Venture capital mutual fund and real estate mutual fund participation shares can be traded on the Exchange Market of our Exchange after the approval of the prospectus or issuance document by the Capital Market Board upon the approval of the prospectus or issuance document, provided that there is a provision in the fund prospectus or issue document.

Market to Trade:

Those placed on the stock exchange and offered to the public from the fund participation shares that are deemed appropriate to be traded in the Equity Market can be traded in the Collective Investment Products and Structured Products Market (KYÜYÜP), and those exported to qualified investors can be traded in the Qualified Investor Transaction Market (NYIP).

Only qualified investors can trade at NYIP. 

In funds traded at NYIP; The member who receives the purchase or sale order to transmit it to the Exchange System is obliged to determine / confirm that the customer placing the order is qualified investor before forwarding the order to the Exchange. Otherwise, legal and financial responsibility arising from the transactions carried out against the legislation will belong to the relevant member.

Process Method: 

Continuous transaction method (included in the opening and closing sections of the session) is applied for fund participation shares. Market maker or liquidity provider activity can be carried out depending on the request of the founder and / or portfolio management company.

Processing Unit:

The trading unit of the fund shares is lot. 1 fund contribution = 1 lot equation is applied. 

Base Price: 

Before the fund participation shares start to be traded on the Stock Exchange, the last fund share unit value determined by the founder and / or the relevant portfolio management company and announced on the KAP is taken as the base price on the first trading day in the Stock Exchange. In the following days, the base price is determined by the method valid in the market.

Price Margin:

Price margin is applied as 20% in fund participation shares.

Price Step:

Price levels and price steps applied in stock exchange investment fund (ETF) participation certificates are also valid for fund participation shares..

Feature Code:

Feature codes determined for fund participation shares are shown in the table below:

The property codes to be used for real estate investment fund fund participation shares are as follows:

Maximum Order Value:

Maximum order value is applied as 3 million TL for fund participation shares.

Credit Purchase and Short Sale:

Fund participation shares cannot be subject to credit purchase and short sale transactions. General clearing principles (by clarifying transactions) applied in the Stock Market during the clearing process.

Circuit Breaker Application:

Circuit breaker is not applied in fund participation shares transactions.

Principles Regarding Clearing Transactions:

The settlement of fund participation shares transactions is carried out by Takasbank in accordance with their own regulations on the second working day (T + 2) following the transaction day.

Exchange Share:

Basic Exchange shares valid for the shares are collected from the transactions made in the fund participation shares. Order cancellation, order worsening and quantity reduction (İKA) fees are not collected. In case the market participation activities are carried out during the fund participation shares transaction, the stock exchange share discount valid for the market maker transactions is applied.

Stopping Transactions and Closing the Order of Transactions:

Within the framework of the first paragraph of article 31 of our Exchange Regulations Directive, which regulates the conditions for the participation of the funds, the fund participation shares are stopped in the following cases and the fund participation shares are removed from the level. 

a) The fund is liquidated for any reason or converted into a different fund type,

b) Fund's termination,

c) In the last one year, a violation of the public disclosure obligation determined in Annex 5 of the Communiqué No: III-52.2 on the Exchange of Investment Funds of the Board,

ç) The Board's request for the participation of the fund to be traded on the Exchange

The trading order of the participation shares of the established funds is closed at least 3 trading days before the end of the period with the written notification of the fund founder and / or portfolio management company.

Informing Investors:

For funds whose participation shares are traded in the Stock Exchange Market, the founder must first announce the information, documents and reports specified in the relevant CMB Communiqués that may affect the investors' decision to invest.