Investment & Risk Management Glossary
This Glossary identifies, defines, and clarifies the meaning of investment terms used by CalPERS in our investment policies. The purpose of the Glossary is to establish a uniform vocabulary of terms for users of these policies.
Choose from the letters below to find a specific Investment & Risk Management Investment Policy term or phrase. You'll also find information about the related policies and asset classes for each term.
Eruobonds - A bond issued in a currency other than the currency of the country or market in which it is issued.
- Securities Lending (PDF, 299 KB)
Essential Municipal Services - Those municipal services including, but not limited to, water, power, sewer, garbage removal, and other infrastructure essential to the well being and quality of life of a municipality, and upon which the municipality pays a high priority in service delivery.
- Credit Enhancement Program (PDF, 89 KB)
Exchange Traded Fund - An exchange-traded fund (ETF) is an investment company that is legally classified as an open-end company or a Unit Investment Trusts. An ETF is not classified as a mutual fund by the Securities and Exchange Commission because of limited redeemability. A typical ETF is similar to an index fund, and will invest in either all of the securities of a selected index or a representative sample of the securities included in the index.
- Opportunistic Investments (PDF, 83 KB)