Federal Act on Collective Investment Schemes

¹Un­less the law and art­icles of as­so­ci­ation provide oth­er­wise, a SICAV may at any time is­sue new shares at the net as­set value and must, if re­ques­ted by a share­hold­er, at any time re­deem is­sued shares at the net as­set value. This re­quires neither an amend­ment to the art­icles of as­so­ci­ation nor an entry in the Com­mer­cial Re­gister.

²A SICAV may not hold treas­ury shares, wheth­er dir­ectly or in­dir­ectly.

³The share­hold­ers have no en­ti­tle­ment to the por­tion of newly is­sued shares cor­res­pond­ing to their pre­vi­ous hold­ing. In the case of real es­tate funds, this is sub­ject to Art­icle 66 para­graph 1.

⁴In all oth­er re­spects, the is­sue and re­demp­tion of shares is con­duc­ted in ac­cord­ance with Art­icles 78–82.