Unit trusts can be invested in either directly or through two types of grouped funds: a linked investment service provider (Lisp) platform, or a wrapper type fund.Lisps provide access to a wide range of unit trusts through one product, whereas unit trusts are available directly only if the provider has created a tax-free account facility. Lisps allow you to invest in any unit trust and trade between them all within a single tax-free account. Using a Lisp entails an extra layer of fees, but tax-free Lisp providers have kept these to a minimum. Tax-free wrapper funds are similar to Lisps in that they offer a range of underlying unit trusts in which to invest, but usually only from the service provider.

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