What is "sicav"

A SICAV is an open-ended collective investment scheme common in Western Europe, especially Luxembourg, Switzerland, Italy, Spain, Belgium, Malta, France and the Czech Republic. SICAV is an acronym in French for société d'investissement à capital variable, which can be translated as 'investment company with variable capital'.

It is similar to an open-ended mutual fund in the United States, while a sociedad de inversión de capital fijo or société d'investissement à capital fixe ( SICAF) is similar to a closed-end fund. As in the case of other open-end collective investment schemes (such as contractual funds), the investor is in principle entitled at all times to request the redemption of his units and payment of the redemption amount in cash.

SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive.