An undertaking for collective investment in transferable securities (UCITS) serves the sole purpose of investing publicly acquired funds for the collective account on the basis of the principle of risk diversification in the liquid financial instruments (e.g. Securities, money-market instruments, units in capital investment funds). It has special assets, which is broken down into equal units in the form or securities, and which are jointly owned by all unit holders. The unit holder may directly or indirectly upon request redeem their units at the expense of the assets of the UCITS . The legal basis is Directive 2009/65/EC (the UCITS Directive).
German: Organismus zur gemeinsamen Veranlagung in Wertpapieren (OGAW) (590)
Source: FMA AT m. e. E., 30.10.2018