Investor Return – Mind the Gap ©2015 Morningstar, Inc. All rights reserved. Kittikun Tanaratpattanakit Investor Return – Mind the Gap Agenda 2 gBackground g The Real Test is Whether Investors Succeed

types: (1) a retail trust which is a trust without the restriction under (2); (2) a major investor trust that the unitholders of which are restricted to major investors. Chapter 2 Application and

. 41/2555 Re: Rules, Conditions and Procedures for Trading of Units of Foreign Collective Investment Scheme to Institutional or High Net Worth Investor By virtue of Section 16/6 and Section 113 of the

) which contains certain provisions in relation to the restriction of rights and liberty of persons which Section 29, in conjunction with Section 33, Section 34, Section 36, Section 41, Section 43 and

Exchange Act (No. 4) B.E. 2551 (2008) which contain certain provisions relating to the restriction of rights and liberties of persons which Section 29 in conjunction with Section 33, Section 34, Section 41

over the observation period. Thus, the pricing of the option depends on the expected (implied) volatility. Historical Volatility t - 1 Investor education: trading options is about trading volatilities. 7

Section 34(2) of the Derivatives Act B.E. 2546 (2003) which contains certain provisions in relation to restriction of rights and liberties of persons which Section 29, in conjunction with Section 33

Section 34(2) of the Derivatives Act B.E. 2546 (2003) which contains certain provisions in relation to restriction of rights and liberties of persons which Section 29, in conjunction with Section 33

provisions in relation to the restriction of rights and liberties of persons which Section 29 in conjunction with Section 33, Section 34, Section 41, Section 43, Section 44 and Section 64 of the Constitution

holder thereof who does not qualify as a major investor; (b) the units of this trust are under the restriction of transfer that prohibits all transfer which may misplace the units with a non-major investor