What term describes the total number of shares actually held by investors at a given time?

The term that describes the total number of shares actually held by investors at a given time is "shares outstanding." This figure includes all shares that have been issued by the company and are currently owned by shareholders, including institutional investors and retail investors. Shares outstanding are critical for understanding a company's market capitalization, calculating earnings per share (EPS), and assessing the ownership structure of a company.

In this context, shares outstanding exclude treasury shares, which are shares that the company has repurchased and holds itself. This distinction is important because it helps provide a clear picture of how many shares are actively held in the market, which can influence investment decisions and the perception of the company's financial health.

The other terms do not accurately define this concept. For example, net shares refers to the number of shares after accounting for share repurchases or issuances but does not specify the shares held by investors. Securities available could imply a more general term related to various investment vehicles rather than focusing specifically on shares. Issued shares represent the total number of shares that have ever been created by the company, including those that might not be currently held by investors, such as treasury shares.