| Term |
Definition |
| Turkey Electronic Fund Trading Platform (TEFAS) |
the electronic platform providing for the sales and re-purchase of the investment
fund participation certificates in a central electronic platform by the founders of the funds via the
distribution agencies in the platform and allowing for exchange, settlement and storage of such certificates
on a full automation basis and in a manner integrated with Takasbank-CRA system. |
| Investment Fund |
the asset which is established by portfolio management companies under the
fund rules in conformity with the fiduciary ownership principles on the account of the savers,
with money or other assets gathered from savers pursuant to the provisions of the Capital Markets
Law No. 6362 in return for fund units/participation shares in order to operate the portfolio or
portfolios consisting of assets and transactions specified in the Communiqué on Principles regarding
Investment Funds and which does not have a legal entity. |
| Fund |
the investment fund the participation units/shares of which are issued under an umbrella fund. |
| Umbrella Fund |
the investment fund covering all funds the participation units/shares of which are issued under a single fund rules. |
| Participation Unit/Share |
a type of dematerialized capital market instrument which carries the rights of investors and proves participation in the fund. |
| Fund Unit Share Value |
the value obtained by dividing the total value of the fund by the number of
participation shares/units. This value is the price constituting the basis for the trading of participation shares/units. |
| Fund prospectus/prospectus |
the public disclosure document containing all information regarding
the features of the fund and the associated rights and risks, so as to enable the investors to make an informed assessment. |
| Fund Total Value/Net Assets Value |
the value calculated on the basis of fund portfolio value obtained as the
result of valuation of all assets in fund portfolio under the applicable regulations of the
Capital Markets Board, and by addition, if any, other assets and receivables thereto and deducting any liabilities therefrom. |
| Debt Instruments Umbrella Fund |
the umbrella funds composed of funds of which at least 80% of the fund net
asset value is permanently invested in local and/or foreign public and/or private sector debt instruments. |
| Share/Equity Umbrella Fund |
the umbrella funds composed of funds of which at least 80% of the fund net asset
value is permanently invested in shares of local and/or foreign issuers. |
| Precious Metals Umbrella Fund |
the umbrella funds composed of funds of which at least 80% of the fund
net asset value is permanently invested in gold and other precious metals and in capital market instruments based on precious metals. |
| Fund of Funds Umbrella Fund |
the umbrella funds composed of funds of which at least 80% of
the fund net asset value is permanently invested units of other funds and exchange traded funds. |
| Money Market Umbrella Fund |
the umbrella funds composed of funds the portfolio of which is wholly and permanently
invested in highly liquid money and capital market instruments with maximum 184 days to the end of maturity,
and the daily calculated weighted average maturity of portfolio of which is maximum 45 days. |
| Participation Umbrella Fund |
the umbrella funds composed of funds the portfolio of which is wholly and
permanently invested in lease certificates, participation accounts, corporate shares,
gold and other precious metals and other non-interest-based money and capital market instruments deemed appropriate by the board. |
| Variable Umbrella Fund |
the umbrella funds composed of funds which are not covered by any of the types
described in the preceding paragraphs in terms of portfolio limitations. |
| Hedge Umbrella Fund |
the umbrella funds composed of funds which are founded for sale of
fund/participation units only to qualified investors. |
| Capital Guaranteed Umbrella Fund |
the umbrella funds composed of funds committed in reliance upon an
appropriate investment strategy and upon a guarantee given by the guarantor. |
| Capital Protected Umbrella Fund |
the umbrella funds composed of funds aimed and intended
within the framework of best effort basis in reliance upon an appropriate investment strategy. |
| Guarantor |
banks, and without prejudice to the provisions of applicable laws pertaining thereto,
banks and insurance companies resident abroad, meeting the qualifications set forth in the Communiqué on Principles
regarding Investment Funds, which guarantee to the Fund the repayment to investors of the portion not met by the Fund
of the investment amount committed to be repaid to investors by capital guaranteed funds within the
framework of the principles specified in the information documents. |
| Qualified Investor |
a qualified investor defined in the relevant regulations of the Capital Markets Board. |
| Pension Mutual Fund |
the asset created to manage the contributions that the Pension Company
collects under the pension contract and controls in individual pension accounts on behalf of the
participants, in accordance with risk diversification and fiduciary ownership principles.
|
| Income Funds |
the funds of which the assets to be invested are determined by giving
weight to dividend and interest incomes to be derived from such assets. |
| Share/Equity Fund |
the fund investing at least 80% of the fund portfolio to
regularly dividend-paying company shares with relatively low price volatility and aiming to derive dividend income. |
| Government Bonds and Bills Fund |
the fund investing at least 80% of the fund portfolio to reverse
repo and government debt securities involving government bonds and bills and aiming to derive interest income. |
| Private Sector Bonds and Bills Fund |
the fund investing at least 80% of the fund portfolio to private sector bonds and bills and aiming to derive interest income. |
| Lease Certificate Fund |
the fund investing at least 80% of the fund portfolio to lease certificates and aiming to derive lease certificate income. |
| Mixed Bonds and Bills Fund |
the fund investing at least 80% of the fund portfolio to government bonds and bills and
private sector bonds and bills, with the value of each not less than 20% of the fund portfolio, and aiming to derive interest income. |
| Mixed Fund |
the fund investing at least 80% of the fund portfolio to company shares and bonds and bills or
lease certificates, with the value of each not less than 20% of the fund portfolio, and aiming to derive dividend, interest, and lease certificate incomes. |
| Flexible Fund |
the fund investing the entire fund portfolio to domestic and foreign assets
specified in article 5 of the Regulation on Principles regarding Establishment and Operations and
Pension Mutual Funds, in part or as a whole, according to changing market conditions and aiming to derive
dividend, interest, or lease certificate incomes. The distribution of assets in such funds is not predetermined. |
| Growth Funds |
the funds for which the assets to be invested are determined by giving weight to the capital gain to be derived from such assets. |
| Share/Equity Fund |
the fund investing at least 80% of the fund portfolio in shares of exchange-listed companies and aiming to derive capital gain. |
| Mixed Fund |
the fund investing at least 80% of the fund portfolio to company shares and bonds
and bills or lease certificates, with the value of each not less than 20% of the fund portfolio, and aiming to derive capital gain. |
| Esnek
Fon |
Fon portföyünün tamamını,
değişen piyasa koşullarına göre Emeklilik Yatırım Fonlarının Kuruluş ve
Faaliyetlerine İlişkin Esaslar Hakkında Yönetmelik’in 5 inci maddesinde
belirtilen yerli ve yabancı varlık türlerinin tamamına veya bir kısmına
yatıran ve sermaye kazancı elde etmeyi hedefleyen fondur. Bu tür fonların
varlık dağılımı önceden belirlenmez. |
| Money Market Funds |
the funds the portfolio of which is permanently invested in highly liquid
money and capital market instruments with maximum 184 days to the end of maturity,
and the weighted average maturity of portfolio of which is maximum 45 days. |
| Liquid Fund-Public |
the fund investing its fund assets in money and capital market instruments
with maturity structure specified in the definition of money market fund, including Takasbank money
market transactions, providing that at least 80% of the fund portfolio is invested in reverse repo and
government debt securities involving government bonds and bills as well as the lease certificates issued
by the asset leasing companies established within the framework of the Law no. 4749 on Regulating Public
Finance and Debt Management dated 28 March 2002. |
| Liquid Fund-Private Sector |
the fund investing its fund assets in reverse repo transactions as well as money and capital
market instruments with maturity structure specified in the definition of money market fund, including
Takasbank money market transactions, providing at least 80% of the fund portfolio is invested in private
sector bonds and bills and the lease certificates issued by the private sector. |
| Liquid Fund-Mixed |
the fund investing the entire fund portfolio to public and/or private sector
bonds and bills as well as money and capital market instruments with maturity structure
specified in the definition of money market fund, including exchange money market transactions. |
| Precious Metals Funds |
the funds of which at least 80% of the fund portfolio is composed of gold and other
precious metals and the assets based on them. |
| Precious Metals Fund |
the fund investing at least 80% of the fund portfolio to assets based on
gold and other precious metals traded on national and international exchanges. |
| Gold Fund |
the fund investing at least 80% of the fund portfolio to gold and other precious
metals traded on national and international exchanges as well as the assets based thereon. |
| Specialized Funds |
the funds investing its fund portfolio on the basis of certain sectors and indexes. |
| Sector Fund |
the fund investing at least 80% of its fund portfolio to the shares of the companies in a certain sector or sectors. |
| Index Fund |
the fund investing at least 80% of the fund portfolio to the assets under the
scope of an index taken as basis and approved by the Board, including Share Index Fund, Bonds Index Fund, Sector Index Fund or
similar funds, and aiming to achieve at least 0,9 coefficient of correlation between the basis index and the
unit share value of the fund and to yield a return that equals the increase in the index. |
| Fund of Funds |
the fund investing at least 80% of the portfolio to participation units/shares of investment/mutual funds and exchange traded funds. |
| Contribution Fund |
the fund established for the purpose of investing the state contributions paid on behalf of the participants and;
- investing at least 75% of its portfolio to the debt instruments, revenue sharing certificates or lease certificates in Turkish Liras issued by the Republic of Turkey Prime Ministry Undersecretariat of Treasury;
- investing not more than fifteen percent of its portfolio to deposits in Turkish Lira, participation account, the debt instruments issued by banks providing that they are traded on the exchange, or the lease certificates issued by the asset leasing companies with banks as their resources;
- investing not more than fifteen percent of its portfolio to the shares in BIST 100 index or BIST participation index. |
| Other Funds |
the Pension funds not covered by any of the fund types listed above. |
| Balanced Fund |
the fund with its entire fund portfolio comprised of a composite of company
shares, bonds and bills and lease certificates and aiming to derive both
capital gain and dividend, interest, and lease certificate incomes. |
| Flexible Fund |
the fund investing the entire fund portfolio to domestic and foreign assets specified in article
5 of the Regulation on Principles regarding Establishment and Operations and Pension Mutual Funds, in part
or as a whole, according to changing market conditions and aiming to derive both capital gains and dividend,
interest, and lease certificate incomes. The distribution of assets in such funds is not predetermined. |
| Exchange Traded Fund |
The exchange traded fund is an asset of which fund units are traded at Borsa Istanbul A.Ş., and
which may issue fund units in return for delivery of assets in the portfolio or only cash in such a manner to
reflect the composition of the fund portfolio, or which enables the receipt of assets or only cash corresponding
to such fund units in consideration for the return of such fund units, established by portfolio management
companies within the fund rules on the account of savers, in conformity with the fiduciary ownership principles,
in order to operate the portfolio, and which does not have a legal entity. |
| Venture Capital Investment Fund |
an asset which does not have a legal entity, established under fund rules with
limited term, by portfolio management companies and venture capital portfolio management
companies holding an operating license received from the Capital Markets Board in order to
manage the portfolio comprised of assets and transactions specified in the Communiqué on the
Principles regarding Venture Capital Investment Funds, with money or capital stocks collected from
qualified investors in return for fund/participation units, in accordance with fiduciary ownership
principles and pursuant to the provisions of the Capital Markets Law No. 6362. |
| Real Estate Investment Fund |
an asset which does not have a legal entity and permanently or
temporarily established within the fund rules by portfolio management companies and
real estate portfolio management companies holding an operating license duly received from the
Board in order to manage the portfolio comprised of assets and transactions specified in the
Communiqué on the Principles regarding Real Estate Investment Funds, with the money
collected from qualified investors in return for fund/participation units, in accordance with
fiduciary ownership principles and pursuant to the provisions of the Capital Markets Law No. 6362.
However, the fund shall be deemed as a legal person limited to the registration in land registry and
revision, deletion, and correction of such registration at the land registry. |
| Lease Certificate |
a security which is issued by an asset lease/leasing company in order to finance any
kind of assets and rights and which enables its holders to get a proportionate
share from the revenues derived out of such assets or rights. |
| Asset Lease/Leasing Company (ALC) |
a capital market institution founded in the form of a joint-stock company to issue lease certificates. |
| BİAŞ/BIST |
Borsa İstanbul A.Ş. (Istanbul Stock Exchange) |
| Exchange |
the systems and market places defined in sub-paragraph (ç) of first paragraph of
article 3 of the Law no. 6362 as well as the systems and market places
resident abroad that are considered by the Board as their equivalents. |
| PDP |
the Public Disclosure Platform. |
| Founder |
a portfolio management company founded in the form of a joint-stock company,
the main field of business of which are establishment and management of investment funds pursuant to article 55 of the Law. |
| Investment Firm |
the intermediary institutions, banks and the other capital market
institutions established to perform investment services and activities,
the establishment and operation principles of which are designated by the Board. |
| Financial Assets |
capital market instruments, money market instruments and transactions, cash, foreign exchange, participation account and other assets and transactions approved by the Board. |
| Issue |
the issuance of capital market instruments by issuers and their sale with or without public offering. |
| Leveraged transaction |
sale and purchase transactions through leverage of the foreign exchange,
precious metals and other assets to be designated by the Board,
on an electronic platform, in consideration of collateral deposited. |
| Professional and general customers/clients |
professional and general customers/clients as defined in the regulations of the
Board pertaining to principles regarding establishment and operations of investment firms. |
| Over-the-Counter Market |
markets except for exchanges and other organized marketplaces. |
| Over-the-Counter Transaction |
transactions executed in markets other than exchanges and other organized marketplaces. |
| Derivative Instrument |
the instruments listed below or other derivative instruments designated in this context by the Board:
1) derivatives giving the right to buy, sell or interchange the securities;
2) derivative instruments, the values of which depend on the price or return of a security; the price or price change of a foreign currency; an
interest rate or a change in the rate; the price or price change of a precious metal or precious stone; the price or price
change of a commodity; the statistics or the changes made in the statistics published by the institutions approved by the
Board; derivative instruments which provide the transfer of credit risk, which have measurement values such as energy prices
and climatic variables, etc. and depend on an index level which is formed by these listed items or on changes in this index
level; the derivatives of these instruments, and derivatives giving the right to interchange the listed underlying assets;
3) leveraged transactions to be executed on foreign exchange and precious metals as well as other assets to be designated by the Board.
|
| Investment Firm |
the intermediary institutions, banks and the other capital market institutions established to
perform investment services and activities, the establishment and operation principles of which are designated by the Board. |
| Narrowly authorized intermediary institution |
an intermediary institution that will be engaged in any of intermediation in
reception and transmission of orders and/or investment advice related services and activities pursuant
to the relevant regulations of the Board regarding the principles on investment services and activities and ancillary activities. |
| Broadly authorized intermediary institution |
an intermediary institution that will be engaged in any of dealing on own
account, general custody and/or underwriting related services and activities pursuant to the
relevant regulations of the Board regarding the principles on investment services and activities and ancillary activities. |
| Partially authorized intermediary institution |
an intermediary institution that will be engaged in any of execution of orders,
best efforts, limited custody and/or portfolio management related services and activities pursuant to
the relevant regulations of the Board regarding the principles on investment services and activities and ancillary activities. |
| Capital market instruments |
the securities and derivative instruments as well as other capital market instruments designated by the Board, and included under this scope, including investment contracts. |
| Initial capital |
minimum issued capital that joint stock corporations with authorized capital are required to possess. |
| Issued capital |
capital representing the sold shares of joint stock corporations with authorized capital. |
| Publicly-held corporation |
joint stock corporations, the shares of which have been offered to the public or deemed to have been offered to the public. |
| Public offer |
a general call made through any means for the purchase of capital market instruments and the sale realized after such call. |
| Securities |
with the exception of money, cheques, bills of exchange and promissory notes;
1) Shares, other securities similar to shares and depository receipts related to such shares;
2) Debt instruments or debt instruments based on securitized assets and revenues as well as depository receipts related to such securities.
|
| Custody service |
services related to capital market instruments deposited or delivered in dematerialized or
physical form in relation to capital market activities, whether due to capital market activities or as
custodian or in order to manage or as a guarantee or under any other name or title whatsoever. |
| Derivatives |
the instruments listed below or other derivative instruments designated in this context by the Board;
1) derivatives giving the right to buy, sell or interchange the securities;
2) derivative instruments, the values of which depend on the price or return of a security; the price or price
change of a foreign currency; an interest rate or a change in the rate; the price or price
change of a precious metal or precious stone; the price or price change of a commodity; the statistics
or the changes made in the statistics published by the institutions approved by the Board; derivative
instruments which provide the transfer of credit risk, which have measurement values such as energy prices
and climatic variables, etc. and depend on an index level which is formed by these listed items or on changes
in this index level; the derivatives of these instruments, and derivatives giving the right to interchange the listed underlying assets;
3) leveraged transactions to be executed on foreign exchange and precious metals as well as other assets to be designated by the Board.
|
| Central Counterparty |
the central clearing institution which undertakes to complete clearing and settlement by acting as seller against the buyer and as buyer against the seller. |
|
|
|