MISSION CLERK PART 18
A mutual fund is a professionally managed investment fund
that pools money from many investors to purchase securities. Mutual
funds have advantages and disadvantages compared to direct investing in
individual securities. The primary advantages
of mutual funds are that
they provide a higher level of diversification, they provide liquidity,
and they are managed by professional investors. On the negative side,
investors in a mutual fund must pay various fees and expenses. Primary
structures of mutual funds include open-end funds, unit investment
trusts, and closed-end funds. Exchange-traded funds (ETFs) are open-end
funds or unit investment trusts that trade on an exchange. Mutual funds
are also classified by their principal investments as money market
funds, bond or fixed income funds, stock or equity funds, hybrid funds
or other. Funds may also be categorized as index funds, which are
passively managed funds that match the performance of an index, or
actively managed funds. Hedge funds are not mutual funds; hedge funds
cannot be sold to the general public and are subject to different
government regulations. Mutual funds were introduced to the United
States in the 1890s. Early U.S. funds were generally closed-end funds
with a fixed number of shares that often traded at prices above the
portfolio net asset value. The first open-end mutual fund with
redeemable shares was established on March 21, 1924 as the Massachusetts
Investors Trust. (It is still in existence today and is now managed by
MFS Investment Management.) In the United States, closed-end funds
remained more popular than open-end funds throughout the 1920s. In 1929,
open-end funds accounted for only 5% of the industry's $27 billion in
total assets.
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