What’s the difference between a Tracer and an investment fund?
A Tracer is not an investment funds. In a fund you will have what we call discretionary management: you will give your money to a manager that will invest according to the fund’s management policy. Here, you maintain complete control over your investment decisions.
By using the opt-out right, the portfolio of each investor might differ from the portfolios of other investors that have subscribed to the same Tracer. Hence, it is possible that the Tracers won’t create a common portfolio for all investors.