Investment Fund

Investment Fund is a collective investment instrument where investor savings are collected in a pool and are managed by professional managers to meet the requirement of investing savings in capital market instruments.

How much fund may I purchase as a minimum?

A share corresponds to one fund, and at least 1000 shares may be purchased. The price announced in papers and on our web site is the unit share price. Example: If the announced unit share price is 0.017720 TL, then the minimum amount purchasable is 0.017720-TL x 1000 shares = 17.72 TL.

Where can I find out Daily Fund Purchase-Sale Prices?

You can find out them on the fund prices table in the economy pages of nation-wide newspapers, or on the Türkiye Finans Web Site.

Is any Commission charged on Fund Purchase-Sale?

No commission is charged on fund purchase - sale transactions.

Taxation in Investment Funds

If the investor sells his/her fund participation certificate, only a withholding of 10% will be made on income derived thereby. Withholding is not made on the portfolio earning, but on the income derived by the investor. A fund investor may defer tax until he/she sells the fund participation certificates held by him/her, meaning that investors will pay no tax so long as they do not dispose of their fund participation certificates. No withholding will be made on income derived in case participation certificates for any investment fund carrying stocks in at least 51% of the portfolio are sold (returned to the fund) after a holding period of more than one year.

In investment fund sale transactions, tax base will be calculated at the sales price by the FIFO (first in first out) method.

Guarantee for Investment Funds

Rules governing on investment funds are laid down in the Capital Market Board’s Communiqué (Serial VII, No.10). Accordingly, the assets of an investment fund do not belong to the founder, may not be used as security, may not be pledged, and may not be attached by third parties. In addition, the founder is liable, under the Capital Market Law, for risk distribution, and for management, representation and custody in a manner protecting investors’ rights according to principles of faithful ownership. And the manager is obliged to manage the fund portfolio in accordance with the provisions of the Law, the Communiqué and of the fund bylaws. Securities held in the fund portfolio are held in custody under the warranty of Takasbank A.Ş., the official settlement and custody organization. All account movements for the funds are supervised by the Capital Market Board. In addition, funds are audited by independent audit companies.

Documents to be required from all customers

• New Banking Transactions Agreement
• Trading Framework Agreement
• Risk Reporting Form
• No Interest Instruction

For natural persons

• Copy of Identity Document (Driver’s license or passport may be)
• Copy of Tax Identification Document

For legal persons​

• Specimen Signature Declaration: to be current and showing authorization to represent the company or organization
• Copy of Identity Document: from persons authorized to represent the company
• Chamber of Trade Registration Certificate: bearing a recent date
• Certificate of Existence and Good Standing
• Trade Registry Gazette
• Copy of Tax Sign, and copy of the Resolution which is about opening of the account, from Resolutions Book of Bank and other organizations (Association, Cooperative, Foundation, etc.) and which indicates two authorized signatories
• Copy of the notarized front page of the Resolutions Book
• Specimen signature declarations, copies of identity documents and copies of tax identification documents of authorized signatories

In Purchasing Funds

If the customer gives the buying order until 12:00 a.m., he/she will purchase the fund at the share price set in the morning of the next day (T+1), and the number of funds the customer requires to purchase will be credited into the customer’s account on T+2.

If the customer gives the buying order after 12.00 a.m., he/she will purchase the fund at the share price declared two days later (T+2), and the fund will be credited into the customer’s account on T+3. The customer will not know the fund price in purchasing Type A fund. For example, a customer requesting to purchase funds and informing this request at 11:00 hours on Monday can purchase it at the fund price declared on Tuesday morning.

And on Wednesday, the corresponding number of funds will be credited, at the price declared on Tuesday morning, into the customer’s account. The customer may sell the fund, purchased thereby only on Tuesday, without waiting for it to be credited into his/her account.

A customer requesting to purchase funds and informing this request at 14:00 hours on Monday can purchase it at the fund price declared on Wednesday morning. And on Thursday, the corresponding number of funds will be credited, at the price declared on Wednesday morning, into the customer’s account. The customer may sell the fund, purchased thereby only on Wednesday, without waiting for it to be credited into his/her account.

Participation certificate prices will be collected adding a 20% margin per day to the last declared share price, as the price applicable to the purchase transaction is not known firmly in the future price system. On the day the price purchase becomes firm, the remaining balance of such margin will be credited back into the free account.

In Selling Funds

If the customer gives the selling order until 12:00 a.m., he/she will sell his/her fund at the share price set in the morning of the next day (T+1), and the amount arising from the sale will be credited into the customer’s account on T+2.

If the customer gives the selling order after 12.00 a.m., he/she will sell his/her fund at the share price declared two days later (T+2), and the amount arising from the sale will be credited into the customer’s account on T+3.

For example, the request of a customer desiring to sell funds at 11:00 hours on Monday will be executed at the fund price declared on Tuesday morning, and the amount arising from the sale will be credited into the customer’s account on Wednesday.

However, the request of a customer desiring to sell funds at 14:00 hours on Monday will be executed at the fund price declared on Wednesday morning, and the amount arising from the sale will be credited into the customer’s account on Thursday.