a$.$ What are some differences between unit investment trusts and closed$-$end funds?

Both unit investment trusts $($UITs$)$ and closed$-$end funds $($CEFs$)$ have actively managed portfolios.

UITs allow investors to cash out at net asset value, while CEF investors must sell their shares to others.

UITs typically have variable portfolios, while CEFs maintain fixed portfolios.

UITs and CEFs have identical portfolio structures.