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

¹ The net as­set value of an open-ended col­lect­ive in­vest­ment scheme is cal­cu­lated at the mar­ket value as of the end of the fin­an­cial year, and on each day on which units are is­sued or re­deemed.

² The net as­set value per unit rep­res­ents the mar­ket value of the fund's as­sets, less all the fund's li­ab­il­it­ies, di­vided by the num­ber of units in cir­cu­la­tion.

³ FINMA may per­mit a meth­od of cal­cu­lat­ing the net as­set value(s) that dif­fers from that spe­cified in para­graph 2, provided such meth­od meets in­ter­na­tion­al stand­ards and the pro­tect­ive pur­pose of this Act is not im­paired as a res­ult.

⁴ The fund man­age­ment com­pany and the SICAV pub­lish the net as­set val­ues at reg­u­lar in­ter­vals.