Ticker trouble - ETF query

corum_uk67

Hi,

I want to buy some IShares FTSE100 ETF ACC shares and am using the X-O Platform, but having trouble identifying the correct stock.

The ishares website states the ticker is CUKX. When I put this into X-O it gives me two options:
CUKX.P - which seems to be the right stock but is in euros
CUKX.Z - which again seems to be the right stock, is in sterling, but has a suspiciously wide bid/offer spread of 89/99.51

To confuse matters further another site lists the stock with a ticker of CSUKX. When I put this into X-O it comes back with:
CSUKX.Z - exact same description, in sterling, but with a bid/offer price exactly the same at 96.31

If if search X-O using the ISIN number on the ishares website, X-O comes up with:
CUKX.P - as above
CUKX.Z - as above
CUKX.X - wait..what! where did that come from! isn't the x prefix meant for mutual funds? When selected, no prices are shown
SXRW.XE - exactly the same long name as all the above, but described as 'miscellanous/unclassified'. Similar price and low spread

I must profess to being a little confused by all the variations on the theme, can anyone shed some light on it all for me. Of the above, the CSUKX.Z stock looks the best with the same bid/offer price of 96.31 (which, incidentally is the only one that matches the price quoted on the iShares website).

george4064

HL only has CSUKX under isin IE00B53HP851

bigsy

The correct ticker for the London Stock Exchange should be CUKX (or CUKX.L or CUKX.LN).

I've checked on X-O. In my account in the trading section, checking with the SEDOL code B518375 displays intitally CUXK.X but if you then select this it changes to the correct ticker, CUKX.L.

I can't explain the spread shown, but suggest you recheck whenever the markets are open.

Some of the other codes are for different stock exchanges. CSUKX.S is for the Swiss exchange, priced in GBP. SXRW is the listing on the Deutsche Boerse.

See the bottom of the page at https://www.ishares.com/uk/individual/en/products/253716/ishares-ftse-100-ucits-etf-acc-fund

masonic

It is well known that bid/offer spreads reported in many places are inaccurate when markets are closed. bigsy has pretty much summed up the reason for the various tickers - XO will only let you trade the UK listing.

corum_uk67

Thanks bigsy, appreciate you checking on your X-O account for me.
I totally overlooked the different ticker variations on the bottom of the ISHARES page when I had looked at it previously, my bad.

Since yesterday I've opened an account on DEGIRO, which for an ACC ETF is an even cheaper option than X-O and apparently has an option for a 'custody' account for those adverse to securities lending. So i'm thinking of buying my ISHARES ACC through them now.

hoc

I buy CUKX using my AJBell/Youinvest account. It is the main listed on the LSE.

masonic

corum_uk67 wrote: »

Since yesterday I've opened an account on DEGIRO, which for an ACC ETF is an even cheaper option than X-O and apparently has an option for a 'custody' account for those adverse to securities lending. So i'm thinking of buying my ISHARES ACC through them now.

Are you happy with the additional risks associated with investing through a non-UK regulated platform?

corum_uk67

For an initial 5k investment, I think it's worth a shot. My understanding is that they are regulated by the Dutch Central Bank/Netherlands Financial Markets Authority. They also talk on the website of having clients assets held by a separate 'custodian entity' so would not be affected if DEGIRO went under. Plus a compensation scheme of up to 20k euros under Dutch law.

Sure there are risks, but it can't be any worse than the current p2p setup here in the UK.

masonic

corum_uk67 wrote: »

Sure there are risks, but it can't be any worse than the current p2p setup here in the UK.

I'd say it was still a bit better than the P2P setup in the UK, but the protection is significantly inferior to that afforded by a UK broker. For a £5k investment, the lower compensation limit is not material, but claiming it could be trickier.

It should also be noted that the separate 'custodian entity' engages in stock lending to short sellers, so there is additional counterparty risk that is perhaps a little more concerning.

Most importantly, if there is a loss by the custodian, UK investors might find their claims subordinated behind Dutch and other EU citizens after we leave the EU.

corum_uk67

Apparently there is a 'custody' only option whereby the stock lending is prevented. The only downside being an additional charge when dividends are processed, however for an ACC ETF this would be irrelevant.

But as you say, there are risks and one should never invest more than one can afford to lose.