Types
The Investment Company Act of 1940 established three types of registered investment companies or RICs in the United States: open-end funds, unit investment trusts (UITs); and closed-end funds. Exchange-traded funds (ETFs) are open-end funds or unit investment trusts that trade on an exchange; they have gained in popularity recently. While the term "mutual fund" may refer to all three types of registered investment companies, it is more commonly used to refer exclusively to the open-end type.
Read more about this topic: Mutual Fund
Famous quotes containing the word types:
“He’s one of those know-it-all types that, if you flatter the wig off him, he chatter like a goony bird at mating time.”
—Michael Blankfort. Lewis Milestone. Johnson (Reginald Gardner)
“The wider the range of possibilities we offer children, the more intense will be their motivations and the richer their experiences. We must widen the range of topics and goals, the types of situations we offer and their degree of structure, the kinds and combinations of resources and materials, and the possible interactions with things, peers, and adults.”
—Loris Malaguzzi (1920–1994)
“As for types like my own, obscurely motivated by the conviction that our existence was worthless if we didn’t make a turning point of it, we were assigned to the humanities, to poetry, philosophy, painting—the nursery games of humankind, which had to be left behind when the age of science began. The humanities would be called upon to choose a wallpaper for the crypt, as the end drew near.”
—Saul Bellow (b. 1915)