div class="col tod" style="width:30%;"> <a class="title" href="/web/20160726153958/http://www.investopedia.com/dictionary/">Dictionary</a> <div class="tod-title">Term Of The Day</div> <a href="/web/20160726153958/http://www.investopedia.com/terms/d/duration.asp" class="tod-term"> <div class="term-title">Duration</div> <div class="term-desc">A measure of the sensitivity of the price (the value of principal) of a fixed-income ... </div> <div class="term-btn">Read More »</div> </a> </div><div class="col video" style="width:30%;"> <a class="title" href="/web/20160726153958/http://www.investopedia.com/video/">Latest Videos</a> <a href="/web/20160726153958/http://www.investopedia.com/video/play/ebita-word-street/" class="article video"> <img src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/video/ebita_word_on_the_s/ebita_7.26_cheddar.png?width=200&height=200"> <span class="article-title">EBITA: Word on the Street</span> </a> <a href="/web/20160726153958/http://www.investopedia.com/video/play/jack-schwager-investopedia-profile/" class="article video"> <img src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/video/jack_schwager_inves/jack_schwagerprofilethumb_.jpg?quality=60&width=200&height=200"> <span class="article-title">Jack Schwager: Investopedia Profile</span> </a> </div><div class="col guides" style="width:20%;"> <a class="title" href="/web/20160726153958/http://www.investopedia.com/university/">Guides</a> <ul class="links"> <li><a href="/web/20160726153958/http://www.investopedia.com/university/stocks/">Stock Basics</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/university/economics/">Economics Basics</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/university/options/">Options Basics</a></li> </ul> </div><div class="col guides" style="width:20%;"> <a class="title" href="/web/20160726153958/http://www.investopedia.com/professionals/">Exam Prep</a> <ul class="links"> <li><a href="/web/20160726153958/http://www.investopedia.com/professionals/series7/">Series 7 Exam</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/professionals/cfa/">CFA Level 1</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/professionals/series65/">Series 65 Exam</a></li> </ul> </div> </div> </div> </li><li> <a href="/web/20160726153958/http://www.investopedia.com/simulator/" class="menu-item-title">Simulator</a> <div class="menu-panel tools"> <div class="inner page-width"> <div class="col" style="width:50%;"> <a href="/web/20160726153958/http://www.investopedia.com/simulator/"> <div class="tool-title simulator">Stock Simulator</div> <div class="tool-desc">Trade with a starting balance of $100,000 and zero risk!</div> </a> </div><div class="col" style="width:50%;"> <a href="/web/20160726153958/http://www.investopedia.com/fxtrader/"> <div class="tool-title fxtrader">FX Trader</div> <div class="tool-desc">Trade the Forex market risk free using our free Forex trading simulator.</div> </a> </div> </div> </div> </li><li><a href="/web/20160726153958/http://www.investopedia.com/advisor-network/" class="menu-item-link">Advisor Insights</a> </li> </ul> </div> </div><div class="secondary"><div class="menu search"> <div class="menu-icon"></div> <ul class="menu-items"> <li> <div class="search-box"> <input type="text" placeholder="Search Investopedia" value="" name="SearchValue" class="SearchValue invSearchText"/> <button type="button" name="SearchButton" class="invSearchBtn"></button> </div> </li> </ul> </div><div class="menu newsletters"> <a href="/web/20160726153958/http://www.investopedia.com/accounts/signupnewsletter/?subid=header&source=header" id="headerNL" class="menu-icon"><span class="icon-txt">Newsletters</span></a> </div><div class="menu member"> <div class="menu-icon"></div> <ul class="menu-items"> <li> <a href="/web/20160726153958/http://www.investopedia.com/accounts/login.aspx" rel="nofollow" class="menu-item-title">Site Log In</a> </li> <li> <a href="/web/20160726153958/http://www.investopedia.com/advisor-network/login/" rel="nofollow" class="menu-item-title">Advisor Log In</a> </li> </ul> </div> </div> </div> </div> </div>  <div class="header subchannels"> <div class="inner page-width"> <ul class="item-professionals"> <li class="channel-title"><a href="/web/20160726153958/http://www.investopedia.com/professionals/">Exam Prep</a></li> <li class="separator">»</li> <li><a href="/web/20160726153958/http://www.investopedia.com/quizzer/login/login.aspx">Exam Prep Quizzer</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/tags/continuing_education/">Continuing Education</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/professionals/questionoftheweek.aspx">FAQs</a></li> </ul> </div> </div> <script language="JavaScript"> // hide tod description if there isn't enough space. $('.menu-panel').css({ display:'block' }); if ($('.tod-term').height() > 48) { $('.term-desc').hide(); } $('.menu-panel').removeAttr('style'); // update user menu var user_menu = ''; var user_info = $.parseJSON(decodeURIComponent(getCookie('user_info')).replace(/\+/g, ' ')); user_menu += '<li><a href="/accounts/manageprofile.aspx" class="menu-item-title">{name} (edit)</a></li>'; user_menu += '<li><a href="/accounts/logout.aspx" class="menu-item-title">Sign Out</a></li>'; String.prototype.replaceAll = function (find, replace) { return this.replace(new RegExp(find, 'g'), replace); } if (user_info) { user_menu = user_menu.replaceAll('{name}', user_info.name); $('.menu.member .menu-items').html(user_menu); $('#headerNL').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); } // handle .header functionality $('.header .menu-icon').on('click', function() { if ($(this).css('display') == 'block') { $('.header .menu.open').not($(this).parent()).removeClass('open'); $(this).parent().toggleClass('open'); } }); $('.header .menu.nav .menu-item-title').on('click', function(e) { if ($(this).is('.link')) { return false; } if ($(this).parents('.menu:eq(0)').find('.menu-icon').css('display') == 'block') { e.preventDefault(); var this_panel = $(this).parent(); $('.header .menu-items > li').not(this_panel).removeClass('open'); this_panel.toggleClass('open'); } }); $('.header .menu').on('click', function(e) { e.stopPropagation(); }); $('html').on('click', function() { $('.header .menu').removeClass('open'); }); </script> <div class="ad-leaderboard"> <div id="AdSlot_AF-Top-Leaderboard"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_AF-Top-Leaderboard'); }); } </script> </div> </div> <div id="AdSlot_PG-Web-Bar"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_PG-Web-Bar'); }); } </script> </div> <div id="Content" class="layout-size common">  <div class="region region-content"> <div id="block-system-main" class="block block-system"> <div class="content"> <div class="layout-title"> <h1> Series 7 Exam </h1> </div> <div class="separator"></div>  <div class="layout-page"> <div class="layout-content"> <div class="col-1"> <div class="box"> <div class="article-body"> This exam is administered by the Financial Industry Regulatory Authority (FINRA) and provides an individual with the qualifications necessary in order to make different types of trades with all types of general securities, excluding commodities and futures. It is also one of the steps necessary in order for a member firm associate to register with FINRA. The Series 7 exam must be passed in order to take many other principal exams offered by FINRA. <br><br> <div class="ad-textlink"> <a href="https://web.archive.org/web/20160726153958/http://www.securitiesce.com/series-7?utm_source=investopedia&utm_medium=partners&utm_content=textlink-top&utm_campaign=series-7&vendor_id=investopedia" rel="nofollow">Series 7: Textbooks, Software & Videos</a> </div> <br> </div> <div style="margin-top: 20px; width: 100%;" class="ui-canvas"> <table cellspacing="0" cellpadding="0" class="table-exam-prep"> <tbody> <tr> <td class="icon"> <img src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/assets_v2/img/icon_book.png" alt="Series 7 Online Study Guide Book Icon"> </td> <td class="text"> <h3> <a href="/web/20160726153958/http://www.investopedia.com/exam-guide/series-7/getting-started/default.asp">Series 7 Online Study Guide</a></h3> <p> Pass your Series 7 Exam and pursue your stock broker career with our Free Online Study Guide - <a href="/web/20160726153958/http://www.investopedia.com/exam-guide/series-7/getting-started/default.asp">Click Here</a></p> </td> </tr> </tbody> </table> <table cellspacing="0" cellpadding="0" class="table-exam-prep"> <tbody> <tr> <td class="text-bottom"> <p> Try Our Series 7 Quizzer</p> </td> <td> <a href="/web/20160726153958/http://www.investopedia.com/quizzer/series7/"> <img src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/assets_v2/img/btn_startexam.png" alt="Start Your Series 7 Exam"> </a> </td> </tr> </tbody> </table> </div> </div> <br> <br> <div class="dfp_ad_box_center_desktop_content"></div> <div class="box"> <div class="title"> <h2>Exam Details</h2> </div> <div class="clear"></div> <div class="separator"></div> <div class="article-body"> <table class="table-exam-details"> <tbody> <tr> <td style="width: 189px;"> <strong>Time Limit:</strong> </td> <td> 6 hours. Note that the exam is broken into two parts and each part has a time limit of 3 hours. </td> </tr> <tr> <td> <strong>Cost:</strong> </td> <td> $290.00 as of August 2012. </td> </tr> <tr> <td> <strong>Number of Questions:</strong> </td> <td> 250, plus 10 "pre-test" questions </td> </tr> <tr> <td> <strong>Passing Score:</strong> </td> <td> 72% </td> </tr> <tr> <td> <strong>Format:</strong> </td> <td> Multiple Choice </td> </tr> <tr> <td> <strong>Prerequisites:</strong> </td> <td> You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO). </td> </tr> <tr> <td> <strong>Exam Date(s):</strong> </td> <td> Any weekday </td> </tr> <tr> <td> <strong>Exam Locations:</strong> </td> <td> Find your U.S. or international exam center <a href="https://web.archive.org/web/20160726153958/http://apps.finra.org/testcenter/1/locations.aspx" rel="nofollow">here</a> </td> </tr> <tr> <td> <strong>Official Exam Website:</strong> </td> <td> <a href="https://web.archive.org/web/20160726153958/http://www.finra.org/" rel="nofollow">http://www.finra.org</a> </td> </tr> </tbody> </table> </div> </div> <br> <br> <div class="box"> <div class="title"> <h2>Exam Topic Weights</h2> </div> <div class="clear"></div> <div class="separator"></div> <div class="article-body"> <p> Individuals in the United Kingdom or Canada, in good standing with their respective country's regulatory authority, may be eligible to take an abbreviated form of the Series 7. <br> <br> Acceptable abbreviated version include the Series 17, Series 37, or Series 38 exams. </p> <img width="610" height="230" src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/examprep/series7.jpg" alt="Series 7 Exam Topic Weights By Section"> </div> </div> <br> <br> <div class="box idx-2"> <div class="title"> <h2>Terms To Know</h2> </div> <div class="clear"> </div> <div class="separator"> </div> <div style="width: 50%;" class="col-1 left"> <ul class="list"> <li class="item first"><a href="/web/20160726153958/http://www.investopedia.com/terms/c/cmo.asp">Collateralized Mortgage Obligation (CMO)</a></li> <li class="item second"><a href="/web/20160726153958/http://www.investopedia.com/terms/d/defensiveinvestmentstrategy.asp">Defensive Investment Strategy</a></li> <li class="item third"><a href="/web/20160726153958/http://www.investopedia.com/terms/d/dpp.asp">Direct Participation Program (DPP)</a></li> <li class="item nth"><a href="/web/20160726153958/http://www.investopedia.com/terms/g/growthstock.asp">Growth Stock</a></li> <li class="item nth"><a href="/web/20160726153958/http://www.investopedia.com/terms/l/liquidityrisk.asp">Liquidity Risk</a></li> </ul> </div> <div style="width: 50%;" class="col-1 left"> <ul class="list"> <li class="item first"><a href="/web/20160726153958/http://www.investopedia.com/terms/n/noparvalue.asp">No Par Value Stock</a></li> <li class="item second"><a href="/web/20160726153958/http://www.investopedia.com/terms/o/occ.asp">Options Clearing Corporation (OCC)</a></li> <li class="item third"><a href="/web/20160726153958/http://www.investopedia.com/terms/r/repurchaseagreement.asp">Repurchase Agreement</a></li> <li class="item nth"><a href="/web/20160726153958/http://www.investopedia.com/terms/s/systematicrisk.asp">Systematic Risk</a></li> <li class="item nth"><a href="/web/20160726153958/http://www.investopedia.com/terms/u/ustreasury.asp">U.S. Treasury</a></li> </ul> </div> </div> <div class="clear"></div> <br> <br> <div class="box"> <div class="title"> <h2>Frequently Asked Questions</h2> </div> <div class="clear"></div> <div class="separator"></div> <div class="frequently-asked-questions article-body"> <ul class="list"> <li>1. Is it possible to take the Series 7 exam without being sponsored? <br> <a href="/web/20160726153958/http://www.investopedia.com/professionals/faqs/series7/260304_1.asp">View Answer 禄</a></li> <li>2. How do I receive sponsorship from a member firm in order to write a Series 7 exam? <br> <a href="/web/20160726153958/http://www.investopedia.com/professionals/faqs/series7/260304_2.asp">View Answer 禄</a></li> <li>3. I failed the Series 7 exam. How long must I wait before I can take it again? <br> <a href="/web/20160726153958/http://www.investopedia.com/professionals/faqs/series7/020404.asp">View Answer 禄</a></li> </ul> </div> </div> <div class="box"> <div class="title"> <h2>Question of the Week</h2> </div> <div class="clear"> </div> <div class="separator"> </div> <div class="frequently-asked-questions article-body"> <p> When a corporation wishes to open a margin account with a broker-dealer, which of the following is required? </p> <ul class="list"> <li>I. A corporate resolution from the board of directors</li> <li>II. A copy of the corporation鈥檚 trust indenture</li> <li>III. A copy of the corporation鈥檚 charter or by-laws</li> <li>IV. An agreement that the stock of the corporation will not be traded by the broker-dealer as a market-maker. </li> </ul> <ul class="list"> <li>a) I, II </li> <li>b) I, III </li> <li>c) II, IV </li> <li>d) I, II, III, IV </li> <li><a href="/web/20160726153958/http://www.investopedia.com/professionals/questionoftheweek/series7/080705.asp">View Answer 禄</a></li> </ul> </div> </div> </div>  <div id="below-content"> <div id="AdSlot_IC-BelowContent" style="margin-bottom: 65px;"> <script type="text/javascript"> if(!noDfp && typeof removeAFCContent !== "undefined" && removeAFCContent){ googletag.cmd.push(function() { googletag.display('AdSlot_IC-BelowContent'); }); } </script> </div> </div>  <script type="text/javascript"> googletag.cmd.push(function() { if (!noDfp && !$('.aboveRelatedMods').length) { if (typeof removeAFCContent !== "undefined" && removeAFCContent !== true && typeof(removeAFCContent) !== "undefined") { dataLayer.push({ 'adsense_google_adtest': 'off', 'adsense_google_ad_channel': '3156', 'event': 'includeAdsenseAds' }); } } }); </script> <script> if(typeof(leadGenTable) == "undefined" && !_pageTaxonomy.Type.match(/term/i)) { if(_pageTaxonomy.Path.match(/ask/i)) { $("#below-content").insertAfter("#term_ArticlesOfInterest"); } else { $("#below-content").insertAfter("#term_ArticlesOfInterest"); $("#below-content").insertAfter("#RelatedArticles"); } } </script> <div class="article-related-articles-responsive"></div> <div class="bf-responsive"></div> </div> </div> </div> </div> </div> <div class="layout-side">   <div class="inner-helper">  <div class="box center ad af-right-multi"> <div id="AdSlot_AF-Right-Multi"> <script type="text/javascript"> if(!noDfp){ googletag.cmd.push(function() { googletag.display('AdSlot_AF-Right-Multi'); }); } </script> </div> </div>   <div class="box sharing"> <div class="box-inner"> <div class="newsletter"> <style> input#edit-button-showall { text-align: center; background-color: #E6E6E6; color: #005B9D; width: calc(100% - 100px); height: 31px; padding: 0px; border: #B3B3B3; border-style: solid; border-width: 1px; margin-bottom: 0px; } input#edit-submit { margin-left: 20px; width: 80px; } .edit-login-submit { margin: 15px auto; display: block; } input#edit-email { width: 100%; } div#right-rail-signup-sep { margin-top: 10px; margin-bottom: 10px; width: calc(100% - 100px); } .layout-side.layout-side-small .newsletter .form-box.form-group .form-item { width: calc(100% - 100px); } .form-box.form-group .form-item { width: calc(100% - 100px); } .form-box { margin-bottom: 5px; } .nl-description { text-align: center; } .nl-thanks { margin-top:33px; text-align: center; } .pre-sub-manage { text-align: center; } .post-sub-manage { text-align: center; margin-top:10px; margin-bottom: 20px; } .nl-login-hide{ display: none; } </style> <div class="nl-description" id="nl-description"> Subscribe to the <span class="redfont">Financial Advisor</span> newsletter for the latest in practice management:</div> <div class="nl-thanks nl-login-hide" id="nl-thanks"> Thanks for signing up to Financial Advisor.</div> <div class="form-box form-group"> <form class="newsletter-widget-form newsletter-widget-form-content" action="/web/20160726153958/http://www.investopedia.com/professionals/series7/" method="post" id="account-api-newsletters-widget-deepblue-form" accept-charset="UTF-8"><div><div class="form-item form-type-textfield form-item-email"> <input type="text" id="edit-email" name="email" value="" size="60" maxlength="50" class="form-text"/> </div> <input type="hidden" name="default_newsletter_id" value="15"/> <input type="hidden" name="sem-ocode" value=""/> <input type="submit" id="edit-submit" name="op" value="Sign Up" class="form-submit"/><input type="hidden" name="form_id" value="account_api_newsletters_widget_deepblue_form"/> </div></form> <div class="separator" id="right-rail-signup-sep"></div> <input type="button" id="edit-button-showall" value="See all newsletters" onclick="window.location='/accounts/signupnewsletter/?rec=15&subid=right-rail-fa-all&source=right-rail-fa-all'"> <input type="submit" class="edit-login-submit nl-login-hide" id="edit-login-submit" onclick="loggedInNLSignup()" value="Sign Up"> </div> <div class="pre-sub-manage nl-login-hide" id="pre-sub-manage"> <a href="/web/20160726153958/http://www.investopedia.com/accounts/subscription" id="pre-sub-manage-link"> Manage Subscriptions </a> </div> <div class="post-sub-manage nl-login-hide" id="post-sub-manage"> <a href="/web/20160726153958/http://www.investopedia.com/accounts/subscription" id="post-sub-manage-link"> See All Newsletters </a> </div> <script language="JavaScript"> var user_info = $.parseJSON(decodeURIComponent(getCookie('user_info')).replace(/\+/g, ' ')); var subLink = null; if (user_info) { var defaultNl = "financial-advisor"; subLink = "/accounts/onestep-email/?id=" + user_info.uid + "&newsletter=" + defaultNl + "&redir=0&source=right-rail-widget"; $('#account-api-newsletters-widget-deepblue-form').addClass('nl-login-hide'); $('#right-rail-signup-sep').addClass('nl-login-hide'); $('#edit-button-showall').addClass('nl-login-hide'); $('#edit-login-submit').removeClass('nl-login-hide'); $('#pre-sub-manage').removeClass('nl-login-hide'); $('#post-sub-manage-link').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); $('#pre-sub-manage-link').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); } function loggedInNLSignup(){ $('#nl-description').addClass('nl-login-hide'); $('#nl-thanks').removeClass('nl-login-hide'); $('#edit-login-submit').addClass('nl-login-hide'); $('#pre-sub-manage').addClass('nl-login-hide'); $('#post-sub-manage').removeClass('nl-login-hide'); $.ajax({ type: "POST", url: subLink, data: "data-string" }) } </script> </div> </div> </div>                  <div class="box box-bg box-line article-related-articles"> <div class="title"> Financial Professionals <div class="info"> <a href="/web/20160726153958/http://www.investopedia.com/tags/professionals/">View All</a> </div> </div> <ol class="list gaEvent"> <li class="item first "> <a href="/web/20160726153958/http://www.investopedia.com/articles/financial-advisor/072616/crowdfunding-what-advisors-and-clients-must-know.asp" class="item-image" data-cat="content_list" data-act="professionals_home_financial_professionals | Thumbnail image | 1" data-label="http://i.investopedia.com/content/article/crowdfunding_latest/crowd_680x460_shutterstock_197497244.jpg | /articles/financial-advisor/072616/crowdfunding-what-advisors-and-clients-must-know.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/article/crowdfunding_latest/crowd_680x460_shutterstock_197497244.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='http://i.investopedia.com/content/article/crowdfunding_latest/crowd_680x460_shutterstock_197497244.jpg';return true;" alt="" title=""/> </a> <div class="item-category">FA Profession</div> <h3 class="item-title"> <a href="/web/20160726153958/http://www.investopedia.com/articles/financial-advisor/072616/crowdfunding-what-advisors-and-clients-must-know.asp" data-cat="content_list" data-act="professionals_home_financial_professionals | Title | 1" data-label="Crowdfunding: What Advisors and Clients Must Know | /articles/financial-advisor/072616/crowdfunding-what-advisors-and-clients-must-know.asp"> Crowdfunding: What Advisors and Clients Must Know </a> </h3> <div class="item-author"><a href="/web/20160726153958/http://www.investopedia.com/contributors/186/" data-cat="content_list" data-act="professionals_home_financial_professionals | | Author | 1" data-label="Mark P. Cussen, CFP庐, CMFC, AFC | /contributors/186/ | | "> By Mark P. Cussen, CFP庐, CMFC, AFC</a></div> </li> <li class="item second "> <a href="/web/20160726153958/http://www.investopedia.com/articles/financial-advisor/072516/4-top-online-marketing-tips-advisors.asp" class="item-image" data-cat="content_list" data-act="professionals_home_financial_professionals | Thumbnail image | 2" data-label="http://i.investopedia.com/content/short_article/4_top_online_marketi/advisors_3.jpg | /articles/financial-advisor/072516/4-top-online-marketing-tips-advisors.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/short_article/4_top_online_marketi/advisors_3.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='http://i.investopedia.com/content/short_article/4_top_online_marketi/advisors_3.jpg';return true;" alt="" title=""/> </a> <div class="item-category">FA Profession</div> <h3 class="item-title"> <a href="/web/20160726153958/http://www.investopedia.com/articles/financial-advisor/072516/4-top-online-marketing-tips-advisors.asp" data-cat="content_list" data-act="professionals_home_financial_professionals | Title | 2" data-label="How to Beat Robo-Advisors With Online Marketing | /articles/financial-advisor/072516/4-top-online-marketing-tips-advisors.asp"> How to Beat Robo-Advisors With Online Marketing </a> </h3> <div class="item-author"><a href="/web/20160726153958/http://www.investopedia.com/contributors/68/" data-cat="content_list" data-act="professionals_home_financial_professionals | | Author | 2" data-label="Justin Kuepper | /contributors/68/ | | "> By Justin Kuepper</a></div> </li> <li class="item third "> <a href="/web/20160726153958/http://www.investopedia.com/articles/personal-finance/111715/taxes-retirement-assets-how-pay-less.asp" class="item-image" data-cat="content_list" data-act="professionals_home_financial_professionals | Thumbnail image | 3" data-label="http://i.investopedia.com/dimages/graphics/taxes_on_retirement_accounts_how_to_pay_less.jpg | /articles/personal-finance/111715/taxes-retirement-assets-how-pay-less.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/dimages/graphics/taxes_on_retirement_accounts_how_to_pay_less.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='http://i.investopedia.com/dimages/graphics/taxes_on_retirement_accounts_how_to_pay_less.jpg';return true;" alt="" title=""/> </a> <div class="item-category">FA Profession</div> <h3 class="item-title"> <a href="/web/20160726153958/http://www.investopedia.com/articles/personal-finance/111715/taxes-retirement-assets-how-pay-less.asp" data-cat="content_list" data-act="professionals_home_financial_professionals | Title | 3" data-label="How to Pay Minimal Taxes on Retirement Assets | /articles/personal-finance/111715/taxes-retirement-assets-how-pay-less.asp"> How to Pay Minimal Taxes on Retirement Assets </a> </h3> <div class="item-author"><a href="/web/20160726153958/http://www.investopedia.com/contributors/53618/" data-cat="content_list" data-act="professionals_home_financial_professionals | | Author | 3" data-label="Roger Wohlner | /contributors/53618/ | | "> By Roger Wohlner</a></div> </li> <li class="item nth"> <a href="/web/20160726153958/http://www.investopedia.com/articles/investing/072516/fees-you-can-expect-financial-advisor.asp" class="item-image" data-cat="content_list" data-act="professionals_home_financial_professionals | Thumbnail image | 4" data-label="http://i.investopedia.com/content/short_article/what_fees_can_i_expe/financial_advisor_3.jpg | /articles/investing/072516/fees-you-can-expect-financial-advisor.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/content/short_article/what_fees_can_i_expe/financial_advisor_3.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='http://i.investopedia.com/content/short_article/what_fees_can_i_expe/financial_advisor_3.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Investing Strategy</div> <h3 class="item-title"> <a href="/web/20160726153958/http://www.investopedia.com/articles/investing/072516/fees-you-can-expect-financial-advisor.asp" data-cat="content_list" data-act="professionals_home_financial_professionals | Title | 4" data-label="Fees You Can Expect from a Financial Advisor | /articles/investing/072516/fees-you-can-expect-financial-advisor.asp"> Fees You Can Expect from a Financial Advisor </a> </h3> <div class="item-author"><a href="/web/20160726153958/http://www.investopedia.com/contributors/54575/" data-cat="content_list" data-act="professionals_home_financial_professionals | | Author | 4" data-label="Natasa Milas | /contributors/54575/ | | "> By Natasa Milas</a></div> </li> <li class="item nth"> <a href="/web/20160726153958/http://www.investopedia.com/articles/markets/072516/4-ways-cope-longterm-unemployment.asp" class="item-image" data-cat="content_list" data-act="professionals_home_financial_professionals | Thumbnail image | 5" data-label="http://i.investopedia.com/inv/genericcontentimages/subchannel/markets/markets-economy/shutterstock_389811979.jpg | /articles/markets/072516/4-ways-cope-longterm-unemployment.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160726153958im_/http://i.investopedia.com/inv/genericcontentimages/subchannel/markets/markets-economy/shutterstock_389811979.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='http://i.investopedia.com/inv/genericcontentimages/subchannel/markets/markets-economy/shutterstock_389811979.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Markets & Economy</div> <h3 class="item-title"> <a href="/web/20160726153958/http://www.investopedia.com/articles/markets/072516/4-ways-cope-longterm-unemployment.asp" data-cat="content_list" data-act="professionals_home_financial_professionals | Title | 5" data-label="4 Way to Move Beyond Long-Term Unemployment | /articles/markets/072516/4-ways-cope-longterm-unemployment.asp"> 4 Way to Move Beyond Long-Term Unemployment </a> </h3> <div class="item-author"><a href="/web/20160726153958/http://www.investopedia.com/contributors/53631/" data-cat="content_list" data-act="professionals_home_financial_professionals | | Author | 5" data-label="Ashley Eneriz | /contributors/53631/ | | "> By Ashley Eneriz</a></div> </li> </ol> </div>   <div class="box center ad bf-right-multi"> <div id="AdSlot_BF-Right-Multi"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_BF-Right-Multi'); }); } </script> </div> </div>  <div class="box "> <div class="title">Trading Center</div> <ul class="ad-buttons clear"> <li> <div id="AdSlot_BF-Right-Button1"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_BF-Right-Button1'); }); } </script> </div> </li> <li> <div id="AdSlot_BF-Right-Button2"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_BF-Right-Button2'); }); } </script> </div> </li> <li> <div id="AdSlot_BF-Right-Button3"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_BF-Right-Button3'); }); } </script> </div> </li> <li> <div id="AdSlot_BF-Right-Button4"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_BF-Right-Button4'); }); } </script> </div> </li> </ul> </div> <script> var refreshAd = function() { var slots = googletag.pubads().getSlots(); var refreshCt = 0; for (var i = slots.length - 1; i >= 0; i--) { var slotElemId = slots[i].getSlotElementId(); if (slotElemId === "AdSlot_BF-Right-Button2") { googletag.pubads().refresh([slots[i]]); refreshCt++; } if (refreshCt >= 2) { break; } }; }; setTimeout(refreshAd, 15000); </script>  <div id="adPartnerLinks" class="box openxbuttons"> <div class="title">Partner Links</div> <div class="adx-link-item"> <div id="AdSlot_AF-Right-Textlink1"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display("AdSlot_AF-Right-Textlink1"); }); } </script> </div> </div> <div class="adx-link-separator"></div> <div class="adx-link-item"> <div id="AdSlot_AF-Right-Textlink2"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display("AdSlot_AF-Right-Textlink2"); }); } </script> </div> </div> <div class="adx-link-separator"></div> <div class="adx-link-item"> <div id="AdSlot_AF-Right-Textlink3"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display("AdSlot_AF-Right-Textlink3"); }); } </script> </div> </div> <div class="adx-link-separator"></div> </div></div>  <script type="text/javascript"> ///////////////////////////// // Sticky Functionality ///////////////////////////// // Init Var var docTop, winHeight, bfHeight, stickyStart, stickEnd; var $layoutSide = $('.layout-side'); var layoutSideW = $layoutSide.width(); var marginBottom = parseInt($layoutSide.find('.box').css('marginBottom')); var headerHeight = $('.header').outerHeight(); // Stick only if bf-right-multi exist if ( $layoutSide.find('.bf-right-multi').length ) { // Bind Scroll event $(document).bind('scroll', function(){ docTop = $(document).scrollTop(); winHeight = $(window).outerHeight(); // Get Sum Height from bf-right-multi to the end of rightrail var nextEls = $layoutSide.find('.bf-right-multi').nextAll().filter('.box'); bfHeight = headerHeight; $.each(nextEls, function(i, el){ bfHeight += $(el).outerHeight() + marginBottom; }); bfHeight += $layoutSide.find('.bf-right-multi').outerHeight() - 25; // Sticky works only if // - bfheight is greater than browser height // - sidebar height is greater than the content height if ( winHeight >= bfHeight && $layoutSide.outerHeight() <= $('.layout-page').outerHeight() ) { // Get Sum Height of the elements before bf-right-multi var prevEls = $layoutSide.find('.bf-right-multi').prevAll().filter('.box'); var prevHeight = -headerHeight; $.each(prevEls, function(i, el){ prevHeight += $(el).outerHeight() + 25; }); stickyStart = $layoutSide.offset().top + prevHeight; stickEnd = $layoutSide.parent().offset().top + $layoutSide.parent().outerHeight() - bfHeight - 55; // Fixed if( docTop > stickyStart && docTop < stickEnd) { $layoutSide.find('.inner-helper').css({ 'width': layoutSideW + 'px', 'position': 'fixed', 'top': -prevHeight + 'px', 'bottom': 'auto' }); } // remove fixed at the bottom of content else if (docTop >= stickEnd) { $layoutSide.find('.inner-helper').css({ 'position': 'absolute', 'top': 'auto', 'bottom': '0px' }); } else { $layoutSide.find('.inner-helper').css({ 'position': 'relative', 'top': 'auto', 'bottom': 'auto' }); } }else { $layoutSide.find('.inner-helper').css({ 'position': 'relative', 'top': 'auto', 'bottom': 'auto' }); } }); } </script> </div>  <div class="clear"></div> </div> <div class="bf-footer-leaderboard" id="AdSlot_BF-Footer-Leaderboard"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_BF-Footer-Leaderboard'); }); } </script> </div> <div id="Footer"> <div class="mid"> <div class="footer-inner layout-size">   <div class="clear"> <a href="/web/20160726153958/http://www.investopedia.com/" class="logo"></a> <div class="search-bars"> <div class="search-box clear"> <div class="form-box form-group"> <div> <div class="container-inline form-wrapper" id="edit-basic"> <div class="form-item form-type-textfield form-item-symbol"> <input type="text" class="SearchValue form-text input-text input-help invSearchText" value="Search Investopedia"> </div> <input type="button" name="invSearchBtn" class="invSearchBtn search-btn form-submit"> </div> </div> </div> </div> <div class="search-box clear ticker-search"> <div class="form-box form-group"> <form class="filter-form" action="/web/20160726153958/http://www.investopedia.com/professionals/series7/" method="post" id="market-api-form" accept-charset="UTF-8"><div><div class="container-inline form-wrapper" id="edit-basic"><div class="form-item form-type-textfield form-item-symbol"> <label for="edit-symbol">Enter Symbol </label> <input type="text" id="edit-symbol" name="symbol" value="" size="10" maxlength="255" class="form-text"/> </div> <input type="submit" id="edit-submit--2" name="op" value="Search" class="form-submit"/></div><input type="hidden" name="form_build_id" value="form-yRxIJ3kXVuwpcFvzlMuWKTOWxgaXv7cqGyhik2sCBQw"/> <input type="hidden" name="form_id" value="market_api_form"/> </div></form> </div> </div> </div> </div> <ul class="flist"> <li>Dictionary:</li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/1/">#</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/a/">a</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/b/">b</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/c/">c</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/d/">d</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/e/">e</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/f/">f</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/g/">g</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/h/">h</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/i/">i</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/j/">j</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/k/">k</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/l/">l</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/m/">m</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/n/">n</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/o/">o</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/p/">p</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/q/">q</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/r/">r</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/s/">s</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/t/">t</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/u/">u</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/v/">v</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/w/">w</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/x/">x</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/y/">y</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/terms/z/">z</a></li> </ul> <div class="column-list clear"> <div class="col-l"> <ul> <li class="first">Content Library</li> <li><a href="/web/20160726153958/http://www.investopedia.com/articles/">Articles</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/dictionary/">Terms</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/video/">Videos</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/university/">Guides</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/slide-show/">Slideshows</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/ask/">FAQs</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/calculator/">Calculators</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/active-trading/chartadvisor/">Chart Advisor</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/markets/stock-analysis/">Stock Analysis</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/simulator/">Stock Simulator</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/fxtrader/">FXtrader</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/exam-prep-quizzes/">Exam Prep Quizzer</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/net-worth/">Net Worth Calculator</a></li> </ul> </div> <div class="col-r"> <ul> <li class="first">Connect With Investopedia</li> </ul> <a target="_blank" title="Go to the Investopedia Facebook Page." href="https://web.archive.org/web/20160726153958/http://www.facebook.com/Investopedia" rel="nofollow" class="footicon fb"></a> <a target="_blank" title="Go to the Investopedia Twitter Page." href="https://web.archive.org/web/20160726153958/http://twitter.com/#!/investopedia" rel="nofollow" class="footicon twtr"></a> <a title="Go to the Investopedia LinkedIn Page." href="https://web.archive.org/web/20160726153958/http://www.linkedin.com/company/investopedia-ulc" class="footicon lnkd"></a> <a title="Subscribe to Investopedia RSS news feeds here." href="/web/20160726153958/http://www.investopedia.com/rss/" class="footicon rss"></a> <a title="Go to the Investopedia" href="/web/20160726153958/http://www.investopedia.com/" class="footicon inv"></a> </div> </div> <div class="column-list clear"> <div class="col-l"> <ul> <li class="first">Work With Investopedia</li> <li><a href="/web/20160726153958/http://www.investopedia.com/corp/about.aspx">About Us</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/corp/advertise.aspx">Advertise With Us</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/corp/contactus.aspx?type=WriterSubmission">Write For Us</a></li> <li><a href="/web/20160726153958/http://www.investopedia.com/corp/contactus.aspx">Contact Us</a></li> <li><a href="https://web.archive.org/web/20160726153958/https://careers.smartrecruiters.com/IAC/investopedia" rel="nofollow">Careers</a></li> </ul> </div> <div class="col-r"> <ul class="menu-items"> <li class="first">Get Free Newsletters</li> <li><a href="/web/20160726153958/http://www.investopedia.com/accounts/signupnewsletter/?subid=footer&source=footer" id="footerNL" class="icon-newsletter">Newsletters</a></li> </ul> </div> </div> </div> </div>  <div class="btm"> <div class="copyright layout-size clear"> <span>© 2016, Investopedia, LLC.</span> <span class="footer-legal-links"> <a href="/web/20160726153958/http://www.investopedia.com/corp/copyright.aspx">All Rights Reserved</a> <a href="/web/20160726153958/http://www.investopedia.com/corp/termsofuse.aspx">Terms Of Use</a> <a href="/web/20160726153958/http://www.investopedia.com/corp/privacypolicy.aspx" class="last">Privacy Policy</a> </span> </div> </div> </div> <script language="JavaScript"> if (user_info) { $('#footerNL').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); } </script> <script type="text/javascript"> var adSlots = ["AdSlot_BF-Right-Multi","AdSlot_AF-Right-Multi","AdSlot_AF-Top-Leaderboard","AdSlot_IC-Rectangle","AdSlot_AF-Left-Multi","AdSlot_BF-Right-Button1","AdSlot_BF-Right-Button2","AdSlot_BF-Right-Button3","AdSlot_BF-Right-Button4"]; for ( var i = 0; i < adSlots.length; i++ ) { var adSlot = document.getElementById(adSlots[i]); if (adSlot) { adSlot.setAttribute('adonis-marker', ''); } } </script>  <script type="text/javascript"> // Disable the sticky function when adblocker is on as Pagefair is recovering the hidden ad if( !isAdBlocked() && !$('.no-symbol').length ) { if (typeof googletag !== "undefined") { googletag.cmd.push(function () { var headerHeight = $('.header').outerHeight(); var $adLeaderboard = $(".ad-leaderboard"); var stickLimit = 130; // Add ScrollFix Helper if (!$('.ad-leaderboard-helper').length) { var $leaderboardHelper = $('<div>').addClass('ad-leaderboard-helper'); $leaderboardHelper.css('height', $adLeaderboard.outerHeight() + 'px'); $leaderboardHelper.insertBefore($adLeaderboard); } $(window).bind('scroll', function () { var scrollTop = $(window).scrollTop(); if ($(".layout-page").length) { stickLimit = $(".layout-page").offset().top - headerHeight - $adLeaderboard.outerHeight(); } if (scrollTop > stickLimit) { $adLeaderboard.addClass("not-inview"); } else if (scrollTop < 5 || scrollTop > 650) { $adLeaderboard.removeClass("not-inview"); $adLeaderboard.removeClass("fixed"); $leaderboardHelper.removeClass('active'); } else { $adLeaderboard.removeClass("not-inview"); $adLeaderboard.addClass("fixed"); $leaderboardHelper.addClass('active'); } }); }); } } </script>   <script type="text/javascript" data-id="script_comscore"> var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "6034722", c4: "https://web.archive.org/web/20160726153958/http://www.investopedia.com/professionals/series7/" }); (function() { var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true; s.src = (document.location.protocol == "https:" ? "https://web.archive.org/web/20160726153958/https://sb" : "http://b") + ".scorecardresearch.com/beacon.js"; el.parentNode.insertBefore(s, el); })(); </script> <noscript> <img src="https://web.archive.org/web/20160726153958im_/http://b.scorecardresearch.com/p?c1=2&c2=6034722&c4=http://www.investopedia.com/professionals/series7/&cv=2.0&cj=1"/> </noscript>   </div> <script type="text/javascript"> /* loader */!function e(n,t,o){function i(a,s){if(!t[a]){if(!n[a]){var c="function"==typeof require&&require;if(!s&&c)return c(a,!0);if(r)return r(a,!0);var d=new Error("Cannot find module '"+a+"'");throw d.code="MODULE_NOT_FOUND",d}var l=t[a]={exports:{}};n[a][0].call(l.exports,function(e){var t=n[a][1][e];return i(t?t:e)},l,l.exports,e,n,t,o)}return t[a].exports}for(var r="function"==typeof require&&require,a=0;a<o.length;a++)i(o[a]);return i}({1:[function(e,n,t){var o=e(7);o.run()},{7:7}],2:[function(e,n,t){var o=e(3);n.exports=o},{3:3}],3:[function(e,n,t){n.exports={REAL_STUN_HOST:"stun.xpanama.net:3478",TURNSIGNAL_HOST:"ts.p.xpanama.net:7000",STUNGUN_HOST:"sg.p.xpanama.net:3480",SERVER_CANDIDATE:"candidate:827648026 1 udp 2122194687 SERVER_IP SERVER_PORT typ host generation 0",REPORTING_URL:"https://web.archive.org/web/20160726153958/https://lb.statsevent.com/stats",REPORTING_RATE:.01,LOG_LEVEL:"error",REPORT_ERRORS:!0,MANIFEST_URL:"https://web.archive.org/web/20160726153958/https://sri.jsintegrity.com/manifest.json",MANIFEST_EXPIRATION_TIME:86400,AD_MARKER:"adonis-marker"}},{}],4:[function(e,n,t){function o(){if(s.isExpiredNow(localStorage.adonisClientManifestExpiry))return null;var e=null;try{e=JSON.parse(localStorage.adonisClientManifest)}catch(n){}return e}function i(e,n){localStorage.adonisClientManifest=JSON.stringify(e),localStorage.adonisClientManifestExpiry=(new Date).getTime()/1e3+n}function r(e,n){var t=new XMLHttpRequest;t.open("GET",a.MANIFEST_URL+"?v="+e,!0),t.onload=function(){var e={},o=!1;if(200===t.status)try{e=JSON.parse(t.responseText)}catch(i){e={}}else o=!0;n(e,o)},t.onerror=function(){n({},!0)};try{t.send(null)}catch(o){n({},!0)}}var a=e(2),s=e(6);n.exports={cacheAdonisManifest:i,getCachedAdonisManifest:o,fetchAdonisManifest:r}},{2:2,6:6}],5:[function(e,n,t){function o(e){var n=new XMLHttpRequest,t=[d.REPORTING_URL,e].join("");n.open("GET",t,!0),n.send()}function i(e){o("/adonis_error?e="+e.toString())}function r(){return null!=window.ADONIS_BOOTSTRAP_STATS?window.ADONIS_BOOTSTRAP_STATS===!0:Math.random()<d.REPORTING_RATE}function a(e,n){if(s(e),r()){var t={website:window.location.hostname,key:e};null!=n&&(t.quantity=n),o(["/adonis_event/?event=",JSON.stringify(t)].join(""))}}function s(e){if(window.performance){var n={key:e,time_ms:Math.round(window.performance.now()),website:window.location.hostname};u.push(n)}}function c(){l.defineReadOnlyProperty("adonisBootstrapTiming",u)}var d=e(2),l=e(6),u=[];n.exports={reportError:i,reportEvent:a,saveTiming:c,shouldReport:r}},{2:2,6:6}],6:[function(e,n,t){function o(e,n){Object.defineProperty(window,e,{value:n,writable:!1})}function i(e,n){return!n||Number(n)<=e}function r(e){var n=(new Date).getTime()/1e3;return i(n,e)}var a=function(){var e=window.navigator.userAgent.toLowerCase(),n=/(chrome)[ \/]([\w.]+)/.exec(e)||/(firefox)[ \/]([\w.]+)/.exec(e);if(null!==n){var t=n[1],o=n[2],i=parseInt(o.split(".")[0]);if("chrome"===t&&i>=41||"firefox"===t&&i>=37)return!0}return!1},s=function(e){"loading"!==document.readyState?e():document.addEventListener("DOMContentLoaded",e)};n.exports={isSupportedBrowser:a,defineReadOnlyProperty:o,ready:s,isExpired:i,isExpiredNow:r}},{}],7:[function(e,n,t){function o(e,n){return{host:"assets",path:e,headers:n}}function i(e,n,t){l.reportEvent("bootstrap.runclientscript"),l.saveTiming(),u.defineReadOnlyProperty("adonisConn",n),u.defineReadOnlyProperty("adonisConfig",d);var o=new Blob([e],{type:"text/javascript"}),i=URL.createObjectURL(o),a=p.getCachedAdonisManifest();return a&&a.hasOwnProperty(t)?void r(i,a[t],!1):void p.fetchAdonisManifest(t,function(e,n){p.cacheAdonisManifest(e,f),r(i,e[t],n)})}function r(e,n,t){if(t||n){var o=document.createElement("script");o.src=e,n&&(o.integrity=n),document.head.appendChild(o)}}function a(){}function s(){if(l.reportEvent("bootstrap.pageview"),u.ready(function(){var e=document.querySelectorAll("["+h+"]");l.reportEvent("bootstrap.admarker",e.length)}),u.isSupportedBrowser()&&l.reportEvent("bootstrap.supported"),d.DEVELOPER_MODE){console.log("Developer mode is enabled. Fetching adonis client from:",d.ADONIS_CLIENT_FETCH_URL),localStorage.adonisClientVersion="6.0.0";var e=document.createElement("script");return e.src=d.ADONIS_CLIENT_FETCH_URL,void document.head.appendChild(e)}var n="undefined"!=typeof Storage,t=void 0===window.adonisGlobal||"disabled"!==window.adonisGlobal.detectionLevel;if(n&&t){l.reportEvent("bootstrap.enabled");var r=localStorage.adonisCacheExpiry,a=localStorage.adonisCacheSrc,s=localStorage.adonisClientVersion,p=(new Date).getTime()/1e3;if(!u.isExpired(p,r)&&s&&a)l.reportEvent("bootstrap.cached"),i(a,null,localStorage.adonisClientVersion);else{l.reportEvent("bootstrap.expired");var f=new c(d.SERVER_CANDIDATE,d.REAL_STUN_HOST,d.TURNSIGNAL_HOST,d.STUNGUN_HOST,v);f.setLogLevel(d.LOG_LEVEL),f.on("open",function(){l.reportEvent("bootstrap.panama_opened");var e=o("client",{adonis_client_api:"6.0.0"});f.request(e,function(e,n,t){if(l.reportEvent("bootstrap.client_fetched."+t),n){if(n["cache-control"]){var o=Number(n["cache-control"].split("=")[1]),r=p+o;localStorage.adonisCacheExpiry=r}n["adonis-client-version"]&&(localStorage.adonisClientVersion=n["adonis-client-version"])}304===t?i(a,f,localStorage.adonisClientVersion):200===t?(localStorage.adonisCacheSrc=e,i(e,f,localStorage.adonisClientVersion)):v(e)})}),l.reportEvent("bootstrap.panama_opening"),f.open()}}}var c=e(9),d=e(2),l=e(5),u=e(6),p=e(4),f=d.MANIFEST_EXPIRATION_TIME||0;d.LOG_LEVEL="#adonis-logging"===window.location.hash?"debug":d.LOG_LEVEL;var h=d.AD_MARKER||"adonis-marker";window.adonisConn=void 0,window.adonisConfig=d,window.adonisBootstrapTiming=void 0;var v=d.REPORT_ERRORS?l.reportError:a;n.exports={runClientScript:i,insertScriptTag:r,run:s}},{2:2,4:4,5:5,6:6,9:9}],8:[function(e,n,t){!function(t,o){"use strict";"object"==typeof n&&n.exports&&"function"==typeof e?n.exports=o():"function"==typeof define&&"object"==typeof define.amd?define(o):t.log=o()}(this,function(){"use strict";function e(e){return typeof console===s?!1:void 0!==console[e]?n(console,e):void 0!==console.log?n(console,"log"):a}function n(e,n){var t=e[n];if("function"==typeof t.bind)return t.bind(e);try{return Function.prototype.bind.call(t,e)}catch(o){return function(){return Function.prototype.apply.apply(t,[e,arguments])}}}function t(e,n,t){return function(){typeof console!==s&&(o.call(this,n,t),this[e].apply(this,arguments))}}function o(e,n){for(var t=0;t<c.length;t++){var o=c[t];this[o]=e>t?a:this.methodFactory(o,e,n)}}function i(n,o,i){return e(n)||t.apply(this,arguments)}function r(e,n,t){function r(e){var n=(c[e]||"silent").toUpperCase();try{return void(window.localStorage[u]=n)}catch(t){}try{window.document.cookie=encodeURIComponent(u)+"="+n+";"}catch(t){}}function a(){var e;try{e=window.localStorage[u]}catch(n){}if(typeof e===s)try{var t=window.document.cookie,o=t.indexOf(encodeURIComponent(u)+"=");o&&(e=/^([^;]+)/.exec(t.slice(o))[1])}catch(n){}return void 0===l.levels[e]&&(e=void 0),e}var d,l=this,u="loglevel";e&&(u+=":"+e),l.levels={TRACE:0,DEBUG:1,INFO:2,WARN:3,ERROR:4,SILENT:5},l.methodFactory=t||i,l.getLevel=function(){return d},l.setLevel=function(n,t){if("string"==typeof n&&void 0!==l.levels[n.toUpperCase()]&&(n=l.levels[n.toUpperCase()]),!("number"==typeof n&&n>=0&&n<=l.levels.SILENT))throw"log.setLevel() called with invalid level: "+n;return d=n,t!==!1&&r(n),o.call(l,n,e),typeof console===s&&n<l.levels.SILENT?"No console available for logging":void 0},l.setDefaultLevel=function(e){a()||l.setLevel(e,!1)},l.enableAll=function(e){l.setLevel(l.levels.TRACE,e)},l.disableAll=function(e){l.setLevel(l.levels.SILENT,e)};var p=a();null==p&&(p=null==n?"WARN":n),l.setLevel(p,!1)}var a=function(){},s="undefined",c=["trace","debug","info","warn","error"],d=new r,l={};d.getLogger=function(e){if("string"!=typeof e||""===e)throw new TypeError("You must supply a name when creating a logger.");var n=l[e];return n||(n=l[e]=new r(e,d.getLevel(),d.methodFactory)),n};var u=typeof window!==s?window.log:void 0;return d.noConflict=function(){return typeof window!==s&&window.log===d&&(window.log=u),d},d})},{}],9:[function(e,n,t){function o(e,n,t,o,i){this.realStunHost=n,this.turnSignalHost=t,this.stunGunHost=o,this.serverCandidate=e,this.nodePeerPort=null,this.nodePeerIp=null,this.localCandidates=[],this.sentDataToTurn=!1,this.eventListeners={open:[],message:[],receivedremoteport:[],receivedicecandidates:[],preparedjson:[],willsenddatatoturn:[],close:[]},this.ips={},this.requests={},this.isOpen=!1,i&&(this.handleError=i),this.timingEvents=[]}function i(){var e=this,n={iceServers:[{url:"stun:"+this.stunGunHost,urls:["stun:"+this.stunGunHost],username:"test",credential:"test"}]};C.info("Connecting to stungun server : "+this.stunGunHost);var t=this.stunGunPeerConnection=new w(n);t.createDataChannel(""),t.createOffer(function(n){t.setLocalDescription(n,function(){e.addTimingEvent("requestingServerIp",performance.now()-e.estConnectionStart)},function(){})},function(){}),t.onicecandidate=function(n){if(null!==n.candidate){var o=n.candidate.candidate;if(C.debug("onicecandidate: "+o),e.checkCandidateIpLeak(o),v.isServerReflexive(o)&&!v.isIPv6(o)){t.close();var i=v.matchNodePeerIpAndPort(o);if(null!==i){e.addTimingEvent("serverIpReceived",performance.now()-e.estConnectionStart),e.nodePeerIp=i[1],e.nodePeerPort=i[2],C.info("ip and port to connect on: "+e.nodePeerIp+":"+e.nodePeerPort);var r=e.serverCandidate.replace(/SERVER_PORT/g,e.nodePeerPort);r=r.replace(/SERVER_IP/g,e.nodePeerIp),C.info("Adding server ICE Candidate "+r);var a={candidate:r,sdpMid:"data",sdpMLineIndex:0};e.peerConnection.addIceCandidate(new S(a),h,e.handleError),e.triggerEvent("receivedremoteport"),e.remoteCandidateReceived=!0,l.call(e)}}}}}function r(){var e=this.peerConnection=new w({iceServers:[{url:"stun:"+this.realStunHost,urls:["stun:"+this.realStunHost]}]}),n=this;this.peerConnection.onicecandidate=function(e){if(null!==e.candidate){var t=e.candidate.candidate;C.info("RECEVIED LOCAL CANDIDATE "+t),n.checkCandidateIpLeak(t),v.isServerReflexive(t)&&!v.isIPv6(t)&&(n.addTimingEvent("iceCandidate",performance.now()-n.estConnectionStart),n.localCandidates.push(t),n.localCandidateReceived=!0,l.call(n))}},this.peerConnection.ondatachannel=function(e){n.dataChannel=e.channel,n.turnSignalPeerConnection.close(),C.info("ondatachannel",n.dataChannel.label,n.dataChannel.readyState),n.dataChannel.binaryType="arraybuffer",n.dataChannel.onopen=function(){n.isOpen=!0,C.info("onopen");var e=performance.now(),t=e-n.estConnectionStart;n.addTimingEvent("dataChannelOpen",t);var o={host:"test"};n.request(o,function(){var t=performance.now()-e;n.addTimingEvent("msgRoundTrip",t),clearTimeout(n.connectionTimeout),setTimeout(function(){n.close()},T)}),C.info("TIMING:total "+t),C.info("onopen"),n.triggerEvent("open"),n.messageSendStartTime=performance.now()};n.dataChannel.onmessage=function(e){var t=e.data;C.info("Received response chunk",t),n.triggerEvent("message",t);try{var o=g.handleChunk(t)}catch(i){return void C.error("Failed to process chunked response: ",i)}o&&(C.info("Received complete response. Handling it"),a.call(n,o.id,o.http))},n.dataChannel.onclose=function(){C.info("onClose"),n.triggerEvent("close")},n.dataChannel.onerror=n.handleError},this.peerConnection.onsignalingstatechange=function(){C.info("signaling state change: ",e.iceConnectionState)},this.peerConnection.oniceconnectionstatechange=function(){var t=performance.now();C.info("ice connection state change: ",e.iceConnectionState,"after ",t-n.estConnectionStart,"millis")},this.peerConnection.onicegatheringstatechange=function(){C.info("ice gathering state change: ",e.iceConnectionState)},s.call(this)}function a(e,n){var t=n.headers;t&&t["set-cookie"]&&(document.cookie=t["set-cookie"]);var o=this.requests[e];o(n.body,n.headers,n.status),delete this.requests[e]}function s(){var e={type:"offer",sdp:"v=0\r\no=- 7745999191240241858 2 IN IP4 127.0.0.1\r\ns=-\r\nt=0 0\r\na=msid-semantic: WMS\r\nm=application 9 DTLS/SCTP 5000\r\nc=IN IP4 0.0.0.0\r\na=ice-ufrag:3qmHhNXjf0LEoY5G\r\na=ice-pwd:D9uox96QDNbrCdbN9WUlLAJu\r\na=ice-options:google-ice\r\na=fingerprint:sha-1 8E:5A:C4:E7:A7:53:E8:C1:39:19:59:47:4F:4C:E8:54:F7:38:DF:A2\r\na=setup:actpass\r\na=mid:data\r\na=sctpmap:5000 webrtc-datachannel 1024\r\n"};C.info("SETTING HARD CODED offer data : "+e.sdp);var n=new m(e);this.peerConnection.setRemoteDescription(n,c.bind(this),this.handleError),c.bind(this)}function c(){this.peerConnection.createAnswer(d.bind(this),this.handleError),this.iceCandidateStartTime=performance.now()}function d(e){this.answer=e,this.peerConnection.setLocalDescription(new m(e),u.bind(this),this.handleError),this.localDescriptionSet=!0,l.call(this)}function l(){!this.sentDataToTurn&&this.remoteCandidateReceived&&this.localCandidateReceived&&this.localDescriptionSet&&(C.debug("sending data to TURN"),p.call(this),this.sentDataToTurn=!0)}function u(){C.info("Sending answer"),this.addTimingEvent("setLocalDesc",performance.now()-this.estConnectionStart)}function p(){this.triggerEvent("receivedicecandidates");var e=performance.now();C.info("TIMING:ice_candidates "+(e-this.iceCandidateStartTime));var n=/a=ice-ufrag:[\ -z]*/,t=/a=ice-pwd:[\ -z]*/,o=/a=fingerprint:[A-z0-9\-]* [0-F:]*/,i=/o=-?\S* [0-9]+ [0-9] IN IP4 [0-9\.]+/,r=performance.now();C.info("Before matching regexes"+(r-this.estConnectionStart)),C.info(this.answer.sdp);var a=this.answer.sdp.match(n),s=this.answer.sdp.match(t),c=this.answer.sdp.match(o),d=this.answer.sdp.match(i);C.info("UFRAG:"+a),C.info("PWD:"+s),C.info("FINGERPRINT:"+c),C.info("O=:"+d);var l=[this.localCandidates];l.push(a[0]),l.push(s[0]),l.push(c[0]),l.push(d[0]);var u=new Uint8Array(8);window.crypto.getRandomValues(u);var p=String.fromCharCode.apply(null,u);l.push(p),l.push(this.nodePeerIp),l.push(this.nodePeerPort),this.triggerEvent("preparedjson",l);var h=performance.now();C.info("After matching regexes"+(h-this.estConnectionStart));var v=performance.now();C.info("Before jsonifying candidates"+(v-this.estConnectionStart));var g=JSON.stringify(l),w=performance.now();C.info("After jsonifying candidates"+(w-this.estConnectionStart)),f.call(this,g)}function f(e){this.triggerEvent("willsenddatatoturn",e);var n=performance.now()-this.estConnectionStart;this.addTimingEvent("turnPrep",n),C.debug("Sending data to turn @ "+this.turnSignalHost+" after "+n+" millis");var t={iceServers:[{url:"turn:"+this.turnSignalHost,urls:["turn:"+this.turnSignalHost],username:e,credential:"x"}]};this.turnSignalPeerConnection=new w(t),this.turnSignalPeerConnection.createDataChannel("");var o=this;this.turnSignalPeerConnection.createOffer(function(e){var n=performance.now(),t=n-o.estConnectionStart;o.addTimingEvent("turnSend",t),C.info("Fake offer generated which should trigger TURN request after "+(n-o.estConnectionStart)+" millis"),o.turnSignalPeerConnection.setLocalDescription(e,function(){},function(){})},function(){})}function h(){C.info("Successfully added ICE candidate")}var v=e(10),g=e(11),C=e(8),w=window.RTCPeerConnection||window.mozRTCPeerConnection||window.webkitRTCPeerConnection,m=window.RTCSessionDescription||window.mozRTCSessionDescription||window.webkitRTCSessionDescription,S=window.RTCIceCandidate||window.mozRTCIceCandidate||window.webkitRTCIceCandidate,E=15e3,T=3e5;o.prototype.handleError=function(){},o.prototype.getTimingEvents=function(){return this.timingEvents},o.prototype.addTimingEvent=function(e,n){var t={name:"t_"+e,timing:n};this.timingEvents.push(t)},o.prototype.open=function(){var e=this;this.connectionTimeout=setTimeout(function(){e.close()},E),this.estConnectionStart=performance.now(),setTimeout(function(){C.debug("v8Lag is : "+(performance.now()-e.estConnectionStart)),e.addTimingEvent("v8Lag",performance.now()-e.estConnectionStart)},1),i.call(this),r.call(this)},o.prototype.send=function(e){C.info("sending message",e),this.dataChannel.send(e)},o.prototype.request=function(e,n){var t=g.buildRequest(e),o=g.buildTerminator(t.id);this.requests[t.id]=n,this.send(JSON.stringify(t)),this.send(JSON.stringify(o))},o.prototype.close=function(){this.dataChannel&&(this.dataChannel.close(),this.dataChannel=null),this.peerConnection&&"closed"!==this.peerConnection.signalingState&&(console.log("Closed PC"),this.peerConnection.close()),this.stunGunPeerConnection&&"closed"!==this.stunGunPeerConnection.signalingState&&(console.log("Closed Stungun PC"),this.stunGunPeerConnection.close()),this.turnSignalPeerConnection&&"closed"!==this.turnSignalPeerConnection.signalingState&&(console.log("Closed Turnsignal PC"),this.turnSignalPeerConnection.close())},o.prototype.on=function(e,n){e in this.eventListeners&&this.eventListeners[e].push(n)},o.prototype.triggerEvent=function(e){if(e in this.eventListeners){var n=Array.prototype.slice.call(arguments,1);this.eventListeners[e].forEach(function(e){e.apply(this,n)})}},o.prototype.setLogLevel=function(e){C.setLevel(e)},o.prototype.checkCandidateIpLeak=function(e){if(!v.isIPv6(e)&&-1!==e.indexOf("typ host")){var n=v.extractCandidateIp(e);n&&(this.ips[n]=!0,Object.keys(this.ips).length>=2&&(C.info("Multiple private IPs detected. Closing the connection."),this.close()))}},window.PanamaClient=o,n.exports=o},{10:10,11:11,8:8}],10:[function(e,n,t){n.exports.getPortNoFromCandidate=function(e){var n=/([0-9]+) ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]+)/.exec(e)||[];return n[3]||null},n.exports.isServerReflexive=function(e){return-1!==e.indexOf("srflx")},n.exports.isIPv6=function(e){return/([0-9a-fA-F]){1,4}(:([0-9a-fA-F]){1,4}){7}/.test(e)},n.exports.extractCandidateIp=function(e){var n=/[0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) [0-9]+/.exec(e);return n&&n.length>1?n[1]:null},n.exports.matchNodePeerIpAndPort=function(e){return e.match(/candidate:[0-9]+ [0-9]+ udp [0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]*)/i)}},{}],11:[function(e,n,t){function o(){return Math.floor(99999*Math.random()+1)}function i(e){var n=o().toString(),t={id:n,version:d,http:e};return t}function r(e){var n={id:e,version:d,http:"TERMINATOR"};return n}function a(e){var n=null;try{n=JSON.parse(l+e)}catch(t){l+=e}return n&&(l=""),n}function s(e){if(!e.http||!e.id)throw new Error("Fields `id` and `http` are mandatory.");var n=e.id;if("TERMINATOR"===e.http){if(!u[n])return null;var t=u[n];return u[n]=null,t}return u[n]?u[n].http.body+=e.http.body:u[n]=e,null}function c(e){var n=a(e);if(!n)return null;var t=s(n);return t}var d="1.0",l="",u={};n.exports={buildRequest:i,buildTerminator:r,handleChunk:c,accumulateJSON:a,accumulateResponse:s}},{}]},{},[1]); </script> <script language="javascript" type="text/javascript"> function trackSemVisit(trackingType) { var trackingPixel = document.createElement("img"); trackingPixel.src = "/sem/sp.gif?type=" + trackingType + "&ocode=" + sem_ocode + "&ldid=" + sem_ldid; document.body.appendChild(trackingPixel); } if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true)) { trackSemVisit('pageview'); } </script><script type="text/javascript" data-id="script-cb-tracker"> var _sf_async_config = _sf_async_config || {}; _sf_async_config.sections='Listing - General'; _sf_async_config.authors='Investopedia'; (function(){ function loadChartbeat() { window._sf_endpt=(new Date()).getTime(); var e = document.createElement('script'); e.setAttribute('language', 'javascript'); e.setAttribute('type', 'text/javascript'); e.setAttribute('src', '//web.archive.org/web/20160726153958/http://static.chartbeat.com/js/chartbeat.js'); document.body.appendChild(e); } var oldonload = window.onload; window.onload = (typeof window.onload != 'function') ? loadChartbeat : function() { oldonload(); loadChartbeat(); }; })(); </script></body> </html>

CINXE.COM

Series 7 Exam | Investopedia