Fund and ETF terms bingo

Exercise and reference answers

Clues and terms

1. Clue

   Per-share value of a fund's assets after its liabilities come off

   Item

   NAV

2. Clue

   Block of about 50,000 ETF shares dealt in kind with the fund

   Item

   Creation unit

3. Clue

   Sales charge taken off the top when fund shares are bought

   Item

   Front-end load

4. Clue

   Sales charge falling due when fund shares are redeemed

   Item

   Back-end load

5. Clue

   Annual charge on fund assets for distribution and service

   Item

   12b-1 fee

6. Clue

   Yearly operating costs as a percent of average net assets

   Item

   Expense ratio

7. Clue

   ETF market price sitting above the value of its holdings

   Item

   Premium

8. Clue

   ETF market price sitting below the value of its holdings

   Item

   Discount

9. Clue

   Investment level where a fund cuts its front-end sales load

   Item

   Breakpoint

Instructions

Read each call, tap its term on the board. Three in a line is bingo.

Explanation