Organization whose purpose is the collective investment of investors' savings (called participants), whose operation is subject to the principle of risk diversification and the pursuit of the exclusive interest of the participants. This is an autonomous heritage (belonging to the participants) managed by professionals (management entities).
Open-ended investment fund admitted to trading on the stock exchange and which aims to obtain a performance dependent on the behavior of a specific reference indicator (be it an index, an asset or an investment strategy). It should be noted that the performance of this fund only in certain contexts, and in certain time horizons, is identical to that of the benchmark. Hence, investing in an ETF does not guarantee the same performance as the benchmark.
It is the fund manager who chooses the assets that make up the fund and the management strategy, with the aim of outperforming a benchmark.
It is the private investor who selects the underlying asset and the structure of the ETF, in order to match its performance (differences in structure can modify performances - eg leverage).
It depends on the assets that make up the fund (low to very high risk) and the manager's strategy. There is no guarantee of capital and return.
It depends on the risk of the underlying asset and the structure of the ETF. It does not guarantee capital or return. Can be leveraged - high risk.
With the management company, only once a day. They are regulated by European directives.
On the stock exchange - as if it were a share, with the regulation of the respective stock exchange. The buy and sell price is known.
Minor - settlement of subscription or redemption is reflected in equity on average three days (depends on the fund) after the order. It is only possible to redeem after the subscription has been settled.
Settlement of the purchase or sale is reflected in equity three days after the order. There is possibility of day trading.
The taxation of these types of assets is different. For more information, see the tax guide.
Management fee automatically reflected in the quote.
Management commission automatically reflected in quote and brokerage commissions.
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Diversifying investments reduces the risk you incur. Funds and ETFs invest in many different assets, often with little or even negative correlations, which further lowers the risk of the portfolio. As the popular wisdom says "don't put all your eggs in one basket".
Funds and ETFs are ways of consolidating the investments of many small investors, thus managing to raise enough assets to be able to benefit from substantially lower costs than a private investor, namely transaction or research.
It is possible to subscribe or redeem most funds on a daily basis, allowing investors to quickly enter or exit the market whenever they wish. In the case of ETFs, the fact that they are traded on the market and the existence of market makers, whose function is to provide liquidity in the market, make market entry and exit even simpler.
Funds and ETFs allow access to a variety of international markets and assets that would hardly be possible for an individual investor. Given its composition and reduced investment minimums, the investor accesses a diversified portfolio of assets in a simple, quick way and with small investment amounts.
Most investors do not have the knowledge or time to dedicate themselves to managing their portfolio. When investing through Funds or ETFs, they benefit from teams of dedicated professionals highly specialized in portfolio management and risk control.
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É um fundo de investimento que tem UP em número fixo, com uma duração pré-determinada. Após a oferta inicial, o fundo deixa de admitir mais subscrições. Para se tornar subscritor de um fundo de investimento fechado tem de adquirir as UP na emissão inicial, ou posteriormente, através da compra das unidades já emitidas em mercado secundário. As UP só podem ser resgatadas no fim da vida do fundo.
It is a fund whose UPs are variable in number. UPs are issued and redeemed at any time. An open-ended fund has permanent liquidity as the UPs can be redeemed at any time, that is, the investment fund will deliver its value to the participant and cancel the redeemed UPs.
In capitalization funds, income is reinvested in the fund itself. The profitability of these funds corresponds to the difference between the redemption and subscription value of the respective UPs, with no distribution of income.
These are investment funds that distribute income periodically. The return on distribution funds corresponds to the sum of two components: the income distributed plus the difference between the redemption and subscription value of the respective UPs.
These are the parts that make up the investment fund. By purchasing UP, the participant in the fund is entitled to a corresponding part of the assets of the securities that comprise it.
Podem ser cobrados vários tipos de comissões:
Management and deposit fees, which consist of an annual percentage value of the fund's daily assets and are incorporated into the calculation of the value of the UPs. They are charged by the management company and the depositary institution and vary according to the management company and the type of fund.
Subscription and redemption fees, which are levied on the total value of the investment. For the calculation of the value of the UP, this type of commission is not included.