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In U.S. financial law, a unit investment trust (UIT) is an exchange-traded mutual fund offering a fixed (unmanaged) portfolio of securities having a definite life. Unlike open-end and closed-end investment companies, a UIT has no board of directors. 〔Lemke, Lins and Smith, ''Regulation of Investment Companies'', §4.03 (Matthew Bender, 2014 ed.).〕 A UIT is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and is classified as an investment company.〔 〕 UITs are assembled by a sponsor and sold through brokerage firms to investors.〔 〕 ==Types== A UIT portfolio may contain one of several different types of securities. The two main types are stock (equity) trusts and bond (fixed-income) trusts. Unlike a mutual fund, a UIT is created for a specific length of time and is a fixed portfolio, meaning that the UIT’s securities will not be sold or new ones bought, except in certain limited situations (for instance, when a company is filing for bankruptcy or the sale is required due to a merger).〔Lemke, Lins and Smith, ''Regulation of Investment Companies'', §4.03; §9.06 (Matthew Bender, 2014 ed.).〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Unit investment trust」の詳細全文を読む スポンサード リンク
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