Glossary

An ETF (exchange-traded fund) is a pooled investment fund that holds a basket of assets, such as stocks or bonds, and trades on a stock exchange throughout the day like an individual share.

An ETF Sparplan (ETF savings plan) is a recurring investment arrangement where a fixed amount is automatically invested into one or more ETFs at regular intervals, typically monthly.

An exchange rate is the price of one currency expressed in terms of another, showing how much of the second currency is needed to buy one unit of the first.

The expense ratio is the annual fee a fund charges investors, expressed as a percentage of assets, covering management and operating costs. It is deducted automatically from fund returns rather than billed separately.

The expiration date is the final day an options contract is valid; after this date, the option either gets exercised, settled, or expires worthless.