What is a managed investment?
What are units?
When you invest in a managed investment, your money buys 'units' in the fund, at a price that is calculated for that particular day. A unit represents a share of a unit trust or managed fund. Each unit gives you a proportional entitlement to all the share, property, fixed interest and cash investments that the fund manager selects for the fund, as well as any income from them.
The price of a unit represents the value of the underlying investments in a fund on a given day. Over the period in which you invest, the unit price will move up and down as the value of the investments within the fund rise or fall.