• Collective Investment Schemes Generally

a. the scheme or arrangement operates according to the principle of risk spreading; or

b. the contributions of the participants and the profits or income out of which payments are to be made to them are pooled; or

c. at the request of the holders, units are or are to be repurchased or redeemed out of the assets of the scheme or arrangement, continuously or in blocks at short intervals; or

d. units are, have been, or will be issued continuously or in blocks at short intervals.

A Collective Investment Scheme may be established by a sponsor for the purpose of collecting funds from investors, pooling these funds and investing the pooled funds in assets, in accordance with established investment objectives.  Units of the scheme are held by investors, and the value of the units reflects the value per unit of the underlying assets of the scheme.