UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) (OPCVM)

UCITS are managed by portfolio management companies. The two main categories of UCITS are SICAV (société d’investissement à capital variable) and FCP (fonds commun de placement). A distinction is made between “income” and “growth” UCITS. The former make an annual or half-yearly distribution (dividend or interest) to savers, whilst in the latter case, income is not redistributed but reinvested to buy other securities.