Customer FAQs
Valuation of Units in GIF and URF
The GIF and URF are known as Floating NAV funds. This means that the NAV of a unit in these funds changes daily, based on the performance of the pool of securities within the fund.
Formerly, the NAV used for buying and selling units in the GIF and URF was a historical NAV, i.e., a NAV calculated at the end of the previous trading day.
Our new technology platform facilitates the buying and selling of units based on the NAV calculated at the end of the day on which those units were bought or sold – providing our customers with the most up-to-date unit prices.
The following changes will come into effect for GIF and URF customers when buying and selling units –
When buying units
- Investing with cash – investors buying units in the GIF and URF will be issued a receipt for the dollar amount of their purchase and will be informed of the NAV and number of units on the next working day.
- Investing with a cheque – investors buying units in the GIF and URF will be issued a receipt for the dollar amount of their purchase and will be informed of the NAV and number of units after their cheque is cleared. Cheques clear in 4 working days, and your investment will be reflected in your account on the 5th working day.
When selling units
Options for GIF customers
- Electronic transfers / ACH– Customers who have signed up for our Automated Clearing House (ACH) facility can have their GIF funds transferred directly to their bank accounts. Funds transferred via ACH will be available in two (2) business days.
- Website – Log on to www.ttutc.com/repurchase, complete the repurchase request form and choose the options most convenient to you.
- Uon (previously U-online) – Log into your Uon account, submit the repurchase request form and choose the options most convenient to you.
- Transfer into a TT$ Income Fund – GIF customers can transfer funds into their TT$ Income Fund (TTIF), which will be available on the next working day. TTIF customers can enjoy easy access to their funds via their UTC TT$ Visa Debit Card.
- Cheque – Customers making repurchase requests via phone, website, and Uon before 2:30 pm can collect their cheque the next business day. For requests made after 2.30 pm, your cheque will be available in two (2) business days. Your cheque can be collected at an Investment Centre or Agency convenient to you. Be sure to walk with proof of National Identification.
Options for URF Customers
- Customers wishing to make a repurchase from their URF should make their request via letter, addressed to Assistant Vice President, Investment Centres, Unit Trust Corporation; stating the dollar amount of their repurchase and whether they wish to receive a cheque or have the funds transferred to their TTIF account.
- Cash repurchases will no longer be facilitated.
- You can register at any Investment Centre to receive alerts for account transactions. Once registered, a transaction alert will be sent to the email address that you provided.
- Unit prices are updated daily on our website and published in the Newsday and Express newspapers.
- Transaction details will also appear on your next account statement, which you can view by signing up for our eStatements portal or via our Uon platform.
Unit Sale
The dollar amount you invest will not be affected, and you will receive a receipt at the time of purchase reflecting the dollar amount. After the NAV is calculated for the day when the transaction was carried out, you will be informed via email alert of the number of units purchased and the price of the units after our systems update at the end of the day. This information will also be recorded on your e-Statements for the respective period or via our Uon platform for those customers who are registered.
For example, if you invested $550 on Monday and at the end of transactions for that day, the NAV was calculated at $10 per unit, you would receive 55 units. If the NAV for Monday was calculated at $11 per unit, you would receive50 units.
Unit Repurchase
The dollar amount of your request will not be affected unless your account contains insufficient units to cover your request after the NAV is calculated.
For example, if you request a cheque for $500 on Tuesday and the NAV at the end of that day is calculated at $10, you will need to have at least 50 units in your account to receive the totalamount requested. Once you have the necessary number of units available, you will receive your funds as requested.