A Mutual Investment Fund ("MIF") is a professionally managed pool of funds, which is owned by the participants in the MIF under a right of common property. MIFs do not have the status of a legal entity; thus, they avoid Azerbaijani corporate profit tax. MIFs are created by a decision of the investment fund manager. An MIF is considered formed when it has raised the minimum capital required by the State Securities Committee (AZN 500,000) or set forth in the management rules, whichever is higher. MIFs are considered registered upon the registration of the Management Rules of the MIF with the State Securities Committee.