Which statement regarding a Unit Investment Trust (UIT) is NOT correct?

A Unit Investment Trust (UIT) is characterized by its structured investment portfolio that typically includes a fixed set of securities. One of the key features of a UIT is that it does not actively manage or adjust the composition of its portfolio once it has been established, which is a distinguishing factor compared to other investment vehicles like mutual funds. UITs are designed to hold their investments until a predetermined termination date, which contributes to their relatively passive management style.

The correctness of the statement identifies that a UIT will not regularly adjust its compositions; rather, it maintains the selected securities until maturity, at which point the trust liquidates. Therefore, this lack of active management supports the idea that the portfolio remains static following the initial selection of securities. The other statements accurately reflect characteristics of UITs: they issue redeemable securities, terminate at a specified date, and do not typically utilize ongoing services of an investment advisor while they are active.