Shares may not be redeemed, but instead are traded at prices that can differ from net asset value.
Offshoots of mutual funds that allow investors to trade index portfolios.
A private investment pool, open to wealthy or institutional investors, that is exempt from SEC regulation and can therefore pursue more speculative policies than mutual funds.
Financial intermediaries that invest the funds of individual investors in securities or other assets.
A sales commission charged on a mutual fund.
net asset value (NAV)
Assets minus liabilities expressed on a per-share basis
A fund that issues or redeems its shares at net asset value.
The value of research services brokerage houses provide "free of charge" in exchange for the investment manager's business.
Annual fees charged by a mutual fund to pay for marketing and distribution costs
The ratio of the trading activity of a portfolio to the assets of the portfolio.
unit investment trusts
Money pooled from many investors that is invested in a portfolio fixed for the life of the fund.