An open-end investment institution is a type of investment fund that purchases or redeems participation rights at the request of its participants. These funds are required to continuously issue new participations or buy back existing ones, typically on a regular basis such as daily, weekly, or monthly. Open-end investment institutions conduct transactions at least once a year. Under exceptional circumstances, these institutions may deviate from their purchase policy, but their terms must not block or make the purchase of participations impossible.
