Article 411-115 into force since 27 December 2025

The prospectus shall define the valuation rules for each category of financial instruments, deposits, securities and contracts.

Between one calculation of the net asset value and the next, a UCITS or its portfolio asset management company may determine an indicative net asset value, called an “estimated value”. This shall be equal to the last published net asset value, updated on the basis of the available information and according to the same rules set forth in the first paragraph. The prospectus shall stipulate the conditions for publishing this value and warn investors that the value may not be used as a basis for subscriptions or redemptions.

Any publication of an estimated value shall include this warning.

When the UCITS or its portfolio asset management company communicates an estimated value to a holder or shareholder of the UCITS, or to a potential investor, this estimated value shall be communicated to all the holders or shareholders of the UCITS.