OEIC (ICVC/SICAV) characteristics: set up as a company but not under the Companies Act; open-ended; managed by the authorised corporate director; supervised by the Depositary; usually single priced; trading and settlement dealt with by the ACD; daily pricing by the ACD.

• A. Authorised Unit Trust
• B. Unit Trust
• C. OEIC (ICVC/SICAV)
• D. Investment Trust

Answer: (C)

Open-ended funds that are structured as a company with an authorised corporate director, supervised by a depositary, and priced and traded under the control of the ACD are OEICs (ICVC/SICAV). The ACD handles trading and daily pricing, and the fund is typically single-priced, with investors buying and selling at the same NAV-based price. This setup—funds open to new units and redemptions, managed by an ACD, and overseen by a depositary—fits OEICs, not unit trusts or closed-ended investment trusts. Unit trusts are trusts with trustees and different pricing/trading arrangements, while investment trusts are closed-ended and traded on an exchange rather than daily priced by an ACD.