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Glossary
CREST: electronic system for the settlement of most listed shares and registering investors on companies’ lists of shareholders.
Exchange Traded Funds: a fund that is traded on a liquid stock exchange like a share. Investors are able to buy and sell shares in an exchange traded fund through a broker or financial adviser.
Fund: a fund is operated by a fund management company that raises money from investors and invests it, on their behalf, in shares, bonds and other types of investment assets. Funds offer investors the benefits of diversification and professional management for which a fee is charged.
Indicative Net Asset Value (iNAV): The iNAV is a calculation of the indicative Net Asset Value, which is based on the previous day’s end-of-trading Net Asset Value, and is updated every 15 seconds to reflect the intraday variations of the underlying index.
Irish Stock Exchange (ISE): The Irish Stock Exchange Limited
Net Asset Value (NAV): The total value of the fund (Stock + Cash + Accruals - fees) divided by the issued shares.
Portfolio Composition File (PCF): This file details, each day, the basket of securities which equate to 100,000 ETF shares. This basket of shares can be delivered into the Authorised Participant for conversion into ETF shares.
Total Expense Ratio (TER): The total costs of a Fund expressed in basis points. These costs include management fees, service provider fees (custodian, administrator, investment manager, index provider), registrar & transfer agency fees, and ongoing expenses.
UCITS: Undertakings for Collective Investment in Transferable Securities
