• Open (Fund):

    A type of pension fund characterised by being able to channel the investments of other pension funds. For its constitution it does not require an initial minimum capital for its correct financial development.

  • Antivirus:

    Is a computer program specifically designed for detect, block and delete catty code (virus, Trojan, maggots, etc.), as well as protect other dangerous programmes' teams acquaintances generically as malware.

  • Defined contribution:

    Type of Pension Plan in terms of the stipulated obligations, in which the defined object is the amount of the promoters' contributions and, where applicable, the contributions of participants. The contribution can be established in absolute terms or depending on other variables such as wages, business flows, Social Security contributions or others. In this type, the provisions are quantified at the time of producing the contingency, as a consequence of the capitalisation process developed by Plan.

  • Contributions:

    They are the financial contributions that will be made by the promoter and/or participants, in the cases and ways that, in accordance with the current regulations, are established in the respective pension plan.

  • Business contributions:

    These are financial contributions made by promoters of Pension Plans in the employment system.

  • Partner (system):

    Type of Pension Plan in terms of the constituent subjects, its promoter being any association or trade union and its participants being its associates, members or affiliates.

  • Assignation of consolidated rights:

    The participants' contributions to Pension Plans determine their ownership of the resources of the plans; establishing some economic rights that they define the provisions.

  • Beneficiary:

    Private individual entitled to receive benefits, whether he/she has been a participant or not.

  • Blog:

    Is a periodically updated website that compiles chronologically texts or articles of one or more authors, appearing first the more recent, where the author conserve always the freedom of leaving published which creates pertinent. This English end blog or weblog comes of the words website and log (‘log’ in English = daily).

  • Capitalisation:

    Pension Plans are implemented through financial and actuarial capitalisation systems. This means that they are managed as if they were individual products in which contributions are deposited that subsequently will handle payment of the benefits. The capitalisation system employed does not require the incorporation of new subjects, since it is a self-sufficient system.

  • Closed (Fund):

    A type of Pension Fund thus characterised because it exclusively implements the investments of the Pension Plan or Plans that form part of it.

  • Ownership Certificate:

    This is the document issued by the Managing Entity that proves the holder is a participant.

  • Control Committee (of the Fund):

    This is the body that controls and supervises the Pension fund. Between its functions the monitoring of the fulfillment is found of the Planes assigned, the representation of the Fund and the examination and the approval of the Managing Entity's activity.

  • Control Committee (of the Plan):

    This is the body that supervises the operation and execution of each Pension Plan of the employment and associate system; formed by representatives of the developer or developers and representatives of the shareholders and, where applicable, of the payees. In the Pension Plans of the individual system is not constituted Control Committee of the Plan, corresponding to the developer the functions and accountability of this Fee.

  • Promoter Fee:

    In the employment system, once the initial project for the plan has been drawn up by the promoter, a Promoting Committee is constituted with representatives of the promoter or promoters and the workers or potential participants. This Commission will be formed and will operate in accordance with the provisions for the Pension Plan Control Committee. In the case of the Pension Plans of the individual system and partner, will be the promoting entities who adopt the agreements and they practice the assigned functions to the Fee promoter of the Pension Plans, proceeding to the presentation of the project of the Plan before the Pension fund in which expects to integrate.

  • Pension Commitments:

    These are the duties derived from the company's legal or contractual obligations to its staff, which are compiled in a collective agreement or equivalent regulation, the aim of which is to make contributions to or award the provisions linked to the contingencies established in the Regulation of Pension Plans and Funds Act. The commitments for assumed pensions by companies owe implement through insurance contracts, via the arrangement of a Pension Plan or of both.

  • Contingencies:

    These are the situations covered by the Pension Plan: superannuation; total and permanent labour disability for the usual profession, or absolute and permanent for all work and severe disability; death of the participant or beneficiary and Dependence.

  • Standing Acount:

    This is the accounting instrument that compiles the current contributions and assets and rights of Plan. The payment provisions deriving from the Plan are paid from this account. In addition, it complies the yields deriving from the Fund's investments that must be assigned to the Plan. The accounting operation of the deposit account is adapted to the criteria established by the Ministry of Economy and Finance.

  • Ombudsman:

    It is an entity or independent consultant of recognised prestige who will decide on claims made by participants and beneficiaries against the Managing Entity, Depository and Promoter of individual Pension Plans, a decision that will be binding on said Entities.

  • Depositary:

    It is the entity responsible for the custody and deposit of the negotiable securites and other financial assets included in the Pension Funds. It can be a credit institution with registered office or branch in Spain.

  • Vested rights:

    They are the economic rights derived from the contributions and of the actuarial financial regime that it contemplates the Pension Plan.

  • Directorate-General for Insurance and Pension Funds:

    With regard to Pension Plans and Funds, it exercises administrative control over the fulfilment of the precise requirements for access to the activity by Pension Fund Managing Entities, the ordinary supervision of the exercise of the same, and the conditions that must be fulfilled by the Funds and Plans.

  • Employment (System):

    A type of Pension Plan in terms of the constituent subjects that characterise it as its promoter is any Entity, Corporation, Company or Business whose participants are its employees.

  • Specifications:

    It is the document that constitutes the legal basis of the Plan and it contains, among others, following aspects: the determination of the scope and type of Plan, the regulations for the constitution of the Plan Control Committee, the financing system, the attachment to a Pension Fund, the definition of the provisions, rights and obligations of the participants, and regulations for the modification and liquidation of the Plan.

  • Statement of position:

    This is a part of the public documentation which informs the unit holder of movements due to subscriptions or reimbursements in the fund.

  • Euribor:

    (Euro Interbank Offered Rate). Interest rate of reference for the Euro area.

  • Contribution Excesses:

    Contributions that exceed the legally established limit. The excesses can be retirees before 30 June of the next year, without application of sanction.

  • Externalisation

    The legal obligation whereby companies must remove from their balance sheets any funds set aside to cover pension commitments with employees and beneficiaries (therefore rendering them unavailable).

  • Date of registry of the fund in the CNMV (Spansih National Securities Market Commission):

    It is the moment from which the marketing of an investment fund is authorised, given that it has been registered in the records of the CNMV.

  • FIAMM:

    FIAMM (Money Market Investment Fund) A type of fund that, by law, must make its investments in fixed-yield securities of short-term maturity (up to 18 months) and high liquidity.

  • FIM:

    Mutual Funds whose exclusive object is the purchase, holding, use and sale of securities and other financial assets. FIMs invest more than 90% of their assets in market-quoted securities: public debt, private fixed income, stock and derivative instruments. The term and percentage of investment in these assets depend on the investment policy of the fund.

  • Explanatory brochure of the fund:

    A document that explains the features of an investment fund and all its relevant aspects. It contains details of the management company, its Board of Directors, the fund investment policy, the fees etc. Both the fund's first brochure and its successive updates are approved by the CNMV and are registered with it.

  • Fund simplified brochure:

    This contains a summary of the information about the fund, its objectives, risk profile, the profile of the investor at whom it is targeted, and the financial and economic information about it. It is part of the complete brochure that is used as a marketing tool for it.

  • Fondandalucia:

    An nvestment fund that invests a percentage of its portfolio in Regional Government of Andalusia debt.

  • Fund of Funds:

    Investment funds that invest their capital mainly in shares of other funds.

  • Investment Fund:

    Capital belonging to multiple investors whose right to ownership is represented in the form of shares, the sole object of which is the acquisition, holding, use, administration and transfer of negotiable securities and other financial assets to compensate the risks, with a suitable diversification of assets, without taking on an economic or political majority holding in another company.

  • Pension fund:

    A financial asset with no legal personality where the financial resources of the Plan or Plans that integrate it must be invested, channelling the investments and paying out benefits to the beneficiaries.

  • Foreign Fund:

    A product domiciled in a foreign country but registered with the National Securities Market Commission (CNMV) for its marketing in Spain.

  • Guaranteed Fund:

    An investment fund guaranteed by a third party that ensures a good fixed yield or an amount linked to equity instruments.

  • Accumulation Funds:

    Also known as Capitalisation Funds. Investment funds that reinvest the yields that they obtain accumulated in the capital of the fund, producing an increase in the net asset value of the shares.

  • Money Market Funds:

    The name given to Investment Funds in Money Market (FIAMM) Assets. The name is derived from the fact that, as it has a high liquidity, it can be considered as a substitute for money.

  • Multicurrency Funds:

    Investment funds that invest in fixed income, equities or a mixture of various markets, which is why their capital assets are designated in a basket of currencies. This involves an additional exchange rate risk.

  • Alternative Management Funds:

    Investment funds that they try obtain retornos in absolute terms instead of relative yields based on certain reference rates as happens with the traditional funds, which is why its retornos are not influenced by the address of the markets.

  • Property Investment Funds:

    (FII) Non-financial Investment Funds that allow the shareholder to invest in real property beginning with relatively small amounts. It is the property fund itself that purchases, rents, maintains and sells the properties. This type of fund cannot undertake different activities such as property development, construction or others specified in the fund regulations.

  • Asset Allocation Funds:

    Investment Funds that periodically distribute dividends among their shareholders. The are complemented by Capitalisation Investment Funds.

  • Global Funds:

    Investment funds without an exactly defined investment policy that invest in any market, currency or asset type.

  • Index Funds:

    The objective of these investment funds is to achieve a return equal to that of an index used as a reference by constituting a portfolio with a similar structure to that of the reference index.

  • Sector Funds:

    Investment Funds whose portfolio consists mainly of equities in businesses in a particular sector or sectors.

  • Solidarity Funds:

    Investment funds in which a part of the commissions generated by the fund are ceded for a social purpose, for example to an NGO.

  • Treasury Funds:

    Investment funds promoted by the government that invest mainly in Public Debt.

  • Financial Futures:

    Contract for derivatives that guarantee the purchase or sale of an asset at a specific price and on a specific date.

  • Pension Fund Manager:

    Is the Public Limited company responsible for the administration and management of the Pension fund, llevanza of the accounting and accountability, issuance of the ownership certificates to the Pension Plan and control of the Company Depositary.

  • Charge:

    The contributions made by participants are direct, and those made by the promoter in favour of participants are deemed charged contributions. Contributions to Pension Plans can only be made by the promoter of an employment system plan in favour of its employed participants, and by the participants themselves, whatever the type of plan. Developers of Pension Plans that they make contributions owe present an annual statement in which are related individually the shareholders for who made its contributions and the amount contributed by every shareholder.

  • Individual (System):

    A type of Pension Plan, in terms of the constituent subjects, characterised as such because promoters are one or more Financial Entities whose shareholders are individuals.

  • Serious violations:

    They are anyone who involve the default on obligations of information or of other standards when the stock or omission puts at risk or it injures the rights of Promoting entities, shareholders and payees.

  • Minor violations:

    They are facts that involve mere delays in the course of obligations of information or other provisions' non-compliance, provided that they do not put at risk nor affect directly to the rights of Promoting entities, shareholders and payees.

  • Very serious violations:

    They are the stock or omissions, anyone that it is its nature, that they injure in a good shape serious the rights of Promoting entities, shareholders and payees, or they break the object specific to the Pension funds.

  • Offences and Penalties:

    The offences with regard to Planes and Pension funds are sancionables in official channel, classifying in slight, serious and very serious.

  • Payments on Account:

    The amount paid to the Public Treasury with the intention of fulfilling tax obligations in advance. The amount corresponding by payments in kind will be calculated applying the corresponding tax rate to its value. Persons required to withhold and make deposits on account must submit statements of the amounts withheld and deposited for each quarter during the first twenty calendar days of the months of April, July, October and January, paying it to the Public Treasury.

  • Pay-ins:

    For the instrumentation of a Pension Plan, the economic contributions to that the developers and the shareholders of the Plan were obliged owe add immediate and necessarily in a Pension fund.

  • Investments:

    The asset of the Pension funds is invested in accordance with safety criteria, return and diversification of suitable terms to its aims, establishing some limits of investment maximum according to nature of the assets.

  • Irrevocability:

    Contributions, once made, will be of an irrevocable nature, and under no circumstances will their cancellation be admissible, except in the case of a material error imputable to the Pension Fund Managing or Depository Entities.

  • Retirement:

    The action and effect of ceasing work, usually with a right to receive a pension as a result of reaching a certain age, long service or the physical or mental incapacity to work.

  • Personal and Family Minimums:

    The amount that the Personal Income Tax Act establishes to reduce the taxable income base - first in its general part and, if a surplus remains, in its special part -, without in any case giving a negative result.

  • Disability:

    Situation in which the Act allows making contributions to Pension Plans in favour of people with a degree of disability equal to or more than the 65 for 100, contributions that they can carry out to pension plans of the individual system, as well as to associated system pension plans, if the disabled man, or the person that carries out the contribution to its favour, be member, member or member of the promoting entity.

  • Mixed:

    A type of Pension Plan in terms of the stipulated obligations that is characterised as such because its object is, simultaneously or separately, the amount of the provision and the amount of the contribution.

  • Mutual Provident Societies:

    These are non-profit private organisations that operate a fixed or variable premium outside the framework of the compulsory Social Security provision systems, acting as a type voluntary insurer aimed at protecting their members or their assets against accidental or predictable circumstances or events, through direct contributions from their members or from other entities or protecting persons.

  • Participant:

    Constituent subjects of Pension Plans. Participants are those individual persons in whose interest the Plan is established Plan, regardless of whether they make contributions or not.

  • Suspended Participant:

    These are participants who have stopped making contributions, direct or imputed, maintaining their consolidated rights within Plan, in accordance with its provisions.

  • Risk Profile:

    Classification of clients according to the risk they wish to assume in their investment in order to select the product that conforms to their characteristics. Investors can adopt one of three attitudes when dealing with risk: aversion (the investor will prefer a smaller return as long as the risk is smaller too), indifference (the investor does not take the risk into account when investing) or preference (the investor assumes a greater risk to achieve a higher return).

  • Legal Entity:

    The legal status of a corporation. Legal entities are the corporations, associations and foundations of public interest recognised under the law; and associations of private interest, whether civil, mercantile or industrial, to which the law grants their own legal personality.

  • Rebalancing Plan:

    This is the agreement reached by the Pension Plan Promoting Committee or the Control Committee, by virtue of which the pension plan includes rights for past services corresponding to commitments for pensions for active staff and obligations to retired persons and beneficiaries.

  • Pension Plans:

    They define the rights of people who set up plans in their benefit to receive income or capital for retirement, survival, widowhood, orphanhood or disability; the obligation to contribute to the plan; and the rules of constitution and operation of the assets that must be created in order to comply with the rights that it recognises. Set up voluntarily, their entitlements do not substitute those of the Social Security Institute, as they are private and complementary in nature.

  • Defined Provision:

    A type of Pension Plan in terms of the stipulated obligations, in which the amount of the payments to be received by the beneficiaries is defined as a predetermined or estimated magnitude. Once the benefit is set or estimated, the exact contribution will result from applying the actuarial financial system being used.

  • Benefits:

    When a contingency covered by the plan occurs, an economic right produced in favour of the beneficiaries is acknowledged. In accordance with that provided for in each Pension Plan, the payments may be in the form of capital, consisting of a single payment; benefits in the form of income; or mixed benefits, combining any form of income with a single lump-sum payment in the form of capital.

  • Joint Promotion:

    Several companies or entities may jointly promote an Employment Pension Plan to formalise the commitments that must be covered. Regulations may establish conditions when they are set up by companies belonging to the same group, by SMEs, or by several companies with pension commitments by virtue of a collective bargaining agreement above the corporate level.

  • Promoter:

    A constituent subject of a Pension Plan may be any Entity, Corporation, Society, Company, Association, Trade Union or group of any kind that wishes to set up a pension plan or participate in its development.

  • R²:

    The coefficient that in a regression measures the percentage of the variance of the dependent variable that is explained by independent variables. It is a measure of the merit of the adjustment and the predictions that can be made through it.

  • Ranking:

    This is the classification of a family of investment funds, organised according to the yield, risk, capital or any other criterion. Standard and Poor's has developed its star ranking (Standard and Poor's Micropal Star Ranking (TM)) based on the relative yield of the fund.

  • Rating:

    The rating of an investment fund under a series of parameters, such as the yield and the risk. In this way, the investment is not analysed just for the yield obtained. There are rating agencies that specialise in the analysis of funds, such as Standard&Poor's.

  • Credit rating:

    The rating of the liabilities of an issuing agent based on their ability to meet their obligations.

  • Information Ratio:

    Is an indicator of return and risk relative with respect to the reference rate of the fund. Specifically, measures the obtained differential return for the fund when dealing with the reference rate for unit of relative risk in which has incurred. This ratio is measured as: (return of the fund - return of the reference rate) / tracking error. Is calculated in year-on-year terms. If the ratio is positive and higher than one means that every differential risk unit assumed is being seen compensating with more than an unit of return of surplus when dealing with the index.

  • Yield-risk ratio:

    Calculated as the quotient between the yield and the volatility in year-on-year terms. This constitutes an indicator of how the fund is managed in absolute terms. In a context of return positive, this ratio represents the return of the fund for unit of assumed risk. If the ratio is positive, how much elder is its value better results will have hurled the style of management representing the fund.

  • Reduction in Taxable Base:

    The general taxable base is obtained from the general part of the assessment basis, after deducting from this the corresponding minimum personal and family amount, specific deductions, one of these being contributions to Pension Plans and Mutual Provident Societies.

  • Reimbursement:

    Redemption or liquidation, total or partial, of the shares of a fund.

  • Temporary arrangement:

    Shares of acquired investment funds before 31/12/1994 will reduce the patrimonial gain, where applicable, for the application of the proofreader coefficient of 14.28% and this will be done for every year that it exceeds of two, rounding for excess the number of years that they go from the purchase date until 31/12/1996. These gains of more than a year are integrated in the special basis of assessment paying taxes to the fixed rate of 15%.

  • Insurance and Reinsurance Firm Registry:

    Administrative registry that reports to the Directorate-General for Insurance and Pension Funds, which contains data on these companies.

  • Depository Institutions Registry:

    An administrative record that contains the resolution of the prior authorisation and inscription, denomination, registered office, administrators and senior officials of the Entity, who would have been empowered to exercise the functions of the Pension Funds Depository Entity; and the list of authorised administrators, directors or managers.

  • Management Institutions Registry:

    Administrative registry that reports to the Directorate-General for Insurance and Pension Funds, which safeguards rulings on prior authorisations and registrations; company name and registered address; names of the administrators and senior officials of the Entity; share capital, Mutual Fund or Non-Current Liability Fund of the Head Office; statutory modifications; Managed Pension Funds; and whatever other details are determined.

  • Mutual Societies Registry:

    The Registry Book of Insurance Companies devoted to Mutual Provident Societies, in which are registered the administrative authorisations, modifications of statutes, appointments and cessations of members of the board of directors, mergers, demergers and transformation agreements, revocations of authorisation, and whichever others are determined.

  • Pension Schemes and Funds Registry:

    Administrative record in which Pension Funds must register having previously obtained administrative authorisation. It also contains the Pension Plan or Plans that make up the Fund.

  • Commercial Registry:

    The Commercial Registry is an advertising instrument for the security of legal traffic; it is a public office, existing in all provincial capitals and other planned cities; and it comprises the set of books, files and deposited documents that are kept under the responsibility of the Registrar.

  • Administrative records:

    They comprise the Register of Actuaries, the Register of Auditors, the Register of Insurance Companies, the Register of Managing Entities, and those of Depository Entities, Mutual Societies, and Pension Plans and Funds.

  • Management Regulations:

    A set of standards that, fulfilling the requirements established in the current legislation, regulates and governs the characteristics of an Investment Fund and its operation.

  • Yields of Economic Activities:

    Those from personal work, capital, or both, which entail own organisation of production measures, human resources, or both, with the aim of participating in the production or distribution of goods or services.

  • Returns on Capital:

    Total profits and considerations, whatever their name or nature, monetary or in kind, that come directly or indirectly from equity instruments, assets or rights, whose ownership is the taxpayer, and that are not affected by this party's economic activities.

  • Investment Incomes:

    Total profits and considerations, whatever their name or nature, monetary or in kind, that come directly or indirectly from investment income and, in general, from assets and rights not classified as property, of which the taxpayer is the owner and that are not affected by this party's economic activities..

  • Earned incomes:

    Considerations or profits, whatever their name or nature, monetary or in kind, that come directly or indirectly from the personal work or labour or statutory relationship and are not considered yields on financial activities.

  • Net Yields:

    Difference, positive or negative, between gross income and deductible costs.

  • Fixed income:

    Set of financial assets that bring a periodic return (bonds, promissory notes, etc.). The fixed income does not imply security of payment, which depends on the solvency of the issuer.

  • Equities:

    Generic expression that is applied to the share market. Thus called because the yield depends on the variable payment of the dividends, which in turn depends on the profits of the company and its dividend policy.

  • Profitability:

    - Calculation of the percentage of profit or loss that obtains the investor, since subscribes the shares until the day of reference for its calculation.

    - Total gain (appreciation and income) by unit invested in a certain period.

  • Year-on-year return:

    Calculation of the percentage of profit or loss obtained by the investor, considering the last 12 months as a time horizon.

  • Repos:

    Very short-term debt buyback operations. They are usually part of the portfolio of the funds to place part of their liquidity in exchange for an attractive return. They are especially common in money market funds.

  • Resident:

    Spanish regulations determine that a person is a fiscal resident in Spain when they remain for more than 183 days a year in Spanish territory, or when they have their main nucleus or the base of their economic interests or their business or professional activities in it.

  • Remuneration:

    Reward or payment for a service or condition.

  • Review of Plans:

    The financial and actuarial system of the Plans should be revised by an actuary and, where applicable, rectified, at least every three years, taking into account the evolution of salaries, the yield of the investments, the mortality rates of the group, the survival of the liabilities, and other concurrent circumstances.

  • Risk:

    The probability of suffering a loss on the investment . The greater the risk assumed, the larger the return you should expect on the investment.

  • Credit risk:

    Impossibility on the part of the issuer of the title to pay the interest or the amount initially invested. This risk is measured by the credit quality (rating) issued by the Rating Agencies, that allows the various issues negotiated on the market to be compared in equal terms.

  • Market risk:

    The risk of market is the potential loss before adverse movements in the variables of the market that affect the asset prices.

  • Exchange risk

    The risk of unfavourable variations in the exchange rate. This risk is incurred if the return earned on foreign assets is reduced on obtaining its value in euros.

  • Interest rate risk:

    The risk of that interest rates may vary and, therefore, the price of fixed income asset prices.

  • Past Services:

    are those provided prior to a specific date. For staff on active service when the Pension Plans and Funds Act came into effect, their rights will be recognised for past services derived from commitments prior to 17 September 1986, formalised in a collective agreement or equivalent disposition.

  • Sharpe:

    A ratio very used to assess a fund with respect to the rest of products in its category and that results from the quotient of its yield and volatility over a certain period of time, usually three years. The higher the ratio, the better the quality of the fund management, as it offers a higher return per risk unit.

  • SICAV:

    A variable capital investment trust, the object of which is the investment of the assets in portfolio. When there are more investors who wish to participate in the society, new shares are issued. In the same way, when there are disinvestments, the capital is reduced.

  • Management Company:

    A company that manages the fund and decides on the investment policy to follow and selects the shares and financial instruments they are going to buy and to sell.

  • Sub-plans:

    Within a single Employment Pension Plan it is admissible to have subplans, even if these are of different types or they have different contributions and provisions. The integration in each subplan and the diversification of the promoter's contributions must be undertaken in accordance with the criteria established through a collective agreement or an equivalent disposition or pursuant to specifications of the Pension Plan.

  • Swap:

    A financial instrument that consists of the exchange of future financial flows between two parties, at a predetermined price and in a predetermined period.

  • APR (Annual Percentage Rate) or annualised return:

    This is the formula expressed annually for any interest rate or simple return. It represents the return that would be obtained on assets if the investment term was one year. For example, a simple return of 65% obtained in a three-year period is equivalent an APR from 18.17%; a simple return of 2.5% in a 3-month period is equivalent to an annual rate of 10.38%.

  • Holder:

    The rightful owner of an investment title or security.

  • Interest rate:

    This is the expression that indicates the temporary value of the money. The money has a temporary value, or price; who loans/invests them, require an incentive that allows them to maintain their purchasing power over time or to obtain a profit for doing so.

  • Tracking error:

    This is calculated as the standard deviation of the differences in yields between fund and index. Constitutes an indicator of the risk of the fund in relative terms, that is, when dealing with its reference rate. A tracking error close to zero represents a similar behaviour to the one of that one of its reference rate. The greater the ratio, the greater the deviation of its yields with respect to those of its reference index.

  • Share purchase value:

    Subscription price of each share.

  • Cash value:

    The result of dividing the capital of the fund between the number of existing shares. The Management Company determines and publishes the net asset value of the fund daily, according to the daily valuation of the capital.

  • Negotiable security:

    Straight ahead of patrimonial content, anyone that it is the denomination that gives him to him, that, for its legal set-up own and regime of transmission, be subject to generalised and impersonal traffic in a financial market.

  • VAR:

    Value at Risk. Maximum potential return daily of the fund estimated with 99% of probability. It is calculated as the average of the daily VARs recorded in the three previous months.

  • Maturity:

    Date on which an investment title, guarantee, etc. expires.

  • Volatility:

    The fluctuation in the value of an asset (fixed income, equities, investment fund, etc.) in a certain time period.