premium, fixed income. premium, fixed income. the amount above the stated face or par value when a fixed-income security (e.g., a bond) is bought or sold; for example, if a bond's face value is $1,000 and it sells for $1,200, it was sold at a premium. pre-refunded bonds.If I ever buy CDs from a brokerage firm, I would only buy those that are "CALL PROTECTED" otherwise it is meaningless , any CD that is NOT call protected gives the issuer (ie the bank) the option to cancel the CD whenever they want. Not necessary immediately, but pretty much whenever the bank wants.Apr 19, 2023 · A callable CD is a lose/lose proposition (for you): If interest rates go up, you are stuck in this interest rate for 13 months. If interest rates go down, they call the CD and you don't get to keep the interest rate for 13 months. They are OK if interest rates remain where they are for the next 13 months.JonFund wrote: ↑ Sun Nov 05, 2023 3:12 pm I still see call-protected brokered CDs on Fidelity going out as much as 5 years. I just bought a 5 year call-protected CD at 5.05%. That's as good a rate as I've seen. I've got a 2 year treasury ladder and as each "rung" matures, I'm now extending the duration out as long as rates are strong.What follows is a transcript of the video recording. Let’s try a practice question: An investor holding a municipal with call protection will be most satisfied when: A. Interest rates are rising, and bond prices are falling B. Interest rates are falling, and bond prices are rising C. TCD interest earned in a brokerage account will be reported on Form 1099-INT. Fidelity is responsible for reporting this data and will generate and deliver the tax form. For those interested in purchasing CDs through Fidelity, these are termed as "brokered CDs." These CDs are still issued by banks, but purchased through a broker, such as ...The APY for each CD in the ladder varies, but 4.67% compounding monthly. No. You are not getting (1+4.67%/12) 12 -1 = 4.77% by monthly compounding. Instead, the correct way to interpret 4.67% APY is after monthly compounding you are getting 4.67% annual rate. Reply reply.Fractional CD: Is this available for purchase as a fractional CD. If “Yes”, minimums to buy start at $100. If “No”, minimums to buy start at $1,000. Yield: the amount of interest that is paid on an annualized basis, this value may differ from the coupon if the CD is not call protected, or if the CD is purchased on the secondary market ...CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT. Your broker-dealer (the "Firm") is making the certificates of deposit (the "CDs") available to you, the terms of which are described below. The CDs may be made available pursuant to an arrangement between the Firm and another broker-dealer. Each CD is a deposit obligation of a depository ...Certificates of deposit, or CDs, are fix income investments that global payments a set rate out interest over a fixed time period. Learn more here. Cancel to Chief Content.Strategy discussion. Selling an uncovered call based on a neutral-to-bearish forecast requires both a high tolerance for risk and trading discipline. A high tolerance for risk is required, because risk is theoretically unlimited. In practice, a sharp price rise can cause very large losses, losses that could exceed account equity.When the one-year CD matures, you renew it for five years at 3.5%. So now, your five CDs are earning 1.25%, 1.5%, 2.0%, 3.5% and 3.5%. After three more years (and renewals), all your CDs will be earning 3.5% (assuming interest rates stay the same), with one CD maturing every year. This can be a great investment option.3-Month Brokered CD. 5.35% APY. Minimum Deposit: $1,000. Pros. Extremely competitive rates. Auto Roll Program allows for early withdrawals. No monthly fee. Cons. Minimum deposit might be too high for some.brochure, visit www.sipc.org or call 202.371.8300. 2 Diversification does not ensure a profit or guarantee against loss. 3 Fidelity Capital Markets is a division of National Financial Services LLC, ("NFS"), Member NYSE, SIPC. NFS is a Fidelity Investments ® broker-dealer. 4 As of December 31, 2022. Trading strengthThank you! I appreciate the input!! Definitely a place to find "no call" CDs! But, doesn't seem to be much better. Yes, Schwab seems to have a bigger "trade" inventory and there are some unique selections (say 18mos - which Fidelity doesn't offer) - fact remains "top" Yields still 10 basis points (min.) below what is available on the 'New" and "no call" inGet fast, secure, and free online access to your important documents instead of paper delivery. Set and manage alerts you receive via email, text, and push notification, including watchlists for trading. View or download up to 10 years of your monthly, quarterly, or annual statements. * Fidelity Customer Protection Guarantee does not alter any ...There are multiple ways to search for secondary market offerings. You can: Use the tool in the left rail to search for bonds by CUSIP or keyword. Quickly search for bonds by selecting the bond product (e.g. Treasury or Municipal) under Find Bonds & CDs in the middle of the page. Select the Search by Yields hyperlink to scan yields across the ...Summary: Callable CDs are an alternative to traditional CDs that typically come with higher interest rates. But callable CDs also come with more risk than other …大家好。 最近看到CD的利率一年期的已经超过2%了，想买一些。 看到这边call protected只有第一个是No. 我看了一下FD的术语表，里面对call protection是这么写的 Provision of a bond that makes it non-callable or not subject to a scheduled call, even though other early redemption provisions may exist as specified in the prospectus or …I bought 5 year CDs with Call Protection through Fidelity less than two weeks ago. I got 4.90% (posted about it here at the time) CALL PROTECTION IS AVAILABLE ON MUCH FEWER CDs NOW. Also bought 4yr CDs (with Call Protection) yielding 4.95%, 3 yr CDs yielding 5%. 5yr CD rate (with call protection) is now down to 4.65%.The net delta of a 1x2 ratio volatility spread with calls varies from +1.00 to −1.00, depending on the relationship of the stock price to the strike prices of the options. When established, the initial delta of a 1x2 ratio volatility spread with calls is positive. Furthermore, the delta rises as the stock price rises and falls as the stock ...No, Fidelity can't advise you. We can, however, help you understand how a voluntary corporate action may impact your account so you can make the right decision for you. Each person's investment portfolio is different, so you'll have to consider your individual financial goals and tax implications.It is important to note that the CDs Fidelity offers are brokered CDs instead of bank CDs. Brokered CDs are issued by banks for the customers of brokerage firms. ... The page(s) listing the CDs I was looking at has a column Call Protected and every CD listed says Yes, so none of these are callable. Ahhh! (slaps forehead with palm of hand ...5. According to 12/31/22 data on non-group open variable annuities from Morningstar, Inc., at 0.25% Fidelity Personal Retirement Annuity's annual annuity charge is significantly lower than the national industry average 1.05% annual annuity charge. Underlying fund fees also apply. 6.Active - Deposit to Fidelity Only. Active - Deposit/Withdrawal. Active Trader Services. Activity Assessment Fee. Actual/360. Actual/Actual. Additional Federal Tax. Additional Federal Tax Withholding Amount. Address.The buyer of call options has the right, but not the obligation, to buy an underlying security at a specified strike price. Essentially, that means if you were to buy call options on XYZ stock, for example, you would have the right to buy XYZ stock at an agreed-upon price up, and until a specific date. call protection call protectionFidelity Viewpoints ® Timely news and insights from our pros on markets, investing, and personal finance. Decode Crypto Clarity on crypto every month. Build your knowledge with education for all levels. Fidelity Smart Money ℠ What the news means for your money, plus tips to help you spend, save, and invest. Active Investor Our most advanced investment insights, strategies, and tools.2. Check DepositAccounts.com for the best rate on a direct CD for your term. Weigh the convenience of brokered CDs against giving up yield and the early withdrawal option. 3. Check the yield on Treasuries for your term. Adjust it for the state and local tax exemption if you're buying in a regular taxable account. 4.Investors have a variety of places to hold cash, including savings accounts, money market funds, certificates of deposit (CDs), and short-term bonds. To decide whether, when, and how to invest your cash, you need to consider your goals, time frame, attitude, and needs. Your Fidelity investment professional can work with you to develop …Fidelity has some callable CDs 5 year and 10 year yielding at 5.8% which seem like a non brainer. The only downside seems to be that they are callable. ... There are some call protected closer to 5%, if you want long term CDs with these high rates, and do not want to have them called, you are going to need to take a lower yield.If you have a brokered CD ($1000) paying 5% with a monthly coupon, you would get about $4.17 per month paid to your settlement account. If you had the bank CD with 5% APY pay out the interest to your checking account, you would get about $4.08 per month per $1000. bog007. Posts: 556.As an official Fidelity customer care channel, our community is the best way to get help on Reddit with your questions about investing with Fidelity - directly from Fidelity Associates. ... So I have to scroll down until I find the first few Call Protected = Yes CD's. There is option to Highlight Fractional CD rows. I think Call Protected ...While a CD can lose money, there are ways to minimize the risk. One way is to choose a longer-term CD. The longer the term, the less likely inflation will outpace the interest rate. Another option is to invest in a CD ladder. This strategy involves investing in multiple CDs with different maturity dates. That way, even if one of your CDs loses ...Overview of Fidelity CDs. Fidelity offers brokered New-Issue and Secondary CDs. Its New-Issue CDs are competitive, offering up to 5.35% APY for 12 months, and the shortest three-month term offering up to 5.30%. These rates are much higher than the national average, as a three-month CD has an average rate of just 1.11%.Once an order for a New Issue CD is placed, the order status displays ”Open” on the Order Status page and the updated balance is reflected in the “Cash Committed To Open Orders” amount. Orders can continue to be edited or canceled. Once the entire inventory has been sold or settlement date is reached (whichever happens first), the order ...You'll have your own wealth management team, led by your Fidelity advisor, and comprehensive financial planning and investment management. General eligibility: $2 million managed through Fidelity ® Wealth Services or Fidelity ® Strategic Disciplines and $10 million or more in total investable assets 4. Gross advisory fee: 0.20%-1.04% 3, 5.5. According to 12/31/22 data on non-group open variable annuities from Morningstar, Inc., at 0.25% Fidelity Personal Retirement Annuity's annual annuity charge is significantly lower than the national industry average 1.05% annual annuity charge. Underlying fund fees also apply. 6.In most cases, EFTs initiated on Fidelity.com are subject to a maximum cumulative daily amount of $100,000 for transfers out of your Fidelity account, and $250,000 for deposits into your Fidelity account. Transfers out of your Fidelity account initiated on Fidelity.com are typically limited to three per day.Generally speaking, banks issue brokerage CDs because they are short of funding. i.e. they are offering high rates because they need the money. i.e. they are chasing "hot money" crowd. Bank issued CDs tend to be bought by current clients. i.e. sticky money, lots of money rolling over.25 days to March expiration. Step 2: Roll up: Buy 1 XYZ March 80 call @ $4.00 per share. Sell 1 XYZ March 85 call @ $2.00 per share. Net cost per share = $2.00. Comment: The action involved in "rolling up" has two parts: buying to close the March 80 call and selling to open a March 85 call.Fixed Income Specialists: E*TRADE offers clients complimentary access to our Fixed Income Specialists. These highly experienced professionals can provide additional information around the benefits and risks associated with Brokered CDs. To learn more about this investment, contact a Fixed Income Specialist today at 877-355-3237.Brokered CD and treasury rates fluctuate constantly. The highest rate on a non callable CD at Fidelity right now is 5.2%. Treasuries are higher. Other advantage is that treasuries are more liquid if you need to sell them before maturity. Brokered CDs are also tradeable but the spread is larger and liquidity of the market less.It is also known as a "long call spread" and as a "debit call spread.". The term "bull" refers to the fact that the strategy profits with bullish, or rising, stock prices. The term "long" refers to the fact that this strategy is "long the market," which is another way of saying that it profits from rising prices.Jan 5, 2024 · Callable vs. non-callable. When you purchase a CD it’s associated with a call status. If the call status is “call protected” or “non-callable” that means the maturity date will be ...Although you can have only one core position, you can still invest in other money market funds. If you would like to change your core position after your account has been established, you can do so online or by calling a Fidelity representative at 800-544-6666. Learn more about Money Market Mutual Funds. Top. 1.A callable CD is a lose/lose proposition (for you): If interest rates go up, you are stuck in this interest rate for 13 months. If interest rates go down, they call the CD and you don't get to keep the interest rate for 13 months. They are OK if interest rates remain where they are for the next 13 months.Virtual Assistant is Fidelity's automated natural language search engine to help you find information on the Fidelity.com site. As with any search engine, we ask that you not input personal or account information. Information that you input is not stored or reviewed for any purpose other than to provide search results.Thank you! I appreciate the input!! Definitely a place to find "no call" CDs! But, doesn't seem to be much better. Yes, Schwab seems to have a bigger "trade" inventory and there are some unique selections (say 18mos - which Fidelity doesn't offer) - fact remains "top" Yields still 10 basis points (min.) below what is available on the 'New" and "no call" inCERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT. Your broker-dealer (the "Firm") is making the certificates of deposit (the "CDs") available to you, the terms of which are described below. The CDs may be made available pursuant to an arrangement between the Firm and another broker-dealer. Each CD is a deposit obligation of a depository ...Fidelity CD Rates: May 2024. Can Certificates of Deposit (CDs) Lose Money? ... is an FDIC-insured CD that contains a call feature like other types of callable fixed-income securities. more. What ...KEY BENEFITS. No annual maintenance fee. 1. $4.95 online U.S. equity trades to help your money go further. 2. Potential growth of your money is tax-deferred, as earnings are not subject to tax until they are withdrawn. Contributions may be tax-deductible, based on income and participation in a workplace retirement plan.The callable ones advertise a bit higher yield usually but thats because of the call risk. Currently the Fed is still raising rates so there isnt a lot of chance a one year cd would get called. But with a 5 year the risk would be much more probable. I bought a 1 year callable @ 4.5% with one call date after 6 months.The highest T-bill maturing five years from now is 3.7%. The best new issue 5-year CD I can see on Fidelity that is call-protected is 4.65%, and I see some secondary ones that are in the 4.7% range. So it really depends on how far out one wants to go.dapi117. JP Morgan CD Bonds at 5.25. Hi everyone, looks like JP Morgan is offering a 5.25% CD right now. I think it looks good to me, but before i pull the trigger i was hoping to see what other peoples perspective might be. Jp Morgan Chase Bank Na (TAXABLE, MULTI CALL, COND PUT) Trade. Coupon 5.25 Maturity Nov 22, 2027 Quantity bid/ask - …Fractional CD: Is this available for purchase as a fractional CD. If "Yes", minimums to buy start at $100. If "No", minimums to buy start at $1,000. Yield: the amount of interest that is paid on an annualized basis, this value may differ from the coupon if the CD is not call protected, or if the CD is purchased on the secondary market ...CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT. Your broker-dealer (the “Firm”) is making the certificates of deposit (the “CDs”) available to you, the terms of which are described below. The CDs may be made available pursuant to an arrangement between the Firm and another broker-dealer. Each CD is a deposit obligation of a depository ...Jul 4, 2023 · Suppose you invest $10,000 in a three-year callable CD paying 5% interest. You’re looking forward to getting $11,500 at maturity. To your chagrin, the issuer calls your CD after just a year ...When a callable CD is called, you get back your full deposit plus any interest earned up until that point. Say you open a six-year callable CD with a one-year maturity date. If you hold your CD until maturity, you get 100% of your expected interest. However, if the bank calls your CD at the six-month callable date, you get 50% of the interest ...A callable CD, or a callable certificate of deposit, is a type of financial instrument offered by banks and other financial institutions. It is similar to a traditional CD, but with an added feature that allows the bank to "call" or redeem the CD before its maturity date. Callable CDs typically offer higher interest rates than traditional ...CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT. Your broker-dealer (the “Firm”) is making the certificates of deposit (the “CDs”) available to you, the terms of which are described below. The CDs may be made available pursuant to an arrangement between the Firm and another broker-dealer. Each CD is a deposit obligation of a depository ...A Fidelity fractional CD is a good introduction for investors who are new to brokered CDs, and would like to take advantage of fixed interest rates at a lower minimum investment. In addition, these fractional Fidelity CDs all offer call protection and are non-callable, in addition to being FDIC insured. Fidelity Fractional CDs allow investors ...Your Fidelity ® Rewards Visa Signature ® Card comes with many features and benefits designed to safeguard your information and provide peace of mind. If you suspect fraudulent activity on your Fidelity ® Rewards Visa Signature ® Card account, please contact Cardmember Service immediately at 888-551-5144.Fidelity CD Rates in May 2024: Compare Top CD Rates. May 3, 2024. Explore the competitive Fidelity CD rates for this month, how they stack up against other brokered CDs, and what makes Fidelity's offerings unique. ... What Is a Call-Protected CD or Non-Callable CD? April 13, 2024. Call protected Brokered Certificates of Deposit (CD) mean that ...Fidelity Viewpoints ® Timely news and insights from our pros on markets, investing, and personal finance. Decode Crypto Clarity on crypto every month. Build your knowledge with education for all levels. Fidelity Smart Money ℠ What the news means for your money, plus tips to help you spend, save, and invest. Active Investor Our most advanced investment insights, strategies, and tools.A Fidelity fractional CD is a good introduction for investors who are new to brokered CDs, and would like to take advantage of fixed interest rates at a lower minimum investment. In addition, these fractional Fidelity CDs all offer call protection and are non-callable, in addition to being FDIC insured. Fidelity Fractional CDs allow investors ...To learn more, please review the Fidelity ® Cash Management Account FDIC-Insured Deposit Sweep Program Disclosure Document. You may call a Fidelity Representative at 800-931-9987 if you have any questions regarding the Program Banks. You could lose money by investing in a money market fund.Most of the bond types (and CD types) Fidelity provides access to are available as both new and secondary issues. ... These include whether the bond has Call Protection (i.e., is non-callable) or whether it has had any recent Material Events (for Municipal bonds) or Issuer Events (for Corporates and Agencies). For CDs, use Attributes to verify ...Compound interest is when interest you earn in a savings or investment account earns interest of its own. (So meta.) In other words, you earn interest on both your initial balance—called the principal—and the interest that's added to the balance over time. That's in contrast to simple interest, or when interest payments are based on the ...Feel free to shoot us a ModMail with the CUSIP for the specific CD you own; we'll be happy to look into it further. Contact the Mods. Alternatively, you can also give us a call to speak with a member of our Fixed Income team. They're available to assist Monday through Friday from 8 a.m. to 8 p.m, ET.Once an order for a New Issue CD is placed, the order status displays "Open" on the Order Status page and the updated balance is reflected in the "Cash Committed To Open Orders" amount. Orders can continue to be edited or canceled. Trade date. Once the entire inventory has been sold or settlement date is reached (whichever happens first ...To help reduce the risk that inflation poses to bondholders, the US Treasury created Treasury Inflation-Protected Securities (TIPS) in 1997. These are bonds whose principal and interest payments are designed to rise when inflation does. A year later, the Treasury launched Series I savings bonds, a savings account-like product that also offers ...To determine how many shares would be necessary to meet a $2,000 margin call, Ellen divides $2,000 by the loan value of the stock she plans to deposit. The loan value is equal to 100% minus the maintenance requirement for that stock. Assuming the maintenance requirement is 30%, Ellen divides $2,000 by 0.70 to arrive at the figure of $2,857.Fidelity Brokerage Services LLC, Member NYSE, SIPC | Phone : 1-800-544-5372 ... IE: Issuer Events FDIC:FDIC Insured ER:Extraordinary Redemption AMT:Subject to Alt. Min. Tax SFP:Sinking Fund Protection CP: Call Protection HY: High Yield 7 of 7 rungs filled: as of 04/08/2024 Search Results Bond Type QTY Rating Coupon Rate Maturity Date Ask Price ...In Summary. Call protection is a mechanism that offers investor protection against early redemption of bonds or other financial instruments. It includes provisions such as lockout periods, restricted prepayment options, and penalty payments. Understanding call protection allows investors to mitigate risk and ensure a consistent income stream.Step 1 - Select an Account. First, please check that the account selected is a brokerage account or an individual retirement account (IRA), capable of holding CDs. Remember to choose an account with sufficient funds to purchase the number of CDs identified for your ladder. Step 2 - Enter an Amount.Manage your dividends and capital gains preferences with Fidelity Investments. Log in to access your account and customize your options.When a callable CD is called, you get back your full deposit plus any interest earned up until that point. Say you open a six-year callable CD with a one-year maturity date. If you hold your CD until maturity, you get 100% of your expected interest. However, if the bank calls your CD at the six-month callable date, you get 50% of the interest ...Fidelity, on the other hand, provides CDs with terms ranging from three months up to five years, with generally higher yields for longer-term CDs. Fidelity also offers excellent options for CD laddering. All Fidelity and Vanguard CDs are FDIC insured, providing customers with up to $250,000 of protection per account owner, per institution.Explore Fidelity CDs. Fidelity is an investment platform that has brokered CDs with high returns, a wide range of terms, and FDIC-insured protection. ... Call Risk in CD Earnings.Find CDs and the latest rates at Fidelity: Fixed Income, Bonds, and CDs. 2. Money market funds. Money market funds are mutual funds that invest in short-term, low-risk assets like Treasury and government securities, commercial paper, or municipal debt—depending on the focus of the fund.You'll have your own wealth management team, led by your Fidelity advisor, and comprehensive financial planning and investment management. General eligibility: $2 million managed through Fidelity ® Wealth Services or Fidelity ® Strategic Disciplines and $10 million or more in total investable assets 4. Gross advisory fee: 0.20%-1.04% 3, 5.I had 2 CDs thru JPMorgan Chase that I purchased thru Fidelity. The interest rate was 2.5% and they were to mature on 3/15/20. I received a letter from Fidelity saying they were being called in effective 9-16-19. I contacted Fidelity and I was told the CDs were not "call protected" and could be called in anytime. I did not know this. What …Active - Deposit to Fidelity Only. Active - Deposit/Withdrawal. Active Trader Services. Activity Assessment Fee. Actual/360. Actual/Actual. Additional Federal Tax. Additional Federal Tax Withholding Amount. Address.Glossary. Glossary > I. I. IFCD (Inflation Adjusted Certificate of Deposit) A form of CD that compensates the investor for inflation via an adjustable coupon. This is in contrast to a TIPS or CDIP that make the inflation adjustment through the adjusting the value of the bond's or CD's principal.To estimate the interest you receive on these shorter-term CDs, you can divide the calculated annual payment based on the CD term. For example, take a hypothetical three-month CD with a rate of 3.2%. You invest $100,000 into this CD. The annual interest payment would be: $100,000 * .032 = $3,200.Whether you're new to investing or an experienced trader, our suite of planning and advisory services can help you define and work your way toward your financial goals. Fidelity Go ®. Digital investment management and planning, plus unlimited access to 1-on-1 coaching with Fidelity advisors once your balance reaches $25,000.Most brokered CDs are sold at a minimum of $1,000 and in increments of $1,000. In late August, Fidelity began to sell “fractional CDs” beginning at a minimum of $100 that can be purchased in ...Fidelity’s CD rates are competitive when compared to the best CD rates currently available and much higher than the national average rates for CDs, according to the FDIC. For example, Fidelity ...In today’s digital age, unwanted phone calls have become a nuisance for many individuals. Whether it’s pesky telemarketers, robocalls, or even potential scammers, these calls can d...Despite the challenges of today's low interest rate environment, new issue brokered CDs and new issue corporate notes can potentially provide individual investors fixed income investments that are simple to understand and easy to access. Watch Fidelity fixed-income professionals Patrick Deignan, Dan Fiandaca, and Richard Carter as they discuss ...Minimum per CD: Fidelity’s new-issue CDs start at $1,000 and are typically issued in increments of $1,000. Unlike regular bank CDs, which may hold various amounts of money, Fidelity breaks its CDs up into smaller, typically standardized amounts. For example, buying $20,000 in CDs technically means you’re buying 20 CDs of $1,000 each.At E*TRADE and Fidelity, all brokerage accounts are insured by the Securities , For call options, the strike price is the price at which an underlying stock can be bo, The default value range is defined by the bond or CD offerings available at the time of your search. ... Learn more abou, At maturity, fixed income investments return the principal. On Fidelity.com, you can buy and sell secondary market f, Key Takeaways. A certificate of deposit (CD) is a product that offers an interest rate payment , Feb 16, 2024 · Fidelity is a well-regarded brokerag, CD interest earned in a brokerage account will be reported on Fo, In general, the bond market is volatile, and fixed i, Fidelity Learn. Bonds and bond funds are taxed in , To purchase a Fidelity CD, individuals need to follow a s, View and manage your portfolio activity, track your, Q. QTY The total number of securities available through Fidelity of, Call Feature. Some CDs may be subject to redemption on, Active - Deposit to Fidelity Only. Active - Deposit/W, Treasury auctions, new issue CDs, and CorporateNotes Progra, A covered strangle position is created by buying (or owning) s, Active - Deposit to Fidelity Only. Active - Deposit/Wit, A callable CD is a special type of certificate of deposit. If .