{"id":1522,"date":"2013-09-03T11:57:47","date_gmt":"2013-09-03T18:57:47","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=1522"},"modified":"2024-08-12T08:11:11","modified_gmt":"2024-08-12T12:11:11","slug":"what-is-a-unit-investment-trust-uit","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/","title":{"rendered":"What is a Unit Investment Trust (UIT)?"},"content":{"rendered":"<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/08\/UIT.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-1527\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/08\/UIT-300x154.png\" alt=\"What is a Unit Investment Trust (UIT)? \" width=\"300\" height=\"154\" srcset=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/08\/UIT-300x154.png 300w, https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/08\/UIT.png 312w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Despite offering certain distinct advantages for an investor, unit investment trusts (UITs) are not nearly as familiar to most people as, say, mutual funds.\u00a0 According to data compiled by the Investment Company Institute (ICI), there are almost 1.5 times as many mutual funds as UITs, and mutual funds hold almost 200 times as much money as all UITs do. But as a greater diversity of UITs have been introduced, they have become more popular as an investment vehicle.<\/p>\n<p>Historically, most unit investment trusts have invested in bonds, especially municipal bonds. However, in recent years, equity UITs have taken the lead; according to the ICI, they now represent roughly two-thirds of all UIT assets.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d7b491d2764\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d7b491d2764\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#What_is_a_unit_investment_trust\" title=\"What is a unit investment trust?\">What is a unit investment trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#Advantages_of_a_UIT\" title=\"Advantages of a UIT\">Advantages of a UIT<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#1_Professional_securities_selection\" title=\"1. Professional securities selection\">1. Professional securities selection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#2_Cost_efficiencies\" title=\"2. Cost efficiencies\">2. Cost efficiencies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#3_Tax_advantages\" title=\"3. Tax advantages\">3. Tax advantages<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#Factors_to_Consider_before_Investing_in_UIT\" title=\"Factors to Consider before Investing in UIT\">Factors to Consider before Investing in UIT<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#Gauging_performance_can_be_challenging\" title=\"Gauging performance can be challenging\">Gauging performance can be challenging<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/#The_value_of_your_investment_can_fluctuate\" title=\"The value of your investment can fluctuate\">The value of your investment can fluctuate<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_unit_investment_trust\"><\/span>What is a unit investment trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Like a mutual fund, a UIT represents a collection of individual securities. However, unlike a mutual fund, it has a specified termination date. A UIT can last as little as a year, or 30 years or more. A bond UIT&#8217;s termination date coincides with the maturity dates of the bonds it holds; an equity UIT specifies its termination date. Once that date is reached, the proceeds are either distributed to investors or, in some cases, reinvested in another trust.<\/p>\n<p>When a UIT is launched, it buys a collection of securities that typically does not change throughout the life of the trust. By comparison, the portfolio manager of an actively managed mutual fund may buy and sell individual securities at any time based on his or her judgment about their prospects. Also, a UIT is free to hold only a handful of securities; most mutual funds are required to have far more individual holdings to achieve a minimum required level of diversification. In some cases, a UIT will invest in a particular subset of an index, hoping to outperform the index itself.<\/p>\n<p>Once a UIT is launched, investors buy and sell its shares on the secondary market. UIT sponsors also are required to buy back an investor&#8217;s shares at their net asset value, which is based on the market value of the UIT&#8217;s individual holdings.<!--more--><\/p>\n<p>A UIT is an easy way to diversify, particularly in the case of bonds. Though it&#8217;s not impossible to assemble a well-diversified portfolio of individual securities, the minimum investment required by each individual bond means that achieving the appropriate level of diversification can require a substantial investment.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_of_a_UIT\"><\/span>Advantages of a UIT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Relative certainty about specific holdings. With a UIT, you know the specific securities in which you&#8217;re investing at all times; a list of them must be included in the UIT&#8217;s prospectus. With an actively managed mutual fund, you&#8217;re relying on the portfolio manager&#8217;s expertise in trading and securities selection, and the fund&#8217;s holdings may change depending on the manager&#8217;s view of what is likely to be most profitable. Knowing exactly what&#8217;s in your UIT gives you a greater ability to tailor your other holdings accordingly.<\/p>\n<p>A UIT also can be a way to avoid overweighting a particular security in your portfolio. For example, let&#8217;s say your employer represents a substantial part of the S&amp;P 500, and you&#8217;ve accumulated many shares of its stock as part of your compensation. Investing in an S&amp;P 500 index mutual fund would automatically add to your holdings of company stock, potentially leaving you with an inappropriate overweighting. A UIT&#8217;s transparency can help you avoid being too heavily concentrated in a single security.<\/p>\n<p>The stability of a UIT&#8217;s holdings allows you to gauge more precisely whether a specific UIT is appropriate for your individual situation and risk tolerance. In the case of a bond fund, it also can mean greater reliability of income; unless an issuer defaults or calls a bond, the income stream from a UIT is likely to be relatively predictable over the life of the fund. (Remember, however, that a UIT&#8217;s total return is based not only on interest but also on the market value of the UIT&#8217;s holdings, which can vary.)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Professional_securities_selection\"><\/span>1. Professional securities selection<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A UIT&#8217;s holdings are chosen by a professional money manager and designed to further a particular investment objective. That factor is especially important with a UIT. Because the securities themselves don&#8217;t change over the life of the trust, it represents a classic &#8220;buy-and-hold&#8221; strategy, so the selection of specific securities is critical.<\/p>\n<p>Ease of focusing on a specific strategy or sector UITs can be an easy way to concentrate on a market sector or implement a specific investing strategy. For example, one-year UITs that pursued the &#8220;Dogs of the Dow&#8221; strategy&#8211;buying the 10 Dow Industrial stocks with the highest yields at the beginning of the year and then replacing them at the end of the year\u2014were some of the earliest equity UITs. Also, because a UIT is free to invest in a very limited number of securities, it can focus on what the trust&#8217;s sponsors consider the best investing ideas, without having to include lesser prospects simply to achieve a certain diversification level.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Cost_efficiencies\"><\/span>2. Cost efficiencies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Because a trust doesn&#8217;t trade frequently, it avoids much of the trading costs incurred by investors in a mutual fund with a high turnover ratio. Infrequent or nonexistent trading also means that a trust typically has little or no portfolio management fees. And because a UIT does not generally market shares to the public after the initial offering, UITs generally do not charge the ongoing marketing fees that many mutual funds do. Finally, because UITs don&#8217;t have to hold a large cash position to take care of unit holder redemptions, more of your investment is free to be put to work.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Tax_advantages\"><\/span>3. Tax advantages<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Because it doesn&#8217;t trade frequently, a UIT is unlikely to generate much capital gains liability from year to year. By contrast, a mutual fund that has realized capital gains is required to distribute those to shareholders each year; that can create a tax liability for the fund&#8217;s shareholders. For example, if a mutual fund is forced to sell shares to meet shareholder redemptions, the fund might realize capital gains that are taxable to you even if the fund has lost money. Since a UIT trades on the secondary market, much as a stock does, it generally doesn&#8217;t have to sell securities to meet investor redemptions, and therefore doesn&#8217;t incur capital gains liabilities to pass on to unit holders.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Factors_to_Consider_before_Investing_in_UIT\"><\/span>Factors to Consider before Investing in UIT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Purchasing a UIT may involve sales charges.\u00a0 Before investing in a UIT, you should understand how much you&#8217;re paying to do so. Find out how much of your purchase represents any initial sales charge, or whether a deferred sales charge will be imposed when you sell your units. Also, find out whether purchasing more units would qualify you for a discount on any sales charges; in many cases, if you purchase more than a certain amount&#8211;what&#8217;s known as a breakpoint&#8211;the sales charge percentage may be reduced.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gauging_performance_can_be_challenging\"><\/span>Gauging performance can be challenging<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A UIT that represents a unique selection of securities may be difficult to compare to an appropriate benchmark in order to gauge its performance, particularly if the UIT is newly launched. A UIT&#8217;s sponsor may provide performance data based on back testing a particular time frame or strategy, using historical data to gauge how the UIT&#8217;s holdings would have performed in the past. However, past performance is no guarantee of future results, and your UIT&#8217;s performance could be very different. A limited number of investments means less diversification<\/p>\n<p>As stated earlier, a UIT is free to focus on a limited number of securities; for example, a UIT might invest in the 20 securities in the S&amp;P 500 that have had the highest yields over the last 10 years. However, that concentration means that if one of those 20 companies runs into trouble, it will have a greater impact on the value of your investment than if you were invested in all 500 S&amp;P stocks. Remember that you&#8217;re generally married to a UIT&#8217;s specific investments as long as you hold your units. If the value of those holdings plummets, you not only would suffer from that loss in value but also might have difficulty selling your shares on the open market, as many holders of Internet UITs found out when the tech bubble burst.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_value_of_your_investment_can_fluctuate\"><\/span>The value of your investment can fluctuate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Even though your UIT&#8217;s holdings won&#8217;t change, their value can fluctuate. As a result, your UIT&#8217;s units may or may not be worth what you paid for them when the UIT reaches its termination date. That\u2019s particularly true for equity UITs; a bond UIT&#8217;s sensitivity to interest rate changes declines as it nears its termination date.<\/p>\n<p>To learn more about Guy Conger view his <a href=\"http:\/\/www.paladinregistry.com\/advisor\/Guy.Conger\" target=\"_blank\" rel=\"noopener noreferrer\">Paladin Registry profile<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite offering certain distinct advantages for an investor, unit investment trusts (UITs) are not nearly as familiar to most people as, say, mutual funds.\u00a0 According to data compiled by the Investment Company Institute (ICI), there are almost 1.5 times as many mutual funds as UITs, and mutual funds hold almost 200 times as much money as all UITs do. But as a greater diversity of UITs have been introduced, they<\/p>\n","protected":false},"author":17,"featured_media":1527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-1522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unit Investment Trust - Advantages &amp; Things to Consider Before Investing<\/title>\n<meta name=\"description\" content=\"A Unit Investment Trust represents a collection of individual securities. Consider Tax advantages, Cost efficiencies, Professional securities selection.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-a-unit-investment-trust-uit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unit Investment Trust - Advantages &amp; Things to Consider Before Investing\" \/>\n<meta property=\"og:description\" content=\"A Unit Investment Trust represents a collection of individual securities. 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He holds the RIA, CFE and RTRP designations, the Series 7,22 and 66 licenses for securities and the Group 1 license for insurance. This allows Guy to work with his clients on either a commission or fee basis. He is a 20 year veteran of the financial services sector with management positions in consumer finance, deficiency collections and limited partnerships. He writes a financial Blog for Seeking Alpha, two Blogs for Money Magazine of Canada and a monthly Newsletter. He has been recognized as a Five Star Professional by Texas Monthly, a Two Million Dollar Producer by United Investors Life and as a speaker on financial topics by AARP. He founded Alamo Financial Group in order to bring financial professionals together to better serve clients. 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