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unit investment trust

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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.
unit investment trust
An unmanaged portfolio of investments put together by an investment adviser and sold in units to investors by brokers. Units of a trust usually sell for $1,000 including a sales commission of approximately 4% at the time of the initial offering. Sponsoring brokers usually maintain a secondary market for the units, the value of which depends on the value of the securities held by the trust. Because of the initial sales charge, unit investment trusts are usually not attractive for short-term trading. Also called fixed trust.
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