Your use of the Fidelity Stock, Preferred Stock, ETF/ETP and Closed End Fund Screener Tools (the "Screeners") are governed by the following terms and conditions. In addition, your use of the Screeners is subject to the Fidelity.com Terms of Use, including all disclaimers of warranties and limitations of liability therein.
Using market data and data on individual securities from third-party vendors, the Screeners provide a means to research information on various types of securities which may be available for purchase or sale in a Fidelity brokerage account, including:
Stock Screener: common stocks (as well as certain other securities with stock-like data such as American Depository Receipts, Master Limited Partnerships and real estate investment trusts);
Preferred Stock Screener: generally limited to fixed rate preferred stocks
ETF/ETP Screener: exchange traded funds ("ETFs"), exchange traded notes ("ETNs"), Holding Company Depository Receipts (HOLDRs), as well as other kinds of exchange traded products (all products herein referred to as "ETPs");
Closed End Fund Screener: closed end funds.
You agree that you will use the Screeners for your personal non-business purposes and that your use is for self-directed research. You also agree that the Screeners are only one of many ways that you may research securities for investment and that you will not rely upon the Screeners as the sole basis for an investment decision.
The Screeners are provided to help self-directed investors evaluate securities based on their individual needs and circumstances. The criteria and inputs entered are at the sole discretion of the user, and any information obtained should not be considered an offer to buy or sell, a solicitation of an offer to buy, or a recommendation for any securities. You acknowledge that your requests and/or searches for information are unsolicited and any information provided in response shall neither constitute, nor be considered as, investment advice by Fidelity Brokerage Services, LLC., Fidelity Distributors Corporation, or their affiliates (collectively, "Fidelity").
While the Screeners may be of use to investors in evaluating information about securities, they should not be considered to include every factor that may be necessary for an investor to make a decision to invest. A decision to invest in a security may be based on a number of factors, including investors' needs, goals, and comfort with risk. Before investing, you should read the prospectus, offering circular or registration statement, issuer's financial statements, most recent shareholder report and other publicly available information.
The Screeners may provide results that identify securities by name and each name may contain a hyperlink to additional information. The additional information may include, among other things, Morningstar ratings information, price and performance information, fee information, volatility measures and financial/accounting ratios. Information available in the Screeners is dependent upon data provided by third-parties and Fidelity cannot guarantee its accuracy, timeliness or fitness for a specific purpose. The data is subject to change and revision by the third-party data providers.
For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive, long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain FBS platforms and investment programs. Additional information about the sources, amounts, and terms of compensation is described in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice. BlackRock and iShares are registered trademarks of BlackRock, Inc. and its affiliates.
As with other investments through Fidelity, you must decide for yourself if an investment in a security is consistent with your evaluation of the security, your investment objectives, your risk tolerance, your investment time frame and your financial situation. By making this investment available to its customers, Fidelity is not recommending or endorsing it.
By selecting any of the hyperlinks that leave a Screener, you will be going to areas of Fidelity.com that are outside of the Screener in order to access additional information about a particular product. Although much of the data within the Screeners is provided by Morningstar, some data is provided by other third-party vendors and Fidelity. As a result there may be differences in ETP data within the Screener as well as differences from other areas of the Fidelity's websites and from other third-party websites.
Stock Data: Stock data used within the Screener is provided by Standard & Poor's Compustat, Inc., Recognia, Thomson-Reuters, Vickers and other third-party sources.
Preferred Stock Data: Preferred stock data used within the Screener may be provided by Interactive Data Corporation or other third party providers.
ETF/ETP Data: ETP data used within the Screener is provided by Morningstar, Inc.®, Marco Polo XTF Inc. ® and other third-party sources. The ETP classification and categorization data are provided by third-party sources.
The Morningstar Category is a proprietary ETP categorization system based on Morningstar's category system for mutual funds. Morningstar Category sometimes defines ETPs by their investment style, as measured by the underlying portfolio holdings, which may differ from the ETP's stated investment objective, but which may be helpful in comparing to mutual fund alternatives.
Closed End Fund Data: Closed End Fund Data: Closed End Fund data used within the Screener is provided by Morningstar, Inc.® and other third-party sources. The Closed End Fund classification and categorization data are provided by Morningstar, Inc. ®
Fidelity does not guarantee the suitability or potential value of any particular investment or information source. Data and information is provided for informational purposes only. All data is historical and is subject to revision or change at any time. Performance data quoted represents past performance, and the return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Morningstar asserts copyright protection for all its data, all rights reserved. The Morningstar data contained herein (1) is proprietary to Morningstar or its affiliates; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.
The securities included in the Stock Screener include only those that are currently identified by third-party providers. There are no representations of completeness or that data will be available for all securities within the Screener.
Each security included in the results set will be listed in an order determined by the display view chosen by the user. The default view is a descending order based on scored results, when criteria can be scored, otherwise it is alphabetically sorted by security name. Users may change the sorting order at any time by clicking any of the column headers. To analyze other information, change the View drop-down menu.
Taxes on distributions and capital gains/losses upon the sale of shares can affect the returns of an investment. Different types of individual securities have different tax consequences. You should consider the impact of these taxes before making an investment decision. A tax or financial advisor should be consulted for additional information.
Equity securities: Equity securities are subject to market volatility, which may include the risks associated with investing in smaller companies, foreign securities, commodities and fixed income investments. Individual securities are generally subject to greater market volatility than investments such as mutual funds and exchange-traded funds. They are also subject to the specific risks associated with their sector, region and industry. Investors should read the issuer’s financial statements and other reports (for example, annual report and Forms 10K, 10Q, 8K), or in the case of initial public offerings or new issuances of securities, the security’s offering circular or registration statement to make sure they understand the issuing company’s business model, finances and other risks associated with investing in the security.
Preferred Stocks: Preferred securities are subject to interest rate risk. (As interest rates rise, preferred securities prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Preferred securities also have credit and default risks for both issuers and counterparties, liquidity risk, and if callable, call risk. Dividend or interest payments on preferred securities may be variable, suspended or deferred by the issuer at any time, and missed or deferred payments may not be paid at a future date. If payments are suspended or deferred by the issuer, the deferred income may still be taxable. See your tax advisor for more details. Most preferred securities have call features which allow the issuer to redeem the securities at its discretion on specified dates as well as upon the occurrence of certain events. Other early redemption provisions may exist which could affect yield. Certain preferred securities are convertible into common stock of the issuer, therefore, their market prices can be sensitive to changes in the value of the issuer's common stock. Some preferred securities are perpetual, meaning they have no stated maturity date. In the case of preferred securities with a stated maturity date, the issuer may, under certain circumstances, extend this date at its discretion. Extension of maturity date would delay final repayment on the securities. Please read the prospectus, which may be located on the SEC's EDGAR system, to understand the terms, conditions and specific features of the security prior to investing.
ETF/ETPs: ETFs and ETPs are subject to market volatility and the risks of their underlying securities which may include the risks associated with investing in smaller companies, foreign securities, commodities and fixed income investments. Foreign securities are subject to interest rate, currency-exchange rate, economic and political risk all of which are magnified in emerging markets. ETFs/ETPs that target a small universe of securities, such as a specific region or market sector are generally subject to greater market volatility as well as the specific risks associated with that sector, region or other focus. ETFs/ETPs which use derivatives, leverage, or complex investment strategies are subject to additional risks. The return of an index ETF/ETP is usually different from that of the index it tracks because of fees, expenses and tracking error. An ETF/ETP may trade at a premium or discount to its Net Asset Value (NAV) (or indicative value in the case of ETNs). Each ETF/ETP has a unique risk profile which is detailed in its prospectus, offering circular or similar material, which should be considered carefully when making investment decisions.
Tracking Error: The return of an index-based ETP is usually different from that of the index it tracks. The difference may be small or large and may result from the cost of managing and operating the ETP, the timing of the ETP's trades and the ETP holding a smaller basket of securities than the complete set of securities held by the index or holding securities in a different proportion than the index.
Spread risk and discount/ premium to NAV: An ETP may sometimes trade at a premium or discount to its NAV. The premium or discount to NAV can lead to differences between the bid and ask of the ETP, referred to as the "spread”. The ETP's premium or discount to NAV and its bid/ask spread may be the result of such things as supply and demand in the market, the lack of liquidity of some of the ETP's underlying securities, or the bid-ask spreads of the ETP's underlying securities. For ETNs, the discount/premium is relative to their Indicative Value.
Exchange Traded Notes (ETNs):
ETNs are not exchange-traded funds (ETFs). Unlike ETFs, ETNS are unsecured debt subject to the issuer's credit risk; ETNs do not provide an ownership interest in any underlying assets. Many ETNs are intended for short-term trading and may not be appropriate for intermediate or long term investment time horizons. ETNs may be thinly traded, can become illiquid and may trade at a market price significantly different (a premium or discount) from their indicative value. ETNs may exhibit extreme market price movements which can occur quickly and unexpectedly. Some ETNs are callable or redeemable by the issuer before their stated maturity date. In the event of early redemption, you are likely to lose all or a part of your initial investment. The tax treatment of ETNs is uncertain and may vary from what is described in the prospectus.
Leveraged and Inverse ETFs and ETNs: Search results may include inverse and/or leveraged ETFs and ETNs, which require a Most Aggressive investment objective and an executed Designated Investments Agreement to purchase. These products are for sophisticated investors. They are not designed for buy-and-hold investors who seek to track an index over a long period of time. An inverse ETF or ETN attempts to mimic the opposite of its stated benchmark. A leveraged ETF or ETN seeks to generate a return that is a multiple (usually 2X or 3X) of its benchmark index's performance over a specific, pre-set time period indicated in the fund's prospectus. That time period is generally only one day. As a result, the returns for these types of ETFs and ETNs can differ significantly from that of their benchmark index, especially over periods lasting longer than one day because of the daily compounding of returns. Generally, the longer the time period, the bigger the difference. Although potential returns are increased by leveraging, so are the potential losses.
Closed end funds are subject to the risk of their underlying assets and investment strategy. The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. Unlike open end funds, closed end funds trade on an exchange at a price which is often a discount to their NAV. There is no assurance a closed end fund will appreciate to its NAV or achieve its investment objectives.
Stock ratings and analyst opinions are provided by third parties unaffiliated with Fidelity Investments. The methodology behind these ratings and opinions are located on Fidelity.com in the Stock Research Center on the Research Firm pages. The Morningstar Rating™ is provided for those ETFs with at least a three-year history. Ratings are based on the ETF's Morningstar Risk-Adjusted Return measure which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF's risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF.
Please note: this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF's risk-adjusted return to the open -end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22 .5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF's 3, 5, and 10 year rating). The determination of an ETF's rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.
The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
