Bond ETF discounts: what the price gap actually measures
A bond ETF price below net asset value can reflect dealing costs, selling pressure or a valuation catching up. The gap alone cannot tell the story.
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ETF tracking difference: the return gap beyond the annual charge
Tracking difference measures a return gap; tracking error measures its variability. Neither is a second fee, and both need a consistent benchmark.
An ETF priced in pounds can still carry overseas currency risk
The trading currency, underlying holdings and hedge answer different questions. A worked example shows why the pound sign on a dealing screen cannot settle an ETF’s currency risk.
ETF trading costs: the spread outside the annual charge
An ETF’s annual charge and its trading spread measure different costs. A worked example explains the distinction and the business exposure for fund managers and liquidity providers.
ETF securities lending: who gets the income inside the fund?
Lending income can offset some fund costs, but the revenue share, gross amount and protection terms answer different questions.