Open-ended investment company
From ACT Wiki
A limited company listed on a stock exchange whose sole aim is to invest in securities issued by other entities.
Unlike an investment trust, there is no limitation on the number of shares that can be issued (it is an open-ended structure).
The value of the shares is determined by the OEIC’s underlying assets; however, there is no bid-offer spread.
OEICs can be the underlying structure for a single fund or the umbrella fund for a family of sub-funds.