Unit trusts and investment trusts are not the only ways for investors to indirectly buy a wide and professionally managed basket of shares and other assets. The latest investment option is the OEIC – pronounced ‘oik’! It stands for Open-Ended Investment Company and is a new type of fund, designed to make investing even easier. Several big unit trust groups have already converted their trusts into the new structure. OEICs issue shares, rather than units, to investors, but, as with unit trusts, they can issue as many as they like and the share value will depend on the value of the trust divided by the number of shares issued. There is only one price for OEIC shares, rather than the two buying and selling (offer and bid) prices quoted for unit trusts. This makes it easier to see how much your holding is worth. Many OEICs are set up under a clever umbrella structure, offering a wide range of sub-funds. The idea here is that if you invest in one, you can easily and cheaply move your money to another with a different investment aim whenever you want. Because these investments may go down in value as well as up, you may not get back the full amount invested, especially if you withdraw from it in the early years. These are intended as medium to long-term investments.