Investment Certificates (Closed-End Investment Funds)

Investment certificates are securities issued by closed-end investment funds. They are bearer securities, which means they can be listed on the stock exchange. Like other securities listed on the stock exchange, they are subject to daily market valuation during trading sessions.

Another type of valuation for investment certificates is conducted periodically by the issuer. The valuation is performed at a frequency specified in the fund’s statutes, but no less than once every three months. It is based on the estimation of the value of financial instruments in which the fund has invested. It should be noted that the range of these instruments is much broader than that of open-end funds.

Closed-end investment funds can invest in various instruments, including futures contracts, derivatives, currencies, and even shares in limited liability companies, which are not accessible by law to open-end funds. The ability to invest in derivative instruments provides closed-end funds with greater opportunities to create diversified investment strategies.