A UCITS is a type of investment fund that invests in liquid assets and is available to retail investors within the EU. UCITS
benefit from the European Passport, which allows them to be freely marketable across the EU countries.

The Luxembourg legislation recognises the following main types of investment funds:

• Undertakings for Collective Investment in Transferrable Securities (UCITS)
• Undertakings for Collective Investments (UCIs)
• Alternative Investment Funds (AIFs)