Which investment type does not have an actively managed portfolio?

Unit investment trusts (UITs) are designed to be unmanaged investment vehicles. They typically consist of a fixed portfolio of securities that does not change over the life of the trust. Once the UIT is established, it generally holds the same securities until it dissolves after a specified period, which can range from a few years to several decades. This structure allows investors to know exactly which securities they own without the influence of active management to buy or sell different assets.

In contrast, mutual funds and closed-end funds actively manage their portfolios, making decisions to buy and sell securities based on market conditions and investment strategies. Exchange-traded funds (ETFs) also often track an index and can be passively managed, but many ETFs are designed to reflect the performance of specific markets or sectors, which can involve active management strategies. Therefore, the characteristic nature of UITs as fixed and unmanaged distinguishes them from the other investment types listed.