Fund, open-end also investment fund, open-end

Special fund of a capital management company through which no predetermined number of units is issued. Instead, the fund management issues and redeems new certificates at its reasonable discretion. The price of a certificate is determined pro rata on the basis of the value of the fund’s assets and the cash balance. As a rule, it is determined and published daily by the fund company on the basis of market data. A distinction is made between the issue price and the redemption price of the unit certificate. In the euro area, open-end funds have predominated by far to date. – See fund, closed-end, investment fund. – Cf. Financial Stability Report 2012, p. 68 f. (open-end funds can be part of a credit intermediation chain and multiply their market potential through the use of derivatives; overview), Monthly Report of the Deutsche Bundesbank of January 2013, p. 13 ff. (comparative market analysis of funds and, in particular, their volume of funds), Annual Report 2013 of BaFin, p. 182 (permission and supervision on the part of BaFin under the KAGB).

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