I was reading the ISO 10962(classification of financial instruments, 2015 version) and I found that the investment on Collective Investment Vehicles (Standard Funds, Hedge Funds, REIT, ETF, Pension Funds, Fund of Funds and Private Equity Funds according with the ISO classification) could give to the investor shares or units, but it wasn't precise about the difference between them. I was reading wikipedia, investopedia but none of those clarify the difference.
What is the difference? How can I tell which term applies to my investments?
Regarding the commentary of @DStanley it seems like there is a difference, because the fourth atrribute of every one of them is Security Type and the possibilities are:
- Shares for QI
- Units for QI