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:
“The bourgeoisie loves so-called “positive” types and novels with happy endings since they lull one into thinking that it is fine to simultaneously acquire capital and maintain one’s innocence, to be a beast and still be happy.”
—Anton Pavlovich Chekhov (1860–1904)
“He types his laboured column—weary drudge!
Senile fudge and solemn:
Spare, editor, to condemn
These dry leaves of his autumn.”
—Robertson Davies (b. 1913)
“... there are two types of happiness and I have chosen that of the murderers. For I am happy. There was a time when I thought I had reached the limit of distress. Beyond that limit, there is a sterile and magnificent happiness.”
—Albert Camus (1913–1960)