Unit Investment Trusts. A unit investment trust (“UIT”), also known as a defined portfolio, is an SEC-registered investment company that is composed of an unmanaged portfolio in which the investor has an undivided ownership in the underlying securities. The portfolio is professionally selected by the trust sponsor and remains fixed until the termination of the trust, usually ranging from 13 months to 5 years. Some UITs composed of fixed income securities may have longer maturities. Although the securities within the trust remain fixed and are not managed, the sponsor may remove a security from the trust under limited circumstances. These situations are outlined in the prospectus for the product available from your Financial Advisor or Stifel. Before purchasing any UIT, you should read and understand the information about the UIT contained in the offering docu- ments, including the prospectus, including the risks associated with such a product.
Appears in 6 contracts
Samples: Wealth Management Agreement, Account Agreement, Account Agreement