The funds are open - ended investments made available through life assurance companies. (en.wikipedia.org)
I live in Ireland and here ETFs are taxed differently to company shares and the same as life assurance company investment funds. (mrmoneymustache.com)
The result was quite a shock; this particular life assurance company was telling their policyholders to pay sufficient in order to receive a 50 % chance of a surplus alongside a 50 % chance of a deficit. (lawyer-monthly.com)