Copyright Notice | 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="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_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="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://www.investopedia.com/corp/copyright.aspx","20160711025211","https://web.archive.org/","web","/_static/", "1468205531"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <link rel="dns-prefetch" href="https://web.archive.org/web/20160711025211/http://i.investopedia.com/public"> <link rel="preconnect" href="https://web.archive.org/web/20160711025211/http://i.investopedia.com/public"> <link rel="dns-prefetch" href="www.investopedia.com"> <link rel="preconnect" href="www.investopedia.com"> <link rel="dns-prefetch" href="v1.investopedia.com"> <link rel="preconnect" href="v1.investopedia.com"> <link rel="dns-prefetch" href="ajax.googleapis.com"> <link rel="preconnect" href="ajax.googleapis.com"> <link rel="dns-prefetch" href="idsync.rlcdn.com"> <link rel="dns-prefetch" href="cdn.feedbackify.com"> <link rel="dns-prefetch" href="ic.tynt.com"> <link rel="dns-prefetch" href="rc.rlcdn.com"> <link rel="dns-prefetch" href="z.moatads.com"> <link rel="dns-prefetch" href="ak.sail-horizon.com"> <link rel="dns-prefetch" href="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/20160711025211js_/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>Copyright Notice | 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="Copyright Notice | Investopedia"/> <meta property="og:url" content="https://web.archive.org/web/20160711025211/http://www.investopedia.com/corp/copyright.aspx"/> <meta property="og:site_name" content="Investopedia"/> <meta property="og:type" content="website"/> <meta property="og:image" content="https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/facebook/investopedia-facebook-image.gif"/> <meta property="fb:admins" content="100003532063336"/>  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link rel="apple-touch-icon" href="https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/public/img/apple-touch-icon.png"/> <link rel="canonical" href="https://web.archive.org/web/20160711025211/http://www.investopedia.com/corp/copyright.aspx"/> <link rel="shortcut icon" href="https://web.archive.org/web/20160711025211im_/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/20160711025211cs_/http://i.investopedia.com/public/css/tablet.css?v=5.392"/>   <script type="text/javascript" data-id="script_taxonomy"> //<![CDATA[ var _pageTaxonomy = {"Hashkey":null,"Path":"/corp/copyright.aspx","Channel":"Investing","SubChannel":"Investing Strategy","Advertising":"Investing","SubAdvertising":"Investing","DfpTarget":"Investing/Investing","Tags":[],"Taggroup":[],"Type":"Corp","Lucrativeness":null,"Timelessness":"Timeless","Feature":null,"Design":null,"InterestLevel":null,"Index":"True","NoIndexParams":"False","Follow":"True","Master":"False","ServerName":"tax002"}; //]]> </script>   <script type="text/javascript"> var idc_slots = {}; idc_slots.slots = ["AdSlot_PG-Background"]; 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/Investing/Investing/position/Corp".replace("position", slot.position); }; </script> <script type="text/javascript"> var idc_device = {"desktop":true,"tablet":false,"phone":false}; </script>  <script src="https://web.archive.org/web/20160711025211js_/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/20160711025211js_/http://i.investopedia.com/public/js/main.min.js?v=5.392"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160711025211js_/http://i.investopedia.com/dest/js/inv.min.js?v=5.392"></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; dataLayer.push({'invadv' : invadv}); </script> <script> var initLayer = _pageTaxonomy; initLayer['country'] = invGCookie.geoCountry(); initLayer['state'] = invGCookie.geoStateProvince(); initLayer['asset_version'] = '5.392'; initLayer['device'] = 'desktop'; dataLayer.push(initLayer); </script> <script data-id="script_optimizely" src="//web.archive.org/web/20160711025211js_/http://cdn.optimizely.com/js/3135740712.js"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160711025211js_/http://i.investopedia.com/public/js/streamsense.min.js?v=5.392"></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"> /* Sequential Messaging Allowance * sequentialMessaging=A will show the same ad over and over during 24 hours * sequentialMessaging=B will show different ads in order of B1, B2, B3 .... */ var sequentialMessaging = getCookie('sequentialMessaging') || null; if(sequentialMessaging) { if ( sequentialMessaging.indexOf('B') > -1 ) { if ( sequentialMessaging == 'B' ) { setCookie('sequentialMessaging', 'B1'); }else { var seqPageNum = parseInt(sequentialMessaging.replace("B", "")); seqPageNum++; setCookie('sequentialMessaging', 'B' + seqPageNum ); } } } var AFTopLeaderboard = null; var AFRightMulti = null; var AF_Right_Multi_Mapping; </script>  <script> var hasFlash = (function() { try { if (typeof navigator.plugins != "undefined" && typeof navigator.plugins["Shockwave Flash"] == "object") { return true; } else if (typeof window.ActiveXObject != "undefined") { new ActiveXObject("ShockwaveFlash.ShockwaveFlash"); return true; } } catch (e) { } return false; })(); </script> <script 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 data-id="script_dfp" type="text/javascript"> function GetRequest() { var url = location.search; //get query string var theRequest = new Object(); if (url.indexOf("?") != -1) { var str = url.substr(1); var strs = str.split("&"); for(var i = 0; i < strs.length; i ++) { theRequest[strs[i].split("=")[0]]=unescape(strs[i].split("=")[1]); } } return theRequest; } /** * set utm_source , utm_medium , utm_campaign , utm_content , utm_term value. */ var requestObject = GetRequest(); var utm_source = typeof requestObject['utm_source'] == 'undefined' ? '' : requestObject['utm_source'], utm_medium = typeof requestObject['utm_medium'] == 'undefined' ? '' : requestObject['utm_medium'], utm_campaign = typeof requestObject['utm_campaign'] == 'undefined' ? '' : requestObject['utm_campaign'], utm_content = typeof requestObject['utm_content'] == 'undefined' ? '' : requestObject['utm_content'], utm_term = typeof requestObject['utm_term'] == 'undefined' ? '' : requestObject['utm_term']; function getDfpReferrerHost() { var ref = document.referrer; if ((ref == null) || (ref.length == 0)) return 'Direct'; ref = ref.toLowerCase(); if (ref.indexOf('http://') == 0) ref = ref.substring(7); if (ref.indexOf('https://') == 0) ref = ref.substring(8); if (ref.indexOf('/') >= 0) ref = ref.substring(0, ref.indexOf('/')); return ref; } function getDfpReferrerSearch() { var refHost = getDfpReferrerHost(); if (refHost.indexOf('.google.') >= 0) return 'True'; if (refHost.indexOf('.bing.') >= 0) return 'True'; if (refHost.indexOf('.yahoo.') >= 0) return 'True'; if (refHost.indexOf('.ask.') >= 0) return 'True'; if (refHost.indexOf('.aol.') >= 0) return 'True'; return 'False'; } function trackUniqid(){ var uid = new Date().getTime().toString(16); return uid + Math.random().toString().slice(-8) + Math.random().toString().slice(-8) + Math.floor((1 + Math.random()) * Math.pow(16, (16 - uid.length))).toString(16).slice(1); } var biPageViewID = trackUniqid(); var trafficSourceParam = getUrlParam('source') || getCookie('d_src'); // bugzilla #351848 - Custom Target for DFP : Browser Height Detection function getScreenHeight() { if(isNaN($(window).height())){ return 0; } else { var _screen = $(window).height(); if (_screen < 250) { _screen = 200; } if (_screen >= 1950) { _screen = 2000; } _screen = Math.round(_screen/100)*100; return _screen; } } var h = getScreenHeight(); var dfp_spv = parseInt(getCookie('dfp_spv') || 0) + 1; setCookie('dfp_spv', dfp_spv); simpUrl = "&t="; targetingList = { 'd_pv': biPageViewID, 'requestSource': "GPT", 'infiniteScroll': 'false', 'BrowserHeight': String(h), 'Type': 'Corp', 'URL': '/corp/copyright.aspx', 'Environment': 'Live', 'ReferrerHost': getDfpReferrerHost(), 'ReferrerSearch': getDfpReferrerSearch(), 'hasFlash': hasFlash ? 'True' : 'False', //Level1Adunit to Level3Adunit start 'Level1Adunit': 'INV-NA', 'Level2Adunit': 'Investing', 'Level3Adunit': 'Investing', 'spv': dfp_spv.toString(), 'rpv':(Math.floor(Math.random() * 100) + 1).toString(), 'page_url': 'https://web.archive.org/web/20160711025211/http://www.investopedia.com/corp/copyright.aspx?d_pv=' + biPageViewID, //output audience segments Bugzilla# 351853 'GUID' : typeof pageviewID !== "undefined" ? pageviewID : '0' } if(getUrlParam('adtest')) { targetingList.adtest = getUrlParam('adtest').toString(); } //UTM Start if ((trafficSourceParam != null) && (trafficSourceParam != '')) { targetingList.d_src = trafficSourceParam; } if (utm_source) { targetingList.utm_source = utm_source; } if (utm_medium) { targetingList.utm_medium = utm_medium; } if (utm_campaign) { targetingList.utm_campaign = utm_campaign; } if (utm_content) { targetingList.utm_content = utm_content; } if (utm_term) { targetingList.utm_term = utm_term; } //UTM End if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true) && (typeof sem_ocode !== 'undefined')) { targetingList.ocode = sem_ocode; } for(targets in targetingList) { if (typeof isVideoOnPage != "undefined" && isVideoOnPage) { simpUrl += encodeURIComponent(encodeURIComponent(targets)) + encodeURIComponent("=") + encodeURIComponent(encodeURIComponent(targetingList[targets])) + encodeURIComponent("&"); } } simpUrl = "&t=" + encodeURIComponent(simpUrl); idc_targeting = targetingList || {}; 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"> if(invGCookie.geoCountry() !== "IN") { var nativoScript = document.createElement('script'); nativoScript.type = 'text/javascript'; nativoScript.src = 'https://web.archive.org/web/20160711025211/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/20160711025211js_/http://static.chartbeat.com/js/chartbeat_mab.js"></script> </head>  <body class="html not-front not-logged-in no-sidebars page-corp page-corp-copyright-aspx" id="InvestingChannel"> <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/20160711025211/https://lb.statsevent.com/stats",REPORTING_RATE:.01,LOG_LEVEL:"error",REPORT_ERRORS:!0,MANIFEST_URL:"https://web.archive.org/web/20160711025211/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/20160711025211/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/20160711025211im_/http://pubads.g.doubleclick.net/activity;xsp=197334;ord=1" width="1" height="1" border="0/"></noscript>  <noscript><iframe src="//web.archive.org/web/20160711025211if_/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/20160711025211/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/20160711025211im_/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/20160711025211im_/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/20160711025211im_/http://i.investopedia.com/public/fa/img/icon_search_white.png); } .menu.nav .menu-icon { background-image:url(https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/public/fa/img/icon_menu.png); } .menu.newsletters .menu-icon { background-image:url(https://web.archive.org/web/20160711025211im_/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/20160711025211im_/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/20160711025211im_/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/20160711025211im_/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/20160711025211im_/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/20160711025211im_/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/20160711025211/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/20160711025211/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/20160711025211/http://www.investopedia.com/articles/markets/071016/week-ahead-july-11july-15-2016.asp" class="article new"> <img src="https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/inv/genericcontentimages/subchannel/markets/markets-economy/shutterstock_389811979.jpg?quality=60&width=200&height=200"> <span class="article-title">The Week Ahead: July 11-July 15, 2016</span> </a> <a href="/web/20160711025211/http://www.investopedia.com/articles/professionaleducation/09/double-major-mba-boost-hirability.asp" class="article new"> <img src="https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/content/homepage_news_allnew/shutterstock_37915147_employment_jobs.jpg?quality=60&width=200&height=200"> <span class="article-title">3 MBA Double Majors That Boost Your Value</span> </a> </div><div class="col topics" style="width:65%;"> <div class="title">Topics</div> <ul class="links topics"> <li><a href="/web/20160711025211/http://www.investopedia.com/markets/">Markets</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/financial-advisor/">Financial Advisors</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/active-trading/">Active Trading</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/anxiety-index/">Anxiety Index</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/retirement/">Retirement</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/personal-finance/">Personal Finance</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/mutual-funds-and-etfs/">ETFs & Mutual Funds</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/election-center/">Election Center</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/wealth-management/">Managing Wealth</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/">Investing</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/markets/stock-analysis/">Stock Analysis</a></li> </ul> </div> </div> </div> </li><li> <a href="/web/20160711025211/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/20160711025211/http://www.investopedia.com/dictionary/">Dictionary</a> <div class="tod-title">Term Of The Day</div> <a href="/web/20160711025211/http://www.investopedia.com/terms/i/italexit-italeave.asp" class="tod-term"> <div class="term-title">Italexit (Italeave)</div> <div class="term-desc">Italexit, short for "Italy exit," also known as Italeave, is an Italian derivative ... </div> <div class="term-btn">Read More »</div> </a> </div><div class="col video" style="width:30%;"> <a class="title" href="/web/20160711025211/http://www.investopedia.com/video/">Latest Videos</a> <a href="/web/20160711025211/http://www.investopedia.com/video/play/influence-erez-kalir/" class="article video"> <img src="https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/content/video/influence_erez_kali/erez_influence_thumbnail.jpg?quality=60&width=200&height=200"> <span class="article-title">Who is Erez Kalir's Greatest Influence?</span> </a> <a href="/web/20160711025211/http://www.investopedia.com/video/play/investing-after-golden-age/" class="article video"> <img src="https://web.archive.org/web/20160711025211im_/http://i.investopedia.com/content/video/investing_after_the_/arden_week1_goldenage.png?width=200&height=200"> <span class="article-title">Investing After the Golden Age</span> </a> </div><div class="col guides" style="width:20%;"> <a class="title" href="/web/20160711025211/http://www.investopedia.com/university/">Guides</a> <ul class="links"> <li><a href="/web/20160711025211/http://www.investopedia.com/university/stocks/">Stock Basics</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/university/economics/">Economics Basics</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/university/options/">Options Basics</a></li> </ul> </div><div class="col guides" style="width:20%;"> <a class="title" href="/web/20160711025211/http://www.investopedia.com/professionals/">Exam Prep</a> <ul class="links"> <li><a href="/web/20160711025211/http://www.investopedia.com/professionals/series7/">Series 7 Exam</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/professionals/cfa/">CFA Level 1</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/professionals/series65/">Series 65 Exam</a></li> </ul> </div> </div> </div> </li><li> <a href="/web/20160711025211/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/20160711025211/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/20160711025211/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/20160711025211/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/20160711025211/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/20160711025211/http://www.investopedia.com/accounts/login.aspx" rel="nofollow" class="menu-item-title">Log In</a> </li> </ul> </div> </div> </div> </div> </div>  <div class="header subchannels"> <div class="inner page-width"> <ul class="item-investing"> <li class="channel-title"><a href="/web/20160711025211/http://www.investopedia.com/investing/">Investing</a></li> <li class="separator">»</li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/mutual-funds-and-etfs/">Mutual Funds & ETFs</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/investing-basics/">Investing Basics</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/tags/automated-investing/">Automated Investing</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/bonds-and-fixed-income/">Bonds & Fixed Income</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/fundamental-analysis/">Fundamental Analysis</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/investing/economics/">Economics</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/calculator/">Calculators</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/university/all/basics/">Tutorials</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 id="Content" class="layout-size corporation"> <div class="region region-content"> <div id="block-system-main" class="block block-system"> <div class="content"> <div class="layout-page"> <div class="layout-title"> <h1>Copyright Notice</h1> </div> <div class="separator"></div> <div class="box"> <p>Copyright © 2014, Investopedia, LLC. All Rights Reserved</p> <p>All content on this website, including articles, charts, data, artwork, logos, graphics, photographs, animation, videos, website design and architecture, audio clips and environments (collectively the "Content"), is the property of Investopedia, LLC or its affiliates, licensors or "partners", and is protected by national and international copyright laws. Website users are granted only a limited license to access, display, download, print and reproduce reasonable portions of the Content solely for their own use, provided that the Content is not modified and all proprietary notices and source references on the Content are kept intact. Apart from the licensed rights, website users may not reproduce, publish, translate, merge, sell, distribute, modify or create a derivative work of, the Content, or incorporate the Content in any database or other website, in whole or in part.</p> <p>INVESTOPEDIA is a trademark of Investopedia, LLC. The other product names and marks referred to on this website are the trademarks of their respective owners.</p> <div class="disclaimer"> The DOW JONES INDICES DOW JONES US MINING INDEX , DOW JONES INDICES DOW JONES OIL & GAS TITANS 30 INDEX , DOW JONES INDICES SECTOR TITANS MEDIA INDEX USD, DOW JONES INDICES SECTOR TITANS BANKS INDEX USD, DOW JONES INDICES DOW JONES AUTOMOBILES & PARTS TITANS 30 INDEX , DOW JONES INDICES DOW JONES TRAVEL & LEISURE TITANS 30 INDEX TOTAL RETURN, DOW JONES INDICES SECTOR TITANS RETAIL INDEX USD, DOW JONES INDICES TRANSPORTATION AVERAGE INDEX , DOW JONES INDICES SECTOR TITANS FINANCIAL SERVICES INDEX USD, DOW JONES INDICES SECTOR TITANS INDUSTRIAL GOODS AND SERVICES INDEX USD, DOW JONES INDICES DOW JONES HEALTH CARE TITANS 30 INDEX TOTAL RETURN, DOW JONES INDICES DOW JONES US COMPUTER HARDWARE INDEX , DOW JONES INDICES US REAL ESTATE INDEX , DOW JONES INDICES SECTOR TITANS FOOD & BEVERAGE INDEX USD, DOW JONES INDICES DOW JONES CONSTRUCTION & MATERIALS TITANS 30 INDEX , DOW JONES INDICES US FOOD RETAILERS & WHOLESALERS INDEX , DOW JONES INDICES US PHARMACEUTICALS INDEX , DOW JONES INDICES DOW JONES TOTAL STOCK MARKET US CHEMICALS INDEX , DOW JONES INDICES US CONSUMER ELECTRONICS INDEX , DOW JONES INDICES US TELECOMMUNICATIONS INDEX , DOW JONES INDICES INTERNET COMMERCE INDEX , DOW JONES INDICES US CONSUMER SERVICES TOTAL RETURN INDEX , DOW JONES INDICES US INSURANCE INDEX , DOW JONES INDICES DOW JONES US SOFTWARE & COMPUTER SERVICES INDEX , DOW JONES INDICES DOW JONES US GENERAL RETAILERS INDEX , DOW JONES INDICES DOW JONES US DURABLE HOUSEHOLD PRODUCTS INDEX , DOW JONES INDICES DOW JONES TOTAL STOCK MARKET US UTILITIES INDEX , DOW JONES INDICES DOW JONES US AEROSPACE & DEFENSE INDEX , DOW JONES INDICES US TOBACCO INDEX , DOW JONES INDICES DOW JONES US NONDURABLE HOUSEHOLD PRODUCTS INDEX are proprietary to and are calculated, distributed and marketed by DJI <span class="SpellE">Opco</span>, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P <span class="SpellE">Opco</span>, LLC and <span class="SpellE">Investopedia</span>. Standard & Poor鈥檚 and S&P are registered trademarks of Standard & Poor鈥檚 Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the DOW JONES INDICES DOW JONES US MINING INDEX , DOW JONES INDICES DOW JONES OIL & GAS TITANS 30 INDEX , DOW JONES INDICES SECTOR TITANS MEDIA INDEX USD, DOW JONES INDICES SECTOR TITANS BANKS INDEX USD, DOW JONES INDICES DOW JONES AUTOMOBILES & PARTS TITANS 30 INDEX , DOW JONES INDICES DOW JONES TRAVEL & LEISURE TITANS 30 INDEX TOTAL RETURN, DOW JONES INDICES SECTOR TITANS RETAIL INDEX USD, DOW JONES INDICES TRANSPORTATION AVERAGE INDEX , DOW JONES INDICES SECTOR TITANS FINANCIAL SERVICES INDEX USD, DOW JONES INDICES SECTOR TITANS INDUSTRIAL GOODS AND SERVICES INDEX USD, DOW JONES INDICES DOW JONES HEALTH CARE TITANS 30 INDEX TOTAL RETURN, DOW JONES INDICES DOW JONES US COMPUTER HARDWARE INDEX , DOW JONES INDICES US REAL ESTATE INDEX , DOW JONES INDICES SECTOR TITANS FOOD & BEVERAGE INDEX USD, DOW JONES INDICES DOW JONES CONSTRUCTION & MATERIALS TITANS 30 INDEX , DOW JONES INDICES US FOOD RETAILERS & WHOLESALERS INDEX , DOW JONES INDICES US PHARMACEUTICALS INDEX , DOW JONES INDICES DOW JONES TOTAL STOCK MARKET US CHEMICALS INDEX , DOW JONES INDICES US CONSUMER ELECTRONICS INDEX , DOW JONES INDICES US TELECOMMUNICATIONS INDEX , DOW JONES INDICES INTERNET COMMERCE INDEX , DOW JONES INDICES US CONSUMER SERVICES TOTAL RETURN INDEX , DOW JONES INDICES US INSURANCE INDEX , DOW JONES INDICES DOW JONES US SOFTWARE & COMPUTER SERVICES INDEX , DOW JONES INDICES DOW JONES US GENERAL RETAILERS INDEX , DOW JONES INDICES DOW JONES US DURABLE HOUSEHOLD PRODUCTS INDEX , DOW JONES INDICES DOW JONES TOTAL STOCK MARKET US UTILITIES INDEX , DOW JONES INDICES DOW JONES US AEROSPACE & DEFENSE INDEX , DOW JONES INDICES US TOBACCO INDEX , DOW JONES INDICES DOW JONES US NONDURABLE HOUSEHOLD PRODUCTS INDEX © S&P Dow Jones <span class="SpellE">Indicies</span> LLC 2013 and/or its affiliates.<o:p></o:p> </div> </div> </div> </div> </div> </div> </div> <div id="Footer"> <div class="mid"> <div class="footer-inner layout-size">   <div class="clear"> <a href="/web/20160711025211/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/20160711025211/http://www.investopedia.com/corp/copyright.aspx" 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" name="op" value="Search" class="form-submit"/></div><input type="hidden" name="form_build_id" value="form-rGgjuzd4bHK_15UvO3kdI8Y7oU4nLuhiXAfS9_u0X3Q"/> <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/20160711025211/http://www.investopedia.com/terms/1/">#</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/a/">a</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/b/">b</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/c/">c</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/d/">d</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/e/">e</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/f/">f</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/g/">g</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/h/">h</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/i/">i</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/j/">j</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/k/">k</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/l/">l</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/m/">m</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/n/">n</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/o/">o</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/p/">p</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/q/">q</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/r/">r</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/s/">s</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/t/">t</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/u/">u</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/v/">v</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/w/">w</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/x/">x</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/terms/y/">y</a></li> <li><a href="/web/20160711025211/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/20160711025211/http://www.investopedia.com/articles/">Articles</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/dictionary/">Terms</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/video/">Videos</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/university/">Guides</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/slide-show/">Slideshows</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/ask/">FAQs</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/calculator/">Calculators</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/active-trading/chartadvisor/">Chart Advisor</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/markets/stock-analysis/">Stock Analysis</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/simulator/">Stock Simulator</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/fxtrader/">FXtrader</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/exam-prep-quizzes/">Exam Prep Quizzer</a></li> <li><a href="/web/20160711025211/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/20160711025211/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/20160711025211/http://twitter.com/#!/investopedia" rel="nofollow" class="footicon twtr"></a> <a title="Go to the Investopedia LinkedIn Page." href="https://web.archive.org/web/20160711025211/http://www.linkedin.com/company/investopedia-ulc" class="footicon lnkd"></a> <a title="Subscribe to Investopedia RSS news feeds here." href="/web/20160711025211/http://www.investopedia.com/rss/" class="footicon rss"></a> <a title="Go to the Investopedia" href="/web/20160711025211/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/20160711025211/http://www.investopedia.com/corp/about.aspx">About Us</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/corp/advertise.aspx">Advertise With Us</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/corp/contactus.aspx?type=WriterSubmission">Write For Us</a></li> <li><a href="/web/20160711025211/http://www.investopedia.com/corp/contactus.aspx">Contact Us</a></li> <li><a href="https://web.archive.org/web/20160711025211/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/20160711025211/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/20160711025211/http://www.investopedia.com/corp/copyright.aspx">All Rights Reserved</a> <a href="/web/20160711025211/http://www.investopedia.com/corp/termsofuse.aspx">Terms Of Use</a> <a href="/web/20160711025211/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" data-id="script_comscore"> var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "6034722", c4: "https://web.archive.org/web/20160711025211/http://www.investopedia.com/corp/copyright.aspx" }); (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/20160711025211/https://sb" : "http://b") + ".scorecardresearch.com/beacon.js"; el.parentNode.insertBefore(s, el); })(); </script> <noscript> <img src="https://web.archive.org/web/20160711025211im_/http://b.scorecardresearch.com/p?c1=2&c2=6034722&c4=http://www.investopedia.com/corp/copyright.aspx&cv=2.0&cj=1"/> </noscript>   <script type="text/javascript" data-id="script_sp_taggroup_mapping" src="https://web.archive.org/web/20160711025211js_/http://i.investopedia.com/public/js/smart_pixel/tag_taggroup_mapping.js"></script> <script type="text/javascript" data-id="script_sp_taggroup_mapping" src="https://web.archive.org/web/20160711025211js_/http://i.investopedia.com/public/js/smart_pixel/taggroup_seg_mapping.js"></script> <script type="text/javascript" data-id="script_sp_keyword_sem" src="https://web.archive.org/web/20160711025211js_/http://i.investopedia.com/public/js/smart_pixel/keyword_sem_mapping.js"></script> <script type="text/javascript" data-id="script_sp_audience_segment" src="https://web.archive.org/web/20160711025211js_/http://i.investopedia.com/public/js/smart_pixel/audience_segment.js"></script>   </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/20160711025211/https://lb.statsevent.com/stats",REPORTING_RATE:.01,LOG_LEVEL:"error",REPORT_ERRORS:!0,MANIFEST_URL:"https://web.archive.org/web/20160711025211/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='Corp'; _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/20160711025211/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

Copyright Notice | Investopedia