A SICAV is a collective investment scheme common in Western Europe, especially Luxembourg, Switzerland, Italy, Spain, Belgium, Malta, France, and the Czech Republic.
It is similar to an open-ended mutual fund in the United States, while a sociedad de inversión de capital fijo or société d'investissement à capital fixe (SICAF) is similar to a closed-end fund.
Each open-ended collective investment scheme has its own fund regulations (often referred to also as prospectus).
In Spain, a SICAV is a public limited company whose object is to invest in financial assets.
As a result, the Basque and Navarrese SICAVs have changed their sites to the rest of Spain or the European Union.