Federal Act
on Collective Investment Schemes
(Collective Investment Schemes Act, CISA)

¹ Open-ended col­lect­ive in­vest­ment schemes may be in the form of a con­trac­tu­al fund (Art. 25 et seq.) or SICAV (Art. 36 et seq.).

² With open-ended col­lect­ive in­vest­ment schemes, in­vestors have either a dir­ect or in­dir­ect leg­al en­ti­tle­ment, at the ex­pense of the col­lect­ive as­sets, to re­deem their units at the net as­set value.

³ Each open-ended col­lect­ive in­vest­ment scheme has its own fund reg­u­la­tions. In the case of con­trac­tu­al funds this is the col­lect­ive in­vest­ment con­tract (fund con­tract), and in the case of SICAVs it is the art­icles of as­so­ci­ation and the in­vest­ment reg­u­la­tions.