Abstract
Unit trusts are not new. They were first established in the United States in the 1930s. Early unit trusts were closed funds and were passive. The unit trusts that are in existence today tend to be actively managed and fall into one of the following categories: securities funds, property funds, futures and options funds, geared futures and options funds, warrant funds, money market funds, and umbrella funds. Unit trust units are bought and sold through the fund manager. Their value moves in line with the overall value of the fund, which in turn moves in line with changes to the underlying asset prices in the fund. Unit trusts also publish scheme particulars and key-feature documents for investors. Details of the content can be found on the Websites of the fund-management companies.
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