Other Financial Vehicles
Official definition
This industry comprises legal entities (i.e., funds (except insurance and employee benefit funds; open-end investment funds; trusts, estates, and agency accounts)). Included in this industry are mortgage real estate investment trusts (REITs).
Source: US Census Bureau, 2017 NAICS Definitions. Public domain.
Illustrative examples
- Closed-end investment funds
- Special purpose financial vehicles
- Collateralized mortgage obligations (CMOs)
- Unit investment trust funds
- Face-amount certificate funds
- Mortgage real estate investment trusts (REITs)
- Real estate mortgage investment conduits (REMICs)
Which code does this activity belong in?
Code 525990 covers closed-end investment funds and special purpose financial vehicles designed for specific investment purposes, including mortgage-related instruments. The boundary with Open-End Investment Funds lies in structure: closed-end funds issue a fixed number of shares and trade on exchanges, while open-end funds continuously issue and redeem shares. Code 525990 also excludes trusts, estates, and agency accounts established primarily for personal wealth management or fiduciary purposes, which are classified separately.