It is a savings instrument belonging to a set of investors (known as a collective investment instrument, or CII) registered outside of Spain, created by a management company to jointly invest the contributions of the different investors. Each investor holds a number of shares in the fund in which they have invested, representing the portion of the total investment that corresponds to them.
In particular, all the international funds that we offer here at BBVA, and which you will find on our website, are funds registered in countries of the European Union.