Unit Investment Trusts were created by the 1940 Act and are sort of a "time share" analog in the fund business. The test will almost certainly grind your stones if you have them to grind on this vocab word. UITs have:
no board of directors
no management fees (because they select investments but don’t actively manage them)
are a "pooled investment"
are redeemable to the UIT itself; that is, like a mutual fund, they can sell their proportionate interest back to the UIT for a set p...
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