Investment funds in Ukraine (unit and corporate funds): types, tax and how to get out

01What it is

A collective investment institution (in Ukrainian, ІСІ) is a fund that many people put money into. An asset management company (КУА) invests the fund's money under the rules written in its prospectus. You buy a share in the fund, and your result depends on how the value of its assets changes.

By legal form there are two kinds:

• a unit investment fund (ПІФ), whose investment certificates you buy;
• a corporate investment fund (КІФ), whose shares you buy.

A unit fund and a corporate fund are not different classes of investment, just two legal forms of the same thing. What matters more to you is how you get out. By that, funds are:

• open: they buy back your certificates or shares at any time, an open unit fund on every working day;
• interval: they buy back only during intervals set by the prospectus, at least once a year;
• closed: they buy back nothing until the fund winds up;
• venture: closed funds placed privately, not meant for an ordinary saver.

Ukraine's register of collective investment institutions (ЄДРІСІ) holds 2,607 active records (Source: Національна комісія з цінних паперів та фондового ринку, Oct 24, 2026). Of them, 2,418 are venture funds, that is 93%. Only 49 are open or interval funds. We sorted the types by fund name, and an active record in the register does not by itself mean the fund is operating.

According to the Ukrainian Association of Investment Business, there are 13 open public funds, with net assets of UAH 254,430,000 between them (Source: Українська асоціація інвестиційного бізнесу, Sep 30, 2026). It is a very small market.

This page describes funds as a class. We do not recommend or rate individual funds or asset management companies.

02What it pays now

There is no public yield for this class. The regulator's register holds neither a fund's asset value nor its return nor its fees. Each fund publishes the value of its certificate or share itself, and the investment business association collects the results of public funds every month. But one month's result says nothing about the next ones, and different funds invest in entirely different things. So the board gives funds no figure.

How to assess a fund yourself

1. The value of a share over time. Look at how the net asset value per certificate or share has changed over several years, not over the last month.
2. Fees. Find the asset manager's fee, the fund's expenses and any discount or fee on redemption in the prospectus. They take part of the result every year.
3. What the fund buys. OVDP, shares, deposits or property: the risk and the result depend on it. Compare the fund with what you could buy yourself without the manager's fees.

You can work out how much a fee takes over the years in the fees drag calculator.

03After tax and inflation

Inside the fund there is no profit tax: the fund pays none on the income from its assets. Tax arises only for you, when you receive money.

Redemption. If the fund buys back your share for more than you paid, the difference is your income: personal income tax of 18% and a military levy of 5%, 23% in all (Source: Верховна Рада України, Oct 12, 2026). If you sell your share to another person on an exchange, the gain is taxed as investment profit at the same rates.

Dividends. Open and interval funds pay no dividends. A closed fund's dividends are taxed at a lower rate: personal income tax of 9% and a military levy of 5%, 14% in all.

Once martial law ends, the military levy will fall to 1.5% over time, but not at once.

Inflation and the exchange rate. For your money to grow in real terms, the fund's result after fees and tax has to beat Ukrainian inflation, now 10.0%. If you count in dollars, devaluation takes its share of a hryvnia result too: on the historical average the hryvnia weakened by 6.0% a year. How the board works out real returns is in the board's method.

04Who guarantees it

Nothing is guaranteed. Ukraine's Deposit Guarantee Fund repays bank deposits only and does not cover investments in funds. We found no law in force that would compensate investors for losses: there is only a government bill.

There is protection of another kind. A fund's assets are kept apart from the asset manager's own property and held by a custodian bank, and a public fund's custodian must have an investment-grade rating. That guards against the manager taking or mixing up the fund's money, but not against a fall in the value of its assets.

05How fast you can get out

How fast you can get out depends on the type of fund:

• open: you ask for a redemption at any time; the money must arrive no later than 7 working days after the request (Source: Верховна Рада України, Oct 4, 2026);
• interval: only during the interval set by the prospectus, and between intervals you may wait up to a year;
• closed: the fund buys nothing back until the end of its term; before that, you can get out only by selling your share to another investor, if one turns up.

The asset manager can suspend redemptions. So before buying, read in the prospectus when and at what price the fund buys shares back and whether it takes a discount on redemption.

06Minimum amount

There is no single minimum for this class: each fund sets the amount you can start with, so the board gives funds no minimum and does not hide them by amount.

For venture funds the law sets the minimum: an individual may hold a stake in a venture fund only with securities of that fund worth at least UAH 1,800,000 (Source: Верховна Рада України, Oct 4, 2026). So the great majority of funds in the register are out of an ordinary saver's reach.

07Main risk

The main risk is that the fund's assets fall in value, with nothing guaranteed. A fund may invest in OVDP, or in shares, property or the debt of a few companies, and the risk will be entirely different.

• Getting out. You cannot leave an interval fund before the interval or a closed fund before its term ends, and redemptions can be suspended.
• Fees. The asset manager's fee and the fund's expenses cut the result every year, even when the assets do not gain.
• A small market. There are few open public funds, so the choice is narrow, and many funds publish little information.
• Concentration. A small fund may hold the assets of a few related companies.
• Inflation and the exchange rate. A hryvnia fund loses in dollars when the hryvnia weakens faster than its shares grow.

08How to buy from Ukraine

1. Find the fund in the ЄДРІСІ register on the website of Ukraine's securities regulator (NSSMC) and check that the record is active and the fund is open or interval.
2. Read the fund's prospectus and rules: what it invests in, its fees and how it buys shares back.
3. Look at how the value of a share has changed over several years, on the asset manager's website and in the investment business association's reviews.
4. Buy certificates or shares through the asset manager or its agent. This usually takes a securities account.
5. Keep the purchase documents: your income on redemption is worked out from them.

How funds differ from other assets is explained in the article "Types of Investment Assets".

09Work it out further

• Work out how much a fund's fee takes over the years in the fees drag calculator.
• Compare with foreign index funds on the foreign ETFs page and with government bonds on the OVDP page.
• See every option on the "Where to invest" board.