A type of mutual fund that continually buys and sells shares on the market, and is ready to buy back shares whenever an investor wants to sell.

Another name for a unit trust. An investment fund in which the number of units in issue varies according to demand and where the value of the unit closely reflects the underlying value of the total assets.

A collective investment fund that is ready and able to issue new units or redeem units whenever investors wish to increase or decrease their investment.