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Unit Investment Trust
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Unit investment trust
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. 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 brokers to investors.
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| WordNet 2.0 Dictionary | Download this dictionary |
unit investment trust
Noun
1. a regulated investment company consisting of professional managers who issue redeemable securities representing a portfolio of many different securities; "you can invest in a unit investment trust for as little as $1000"
(synonym) unit trust
(hypernym) investment company, investment trust, investment firm, fund
| Campbell R. Harvey's Hypertextual Finance Dictionary | Download this dictionary |
Unit investment trust
Money invested in a portfolio whose composition is fixed for the life of the fund. Shares in a unit trust are called redeemable trust certificates, and they are sold at a premium to net asset value.
| The Lectric Law Library Dictionary | Download this dictionary |
Unit Investment Trust
A company that purchases securities (usually fixed income) and sells shares representing proportional interest in the portfolio of those securities. The trust is liquidated when the securities mature.
Courtesy of the 'Lectric Law Library.
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