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Trading in units/shares between individual market participants on an exchange or a free market (opposite: primary market).
Transferable securities issued on a large scale and non-securitized rights having the same function (uncertified securities), which are traded on an exchange or other regulated market open to the public, as well as other liquid financial investments.
Investment funds covered by the corresponding provisions of Switzerland's collective investment schemes legislation. These funds invest their assets in securities, are subject to special diversification requirements (e.g. max. 10% of assets may be invested in the same borrower/company), and may only take up loans to a limited extent. In all significant regards, they comply with the EU Directive on Undertakings for Collective Investments in Transferable Securities. cf. also Other funds for traditional/alternative investments
Pool of assets segregated from the assets of the fund company. As a rule, these pools comprise the assets raised from investors for the purpose of collective investment.
Provides information on the performance of a fund in the first half of its financial year. Contains, among other things, an unaudited assets and income statement, a complete list of investments and a list of investments acquired/sold (the minimum content is defined by law in Switzerland).
Only relevant for investment funds distributed in Germany. Income of an investment fund contained in the NAV of its units/shares and that stems from dividends and realized/non-realized gains on equity investments, but that has not yet been distributed or reinvested. For corporate investors in Germany, this equity income is in part liable to tax on the sale of units/shares, whereas for private investors it is tax-free.
The duration represents the average length of time for which capital is tied up in the money market investments, bonds and other debt securities in an investment fund portfolio. Largely determines the volatility of the net asset value in the event of interest-rate fluctuations. Unlike the residual term to maturity, the duration also takes into account returning cash flows from interest payments.
Investment fund in the legal form of a public limited company (Aktiengesellschaft), the sole object of which is the investment of collective capital, and that has a level of capital and number of shares outstanding that are flexible rather than specified in advance. The shareholders participate in the company's assets in accordance with the shares acquired. The company's assets are managed by the company in accordance with the law and the investment regulations. The custodian bank has a contractual relationship with the SICAV. A SICAV can issue new shares at the net asset value at any time, and investors are in principle entitled to redeem shares at the net asset value at any time. The investor is a shareholder and has membership and proprietary rights.
The issue and redemption of units/shares are based on a single net asset value. (opposite: dual pricing).
Investment fund that invests its assets in shares of smaller companies with relatively low stock market capitalizations and rather low trading turnover.
Splitting a unit/share into two or more units/shares of the same class.
Duty of a fund company to inform investors regularly and comprehensively about the performance of the investment fund. This includes aspects such as the obligation to
Authority in a fund's country of domicile that is responsible for authorizing the commencement of activities for funds, for approving individual funds and for the ongoing supervision of licensees and investment funds. The pertinent authority in Switzerland is the Swiss Financial Market Supervisory Authority (FINMA), Berne.
Upward or downward correction in the net asset value pertinent for the calculation of the issue and redemption prices depending on whether issues or redemptions of units/shares are predominating. The correction (swing factor) is based on the size of the costs incurred by the investment fund in adjusting the portfolio in line with the asset inflows/outflows (neutralizes the costs incurred by the investment fund in adjusting the portfolio in line with asset inflows/outflows).
Body responsible for the authorization, approval and supervision of the persons/entities and collective investment schemes subject to the Collective Investment Schemes Act.