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Mutual funds are categorized in two groups according to their value date. First group is traded with same day value and second is traded with future day value. For mutual funds traded with same day value, instructions received with the price of that day are executed within same day.
In mutual funds traded with future day value, instructions are received with system price (“indicative price”) at the time of ordering. Received instructions are delivered to TEFAS and those matched by TEFAS turn into "Fund Notice". The notice will take place with a different price than "Indicative Price”. Value date and the price information that the notice will take place are determined by the "cut-off time" in the fund prospectus.
For mutual funds with margin application in their prospectus, a margin at the rate specified in the prospectus can be applied to the last fund price. Mutual funds are subject to interest until value date if mentioned in the prospectus.
Mutual funds do not have any guaranteed yield or any capital protection. For this reason, before trading, investors should read the current prospectus, key investor information document and other documents of the fund they want to trade at Public Disclosure Platform (KAP) and TEFAS (Turkish Electronic Fund Trading Platform)
In funds trading via TEFAS, platform practices and matching rules are valid and applicable.
Active and professional management
Investments of savors are actively managed by professional fund managers continuously following up and interpreting the markets.
Risk can be diversified and minimized only if and to the extent the securities to be included in the portfolio of mutual fund are fixed income and foreign exchange indexed securities and are diversified with such instruments as stocks.
Convertibility to cash
As the value increases in fund portfolio are reflected onto the fund unit price on daily basis, investors may realize their investments in the fund, together with interests and other returns accrued thereon, within the notice periods of related funds.
Transparency and ease in access to information
Return on mutual funds and other related information may be easily retrieved via distribution channels or via newspapers, magazines and related internet sites at any frequency desired.
Effective and productive investment of small savings
It makes it possible to invest in securities with a high potential of return on investment, which can otherwise not be reached by small savings.
As securities are valued and controlled and their coupons, interests and dividends are collected by fund management, investors are not required to take such actions as maturity follow-up and collection, which require use of time and savings.
Mutual Funds Taxation Principles
As for the fund: Securities mutual funds are exempted from corporate and income taxes.
As for the fund investors: Return of participation certificates of securities mutual funds to the related fund is subject to a withholding tax deduction of 10% over income for full taxpayer and narrow taxpayer natural persons. Rate of withholding tax is applied as 0% for full taxpayer and narrow taxpayer capital companies. No withholding tax is applied on the proceeds of sale of participation certificates, held for more than one year, of mutual funds at least 5% of portfolio of which is continuously and permanently listed and traded in BIST. Rate of withholding tax is applied as 0% on equity-intensive funds. Equity-intensive funds are defined as mutual funds and exchange traded funds at least 75% of portfolio of which is comprised of stocks listed and traded in BIST on monthly weighted average basis (except for stocks of securities investment trusts). A yearly tax return is not submitted separately for proceeds of return of fund participation units to the fund for real persons. Also in case of submission of a tax return for other income items, such proceeds of return are not included in the tax return. Full taxpayers subject to corporate income tax are liable to pay a corporate income tax of 20% over these proceeds of return. However, already paid withhholdings, if any, are to be deducted and set off from this corporate income tax.
TEFAS Mutual Funds
What is Turkish Electronic Fund Trading Platform (TEFAS)?
Turkish Electronic Fund Trading Platform (TEFAS) is an electronic platform used for trading of participation units of all mutual funds operating in capital markets by a decision of the Capital Market Board. TEFAS has started its business operations on 09.01.2015.
TEFAS makes it possible to compare all funds via a single system, and to reach all funds available in the market through a single investment account. It is run and operated by İstanbul Takas ve Saklama Bankası A.Ş. (Settlement and Custody Bank).
How can I trade?
After opening an investment account in our Bank, you can easily buy or sell participation units of all mutual funds traded in TEFAS via our branches, Internet Banking, Burgan Mobile and Call Center without paying any extra fee or commission thereinfor.
|Turkey Electronic Fund Trading Platform (TEFAS)||FULL DAY||HALF DAY|
|INSTRUCTIONS (TRADES WITH SAME DAY VALUE)||09:00-13:30||09:00-11:30|
|INSTRUCTIONS (TRADES WITH FUTURE DAY VALUE)||09:00-17:45||09:00-12:30|
|UNMATCHED INSTRUCTION AUTOMATIC CANCELLATION (TRADES WITH SAME DAY VALUE)||13:35||11:35|
|UNMATCHED INSTRUCTION AUTOMATIC CANCELLATION (TRADES WITH FUTURE DAY VALUE)||17:50||12:35|
|DEFERRED MATURITY (TRADES WİTH FUTURE DAY VALUE)||13:30||11:30|
|CASH NETTING CUT-OFF TIME (TRY)||14:00||12:00|
|CASH NETTING CUT-OFF TIME (FOREIGN CURRENCY)||12:30||-|