Subscription and redemption of units are accepted on every Zurich bank business day from Monday to Friday at net asset value. Subscriptions can be placed daily. Orders which are placed with the custodian bank Banque Pictet & Cie SA by 3.00 p.m. on a bank business day (order day) are processed on the next bank working day (valuation day) when the net asset value is determined. Hence, next day's net asset value is not known when the order is placed (forward pricing).