Difference between Unit and Share? I was reading the ISO 10962 (the 2015 version) which classifies financial instruments.

In the Collective Invesment Vehicle (CIVs) they separe them in:


Standard Funds
Hedge Funds
REIT
ETF
Pension Funds
Fund of Funds
Private Equity Fund


In the fourth attribute of each one of that CIVs is "Security type and investors restrictions" and the possible values are:


Shares 
Units


Question: What is the difference between both?

Investopedia 

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

Open-end fund (wiki)

An open-end fund is equitably divided into shares which vary in price in direct proportion to the variation in value of the fund's net asset value. Each time money is invested, new shares or units are created to match the prevailing share price; each time shares are redeemed, the assets sold match the prevailing share price. In this way there is no supply or demand created for shares and they remain a direct reflection of the underlying assets.

Unit or share class (wiki)

Many collective investment vehicles split the fund into multiple classes of shares or units. The underlying assets of each class are effectively pooled for the purposes of investment management, but classes typically differ in the fees and expenses paid out of the fund's assets.
A share or stock is part of an individual company. Unit (Trusts) are a collection of different (and usually related) shares.

For example, I am currently investing in a Singapore Equity Fund. And this is known as a Unit Trust. And within the Singapore Equity Fund, my investment is made up of different company shares, e.g. the local bank shares, telecommunication company and some other companies.

And these Unit Trusts are usually managed by a Fund Manager who belong to a Fund Management Company (or known as Fund House). And there are many different Fund Management Companies in Singapore with their own expertise and knowledge.

Source: here