The wikifolio life cycle: The statuses “Closed” and “Closing in progress”
The status “Closed”
In general, wikifolios can be closed at any time. Since the majority of wikifolios is managed by private persons, changes in the personal environment of traders can lead to them no longer wanting or being able to manage certain wikifolios. Should a trader notify us of their wish to close a wikifolio, the wikifolio is marked accordingly.
If the wikifolio is investable and wikifolio certificates are still in circulation at the time of the closure, the wikifolio status is at first changed to “Being closed”. Investors will now be able to sell the wikifolio certificate at the price last determined. In the course of the closure, all positions in the wikifolio are closed in order to eliminate market risk. The fees in the wikifolio are suspended as well.
It is only when there are no more outstanding wikifolio certificates that the wikifolio is closed permanently and put in the “Closed” status.
As a general rule, the wikifolio certificate is terminated at the end of the year (cut-off date December 30). Shares that are still in circulation by then are automatically returned to the issuer and derecognized when refunding the equivalent value from the brokerage account of the remaining investors. Closed wikifolios can no longer be found using the search; however, they remain visible in the trader profile for reasons of transparency.