As volatility increases, unit investment trusts (“UITs”) may offer some benefits. As described in more detail in our REVERSEinquiries Workshop White Paper, a UIT is a pooled investment vehicle that invests in a fixed portfolio of securities for a specified period of time. The UIT is a registered investment company under the Investment Company Act of 1940 and has characteristics generally associated with both mutual funds and closed-end funds. A UIT issues a fixed number of redeemable securities to the public, each of which represents an undivided ownership interest in a unit of the security held by the UIT.
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