SIE (Securities Industry Essentials) Practice Exam 2026 - Free SIE Practice Questions and Study Guide

Rights are a type of security that is issued below the CMP of the stock and has intrinsic value at issuance. This means that the rights have value even without any market speculation. In comparison, warrants and options both derive their value from market speculation, and may be issued at or above the current market price of the stock. Convertible Bonds also have a value based on market speculation, as they can be converted into stock at a predetermined price in the future. Therefore, the other options do not fit the specified criteria for the correct answer.