An openly traded investment firm that collects a certain amount of capital through some sort of beginning public offering (IPO). The pool then undergoes a structuring, listing and exchanging as a stock would be on a stock exchange.

It can also be referred to as a closed end investment.

An investment program funded by shareholders that trades in diversified holdings and is professionally managed submits to a set among of shares, differentiating from open-ended types of investments that constantly give new shares as an investor demands. These transactions all depend upon the market value, falling below the investment programs net asset value or reaching above it and can be exchanged on stock exchanges. This is also called different names in the US and UK. In the US, it is called a unit investment trust while in the UK it is called a unit trust.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser