UCITS

Undertakings for Collective Investment in Transferable Securities

UCITS Directive (Directive 2009/65/EC), as amended by AIFMD II (Directive (EU) 2024/927) · Article 1

fund-management

retail-funds

investment-funds

UCITS

Definition

A category of open-ended collective investment scheme authorised under the UCITS Directive (2009/65/EC) that may be marketed to retail investors across the EU using a single passportable authorisation. UCITS must invest primarily in transferable securities and money market instruments, comply with product diversification rules (the 5/10/40 rule), and produce a Key Investor Information Document (KIID). They are the dominant structure for retail investment funds in the EU, with assets exceeding EUR 12 trillion.

Related Terms

LMT

Liquidity Management Tool — Mechanisms available to AIFMs and UCITS management companies to manage redemption pressure and protect remaining investors during periods of market stress.

AIFM

Alternative Investment Fund Manager — A legal person whose regular business is managing one or more alternative investment funds (AIFs), including hedge funds, private equity funds, real estate funds, infrastructure funds, and loan origination funds.

Guide

UCITS Liquidity Management Tools: ESMA's Final Guidelines from April 2026

Guide

PRIIPs KID Compliance Guide 2026: Requirements & Costs

Guide

AIFMD II for French AIFMs: What SGPIs Must Do Now (April 2026)

Update

AIFMD II Deadline Passed: What Fund Managers in France, Belgium, Italy and Spain Must Do Now