Subscription procedure for Funds

Fund means "Undertaking for collective Investment".

Fund means "Undertaking for collective Investment". UCI is a general term used for different undertakings as the Mutual Fund, the open-end collective investment scheme (Sicav) and the closed-end collective investment scheme (Sicaf).

The NAV (Net Asset Value) for most of the funds is calculated on a daily basis (when the market closes). This value is published the following day on the site. Sales and purchases never take place at this NAV. The actual trade date depends on the policy of the fundcompany.

Each subscription/redemption request of shares/units of the fund can be introduced and registered through our Transaction Site. On each working day, Keytrade Bank centralizes all these requests placed from 11h30 (Belgian time) of the previous day (D-1) or the previous working day until 11h30 of D-day and sends them immediately to its correspondent who on his turn sends them for execution at 13h. The order introduced and registered before 11h30 via our Transaction Site will be executed at the Net Asset Value (NAV) of the same day (D), of the following day (D+1), the next following day (D+2) or weekly (until D+7), depending on the conditions for the subscription and the redemption of shares/ units (especially the cut-off time) mentioned in the prospectus. If the order is placed and registered after 11h30, the order will be sent for execution the following working day. Requests for changes of sub-fund are not possible at Keytrade Bank.

Example 1: You place on D-day at 9h a sell order for a fund with a cut off time indicated in the prospectus fixed at 10h30 and the calculation of the NAV happens on D+1. Because Keytrade Bank will only send your order at 11h30, this is after the cut-off time of the fund, you?ll have the NAV of D+1, calculated on D+2.

Example 2: You place on D-day at 12h a sell order for the same fund. Your order will be sent the following working day at 11h30 to our correspondent and therefore you?ll have the NAV of D+2, calculated on D+3.

Example 3: You place on D-day at 9h a sell order for a fund with a cut off time indicated in the prospectus fixed at 12h and the calculation of the Net Asset Value (NAV) happens on D+1. Keytrade Bank will send your order at 11h30 but the order will be sent only at 13h by our correspondent, your order will be sent after the cut-off time of the fund, you'll have to the NAV D+1, calculated on D+2.

Example 4: You place on D-day at 9h a sell order for a fund with a cut off time indicated in the prospectus fixed at 15h and the calculation of the Net Asset Value (NAV) happens on D+1. Keytrade Bank will send your order at 11h30 and the order will be sent at 13h by our correspondent, your order will be sent before the cut-off time of the fund, you?ll have to the NAV of the day (D), calculated on D+1.

Attention: It is possible that your order remains "pending", even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn't work in real time and Keytrade Bank therefore has to wait on the definitive confirmation of the execution by the funds managers. And this can take some days.

Remark If you wish to use the revenue of a sell, you must take into account the value date of the generated cash.

Value dates per market:

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Euronext (Brussels, Amsterdam, Paris)
D+3
London Stock Exchange
D+3
Milan
D+3
Xetra (Frankfurt)
D+2
Switzerland
D+3
Madrid
D+2
OMX (Helsinki, Stockholm, Copenhague)
D+3
US markets
D+2
Canadian markets
D+2
European options
D+1
US options
D+1
Funds
D+3 (the value date is stipulated by the issuer)
Bonds
D+2
Currency exchange
D+1

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