The NAV (Net Asset Value) for most of the funds is calculated on a daily basis (when the market closes). This value is published the following day on the site.
Sales and purchases never take place at this NAV. The actual trade date depends on the policy of the fundcompany.
The table below indicates at which NAV the fund company will normally execute the transaction.
Attention: this table gives only an indication.

	Buy orders	Sell orders	Comments
ABN AMRO	t	t
Aviva	t+1	t+1
Axa Rosenberg	t	t	1+ for Japan
Banque de Luxembourg	t+1	t+1
BlackRock Merrill Lynch	t+1	t+1
BNP Paribas	t	t	1+ for Japan, Asia, Australia
Capital@Work	t+1	t+1
Carmignac	t	t
Credit Agricole	t	t
Fidelity	t	t
Franklin Templeton	t	t
Gartmore	t	t
Henderson	t	t
Invesco	t+1	t+1
J.P. Morgan Fleming	t	t
Quest Management	t	t
Robeco	t+1	t+1
Sarasin Bank	t+1	t+1
Schröders	t	t
SGAM	t+1	t+1
Threadneedle	t	t

Example:
Today, before 11.30 a.m. (date t) you give a buy order for 10 units of a Franklin Templeton fund. The published NAV is € 125.11 per unit. This is the NAV of the previous day. Your purchase will be at the rate of today's NAV (date t), which is only fixed when the market closes. In the meantime, this could have moved to € 124.97, for example.
Let's now imagine that today, before 11.30 a.m. (date t+1), you give a buy order for a Invesco fund. This fund will be bought at tomorrows' NAV (date t+1). This NAV will be published the day after tomorrow.

Attention:

• occasionally, the actual execution dates can differ from the table above.
• It is possible that your order remains "pending", even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn't work in real time and Keytrade Bank therefore has to wait on the definitive confirmation of the execution by the funds managers. And this can take some days.

Independently of the size of the order, the transaction costs are:

• Purchase fee: € 9.95 *
• Sales fee: € 0.00

* De Carmignac fondsen hebben een specifieke kostenstructuur. De instapkosten bedragen 1.00% van het bedrag van uw aankoop in plaats van het gebruikelijke vaste tarief van € 9.95 per aankoop.

Concerning stock exchange taxes:
Buying SICAV mutual funds is exempt of stock exchange taxes.
There are no stock exchange taxes on the sale of distribution mutual funds (those that pay a dividend).
However, the sale of capitalised funds (that do not pay dividends) is subject to a sales tax of 0.50%.

As a private investor, you never pay custody fees at Keytrade Bank. Not even for investment funds.

To place a purchase order, you must have enough liquidities on your trading account or own a margin account. Once you have introduced your purchase order, we block the liquidities on your trading account for the estimated value of your order. This is handled at 11.30 a.m. and sent for execution. Depending on the fundcompany, the transaction is carried out at the NAV (Net Asset Value) calculated when the market closes (day t), the day after (day t+1) or even on ?day t+2?. Please read also FAQ At what rate can I buy or sell?

An order can be cancelled up until 11.30 a.m. After this time, it is no longer possible.

For purchases, this can vary between € 300 and € 1,000, depending on the type of fund. This minimum amount is indicated in the fund description.
For sales, there is no minimum amount.

No, the orders cannot be limited. All the transactions (buy and sell) are carried out at that evening's NAV.

You give a unit order when you want to buy a certain number of units. As you do not know the exact NAV when you place the order, you do not know the exact value of the transaction.

A value order is one in which you want to buy or sell for a given amount of money. So you know exactly how much will be debited or credited to your account, but you don't know the exact number of units that you're buying or selling. The number of negotiated units is calculated when the NIV is fixed. In general, the number of units exchanged will not be a round number, but a six-decimal figure.

Actually, Keytrade Bank can only accept buy orders for a given amount of money (value orders). Sell orders can only be given as a unit order.

The level of risk or volatility is a measure of by how much the current earnings of the fund differs from its average over a long period of time. The greater the difference, the more the fund can fluctuate and therefore the greater the risk involved.
Keytrade uses this "average disparity" to calculate the level of risk.
To simplify things, we could say that in the case of a volatility of 7 and an average return of 8%, the expected return will vary between 1% and 15% (i.e., 8% - 7% = 1% as a minimum and 8% + 7% = 15% as a maximum).

Ultimately, the following empirical rule is applied:

Volatility	Level of risk
0 - 6	Low
6 - 15	Below average
15 - 23	Average
23 - 30	Above average
>30	High

This is the commission paid to fund managers. It is deducted directly by the manager on the fund's NAV. So you do not pay it. All the figures governing returns are calculated with the management commission.

A fund's return is the increase (or diminution) of a fund's value as a percentage, perhaps corrected by paid dividends.
The return can be calculated over various periods (from 1 day to 7 years). For periods over one year, the return is annualised.
You can find the returns of each fund in it's factsheet.

The crowns indicate how a fund performed over the past 5 years. The performance is calculated by comparison of the funds with funds of the same category. Only funds that belong to a clearly defined category are taken into account for this type of rating.

Moreover the fund must exist minimum 5 years. This means that not all funds can obtain 1 crown or more.

The rating is a weighted average of four percentages:

40%: Consistency of the returns
20%: Return on 5 year
20%: Sharpe-ratio on 5 year
20%: Performance in a bear market

The weighted average of the four percentages results in the final percentage. This percentage is the basis for the assignment of the crowns.

3 crowns for the 15% best performing funds within the category
2 crowns for the next 35% funds within the category
1 crown for the next 35% funds within the category
0 crowns for the last 15% funds within the category

No, we do not advise you on the choice of funds. But use the search engine to help you pinpoint the fund that is perhaps best adapted to your situation.

It is possible that your order remains "pending", even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn't work in real time and Keytrade Bank therefore has to wait on the definitive confirmation of the execution by the funds managers. And this can take some days.

The current mutual funds taxation is the following:

	Buying taxes	Selling taxes
Distibution funds	0%	0%
Capitalisation funds	0%	0.50% tax on stock market transactions + possibly 15% withholding tax on the capitalised interests *

*		This withholding tax is only levied if it concerns a by the law intended funds. It concerns mainly obligation funds and mixed funds that invest at least 40% in obligations or other products at a fixed interest rate.
		This withholding tax is for the moment only calculated on the capitalised interests (so not on the possible surplus-values since the date of purchase). If the purchase dates are before 1/7/2005, 1/7/2005 will be taken as the purchase date.