An open-end fundor open-ended fund is one which can expand or contract by issuing or cancelling units in exchange for cash. Examples are unit trusts, OEICs, SICAVs, US Mutual Funds/40 ACTand UCITS funds. Read our note – a bit about wrappers for more detail. Investors have frequentchances to deal in the fund, usually on a daily basis but other frequencies are common. Managers of these funds have toensure they can fund cancellations (also called redemptions) and so have to keep cash to hand for this.
