Glossary · Fund structure
ETF
Exchange-Traded Fund
A fund whose units trade on an exchange throughout the day like a share.
An ETF holds a portfolio in the same way as any other fund, but its units are bought and sold on an exchange rather than created directly with the manager. That gives intraday pricing and a bid-offer spread.
The market price can differ from the NAV. Authorised participants arbitrage large gaps away, but a spread and a small premium or discount remain part of the real cost of trading.
The same fund can be listed on several exchanges in different currencies under different tickers, all sharing one ISIN at share-class level. Matching an ISIN to the wrong listing produces the wrong price series.
Related
NAV
The per-unit value of a fund’s assets after its liabilities, normally struck once per day.
UCITS
A European regulatory framework for retail funds, setting rules on diversification, liquidity and disclosure.
ISIN
A 12-character global identifier for a specific security or fund share class.
Share class
A variant of the same fund with its own charges, currency or income treatment — and its own ISIN.