Fractional Trading Amount-based Order
A fractional share is a portion of a whole share of stock. For example, holding 1.5 shares means you own one full share and half a share. If 0.5 portion also is considered a fractional share.
An amount-based order allows you to specify the total dollar amount you wish to trade instead of entering the number of shares. This is useful when you prefer to invest a fixed amount such as USD 50 and this also without having to calculate the exact share quantity.
For securities that do not support fractional share trading, the entered amount is used to calculate and submit the maximum whole-share quantity.
Only Day Market and Day Limit orders are supported. Sell orders are not permitted for amount-based orders.
| Securities that Support Fractional Share Trading | |
|---|---|
| Market Orders | a) The amount entered is submitted directly as an amount-based order. |
| Market Order Example | a) Company AAA is eligible for fractional share trading. b) You placed an amount-based order of USD 200 using a Market Order to buy. c) The executed amount may return as USD 199.936, depending on the fill quantity and execution price. |
| Limit Orders | a) Nova converts the entered amount into an estimated share quantity, rounded down to three decimal places, and submits the order using this calculated quantity at the specified limit price. b) You will be prompted that order submissions are based on the Estimated Order Quantity. |
| Limit Order Example | a) Company AAA is eligible for fractional share trading. b) You place an amount-based order of USD 200 with a Limit Price of USD 55 to buy. c) Nova calculates an order quantity of 3.636 shares (USD 200 ÷ USD 55). d) This quantity will be submitted at the limit price, resulting in an executed amount of up to USD 199.98 (3.636 × USD 55), but never more than USD 200. |
| Securities that Do Not Support Fractional Share Trading | |
|---|---|
| Market Orders | a) Nova calculates the order quantity using the entered amount divided by the prevailing market price. b) The quantity is rounded down to the nearest whole share. c) The Estimated Order Value shown on Nova is based on the calculated quantity × prevailing market price. d) You will be prompted that order submissions are based on the Estimated Order Quantity. |
| Market Order Example | a) Company XYZ is not eligible for fractional share trading. The Last Traded Price is USD 40. b) You place an amount-based order of USD 100 as a Market Order to buy. c) Nova calculates and sends an order for 2 shares (USD 100 ÷ USD 40) to be purchased at the market. d) The executed amount may differ from the estimated value depending on the final execution price. |
| Limit Orders | a) Nova calculates the order quantity based on the entered amount divided by the Limit Price. b) The quantity is then rounded down to the nearest whole share. c) The resulting Actual Order Value is the calculated quantity × Limit Price. d) You will be prompted that order submissions are based on the Actual (rounded down) Order Quantity. |
| Limit Order Example | a) Company XYZ is not eligible for fractional share trading. b) You place an amount-based order of USD 100 with a Limit Price of USD 30. c) Nova calculates and sends an order for 3 shares (USD 100 ÷ USD 30) to be purchased at USD 30. d) The order submitted is 3 shares, with an executed amount of up to USD 90. |
No, fractional shares cannot be transferred in or out of your account.
Voting rights are only applicable to full share units, and fractional shares (e.g. 0.xx units) do not carry voting rights. However, holdings such as 1.5 units of shares will be entitled to 1 voting right.
Yes, if a stock pays dividends, you will receive a pro-rated dividend based on the fractional amount you hold
You must opt in and agree to our Fractional Shares Trading Terms and Conditions. You can opt in via:
a) Nova Web/Desktop: Settings > Trade > Slide “On” for Opt-in to Fractional Shares Trading
b) Order Ticket: “Opt-in to Fractional Shares” (visible only for eligible counters) > Click “Agree” on Fractional Shares Trading Terms and Conditions
i) Nova Web/Desktop: Look for the “Fractional” column in your Watchlist. A pie symbol indicates eligibility.
ii) Mobile app: The pie symbol appears next to the symbol code in the Watchlist.
Only Day Limit and Market orders are allowed for fractional share trading.
Orders with fractional shares are only supported during regular trading hours.
Fractional share orders are routed to a separate execution venue. When you place an order that includes both whole and fractional shares, your order is submitted as a single order but may be executed in parts—whole share(s) and fractional shares separately—potentially at different prices.
Trading fractional shares involves risks similar to trading whole shares, including market volatility and security-specific risks. However, fractional shares may also be subject to limited liquidity and execution constraints. For full details, please refer to our Fractional Shares Trading Disclosure Statement .
Shareholder rights and/or participation in stock splits, mergers, or other mandatory corporate actions is subjected to the discretion of the Company and/or issuer.
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